AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 27, 2009
File No. 333-
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-14
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933 | x | |||
Pre-Effective Amendment No. | ¨ | |||
Post-Effective Amendment No. | ¨ |
EQ Advisors Trust
(Exact Name of Registrant as Specified in Charter)
1290 Avenue of the Americas
New York, New York 10104
(Address of Principal Executive Offices)
(212) 554-1234
(Registrant’s Area Code and Telephone Number)
STEVEN M. JOENK
AXA Funds Management Group
AXA Equitable Life Insurance Company
1290 Avenue of the Americas
New York, New York 10104
(Name and Address of Agent for Service)
With copies to:
PATRICIA LOUIE, ESQ. AXA Equitable Life Insurance Company 1290 Avenue of the Americas New York, New York 10104 | CLIFFORD J. ALEXANDER, ESQ. MARK C. AMOROSI, ESQ. K&L Gates LLP 1601 K Street, N.W. Washington, DC 20006 |
Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective.
It is proposed that this Registration Statement will become effective on the 30th day after filing pursuant to Rule 488 under the Securities Act of 1933, as amended.
Title of securities being registered: Class IA and Class IB shares of beneficial interest in the series of the registrant designated as the EQ/Core Bond Index Portfolio, EQ/Intermediate Government Bond Index Portfolio, EQ/Mid Cap Value PLUS Portfolio, EQ/PIMCO Ultra Short Bond Portfolio and EQ/Quality Bond PLUS Portfolio.
No filing fee is required because the registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended, pursuant to which it has previously registered an indefinite number of shares (File Nos. 333-17217 and 811-07953).
EQ ADVISORS TRUST
CONTENTS OF REGISTRATION STATEMENT
This Registration Statement contains the following papers and documents:
Cover Sheet
Contents of Registration Statement
Letter to Shareholders
Notice of Special Meeting
Information Statement
Part A - Proxy Statement/Prospectus
Part B - Statement of Additional Information
Part C - Other Information
Signature Page
Exhibits
AXA EQUITABLE LIFE INSURANCE COMPANY
MONY LIFE INSURANCE COMPANY
MONY LIFE INSURANCE COMPANY OF AMERICA
1290 Avenue of the Americas
New York, New York 10104
June , 2009
Dear Contractholder:
Enclosed is a notice of a Special Meeting of Shareholders of each of the following Portfolios:
• | EQ/Ariel Appreciation II Portfolio (the “Appreciation Portfolio”), |
• | EQ/AXA Rosenberg Value Long/Short Equity Portfolio (the “Long/Short Portfolio”), |
• | EQ/Bond Index Portfolio (the “Bond Index Portfolio”), |
• | EQ/Caywood-Scholl High Yield Bond Portfolio (the “High Yield Portfolio”), |
• | EQ/Government Securities Portfolio (the “Government Securities Portfolio”), |
• | EQ/Long Term Bond Portfolio (the “Long Term Bond Portfolio”), |
• | EQ/Lord Abbett Mid Cap Value Portfolio (the “Mid Cap Value Portfolio”), |
• | EQ/Short Duration Bond Portfolio (the “Short Duration Bond Portfolio”), and |
• | EQ/Van Kampen Real Estate Portfolio (the “Real Estate Portfolio” and together, the “Acquired Portfolios”). |
Each Acquired Portfolio is a portfolio of EQ Advisors Trust (the “Trust”). The Special Meeting of Shareholders of the Acquired Portfolios is scheduled to be held at the Trust’s offices, 1290 Avenue of the Americas, New York, New York 10104, on August 26, 2009 at , Eastern time (“Meeting”). At the Meeting, the shareholders of the Acquired Portfolios will be asked to approve the proposals described below.
The Trust’s Board of Trustees (“Board of Trustees”) has called the Meeting to request shareholder approval of the reorganization of each Acquired Portfolio into a corresponding series of the Trust (the “Acquiring Portfolios”) (the “Reorganizations”) as set forth below:
• | the Appreciation Portfolio, Mid Cap Value Portfolio and Real Estate Portfolio into the EQ/Mid Cap Value PLUS Portfolio, |
• | the Long/Short Portfolio and Short Duration Bond Portfolio into the EQ/PIMCO Ultra Short Bond Portfolio, |
• | the Bond Index Portfolio and Long Term Bond Portfolio into the EQ/Core Bond Index Portfolio, |
• | the High Yield Portfolio into the EQ/Quality Bond PLUS Portfolio, and |
• | the Government Securities Portfolio into the EQ/Intermediate Government Bond Index Portfolio. |
The Board of Trustees has approved these proposals.
Each Portfolio is managed by AXA Equitable Life Insurance Company (“AXA Equitable”) and sub-advised by one or more investment sub-advisers. In each case, if a Reorganization is approved and implemented, each Contractholder that invests indirectly in an Acquired Portfolio will automatically become a Contractholder that invests indirectly in the corresponding Acquiring Portfolio.
As an owner of an annuity contract or certificate and/or life insurance policy that participates in the Acquired Portfolios through the investment divisions of separate accounts established by AXA Equitable, MONY Life Insurance Company or MONY Life Insurance Company of America (each, an “Insurance Company”), you are entitled to instruct the applicable Insurance Company how to vote the Acquired Portfolio shares related to your interest in those accounts as of the close of business on May 31, 2009. The attached Notice of Special Meeting of Shareholders and Combined Proxy Statement and Prospectus concerning the Meeting describe the matters to be considered at the Meeting.
You are cordially invited to attend the Meeting. Since it is important that your vote be represented whether or not you are able to attend, you are urged to consider these matters and to exercise your voting instructions by completing, dating, signing, and returning the enclosed voting instruction card in the accompanying return envelope at your earliest convenience or by relaying your voting instructions via telephone or the Internet by following the enclosed instructions. Of course, we hope that you will be able to attend the Meeting, and if you wish, you may vote your shares in person, even though you may have already returned a voting instruction card or submitted your voting instructions via telephone or the Internet. Please respond promptly in order to save additional costs of proxy solicitation and in order to make sure you are represented.
Very truly yours, |
Steven M. Joenk |
President |
AXA Funds Management Group |
AXA Equitable Life Insurance Company |
EQ ADVISORS TRUST
EQ/Ariel Appreciation II Portfolio
EQ/AXA Rosenberg Value Long/Short Equity Portfolio
EQ/Bond Index Portfolio
EQ/Caywood-Scholl High Yield Bond Portfolio
EQ/Government Securities Portfolio
EQ/Long Term Bond Portfolio
EQ/Lord Abbett Mid Cap Value Portfolio
EQ/Short Duration Bond Portfolio
EQ/Van Kampen Real Estate Portfolio
1290 Avenue of the Americas
New York, New York 10104
NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD ON AUGUST 26, 2009
To the Shareholders:
NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders of each of the following Portfolios, each of which is a portfolio of EQ Advisors Trust (the “Trust”), will be held on Wednesday, August 26, 2009, at , Eastern time, at the offices of the Trust, located at 1290 Avenue of the Americas, New York, New York 10104 (the “Meeting”):
• | EQ/Ariel Appreciation II Portfolio (the “Appreciation Portfolio”), |
• | EQ/AXA Rosenberg Value Long/Short Equity Portfolio (the “Long/Short Portfolio”), |
• | EQ/Bond Index Portfolio (the “Bond Index Portfolio”), |
• | EQ/Caywood-Scholl High Yield Bond Portfolio (the “High Yield Portfolio”), |
• | EQ/Government Securities Portfolio (the “Government Securities Portfolio”), |
• | EQ/Long Term Bond Portfolio (the “Long Term Bond Portfolio”), |
• | EQ/Lord Abbett Mid Cap Value Portfolio (the “Mid Cap Value Portfolio”), |
• | EQ/Short Duration Bond Portfolio (the “Short Duration Bond Portfolio”), and |
• | EQ/Van Kampen Real Estate Portfolio (the “Real Estate Portfolio” and together, the “Acquired Portfolios”). |
The Meeting will be held to act on the following proposals:
1. | To approve the Plan of Reorganization and Termination adopted by the Trust (the “Reorganization Plan”), which provides for the reorganization of the Appreciation Portfolio, Mid Cap Value Portfolio and Real Estate Portfolio into the EQ/Mid Cap Value PLUS Portfolio, also a series of the Trust. |
2. | To approve the Plan of Asset/Stock Exchange adopted by the Trust, which provides for the sale of the Long/Short Portfolio’s assets to the EQ/PIMCO Ultra Short Bond Portfolio (the “Ultra Short Bond Portfolio”), also a series of the Trust, and the Reorganization Plan, which provides for the reorganization of the Short Duration Bond Portfolio into the Ultra Short Bond Portfolio. |
3. | To approve the Reorganization Plan, which provides for the reorganization of the Bond Index Portfolio and Long Term Bond Portfolio into the EQ/Core Bond Index Portfolio, also a series of the Trust. |
4. | To approve the Reorganization Plan, which provides for the reorganization of the High Yield Portfolio into the EQ/Quality Bond PLUS Portfolio, also a series of the Trust. |
5. | To approve the Reorganization Plan, which provides for the reorganization of the Government Securities Portfolio into the EQ/Intermediate Government Bond Index Portfolio, also a series of the Trust. |
6. | To transact other business that may properly come before the Meeting or any adjournments thereof. |
Please note that owners of variable life insurance policies or variable annuity contracts or certificates (“Contractholders”) issued by AXA Equitable Life Insurance Company, MONY Life Insurance Company or MONY Life Insurance Company of America (each, an “Insurance Company”) who have invested in shares of the Acquired Portfolios through the investment divisions of a separate account or accounts of an Insurance Company will be given the opportunity, to the extent required by law, to provide the applicable Insurance Company with voting instructions on the above proposals.
You should read the Combined Proxy Statement and Prospectus attached to this notice prior to completing your proxy or voting instruction card. The record date for determining the number of shares outstanding, the shareholders entitled to vote and the Contractholders entitled to provide voting instructions at the Meeting and any adjournments thereof has been fixed as the close of business on May 31, 2009. If you attend the Meeting, you may vote or give your voting instructions in person.
YOUR VOTE IS IMPORTANT
PLEASE RETURN YOUR PROXY CARD OR VOTING INSTRUCTION CARD PROMPTLY
Regardless of whether you plan to attend the Meeting, you should vote or give voting instructions by promptly completing, dating, signing, and returning the enclosed proxy or voting instruction card for the Portfolio in which you directly or indirectly own shares in the enclosed postage-paid envelope. You also can vote or provide voting instructions through the Internet or by telephone using the 12-digit control number that appears on the enclosed proxy or voting instruction card and following the simple instructions. If you are present at the Meeting, you may change your vote or voting instructions, if desired, at that time. The Trust’s Board of Trustees recommends that you vote or provide voting instructions to vote FOR the proposals.
By order of the Board of Trustees, |
Patricia Louie |
Vice President and Secretary |
June , 2009
New York, New York
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AXA EQUITABLE LIFE INSURANCE COMPANY
MONY LIFE INSURANCE COMPANY
MONY LIFE INSURANCE COMPANY OF AMERICA
INFORMATION STATEMENT
REGARDING A SPECIAL MEETING OF SHAREHOLDERS OF
EQ/ARIEL APPRECIATION II PORTFOLIO
EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO
EQ/BOND INDEX PORTFOLIO
EQ/CAYWOOD-SCHOLL HIGH YIELD BOND PORTFOLIO
EQ/GOVERNMENT SECURITIES PORTFOLIO
EQ/LONG TERM BOND PORTFOLIO
EQ/LORD ABBETT MID CAP VALUE PORTFOLIO
EQ/SHORT DURATION BOND PORTFOLIO
EQ/VAN KAMPEN REAL ESTATE PORTFOLIO
EACH A SERIES OF EQ ADVISORS TRUST
TO BE HELD ON AUGUST 26, 2009
DATED: JUNE , 2009
GENERAL
This Information Statement is being furnished by AXA Equitable Life Insurance Company (“AXA Equitable”), MONY Life Insurance Company or MONY Life Insurance Company of America (each, an “Insurance Company” and together, the “Insurance Companies”), each of which is a stock life insurance company, to owners of their variable life insurance policies or variable annuity contracts or certificates (“Contracts”) (“Contractholders”) who, as of May 31, 2009 (“Record Date”), had net premiums or contributions allocated to the investment divisions of their separate accounts (“Separate Accounts”) that are invested in shares of one or more of the following Portfolios:
• | EQ/Ariel Appreciation II Portfolio, |
• | EQ/AXA Rosenberg Value Long/Short Equity Portfolio, |
• | EQ/Bond Index Portfolio, |
• | EQ/Caywood-Scholl High Yield Bond Portfolio, |
• | EQ/Government Securities Portfolio, |
• | EQ/Long Term Bond Portfolio, |
• | EQ/Lord Abbett Mid Cap Value Portfolio, |
• | EQ/Short Duration Bond Portfolio, and |
• | EQ/Van Kampen Real Estate Portfolio (together, the “Acquired Portfolios”). |
Each Acquired Portfolio is a portfolio of EQ Advisors Trust (the “Trust”), a Delaware statutory trust that is registered with the Securities and Exchange Commission as an open-end management investment company.
Each Insurance Company is required to offer Contractholders the opportunity to instruct it, as the record owner of all of the shares of beneficial interest in the Acquired Portfolios (“Shares”) held by its Separate Accounts, as to how it should vote on the reorganization and asset exchange (“transaction”) proposals (“Proposals”) to be considered at the Special Meeting of Shareholders of the Acquired Portfolios referred to in the preceding Notice and at any adjournments (the “Meeting”). The enclosed Combined Proxy Statement and Prospectus, which you should retain for future reference, sets forth concisely information about the proposed transactions involving the Acquired Portfolios and corresponding series of the Trust that a Contractholder should know before completing the enclosed voting instruction card.
AXA Financial, Inc. is the parent company of each Insurance Company and is a wholly owned subsidiary of AXA, a French insurance holding company. The principal executive offices of AXA Financial, Inc. and each Insurance Company are located at 1290 Avenue of the Americas, New York, New York 10104.
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This Information Statement and the accompanying voting instruction card are being mailed to Contractholders on or about June , 2009.
HOW TO INSTRUCT AN INSURANCE COMPANY
To instruct an Insurance Company as to how to vote the Shares held in the investment divisions of its Separate Accounts, Contractholders are asked to promptly complete their voting instructions on the enclosed voting instruction card(s); and sign, date and mail the voting instruction card(s) in the accompanying postage-paid envelope. Contractholders also may provide voting instructions by phone at 1-800- or by Internet at our website at .
If a voting instruction card is not marked to indicate voting instructions but is signed, dated and returned, it will be treated as an instruction to vote the Shares in favor of the Proposal(s).
The number of Shares held in the investment division of a Separate Account corresponding to an Acquired Portfolio for which a Contractholder may provide voting instructions was determined as of the Record Date by dividing (i) a Contract’s account value (minus any Contract indebtedness) allocable to that investment division by (ii) the net asset value of one Share of the corresponding Acquired Portfolio. At any time prior to an Insurance Company’s voting at the Meeting, a Contractholder may revoke his or her voting instructions with respect to that investment division by providing the Insurance Company with a properly executed written revocation of such voting instructions, properly executing later-dated voting instructions by a voting instruction card, telephone or the Internet, or appearing and voting in person at the Meeting.
HOW AN INSURANCE COMPANY WILL VOTE
An Insurance Company will vote the Shares for which it receives timely voting instructions from Contractholders in accordance with those instructions. An Insurance Company will vote Shares attributable to Contracts for which it is the Contractholder “FOR” each applicable Proposal. Shares in each investment division of a Separate Account for which an Insurance Company receives a voting instruction card that is signed, dated and timely returned but is not marked to indicate voting instructions will be treated as an instruction to vote the Shares in favor of the applicable Proposal. Shares in each investment division of a Separate Account for which an Insurance Company receives no timely voting instructions from Contractholders, or that are attributable to amounts retained by AXA Equitable as surplus or seed money, will be voted by the applicable Insurance Company either for or against approval of the Proposals, or as an abstention, in the same proportion as the Shares for which Contractholders (other than the Insurance Company) have provided voting instructions to the Insurance Company.
OTHER MATTERS
The Insurance Companies are not aware of any matters, other than the specified Proposals, to be acted on at the Meeting. If any other matters come before the Meeting, an Insurance Company will vote the Shares upon such matters in its discretion. Voting instruction cards may be solicited by employees of AXA Equitable or its affiliates as well as officers and agents of the Trust. The principal solicitation will be by mail but voting instructions may also be solicited by telephone, telegraph, fax, personal interview, the Internet or other permissible means.
If the necessary quorum to transact business is not established or the vote required to approve or reject a Proposal is not obtained at the Meeting, the persons named as proxies may propose one or more adjournments of the Meeting in accordance with applicable law to permit further solicitation of voting instructions. The persons named as proxies will vote in favor of such adjournment with respect to those Shares for which they received voting instructions in favor of a Proposal and will vote against any such adjournment those Shares for which they received voting instructions against a Proposal.
It is important that your Contract be represented. Please promptly mark your voting instructions on the enclosed voting instruction card; then sign, date and mail the voting instruction card in the accompanying postage-paid envelope. You may also provide your voting instructions by telephone at 1-800- or by Internet at our website at .
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COMBINED PROXY STATEMENT AND PROSPECTUS
June , 2009
EQ ADVISORS TRUST
EQ/Ariel Appreciation II Portfolio
EQ/AXA Rosenberg Value Long/Short Equity Portfolio
EQ/Bond Index Portfolio
EQ/Caywood-Scholl High Yield Bond Portfolio
EQ/Government Securities Portfolio
EQ/Long Term Bond Portfolio
EQ/Lord Abbett Mid Cap Value Portfolio
EQ/Short Duration Bond Portfolio
EQ/Van Kampen Real Estate Portfolio
EQ/Core Bond Index Portfolio
EQ/Intermediate Government Bond Index Portfolio
EQ/Mid Cap Value PLUS Portfolio
EQ/PIMCO Ultra Short Bond Portfolio
EQ/Quality Bond PLUS Portfolio
1290 Avenue of the Americas
New York, New York 10104
1-877-222-2144
This Combined Proxy Statement and Prospectus (“Proxy Statement/Prospectus”) is being furnished to owners of variable life insurance policies or variable annuity contracts or certificates (“Contracts”) (“Contractholders”) issued by AXA Equitable Life Insurance Company (“AXA Equitable”), MONY Life Insurance Company or MONY Life Insurance Company of America (each, an “Insurance Company” and together, the “Insurance Companies”) who, as of May 31, 2009, had net premiums or contributions allocated to the investment divisions of an Insurance Company’s separate accounts (“Separate Accounts”) that are invested in shares of beneficial interest in one or more of the following Portfolios:
• | EQ/Ariel Appreciation II Portfolio (the “Appreciation Portfolio”), |
• | EQ/AXA Rosenberg Value Long/Short Equity Portfolio (the “Long/Short Portfolio”), |
• | EQ/Bond Index Portfolio (the “Bond Index Portfolio”), |
• | EQ/Caywood-Scholl High Yield Bond Portfolio (the “High Yield Portfolio”), |
• | EQ/Government Securities Portfolio (the “Government Securities Portfolio”), |
• | EQ/Long Term Bond Portfolio (the “Long Term Bond Portfolio”), |
• | EQ/Lord Abbett Mid Cap Value Portfolio (the “Mid Cap Value Portfolio”), |
• | EQ/Short Duration Bond Portfolio (the “Short Duration Bond Portfolio”), and |
• | EQ/Van Kampen Real Estate Portfolio (the “Real Estate Portfolio” and each an “Acquired Portfolio” and together the “Acquired Portfolios”) |
Each Acquired Portfolio is a portfolio of EQ Advisors Trust (the “Trust”), an open-end management investment company. This Proxy Statement/Prospectus also is being furnished to the Insurance Companies as the record owners of shares and to other shareholders that were invested in one or more of the Acquired Portfolios as of May 31, 2009. Contractholders are being provided the opportunity to instruct the applicable Insurance Company to approve or disapprove the proposals contained in this Proxy Statement/Prospectus in connection with the solicitation by the Board of Trustees of the Trust (“Board”) of proxies to be used at the Special Meeting of Shareholders of the Acquired Portfolios to be held at 1290 Avenue of the Americas, New York, New York 10104, on Wednesday, August 26, 2009, at , Eastern time, or any adjournment or adjournments thereof (“Meeting”).
THE SEC HAS NOT APPROVED OR DISAPPROVED THE SECURITIES DESCRIBED IN THIS PROXY STATEMENT/PROSPECTUS OR DETERMINED IF THIS PROXY STATEMENT/PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
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The proposals described in this Proxy Statement/Prospectus are as follows:
Proposal | Shareholders Entitled to Vote on the Proposal | |
1. To approve the Plan of Reorganization and Termination adopted by the Trust (the “Reorganization Plan”), which provides for the reorganization of the Appreciation Portfolio, Mid Cap Value Portfolio and Real Estate Portfolio into the EQ/Mid Cap Value PLUS Portfolio (the “Mid Cap PLUS Portfolio”), also a series of the Trust. | Shareholders of the Appreciation Portfolio, Mid Cap Value Portfolio and Real Estate Portfolio, voting separately with respect to the Reorganization of their Portfolio. | |
2. To approve the Plan of Asset/Stock Exchange adopted by the Trust (the “Exchange Plan”), which provides for the sale of the Long/Short Portfolio’s assets to the EQ/PIMCO Ultra Short Bond Portfolio (the “Ultra Short Bond Portfolio”), also a series of the Trust (the “Asset Exchange”), and the Reorganization Plan, which provides for the reorganization of the Short Duration Bond Portfolio into the Ultra Short Bond Portfolio. | Shareholders of the Long/Short Portfolio voting separately with respect to the Asset Exchange and shareholders of the Short Duration Bond Portfolio voting separately with respect to the Reorganization of their Portfolio. | |
3. To approve the Reorganization Plan, which provides for the reorganization of the Bond Index Portfolio and Long Term Bond Portfolio into the EQ/Core Bond Index Portfolio (the “Core Bond Index Portfolio”), also a series of the Trust. | Shareholders of the Bond Index Portfolio and Long Term Bond Portfolio, voting separately with respect to the Reorganization of their Portfolio. | |
4. To approve the Reorganization Plan, which provides for the reorganization of the High Yield Portfolio into the EQ/Quality Bond PLUS Portfolio (the “Quality Bond PLUS Portfolio”), also a series of the Trust. | Shareholders of the High Yield Portfolio. | |
5. To approve the Reorganization Plan, which provides for the reorganization of the Government Securities Portfolio into the EQ/Intermediate Government Bond Index Portfolio (the “Government Bond Index Portfolio”), also a series of the Trust. | Shareholders of the Government Securities Portfolio. |
Each reorganization referred to in Proposals 1 through 5 above is referred to herein as a “Reorganization” and together as the “Reorganizations;” and the Asset Exchange and each Reorganization is referred to herein as a “Transaction” and together as the “Transactions.” Each of the Mid Cap PLUS, Ultra Short Bond, Core Bond Index, Quality Bond PLUS and Government Bond Index Portfolios is referred to herein as an “Acquiring Portfolio” and together as the “Acquiring Portfolios.” In addition, the Mid Cap PLUS and Quality Bond PLUS Portfolios may be referred to herein as a “PLUS Portfolio.”
This Proxy Statement/Prospectus, which you should retain for future reference, contains important information regarding the proposals that you should know before voting or providing voting instructions. Additional information about the Trust has been filed with the Securities and Exchange Commission (“SEC”) and is available upon oral or written request without charge. This Proxy Statement/Prospectus is being provided to the Insurance Companies and mailed to Contractholders and other shareholders on or about June , 2009. It is expected that one or more representatives of each Insurance Company will attend the Meeting in person or by proxy and will vote shares held by the Insurance Company in accordance with voting instructions received from its Contractholders and in accordance with voting procedures established by the Trust.
The following documents have been filed with the SEC and are incorporated by reference into this Proxy Statement/Prospectus:
1. | The Prospectus and Statement of Additional Information of the Trust, each dated May 1, 2009, as supplemented, with respect to all of the Acquired Portfolios (File Nos. 333-17217 and 811-07953); |
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2. | The Annual Report to Shareholders of the Trust with respect to all of the Acquired Portfolios for the fiscal year ended December 31, 2008 (File Nos. 333-17217 and 811-07953); and |
3. | The Statement of Additional Information dated June , 2009, relating to the Transactions (File No. 333- ). |
For a free copy of any of the above documents, please call or write the Trust at the phone number below or the above address.
Shareholders and Contractholders can find out more about the Acquired Portfolios in the Trust’s Annual Report listed above, which has been furnished to shareholders and Contractholders. Shareholders and Contractholders may request another copy thereof, without charge, by writing to the Trust at the above address or by calling 1-877-222-2144.
The Trust is subject to the informational requirements of the Securities Exchange Act of 1934, as amended. Accordingly, it must file certain reports and other information with the SEC. You can copy and review information about the Trust at the SEC’s Public Reference Room in Washington, DC, and at certain of the following SEC Regional Offices: New York Regional Office, 3 World Financial Center, Suite 400, New York, New York 10281; Miami Regional Office, 801 Brickell Avenue, Suite 1800, Miami, Florida 33131; Chicago Regional Office, 175 W. Jackson Boulevard, Suite 900, Chicago, Illinois 60604; Denver Regional Office, 1801 California Street, Suite 1500, Denver, Colorado 80202; Los Angeles Regional Office, 5670 Wilshire Boulevard, 11th Floor, Los Angeles, California 90036; Boston Regional Office, 33 Arch Street, 23rd Floor, Boston, MA 02110; Philadelphia Regional Office, The Mellon Independence Center, 701 Market Street, Philadelphia, PA 19106; Atlanta Regional Office, 3475 Lenox Road, N.E., Suite 1000, Atlanta, GA 30326; Fort Worth Regional Office, Burnett Plaza, Suite 1900, 801 Cherry Street, Unit 18, Fort Worth, TX 76102; Salt Lake Regional Office, 15 W. South Temple Street, Suite 1800, Salt Lake City, UT 84101; San Francisco Regional Office, 44 Montgomery Street, Suite 2600, San Francisco, CA 94104. You may obtain information on the operation of the Public Reference Room by calling the SEC at (202) 551-8090. Reports and other information about the Trust are available on the IDEA Database on the SEC’s Internet site at http://www.sec.gov. You may obtain copies of this information from the SEC’s Public Reference Branch, Office of Consumer Affairs and Information Services, Washington, DC 20549, at prescribed rates.
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APPENDIX C — SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS | C-1 |
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You should read this entire Proxy Statement/Prospectus carefully. For additional information, you should consult the Reorganization Plan, a copy of which is attached hereto as Appendix A, or the Exchange Plan, a copy of which is attached hereto as Appendix B (each, a “Plan”), as applicable.
This Proxy Statement/Prospectus is soliciting shareholders with amounts invested in one or more of the Acquired Portfolios as of May 31, 2009 to approve (1) the Reorganization Plan, whereby each Acquired Portfolio (other than the Long/Short Portfolio) will be reorganized into the corresponding Acquiring Portfolio, or (2) the Exchange Plan, whereby the Long/Short Portfolio will sell its assets to the Ultra Short Bond Portfolio. (Each Acquired Portfolio and Acquiring Portfolio is sometimes referred to herein as a “Portfolio.”)
Each Acquired Portfolio’s shares are divided into two classes, designated Class IA and Class IB shares (“Acquired Portfolio Shares”). Each Acquiring Portfolio’s shares also are divided into two classes, designated Class IA and Class IB shares (“Acquiring Portfolio Shares”). The rights and preferences of each class of Acquiring Portfolio Shares are identical to the corresponding class of Acquired Portfolio Shares.
The Reorganization Plan provides, with respect to each Reorganization, and the Exchange Plan provides, with respect to the Asset Exchange, for:
• | the transfer (sale, in the case of the Asset Exchange) of all of the assets of the Acquired Portfolio to the corresponding Acquiring Portfolio in exchange for Acquiring Portfolio Shares having an aggregate net asset value equal to the Acquired Portfolio’s net assets; |
• | the Acquiring Portfolio’s assumption of all the liabilities of the Acquired Portfolio; |
• | the distribution to the shareholders (for the benefit of the Separate Accounts, as applicable, and thus the Contractholders) of those Acquiring Portfolio Shares; and |
• | the complete termination of the Acquired Portfolio. |
A comparison of the investment objective(s), investment policies, strategies and principal risks of each Acquired Portfolio and its corresponding Acquiring Portfolio is included in “Comparison of Investment Objectives, Policies and Strategies” and “Comparison of Principal Risk Factors” below. The Portfolios have identical distribution procedures, purchase procedures, exchange rights and redemption procedures, as discussed in “Additional Information about the Acquiring Portfolios” below. Each Portfolio offers its shares to Separate Accounts and certain other eligible investors. Shares of each Portfolio are offered and redeemed at their net asset value without any sales load. You will not incur any sales loads or similar transaction charges as a result of a Transaction.
Subject to shareholder approval, each Transaction is expected to be effective at the close of business on September , 2009, or on a later date the Trust decides upon (“Closing Date”). As a result of each Transaction, each shareholder invested in shares of one or more of the Acquired Portfolios would become an owner of shares of the corresponding Acquiring Portfolio. Each such shareholder would hold, immediately after the Closing Date, Class IA or Class IB shares of the applicable Acquiring Portfolio having an aggregate value equal to the aggregate value of the Class IA or Class IB Acquired Portfolio Shares, as applicable, that were held by the shareholder as of the Closing Date. Similarly, each Contractholder whose Contract values are invested in shares of one or more of the Acquired Portfolios would become an indirect owner of shares of the corresponding Acquiring Portfolio. Each such Contractholder would indirectly hold, immediately after the Closing Date, Class IA or Class IB shares of the applicable Acquiring Portfolio having an aggregate value equal to the aggregate value of the Class IA or Class IB Acquired Portfolio Shares, as applicable, that were indirectly held by the Contractholder as of the Closing Date. The consummation of any one Transaction is not contingent on the consummation of any other Transaction. The Trust believes that there will be no adverse tax consequences to shareholders or Contractholders as a result of the Transactions. Please see “Additional Information about the Transactions – Federal Income Tax Consequences of the Transactions” below for further information.
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The Board has unanimously approved each Plan with respect the Portfolios involved therein. Accordingly, the Board is submitting each Plan for approval by the relevant Acquired Portfolio’s shareholders. In considering whether to approve a proposal (a “Proposal”), you should review the Proposal for the Acquired Portfolio(s) in which you were a direct or indirect holder on the Record Date (as defined under “Voting Information”). In addition, you should review the information in this Proxy Statement/Prospectus that relates to all of the Proposals and the applicable Plan generally. The Board recommends that you vote “FOR” the Proposals to approve the Plans.
PROPOSAL 1: | APPROVAL OF THE REORGANIZATION PLAN WITH RESPECT TO THE REORGANIZATION OF THE APPRECIATION PORTFOLIO, MID CAP VALUE PORTFOLIO AND REAL ESTATE PORTFOLIO INTO THE MID CAP PLUS PORTFOLIO. |
This Proposal 1 requests your approval of the Reorganization Plan, pursuant to which the Appreciation Portfolio, Mid Cap Value Portfolio and Real Estate Portfolio will be reorganized into the Mid Cap PLUS Portfolio. The shareholders of each Acquired Portfolio will vote separately on its Reorganization. The consummation of any one Reorganization described in this Proposal is not contingent on the consummation of any other Reorganization.
In considering whether you should approve this Proposal, you should note that:
• | The Appreciation Portfolio and Mid Cap PLUS Portfolio have identical investment objectives and substantially similar investment policies, strategies and principal risks. Below is a summary comparison of the two Portfolios. For a detailed comparison of the each Portfolio’s investment objectives, policies, strategies and risks, see “Comparison of Investment Objectives, Policies and Strategies” and “Comparison of Principal Risk Factors” below. |
• | Each Portfolio’s investment objective is to seek to achieve long-term capital appreciation. Each Portfolio also invests primarily in equity securities of mid-capitalization companies. In particular, the Appreciation Portfolio invests primarily (normally at least 65% of its assets) in the securities of mid-capitalization companies, while the Mid Cap PLUS Portfolio normally invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of companies with medium market capitalizations (or other instruments that derive their value from the securities of such companies). In addition, the investment adviser(s) for each Portfolio generally employ a value investing approach in selecting securities for investment. Each Portfolio also may invest, to a limited extent, in derivatives, real estate investment trusts (“REITs”), foreign securities and exchange-traded funds (“ETFs”). |
• | There are also some differences between the Portfolios of which you should be aware. One primary difference between the Portfolios is that the Mid Cap PLUS Portfolio normally allocates its assets among three investment managers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Mid Cap PLUS Portfolio is actively managed by an Adviser (“Active Allocated Portion”); one portion of the Portfolio seeks to track the performance of a particular index (“Index Allocated Portion”); and one portion of the Portfolio invests in ETFs (“ETF Allocated Portion”). The Appreciation Portfolio is actively managed by one Adviser and does not have an Index Allocated Portion or ETF Allocated Portion. In addition, the Mid Cap PLUS Portfolio has an investment strategy to invest under normal circumstances a larger percentage of its assets in the securities of mid-capitalization companies than the Appreciation Portfolio, and each Portfolio defines mid-capitalization companies somewhat differently (companies with market capitalizations between $2 billion and $15 billion at the time of purchase for the Appreciation Portfolio and companies within the market capitalization ranges of certain indices, ranging from $24 million to $14 billion as of December 31, 2008, for the Mid Cap PLUS Portfolio). |
Another difference is that, while both Portfolios may invest to a limited extent in foreign securities, the Mid Cap PLUS Portfolio limits investments in foreign securities to 20% of its total assets, including
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up to 10% in developing markets, while the Appreciation Portfolio does not have a stated limit with respect to such investments. In addition, the Appreciation Portfolio is a focused portfolio that generally contains no more than 50 stocks and holds investments for a relatively long period of time. The Mid Cap PLUS Portfolio does not have a similar policy.
• | Each Portfolio is subject to adviser selection risk, asset class risk, equity risk, foreign securities risk, including currency risk, market risk, mid-cap company risk, portfolio management risk, securities lending risk, security risk, security selection risk and value investing risk as principal risks. The Appreciation Portfolio also is subject to convertible securities risk and focused portfolio risk as principal risks, while the Mid Cap PLUS Portfolio generally is not. In addition, the principal risks of investing in the Mid Cap PLUS Portfolio also include derivatives risk, including futures and options risk, emerging markets risk, ETF risk, index fund risk, multiple adviser risk and real estate investing risk, which are not principal risks of investing in the Appreciation Portfolio. |
• | The Mid Cap Value Portfolio and Mid Cap PLUS Portfolio have substantially similar investment objectives, investment policies, strategies and principal risks. Below is a summary comparison of the two Portfolios. For a detailed comparison of the each Portfolio’s investment objectives, policies, strategies and risks, see “Comparison of Investment Objectives, Policies and Strategies” and “Comparison of Principal Risk Factors” below. |
• | Each Portfolio seeks capital appreciation as its investment objective. Each Portfolio also invests primarily in equity securities of mid-capitalization companies. In particular, the Mid Cap Value Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of mid-sized companies, while the Mid Cap PLUS Portfolio normally invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of companies with medium market capitalizations (or other instruments that derive their value from the securities of such companies). Both Portfolios also define mid-capitalization companies by reference to the market capitalization of companies in a particular index(es), which as of December 31, 2008, ranged from $24 million to $14 billion. In addition, the investment adviser(s) for each Portfolio generally employ a value investing approach in selecting securities for investment. Each Portfolio also may invest, to a limited extent, in derivatives, REITs, foreign securities and ETFs. |
• | There are also some differences between the Portfolios of which you should be aware. One primary difference between the two Portfolios is that the Mid Cap PLUS Portfolio normally allocates its assets among three investment managers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Mid Cap PLUS Portfolio is an Active Allocated Portion; one portion of the Portfolio is an Index Allocated Portion; and one portion of the Portfolio is an ETF Allocated Portion. The Mid Cap Value Portfolio is actively managed by one Adviser and does not have an Index Allocated Portion or ETF Allocated Portion. In addition, while each Portfolio may invest to a limited extent in foreign securities, the Mid Cap Value Portfolio limits investments in foreign securities traded outside of the U.S. (other than American Depositary Receipts and similar depositary receipts) to 10% of its net assets, while the Mid Cap PLUS Portfolio limits investments in foreign securities to 20% of its total assets, including up to 10% in developing markets. |
• | Each Portfolio is subject to adviser selection risk, asset class risk, derivatives risk, including futures and options risk, equity risk, foreign securities risk, including currency risk, market risk, mid-cap company risk, portfolio management risk, securities lending risk, security risk, security selection risk and value investing risk as principal risks. The Mid Cap Value Portfolio also is subject to convertible |
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securities risk and depositary receipts risk as principal risks, while the Mid Cap PLUS Portfolio generally is not. In addition, the principal risks of investing in the Mid Cap PLUS Portfolio also include emerging markets risk, ETF risk, index fund risk, multiple adviser risk and real estate investing risk, which are not principal risks of investing in the Appreciation Portfolio. |
• | The Real Estate Portfolio and Mid Cap PLUS Portfolio have similar investment objectives and investment policies, but different primary investment policies and strategies and some different principal risks. Below is a summary comparison of the two Portfolios. For a detailed comparison of each Portfolio’s investment objectives, policies, strategies and risks, see “Comparison of Investment Objectives, Policies and Strategies” and “Comparison of Principal Risk Factors” below. |
• | The Real Estate Portfolio’s investment objective is to seek to provide average current income and long-term capital appreciation. The Mid Cap PLUS Portfolio’s investment objective is to seek to achieve long-term capital appreciation. Thus, each Portfolio seeks long-term capital appreciation as a component of its investment objective. Each Portfolio also invests primarily in equity securities. In addition, the investment advisers for both Portfolios employ a value investing approach in selecting securities for investment. Each Portfolio also may invest, to a limited extent, in derivatives, REITs, foreign securities and ETFs. |
• | There are also some differences between the Portfolios of which you should be aware. One primary difference between the Portfolios is that the Mid Cap PLUS Portfolio seeks to achieve long-term capital appreciation as its investment objective, while the Real Estate Portfolio seeks to provide average current income in addition to long-term capital appreciation. Another primary difference between the Portfolios is that the Real Estate Portfolio normally invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of companies in the real estate industry, including REITs, while the Mid Cap PLUS Portfolio normally invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of companies with medium market capitalizations (or other instruments that derive their value from the securities of such companies). Thus, the Real Estate Portfolio focuses its investments in the real estate industry, while the Mid Cap PLUS Portfolio does not. However, the Mid Cap PLUS Portfolio may invest to a limited extent in REITs. In addition, the Index Allocated Portion of the Mid Cap PLUS Portfolio seeks to track the performance (before fees and expenses) of the Russell Midcap Value Index, which holds approximately 10% in real estate holdings. Another difference between the two Portfolios is that the Mid Cap PLUS Portfolio normally allocates its assets among three investment managers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Mid Cap PLUS Portfolio is an Active Allocated Portion; one portion of the Portfolio is an Index Allocated Portion; and one portion of the Portfolio is an ETF Allocated Portion. The Real Estate Portfolio is actively managed by one Adviser and does not have an Index Allocated Portion or ETF Allocated Portion. The Real Estate Portfolio also is a non-diversified portfolio, which means that it may invest in a limited number of issuers. The Mid Cap PLUS Portfolio is diversified. |
• | Each Portfolio is subject to adviser selection risk, asset class risk, derivatives risk, including futures and options risk, equity risk, foreign securities risk, including currency risk, market risk, portfolio management risk, real estate investing risk, securities lending risk, security risk, security selection risk and value investing risk as principal risks. The Real Estate Portfolio also is subject to convertible securities risk, fixed income risk, focused portfolio risk and non-diversification risk as principal risks, while the Mid Cap PLUS Portfolio generally is not. In addition, the principal risks of investing in the Mid Cap PLUS Portfolio also include emerging markets risk, ETF risk, index fund risk, mid-cap company risk and multiple adviser risk, which are not principal risks of investing in the Real Estate |
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Portfolio. For a detailed description of the investment objectives, policies, and strategies and principal risks of each Portfolio, please see “Comparison of Investment Objectives, Policies and Strategies” and “Comparison of Principal Risk Factors” below. |
• | AXA Equitable (“Manager”) serves as the investment manager and administrator for each Portfolio and would continue to manage and administer the Mid Cap PLUS Portfolio after the Reorganizations. AXA Equitable has received an exemptive order from the SEC that generally permits AXA Equitable and the Board to appoint, dismiss and replace each Portfolio’s investment sub-adviser(s) (each, an “Adviser”) and to amend the advisory agreements between AXA Equitable and the Advisers without obtaining shareholder approval. AXA Equitable has appointed one Adviser to manage the assets of each of the Appreciation Portfolio, Mid Cap Value Portfolio and Real Estate Portfolio. In particular, Ariel Investments, Lord Abbett & Co. LLC and Morgan Stanley Investment Management, Inc., respectively, currently serve as the Advisers for the Appreciation Portfolio, Mid Cap Value Portfolio and Real Estate Portfolio. AXA Equitable has appointed two Advisers to manage distinct portions of the Mid Cap PLUS Portfolio’s assets. In particular, Wellington Management Company, LLP, which is responsible for the management of the Active Allocated Portion of the Mid Cap PLUS Portfolio, and SSgA Funds Management, Inc., which is responsible for the Index Allocated Portion of the Mid Cap PLUS Portfolio, currently serve as Advisers to the Mid Cap PLUS Portfolio and it is anticipated that they would continue to advise their respective portions of the Mid Cap PLUS Portfolio after the Reorganizations. In addition, AXA Equitable is responsible for the management of the ETF Allocated Portion of the Mid Cap PLUS Portfolio and it is anticipated that it would continue to manage the ETF Allocated Portion of Mid Cap PLUS Portfolio after the Reorganizations. For a detailed description of the Manager and the Mid Cap PLUS Portfolio’s Advisers, please see “Additional Information about the Acquiring Portfolios - The Manager” and “- The Advisers” below. |
• | The Appreciation Portfolio, Mid Cap Value Portfolio, Real Estate Portfolio and Mid Cap PLUS Portfolio had net assets of approximately $48.4 million, $259.6 million, $450.6 million and $857.5 million, respectively, as of December 31, 2008. Thus, if the Reorganizations had been in effect on that date, the combined Portfolio would have had net assets of approximately $1.6 billion. |
• | Class IA shareholders of each Acquired Portfolio will receive Class IA shares of the Mid Cap PLUS Portfolio, and Class IB shareholders of each Acquired Portfolio will receive Class IB shares of the Mid Cap PLUS Portfolio, pursuant to the Reorganizations. Shareholders will not pay any sales charges in connection with the Reorganizations. Please see “Comparative Fee and Expense Tables,” “Additional Information about the Transactions” and “Additional Information about the Acquiring Portfolios” below for more information. |
• | It is estimated that the annual operating expense ratios for Mid Cap PLUS Portfolio’s Class IA and Class IB shares, immediately following the Reorganizations, will be lower than those of each Acquired Portfolio’s Class IA and Class IB shares, respectively, for the last fiscal year, before and after taking into account expense limitation arrangements that are in effect for the Portfolios. The expense limitation arrangement for each Portfolio will be in effect until April 30, 2010, and may be considered for renewal by AXA Equitable and the Board of Trustees of the Trust annually thereafter. For a more detailed comparison of the fees and expenses of the Portfolios, please see “Comparative Fee and Expense Tables” and “Additional Information about the Acquiring Portfolios” below. |
• | The maximum management fee for each of the Appreciation Portfolio, Mid Cap Value Portfolio and Real Estate Portfolio is equal to an annual rate of 0.75%, 0.70% and 0.90%, respectively, of the relevant Portfolio’s average daily net assets, while the maximum management fee for the Mid Cap PLUS Portfolio is equal to an annual rate of 0.55% of its average daily net assets. The administration fee schedule for each Acquired Portfolio is $30,000 per year for each Portfolio, plus the Portfolio’s proportionate share of the Trust’s administration fee for portfolios with a single Adviser, which is equal to an annual rate of 0.12% of the first $3 billion of total the Trust average daily net assets (exclusive of certain portfolios, including the Mid Cap PLUS Portfolio), 0.11% of the next $3 billion, 0.105% of the next $4 billion, 0.10% of the next $20 billion and 0.0975% thereafter. The Mid Cap PLUS Portfolio pays AXA Equitable an annual fee of |
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0.15% of its average daily net assets, plus $35,000 and an additional $35,000 for each portion of the Portfolio for which separate administrative services are provided (e.g., portions of the Portfolio allocated to separate Advisers and/or managed in a discrete style). For a more detailed description of the fees and expenses of the Portfolios, please see “Comparative Fee and Expense Tables” and “Additional Information about the Acquiring Portfolios” below. |
• | Following the Reorganizations, the combined Portfolio will be managed in accordance with the investment objective, policies and strategies of the Mid Cap PLUS Portfolio. It is not expected that the Mid Cap PLUS Portfolio will revise any of its investment policies following the Reorganizations to reflect those of any of the Acquired Portfolios. AXA Equitable has reviewed each Acquired Portfolio’s current portfolio holdings and determined that the holdings generally are compatible with the Mid Cap PLUS Portfolio’s investment objective and policies. Thus, AXA Equitable believes that, if the Reorganizations are approved, all or a substantial portion of the holdings of the Appreciation Portfolio and the Mid Cap Value Portfolio and a significant portion of the holdings of the Real Estate Portfolio could be transferred to and held by the Mid Cap PLUS Portfolio. However, it is expected that some of those holdings may not remain at the time of the Reorganizations due to normal portfolio turnover. It is also expected that, if a Reorganization is approved, the holdings of the Acquired Portfolio involved therein that are not compatible with the Mid Cap PLUS Portfolio’s investment objective and policies will be liquidated in an orderly manner in connection with the Reorganization, and the proceeds of these sales held in temporary investments or reinvested in assets that are consistent with that investment objective and policies. The portion of each Acquired Portfolio’s assets that will be liquidated in connection with a Reorganization will depend on market conditions and on the assessment by AXA Equitable and the Mid Cap PLUS Portfolio’s Advisers of the compatibility of those holdings with the Mid Cap PLUS Portfolio’s portfolio composition and investment objective and policies at the time of the Reorganization. The need for a Portfolio to sell investments in connection with a Reorganization may result in its selling securities at a disadvantageous time and price and could result in its realizing gains (or losses) that would not otherwise have been realized and incurring transaction costs that would not otherwise have been incurred. |
• | AXA Equitable is expected to bear the costs associated with the Reorganizations, including the costs associated with obtaining shareholder approval of the Reorganizations, but excluding brokerage and similar expenses in connection with a Reorganization, which will be borne by the Portfolios. Please see “Additional Information about the Transactions” below for more information. |
Comparison of Investment Objectives, Policies and Strategies
The following table compares the investment objectives and principal investment policies and strategies of each Acquired Portfolio with those of the Mid Cap PLUS Portfolio. The Board may change the investment objective of a Portfolio without a vote of the Portfolio’s shareholders.
Acquiring Portfolio | Acquired Portfolios | |||||
Mid Cap PLUS Portfolio | Appreciation Portfolio | Mid Cap Value Portfolio | Real Estate Portfolio | |||
Investment Objective | ||||||
Seeks to achieve long-term capital appreciation. | Seeks to achieve long-term capital appreciation. | Seeks to achieve capital appreciation. | Seeks to provide above average current income and long-term capital appreciation. | |||
Principal Investment Strategies | ||||||
Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus | The Portfolio invests primarily in the securities of mid-capitalization | Under normal circumstances, the Portfolio invests at least | Under normal circumstances, the Portfolio invests at least |
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borrowings for investment purposes, in securities of companies with medium market capitalizations (or other financial instruments that derive their value from the securities of such companies). Medium market capitalization companies means those companies with market capitalizations within the range of the following indices at the time of purchase: Russell MidCap Index (market capitalization range of approximately $24 million - $14 billion as of December 31, 2008), Morningstar Mid Core Index (market capitalization range of approximately $500 million - $10 billion as of December 31, 2008), S&P MidCap 400 Index (market capitalization range of approximately $104 million - $5 billion as of December 31, 2008). | companies (currently considered by the Adviser to mean companies with market capitalizations generally between $2 billion and $15 billion at the time of initial purchase by the Portfolio). | 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of mid-size companies. A mid-sized company is defined as a company having a market capitalization at the time of purchase that falls within the market capitalization range of companies in the Russell Midcap Index. As of December 31, 2008, the market capitalization range of the Russell Midcap Index was $24 million to $14 billion. | 80% of its net assets, plus borrowings for investment purposes, in equity securities of companies in the real estate industry, including REITs. | |||
The Portfolio’s assets normally are allocated among three investment managers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Portfolio is an Active Allocated Portion; one portion of is an Index Allocated Portion; and one portion of the Portfolio is an ETF Allocated Portion. Under normal circumstances, the Active Allocated Portion consists of approximately 30% of the Portfolio’s net assets, the Index Allocated Portion consists of approximately 60% of the Portfolio’s net assets and the ETF Allocated Portion consists of approximately 10% of the Portfolio’s net assets. Actual allocations among the distinct portions of the Portfolio may deviate from the amounts shown above by up to 15% of the Portfolio’s net assets. | No corresponding strategy. | No corresponding strategy. | No corresponding strategy. |
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The Active Allocated Portion invests primarily in common stocks, but it may also invest in other securities the Adviser believes provide opportunities for capital appreciation, such as preferred stocks, warrants and securities convertible into common stock. | Same with respect to the Portfolio as a whole. | Equity securities in which the Portfolio may invest include common stocks, convertible securities, preferred stocks, warrants and similar instruments. | The Portfolio invests primarily in equity REITs. The Portfolio may also invest, to a limited extent, in common stocks, preferred stocks, warrants and convertible securities. | |||
The Active Allocated Portion may invest up to 20% of its total assets in securities of foreign issuers, including up to 10% of those in developing markets. | The Portfolio may invest, to a limited extent, in foreign securities, including emerging markets securities. | The Portfolio may invest, without limit, in American Depositary Receipts and similar depositary receipts. The Portfolio limits its other investments in foreign securities that are primarily traded outside of the U.S. to 10% of its net assets. | The Portfolio may invest up to 25% of its total assets in securities of foreign issuers, some or all of which may be in the real estate industry. | |||
The Active Allocated Portion also may invest, to a limited extent, in derivatives, including futures and options, and REITs. | Same with the respect to the Portfolio as a whole. | The Portfolio may purchase and write exchange-listed put and call options on securities or securities indices for hedging or cross-hedging purposes or to seek to increase total return. The Portfolio will not purchase an option if, as a result of such purchase, more than 10% of its total assets would be invested in premiums for such options. The Portfolio may only sell (write) covered put options to the extent that cover for such options does not exceed 15% of its net assets. The Portfolio may only sell (write) covered call options with respect to securities having an aggregate market value of less than 25% of its total assets at the time the option is written. The Portfolio also may invest, to a limited extent, in REITs. | The Portfolio may, to a limited extent, purchase and sell certain derivative instruments, such as options, futures contracts and options on futures contracts, for various portfolio management purposes, including to earn income, to facilitate portfolio management and to mitigate risks. The Portfolio also may invest, to a limited extent, in REITs. |
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In choosing investments for the Active Allocated Portion, the Adviser seeks to add value through bottom-up fundamentally driven security selection, favoring those securities that appear to be undervalued in the marketplace. | The Adviser seeks to invest in quality companies in industries where the Adviser has expertise. The Adviser only buys when it determines that these businesses are selling at excellent values. | In selecting investments, the Portfolio uses a value approach that seeks to identify stocks of companies that have the potential for significant market appreciation due to growing recognition of improvement in their financial results or increasing anticipation of such improvement. | The Adviser actively manages the Portfolio using a combination of top-down and bottom-up methodologies. The top-down asset allocation overlay is determined by focusing on key regional criteria, which include demographic and macroeconomic considerations (for example, population, employment, household formation and income). The Adviser employs a value-driven approach to bottom-up security selection which emphasizes underlying asset values, values per square foot and property yields. | |||
The Index Allocated Portion of the Portfolio seeks to track the performance (before fees and expenses) of the Russell Midcap Value Index (“Midcap Value Index”) with minimal tracking error. Generally, the Index Allocated Portion employs full replication, holding each company in proportion to its market capitalization weight in the Mid Cap Index, although, in certain instances a sampling approach may be utilized for a small portion of the Index Allocated Portion. | No corresponding strategy; however, the Portfolio’s benchmark is the Midcap Value Index. | No corresponding strategy; however, the Portfolio’s benchmark is the Midcap Value Index. | No corresponding strategy. | |||
The ETF Allocated Portion invests in ETFs that meet the investment criteria of the Portfolio as a whole. | The Portfolio may invest, to a limited extent, in ETFs. | The Portfolio may invest, to a limited extent, in ETFs. | The Portfolio may invest, to a limited extent, in ETFs. | |||
The Portfolio is a diversified portfolio under the Investment Company Act of 1940, as amended (“1940 Act”). | The Portfolio is a diversified portfolio under the 1940 Act, but generally contains no more than 50 stocks, and it generally holds investments for a relatively long period of time – typically two to five years. | The Portfolio is a diversified portfolio under the 1940 Act. | The Portfolio is non-diversified, which means that it may invest in a limited number of issuers. |
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Comparison of Principal Risk Factors
Risk is the chance that you will lose money on your investment or that it will not earn as much as you expect. In general, the greater the risk, the more money your investment can earn for you and the more you can lose. Like other investment companies, the value of each Portfolio’s shares may be affected by its investment objective, principal investment strategies and particular risk factors. Consequently, each Portfolio may be subject to different principal risks. Some of the principal risks of investing in the Portfolios are noted below. However, other factors may also affect each Portfolio’s net asset value. There is no guarantee that a Portfolio will achieve its investment objective or that it will not lose principal value. The following table compares the principal risks of an investment in each Portfolio. For an explanation of each such risk, see “Additional Information about the Transactions – Description of Risk Factors” below.
Risks | Mid Cap PLUS Portfolio | Appreciation Portfolio | Mid Cap Value Portfolio | Real Estate Portfolio | ||||
Adviser Selection Risk | X | X | X | X | ||||
Asset Class Risk | X | X | X | X | ||||
Convertible Securities Risk | X | X | X | |||||
Currency Risk | X | X | X | X | ||||
Depositary Receipts Risk | X | |||||||
Derivatives Risk | X | X | X | |||||
Emerging Markets Risk | X | |||||||
Equity Risk | X | X | X | X | ||||
ETF Risk | X | |||||||
Fixed Income Risk | X | |||||||
Focused Portfolio Risk | X | X | ||||||
Foreign Securities Risk | X | X | X | X | ||||
Futures and Options Risk | X | X | X | |||||
Index Fund Risk | X | |||||||
Mid-Cap Company Risk | X | X | X | |||||
Market Risk | X | X | X | X | ||||
Multiple Adviser Risk | X | |||||||
Non-Diversification Risk | X | |||||||
Portfolio Management Risk | X | X | X | X | ||||
Real Estate Investing Risk | X | X | ||||||
Securities Lending Risk | X | X | X | X | ||||
Security Risk | X | X | X | X | ||||
Security Selection Risk | X | X | X | X | ||||
Value Investing Risk | X | X | X | X |
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Comparative Fee and Expense Tables
The following tables show the fees and expenses of each class of shares of each Portfolio and the estimated pro forma fees and expenses of each class of shares of the Acquiring Portfolio after giving effect to the proposed Reorganizations. Fees and expenses for each Portfolio are based on those incurred by each class of its shares for the last fiscal year ended December 31, 2008. The pro forma fees and expenses of the Acquiring Portfolio Shares assume that a Reorganization had been in effect for the last year ended on that date. The tables do not reflect any Contract-related fees and expenses, which would increase overall fees and expenses.
There are no fees or charges to buy or sell shares of any Portfolio, reinvest dividends or exchange into other portfolios.
Annual Operating Expenses
(expenses that are deducted from Portfolio assets)
Appreciation Portfolio | Mid Cap PLUS Portfolio | Pro Forma Mid Cap PLUS Portfolio (assuming only the Reorganization with the Appreciation Portfolio is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
Management Fee | 0.75 | % | 0.75 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||
Distribution and/or Service Fees (12b-1 fees)† | None | 0.25 | % | None | 0.25 | % | None | 0.25 | % | |||||||||
Other Expenses | 0.30 | % | 0.30 | % | 0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | ||||||
Acquired Fund Fees and Expenses (Underlying ETFs)1 | N/A | N/A | 0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | ||||||||
Total Annual Portfolio Operating Expenses | 1.05 | % | 1.30 | % | 0.80 | % | 1.05 | % | 0.80 | % | 1.05 | % | ||||||
Less Fee Waiver/Expense Reimbursement2 | (0.15 | )% | (0.15 | )% | (0.00 | )% | (0.00 | )% | (0.00 | )% | (0.00 | )% | ||||||
Net Annual Portfolio Operating Expenses (and Acquired Fund Fees and Expenses, if applicable) | 0.90 | % | 1.15 | % | 0.80 | % | 1.05 | % | 0.80 | % | 1.05 | % |
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Annual Operating Expenses
(expenses that are deducted from Portfolio assets)
Mid Cap Value Portfolio | Mid Cap PLUS Portfolio | Pro Forma Mid Cap PLUS Portfolio (assuming only the Reorganization with the Mid Cap Value Portfolio is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
Management Fee | 0.70 | % | 0.70 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||
Distribution and/or Service Fees (12b-1 fees)† | None | 0.25 | % | None | 0.25 | % | None | 0.25 | % | |||||||||
Other Expenses | 0.16 | % | 0.16 | % | 0.22 | % | 0.22 | % | 0.21 | % | 0.21 | % | ||||||
Acquired Fund Fees and Expenses (Underlying ETFs)1 | N/A | N/A | 0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | ||||||||
Total Annual Portfolio Operating Expenses | 0.86 | % | 1.11 | % | 0.80 | % | 1.05 | % | 0.79 | % | 1.04 | % | ||||||
Less Fee Waiver/Expense Reimbursement2 | (0.06 | )% | (0.06 | )% | (0.00 | )% | (0.00 | )% | (0.00 | )% | (0.00 | )% | ||||||
Net Annual Portfolio Operating Expenses (and Acquired Fund Fees and Expenses, if applicable) | 0.80 | % | 1.05 | % | 0.80 | % | 1.05 | % | 0.79 | % | 1.04 | % | ||||||
Annual Operating Expenses | ||||||||||||||||||
(expenses that are deducted from Portfolio assets) | ||||||||||||||||||
Real Estate Portfolio | Mid Cap PLUS Portfolio | Pro Forma Mid Cap PLUS Portfolio (assuming only the Reorganization with the Real Estate Portfolio is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
Management Fee | 0.90 | % | 0.90 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||
Distribution and/or Service Fees (12b-1 fees)† | None | 0.25 | % | None | 0.25 | % | None | 0.25 | % | |||||||||
Other Expenses | 0.15 | % | 0.15 | % | 0.22 | % | 0.22 | % | 0.20 | % | 0.20 | % | ||||||
Acquired Fund Fees and Expenses (Underlying ETFs)1 | N/A | N/A | 0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | ||||||||
Total Annual Portfolio Operating Expenses | 1.05 | % | 1.30 | % | 0.80 | % | 1.05 | % | 0.78 | % | 1.03 | % | ||||||
Less Fee Waiver/Expense Reimbursement2 | (0.04 | )% | (0.04 | )% | (0.00 | )% | (0.00 | )% | (0.00 | )% | (0.00 | )% | ||||||
Net Annual Portfolio Operating Expenses (and Acquired Fund Fees and Expenses, if applicable) | 1.01 | % | 1.26 | % | 0.80 | % | 1.05 | % | 0.78 | % | 1.03 | % |
Annual Operating Expenses
(expenses that are deducted from Portfolio assets)
Pro Forma Mid Cap PLUS Portfolio (assuming all three Reorganizations are approved) | ||||||
Class IA | Class IB | |||||
Management Fee | 0.54 | % | 0.54 | % | ||
Distribution and/or Service Fees (12b-1 fees)† | None | 0.25 | % | |||
Other Expenses | 0.21 | % | 0.21 | % | ||
Acquired Fund Fees and Expenses (Underlying ETFs)1 | 0.03 | % | 0.03 | % | ||
Total Annual Portfolio Operating Expenses | 0.78 | % | 1.03 | % | ||
Less Fee Waiver/Expense Reimbursement2 | (0.00 | )% | (0.00 | )% | ||
Net Annual Portfolio Operating Expenses (and Acquired Fund Fees and Expenses, if applicable) | 0.78 | % | 1.03 | % |
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† | The maximum annual distribution and/or service (12b-1) fee for a Portfolio’s Class IB shares is 0.50% of the average daily net assets attributable to the Portfolio’s Class IB shares. Under an arrangement approved by the Trust’s Board of Trustees, the distribution and/or service (12b-1) fee currently is limited to 0.25% of the average daily net assets attributable to a Portfolio’s Class IB shares. This arrangement will be in effect at least until April 30, 2010. |
(1) | The Mid Cap PLUS Portfolio invests in shares of ETFs, which are considered to be investment companies. Therefore, the Mid Cap PLUS Portfolio will bear, in addition to its own expenses such as management fees, its pro rata share of the fees and expenses incurred by the ETFs in which it invests and the investment return of the Mid Cap PLUS Portfolio will be reduced by each of these ETF’s expenses. |
(2) | Pursuant to a contract, the Manager has agreed to make payments or waive its management, administrative and other fees to limit the expenses of each Portfolio through April 30, 2010 (unless the Board of Trustees consents to an earlier revision or termination of the arrangement) so that the Annual Portfolio Operating Expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses, fees and expenses of other investment companies in which the Portfolio invests and extraordinary expenses) do not exceed 0.90% for Class IA shares and 1.15% for Class IB shares of the Appreciation Portfolio, 0.80% for Class IA shares and 1.05% for Class IB shares of the Mid Cap Value Portfolio and Mid Cap PLUS Portfolio, respectively, and 1.01% for the Class IA shares and 1.26% for the Class IB shares of the Real Estate Portfolio. The Manager may be reimbursed the amount of any such payments and waivers in the future, provided that the payments or waivers are reimbursed within three years (or, with respect to the Mid Cap PLUS Portfolio, five years) of the payment or waiver being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense cap. If the actual expense ratio is less than the expense cap and the Manager has recouped all eligible previous payments made, the Portfolio will be charged such lower expenses. The Manager may discontinue these arrangements at any time after April 30, 2010. |
This example is intended to help you compare the costs of investing in the Portfolios with the cost of investing in other investment options. The example assumes that:
• | You invest $10,000 in a Portfolio for the time periods indicated; |
• | Your investment has a 5% return each year; |
• | The Portfolio’s operating expenses remain the same; and |
• | The expense limitation currently in effect is not renewed. |
This example should not be considered a representation of past or future expenses of the Portfolios. Actual expenses may be higher or lower than those shown. The costs in the example would be the same whether or not you redeemed all of your shares at the end of these periods. This example does not reflect any Contract-related fees and expenses, including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be substantially higher. Similarly, the annual rate of return assumed in the example is not an estimate or guarantee of future investment performance. Based on these assumptions, your costs would be:
Appreciation Portfolio | Mid Cap PLUS Portfolio | Pro Forma Mid Cap PLUS Portfolio (assuming only the Reorganization with the Appreciation Portfolio is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
1 Year | $ | 92 | $ | 117 | $ | 82 | $ | 107 | $ | 82 | $ | 107 | ||||||
3 Years | $ | 319 | $ | 397 | $ | 255 | $ | 334 | $ | 255 | $ | 334 | ||||||
5 Years | $ | 565 | $ | 699 | $ | 444 | $ | 579 | $ | 444 | $ | 579 | ||||||
10 Years | $ | 1,269 | $ | 1,555 | $ | 990 | $ | 1,283 | $ | 990 | $ | 1,283 |
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Mid Cap Value Portfolio | Mid Cap PLUS Portfolio | Pro Forma Mid Cap PLUS Portfolio (assuming only the Reorganization with the Mid Cap Value Portfolio is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
1 Year | $ | 82 | $ | 107 | $ | 82 | $ | 107 | $ | 81 | $ | 106 | ||||||
3 Years | $ | 268 | $ | 347 | $ | 255 | $ | 334 | $ | 252 | $ | 331 | ||||||
5 Years | $ | 471 | $ | 606 | $ | 444 | $ | 579 | $ | 439 | $ | 574 | ||||||
10 Years | $ | 1,055 | $ | 1,346 | $ | 990 | $ | 1,283 | $ | 978 | $ | 1,271 | ||||||
Real Estate Portfolio | Mid Cap PLUS Portfolio | Pro Forma Mid Cap PLUS Portfolio (assuming only the Reorganization with the Real Estate Portfolio is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
1 Year | $ | 103 | $ | 128 | $ | 82 | $ | 107 | $ | 80 | $ | 105 | ||||||
3 Years | $ | 330 | $ | 408 | $ | 255 | $ | 334 | $ | 249 | $ | 328 | ||||||
5 Years | $ | 575 | $ | 709 | $ | 444 | $ | 579 | $ | 433 | $ | 569 | ||||||
10 Years | $ | 1,279 | $ | 1,564 | $ | 990 | $ | 1,283 | $ | 966 | $ | 1,259 |
Pro Forma Mid Cap PLUS Portfolio (assuming all three Reorganizations are approved) | ||||||
Class IA | Class IB | |||||
1 Year | $ | 80 | $ | 105 | ||
3 Years | $ | 249 | $ | 328 | ||
5 Years | $ | 433 | $ | 569 | ||
10 Years | $ | 966 | $ | 1,259 |
Comparative Performance Information
The bar charts below illustrate each Portfolio’s annual total returns for the calendar years indicated and give some indication of the risks of investing in each Portfolio by showing yearly changes in the Portfolio’s performance. The tables below show each Portfolio’s average annual total returns for the periods shown through December 31, 2008 and compare the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for the Mid Cap PLUS Portfolio because prior to May 25, 2007, the Portfolio had different investment strategies and consisted entirely of an actively managed portfolio of equity securities managed by a single Adviser. SEC regulations require the Portfolios to disclose this performance information to you, but you should note that it provides a limited basis for comparison between the Portfolios because of the relatively recent changes to the investment policies and strategies of the Acquiring Portfolio. Following the investment strategy change, the Mid Cap PLUS Portfolio’s assets have been managed by three investment advisers using different investment strategies. If the Mid Cap PLUS Portfolio had historically been managed using its current strategies, the performance of the Portfolio may have been different. In addition, the Mid Cap PLUS Portfolio was advised by a different Adviser prior to May 25, 2007. The performance results of the Mid Cap PLUS Portfolio shown below for the one-year period ended December 31, 2008 reflect the performance of the Portfolio employing its current investment strategies and as managed by its current Advisers.
Both the bar charts and the tables assume reinvestment of dividends and other distributions. The performance results do not reflect any insurance and Contract-related fees and expenses, which would reduce the performance results.
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Appreciation Portfolio – Calendar Year Total Returns (Class IB)
11.24 | % | -1.20 | % | -38.50 | % | ||
2006 | 2007 | 2008 |
Best Quarter (% and time period) | Worst Quarter (% and time period) | |
7.78% (2007 2nd Quarter) | -27.98 (2008 4th Quarter) |
Mid Cap Value Portfolio – Calendar Year Total Returns (Class IB)
12.37 | % | 0.64 | % | -38.96 | % | ||
2006 | 2007 | 2008 |
Best Quarter (% and time period) | Worst Quarter (% and time period) | |
8.77% (2006 4th Quarter) | -20.81 (2008 4th Quarter) |
Real Estate Portfolio – Calendar Year Total Returns (Class IB)
-38.97% |
2008 |
Best Quarter (% and time period) | Worst Quarter (% and time period) | |
3.77% (2008 3rd Quarter) | -38.33 (2008 4th Quarter) |
Mid Cap PLUS Portfolio – Calendar Year Total Returns (Class IB)
1.80% | 5.13 | % | 4.04 | % | -14.77 | % | 33.36 | % | 17.84 | % | 11.31 | % | 12.45 | % | -1.62 | % | -39.53 | % | |||||||||
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||||||||||||||||
Best Quarter (% and time period) | Worst Quarter (% and time period) | ||||||||||||||||||||||||||
16.29% (2003 2nd Quarter) | -25.87 (2008 4th Quarter) |
Appreciation Portfolio – Average Annual Total Returns (For the periods ended December 31, 2008)
One Year | Since Inception | |||||
Appreciation Portfolio – Class IA | -38.32 | % | -10.61 | % | ||
Appreciation Portfolio – Class IB | -38.50 | % | -10.85 | % | ||
Russell Midcap Value Index† | -38.44 | % | -9.00 | % |
Mid Cap Value Portfolio – Average Annual Total Returns (For the periods ended December 31, 2008)
One Year | Since Inception | |||||
Mid Cap Value Portfolio – Class IA | -38.79 | % | -6.17 | % | ||
Mid Cap Value Portfolio – Class IB | -38.96 | % | -6.40 | % | ||
Russell Midcap Value Index† | -38.44 | % | -4.71 | % |
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Real Estate Portfolio – Average Annual Total Returns (For the periods ended December 31, 2008)
One Year | Since Inception | |||||
Real Estate Portfolio – Class IA | -38.68 | % | -35.98 | % | ||
Real Estate Portfolio – Class IB | -38.97 | % | -36.24 | % | ||
FTSE NARIET Equity REIT Index† | -37.73 | % | -33.42 | % |
Mid Cap PLUS Portfolio – Average Annual Total Returns (For the periods ended December 31, 2008)
One Year | Five Years | Ten Years | |||||||
Mid Cap PLUS Portfolio – Class IA* | -39.06 | % | -2.20 | % | 1.38 | % | |||
Mid Cap PLUS Portfolio – Class IB | -39.53 | % | -2.58 | % | 1.05 | % | |||
Russell Midcap Value Index† | -38.44 | % | 0.33 | % | 4.44 | % |
* | For periods prior to the date Class IA shares commenced operations (November 24, 1998), performance information shown is the performance of the Class IB shares which reflects the effect of 12b-1 fees paid by the Class IB shares. Class IA shares do not pay any 12b-1 fees. |
† | The Russell Midcap Value® Index is an unmanaged index that measures the performance of those Russell Mid Cap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Index is an unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which represents about 31% of the total market capitalization of the Russell 1000® Index. The FTSE NAREIT Equity REIT Index measures the performance of commercial real estate space across the U.S. economy. |
The following table shows the capitalization of each Portfolio as of December 31, 2008 and of the Mid Cap PLUS Portfolio on a pro forma combined basis as of that date after giving effect to the proposed Reorganizations.
Net Assets (in millions) | Net Asset Value Per Share | Shares Outstanding | ||||||
Appreciation Portfolio – Class IA | $ | 1.2 | $ | 6.63 | 179,324 | |||
Mid Cap PLUS Portfolio – Class IA | $ | 18.7 | $ | 6.18 | 3,034,489 | |||
Adjustments* | — | — | 13,086 | |||||
Pro forma Mid Cap PLUS Portfolio – Class IA (assuming only the Reorganization with the Appreciation Portfolio is approved) | $ | 19.9 | $ | 6.18 | 3,226,899 | |||
Appreciation Portfolio – Class IB | $ | 47.2 | $ | 6.64 | 7,104,975 | |||
Mid Cap PLUS Portfolio – Class IB | $ | 838.8 | $ | 6.10 | 137,510,905 | |||
Adjustments* | — | — | 631,258 | |||||
Pro forma Mid Cap PLUS Portfolio – Class IB (assuming only the Reorganization with the Appreciation Portfolio is approved) | $ | 886.0 | $ | 6.10 | 145,247,138 | |||
Mid Cap Value Portfolio – Class IA | $ | 42.9 | $ | 6.76 | 6,342,522 | |||
Mid Cap PLUS Portfolio – Class IA | $ | 18.7 | $ | 6.18 | 3,034,489 | |||
Adjustments* | — | — | 598,467 | |||||
Pro forma Mid Cap PLUS Portfolio – Class IA (assuming only the Reorganization with the Mid Cap Value Portfolio is approved) | $ | 61.6 | $ | 6.18 | 9,975,478 | |||
Mid Cap Value Portfolio – Class IB | $ | 216.7 | $ | 6.77 | 32,015,399 | |||
Mid Cap PLUS Portfolio – Class IB | $ | 838.8 | $ | 6.10 | 137,510,905 | |||
Adjustments* | — | — | 3,506,188 |
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Pro forma Mid Cap PLUS Portfolio – Class IB (assuming only the Reorganization with the Mid Cap Value Portfolio is approved) | $ | 1,055.5 | $ | 6.10 | 173,032,492 | ||||
Real Estate Portfolio – Class IA | $ | 70.7 | $ | 4.82 | 14,682,472 | ||||
Mid Cap PLUS Portfolio – Class IA | $ | 18.7 | $ | 6.18 | 3,034,489 | ||||
Adjustments* | — | — | (3,235,698 | ) | |||||
Pro forma Mid Cap PLUS Portfolio – Class IA (assuming only the Reorganization with the Real Estate Portfolio is approved) | $ | 89.4 | $ | 6.18 | 14,481,263 | ||||
Real Estate Portfolio – Class IB | $ | 379.9 | $ | 4.81 | 78,935,622 | ||||
Mid Cap PLUS Portfolio – Class IB | $ | 838.8 | $ | 6.10 | 137,510,905 | ||||
Adjustments* | — | — | (16,650,889 | ) | |||||
Pro forma Mid Cap PLUS Portfolio – Class IB (assuming only the Reorganization with the Real Estate Portfolio is approved) | $ | 1,218.7 | $ | 6.10 | 199,795,638 | ||||
Pro forma Mid Cap PLUS Portfolio – Class IA (assuming all three Reorganizations are approved) | $ | 133.5 | $ | 6.18 | 21,614,661 | ||||
Pro forma Mid Cap PLUS Portfolio – Class IB (assuming all three Reorganizations are approved) | $ | 1,482.6 | $ | 6.10 | 243,053,459 |
* | AXA Equitable is expected to bear the expenses of the Reorganizations as described in “Additional Information about the Transactions - Terms of the Reorganization Plan” below. |
After careful consideration, the Board unanimously approved the Reorganization Plan with respect to the Appreciation Portfolio, Mid Cap Value Portfolio and Real Estate Portfolio. Accordingly, the Board has submitted the Reorganization Plan for approval by these Portfolios’ shareholders. The Board recommends that you vote “FOR” Proposal 1.
* * * * *
This Proposal 2 requests your approval of the Exchange Plan, pursuant to which the Long/Short Portfolio will sell its assets to the Ultra Short Bond Portfolio, and the Reorganization Plan, pursuant to which the Short Duration Bond Portfolio will be reorganized into the Ultra Short Bond Portfolio. The shareholders of each Acquired Portfolio will vote separately on its Transaction. The consummation of either Transaction described in this Proposal is not contingent on the consummation of the other Transaction.
In considering whether you should approve this Proposal, you should note that:
• | The Long/Short Portfolio and Ultra Short Bond Portfolio generally have similar investment objectives, but pursue their objectives using different primary investment policies and strategies and have some different principal risks. Below is a summary comparison of the two Portfolios. For a detailed comparison of each Portfolio’s investment objectives, policies, strategies and risks, see “Comparison of Investment Objectives, Policies and Strategies” and “Comparison of Principal Risk Factors” below. |
• | The Long/Short Portfolio and Ultra Short Bond Portfolio have similar investment objectives in that each Portfolio seeks preservation of capital while also seeking a total return that exceeds a short-term benchmark. The Long/Short Portfolio’s investment objective is to seek to increase value through bull markets and bear markets using strategies that are designed to limit exposure to general equity market risk and its benchmark is the Merrill Lynch 3-Month U.S. Treasury Bill Index. The Ultra Short Bond Portfolio’s investment objective is to seek to generate a return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity and its benchmark is |
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the Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index. In addition, each Portfolio may invest in fixed income securities, including asset-backed securities, bonds, convertible securities, investment grade securities, mortgage-backed securities and U.S. government securities. Furthermore, each Portfolio may invest in repurchase agreements, real estate investment trusts (“REITs”) and preferred stocks and, to a limited extent, in derivatives and exchange-traded funds (“ETFs”). |
• | There are also differences between the Portfolios of which you should be aware. One primary difference between the Portfolios is that while both Portfolios may invest in fixed income securities, the Long/Short Portfolio normally invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities and primarily in stocks of small- and mid-capitalization companies, whereas the Ultra Short Bond Portfolio normally invests at least 80% of its net assets in a diversified portfolio of fixed income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. In addition, the Long/Short Portfolio attempts to achieve its objective by taking long positions in stocks of companies within certain capitalization ranges principally traded in U.S. markets that the investment sub-adviser (an “Adviser”) has identified as undervalued and short positions in such stocks that it has identified as overvalued. The Ultra Short Bond Portfolio may invest only in investment grade U.S. dollar denominated securities of U.S. issuers that are rated Baa or higher by Moody’s Investor Services, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s (“S&P”) or Fitch Ratings (“Fitch”), or, if unrated, determined by the Adviser to be of comparable quality. Also, the average duration of the Ultra Short Bond Portfolio will vary based on the Adviser’s forecast for interest rates and will normally not exceed one year. Because the Long/Short Portfolio invests a substantial portion of its assets in equity securities, the Portfolio does not have an average duration. |
Another difference between the Portfolios is that while both Portfolios may invest in derivatives and preferred stocks, the Ultra Short Bond Portfolio limits its investments in derivatives to up to 5% of its total assets and its investments in preferred stocks to up to 10% of its total assets, while the Long/Short Portfolio does not have stated limits with respect to its investments in such securities. In addition, the Ultra Short Bond Portfolio may invest in a wider variety of fixed income securities than the Long/Short Portfolio, including loan participations and assignments, reverse repurchase agreements and structured notes.
While there are differences between the two Portfolios, AXA Equitable believes that the Ultra Short Bond Portfolio is an appropriate alternative investment to the Long/Short Portfolio given that the Portfolios have similar investment objectives and benchmarks.
• | Each Portfolio is subject to adviser selection risk, asset class risk, equity risk, market risk, portfolio management risk, portfolio turnover risk, securities lending risk, security risk and security selection risk as principal risks. The Long/Short Portfolio also is subject to ETF risk, large-cap company risk, leveraging risk, real estate investing risk, short sales risk, small- and mid-cap company risk and value investing risk as principal risks, while the Ultra Short Bond Portfolio generally is not. In addition, the principal risks of investing in the Ultra Short Bond Portfolio also include derivatives risk, including futures and options risk, fixed income risk, including asset-backed risk, credit risk, interest rate risk, investment grade securities risk and mortgage-backed securities risk, and liquidity risk, which are not principal risks of investing in the Long/Short Portfolio. |
• | The Short Duration Bond Portfolio and Ultra Short Bond Portfolio have substantially similar investment objectives, investment policies, strategies and principal risks. Below is a summary comparison of the two Portfolios. For a detailed comparison of the each Portfolio’s investment objectives, policies, strategies and risks, see “Comparison of Investment Objectives, Policies and Strategies” and “Comparison of Principal Risk Factors” below. |
• | Each Portfolio invests primarily in short duration bonds. The Short Duration Bond Portfolio normally invests at least 80% of its net assets, plus borrowings for investment purposes, in bonds and other debt securities and intends to invest only in investment grade fixed income securities and seeks to maintain a minimum average credit quality rating of “A” by Moody’s or S&P in its portfolio. The Ultra Short |
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Bond Portfolio normally invests at least 80% of its net assets in a diversified portfolio of fixed income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements and may invest only in investment grade U.S. dollar denominated securities of U.S. issuers that are rated Baa or higher by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Adviser to be of comparable quality. In addition, the Short Duration Bond Portfolio has an average duration of one to three years, and the Ultra Short Bond Portfolio normally has an average duration of one year. In addition, each Portfolio seeks to employ its primary investment strategy by investing in a variety of fixed income instruments, including U.S. government securities, corporate debt securities, convertible securities, asset-backed securities and mortgage-backed securities. Each Portfolio also may invest, to a limited extent, in derivatives, ETFs, preferred stocks and REITs. In addition, each Portfolio may have a high portfolio turnover rate. |
• | There are also some differences between the Portfolios of which you should be aware. The investment objective of the Short Duration Bond Portfolio is to seek to achieve current income with reduced volatility of principal, while the investment objective of the Ultra Short Bond Portfolio is to seek to generate a return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity. While their investment objectives are stated differently, each Portfolio emphasizes current income consistent with preservation of capital. In addition, the Ultra Short Bond Portfolio’s primary investment strategy is to normally invest at least 80% of its net assets, plus borrowings for investment purposes, in fixed income securities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements, while the Short Duration Bond Portfolio normally invests at least 80% of its net assets, plus borrowings for investment purposes, in bonds and other debt securities. |
Another difference between the Portfolios is that while both Portfolios may invest to a limited extent in derivatives and preferred stocks, the Ultra Short Bond Portfolio limits its investments in derivatives to up to 5% of its total assets and its investments in preferred stocks to up to 10% of its total assets, while the Short Duration Bond Portfolio does not have stated limits with respect to its investments in such securities. In addition, the Short Duration Bond Portfolio limits investments in foreign securities to up to 20% of its total assets in U.S. dollar denominated fixed income securities of foreign issuers, while the Ultra Short Bond Portfolio generally does not invest in foreign securities. Finally, the Ultra Short Bond Portfolio may borrow money for leveraging purposes and invest in loan participations and assignments, while the Short Duration Bond Portfolio may not.
• | Each Portfolio is subject to adviser selection risk, asset class risk, derivatives risk, fixed income risk, including asset-backed securities, credit risk, interest rate risk, investment grade securities risk and mortgage-backed securities risk, market risk, portfolio management risk, securities lending risk, security risk and security selection risk as principal risks. The Short Duration Bond Portfolio also is subject to convertible securities risk and foreign securities risk as principal risks, while the Ultra Short Bond Portfolio generally is not. In addition, the principal risks of investing in the Ultra Short Bond Portfolio also include equity risk, futures and options risk, liquidity risk and portfolio turnover risk, which are not principal risks of investing in the Short Duration Bond Portfolio. |
• | AXA Equitable (“Manager”) serves as the investment manager and administrator for each Portfolio and would continue to manage and administer the Ultra Short Bond Portfolio after the Transactions. AXA Equitable has received an exemptive order from the SEC that generally permits AXA Equitable and the Board to appoint, dismiss and replace each Portfolio’s Adviser and to amend the advisory agreements between AXA Equitable and the Advisers without obtaining shareholder approval (except with respect to Affiliated Advisers (as defined herein) such as AXA Rosenberg Investment Management, LLC (“AXA Rosenberg”)). AXA Rosenberg currently serves as the Adviser to the Long/Short Portfolio and BlackRock Financial Management, Inc. currently serves as the Adviser to the Short Duration Bond Portfolio. Pacific Investment Management Company, LLC currently serves as the Adviser to the Ultra Short Bond Portfolio and it is anticipated that they would continue to advise the Ultra Short Bond Portfolio after the |
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Transactions. For a detailed description of the Manager and the Ultra Short Bond Portfolio’s Adviser, please see “Additional Information about the Acquiring Portfolios - The Manager” and “- The Advisers” below. |
• | The Long/Short Portfolio, Short Duration Bond Portfolio and Ultra Short Bond Portfolio had net assets of approximately $177.5 million, $1.75 billion and $2.07 billion, respectively, as of December 31, 2008. Thus, if the Transactions had been in effect on that date, the combined Portfolio would have had net assets of approximately $4.0 billion. |
• | Class IA shareholders of each Acquired Portfolio will receive Class IA shares of the Ultra Short Bond Portfolio, and Class IB shareholders of each Acquired Portfolio will receive Class IB shares of the Ultra Short Bond Portfolio, pursuant to the Transactions. Shareholders will not pay any sales charges in connection with the Transactions. Please see “Comparative Fee and Expense Tables,” “Additional Information about the Transactions” and “Additional Information about the Acquiring Portfolios” below for more information. |
• | It is estimated that the annual operating expense ratios for Ultra Short Bond Portfolio’s Class IA and Class IB shares, immediately following the Transactions, will be lower than those of the Long/Short Portfolio’s Class IA and Class IB shares, respectively, for the last fiscal year, before and after taking into account expense limitation arrangements that are in effect for the Long/Short and Ultra Short Bond Portfolios and after taking into account adjustments to reflect the current fees for the Ultra Short Bond Portfolio. It is also estimated that the annual operating expense ratios for Ultra Short Bond Portfolio’s Class IA and Class IB shares, immediately following the Transactions, will be approximately three basis points higher than those of the Short Duration Bond Portfolio’s Class IA and Class IB shares, respectively, for the last fiscal year, after taking into account adjustments to reflect the current fees for the Ultra Short Bond Portfolio. However, the Ultra Short Bond Portfolio’s expense ratios are subject to an expense limitation arrangement. The expense limitation arrangement for the Long/Short and Ultra Short Bond Portfolios will be in effect until April 30, 2010, and may be considered for renewal by AXA Equitable and the Board of Trustees of the Trust annually thereafter. For a more detailed comparison of the fees and expenses of the Portfolios, please see “Comparative Fee and Expense Tables” and “Additional Information about the Acquiring Portfolios” below. |
• | The maximum management fee for each of the Long/Short Portfolio and Short Duration Bond Portfolio is equal to an annual rate of 1.40% and 0.45%, respectively, of the relevant Portfolio’s average daily net assets, while the maximum management fee for the Ultra Short Bond Portfolio is equal to an annual rate of 0.50% of its average daily net assets. The administration fee schedule for the Portfolios is the same. The administration fee for each Portfolio is $30,000 per year, plus the Portfolio’s proportionate share of the Trust’s administration fee for portfolios with a single Adviser, which is equal to an annual rate of 0.12% of the first $3 billion of total the Trust average daily net assets (exclusive of certain portfolios), 0.11% of the next $3 billion, 0.105% of the next $4 billion, 0.10% of the next $20 billion and 0.0975% thereafter. For a more detailed description of the fees and expenses of the Portfolios, please see “Comparative Fee and Expense Tables” and “Additional Information about the Acquiring Portfolios” below. |
• | Following the Transactions, the combined Portfolio will be managed in accordance with the investment objective, policies and strategies of the Ultra Short Bond Portfolio. It is not expected that the Ultra Short Bond Portfolio will revise any of its investment policies following the Transactions to reflect those of either of the Acquired Portfolios. AXA Equitable has reviewed each Acquired Portfolio’s current portfolio holdings and determined that the Short Duration Bond Portfolio’s holdings generally are compatible with the Ultra Short Bond Portfolio’s investment objective and policies. Thus, AXA Equitable believes that, if the Reorganization with respect to the Short Duration Bond Portfolio is approved, all or substantially all of those holdings could be transferred to and held by the Ultra Short Bond Portfolio. However, AXA Equitable also has determined that, if the Asset Exchange is approved, all or substantially all of the holdings of the Long/Short Portfolio will be liquidated in connection with the Asset Exchange given that the Ultra Short Bond Portfolio normally invests at least 80% of its net assets in fixed income securities, while the Long/Short Portfolio normally invests at least 80% of its assets in equity securities. It is also expected that some of the holdings of each Acquired Portfolio may not remain at the time of the Transactions due to normal portfolio turnover. If a Transaction is approved, the |
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holdings of the Acquired Portfolio involved therein that are not compatible with the Ultra Short Bond Portfolio’s investment objective and policies will be liquidated in an orderly manner in connection with the Transaction, and the proceeds of these sales held in temporary investments or reinvested in assets that are consistent with that investment objective and policies. The portion of each Acquired Portfolio’s assets that will be liquidated in connection with a Transaction will depend on market conditions and on the assessment by AXA Equitable and the Ultra Short Bond Portfolio’s Adviser of the compatibility of those holdings with the Ultra Short Bond Portfolio’s portfolio composition and investment objective and policies at the time of the Transaction. The need for a Portfolio to sell investments in connection with a Transaction may result in its selling securities at a disadvantageous time and price and could result in its realizing gains (or losses) that would not otherwise have been realized and incurring transaction costs that would not otherwise have been incurred. |
• | AXA Equitable is expected to bear the costs associated with the Transactions, including the costs associated with obtaining shareholder approval of the Transactions, but excluding brokerage and similar expenses in connection with a Transaction, which will be borne by the Portfolios. Please see “Additional Information about the Transactions” below for more information. |
Comparison of Investment Objectives, Policies and Strategies
The following table compares the investment objectives and principal investment policies and strategies of each of the Long/Short Portfolio and Short Duration Bond Portfolio with those of the Ultra Short Bond Portfolio. The Board may change the investment objective of a Portfolio without a vote of the Portfolio’s shareholders.
Acquiring Portfolio | Acquired Portfolios | |||
Ultra Short Bond Portfolio | Long/Short Portfolio | Short Duration Bond Portfolio | ||
Investment Objective | ||||
Seeks to generate a return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity. | Seeks to increase value through bull markets and bear markets using strategies that are designed to limit exposure to general equity market risk. | Seeks to achieve current income with reduced volatility of principal. | ||
Principal Investment Strategies | ||||
The Portfolio invests at least 80% of its net assets in a diversified portfolio of fixed income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. The Portfolio may invest only in investment grade U.S. dollar denominated securities of U.S. issuers that are rated Baa or higher by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Adviser to be of comparable quality. | Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Portfolio invests primarily in stocks of small- and mid-capitalization companies, but also may invest in stocks of large-capitalization companies. The Portfolio attempts to achieve its objective by taking long positions in stocks of companies within certain capitalization ranges (as noted above) principally traded in U.S. markets that the Adviser has identified as undervalued and short positions in such stocks that it has identified as overvalued. | Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in bonds and other debt securities. The Portfolio intends to invest only in investment grade fixed income securities and seeks to maintain a minimum average credit quality rating of “A” by Moody’s or S&P in its portfolio. |
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The Portfolio invests in a variety of fixed income investments, including securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises; corporate debt securities of U.S. issuers, including convertible securities and corporate commercial paper; mortgage-backed and other asset-backed securities; inflation-indexed bonds issued both by governments and corporations; structured notes, including hybrid or “indexed” securities and event-linked bonds; loan participations and assignments; delayed funding loans and revolving credit facilities; bank certificates of deposit, fixed time deposits and bankers’ acceptances; repurchase agreements and reverse repurchase agreements; and debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises. | The Portfolio may invest, to a limited extent, in fixed income securities, including asset-backed securities, bond, convertible securities, investment grade securities, mortgage-backed or related securities, U.S. government securities. The Portfolio also may invest, to a limited extent, in repurchase agreements. | The securities included within the Portfolio’s 80% strategy include U.S. Government bonds and notes, corporate bonds, municipal bonds, convertible securities, preferred stocks, asset-backed securities and mortgage related securities. The Portfolio also may invest in repurchase agreements, reverse repurchase agreements and structured notes. | ||
The average portfolio duration of this Portfolio will vary based on the Adviser’s forecast for interest rates and will normally not exceed one year. | Not applicable. | The Portfolio seeks to maintain a high level of share price stability by keeping the average duration of the overall portfolio between one year and three years. | ||
The Portfolio may invest up to 5% of its total assets in derivative instruments, such as options, futures contracts or swap agreements (including long and short credit default swaps and interest rate swaps). | The Portfolio may invest, to a limited extent, in derivatives. | The Portfolio may also engage in risk management techniques, including, to a limited extent, futures contracts, swap agreements and other derivatives, in seeking to increase share price stability, increase income and otherwise manage the Portfolio’s exposure to investment risks. | ||
The Portfolio may also invest up to 10% of its total assets in preferred stocks. | The Portfolio may invest in preferred stocks. | The Portfolio may invest, to a limited extent, in preferred stocks. | ||
The Portfolio may engage in active and frequent trading of portfolio securities to achieve its investment objective. | The Portfolio also may engage in active and frequent trading. | The Portfolio has a high portfolio turnover rate (i.e. a rate in excess of 100%). | ||
The Portfolio may invest, to a limited extent, in foreign securities. | The Portfolio may invest, to a limited extent, in foreign securities. | The Portfolio focuses primarily on U.S. securities but may invest up to 20% of its total assets in U.S. dollar denominated fixed income securities of foreign issuers. |
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The Portfolio may invest, to a limited extent, in ETFs and REITs. The Portfolio also may borrow money for leveraging purposes. | The Portfolio may purchase shares of ETFs, to a limited extent, to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities directly. The Portfolio also may invest in REITs and may also borrow money for leveraging purposes. | The Portfolio may invest, to a limited extent, in ETFs and REITs. The Portfolio may not borrow money for leveraging purposes. |
Comparison of Principal Risk Factors
Risk is the chance that you will lose money on your investment or that it will not earn as much as you expect. In general, the greater the risk, the more money your investment can earn for you and the more you can lose. Like other investment companies, the value of each Portfolio’s shares may be affected by its investment objective, principal investment strategies and particular risk factors. Consequently, each Portfolio may be subject to different principal risks. Some of the principal risks of investing in the Portfolios are noted below. However, other factors may also affect each Portfolio’s net asset value. There is no guarantee that a Portfolio will achieve its investment objective or that it will not lose principal value. The following table compares the principal risks of an investment in each Portfolio. For an explanation of each such risk, see “Additional Information about the Transactions – Description of Risk Factors” below.
Risks | Ultra Short Bond Portfolio | Long/Short Portfolio | Short Duration Bond Portfolio | |||
Asset-Backed Securities Risk | X | X | ||||
Adviser Selection Risk | X | X | X | |||
Asset Class Risk | X | X | X | |||
Convertible Securities Risk | X | |||||
Credit Risk | X | X | ||||
Derivatives Risk | X | X | ||||
Equity Risk | X | X | ||||
ETF Risk | X | |||||
Fixed Income Risk | X | X | ||||
Foreign Securities Risk | X | |||||
Futures and Options Risk | X | |||||
Interest Rate Risk | X | X | ||||
Investment Grade Securities Risk | X | X | ||||
Large-Cap Company Risk | X |
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Leveraging Risk | X | |||||
Liquidity Risk | X | |||||
Market Risk | X | X | X | |||
Mortgage Backed Securities Risk | X | X | ||||
Portfolio Management Risk | X | X | X | |||
Portfolio Turnover Risk | X | X | ||||
Real Estate Investing Risk | X | |||||
Securities Lending Risk | X | X | X | |||
Security Risk | X | X | X | |||
Security Selection Risk | X | X | X | |||
Short Sales Risk | X | |||||
Small- and Mid-Cap Company Risk | X | |||||
Value Investing Risk | X |
Comparative Fee and Expense Tables
The following tables show the fees and expenses of each class of shares of each Portfolio and the estimated pro forma fees and expenses of each class of shares of the Acquiring Portfolio after giving effect to the proposed Transactions. Fees and expenses for each Portfolio are based on those incurred by each class of its shares for the last fiscal year ended December 31, 2008, as adjusted to reflect the current fees for the Ultra Short Bond Portfolio. The pro forma fees and expenses of the Acquiring Portfolio Shares assume that a Transaction has been in effect for the last year ended on that date. The tables do not reflect any Contract-related fees and expenses, which would increase overall fees and expenses.
There are no fees or charges to buy or sell shares of any Portfolio, reinvest dividends or exchange into other portfolios.
Annual Operating Expenses
(expenses that are deducted from Portfolio assets)
Long/Short Portfolio | Ultra Short Bond Portfolio | Pro Forma Ultra Short Bond Portfolio (assuming only the Asset Exchange with the Long/Short Portfolio is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
Management Fee1 | 1.40 | % | 1.40 | % | 0.48 | % | 0.48 | % | 0.47 | % | 0.47 | % | ||||||
Distribution and/or Service Fees (12b-1 fees)† | None | 0.25 | % | None | 0.25 | % | None | 0.25 | % | |||||||||
Other Expenses | 1.96 | % | 2.00 | % | 0.17 | % | 0.17 | % | 0.15 | % | 0.15 | % |
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Total Annual Portfolio Operating Expenses | 3.36 | % | 3.65 | % | 0.65 | % | 0.90 | % | 0.62 | % | 0.87 | % | ||||||
Less Fee Waiver/Expense Reimbursement2 | (0.00 | )% | (0.00 | )% | (0.00 | )% | (0.00 | )% | (0.00 | )% | (0.00 | )% | ||||||
Net Annual Portfolio Operating Expenses | 3.36 | % | 3.65 | % | 0.65 | % | 0.90 | % | 0.62 | % | 0.87 | % | ||||||
Dividend Expenses on Securities Sold Short | 1.77 | % | 1.81 | % | N/A | N/A | N/A | N/A | ||||||||||
Net Expenses | 1.59 | % | 1.84 | % | 0.65 | % | 0.90 | % | 0.62 | % | 0.87 | % |
Annual Operating Expenses
(expenses that are deducted from Portfolio assets)
Short Duration Bond Portfolio | Ultra Short Bond Portfolio | Pro Forma Ultra Short Bond Portfolio (assuming only the Reorganization with the Short Duration Bond Portfolio is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
Management Fee1 | 0.43 | % | 0.43 | % | 0.48 | % | 0.48 | % | 0.45 | % | 0.45 | % | ||||||
Distribution and/or Service Fees (12b-1 fees)† | None | 0.25 | % | None | 0.25 | % | None | 0.25 | % | |||||||||
Other Expenses | 0.13 | % | 0.13 | % | 0.17 | % | 0.17 | % | 0.14 | % | 0.14 | % | ||||||
Total Annual Portfolio Operating Expenses | 0.56 | % | 0.81 | % | 0.65 | % | 0.90 | % | 0.59 | % | 0.84 | % | ||||||
Less Fee Waiver/Expense Reimbursement2 | N/A | N/A | (0.00 | )% | (0.00 | )% | (0.00 | )% | (0.00 | )% | ||||||||
Net Annual Portfolio Operating Expenses | 0.56 | % | 0.81 | % | 0.65 | % | 0.90 | % | 0.59 | % | 0.84 | % |
Annual Operating Expenses
(expenses that are deducted from Portfolio assets)
Pro Forma Ultra Short Bond Portfolio (assuming both Transactions are approved) | ||||||
Class IA | Class IB | |||||
Management Fee | 0.45 | % | 0.45 | % | ||
Distribution and/or Service Fees (12b-1 fees)† | None | 0.25 | % | |||
Other Expenses | 0.14 | % | 0.14 | % | ||
Total Annual Portfolio Operating Expenses | 0.59 | % | 0.84 | % | ||
Less Fee Waiver/Expense Reimbursement2 | (0.00 | )% | (0.00 | )% | ||
Net Annual Portfolio Operating Expenses | 0.59 | % | 0.84 | % |
† | The maximum annual distribution and/or service (12b-1) fee for a Portfolio’s Class IB shares is 0.50% of the average daily net assets attributable to the Portfolio’s Class IB shares. Under an arrangement approved by the Trust’s Board of Trustees, the distribution and/or service (12b-1) fee currently is limited to 0.25% of the average daily net assets attributable to a Portfolio’s Class IB shares. This arrangement will be in effect at least until April 30, 2010. |
(1) | Restated to reflect current fees for the Ultra Short Bond Portfolio. |
(2) | Pursuant to a contract, the Manager has agreed to make payments or waive its management, administrative and other fees to limit the expenses of the Portfolio through April 30, 2010 (unless the Board of Trustees consents to an earlier revision or termination of the arrangement) so that the Net Annual Portfolio Operating Expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses, fees and expenses of other investment companies in which the Portfolio invests, dividends and interest on securities sold short and extraordinary expenses) do not exceed 1.74% for the Class IA shares and 1.99% for Class IB Shares of the Long/Short Portfolio and 0.70% for the Class IA shares and 0.95% for the Class IB shares of the Ultra Short Bond Portfolio. The Manager may be reimbursed the amount of any such payments and waivers in the future, provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense cap. If the actual expense ratio is less than the expense cap and the Manager has recouped all eligible previous payments made, the Portfolio will be charged such lower expenses. The Manager may discontinue these arrangements at any time after April 30, 2010. |
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This example is intended to help you compare the costs of investing in the Portfolios with the cost of investing in other investment options. The example assumes that:
• | You invest $10,000 in a Portfolio for the time periods indicated; |
• | Your investment has a 5% return each year; |
• | The Portfolio’s operating expenses remain the same; and |
• | If applicable, the expense limitation currently in effect is not renewed. |
This example should not be considered a representation of past or future expenses of the Portfolios. Actual expenses may be higher or lower than those shown. The costs in the example would be the same whether or not you redeemed all of your shares at the end of these periods. This example does not reflect any Contract-related fees and expenses, including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be substantially higher. Similarly, the annual rate of return assumed in the example is not an estimate or guarantee of future investment performance. Based on these assumptions, your costs would be:
Long/Short Portfolio | Ultra Short Bond Portfolio | Pro Forma Ultra Short Bond Portfolio (assuming only the Asset Exchange with the Long/Short Portfolio is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
1 Year | $ | 162 | $ | 187 | $ | 66 | $ | 92 | $ | 63 | $ | 89 | ||||||
3 Years | $ | 868 | $ | 950 | $ | 208 | $ | 287 | $ | 199 | $ | 278 | ||||||
5 Years | $ | 1,598 | $ | 1,734 | $ | 362 | $ | 498 | $ | 346 | $ | 482 | ||||||
10 Years | $ | 3,529 | $ | 3,789 | $ | 810 | $ | 1,108 | $ | 774 | $ | 1,073 | ||||||
Short Duration Bond Portfolio | Ultra Short Bond Portfolio | Pro Forma Ultra Short Bond Portfolio (assuming only the Reorganization with the Short Duration Bond Portfolio is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
1 Year | $ | 57 | $ | 83 | $ | 66 | $ | 92 | $ | 60 | $ | 86 | ||||||
3 Years | $ | 179 | $ | 259 | $ | 208 | $ | 287 | $ | 189 | $ | 268 | ||||||
5 Years | $ | 313 | $ | 450 | $ | 362 | $ | 498 | $ | 329 | $ | 466 | ||||||
10 Years | $ | 701 | $ | 1,002 | $ | 810 | $ | 1,108 | $ | 738 | $ | 1,037 |
Pro Forma Ultra Short Bond Portfolio (assuming both Transactions are approved) | ||||||
Class IA | Class IB | |||||
1 Year | $ | 60 | $ | 86 | ||
3 Years | $ | 189 | $ | 268 | ||
5 Years | $ | 329 | $ | 466 | ||
10 Years | $ | 738 | $ | 1,037 |
Comparative Performance Information
The bar charts below illustrate each Portfolio’s annual total returns for the calendar years indicated and give some indication of the risks of investing in each Portfolio by showing yearly changes in the Portfolio’s performance. The tables below show each Portfolio’s average annual total returns for the periods shown through December 31, 2008
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and compare the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for the Short Duration Bond Portfolio because a different Adviser managed the Portfolio prior to October 1, 2006 and for the Ultra Short Bond Portfolio because it was advised using a different investment objective and investment strategy prior to May 1, 2009. SEC regulations require the Portfolios to disclose this performance information to you, but you should note that it provides a limited basis for comparison between the Portfolios because of the relatively recent changes to the investment policies and strategies of the Acquiring Portfolio.
Both the bar charts and the tables assume reinvestment of dividends and other distributions. The performance results do not reflect any insurance and Contract-related fees and expenses, which would reduce the performance results.
Long/Short Portfolio – Calendar Year Total Returns (Class IB)*
3.63 | % | 7.51 | % | 1.45 | % | 3.29 | % | -5.71 | % | ||||
2004 | 2005 | 2006 | 2007 | 2008 | |||||||||
Best Quarter (% and time period) | Worst Quarter (% and time period) | ||||||||||||
6.33% (2008 2nd Quarter) | -8.66% (2008 3rd Quarter) |
Short Duration Bond Portfolio – Calendar Year Total Returns (Class IB)
1.70 | % | 1.38 | % | 3.95 | % | 5.28 | % | -2.01 | % | ||||
2004 | 2005 | 2006 | 2007 | 2008 | |||||||||
Best Quarter (% and time period) | Worst Quarter (% and time period) | ||||||||||||
1.89% (2006 3rd Quarter) | -1.73% (2008 4th Quarter) |
Ultra Short Bond Portfolio – Calendar Year Total Returns (Class IB)
5.65 | % | 4.78 | % | 0.77 | % | 0.44 | % | 11.43 | % | -4.07 | % | |||||
2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||||||||
Best Quarter (% and time period) | Worst Quarter (% and time period) | |||||||||||||||
5.91% (2007 4th Quarter) | -5.22 (2008 3rd Quarter) |
Long/Short Portfolio - Average Annual Total Returns (For the periods ended December 31, 2008)*
One Year | Five Years | Since Inception | |||||||
Long/Short Portfolio – Class IA* | -5.43 | % | 2.30 | % | 1.13 | % | |||
Long/Short Portfolio – Class IB | -5.71 | % | 1.94 | % | 3.56 | % | |||
Merrill Lynch 3-Month U.S. Treasury Bill Index† | 2.06 | % | 3.25 | % | 3.00 | % | |||
Short Duration Bond Portfolio - Average Annual Total Returns (For the periods ended December 31, 2008) | |||||||||
One Year | Five Years | Since Inception | |||||||
Short Duration Bond Portfolio – Class IA** | -1.76 | % | 2.22 | % | 2.16 | % | |||
Short Duration Bond Portfolio – Class IB | -2.01 | % | 2.03 | % | 1.99 | % | |||
Barclays Capital 1-3 Year Government Credit Index† | 4.97 | % | 3.81 | % | 3.62 | % |
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Ultra Short Bond Portfolio - Average Annual Total Returns (For the periods ended December 31, 2008)
One Year | Five Years | Since Inception | |||||||
Ultra Short Bond Portfolio – Class IA*** | -3.74 | % | 2.64 | % | 3.73 | % | |||
Ultra Short Bond Portfolio – Class IB | -4.07 | % | 2.54 | % | 3.65 | % | |||
3-Month Libor Index †, †† | 3.83 | % | 3.79 | % | 3.18 | % | |||
Barclays Capital U.S. TIPS Index† | -2.35 | % | 4.07 | % | 6.38 | % |
* | Performance information shown for periods prior to the date the predecessor portfolio transferred its assets to the Portfolio (November 17, 2006) is the performance of the predecessor, which had one class of outstanding shares. The predecessor portfolio’s performance reflects the fees and expenses (including Rule 12b-1 fees) incurred by the predecessor portfolio. The Portfolio is subject to its own fees and expenses. Class IB shares of the Portfolio are subject to a Rule 12b-1 fee. Class IA shares do not pay any Rule 12b-1 fees. In addition, for periods prior to the date Class IA shares commenced operations (June 15, 2007), performance information shown is the performance of Class IB shares which reflects the effect of 12b-1 fees paid by Class IB shares. Class IA shares do not pay 12b-1 fees. |
** | For periods prior to the date the Class IA shares commenced operations (June 9, 2005), performance information shown is the performance of Class IB shares which reflects the effect of 12b-1 fees paid by Class IB shares. Class IA shares do not pay any 12b-1 fees. |
*** | Class IA shares have not commenced operations. Performance information shown is the performance of Class IB shares which reflects the effect of 12b-1 fees paid by Class IB shares. Class IA shares do not pay any 12b-1 fees. |
† | The Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. The Barclays Capital 1-3 Year Government Credit Index is an unmanaged index that represents all U.S. Treasury and agency securities with maturities ranging from 1-3 years. The Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index (“3-Month Libor Index”) tracks the performance of a synthetic asset paying Libor to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and without coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current fixing rate) and rolled into a new instrument. The Barclays Capital U.S. TIPS Index is an unmanaged index consisting of the U.S. Treasury Inflation Protected Securities Market. |
†† | Effective May 1, 2009, the Portfolio changed its benchmark from the Barclays Capital U.S. TIPS Index to the 3-Month Libor Index. The Portfolio changed its benchmark because the Manager believes that the 3-Month Libor Index reflects more closely the securities and sectors in which the Portfolio invests. |
The following table shows the capitalization of each Portfolio as of December 31, 2008 and of the Ultra Short Bond Portfolio on a pro forma combined basis as of that date after giving effect to the proposed Transactions.
Net Assets (in millions) | Net Asset Value Per Share | Shares Outstanding | ||||||
Long/Short Portfolio – Class IA | $ | 10.8 | $ | 10.12 | 1,071,520 | |||
Ultra Short Bond Portfolio – Class IA | $ | 952.3 | $ | 9.28 | 102,675,352 | |||
Adjustments* | — | — | 97,174 | |||||
Pro forma Ultra Short Bond Portfolio – Class IA (assuming only the Asset Exchange with the Long/Short Portfolio is approved) | $ | 963.1 | $ | 9.28 | 103,844,046 | |||
Long/Short Portfolio – Class IB | $ | 166.7 | $ | 10.09 | 16,520,284 | |||
Ultra Short Bond Portfolio – Class IB | $ | 1,120.6 | $ | 9.28 | 120,696,193 | |||
Adjustments* | — | — | 1,434,996 | |||||
Pro forma Ultra Short Bond Portfolio – Class IB (assuming only the Asset Exchange with the Long/Short Portfolio is approved) | $ | 1,287.3 | $ | 9.28 | 138,651,473 | |||
Short Duration Bond Portfolio – Class IA | $ | 1,585.2 | $ | 9.30 | 170,411,696 | |||
Ultra Short Bond Portfolio – Class IA | $ | 952.3 | $ | 9.28 | 102,675,352 |
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Adjustments* | — | — | 499,914 | |||||
Pro forma Ultra Short Bond Portfolio – Class IA (assuming only the Reorganization with the Short Duration Bond Portfolio is approved) | $ | 2,537.5 | $ | 9.28 | 273,586,962 | |||
Short Duration Bond Portfolio – Class IB | $ | 166.1 | $ | 9.31 | 17,839,727 | |||
Ultra Short Bond Portfolio – Class IB | $ | 1,120.6 | $ | 9.28 | 120,696,193 | |||
Adjustments* | — | — | 49,242 | |||||
Pro forma Ultra Short Bond Portfolio – Class IB (assuming only the Reorganization with the Short Duration Bond Portfolio is approved) | $ | 1,286.7 | $ | 9.28 | 138,858,162 | |||
Pro forma Ultra Short Bond Portfolio – Class IA (assuming both Transactions are approved) | $ | 2,548.4 | $ | 9.28 | 274,755,657 | |||
Pro forma Ultra Short Bond Portfolio – Class IB (assuming both Transactions are approved) | $ | 1,453.4 | $ | 9.28 | 156,540,442 |
* | AXA Equitable is expected to bear the expenses of the Transactions as described in “Additional Information about the Transactions -Terms of the Reorganization Plan” below. |
After careful consideration, the Board unanimously approved the Exchange Plan with respect to the Long/Short Portfolio and the Reorganization Plan with respect to the Short Duration Bond Portfolio. Accordingly, the Board has submitted each Plan for approval by the applicable Portfolio’s shareholders. The Board recommends that you vote “FOR” Proposal 2.
* * * * *
PROPOSAL 3: | APPROVAL OF THE REORGANIZATION PLAN WITH RESPECT TO THE REORGANIZATION OF THE BOND INDEX PORTFOLIO AND LONG TERM BOND PORTFOLIO INTO THE CORE BOND INDEX PORTFOLIO. |
This Proposal 3 requests your approval of the Reorganization Plan, pursuant to which the Bond Index Portfolio and Long Term Bond Portfolio will be reorganized into the Core Bond Index Portfolio. The shareholders of each Acquired Portfolio will vote separately on its Reorganization. The consummation of a Reorganization described in this Proposal is not contingent on the consummation of any other Reorganization.
In considering whether you should approve this Proposal, you should note that:
• | The Bond Index Portfolio and Core Bond Index Portfolio have substantially identical investment objectives, investment policies and strategies and identical principal risks. Below is a summary comparison of the two Portfolios. For a detailed comparison of the each Portfolio’s investment objectives, policies, strategies and risks, see “Comparison of Investment Objectives, Policies and Strategies” and “Comparison of Principal Risk Factors” below. |
• | Each Portfolio has an investment objective to seek to achieve a total return before expenses that approximates the total return performance of the Barclays Capital U.S. Aggregate Bond Index (“Aggregate Bond Index”), including reinvestment of dividends (or, in the case of the Bond Index Portfolio, coupon payments), at a risk level consistent with that of the Aggregate Bond Index. In addition, each Portfolio normally invests at least 80% of its net assets, plus borrowings for investment purposes, in securities (or, in the case of the Bond Index Portfolio, debt securities) that are included in the Aggregate Bond Index. The Portfolios have the same investment sub-adviser (an “Adviser”) who employs a stratified sample approach with respect to each Portfolio to build a portfolio whose broad characteristics match those of the Aggregate Bond Index. In addition, both Portfolios may also purchase or sell futures contracts on fixed income securities in lieu of investment directly in fixed-income securities themselves and may also purchase or sell futures contracts on the Aggregate Bond Index (or other fixed-income securities indices), if and when they become available. |
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• | Each Portfolio also is subject to identical risks, including adviser selection risk, asset class risk, derivatives risk, including futures and options risk, fixed income risk, including asset-backed risk, credit risk, interest rate risk, investment grade securities risk and mortgage-backed securities risk, index fund risk, liquidity risk, market risk, portfolio management risk, securities lending risk, security risk and security selection risk as principal risks. |
• | The Long Term Bond Portfolio and Core Bond Index Portfolio have similar investment objectives, investment policies, strategies and principal risks. Below is a summary comparison of the two Portfolios. For a detailed comparison of the each Portfolio’s investment objectives, policies, strategies and risks, see “Comparison of Investment Objectives, Policies and Strategies” and “Comparison of Principal Risk Factors” below. |
• | Each Portfolio has an investment objective to achieve a combination of current income and capital appreciation. Each Portfolio also invests primarily in investment grade fixed-income securities, which may include asset-backed securities, mortgage-backed securities and U.S. government securities. In addition, each Portfolio may invest in derivatives, including futures contracts. |
• | There are also some differences between the Portfolios of which you should be aware. One primary difference is that the Core Bond Index Portfolio is an index fund that has as its investment objective to seek to achieve a total return before expenses that approximates the total return performance of the Aggregate Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Aggregate Bond Index, while the Long Term Bond Portfolio is an actively managed fund that has as its investment objective to seek to maximize income and capital appreciation through investment in long-maturity debt obligations. However, these objectives are similar in that each Portfolio seeks a combination of current income and capital appreciation through investments in fixed income securities. Another primary difference is that the Long Term Bond Portfolio may invest in securities that have a maturity of one day to 30 years or more and the Portfolio is expected to have an average maturity of longer than eight years and an effective duration of between eight and fifteen years. The Core Bond Index Portfolio, however, seeks to track the performance (before expenses) of the Aggregate Bond Index, which has a modified adjusted duration of approximately four years, and thus it is expected that the Core Bond Index Portfolio generally will have a shorter average duration than the Long Term Bond Portfolio, which generally means that the Portfolio will be less sensitive to interest rates changes. |
Another difference is that, although each Portfolio invests a substantial portion of its assets in investment grade fixed income securities, at least 80% of the Core Bond Index Portfolio’s net assets, plus borrowings for investment purposes, must consist of securities that are included in the Aggregate Bond Index, which covers the U.S. investment-grade, fixed-rate, taxable bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities, and commercial mortgage-backed securities. The Long Term Bond Portfolio is able to invest in a potentially wider range of debt securities because it is required to invest under normal circumstances at least 80% of its net assets, plus borrowings for investment purposes, in investment-grade fixed-income securities issued by a diverse mix of corporations, the U.S. government and its agencies or instrumentalities, mortgage-backed securities and asset-backed securities. It is unlikely that this will have a practical impact on the Core Bond Index Portfolio because, as of April 30, 2009, the Aggregate Bond Index was comprised of more than 9,000 debt securities issued by a variety of issuers.
• | Each Portfolio is subject to adviser selection risk, asset class risk, fixed income risk, including asset-backed securities risk, credit risk, interest rate risk, investment grade securities risk and mortgage-backed securities risk, liquidity risk, market risk, portfolio management risk, securities lending risk, security risk and security selection risk as principal risks. In addition, the principal risks of investing in the Core Bond Index Portfolio include derivatives risk, including futures and options risk, and index fund risk, which are not principal risks of investing in the Long Term Bond Portfolio. |
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• | AXA Equitable (“Manager”) serves as the investment manager and administrator for each Portfolio and would continue to manage and administer the Core Bond Index Portfolio after the Reorganizations. AXA Equitable has received an exemptive order from the SEC that generally permits AXA Equitable and the Board to appoint, dismiss and replace each Portfolio’s Adviser and to amend the advisory agreements between AXA Equitable and the Advisers without obtaining shareholder approval. BlackRock Financial Management, Inc. currently serves as the Adviser for the Long Term Bond Portfolio. SSgA Funds Management, Inc. currently serves as the Adviser to both the Bond Index Portfolio and the Core Bond Index Portfolio and it is anticipated that it would continue to advise the Core Bond Index Portfolio after the Reorganizations. For a detailed description of the Manager and the Adviser, please see “Additional Information about the Acquiring Portfolios - The Manager” and “- The Advisers” below. |
• | The Bond Index Portfolio, Long Term Bond Portfolio and Core Bond Index Portfolio had net assets of approximately $64.9 million, $1.37 billion and $1.21 billion, respectively, as of December 31, 2008. Thus, if the Reorganizations had been in effect on that date, the combined Portfolio would have had net assets of approximately $2.65 billion. |
• | Class IA shareholders of each Acquired Portfolio will receive Class IA shares of the Core Bond Index Portfolio, and Class IB shareholders of each Acquired Portfolio will receive Class IB shares of the Core Bond Index Portfolio, pursuant to the Reorganizations. Shareholders will not pay any sales charges in connection with the Reorganizations. Please see “Comparative Fee and Expense Tables,” “Additional Information about the Transactions” and “Additional Information about the Acquiring Portfolios” below for more information. |
• | It is estimated that the annual operating expense ratios for Core Bond Index Portfolio’s Class IA and Class IB shares, immediately following the Reorganizations, will be lower than those of the Long Term Bond Portfolio’s Class IA and Class IB shares, respectively, for the last fiscal year, after taking into account adjustments to reflect the current fees for the Core Bond Index Portfolio. It is also estimated that the annual operating expense ratios for Core Bond Index Portfolio’s Class IA and Class IB shares, immediately following the Reorganizations, will be approximately one basis point higher than those of the Bond Index Portfolio’s Class IA and Class IB shares, respectively, for the last fiscal year, after taking into account an expense limitation arrangement in effect for the Bond Index Portfolio and after taking into account adjustments to reflect the current fees for the Core Bond Index Portfolio. The expense limitation arrangement for the Bond Index Portfolio will be in effect until April 30, 2010, and may be considered for renewal by AXA Equitable and the Board of Trustees of the Trust annually thereafter. For a more detailed comparison of the fees and expenses of the Portfolios, please see “Comparative Fee and Expense Tables” and “Additional Information about the Acquiring Portfolios” below. |
• | The maximum management fee for each of the Bond Index Portfolio and Long Term Bond Portfolio is equal to an annual rate of 0.35% and 0.50%, respectively, of the relevant Portfolio’s average daily net assets, while the maximum management fee for the Core Bond Index Portfolio is equal to an annual rate of 0.35% of its average daily net assets. The administration fee schedule for the Portfolios is the same. The administration fee for each Portfolio is $30,000 per year, plus the Portfolio’s proportionate share of the Trust’s administration fee for portfolios with a single Adviser, which is equal to an annual rate of 0.12% of the first $3 billion of total the Trust average daily net assets (exclusive of certain portfolios), 0.11% of the next $3 billion, 0.105% of the next $4 billion, 0.10% of the next $20 billion and 0.0975% thereafter. For a more detailed description of the fees and expenses of the Portfolios, please see “Comparative Fee and Expense Tables” and “Additional Information about the Acquiring Portfolios” below. |
• | Following the Reorganizations, the combined Portfolio will be managed in accordance with the investment objective, policies and strategies of the Core Bond Index Portfolio. It is not expected that the Core Bond Index Portfolio will revise any of its investment policies following the Reorganizations to reflect those of either Acquired Portfolio. AXA Equitable has reviewed each Acquired Portfolio’s current portfolio holdings and determined that they generally are compatible with the Core Bond Index Portfolio’s investment objective and policies. Thus, AXA Equitable believes that, if the Reorganizations are approved, all or substantially all of the Bond Index Portfolio’s holdings and a substantial portion of the Long Term |
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Bond Portfolio’s holdings could be transferred to and held by the Core Bond Index Portfolio. However, it is expected that some of those holdings may not remain at the time of the Reorganizations due to normal portfolio turnover. It is also expected that, if a Reorganization is approved, the holdings of the Acquired Portfolio involved therein that are not compatible with the Core Bond Index Portfolio’s investment objective and policies will be liquidated in an orderly manner in connection with the Reorganizations, and the proceeds of these sales held in temporary investments or reinvested in assets that are consistent with that investment objective and policies. The portion of each Acquired Portfolio’s assets that will be liquidated in connection with a Reorganization will depend on market conditions and on the assessment by AXA Equitable and the Core Bond Index Portfolio’s Adviser of the compatibility of those holdings with the Core Bond Index Portfolio’s portfolio composition and investment objective and policies at the time of the Reorganization. The need for a Portfolio to sell investments in connection with a Reorganization may result in its selling securities at a disadvantageous time and price and could result in its realizing gains (or losses) that would not otherwise have been realized and incurring transaction costs that would not otherwise have been incurred. |
• | AXA Equitable is expected to bear the costs associated with the Reorganizations, including the costs associated with obtaining shareholder approval of the Reorganizations, but excluding brokerage and similar expenses in connection with the Reorganizations, which will be borne by the Portfolios. Please see “Additional Information about the Transactions” below for more information. |
Comparison of Investment Objectives, Policies and Strategies
The following table compares the investment objectives and principal investment policies and strategies of the Bond Index Portfolio and Long Term Bond Portfolio with those of the Core Bond Index Portfolio. The Board may change the investment objective of a Portfolio without a vote of the Portfolio’s shareholders.
Acquiring Portfolio | Acquired Portfolios | |||
Core Bond Index Portfolio | Bond Index Portfolio | Long Term Bond Portfolio | ||
Investment Objective
Seeks to achieve a total return before expenses that approximates the total return performance of the Aggregate Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Aggregate Bond Index. |
Same, except seeks to achieve a total return before expenses that approximates the total return performance of the Aggregate Bond Index, including reinvestment of coupon payments (rather than dividends). |
Seeks to maximize income and capital appreciation through investment in long-maturity debt obligations. | ||
Principal Investment Strategies
Under normal market conditions, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in securities that are included in the Aggregate Bond Index, which covers the U.S. investment-grade, fixed-rate, taxable bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities, and commercial mortgage-backed securities. To qualify for inclusion in the Aggregate Bond Index, a bond must have at least one year remaining to final maturity, be rated Baa3 or better by Moody’s, have a fixed coupon rate, and be U.S. dollar denominated. |
Same, except normally invests at least 80% of its net assets, plus borrowings for investment purposes, in debt securities (emphasis added) that are included in the Aggregate Bond Index. |
The Portfolio invests in investment-grade fixed-income securities issued by a diverse mix of corporations, the U.S. government and its agencies or instrumentalities, as well as mortgage-backed and asset-backed securities. Under normal circumstances, at least 80% of the Portfolio’s net assets, plus borrowings for investment purposes, are invested in such securities. All |
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securities in the Portfolio are rated investment-grade at the time of purchase. An investment-grade security carries a minimum rating of credit quality issued by an independent rating agency at the time of purchase. | ||||
While complete replication of the Aggregate Bond Index is not possible, the Adviser will employ a stratified sample approach to build a portfolio whose broad characteristics match those of the Aggregate Bond Index. Individual securities holdings may differ from the Aggregate Bond Index, and the fund may not track the performance of the Aggregate Bond Index perfectly due to the expenses and the transaction costs, the size and frequency of cash flow into and out of the fund, and differences between how and when the fund and the Aggregate Bond Index are valued. The Aggregate Bond Index has a modified adjusted duration of approximately four years. | Same. | No corresponding strategy. Specific securities in the Portfolio can have expected maturities as short as one day, or as long as 30 years or more, but the Portfolio as a whole is expected to have an average maturity of longer than eight years and an effective duration between 8 and 15 years. | ||
The Adviser may also purchase or sell futures contracts on fixed income securities in lieu of investment directly in fixed-income securities themselves. The Adviser may also purchase or sell futures contracts on the Aggregate Bond Index (or other fixed-income securities indices), if and when they become available. | Same. | The Portfolio may invest, to a limited extent, in derivatives, including futures contracts. |
Comparison of Principal Risk Factors
Risk is the chance that you will lose money on your investment or that it will not earn as much as you expect. In general, the greater the risk, the more money your investment can earn for you and the more you can lose. Like other investment companies, the value of each Portfolio’s shares may be affected by its investment objective, principal investment strategies and particular risk factors. Consequently, each Portfolio may be subject to different principal risks. Some of the principal risks of investing in the Portfolios are noted below. However, other factors may also affect each Portfolio’s net asset value. There is no guarantee that a Portfolio will achieve its investment objective or that it will not lose principal value. The following table compares the principal risks of an investment in each Portfolio. For an explanation of each such risk, see “Additional Information about the Transactions – Description of Risk Factors” below.
Risks | Core Bond Index Portfolio | Bond Index Portfolio | Long Term Bond Portfolio | |||
Asset-Backed Securities Risk | X | X | X | |||
Adviser Selection Risk | X | X | X |
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Asset Class Risk | X | X | X | |||
Credit Risk | X | X | X | |||
Derivatives Risk | X | X | ||||
Fixed Income Risk | X | X | X | |||
Futures and Options Risk | X | X | ||||
Index Fund Risk | X | X | ||||
Interest Rate Risk | X | X | X | |||
Investment Grade Securities Risk | X | X | X | |||
Liquidity Risk | X | X | X | |||
Market Risk | X | X | X | |||
Mortgage-Backed Securities Risk | X | X | X | |||
Portfolio Management Risk | X | X | X | |||
Securities Lending Risk | X | X | X | |||
Security Risk | X | X | X | |||
Security Selection Risk | X | X | X |
Comparative Fee and Expense Tables
The following tables show the fees and expenses of each class of shares of each Portfolio and the estimated pro forma fees and expenses of each class of shares of the Acquiring Portfolio after giving effect to the proposed Reorganizations. Fees and expenses for each Portfolio are based on those incurred by each class of its shares for the last fiscal year ended December 31, 2008, as adjusted to reflect the current fees for the Core Bond Index Portfolio. The pro forma fees and expenses of the Acquiring Portfolio Shares assume that a Reorganization has been in effect for the last year ended on that date. The tables do not reflect any Contract-related fees and expenses, which would increase overall fees and expenses.
There are no fees or charges to buy or sell shares of either Portfolio, reinvest dividends or exchange into other portfolios.
Annual Operating Expenses
(expenses that are deducted from Portfolio assets)
Bond Index Portfolio | Core Bond Index Portfolio | Pro Forma Core Bond Index Portfolio (assuming only the Reorganization with the Bond Index Portfolio is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
Management Fee1 | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||
Distribution and/or Service Fees (12b-1 fees)† | None | 0.25 | % | None | 0.25 | % | None | 0.25 | % |
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Other Expenses | 0.39 | % | 0.39 | % | 0.11 | % | 0.11 | % | 0.11 | % | 0.11 | % | ||||||
Total Annual Portfolio Operating Expenses | 0.74 | % | 0.99 | % | 0.46 | % | 0.71 | % | 0.46 | % | 0.71 | % | ||||||
Less Fee Waiver/Expense Reimbursement2 | (0.29 | )% | (0.29 | )% | N/A | N/A | N/A | N/A | ||||||||||
Net Annual Portfolio Operating Expenses | 0.45 | % | 0.70 | % | 0.46 | % | 0.71 | % | 0.46 | % | 0.71 | % |
Annual Operating Expenses
(expenses that are deducted from Portfolio assets)
Long Term Bond Portfolio | Core Bond Index Portfolio | Pro Forma Core Bond Index Portfolio (assuming only the Reorganization with the Long Term Bond Portfolio is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
Management Fee1 | 0.38 | % | 0.38 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||
Distribution and/or Service Fees (12b-1 fees)† | None | 0.25 | % | None | 0.25 | % | None | 0.25 | % | |||||||||
Other Expenses | 0.14 | % | 0.14 | % | 0.11 | % | 0.11 | % | 0.11 | % | 0.11 | % | ||||||
Total Annual Portfolio Operating Expenses | 0.52 | % | 0.77 | % | 0.46 | % | 0.71 | % | 0.46 | % | 0.71 | % |
Annual Operating Expenses
(expenses that are deducted from Portfolio assets)
Pro Forma Core Bond Index Portfolio (assuming both Reorganizations are approved) | ||||||
Class IA | Class IB | |||||
Management Fee | 0.35 | % | 0.35 | % | ||
Distribution and/or Service Fees (12b-1 fees)† | None | 0.25 | % | |||
Other Expenses | 0.11 | % | 0.11 | % | ||
Total Annual Portfolio Operating Expenses | 0.46 | % | 0.71 | % |
† | The maximum annual distribution and/or service (12b-1) fee for a Portfolio’s Class IB shares is 0.50% of the average daily net assets attributable to the Portfolio’s Class IB shares. Under an arrangement approved by the Trust’s Board of Trustees, the distribution and/or service (12b-1) fee currently is limited to 0.25% of the average daily net assets attributable to a Portfolio’s Class IB shares. This arrangement will be in effect at least until April 30, 2010. |
(1) | Restated to reflect current fees for the Core Bond Index Portfolio. |
(2) | Pursuant to a contract, the Manager has agreed to make payments or waive its management, administrative and other fees to limit the expenses of the Bond Index Portfolio through April 30, 2010 (unless the Board of Trustees consents to an earlier revision or termination of the arrangement) so that the Annual Portfolio Operating Expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses, fees and expenses of other investment companies in which the Portfolio invests and extraordinary expenses) do not exceed the amount shown above under Net Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future, provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense cap. If the actual expense ratio is less than the expense cap and the Manager has recouped all eligible previous payments made, the Portfolio will be charged such lower expenses. The Manager may discontinue this arrangement at any time after April 30, 2010. |
This example is intended to help you compare the costs of investing in the Portfolios with the cost of investing in other investment options. The example assumes that:
• | You invest $10,000 in a Portfolio for the time periods indicated; |
• | Your investment has a 5% return each year; |
• | The Portfolio’s operating expenses remain the same; and |
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• | If applicable, the expense limitation currently in effect is not renewed. |
This example should not be considered a representation of past or future expenses of the Portfolios. Actual expenses may be higher or lower than those shown. The costs in the example would be the same whether or not you redeemed all of your shares at the end of these periods. This example does not reflect any Contract-related fees and expenses, including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be substantially higher. Similarly, the annual rate of return assumed in the example is not an estimate or guarantee of future investment performance. Based on these assumptions, your costs would be:
Bond Index Portfolio | Core Bond Index Portfolio | Pro Forma Core Bond Index Portfolio (assuming only the Reorganization with the Bond Index Portfolio is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
1 Year | $ | 46 | $ | 72 | $ | 47 | $ | 73 | $ | 47 | $ | 73 | ||||||
3 Years | $ | 207 | $ | 286 | $ | 148 | $ | 227 | $ | 148 | $ | 227 | ||||||
5 Years | $ | 383 | $ | 519 | $ | 258 | $ | 395 | $ | 258 | $ | 395 | ||||||
10 Years | $ | 891 | $ | 1,187 | $ | 579 | $ | 883 | $ | 579 | $ | 883 | ||||||
Long Term Bond Portfolio | Core Bond Index Portfolio | Pro Forma Core Bond Index Portfolio (assuming only the Reorganization with the Long Term Bond Portfolio is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
1 Year | $ | 53 | $ | 79 | $ | 47 | $ | 73 | $ | 47 | $ | 73 | ||||||
3 Years | $ | 167 | $ | 246 | $ | 148 | $ | 227 | $ | 148 | $ | 227 | ||||||
5 Years | $ | 291 | $ | 428 | $ | 258 | $ | 395 | $ | 258 | $ | 395 | ||||||
10 Years | $ | 653 | $ | 954 | $ | 579 | $ | 883 | $ | 579 | $ | 883 |
Pro Forma Core Bond Index Portfolio (assuming both Reorganizations are approved) | ||||||
Class IA | Class IB | |||||
1 Year | $ | 47 | $ | 73 | ||
3 Years | $ | 148 | $ | 227 | ||
5 Years | $ | 258 | $ | 395 | ||
10 Years | $ | 579 | $ | 883 |
Comparative Performance Information
The bar charts below illustrate each Portfolio’s annual total returns for the calendar years indicated and give some indication of the risks of investing in each Portfolio by showing yearly changes in the Portfolio’s performance. The tables below show each Portfolio’s average annual total returns for the periods shown through December 31, 2008 and compare the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for the Bond Index Portfolio because prior to August 25, 2006 the Portfolio and its predecessor had a different investment objective and invested in an actively managed portfolio of fixed income securities. SEC regulations require the Portfolios to disclose this performance information to you, but you should note that it provides a limited basis for comparison between the Portfolios because of the relatively recent changes to the investment policies and strategies of the Acquiring Portfolio. If the Portfolio and its predecessor had historically invested substantially all of their assets in fixed income securities in a manner that was intended to track the performance of the index, the performance of the Portfolio and its predecessor may have been different. The Bond Index Portfolio also was advised by different Advisers prior to December 1, 2008. This may be particularly true for the Long Term Bond Portfolio as well because a different Adviser advised the Portfolio prior to October 1, 2006.
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In addition, this may be particularly true for the Core Bond Index Portfolio because prior to January 15, 2009, the Portfolio had a different investment strategy and consisted entirely of an actively managed portfolio of fixed income securities. If the Portfolio had historically been managed using its current strategy, the performance of the Portfolio may have been different. In addition, the Core Bond Index Portfolio was advised by a different Adviser prior to January 15, 2009.
Both the bar charts and the tables assume reinvestment of dividends and other distributions. The performance results do not reflect any insurance and Contract-related fees and expenses, which would reduce the performance results.
Bond Index Portfolio – Calendar Year Total Returns (Class IB)* | ||||||||||||||||||||||||||||
-0.20 | % | 7.53 | % | 8.10 | % | 8.96 | % | 2.32 | % | 1.99 | % | 0.69 | % | 3.58 | % | 6.38 | % | 5.32 | % | |||||||||
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||||||||||||||||
Best Quarter (% and time period) | Worst Quarter (% and time period) | |||||||||||||||||||||||||||
4.90% (2008 4th Quarter) | -2.68% (2004 2nd Quarter) | |||||||||||||||||||||||||||
Long Term Bond Portfolio – Calendar Year Total Returns (Class IB)** | ||||||||||||||||||||||||||||
-8.02 | % | 15.14 | % | 5.88 | % | 13.66 | % | 4.45 | % | 7.65 | % | 2.76 | % | 1.82 | % | 7.35 | % | 5.01 | % | |||||||||
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||||||||||||||||
Best Quarter (% and time period) | Worst Quarter (% and time period) | |||||||||||||||||||||||||||
12.14% (2008 4th Quarter) | -5.60% (2008 3rd Quarter) | |||||||||||||||||||||||||||
Core Bond Index Portfolio – Calendar Year Total Returns (Class IB) | ||||||||||||||||||||||||||||
-1.64 | % | 11.55 | % | 7.95 | % | 9.52 | % | 3.38 | % | 4.13 | % | 2.24 | % | 4.01 | % | 3.08 | % | -8.93 | % | |||||||||
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||||||||||||||||
Best Quarter (% and time period) | Worst Quarter (% and time period) | |||||||||||||||||||||||||||
4.62% (2001 3rd Quarter) | -2.89% (2008 3rd Quarter) |
Bond Index Portfolio - Average Annual Total Returns (For the periods ended December 31, 2008) |
| ||||||||
One Year | Five Years | Ten Years | |||||||
Bond Index Portfolio – Class IA | 5.49 | % | 3.81 | % | 4.74 | % | |||
Bond Index Portfolio – Class IB* | 5.32 | % | 3.57 | % | 4.42 | % | |||
Barclays Capital U.S. Aggregate Bond Index† | 5.24 | % | 4.65 | % | 5.63 | % |
Long Term Bond Portfolio - Average Annual Total Returns (For the periods ended December 31, 2008) |
| ||||||||
One Year | Five Years | Ten Years | |||||||
Long Term Bond Portfolio – Class IA | 5.21 | % | 5.16 | % | 5.73 | % | |||
Long Term Bond Portfolio – Class IB** | 5.01 | % | 4.92 | % | 5.48 | % | |||
Barclays Capital Long Government/Credit Bond Index† | 8.44 | % | 6.31 | % | 6.62 | % |
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Core Bond Index Portfolio - Average Annual Total Returns (For the periods ended December 31, 2008) |
| ||||||||
One Year | Five Years | Ten Years | |||||||
Core Bond Index Portfolio – Class IA*** | -8.70 | % | 1.02 | % | 3.56 | % | |||
Core Bond Index Portfolio – Class IB | -8.93 | % | 0.78 | % | 3.38 | % | |||
Barclays Capital U.S. Aggregate Bond Index† | 5.24 | % | 4.65 | % | 5.63 | % |
* | For periods prior to the date Class IB Shares commenced operations (June 20, 2005), performance information shown is that of Class IA Shares adjusted to reflect the 12b-1 fees paid by Class IB Shares. |
** | For periods prior to the date the Class IB shares commenced operations (April 29, 2005), performance information shown is that of the Class IA Shares adjusted to reflect the 12b-1 fees paid by Class IB Shares. |
*** | For periods prior to the date Class IA shares commenced operations (March 25, 2002), performance information shown is the performance of Class IB shares which reflects the effect of 12b-1 fees paid by Class IB shares. Class IA shares do not pay any 12b-1 fees. |
† | The Aggregate Bond Index covers the dollar denominated investment-grade, fixed-rate, taxable bond market, including Treasuries, government-related and corporate securities, MBS pass-through securities (including hybrid ARMs as of April 1, 2007), asset-backed securities, and commercial mortgage-backed securities. To qualify for inclusion in the Aggregate Bond Index, a bond must have at least one year remaining to final maturity and must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rates a security, the rating must be investment grade. The bond also must be dollar-denominated and nonconvertible. Barclays Capital Long Government/Credit Bond Index is an unmanaged benchmark representing the long-term, investment-grade U.S. bond market. |
The following table shows the capitalization of each Portfolio as of December 31, 2008 and of the Core Bond Index Portfolio on a pro forma combined basis as of that date after giving effect to the proposed Reorganizations.
Net Assets (in millions) | Net Asset Value Per Share | Shares Outstanding | ||||||
Bond Index Portfolio – Class IA | $ | 61.5 | $ | 10.22 | 6,017,369 | |||
Core Bond Index Portfolio – Class IA | $ | 102.8 | $ | 9.36 | 10,985,225 | |||
Adjustments* | — | — | 556,128 | |||||
Pro forma Core Bond Index Portfolio – Class IA (assuming only the Reorganization with the Bond Index Portfolio is approved) | $ | 164.3 | $ | 9.36 | 17,558,722 | |||
Bond Index Portfolio – Class IB | $ | 3.4 | $ | 10.24 | 330,307 | |||
Core Bond Index Portfolio – Class IB | $ | 1,104.1 | $ | 9.37 | 117,810,774 | |||
Adjustments* | — | — | 30,555 | |||||
Pro forma Core Bond Index Portfolio – Class IB (assuming only the Reorganization with the Bond Index Portfolio is approved) | $ | 1,107.5 | $ | 9.37 | 118,171,636 | |||
Long Term Bond Portfolio – Class IA | $ | 1,194.1 | $ | 13.57 | 88,010,795 | |||
Core Bond Index Portfolio – Class IA | $ | 102.8 | $ | 9.36 | 10,985,225 | |||
Adjustments* | — | — | 39,580,257 | |||||
Pro forma Core Bond Index Portfolio – Class IA (assuming only the Reorganization with the Long Term Bond Portfolio is approved) | $ | 1,296.9 | $ | 9.36 | 138,576,277 | |||
Long Term Bond Portfolio – Class IB | $ | 173.2 | $ | 13.58 | 12,758,743 | |||
Core Bond Index Portfolio – Class IB | $ | 1,104.1 | $ | 9.37 | 117,810,774 | |||
Adjustments* | — | — | 5,722,653 | |||||
Pro forma Core Bond Index Portfolio – Class IB (assuming only the Reorganization with the Long Term Bond Portfolio is approved) | $ | 1,277.3 | $ | 9.37 | 136,292,170 |
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Pro forma Core Bond Index Portfolio – Class IA (assuming both Reorganizations are approved) | $ | 1,358.4 | $ | 9.36 | 145,149,774 | |||
Pro forma Core Bond Index Portfolio – Class IB (assuming both Reorganizations are approved) | $ | 1,280.7 | $ | 9.37 | 136,653,032 |
* | AXA Equitable is expected to bear the expenses of the Reorganizations as described in “Additional Information about the Transactions - Terms of the Reorganization Plan” and “— Terms of the Exchange Plan” below. |
After careful consideration, the Board unanimously approved the Reorganization Plan with respect to the Bond Index Portfolio and Long Term Bond Portfolio. Accordingly, the Board has submitted the Reorganization Plan for approval by these Portfolios’ shareholders. The Board recommends that you vote “FOR” Proposal 3.
* * * * *
PROPOSAL 4: | APPROVAL OF THE REORGANIZATION PLAN WITH RESPECT TO THE REORGANIZATION OF THE HIGH YIELD PORTFOLIO INTO THE QUALITY BOND PLUS PORTFOLIO. |
This Proposal 4 requests your approval of the Reorganization Plan, pursuant to which the High Yield Portfolio will be reorganized into the Quality Bond PLUS Portfolio.
In considering whether you should approve this Proposal, you should note that:
• | The High Yield Portfolio and Quality Bond PLUS Portfolio have similar investment objectives, but there are differences in their primary investment policies, strategies and principal risks. Below is a summary comparison of the two Portfolios. For a detailed comparison of the each Portfolio’s investment objectives, policies, strategies and risks, see “Comparison of Investment Objectives, Policies and Strategies” and “Comparison of Principal Risk Factors” below. |
• | The Portfolios have very similar investment objectives. The High Yield Portfolio seeks to maximize current income and the Quality Bond PLUS Portfolio seeks to achieve high current income consistent with moderate risk to capital. Thus, both Portfolios seek high current income as a component of their investment objectives. In addition, each Portfolio normally invests at least 80% of its net assets, plus borrowings for investment purposes, in debt securities. Moreover, each Portfolio may invest in a variety of fixed income securities, including zero coupon and pay-in-kind securities, mortgage-backed securities, asset-backed securities, securities lending, the purchase or sale of securities on a when-issued, delayed delivery or forward commitment basis and repurchase agreements. Each Portfolio also may invest in foreign securities and, to a limited extent, in derivatives, exchange-traded funds (“ETFs”) and preferred stocks. In addition, each Portfolio may have a high portfolio turnover rate. |
• | There are also some differences between the Portfolios of which you should be aware. One primary difference between the Portfolios is that, while each Portfolio seeks high current income, the Quality Bond PLUS Portfolio seeks high current income consistent with moderate risk to capital as its investment objective. The High Yield Portfolio seeks to maximize current income and may invest in high risk securities to a greater extent than the Quality Bond PLUS Portfolio. Another primary difference between the Portfolios is that, while each Portfolio invests a substantial portion of its assets in debt securities, the Quality Bond PLUS Portfolio generally invests in higher-rated securities than the High Yield Portfolio. In this regard, the Quality Bond PLUS Portfolio normally invests at least 80% of its net assets, plus borrowings for investment purposes, in debt securities and primarily in securities that are rated investment grade at the time of purchase (i.e., at least Baa by Moody’s Investor Services, Inc. (“Moody’s) or BBB by Standard & Poor’s (“S&P”) or Fitch Ratings (“Fitch”)), or if unrated, fixed income securities that the investment sub-adviser (an “Adviser”) determines to be of comparable quality. The Quality Bond PLUS Portfolio also seeks to maintain an average aggregate quality rating |
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of its portfolio securities of at least A (Moody’s, S&P or Fitch). The High Yield Portfolio, however, normally invests at least 80% of its net assets, plus borrowings for investment purposes, in bonds that are below investment grade and generally invests in high-yield, income producing US corporate bonds that are rated B3 to Ba1 by Moody’s or B- to BB+ by S&P, which are commonly known as “junk bonds.” |
Another primary difference between the two Portfolios is that the Quality Bond PLUS Portfolio normally allocates its assets among three investment managers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Quality Bond PLUS Portfolio is actively managed by an Adviser (“Active Allocated Portion”); one portion of the Portfolio seeks to track the performance of a particular index (“Index Allocated Portion”); and one portion of the Portfolio invests in ETFs (“ETF Allocated Portion”). The High Yield Portfolio is actively managed by one Adviser and does not have an Index Allocated Portion or ETF Allocated Portion. While there are differences between the two Portfolios, AXA Equitable believes that the Quality Bond PLUS Portfolio is an appropriate alternative investment to the High Yield Portfolio given that the Portfolios have similar investment objectives and invest primarily in debt securities and that the Quality Bond PLUS Portfolio has the flexibility to invest a portion of its assets in high yield securities.
• | Each Portfolio is subject to adviser selection risk, asset class risk, convertible securities risk, derivatives risk, fixed income risk, including credit risk and interest rate risk, foreign securities risk, including currency risk, liquidity risk, market risk, portfolio management risk, portfolio turnover risk, securities lending risk, security risk and security selection risk as principal risks. The High Yield Portfolio also is subject to junk bonds or lower rated securities risk as principal risk, while the Quality Bond PLUS Portfolio generally is not. In addition, the principal risks of investing in the Quality Bond PLUS Portfolio also include asset-backed securities risk, emerging markets risk, ETF risk, futures and options risk, index fund risk, investment grade securities risk, mortgage-backed securities risk, multiple adviser risk and zero coupon and pay-in-kind risk, which are not principal risks of investing in the High Yield Portfolio. |
• | AXA Equitable (“Manager”) serves as the investment manager and administrator for each Portfolio and would continue to manage and administer the Quality Bond PLUS Portfolio after the Reorganization. AXA Equitable has received an exemptive order from the SEC that generally permits AXA Equitable and the Board to appoint, dismiss and replace each Portfolio’s Adviser(s) and to amend the advisory agreements between AXA Equitable and the Advisers without obtaining shareholder approval (except with respect to Affiliated Advisers (as defined herein) such as AllianceBernstein L.P. (“AllianceBernstein”)). AXA Equitable has appointed one Adviser to manage the assets of the High Yield Portfolio. In particular, Caywood-Scholl Capital Management currently serves as the Adviser for the High Yield Portfolio. AXA Equitable has appointed two Advisers to manage distinct portions of the Quality Bond PLUS Portfolio’s assets. In particular, AllianceBernstein, which is responsible for the management of the Active Allocated Portion of the Quality Bond PLUS Portfolio, and SSgA Funds Management, Inc., which is responsible for the Index Allocated Portion of the Quality Bond PLUS Portfolio, currently serve as Advisers to the Quality Bond PLUS Portfolio and it is anticipated that they will continue to advise their respective portion of the Quality Bond PLUS Portfolio after the Reorganization. In addition, AXA Equitable is responsible for the management of the ETF Allocated Portion of the Quality Bond PLUS Portfolio and it is anticipated that it would continue to manage the ETF Allocated Portion of Quality Bond PLUS Portfolio after the Reorganization. For a detailed description of the Manager and the Quality Bond PLUS Portfolio’s Advisers, please see “Additional Information about the Acquiring Portfolios—The Manager” and “- The Advisers” below. |
• | The High Yield Portfolio and Quality Bond PLUS Portfolio had net assets of approximately $196.5 million and $1.29 billion, respectively, as of December 31, 2008. Thus, if the Reorganization had been in effect on that date, the combined Portfolio would have had net assets of approximately $1.49 billion. |
• | Class IA shareholders of the High Yield Portfolio will receive Class IA shares of the Quality Bond PLUS Portfolio, and Class IB shareholders of the High Yield Portfolio will receive Class IB shares of the Quality Bond PLUS Portfolio, pursuant to the Reorganization. Shareholders will not pay any sales charges in |
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connection with the Reorganization. Please see “Comparative Fee and Expense Tables,” “Additional Information about the Transactions” and “Additional Information about the Acquiring Portfolios” below for more information. |
• | It is estimated that the annual operating expense ratios for Quality Bond PLUS Portfolio’s Class IA and Class IB shares, immediately following the Reorganization, will be lower than those of the High Yield Portfolio’s Class IA and Class IB shares, respectively, for the last fiscal year, before and after taking into account the expense limitation arrangement that is in effect for the High Yield Portfolio and after taking into account adjustments to reflect the current fees for the Quality Bond PLUS Portfolio. The expense limitation arrangement for the High Yield Portfolio will be in effect until April 30, 2010, and may be considered for renewal by AXA Equitable and the Board of Trustees of the Trust annually thereafter. For a more detailed comparison of the fees and expenses of the Portfolios, please see “Comparative Fee and Expense Tables” and “Additional Information about the Acquiring Portfolios” below. |
• | The maximum management fee for the High Yield Portfolio is equal to an annual rate of 0.60% of its average daily net assets, while the maximum management fee for the Quality Bond PLUS Portfolio is equal to an annual rate of 0.40% of its average daily net assets. The administration fee schedule for the High Yield Portfolio is $30,000 per year, plus the Portfolio’s proportionate share of the Trust’s administration fee for portfolios with a single Adviser, which is equal to an annual rate of 0.12% of the first $3 billion of total the Trust average daily net assets (exclusive of certain portfolios, including the Quality Bond PLUS Portfolio), 0.11% of the next $3 billion, 0.105% of the next $4 billion, 0.10% of the next $20 billion and 0.0975% thereafter. The Quality Bond PLUS Portfolio pays AXA Equitable an annual fee of 0.15% of its average daily net assets, plus $35,000 and an additional $35,000 for each portion of the Portfolio for which separate administrative services are provided (e.g., portions of the Portfolio allocated to separate Advisers and/or managed in a discrete style). For a more detailed description of the fees and expenses of the Portfolios, please see “Comparative Fee and Expense Tables” and “Additional Information about the Acquiring Portfolios” below. |
• | Following the Reorganization, the combined Portfolio will be managed in accordance with the investment objective, policies and strategies of the Quality Bond PLUS Portfolio. It is not expected that the Quality Bond PLUS Portfolio will revise any of its investment policies following the Reorganization to reflect those of the High Yield Portfolio. AXA Equitable has reviewed High Yield Portfolio’s current portfolio holdings and determined that, given the small size of the High Yield Portfolio in relation to the Quality Bond PLUS Portfolio, all or a substantial portion of the High Yield Portfolio’s holdings are consistent with the Quality Bond PLUS Portfolio’s investment objectives and policies and thus, if the Reorganization is approved, could be transferred to and held by the Quality Bond PLUS Portfolio. However, it is expected that some of those holdings may not remain at the time of the Reorganization due to normal portfolio turnover. It is also expected that, if the Reorganization is approved, the High Yield Portfolio’s holdings that are not compatible with the Quality Bond PLUS Portfolio’s investment objective and policies will be liquidated in an orderly manner in connection with the Reorganization, and the proceeds of these sales held in temporary investments or reinvested in assets that are consistent with that investment objective and policies. The portion of the High Yield Portfolio’s assets that will be liquidated in connection with the Reorganization will depend on market conditions and on the assessment by AXA Equitable and the Quality Bond PLUS Portfolio’s Advisers of the compatibility of those holdings with the Quality Bond PLUS Portfolio’s portfolio composition and investment objective and policies at the time of the Reorganization. The need for a Portfolio to sell investments in connection with the Reorganization may result in its selling securities at a disadvantageous time and price and could result in its realizing gains (or losses) that would not otherwise have been realized and incurring transaction costs that would not otherwise have been incurred. |
• | AXA Equitable is expected to bear the costs associated with the Reorganization, including the costs associated with obtaining shareholder approval of the Reorganization, but excluding brokerage and similar expenses in connection with the Reorganization, which will be borne by the Portfolios. Please see “Additional Information about the Transactions” below for more information. |
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Comparison of Investment Objectives, Policies and Strategies
The following table compares the investment objectives and principal investment policies and strategies of the High Yield Portfolio with those of the Quality Bond PLUS Portfolio. The Board may change the investment objective of a Portfolio without a vote of the Portfolio’s shareholders.
Acquiring Portfolio | Acquired Portfolio | |
Quality Bond PLUS Portfolio | High Yield Portfolio | |
Investment Objective | ||
Seeks to achieve high current income consistent with moderate risk to capital. | Seeks to maximize current income. | |
Principal Investment Strategies | ||
Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in debt securities. The Portfolio invests primarily in securities that are rated investment grade at the time of purchase (i.e., at least Baa by Moody’s or BBB by S&P or Fitch), or unrated, fixed income securities that the Adviser determines to be of comparable quality. The Portfolio also seeks to maintain an average aggregate quality rating of its portfolio securities of at least A (Moody’s, S&P or Fitch). | Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in bonds that are below investment grade. The Portfolio generally invests in high-yield, income producing US corporate bonds that are rated B3 to Ba1 by Moody’s or B- to BB+ by S&P, which are commonly known as “junk bonds.” | |
The Portfolio’s assets normally are allocated among three investment managers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Portfolio is an Active Allocated Portion; one portion of the Portfolio is an Index Allocated Portion; and one portion of the Portfolio is an ETF Allocated Portion. Under normal circumstances, the Active Allocated Portion consists of approximately 30% of the Portfolio’s net assets, the Index Allocated Portion consists of approximately 60% of the Portfolio’s net assets and the ETF Allocated Portion consists of approximately 10% of the Portfolio’s net assets. Actual allocations among the distinct portions of the Portfolio may deviate from the amounts shown above by up to 15% of the Portfolio’s net assets. | No corresponding strategy. | |
The Active Allocated Portion of the Portfolio plans to vary the proportions of its holdings of long- and short-term fixed income securities (including debt securities, convertible debt securities and U.S. Government obligations) and preferred stocks in order to reflect the Adviser’s assessment of prospective cyclical changes even if such action may adversely affect current income. | The Adviser utilizes a top-down approach that seeks to identify industries and companies that appear favorable for investment. After the industries are selected, the Adviser identifies bonds of issuers within those industries based on their creditworthiness, their yields in relation to their credit and the relative value in relation to the high yield market. The Portfolio also may invest, to a limited extent, in convertible securities, preferred stocks and U.S. government securities. |
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The Active Allocated Portion of the Portfolio may invest in USD and Non-USD denominated foreign securities, including those of both developed and developing countries. | The Portfolio may invest, to a limited extent, in foreign securities, including emerging market securities. | |
The Active Allocated Portion of the Portfolio may also make use of various other investment strategies, including zero coupon and pay-in-kind securities, collateralized mortgage obligations, asset-backed securities, securities lending, the purchase or sale of securities on a when-issued, delayed delivery or forward commitment basis and repurchase agreements. | The Portfolio may use various other investment strategies, to a limited extent, including zero coupon and pay-in-kind securities, mortgage-backed securities, asset-backed securities, securities lending, the purchase or sale of securities on a when-issued, delayed delivery or forward commitment basis and repurchase agreements. | |
The Active Allocated Portion of the Portfolio may also, to a limited extent, use derivatives, including purchasing put and call options and writing covered put and call options on securities it may purchase. | Up to 20% of the Portfolio’s assets may include: (1) bonds rated Caa by Moody’s or CCC by S&P; (2) unrated debt securities which, in the judgment of the Adviser, have characteristics similar to those described above; (3) convertible debt securities; (4) puts, calls and futures as hedging devices; (5) foreign issuer debt securities; and (6) short-term money market instruments, including certificates of deposit, commercial paper, U.S. Government securities and other income-producing cash equivalents. | |
The Index Allocated Portion of the Portfolio seeks to track the performance (before fees and expenses) of the Barclays Capital U.S. Aggregate Bond Index (“Aggregate Bond Index”) with minimal tracking error. The Aggregate Bond Index covers the dollar denominated investment-grade, fixed-rate, taxable bond market, including Treasuries, government-related and corporate securities, MBS passthrough securities (including hybrid ARMs as of April 1, 2007), asset-backed securities, and commercial mortgage-based securities. The Adviser selects the Index Allocated Portion’s investments by a “sampling” strategy. Specifically, the Adviser invests in a representative sample of securities from each broad segment of the Aggregate Bond Index, such as government bonds, mortgages, and corporate issues that represent key index characteristics. | No corresponding strategy. | |
The ETF Allocated Portion invests in ETFs that meet the investment criteria of the Portfolio as a whole. | The Portfolio may invest, to a limited extent, in ETFs. | |
The Portfolio may engage in active and frequent trading of portfolio securities to achieve its investment objective. | The Portfolio may have a high portfolio turnover rate in excess of 100%. |
Comparison of Principal Risk Factors
Risk is the chance that you will lose money on your investment or that it will not earn as much as you expect. In general, the greater the risk, the more money your investment can earn for you and the more you can lose. Like other investment companies, the value of each Portfolio’s shares may be affected by its investment objective, principal investment strategies and particular risk factors. Consequently, each Portfolio may be subject to different
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principal risks. Some of the principal risks of investing in the Portfolios are noted below. However, other factors may also affect each Portfolio’s net asset value. There is no guarantee that a Portfolio will achieve its investment objective or that it will not lose principal value. The following table compares the principal risks of an investment in each Portfolio. For an explanation of each such risk, see “Additional Information about the Transactions – Description of Risk Factors” below.
Risks | Quality Bond PLUS Portfolio | High Yield Portfolio | ||
Asset-Backed Securities Risk | X | |||
Adviser Selection Risk | X | X | ||
Asset Class Risk | X | X | ||
Convertible Securities Risk | X | X | ||
Credit Risk | X | X | ||
Currency Risk | X | X | ||
Derivatives Risk | X | X | ||
Emerging Markets Risk | X | |||
ETF Risk | X | |||
Fixed Income Risk | X | X | ||
Foreign Securities Risk | X | X | ||
Futures and Options Risk | X | |||
Index Fund Risk | X | |||
Interest Rate Risk | X | X | ||
Investment Grade Securities Risk | X | |||
Junk Bonds or Lower Rated Securities Risk | X | |||
Liquidity Risk | X | X | ||
Market Risk | X | X | ||
Mortgage-Backed Securities Risk | X | |||
Multiple Adviser Risk | X | |||
Portfolio Management Risk | X | X | ||
Portfolio Turnover Risk | X | X |
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Securities Lending Risk | X | X | ||
Security Risk | X | X | ||
Security Selection Risk | X | X | ||
Zero Coupon and Pay-in-Kind Securities Risk | X |
Comparative Fee and Expense Tables
The following tables show the fees and expenses of each class of shares of each Portfolio and the estimated pro forma fees and expenses of each class of shares of the Acquiring Portfolio after giving effect to the proposed Reorganization. Fees and expenses for each Portfolio are based on those incurred by each class of its shares for the last fiscal year ended December 31, 2008, as adjusted to reflect the current fees for the Quality Bond PLUS Portfolio. The pro forma fees and expenses of the Acquiring Portfolio Shares assume that the Reorganization has been in effect for the last year ended on that date. The tables do not reflect any Contract-related fees and expenses, which would increase overall fees and expenses.
There are no fees or charges to buy or sell shares of either Portfolio, reinvest dividends or exchange into other portfolios.
Annual Operating Expenses
(expenses that are deducted from Portfolio assets)
High Yield Portfolio | Quality Bond PLUS Portfolio | Pro Forma Quality Bond PLUS Portfolio (assuming the Reorganization is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
Management Fee1 | 0.60 | % | 0.60 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||
Distribution and/or Service Fees (12b-1 fees)† | None | 0.25 | % | None | 0.25 | % | None | 0.25 | % | |||||||||
Other Expenses1 | 0.20 | % | 0.20 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | % | ||||||
Total Annual Portfolio Operating Expenses | 0.80 | % | 1.05 | % | 0.59 | % | 0.84 | % | 0.59 | % | 0.84 | % | ||||||
Less Fee Waiver/Expense Reimbursement2 | (0.00 | )% | (0.00 | )% | N/A | N/A | N/A | N/A | ||||||||||
Net Annual Portfolio Operating Expenses | 0.80 | % | 1.05 | % | 0.59 | % | 0.84 | % | 0.59 | % | 0.84 | % |
† | The maximum annual distribution and/or service (12b-1) fee for a Portfolio’s Class IB shares is 0.50% of the average daily net assets attributable to the Portfolio’s Class IB shares. Under an arrangement approved by the Trust’s Board of Trustees, the distribution and/or service (12b-1) fee currently is limited to 0.25% of the average daily net assets attributable to a Portfolio’s Class IB shares. This arrangement will be in effect at least until April 30, 2010. |
(1) | Restated to reflect current fees for the Quality Bond PLUS Portfolio. |
(2) | Pursuant to a contract, the Manager has agreed to make payments or waive its management, administrative and other fees to limit the expenses of the High Yield Portfolio through April 30, 2010 (unless the Board of Trustees consents to an earlier revision or termination of the arrangement) so that the Annual Portfolio Operating Expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses, fees and expenses of other investment companies in which the Portfolio invests and extraordinary expenses) do not exceed the amount shown above under Net Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future, provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense cap. If the actual expense ratio is less than the expense cap and the Manager has recouped all eligible previous payments made, the Portfolio will be charged such lower expenses. The Manager may discontinue these arrangements at any time after April 30, 2010. |
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This example is intended to help you compare the costs of investing in the Portfolios with the cost of investing in other investment options. The example assumes that:
• | You invest $10,000 in a Portfolio for the time periods indicated; |
• | Your investment has a 5% return each year; |
• | The Portfolio’s operating expenses remain the same; and |
• | If applicable, the expense limitation currently in effect is not renewed. |
This example should not be considered a representation of past or future expenses of the Portfolios. Actual expenses may be higher or lower than those shown. The costs in the example would be the same whether or not you redeemed all of your shares at the end of these periods. This example does not reflect any Contract-related fees and expenses, including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be substantially higher. Similarly, the annual rate of return assumed in the example is not an estimate or guarantee of future investment performance. Based on these assumptions, your costs would be:
High Yield Portfolio | Quality Bond PLUS Portfolio | Pro Forma Quality Bond PLUS Portfolio (assuming the Reorganization is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
1 Year | $ | 82 | $ | 107 | $ | 60 | $ | 86 | $ | 60 | $ | 86 | ||||||
3 Years | $ | 255 | $ | 334 | $ | 189 | $ | 268 | $ | 189 | $ | 268 | ||||||
5 Years | $ | 444 | $ | 579 | $ | 329 | $ | 466 | $ | 329 | $ | 466 | ||||||
10 Years | $ | 990 | $ | 1,283 | $ | 738 | $ | 1,037 | $ | 738 | $ | 1,037 |
Comparative Performance Information
The bar charts below illustrate each Portfolio’s annual total returns for the calendar years indicated and give some indication of the risks of investing in each Portfolio by showing yearly changes in the Portfolio’s performance. The tables below show each Portfolio’s average annual total returns for the periods shown through December 31, 2008 and compare the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for the Quality Bond PLUS Portfolio because prior to December 1, 2008 the Portfolio had different investment strategies and consisted entirely of an actively managed portfolio of fixed income securities managed by a single Adviser. SEC regulations require the Portfolios to disclose this performance information to you, but you should note that it provides a limited basis for comparison between the Portfolios because of the relatively recent changes to the investment policies and strategies of the Acquiring Portfolio. Following the investment strategy change, the Portfolio’s assets are managed by three investment advisers using different investment strategies. If the Portfolio had historically been managed using its current strategies, the performance of the Portfolio may have been different.
Both the bar charts and the tables assume reinvestment of dividends and other distributions. The performance results do not reflect any insurance and Contract-related fees and expenses, which would reduce the performance results.
High Yield Portfolio – Calendar Year Total Returns (Class IB)
-3.87% | -2.55% | 5.91% | 1.51% | 22.64% | 9.70% | 2.72% | 7.95% | 2.81% | -19.08% | |||||||||
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||||||
Best Quarter (% and time period) 7.66% (2003 2nd Quarter) | Worst Quarter (% and time period) -14.32% (2008 4th Quarter) |
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Quality Bond PLUS Portfolio – Calendar Year Total Returns (Class IB)
-2.24% | 11.23% | 8.04% | 7.68% | 3.56% | 3.79% | 1.95% | 3.79% | 4.60% | -6.57% | |||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||||||||
Best Quarter (% and time period) 4.49% (2001 3rd Quarter) | Worst Quarter (% and time period) -3.44% (2008 3rd Quarter) |
High Yield Portfolio - Average Annual Total Returns (For the periods ended December 31, 2008)
One Year | Five Years | Ten Years | |||||||
High Yield Portfolio – Class IA* | -19.08 | % | 0.24 | % | 3.05 | % | |||
High Yield Portfolio – Class IB | -19.08 | % | 0.24 | % | 3.05 | % | |||
Merrill Lynch U.S. High Yield Master Cash Pay Only Index† | -26.21 | % | -0.84 | % | 2.27 | % |
Quality Bond PLUS Portfolio - Average Annual Total Returns (For the periods ended December 31, 2008)
One Year | Five Years | Ten Years | |||||||
Quality Bond PLUS Portfolio – Class IA | -6.36 | % | 1.67 | % | 3.71 | % | |||
Quality Bond PLUS Portfolio – Class IB | -6.57 | % | 1.43 | % | 3.47 | % | |||
Barclays Capital U.S. Aggregate Bond Index† | 5.24 | % | 4.65 | % | 5.63 | % |
* | Class IA shares have not commenced operations. Performance information shown is the performance of Class IB shares which reflects the effect of 12b-1 fees paid by Class IB shares. Class IA shares do not pay any 12b-1 fees. |
† | The Merrill Lynch U.S. High Yield Master Cash Pay Only Index is an unmanaged index that measures the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. The Aggregate Bond Index covers the dollar denominated investment-grade, fixed-rate, taxable bond market, including Treasuries, government-related and corporate securities, MBS pass-through securities (including hybrid ARMs as of April 1, 2007), asset-backed securities, and commercial mortgage-backed securities. To qualify for inclusion in the Aggregate Bond Index, a bond must have at least one year remaining to final maturity and must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rates a security, the rating must be investment grade. The bond also must be dollar-denominated and nonconvertible. |
The following table shows the capitalization of each Portfolio as of December 31, 2008 and of the Quality Bond PLUS Portfolio on a pro forma combined basis as of that date after giving effect to the proposed Reorganizations.
Net Assets (in millions) | Net Asset Value Per Share | Shares Outstanding | |||||||
High Yield Portfolio – Class IA | N/A | N/A | N/A | ||||||
Quality Bond PLUS Portfolio – Class IA | $ | 884.0 | $ | 8.75 | 100,972,858 | ||||
Adjustments* | — | — | — | ||||||
Pro forma Quality Bond PLUS Portfolio – Class IA (assuming the Reorganization is approved) | $ | 884.0 | $ | 8.75 | 100,972,858 | ||||
High Yield Portfolio – Class IB | $ | 196.5 | $ | 3.24 | 60,715,871 | ||||
Quality Bond PLUS Portfolio – Class IB | $ | 410.6 | $ | 8.71 | 47,140,381 | ||||
Adjustments* | — | — | (38,152,136 | ) | |||||
Pro forma Quality Bond PLUS Portfolio – Class IB (assuming the Reorganization is approved) | $ | 607.1 | $ | 8.71 | 69,704,116 |
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* | AXA Equitable is expected to bear the expenses of the Reorganizations as described in “Additional Information about the Transactions - Terms of the Reorganization Plan” below. |
After careful consideration, the Board unanimously approved the Reorganization Plan with respect to the High Yield Portfolio. Accordingly, the Board has submitted the Reorganization Plan for approval by these Portfolios’ shareholders. The Board recommends that you vote “FOR” Proposal 4.
* * * * *
PROPOSAL 5: | APPROVAL OF THE REORGANIZATION PLAN WITH RESPECT TO THE REORGANIZATION OF THE GOVERNMENT SECURITIES PORTFOLIO INTO THE GOVERNMENT BOND INDEX PORTFOLIO. |
This Proposal 5 requests your approval of the Reorganization Plan, pursuant to which the Government Securities Portfolio will be reorganized into the Government Bond Index Portfolio.
In considering whether you should approve this Proposal, you should note that:
• | The Government Securities Portfolio and Government Bond Index Portfolio have similar investment objectives, investment policies, strategies and principal risks. Below is a summary comparison of the two Portfolios. For a detailed comparison of the each Portfolio’s investment objectives, policies, strategies and risks, see “Comparison of Investment Objectives, Policies and Strategies” and “Comparison of Principal Risk Factors” below. |
• | Each Portfolio has an investment objective to achieve a combination of current income and capital appreciation. Each Portfolio also normally invests at least 80% of its net assets in bonds, notes and other obligations either issued or guaranteed by the U.S. Government, its agencies or instrumentalities. In addition, each Portfolio seeks to maintain an average duration that approximates that of the Barclays Capital U.S. Intermediate Government Bond Index (the “Government Bond Index”). In addition, each Portfolio may invest in derivatives and, to a limited extent, in securities of other investment companies, including exchange-traded funds (“ETFs”). |
• | There are also some differences between the Portfolios of which you should be aware. One primary difference between the Portfolios is that the Government Bond Index Portfolio is an index portfolio that seeks to achieve a total return before expenses that approximates the total return performance of the Government Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Government Bond Index as its investment objective, while the Government Securities Portfolio is an actively managed Portfolio with an investment objective to seek to maximize income and capital appreciation through investment in the highest credit quality debt obligations. However, these objectives are similar in that each Portfolio seeks a combination of current income and capital appreciation through investments in U.S. government securities. In addition, while both Portfolios normally invest a substantial portion of their net assets in debt securities, particularly U.S. government securities, the Government Bond Index Portfolio generally invests at least 80% of its net assets, plus borrowings for investment purposes, in debt securities that are included in the Government Bond Index, or other financial instruments that derive their value from those securities, while the Government Securities Portfolio normally invests at least 80% of its net assets, plus borrowings for investment purposes, in bonds, notes and other obligations either issued or guaranteed by the U.S. Government, its agencies or instrumentalities, which may include obligations such as mortgage-backed securities that carry full agency or instrumentality guarantees. Thus, the Government Securities Portfolio potentially can invest in a wider range of debt securities. Furthermore, while both Portfolios may invest in derivatives, the Government Securities Portfolio may do so to a limited extent, while the Government Bond Index Portfolio does not have stated limit. |
• | Each Portfolio is subject to adviser selection risk, asset class risk, fixed income risk, including interest rate risk and mortgage-backed securities risk, market risk, portfolio management risk, securities |
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lending risk, security risk and security selection risk as principal risks. The principal risks of investing in the Government Bond Index Portfolio also include asset-backed securities risk, credit risk, derivatives risk, including futures and options risk, ETF risk, index fund risk, investment grade securities risk and zero coupon risk, which are not principal risks of investing in the Government Securities Portfolio. |
• | AXA Equitable (“Manager”) serves as the investment manager and administrator for each Portfolio and would continue to manage and administer the Government Bond Index Portfolio after the Reorganization. AXA Equitable has received an exemptive order from the SEC that generally permits AXA Equitable and the Board to appoint, dismiss and replace each Portfolio’s investment sub-adviser(s) (“Adviser”) and to amend the advisory agreements between AXA Equitable and the Advisers without obtaining shareholder approval. BlackRock Financial Management, Inc. currently serves as the Adviser for the Government Securities Portfolio. SSgA Funds Management, Inc. currently serves as the Adviser for the Government Bond Index Portfolio and it is anticipated that it will continue to advise the Government Bond Index Portfolio after the Reorganization. For a detailed description of the Manager and the Government Bond Index Portfolio’s Adviser, please see “Additional Information about the Acquiring Portfolios - The Manager” and “- The Advisers” below. |
• | The Government Securities Portfolio and Government Bond Index Portfolio had net assets of approximately $60.8 million and $790.3 million, respectively, as of December 31, 2008. Thus, if the Reorganization had been in effect on that date, the combined Portfolio would have had net assets of approximately $851.1 million. |
• | Class IA shareholders of the Government Securities Portfolio will receive Class IA shares of the Government Bond Index Portfolio, and Class IB shareholders of the Government Securities Portfolio will receive Class IB shares of the Government Bond Index Portfolio, pursuant to the Reorganization. Shareholders will not pay any sales charges in connection with the Reorganization. Please see “Comparative Fee and Expense Tables,” “Additional Information about the Transactions” and “Additional Information about the Acquiring Portfolios” below for more information. |
• | It is estimated that the annual operating expense ratios for Government Bond Index Portfolio’s Class IA and Class IB shares, immediately following the Reorganization, will be lower than those of the Government Securities Portfolio’s Class IA and Class IB shares, respectively, for the last fiscal year, before and after taking into account the expense limitation arrangement that is in effect for the Government Securities Portfolio and after taking into account adjustments to reflect the current fees for the Government Bond Index Portfolio. The expense limitation arrangement for the Government Securities Portfolio will be in effect until April 30, 2010, and may be considered for renewal by AXA Equitable and the Board of Trustees of the Trust annually thereafter. For a more detailed comparison of the fees and expenses of the Portfolios, please see “Comparative Fee and Expense Tables” and “Additional Information about the Acquiring Portfolios” below. |
• | The maximum management fee for each of the Government Securities Portfolio is equal to an annual rate of 0.50% of its average daily net assets, while the maximum management fee for the Government Bond Index Portfolio is equal to an annual rate of 0.35% of its average daily net assets. The administration fee schedule for each Portfolio is $30,000 per year, plus the Portfolio’s proportionate share of the Trust’s administration fee for portfolios with a single Adviser, which is equal to an annual rate of 0.12% of the first $3 billion of total the Trust average daily net assets (exclusive of certain portfolios), 0.11% of the next $3 billion, 0.105% of the next $4 billion, 0.10% of the next $20 billion and 0.0975% thereafter. For a more detailed description of the fees and expenses of the Portfolios, please see “Comparative Fee and Expense Tables” and “Additional Information about the Acquiring Portfolios” below. |
• | Following the Reorganization, the combined Portfolio will be managed in accordance with the investment objective, policies and strategies of the Government Bond Index Portfolio. It is not expected that the Government Bond Index Portfolio will revise any of its investment policies following the Reorganization to reflect those of the Government Securities Portfolio. AXA Equitable has reviewed Government Securities |
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Portfolio’s current portfolio holdings and determined that they generally are compatible with the Government Bond Index Portfolio’s investment objective and policies. Thus, AXA Equitable believes that, if the Reorganization is approved, all or a substantial portion of those holdings could be transferred to and held by the Government Bond Index Portfolio. However, it is expected that some of those holdings may not remain at the time of the Reorganization due to normal portfolio turnover. It is also expected that, if the Reorganization is approved, the Government Securities Portfolio’s holdings that are not compatible with the Government Bond Index Portfolio’s investment objective and policies will be liquidated in an orderly manner in connection with the Reorganization, and the proceeds of these sales held in temporary investments or reinvested in assets that are consistent with that investment objective and policies. The portion of the Government Securities Portfolio’s assets that will be liquidated in connection with the Reorganization will depend on market conditions and on the assessment by AXA Equitable and the Government Bond Index Portfolio’s Adviser of the compatibility of those holdings with the Government Bond Index Portfolio’s portfolio composition and investment objective and policies at the time of the Reorganization. The need for a Portfolio to sell investments in connection with the Reorganization may result in its selling securities at a disadvantageous time and price and could result in its realizing gains (or losses) that would not otherwise have been realized and incurring transaction costs that would not otherwise have been incurred. |
• | AXA Equitable is expected to bear the costs associated with the Reorganization, including the costs associated with obtaining shareholder approval of the Reorganization, but excluding brokerage and similar expenses in connection with the Reorganization, which will be borne by the Portfolios. Please see “Additional Information about the Transactions” below for more information. |
Comparison of Investment Objectives, Policies and Strategies
The following table compares the investment objectives and principal investment policies and strategies of the Government Securities Portfolio with those of the Government Bond Index Portfolio. The Board may change the investment objective of a Portfolio without a vote of the Portfolio’s shareholders.
Acquiring Portfolio | Acquired Portfolio | |
Government Bond Index Portfolio | Government Securities Portfolio | |
Investment Objective | ||
Seeks to achieve a total return before expenses that approximates the total return performance of the Government Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Government Bond Index. | Seeks to maximize income and capital appreciation through investment in the highest credit quality debt obligations. | |
Principal Investment Strategies | ||
The Portfolio generally invests at least 80% of its net assets, plus borrowings for investment purposes, in debt securities that are included in the Government Bond Index, or other financial instruments that derive their value from those securities. The Government Bond Index is an unmanaged index that measures the performance of securities consisting of all U.S. Treasury and agency securities with remaining maturities of from one to ten years and issue amounts of at least $100 million outstanding. | The Portfolio invests in bonds, notes and other obligations either issued or guaranteed by the U.S. Government, its agencies or instrumentalities. Under normal market conditions, at least 80% of the Portfolio’s net assets, plus borrowings for investment purposes, are invested in such securities. This may include obligations such as mortgage-backed securities that carry full agency or instrumentality guarantees. | |
While complete replication of the Government Bond Index is not practicable, the Adviser will employ a | No corresponding strategy; however, specific securities in the Portfolio can have expected maturities as short |
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stratified sample approach to build a portfolio whose broad characteristics match those of the Government Bond Index. Individual securities holdings may differ from the Government Bond Index, and the Portfolio may not track the performance of the Government Bond Index perfectly due to the expenses and the transaction costs, the size and frequency of cash flow into and out of the Portfolio, and differences between how and when the Portfolio and the Government Bond Index are valued. | as one day or as long as 30 years or more, but the Portfolio as a whole is expected to have an average duration within a range of 20% above or below the duration of the Government Bond Index. | |
The Adviser may also purchase or sell futures contracts on fixed-income securities in lieu of investment directly in fixed-income securities themselves. The Adviser may also purchase or sell futures contracts on the Government Bond Index (or other fixed-income securities indices), if and when they become available. | The Portfolio may invest, to a limited extent, in derivatives, including futures contracts. | |
The Portfolio may invest in other investment companies, including exchange-traded funds (“ETFs”) that invest in securities comprising the Government Bond Index. When the Portfolio invests in ETFs or other investment companies, the Portfolio bears a proportionate share of expenses charged by the investment company in which it invests. | The Portfolio may invest, to a limited extent, in other investment companies, including ETFs. | |
The Portfolio also may seek to increase income by lending portfolio securities with a value up of to 33.33% of its net assets to broker-dealers. | The Portfolio may borrow securities with a value of up to 33.3% of its net assets. |
Comparison of Principal Risk Factors
Risk is the chance that you will lose money on your investment or that it will not earn as much as you expect. In general, the greater the risk, the more money your investment can earn for you and the more you can lose. Like other investment companies, the value of each Portfolio’s shares may be affected by its investment objective, principal investment strategies and particular risk factors. Consequently, each Portfolio may be subject to different principal risks. Some of the principal risks of investing in the Portfolios are noted below. However, other factors may also affect each Portfolio’s net asset value. There is no guarantee that a Portfolio will achieve its investment objective or that it will not lose principal value. The following table compares the principal risks of an investment in each Portfolio. For an explanation of each such risk, see “Additional Information about the Transactions – Description of Risk Factors” below.
Risks | Government Bond Index Portfolio | Government Securities Portfolio | ||
Asset-Backed Securities Risk | X | |||
Adviser Selection Risk | X | X | ||
Asset Class Risk | X | X | ||
Credit Risk | X | |||
Derivatives Risk | X |
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ETF Risk | X | |||
Fixed Income Risk | X | X | ||
Futures and Options Risk | X | |||
Index Fund Risk | X | |||
Interest Rate Risk | X | X | ||
Investment Grade Securities Risk | X | |||
Market Risk | X | X | ||
Mortgage-Backed Securities Risk | X | X | ||
Portfolio Management Risk | X | X | ||
Securities Lending Risk | X | X | ||
Security Risk | X | X | ||
Security Selection Risk | X | X | ||
Zero Coupon Risk | X |
Comparative Fee and Expense Tables
The following tables show the fees and expenses of each class of shares of each Portfolio and the estimated pro forma fees and expenses of each class of shares of the Acquiring Portfolio after giving effect to the proposed Reorganization. Fees and expenses for each Portfolio are based on those incurred by each class of its shares for the last fiscal year ended December 31, 2008, as adjusted to reflect the current fees for the Government Bond Index Portfolio. The pro forma fees and expenses of the Acquiring Portfolio Shares assume that the Reorganization has been in effect for the last year ended on that date. The tables do not reflect any Contract-related fees and expenses, which would increase overall fees and expenses.
There are no fees or charges to buy or sell shares of either Portfolio, reinvest dividends or exchange into other portfolios.
Annual Operating Expenses
(expenses that are deducted from Portfolio assets)
Government Securities Portfolio | Government Bond Index Portfolio | Pro Forma Government Bond Index Portfolio (assuming the Reorganization is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
Management Fee1 | 0.50 | % | 0.50 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||
Distribution and/or Service Fees (12b-1 fees)† | None | 0.25 | % | None | 0.25 | % | None | 0.25 | % | |||||||||
Other Expenses | 0.29 | % | 0.29 | % | 0.14 | % | 0.14 | % | 0.14 | % | 0.14 | % | ||||||
Total Annual Portfolio Operating Expenses | 0.79 | % | 1.04 | % | 0.49 | % | 0.74 | % | 0.49 | % | 0.74 | % | ||||||
Less Fee Waiver/Expense Reimbursement2 | (0.04 | )% | (0.04 | )% | N/A | N/A | N/A | N/A | ||||||||||
Net Annual Portfolio Operating Expenses | 0.75 | % | 1.00 | % | 0.49 | % | 0.74 | % | 0.49 | % | 0.74 | % |
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† | The maximum annual distribution and/or service (12b-1) fee for a Portfolio’s Class IB shares is 0.50% of the average daily net assets attributable to the Portfolio’s Class IB shares. Under an arrangement approved by the Trust’s Board of Trustees, the distribution and/or service (12b-1) fee currently is limited to 0.25% of the average daily net assets attributable to a Portfolio’s Class IB shares. This arrangement will be in effect at least until April 30, 2010. |
(1) | Restated to reflect current fees for the Government Bond Index Portfolio. |
(2) | Pursuant to a contract, the Manager has agreed to make payments or waive its management, administrative and other fees to limit the expenses of the Government Securities Portfolio through April 30, 2010 (unless the Board of Trustees consents to an earlier revision or termination of the arrangement) so that the Annual Portfolio Operating Expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses, fees and expenses of other investment companies in which the Portfolio invests and extraordinary expenses) do not exceed the amount shown above under Net Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future, provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense cap. If the actual expense ratio is less than the expense cap and the Manager has recouped all eligible previous payments made, the Portfolio will be charged such lower expenses. The Manager may discontinue these arrangements at any time after April 30, 2010. |
This example is intended to help you compare the costs of investing in the Portfolios with the cost of investing in other investment options. The example assumes that:
• | You invest $10,000 in a Portfolio for the time periods indicated; |
• | Your investment has a 5% return each year; |
• | The Portfolio’s operating expenses remain the same; and |
• | If applicable, the expense limitation currently in effect is not renewed. |
This example should not be considered a representation of past or future expenses of the Portfolios. Actual expenses may be higher or lower than those shown. The costs in the example would be the same whether or not you redeemed all of your shares at the end of these periods. This example does not reflect any Contract-related fees and expenses, including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be substantially higher. Similarly, the annual rate of return assumed in the example is not an estimate or guarantee of future investment performance. Based on these assumptions, your costs would be:
Government Securities Portfolio | Government Bond Index Portfolio | Pro Forma Government Bond Index Portfolio (assuming the Reorganization is approved) | ||||||||||||||||
Class IA | Class IB | Class IA | Class IB | Class IA | Class IB | |||||||||||||
1 Year | $ | 77 | $ | 102 | $ | 50 | $ | 76 | $ | 50 | $ | 76 | ||||||
3 Years | $ | 248 | $ | 327 | $ | 157 | $ | 237 | $ | 157 | $ | 237 | ||||||
5 Years | $ | 435 | $ | 570 | $ | 274 | $ | 411 | $ | 274 | $ | 411 | ||||||
10 Years | $ | 974 | $ | 1,267 | $ | 616 | $ | 918 | $ | 616 | $ | 918 |
Comparative Performance Information
The bar charts below illustrate each Portfolio’s annual total returns for the calendar years indicated and give some indication of the risks of investing in each Portfolio by showing yearly changes in the Portfolio’s performance. The tables below show each Portfolio’s average annual total returns for the periods shown through December 31, 2008 and compare the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for the Government Securities Portfolio because a different Adviser advised the Portfolio prior to October 1, 2006. In addition, this may be particularly true for the Government Bond Index Portfolio because prior to January 15, 2009, the Portfolio had a different investment strategy and consisted entirely of an actively managed portfolio of fixed income securities. SEC regulations require the Portfolios to disclose this performance information to you, but you should note that it provides a limited basis for comparison between the Portfolios because of the relatively recent changes to the investment policies and strategies of the Acquiring Portfolio. If the Portfolio had historically been managed using its current strategy, the performance of the Portfolio may have been different. The Government Bond Index Portfolio was advised by a different Adviser prior to January 15, 2009.
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Both the bar charts and the tables assume reinvestment of dividends and other distributions. The performance results do not reflect any insurance and Contract-related fees and expenses, which would reduce the performance results.
Government Securities Portfolio – Calendar Year Total Returns (Class IB)*
0.23% | 9.28% | 6.17% | 6.20% | 1.36% | 1.12% | 1.05% | 3.36% | 6.41% | 3.18% | |||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||||||||
Best Quarter (% and time period) 3.57% (2000 4th Quarter) | Worst Quarter (% and time period) -1.24% (2004 2nd Quarter) |
Government Bond Index Portfolio – Calendar Year Total Returns (Class IB)
-0.24% | 8.94% | 7.98% | 8.58% | 2.10% | 1.97% | 1.24% | 3.07% | 6.97% | 3.19% | |||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||||||||
Best Quarter (% and time period) 4.83% (2001 3rd Quarter) | Worst Quarter (% and time period) -2.35% (2004 2nd Quarter) |
Government Securities Portfolio - Average Annual Total Returns (For the periods ended December 31, 2008)
One Year | Five Years | Ten Years | |||||||
Government Securities Portfolio – Class IA | 3.43 | % | 3.27 | % | 4.12 | % | |||
Government Securities Portfolio – Class IB* | 3.18 | % | 3.00 | % | 3.81 | % | |||
Barclays Capital U.S. Intermediate Government Bond Index† | 10.43 | % | 5.30 | % | 5.74 | % |
Government Bond Index Portfolio - Average Annual Total Returns (For the periods ended December 31, 2008)
One Year | Five Years | Ten Years | |||||||
Government Bond Index Portfolio – Class IA | 3.56 | % | 3.58 | % | 4.63 | % | |||
Government Bond Index Portfolio – Class IB | 3.19 | % | 3.33 | % | 4.36 | % | |||
Barclays Capital U.S. Intermediate Government Bond Index† | 10.43 | % | 5.30 | % | 5.74 | % |
* | Class IB shares have not commenced operations. Performance information shown is the performance of the Class IA shares of the Portfolio adjusted to reflect the 12b-1 fees paid by Class IB Shares. |
† | Barclays Capital U.S. Intermediate Government Bond Index is an unmanaged index of securities consisting of all U.S. Treasury and agency securities with remaining maturities of from one to ten years and issue amounts of at least $100 million outstanding. |
The following table shows the capitalization of each Portfolio as of December 31, 2008 and of the Government Bond Index Portfolio on a pro forma combined basis as of that date after giving effect to the proposed Reorganizations.
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Net Assets (in millions) | Net Asset Value Per Share | Shares Outstanding | ||||||
Government Securities Portfolio – Class IA | $ | 60.8 | $ | 10.86 | 5,597,420 | |||
Government Bond Index Portfolio – Class IA | $ | 233.1 | $ | 9.89 | 23,566,905 | |||
Adjustments* | 547,069 | |||||||
Pro forma Government Bond Index Portfolio – Class IA (assuming the Reorganization is approved) | $ | 293.9 | $ | 9.89 | 29,711,394 | |||
Government Securities Portfolio – Class IB | N/A | N/A | N/A | |||||
Government Bond Index Portfolio – Class IB | $ | 557.2 | $ | 9.83 | 56,658,975 | |||
Adjustments* | ||||||||
Pro forma Government Bond Index Portfolio – Class IB (assuming the Reorganization is approved) | $ | 557.2 | $ | 9.83 | 56,658,975 |
* | AXA Equitable is expected to bear the expenses of the Reorganizations as described in “Additional Information about the Transactions - Terms of the Reorganization Plan” below. |
After careful consideration, the Board unanimously approved the Reorganization Plan with respect to the Government Securities Portfolio. Accordingly, the Board has submitted the Reorganization Plan for approval by these Portfolios’ shareholders. The Board recommends that you vote “FOR” Proposal 5.
* * * * *
ADDITIONAL INFORMATION ABOUT THE TRANSACTIONS
Terms of the Reorganization Plan
The terms and conditions under which the Reorganizations would be completed are contained in the Reorganization Plan. The following summary thereof is qualified in its entirety by reference to the Reorganization Plan, a copy of which is attached to this Proxy Statement/Prospectus as Appendix A.
Each Reorganization involves an Acquiring Portfolio acquiring all the assets of the corresponding Acquired Portfolio in exchange solely for Acquiring Portfolio Shares equal in net asset value (as determined in accordance with the Trust’s normal valuation procedures), by class, to the outstanding Acquired Portfolio Shares and the Acquiring Portfolio’s assumption of the Acquired Portfolio’s liabilities. The Reorganization Plan further provides that, on or as promptly as reasonably practicable after the Closing Date, each Acquired Portfolio will distribute the Acquiring Portfolio Shares it receives in the Reorganization to its shareholders, for the benefit of the Separate Accounts, as applicable, and thus the Contractholders, by class. The number of full and fractional Acquiring Portfolio Shares each shareholder will receive (for the benefit of each Separate Account, as applicable) will be equal in net asset value, as of immediately after the close of business (generally 4:00 p.m., Eastern time) on the Closing Date, to the corresponding Acquired Portfolio Shares the shareholder holds at that time (for the benefit thereof, as applicable). After such distribution, the Trust will take all necessary steps under its Amended and Restated Declaration of Trust, as amended (“Declaration”), and Delaware and any other applicable law to effect a complete termination of each Acquired Portfolio.
The Board may terminate the Reorganization Plan with respect to, and abandon, any Reorganization or all Reorganizations at any time prior to the Closing Date, before or after approval by the relevant Acquired Portfolio’s shareholders, if circumstances develop that, in the Board’s opinion, make proceeding with a Reorganization inadvisable for a Portfolio. The completion of each Reorganization also is subject to various conditions, including approval of the applicable Proposal by the Acquired Portfolio’s shareholders, completion of all filings with, and receipt of all necessary approvals from, the SEC, delivery of a legal opinion regarding the federal tax consequences of the Reorganization (see below) and other customary corporate and securities matters. Subject to the satisfaction of those conditions, each Reorganization will take place immediately after the close of business on the Closing Date.
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The Board, including the Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust (“Independent Trustees”), has determined, with respect to each Portfolio, that the interests of its shareholders will not be diluted as a result of its Reorganization and that participation in that Reorganization is in the best interests of that Portfolio.
The expenses of the Reorganizations, including the costs associated with obtaining shareholder approval of the Reorganization Plan, but excluding the brokerage and similar expenses in connection the Reorganizations, are expected to be borne by AXA Equitable. Such brokerage and similar expenses will be borne by the Portfolio incurring such expenses.
Approval of the Reorganization Plan with respect to each Acquired Portfolio covered thereby will require a majority vote of its shareholders. Such majority is defined in the 1940 Act as the lesser of (i) 67% or more of the voting securities of the Portfolio present at a meeting, if the holders of more than 50% of its outstanding voting securities are present or represented by proxy, or (ii) more than 50% of its outstanding voting securities. If the Reorganization Plan is not approved with respect to an Acquired Portfolio by its shareholders or its Reorganization is not consummated for any other reason, the Board will consider other possible courses of action. The consummation of any one Reorganization is not contingent on the consummation of any other Transaction. Please see “Voting Information” below for more information.
The terms and conditions under which the Asset Exchange would be completed are contained in the Exchange Plan. The following summary thereof is qualified in its entirety by reference to the Exchange Plan, a copy of which is attached to this Proxy Statement/Prospectus as Appendix B. (The Plans are very similar, the principal difference between them being the exclusion from the Exchange Plan of provisions designed to comply with the requirements for a tax-free reorganization for federal income tax purposes.)
The Asset Exchange involves the Ultra Short Bond Portfolio (the “Acquiring Portfolio” in the following discussion) acquiring all the assets of the Long/Short Portfolio (the “Acquired Portfolio” in the following discussion) in exchange solely for Acquiring Portfolio Shares equal in net asset value (as determined in accordance with the Trust’s normal valuation procedures), by class, to the outstanding Acquired Portfolio Shares and the Acquiring Portfolio’s assumption of the Acquired Portfolio’s liabilities. The Exchange Plan further provides that, on or as promptly as reasonably practicable after the Closing Date, the Acquired Portfolio will distribute the Acquiring Portfolio Shares it receives in the Asset Exchange to its shareholders, for the benefit of the Separate Accounts, as applicable, and thus the Contractholders, by class. The number of full and fractional Acquiring Portfolio Shares each shareholder will receive (for the benefit of each Separate Account, as applicable) will be equal in net asset value, as of immediately after the close of business (generally 4:00 p.m., Eastern time) on the Closing Date, to the Acquired Portfolio Shares the shareholder holds at that time (for the benefit thereof, as applicable). After such distribution, the Trust will take all necessary steps under the Declaration and Delaware and any other applicable law to effect a complete termination of the Acquired Portfolio.
The Board may terminate the Exchange Plan, and abandon the Asset Exchange, at any time prior to the Closing Date, before or after approval by the Acquired Portfolio’s shareholders, if circumstances develop that, in the Board’s opinion, make proceeding with the Asset Exchange inadvisable for a Portfolio. The completion of the Asset Exchange also is subject to various conditions, including approval of the applicable Proposal by the Acquired Portfolio’s shareholders, completion of all filings with, and receipt of all necessary approvals from, the SEC, delivery of a legal opinion regarding the federal tax consequences of the Asset Exchange (see below) and other customary corporate and securities matters. Subject to the satisfaction of those conditions, the Asset Exchange will take place immediately after the close of business on the Closing Date.
The Board, including the Independent Trustees, has determined, with respect to each Portfolio, that the interests of its shareholders will not be diluted as a result of the Asset Exchange and that participation in the Asset Exchange is in the best interests of that Portfolio.
The expenses of the Asset Exchange, including the costs associated with obtaining shareholder approval of the Exchange Plan, but excluding the brokerage and similar expenses in connection the Asset Exchange, are expected to be borne by AXA Equitable. Such brokerage and similar expenses will be borne by the Portfolio incurring such expenses.
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Approval of the Exchange Plan will require a majority vote of the Acquired Portfolio’s shareholders. Such majority is defined in the 1940 Act as the lesser of (i) 67% or more of the voting securities of the Portfolio present at a meeting, if the holders of more than 50% of its outstanding voting securities are present or represented by proxy, or (ii) more than 50% of its outstanding voting securities. If the Exchange Plan is not approved by the Acquired Portfolio’s shareholders or the Asset Exchange is not consummated for any other reason, the Board will consider other possible courses of action. The consummation of the Asset Exchange is not contingent on the consummation of any Reorganization. Please see “Voting Information” below for more information.
Description of the Securities to Be Issued
The shareholders of each Acquired Portfolio will receive Class IA or Class IB shares of the corresponding Acquiring Portfolio in accordance with the procedures provided for in the applicable Plan. Each such share will be fully paid and non-assessable by the Trust when issued and will have no preemptive or conversion rights.
The Trust may issue an unlimited number of authorized shares of beneficial interest, par value $0.001 per share. The Declaration authorizes the Board to issue shares in different series and classes. In addition, the Declaration authorizes the Board to create new series and to name the rights and preferences of the shareholders of each series. The Board does not need additional shareholder action to divide the shares into separate series or classes or to name the shareholders’ rights and preferences. Each Acquiring Portfolio is a series of the Trust.
The Trust currently offers two classes of shares – Class IA and Class IB shares. The Trust has adopted, in the manner prescribed under Rule 12b-1 under the 1940 Act, a plan of distribution pertaining to the Class IB shares of the Acquiring Portfolios. The maximum distribution and/or service (12b-1) fee for each Acquiring Portfolio’s Class IB shares is equal to an annual rate of 0.50% of the average daily net assets attributable to those shares. That fee is currently limited to an annual rate of 0.25% of the average daily net assets attributable to those shares and may not be increased without the approval of the Board. Because these distribution/service fees are paid out of an Acquiring Portfolio’s assets on an ongoing basis, over time these fees will increase your cost of investing and may cost more than paying other types of charges.
At a meeting of the Board held on May 21, 2009, AXA Equitable’s representatives (“management”) recommended that each Acquired Portfolio be reorganized into the corresponding Acquiring Portfolio. Management noted that it believed that the Transactions would be beneficial to the shareholders invested in the Acquired Portfolios because each Transaction would provide a means by which Contractholders with amounts allocated to an Acquired Portfolio could pursue similar investment objectives in the context of a larger fund with the potential for less volatility and better growth prospects, greater opportunities for portfolio diversification and the potential for lower expenses through greater economies of scale. Management also noted that AXA Equitable had determined that it would no longer offer the Acquired Portfolios as investment options in new Contracts that offered death benefit, income benefit and other guarantees to Contractholders and that it may cease offering the Acquired Portfolios as investment options in existing Contracts because the Acquired Portfolios had either underperformed expectations and/or invested in potentially volatile asset classes that were difficult for AXA Equitable to hedge in connection with offering such guarantees. Management further noted that this decision potentially could limit each Acquired Portfolio’s future growth prospects and its corresponding ability to achieve economies of scale and greater portfolio diversification.
In determining whether to approve the Plans with respect to the Acquired Portfolios and recommend their approval to shareholders, the Board, including the Independent Trustees, with the advice and assistance of independent legal counsel, inquired into a number of matters and considered the following factors, among others: (1) the potential benefits of the Transactions to shareholders, including the greater potential to increase the assets of the Acquired Portfolios and to realize economies of scale in the Acquired Portfolios’ expenses and portfolio management as a result of asset growth; (2) comparisons of the Portfolios’ investment objectives, policies, strategies and risks; (3) the effect of a Transaction on an Acquired Portfolio’s annual operating expenses and shareholder costs; (4) the relative historical performance records of the Portfolios; (5) the direct or indirect federal income tax consequences of the Transactions to shareholders and Contractholders; (6) the terms and conditions of the Plans and whether the Transactions would result in dilution of shareholder interests; (7) the
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potential benefits of the Transactions to other persons, including AXA Equitable and its affiliates as discussed below in the section entitled “Potential Benefits of the Transactions to AXA Equitable”; and (8) possible alternatives to the Transactions, including the potential benefits and detriments of maintaining the current structure.
In connection with the Board’s consideration of the proposed Transactions, the Independent Trustees requested, and management provided the Board, information regarding the factors set forth above as well as other information relating to the Transactions.
In reaching the decision to recommend approval of the Transactions, the Board, including the Independent Trustees, concluded that each Portfolio’s participation in the relevant Transaction is in its best interests and that the interests of existing shareholders of that Portfolio would not be diluted as a result of the Transaction. The Board’s conclusion was based on a number of factors, including the following:
• | The Transactions will permit shareholders invested in each Acquired Portfolio to continue to allocate amounts to a Portfolio that pursues a similar investment objective, and in most cases similar investment policies and strategies, and that is part of a larger combined portfolio with the potential for less volatility and better growth prospects, greater opportunities for portfolio diversification and the potential for lower expenses through greater economies of scale. |
• | The net annual operating expense ratios for the Class IA and Class IB shares of each Acquiring Portfolio are expected to be comparable to, or lower than, those of the corresponding classes of shares of the corresponding Acquired Portfolio for the last fiscal year (restated to reflect current fees). |
• | AXA Equitable will continue to serve as the investment manager and administrator of the Acquiring Portfolios following the Transactions, and the current Advisers to the Acquiring Portfolios will continue to serve as the Advisers to those Portfolios. |
• | As a result of the Transactions, each shareholder of Class IA or Class IB shares of an Acquired Portfolio would hold, immediately after the Closing Date, Class IA or Class IB shares of the corresponding Acquiring Portfolio, as applicable, having an aggregate value equal to the aggregate value of the relevant Acquired Portfolio Shares such shareholder holds as of the Closing Date. |
• | The Transactions will be effected on the basis of each participating Portfolio’s net asset value, which will be determined in connection with each Transaction in accordance with the Trust’s normal valuation procedures, which are identical for all of the Trust’s Portfolios. |
• | Shareholders will not pay sales charges in connection with the Transactions. |
• | The Transactions are not expected to have any adverse tax results to Contractholders. |
• | AXA Equitable is expected to bear the costs associated with the Transactions, excluding brokerage and similar expenses in connection with the Transactions. |
On the basis of the information provided to it and its evaluation of that information, the Board, including the Independent Trustees, voted unanimously to approve each Plan and to recommend that the shareholders of each Acquired Portfolio also approve the relevant Plan.
Potential Benefits of the Transactions to AXA Equitable
AXA Equitable may realize benefits in connection with the Transactions. For example, the fees payable to AXA Equitable and its affiliates with respect to certain Acquiring Portfolios, or the profitability of those fees to AXA Equitable and its affiliates, may be higher than the fees payable by the corresponding Acquired Portfolios, or the profits derived from those fees. In addition, certain Transactions will reduce or eliminate AXA Equitable’s obligations under expense limitation arrangements in effect for certain Portfolios by reorganizing Acquired Portfolios that are currently subject to lower expense limitation arrangements into Acquiring Portfolios that are subject to either a higher expense limit or no expense limit. The elimination or reduction of certain expense limits may result in increased profits to AXA Equitable from the fees it receives with respect to the Portfolios. Certain Transactions also may enable AXA Equitable to recoup certain fees and expenses previously waived or reimbursed, subject to the terms of the expense limitation arrangements in effect for the applicable Portfolio.
In addition, the Portfolios are offered and sold through Contracts issued by AXA Equitable and its affiliates that may provide certain death benefit, income benefit or other guarantees to Contract owners. In providing these guarantees, AXA Equitable assumes the risk that Contract owner account values will not be sufficient to pay the guaranteed amounts when due, and therefore that AXA Equitable will have to use its own resources to cover any shortfall. AXA Equitable may enter into hedging transactions from time to time that are intended to help manage its risks under these guarantees. The Transactions described in this Proxy Statement/Prospectus may enhance AXA Equitable’s ability to manage this risk, for example, by eliminating Portfolios that have underperformed expectations and reducing or eliminating exposure to certain potentially volatile asset classes that may be difficult to hedge. This could have a positive impact on AXA Equitable’s profitability and/or financial position.
Adviser Selection Risk: The risk that AXA Equitable’s process for selecting or replacing an Adviser and its decision to select or replace an Adviser does not produce the intended results.
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Asset Class Risk: There is the risk that the returns from the types of securities in which a Portfolio or portion thereof invests will underperform the general securities markets or different asset classes. Different types of securities and asset classes tend to go through cycles of outperformance and underperformance in comparison to the general securities markets.
Convertible Securities Risk: Convertible securities may include both convertible debt and convertible preferred stock. Such securities may be converted into shares of the underlying common stock at either a stated price or stated rate. Therefore, convertible securities enable the holder to benefit from increases in the market price of the underlying common stock. Convertible securities provide higher yields than the underlying common stock, but generally offer lower yields than nonconvertible securities of similar quality. The value of convertible securities fluctuates in relation to changes in interest rates and, in addition, fluctuates in relation to the underlying common stock. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security’s governing instrument. If a convertible security held by a Portfolio or portion thereof is called for redemption, the Portfolio or portion thereof will be required to permit the issuer to redeem the security, convert it into underlying common stock or sell it to a third party. Investments by certain of the Portfolios in convertible debt securities are not subject to any ratings restrictions, although each Adviser will consider such ratings, and any changes in such ratings, in its determination of whether a Portfolio should invest and/or continue to hold the securities.
Derivatives Risk: Derivatives are financial contracts whose value is based on the value of an underlying asset, reference rate or index. A Portfolio’s or portion thereof’s investment in derivatives may rise or fall more rapidly than other investments. These transactions are subject to changes in the underlying security on which such transactions are based. Even a small investment in derivative securities can have a significant impact on a Portfolio’s or portion thereof’s exposure to stock market values, interest rates or currency exchange rates. Derivatives are subject to a number of risks such as liquidity risk, interest rate risk, market risk, credit risk and portfolio management risk depending on the type of underlying asset, reference rate or index. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of a derivative may not correlate well with the underlying asset, reference rate or index. These types of transactions will be used primarily as a substitute for taking a position in the underlying asset and/or for hedging purposes. When a derivative security is used as a hedge against an offsetting position that a Portfolio or portion thereof also holds, any loss generated by the derivative security should be substantially offset by gains on the hedged instrument, and vice versa. To the extent that a Portfolio or portion thereof uses a derivative security for purposes other than as a hedge, that Portfolio or portion thereof is directly exposed to the risks of that derivative security and any loss generated by the derivative security will not be offset by a gain.
Futures and Options Risk: To the extent a Portfolio uses futures and options, it is exposed to additional volatility and potential losses.
Equity Risk: Stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or over extended periods. The value of such securities will change based on changes in a company’s financial condition and in overall market and economic conditions.
Exchange-Traded Funds Risk: When a Portfolio or portion thereof invests in ETFs, it will indirectly bear fees and expenses charged by the ETFs in addition to the Portfolio’s direct fees and expenses. Therefore, the cost of investing in the Portfolio may be higher than the cost of investing in mutual funds that invest directly in individual stocks and bonds. In addition, when a Portfolio or portion thereof invests in an ETF, it is subject to the risks associated with the underlying securities in which that ETF invests. ETFs may also change their investment objectives or policies without the approval of the Portfolio or portion thereof. If that were to occur, the Portfolio or portion thereof might be forced to withdraw its investment from the ETF at a time and price that is unfavorable to the Portfolio or portion thereof. Most ETFs are not actively managed. An ETF invests in the securities included in, or representative of, its underlying index regardless of their investment merit or market trends. It is possible for an ETF to miss out on an investment opportunity because the assets necessary to take advantage of it are tied up in less profitable investments. In addition, ETFs do not change their investment strategies to respond to changes in the economy. This means that an ETF may be particularly susceptible to a general decline in the market segment relating to the underlying index. Imperfect correlation between an ETF’s securities and those in the index it seeks to track, rounding of prices, changes to the indices and regulatory policies may cause an ETF’s performance to not match the performance of its
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index. No ETF fully replicates its index and may hold securities not included in the index. Therefore, there is a risk that the investment strategy of the manager of an ETF may not produce the intended results. Moreover, there is the risk that an ETF may value certain securities at a higher price than it can sell them for. Secondary market trading in shares of ETFs may be halted by a national securities exchange because of market conditions or for other reasons. In addition, trading in these shares is subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules. There can be no assurance that the requirements necessary to maintain the listing of the shares will continue to be met or will remain unchanged. In addition, although ETFs are listed for trading on national securities exchanges and certain foreign exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained. The market price of an ETF may be different from the net asset value of such ETF (i.e., an ETF may trade at a discount or premium to its net asset value). The performance of a Portfolio or portion thereof that invests in such an ETF could be adversely impacted.
Fixed Income Risk: To the extent that any of the Portfolios invests a substantial amount of assets in fixed income securities, a Portfolio may be subject to the following risks:
Asset-Backed Securities Risk: Asset-backed securities represent interests in pools of consumer loans such as credit card receivables, automobile loans and leases, leases on equipment such as computers, and other financial instruments and are subject to certain additional risks. Rising interest rates tend to extend the duration of asset-backed securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Portfolio may exhibit additional volatility. The risk of default by borrowers is greater during periods of rising interest rates and/or unemployment rates. In addition, the principal on asset-backed securities may be prepaid at any time, which will reduce the yield and market value. When interest rates are declining, there are usually more prepayments of loans as borrowers are motivated to pay off debt and refinance at new lower rates, which will shorten the life of these securities. The reinvestment of cash received from prepayments will, therefore, usually be at a lower interest rate than the original investment, lowering the Portfolio’s yield. Prepayments also vary based on, among other factors, general economic conditions and other demographic conditions. If a Portfolio purchases asset backed securities that are “subordinated” to other interests in the same pool of assets, the Portfolio as a holder of those securities may only receive payments after the pool’s obligations to other investors have been satisfied. In addition, instability in the markets for asset-backed securities may affect the liquidity of such securities, which means that a Portfolio may be unable to sell such securities at an advantageous time and price. As a result, the value of such securities may decrease and a Portfolio may incur greater losses on the sale of such securities than under more stable market conditions. Furthermore, instability and illiquidity in the market for lower-rated asset-backed securities may affect the overall market for such securities, thereby impacting the liquidity and value of higher-rated securities.
Credit Risk: The actual or perceived reduction in the creditworthiness of debt issuers generally will have adverse effects on the values of their debt securities. Credit risk is the risk that the issuer or guarantor of a debt security or counterparty to a Portfolio’s transactions will be unable or unwilling to make timely principal and/or interest payments, or otherwise will be unable or unwilling to honor its financial obligations. Each of the Portfolios may be subject to credit risk to the extent that it invests in debt securities or engages in transactions, such as securities loans or repurchase agreements, which involve a promise by a third party to honor an obligation to the Portfolio. Credit risk is particularly significant for the Portfolios that may invest a material portion of their assets in “junk bonds” or lower-rated securities.
Interest Rate Risk: The price of a bond or a fixed income security is dependent upon interest rates. Therefore, the share price and total return of a Portfolio investing a significant portion of its assets in bonds or fixed income securities will vary in response to changes in interest rates. A rise in interest rates causes the value of a bond to decrease, and vice versa. There is the possibility that the value of a Portfolio’s investment in bonds or fixed income securities may fall because bonds or fixed income securities generally fall in value when interest rates rise. The longer the term of a bond or fixed income instrument, the more sensitive it will be to fluctuations in value from interest rate changes. Changes in interest rates may have a significant effect on Portfolios holding a significant portion of their assets in fixed income securities with long term maturities.
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Investment Grade Securities Risk: Debt securities are rated by national bond ratings agencies. Securities rated BBB by S&P or Fitch or Baa by Moody’s are considered investment grade securities, but are somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, and are considered to lack outstanding investment characteristics.
Junk Bonds or Lower Rated Securities Risk: Bonds rated below investment grade (i.e. BB by S&P or Fitch or Ba by Moody’s) are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities. They are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. The retail secondary market for these “junk bonds” may be less liquid than that of higher rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices than those used in calculating the Portfolio’s net asset value. A Portfolio investing in “junk bonds” may also be subject to greater credit risk because it may invest in debt securities issued in connection with corporate restructuring by highly leveraged issuers or in debt securities not current in the payment of interest or principal or in default. “Junk Bonds” may contain redemption or call provisions. If an issuer exercises these provisions in a declining interest rate market, the Portfolio would have to replace the security with a lower yielding security, resulting in a decreased return. Conversely, a junk bond’s value will decrease in a rising interest rate market, as will the value of the Portfolio’s assets. If the Portfolio experiences unexpected net redemptions, this may force it to sell its junk bonds, without regard to their investment merits, thereby decreasing the asset base upon which the Portfolio expenses can be spread and possibly reducing the Portfolio’s rate of return.
Mortgage-Backed Securities Risk: The risk that the principal on mortgage-backed securities may be prepaid at any time, which will reduce the yield and market value. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a Portfolio that holds mortgage-related securities may exhibit additional volatility. This is known as extension risk. In addition, the risk of default by borrowers is greater during periods of rising interest rates and/or unemployment rates. The early retirement of particular classes or series of a collateralized mortgage obligation held by a Portfolio would have the same effect as the prepayment of mortgages underlying other mortgage-backed securities.
If a Portfolio purchases mortgage-backed securities that are “subordinated” to other interests in the same mortgage pool, the Portfolio as a holder of those securities may only receive payments after the pool’s obligations to other investors have been satisfied. For example, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Portfolio as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. Certain mortgage-backed securities may include securities backed by pools of mortgage loans made to “subprime” borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages. The underwriting standards for subprime loans are more flexible than the standards generally used by banks for borrowers with non-blemished credit histories with regard to the borrowers credit standing and repayment ability. Borrowers who qualify generally have impaired credit histories, which may include a record of major derogatory credit items such as outstanding judgments or prior bankruptcies. In addition, they may not have the documentation required to qualify for a standard mortgage loan. As a result, the mortgage loans in the mortgage pool are likely to experience rates of delinquency, foreclosure, and bankruptcy that are higher, and that may be substantially higher, than those experienced by mortgage loans underwritten in a more traditional manner. In addition, changes in the values of the mortgaged properties, as well as changes in interest rates, may have a greater effect on the delinquency, foreclosure, bankruptcy, and loss experience of the mortgage loans in the mortgage pool than on mortgage loans originated in a more traditional manner. Moreover, instability in the markets for mortgage-backed securities may affect the liquidity of such securities, which means that a Portfolio may be unable to sell such securities at an advantageous time and price. As a result, the value of such securities may decrease and a Portfolio may incur greater losses on the sale of such securities than under more stable market conditions. Furthermore, instability and illiquidity in the market for lower-rated mortgage-backed securities may affect the overall market for such securities, thereby impacting the liquidity and value of higher-rated securities.
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Zero Coupon and Pay-in-Kind Securities Risk: A zero coupon or pay-in-kind security pays no interest in cash to its holder during its life. Accordingly, zero coupon securities usually trade at a deep discount from their face or par value and, together with pay-in-kind securities, will be subject to greater fluctuations in market value in response to changing interest rates than debt obligations of comparable maturities that make current distribution of interest in cash.
Focused Portfolio Risk: Portfolios or portions thereof that invest in the securities of a limited number of companies may incur more risk because changes in the value of a single security may have a more significant effect, either positive or negative, on the Portfolio’s or portion’s net asset value.
Foreign Securities Risk: A Portfolio’s or portion thereof’s investments in foreign securities, including depositary receipts, involve risks not associated with investing in U.S. securities that can adversely affect a Portfolio’s or portion’s performance. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets. The value of a Portfolio’s or portion’s investment may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. There may be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle. A Portfolio or portion thereof may be subject to the following risks associated with investing in foreign securities:
Currency Risk: The risk that fluctuations in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from a Portfolio’s or portion thereof’s investment in securities denominated in a foreign currency or may widen existing losses.
Depositary Receipts Risk: A Portfolio or portion thereof may invest in securities of foreign issuers in the form of depositary receipts or other securities that are convertible into securities of foreign issuers. American Depositary Receipts (“ADRs”) are receipts typically issued by an American bank or trust company that evidence underlying securities issued by a foreign corporation. European Depositary Receipts (issued in Europe) and Global Depositary Receipts (“GDRs”) (issued throughout the world) each evidence a similar ownership arrangement. A Portfolio or portion thereof may invest in unsponsored depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.
Emerging Markets Risk: There are greater risks involved in investing in emerging market countries and/or their securities markets. Generally, economic structures in these countries are less diverse and mature than those in developed countries, and their political systems are less stable. Investments in emerging market countries may be affected by national policies that restrict foreign investment in certain issuers or industries. The small size of their securities markets and low trading volumes can make investments illiquid and more volatile than investments in developed countries and such securities may be subject to abrupt and severe price declines. As a result, a Portfolio or portion thereof investing in emerging market countries may be required to establish special custody or other arrangements before investing.
Growth Investing Risk: Growth investing generally focuses on companies that, due to their strong earnings and revenue potential, offer above-average prospects for capital growth, with less emphasis on dividend income. Earnings predictability and confidence in earnings forecasts are an important part of the selection process. As a result, the price of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Advisers using this approach generally seek out companies experiencing some or all of the following: high sales growth, high unit growth, high or improving returns on assets and equity, and a strong balance sheet. Such Advisers also prefer companies with a competitive advantage such as unique management, marketing or research and development. Growth investing is also subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated by the Advisers, regardless of movements in the securities market. Growth stocks tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.
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Index Fund Risk: Certain Portfolios and the Index Allocated Portions of certain Portfolios invest in the securities included in a relevant index or a representative sample of securities regardless of market trends. These Portfolios and the Index Allocated Portions of these Portfolios cannot modify their investment strategies to respond to changes in the economy, which means they may be particularly susceptible to a general decline in the market segment relating to the relevant index. In addition, although each of these Portfolios (or portion thereof) attempts to closely track its benchmark index, the Portfolio (or portion thereof) may not invest in all of the securities in the index. Therefore, there can be no assurance that performance of the Portfolio (or portion thereof) will match that of the benchmark index. Also, each Portfolio’s (or portion’s) returns, unlike those of the benchmark index, are reduced by the fees and operating expenses of the Portfolio.
Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.
Leveraging Risk: When a Portfolio borrows money or otherwise leverages its holdings, the value of an investment in that Portfolio will be more volatile and all other risks will tend to be compounded. All of the Portfolios may take on leveraging risk by investing in collateral from securities loans and by borrowing money to meet redemption requests.
Liquidity Risk: Certain securities held by a Portfolio may be difficult (or impossible) to sell at the time and at the price the seller would like. A Portfolio may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that a Portfolio may lose money or be prevented from earning capital gains if it cannot sell a security at the time and price that is most beneficial to the Portfolio. Portfolios that invest in privately-placed securities, certain small company securities, high-yield bonds, mortgage-backed securities or foreign or emerging market securities, which have all experienced periods of illiquidity, are subject to liquidity risks. A particular Portfolio may be more susceptible to some of these risks than others, as noted in the description of each Portfolio.
Market Risk: The risk that the securities markets will move down, sometimes rapidly and unpredictably based on overall economic conditions and other factors.
Multiple Adviser Risk: Certain Portfolios employ more than one Adviser. Each Adviser independently chooses and maintains a portfolio of securities for the Portfolio and each is responsible for investing a specific allocated portion of the Portfolio’s assets. Because each Adviser manages its allocated portion of the Portfolio independently from another Adviser, the same security may be held in different portions of the Portfolio, or may be acquired for one portion of the Portfolio at a time when an Adviser to another portion deems it appropriate to dispose of the security from that other portion. Similarly, under some market conditions, one Adviser may believe that temporary, defensive investments in short-term instruments or cash are appropriate when another Adviser believes continued exposure to the equity or debt markets is appropriate for its allocated portion of the Portfolio. Because each Adviser directs the trading for its own portion of the Portfolio, and does not aggregate its transactions with those of the other Adviser, the Portfolio may incur higher brokerage costs than would be the case if a single Adviser were managing the entire portfolio. In addition, while the Manager seeks to allocate a Portfolio’s assets among the Portfolio’s Advisers in a manner that it believes is consistent with achieving the Portfolio’s investment objective, the Manager may be subject to potential conflicts of interest in allocating the Portfolio’s assets among Advisers to which the Manager pays different fees, which could impact the Manager’s revenues and profits.
Non-Diversification Risk: The EQ/Van Kampen Real Estate Portfolio is classified as a “non-diversified” investment company, which means that the proportion of the Portfolio’s assets that may be invested in the securities of a single issuer is not limited by the 1940 Act. Since a relatively high percentage of a non-diversified Portfolio’s assets may be invested in the securities of a limited number of issuers, some of which may be within the same industry, the securities of such Portfolio may be more sensitive to changes in the market value of a single issuer or industry. The use of such a focused investment strategy may increase the volatility of such a Portfolio’s investment performance, as the Portfolio may be more susceptible to risks associated with a single economic, political or regulatory event than a diversified portfolio. If the securities in which such a Portfolio invests perform poorly, the Portfolio could incur greater losses than it would have had it been invested in a greater number of securities.
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Portfolio Management Risk: The risk that strategies used by the Manager or the Advisers and their securities selections fail to produce the intended results.
Portfolio Turnover Risk: The Portfolios and portions thereof do not restrict the frequency of trading to limit expenses. The Portfolios and portions thereof may engage in active and frequent trading of portfolio securities to achieve their principal investment strategies. Frequent trading can result in a portfolio turnover in excess of 100% in any given fiscal year (high portfolio turnover). High portfolio turnover may result in increased transaction costs to a Portfolio or portion thereof and its shareholders, which would reduce investment returns.
Real Estate Investing Risk: Investing in REITs exposes investors to the risks of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. Real estate is a cyclical business, highly sensitive to general and local economic developments and characterized by intense competition and periodic overbuilding. Real estate income and values also may be greatly affected by demographic trends, such as population shifts or changing tastes and values. Government actions, such as tax increases, zoning law changes or environmental regulations, also may have a major impact on real estate. Changing interest rates and credit quality requirements also will affect the cash flow of real estate companies and their ability to meet capital needs. REITs generally invest directly in real estate (equity REITs), in mortgages (mortgage REITs) or in some combination of the two (hybrid REITs). Operating REITs requires specialized management skills and a Portfolio or portion thereof indirectly bears REIT management and administration expenses along with the direct expenses of the Portfolio. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs also must satisfy specific Internal Revenue Code requirements in order to qualify for the tax-free pass through of income.
Security Risk: The risk that the value of a security may move up and down, sometimes rapidly and unpredictably based upon a change in a company’s financial condition as well as overall market and economic conditions.
Security Selection Risk: The Manager or the Adviser(s) for each Portfolio or portion thereof, as applicable, selects particular securities in seeking to achieve the Portfolio’s objective within its overall strategy. The securities selected for the Portfolio or portion thereof may not perform as well as other securities that were not selected for the Portfolio or portion thereof. As a result the Portfolio or portion thereof may underperform other funds with the same objective or in the same asset class.
Securities Lending Risk: For purposes of realizing additional income, each Portfolio or portion thereof may lend securities to broker-dealers approved by the Board of Trustees. Generally, any such loan of portfolio securities will be continuously secured by collateral at least equal to the value of the security loaned. Such collateral will be in the form of cash, marketable securities issued or guaranteed by the U.S. Government or its agencies, or a standby letter of credit issued by qualified banks. The risks in lending portfolio securities consist of possible delay in receiving additional collateral or in the recovery of the securities, possible loss of rights in the collateral should the borrower fail financially or a decline in the value of the collateral held by a Portfolio or portion thereof. Loans will only be made to firms deemed by the Manager to be of good standing and will not be made unless, in the judgment of the Adviser or Manager, as applicable, the consideration to be earned from such loans would justify the risk.
Short Sales Risk: A Portfolio may sell a security short by borrowing it from a third party and selling it at the then-current market price. A Portfolio is then obligated to buy the security on a later date so it can be returned to the lender. Short sales, therefore, involve the risk that the Portfolio will incur a loss by subsequently buying a security at a higher price than the price at which the Portfolio previously sold the security short. In addition, because a Portfolio’s potential loss on a short sale arises from increases in the value of the security sold short, the extent of such loss, like the price of the security sold short, is theoretically unlimited. By contrast, a Portfolio’s potential loss on a long position arises from decreases in the value of the security and, therefore, such loss is limited by the fact that a security’s value cannot drop below zero.
Small-Cap and/or Mid-Cap Company Risk: A Portfolio’s or portion thereof’s investments in small-cap and mid-cap companies may involve greater risks than investments in larger, more established issuers. Smaller companies
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generally have narrower product lines, more limited financial resources and more limited trading markets for their stock, as compared with larger companies. Their securities may be less well- known and trade less frequently and in more limited volume than the securities of larger, more established companies. In addition, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. Consequently, the prices of small company stocks tend to rise and fall in value more frequently than the stocks of larger companies. Although investing in small-cap and mid-cap companies offers potential for above-average returns, the companies may not succeed and the value of their stock could decline significantly. In general, these risks are greater for small-capitalization companies than for mid-capitalization.
Value Investing Risk: Value investing attempts to identify strong companies selling at a discount from their perceived true worth. Advisers using this approach generally select stocks at prices that, in their view, are temporarily low relative to the company’s earnings, assets, cash flow and dividends. Value investing is subject to the risk that the stocks’ intrinsic value may never be fully recognized or realized by the market, or their prices may go down. In addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced. Value investing generally emphasizes companies that, considering their assets and earnings history, are attractively priced and may provide dividend income.
Description of Additional Investment Risks
The following is a list of additional risks to which a Portfolio may be subject by investing in various types of securities or engaging in various practices. While some of these risks may be principal risks of certain Portfolios, each of the following risks generally applies to each Portfolio.
Initial Public Offering (“IPO”) Risk: A Portfolio that purchases securities issued in an IPO is subject to the risk that the value of the securities may rise or fall more rapidly than other investments. Prior to an IPO, there is generally no public market for an issuer’s common stock. There can be no assurance that an active trading market will develop or be sustained following the IPO, therefore, the market price for the securities may be subject to significant fluctuations and a Portfolio may be affected by such fluctuations. In addition, securities issued in an IPO are often issued by a company that may be in the early stages of development with a history of little or no revenues and such company may operate at a loss following the offering. A Portfolio’s ability to obtain shares of an IPO security may be substantially limited in the event of high demand for the securities and there is no guarantee that the Portfolio will receive an allocation of shares. To the extent a Portfolio invests in IPOs, a significant portion of its returns may be attributable to its investments in IPOs, which have a magnified impact on Portfolios with small asset bases. There is no guarantee that as those Portfolios’ assets grow they will continue to experience substantially similar performance by investing in IPOs.
Investment Company Securities Risk: A Portfolio may invest in investment company securities as permitted by the 1940 Act. Investment company securities are securities of other open-end or closed-end investment companies. Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the Portfolio level may be reduced by the operating expenses and fees of such other investment companies, including advisory fees.
Leveraging Risk: When a Portfolio borrows money or otherwise leverages its holdings, the value of an investment in that Portfolio will be more volatile and all other risks will tend to be compounded. All of the Portfolios may take on leveraging risk by investing in collateral from securities loans and by borrowing money to meet redemption requests.
Liquidity Risk: Certain securities held by a Portfolio may be difficult (or impossible) to sell at the time and at the price the seller would like. A Portfolio may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that a Portfolio may lose money or be prevented from earning capital gains if it cannot sell a security at the time and price that is most beneficial to the Portfolio. Portfolios that invest in privately-placed securities, certain small company securities, high-yield bonds, mortgage-backed securities or foreign or emerging market securities, which have all experienced periods of illiquidity, are subject to liquidity risks. A particular Portfolio may be more susceptible to some of these risks than others, as noted in the description of each Portfolio.
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Portfolio Turnover Risk: The Portfolios and portions thereof do not restrict the frequency of trading to limit expenses. The Portfolios and portions thereof may engage in active and frequent trading of portfolio securities to achieve their principal investment strategies. Frequent trading can result in a portfolio turnover in excess of 100% in any given fiscal year (high portfolio turnover). High portfolio turnover may result in increased transaction costs to a Portfolio or portion thereof and its shareholders, which would reduce investment returns.
Short Sales Risk: A Portfolio may sell a security short by borrowing it from a third party and selling it at the then-current market price. A Portfolio is then obligated to buy the security on a later date so it can be returned to the lender. Short sales, therefore, involve the risk that the Portfolio will incur a loss by subsequently buying a security at a higher price than the price at which the Portfolio previously sold the security short. In addition, because a Portfolio’s potential loss on a short sale arises from increases in the value of the security sold short, the extent of such loss, like the price of the security sold short, is theoretically unlimited. By contrast, a Portfolio’s potential loss on a long position arises from decreases in the value of the security and, therefore, such loss is limited by the fact that a security’s value cannot drop below zero.
Federal Income Tax Consequences of the Transactions
All the Reorganizations are intended to qualify for federal income tax purposes as tax-free reorganizations under Section 368(a) of the Internal Revenue Code of 1986, as amended (“Code”). The Asset Exchange is not intended to so qualify.
Reorganizations. As a condition to consummation of each Reorganization, the Trust will receive an opinion from K&L Gates LLP (“Counsel”), with respect to the Reorganization and the Portfolios participating therein and their shareholders, substantially to the effect that, based on the facts and assumptions stated therein as well as certain representations of the Trust and conditioned on the Reorganization’s being completed in accordance with the Reorganization Plan, for federal income tax purposes: (1) the Reorganization will qualify as a “reorganization” (as defined in Section 368(a)(1) of the Code), and each Portfolio will be a “party to a reorganization” (within the meaning of Section 368(b) of the Code); (2) neither Portfolio will recognize any gain or loss on the Reorganization; (3) the Acquired Portfolio shareholders will not recognize any gain or loss on the exchange of their Acquired Portfolio Shares for Acquiring Portfolio Shares; (4) the holding period for and tax basis in the Acquiring Portfolio Shares that an Acquired Portfolio shareholder receives pursuant to the Reorganization will include the holding period for, and will be the same as the aggregate tax basis in, the Acquired Portfolio Shares that the shareholder holds immediately before the Reorganization (provided the shareholder holds the shares as capital assets on the applicable Closing Date); and (5) each Acquiring Portfolio’s tax basis in each asset the Acquired Portfolio transfers to it will be the same as the Acquired Portfolio’s tax basis therein immediately before the Reorganization, and the Acquiring Portfolio’s holding period for each such asset will include the Acquired Portfolio’s holding period therefor (except where the Acquiring Portfolio’s investment activities have the effect of reducing or eliminating an asset’s holding period). Notwithstanding clauses (2) and (5), such opinion may state that no opinion is expressed as to the effect of a Reorganization on the Portfolios or the Acquired Portfolio shareholders with respect to any transferred asset as to which any unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting.
Contractholders who had premiums or contributions allocated to the investment divisions of the Separate Accounts that are invested in Acquired Portfolio Shares generally will not recognize any gain or loss as a result of the Reorganizations. If an Acquired Portfolio sells securities before its Reorganization, it may recognize net gains or losses. Any net gains recognized on those sales would increase the amount of any distribution that such an Acquired Portfolio must make to its shareholders before consummating its Reorganization.
As a result of the Reorganizations, each Acquiring Portfolio will succeed to certain tax attributes of the corresponding Acquired Portfolio, except that the amount of an Acquired Portfolio’s accumulated capital loss carryforwards (plus any net capital loss that Acquired Portfolio sustains during its taxable year ending on the applicable Closing Date and any net unrealized built-in loss it has on that date) that the corresponding Acquiring Portfolio may use to offset capital gains it recognizes after its Reorganization, generally in the eight succeeding taxable years, will be subject to an annual limitation under Sections 382 and 383 of the Code. In general, the limitation applicable to an Acquiring Portfolio for each taxable year will equal the sum of (1) the product of the net asset value (“NAV”) of the corresponding Acquired Portfolio as of the Closing Date of their Reorganization (“Acquired Portfolio’s NAV”) multiplied by the “long-term tax-exempt
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rate” (which is a market-based rate published by the Internal Revenue Service (“Service”) each month, currently 4.61%) for the month in which that Closing Date occurs plus (2) the amount of any net unrealized built-in gain of that Acquired Portfolio as of that Closing Date that the Acquiring Portfolio recognizes in any taxable year all or part of which is in the period through the fifth anniversary of that Closing Date (as long as the amount of that net unrealized built-in gain is greater than the lesser of (i) 15% of the Acquired Portfolio’s NAV or (ii) $10,000,000). The annual limitation will be proportionately reduced for the portion of an Acquiring Portfolio’s current taxable year after the Closing Date of its Reorganization and for any subsequent short taxable year.
If a Reorganization fails to meet the requirements of Code Section 368(a)(1), a Separate Account that is invested in shares of the Acquired Portfolio involved therein could realize a gain or loss on the transaction equal to the difference between its tax basis in those shares and the fair market value of the Acquiring Portfolio Shares it receives.
Asset Exchange. As a condition to consummation of the Asset Exchange, the Trust will receive an opinion from Counsel substantially to the effect that, based on the facts and assumptions stated therein as well as certain representations of the Trust and conditioned on the Asset Exchange’s being completed in accordance with the Exchange Plan, for federal income tax purposes: (1) the Asset Exchange will not qualify as a tax-free “reorganization” (as defined in Section 368(a)(1) of the Code) and instead will be treated as a taxable transaction; (2) the Long/Short Portfolio will recognize gain on any appreciated assets it transfers to the Ultra Short Bond Portfolio (loss on any depreciated assets it transfers being required to be deferred) equal to the difference between (a) the sum of the fair market value as of the Closing Date of the Asset Exchange (“Effective Time”) of the Ultra Short Bond Portfolio’s shares the Long/Short Portfolio receives in the Asset Exchange, plus the amount of any Long/Short Portfolio liabilities the Ultra Short Bond Portfolio assumes, with respect to those appreciated assets and (b) the Long/Short Portfolio’s aggregate adjusted basis in those appreciated assets; (3) the Long/Short Portfolio’s liquidating distribution to its shareholders of the Ultra Short Bond Portfolio’s shares it receives in the Asset Exchange, together with other distributions it makes to its shareholders in the taxable year that ends on its liquidation, will entitle the Long/Short Portfolio to a deduction for dividends paid to its shareholders in an amount that should be sufficient to offset its investment company taxable income and its net capital gain for that year and therefore enable it to avoid having any federal income tax liability for that year; (4) the Ultra Short Bond Portfolio will not recognize any gain or loss on the receipt of the Long/Short Portfolio’s assets in exchange for its shares and its assumption of those liabilities; (5) the Ultra Short Bond Portfolio’s basis in each asset it so acquires will be the fair market value thereof as of the Effective Time; (6) the Ultra Short Bond Portfolio’s holding period for each such asset will start as of the Effective Time; (7) a Long/Short Portfolio’s shareholder will recognize gain or loss pursuant to the Asset Exchange equal to the difference between the fair market value as of the Effective Time of the Ultra Short Bond Portfolio shares it receives and the shareholder’s adjusted basis in its Long/Short Portfolio shares; (8) a Long/Short Portfolio shareholder’s aggregate basis in those Ultra Short Bond Portfolio shares will be that fair market value; and (9) a Long/Short Portfolio shareholders’ holding period for those Ultra Short Bond Portfolio shares will start as of the Effective Time. If the Contracts and the insurance companies issuing them are properly structured so as to comply with Subchapter L of the Code (which governs the taxation of variable annuities and life insurance policies), the Asset Exchange will not be a taxable event for Contractholders whose Contract values are determined by investment in Long/Short Portfolio shares.
All Transactions. The Trust has not sought a tax ruling from the Service but instead is acting in reliance on the opinions of Counsel discussed above. Those opinions are not binding on the Service or the courts and do not preclude the Service from adopting a contrary position. Contractholders are urged to consult their tax advisers as to the specific consequences to them of the Transactions, including the applicability and effect of state, local, foreign and other taxes.
ADDITIONAL INFORMATION ABOUT THE ACQUIRING PORTFOLIOS
This section gives you information about the Trust, the Manager and the Advisers for the Acquiring Portfolios.
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The Trust is organized as a Delaware statutory trust and is registered with the SEC as an open-end management investment company. The Trust’s Board of Trustees is responsible for the overall management of the Trust and each of its series (“portfolios”), including the Acquiring Portfolios. The Trust issues shares of beneficial interest that are currently divided among eighty-one (81) portfolios, each of which has authorized Class IA and Class IB shares. The Proxy Statement/Prospectus describes the Class IA and Class IB shares of the Acquiring Portfolios.
AXA Equitable, through its AXA Funds Management Group unit (“AXA FMG”), 1290 Avenue of the Americas, New York, New York 10104, currently serves as the Manager of the Trust. AXA Equitable is a wholly owned subsidiary of AXA Financial, Inc., a subsidiary of AXA, a French insurance holding company.
The Manager has a variety of responsibilities for the general management and administration of the Trust and the portfolios. With respect to the PLUS Portfolios, the Manager is responsible for, among other things, determining the asset allocation range for the portfolios, selecting and monitoring the Advisers for the portfolios, advising the ETF Allocated Portions of the portfolios (including selecting ETFs in which the portfolios invest) and ensuring that asset allocations are consistent with the guidelines that have been approved by the Board. With respect to the Trust’s other portfolios, the Manager’s management responsibilities include the selection and monitoring of Advisers for the portfolios.
The Manager plays an active role in monitoring each portfolio (or portion thereof) and Adviser and uses portfolio analytics systems to strengthen its evaluation of performance, style, risk levels, diversification and other criteria. The Manager also monitors each Adviser’s portfolio management team to determine whether its investment activities remain consistent with the portfolios’ or portion thereof’s investment style and objectives.
Beyond performance analysis, the Manager monitors significant changes that may impact the Adviser’s overall business. The Manager monitors continuity in the Adviser’s operations and changes in investment personnel and senior management. The Manager performs due diligence reviews with each Adviser no less frequently than annually.
The Manager obtains detailed, comprehensive information concerning portfolio (or portion thereof) and Adviser performance and portfolio (or portion thereof) operations that is used to supervise and monitor the Advisers and the portfolio (or portion thereof) operations. A team is responsible for conducting ongoing investment reviews with each Adviser and for developing the criteria by which portfolio (or portion thereof) performance is measured.
The Manager selects Advisers from a pool of candidates, including its affiliates, to manage the portfolios (or portions thereof). The Manager may appoint, dismiss and replace Advisers and amend advisory agreements subject to the approval of the Trust’s Board of Trustees. The Manager also may allocate a portfolio’s assets to additional Advisers subject to the approval of the Trust’s Board of Trustees and has discretion to allocate each portfolio’s assets among a portfolio’s current Advisers. The Manager recommends Advisers for each portfolio to the Trust’s Board of Trustees based upon its continuing quantitative and qualitative evaluation of each Adviser’s skills in managing assets pursuant to specific investment styles and strategies. Short-term investment performance, by itself, is not a significant factor in selecting or terminating an Adviser, and the Manager does not expect to recommend frequent changes of Advisers.
The Manager has received an exemptive order from the SEC to permit it and the Trust’s Board of Trustees to appoint, dismiss and replace Advisers and to amend the advisory agreements between the Manager and the Advisers without obtaining shareholder approval. Accordingly, the Manager is able, subject to the approval of the Trust’s Board of Trustees, to appoint, dismiss and replace Advisers and to amend advisory agreements without obtaining shareholder approval. If a new Adviser is retained for a portfolio, shareholders will receive notice of such action. However, the Manager may not enter into an advisory agreement with an “affiliated person” of the Manager (as that term is defined in the 1940 Act) (“Affiliated Adviser”), such as AllianceBernstein L.P. or AXA Rosenberg Investment Management, LLC, unless the advisory agreement with the Affiliated Adviser, including compensation, is also approved by the affected portfolio’s shareholders.
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Each Acquiring Portfolio pays a fee to AXA Equitable for management services. The table below shows the annual rate of the management fees (as a percentage of each Acquiring Portfolio’s average daily net assets) that the Manager received in 2008 for managing each of the Acquiring Portfolios included in the table (as adjusted to reflect current fees for Core Bond Index, Government Bond Index and Quality Bond PLUS Portfolios) and the rate of the management fees waived by the Manager in 2008 in accordance with the provisions of the Expense Limitation Agreement, as defined below, between the Manager and the Trust with respect to the Acquiring Portfolios.
Acquiring Portfolio | Annual Rate Received | Rate of Fees Waived and Expenses Reimbursed | ||||
Core Bond Index Portfolio | 0.35 | % | N/A | |||
Government Bond Index Portfolio | 0.35 | % | N/A | |||
Mid Cap PLUS Portfolio | 0.55 | % | 0.00 | % | ||
Quality Bond PLUS Portfolio | 0.40 | % | N/A | |||
Ultra Short Bond Portfolio | 0.48 | % | 0.00 | % |
The Advisers to the Acquiring Portfolios are paid by AXA Equitable. Changes to the advisory fees may be negotiated, which could result in an increase or decrease in the amount of the management fee retained by AXA Equitable, without shareholder approval. A discussion of the basis for the decision by the Board to approve the investment management agreements with AXA Equitable and the investment advisory agreement with an Adviser with respect to each Acquiring Portfolio is available in the Trust’s Annual or Semi-Annual Report to Shareholders for the fiscal year ended December 31 or semi-annual period ended June 30.
AXA Equitable also currently serves as the Administrator of the Trust. The administrative services provided to the Trust by AXA Equitable include, among others, coordination of the Trust’s audit, financial statements and tax returns; expense management and budgeting; legal administrative services and compliance monitoring; portfolio accounting services, including daily net asset value accounting; operational risk management; and oversight of the Trust’s proxy voting policies and procedures and anti-money laundering program. For administrative services, in addition to the management fee, each of the Core Bond Index, Government Bond Index and Ultra Short Bond Portfolios pays AXA Equitable an annual fee of $30,000 plus its proportionate share of an asset-based administration fee for the Trust. The Trust’s asset-based administration fee is equal to an annual rate of 0.12% of the first $3 billion of total Trust average daily net assets (exclusive of certain Portfolios noted below), 0.11% of the next $3 billion, 0.105% of the next $4 billion, 0.10% of the next $20 billion and 0.0975% thereafter. The excluded Portfolios are: All Asset Allocation Portfolio, EQ/AXA Franklin Templeton Founding Strategy Core Portfolio, the Crossings Allocation Portfolios, the Strategic Allocation Series Portfolios, the Tactical Manager Portfolios, the EQ/AXA Franklin Income Core Portfolio, the EQ/AXA Franklin Small Cap Value Core Portfolio, the EQ/AXA Mutual Shares Core Portfolio, the EQ/AXA Templeton Growth Core Portfolio, the EQ/Global Multi-Sector Equity Portfolio, and the PLUS Portfolios. Each of the Mid Cap PLUS and Quality Bond PLUS Portfolios pays AXA Equitable an annual fee of 0.15% of the Portfolio’s average daily net assets, plus $35,000 and an additional $35,000 for each portion of the Portfolio for which separate administrative services are provided (e.g., portions of a Portfolio allocated to separate Advisers and/or managed in a discrete style).
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In the interest of limiting through April 30, 2010 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) the expenses of each Acquiring Portfolio listed in the following table, the Manager has entered into an expense limitation agreement with the Trust with respect to those Acquiring Portfolios (“Expense Limitation Agreement”). Pursuant to that Expense Limitation Agreement, the Manager has agreed to make payments or waive its management, administrative and other fees to limit the expenses of the Acquiring Portfolios listed below so that the annual operating expenses of each Acquiring Portfolio (other than interest, taxes, brokerage commissions, fees and expenses of other investment companies in which a Portfolio invests, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of each Portfolio’s business) do not exceed the following respective expense ratios:
Total Expenses Limited to (% of average daily net assets) | ||||||
Class IA | Class IB | |||||
Mid Cap PLUS Portfolio | 0.80 | % | 1.05 | % | ||
Ultra Short Bond Portfolio | 0.70 | % | 0.95 | % |
AXA Equitable may be reimbursed the amount of any such payments or waivers in the future, provided that the payments or waivers are reimbursed within three years (or five years with respect to the Mid Cap PLUS Portfolio) of the payment or waiver being made and the combination of the Acquiring Portfolio’s expense ratio and such reimbursements do not exceed its expense cap. If the actual expense ratio is less than the expense cap and AXA Equitable has recouped any eligible previous payments made, the Acquiring Portfolio will be charged such lower expenses.
Each Acquiring Portfolio’s investments are selected by one or more Advisers. The following table describes each Acquiring Portfolio’s Adviser(s), portfolio managers and each portfolio manager’s business experience. Information about the portfolio managers’ compensation, other accounts they manage and their ownership of securities of the Acquiring Portfolios is available in the Trust’s Statement of Additional Information dated May 1, 2009.
Acquiring Portfolio | Adviser and Portfolio Managers | Business Experience | ||
Core Bond Index | SSgA Funds Management, Inc. (“SSgA FM”)
State Street Financial Center One Lincoln Street Boston MA 02111
Portfolio Manager
John Kirby Mike Brunell | The Portfolio is managed by the SSgA’s Passive Fixed Income Team. Portfolio Managers John Kirby and Mike Brunell are jointly and primarily responsible for the day-to-day management of the Portfolio.
John Kirby is a Principal of SSgA FM and a Vice President of SSgA. Mr. Kirby is the head of the firm’s Fixed Income Index team and has managed the product since 1999 and portfolios within the group since 1997. In addition to portfolio management, Mr. Kirby’s responsibilities include risk management and product development.
Mike Brunell has been a member of the Fixed Income Index team since 2004. Mr. Brunell is a Principal of SSgA FM and a Vice President of SSgA. In his current role as part of the Beta |
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solutions group, Mr. Brunell is responsible for developing and managing funds against a variety of conventional and custom bond index strategies, including fixed income exchange-traded funds, which were established in 2007. Prior to joining the investment group, Mr. Brunell was responsible for managing the US Bond Operations team, which he had been a member of since 1997. | ||||
Government Bond Index Portfolio | SSgA FM
State Street Financial Center One Lincoln Street Boston MA 02111
Portfolio Manager
John Kirby Elya Schwartzman | The Portfolio is managed by the SSgA Passive Fixed Income Team. Portfolio managers John Kirby and Elya Schwartzman will jointly and primarily have responsibility for the day-to-day management of the Bond Index Portfolio.
John Kirby is a Principal of SSgA FM and a Vice President of SSgA. Mr. Kirby is the head of the firm’s Fixed Income Index team and has managed the product since 1999 and portfolios within the group since 1997. In addition to portfolio management, Mr. Kirby’s responsibilities include risk management and product development.
Elya Schwartzman is a Principal of SSgA FM and Vice President of SSgA. Elya Schwartzman is a member of the Fixed Income Index team. Previously, Mr. Schwartzman spent ten years as an analyst and portfolio manager in the Active Credit group, covering a broad group of industry sectors in both investment grade and speculative grade markets. He has been working in the Fixed Income field since 1996. | ||
Mid Cap PLUS Portfolio | AXA Equitable
1290 Avenue of the Americas New York, New York 10104
Portfolio Manager
Kenneth T. Kozlowski Xaiver Poutas | A committee of AXA FMG investment personnel manages the ETF Allocated Portion. Kenneth Kozlowski serves as the lead portfolio manager of the committee with primary responsibility for day-to-day management of the ETF Allocated Portion. Xavier Poutas assists the lead portfolio manager with day-to-day management of the ETF Allocated Portion, but does not have joint and primary responsibility for management of the ETF Allocated Portion.
Kenneth T. Kozlowski, CFP®, CHFC, CLU has served as Vice President of AXA Equitable from February 2001 to present. He has had primary responsibility for the asset allocation, fund selection and rebalancing of AXA Equitable’s funds of funds since 2003 and for the ETF Allocated Portion since May 25, 2007. Prior to June 1, 2007, Mr. Kozlowski served as Chief Financial Officer and Treasurer of the Trust since December 2002.
Xavier Poutas, CFA® joined AXA FMG in October 2004 as a Fund Administrator and was involved in the implementation of the asset allocation strategy for AXA Equitable’s funds of funds. From November 2003 to September 2004, he served as Audit Manager of AXA Internal Audit, and from September 2002 to October 2003, he was a senior auditor with AXA Internal Audit. Mr. Poutas assists in portfolio analysis and portfolio performance evaluation with respect to the Portfolio. |
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SSgA FM
State Street Financial Center One Lincoln Street Boston MA 02111
Portfolio Manager
John Kirby Elya Schwartzman | The Index Allocated Portion of the Portfolio is managed by SSgA’s Global Structured Products Group. Portfolio managers Lynn Blake and John Tucker are jointly and primarily responsible for the day-to-day management of the Index Allocated Portion of the Portfolio.
Lynn Blake is a Principal of SSgA FM, Senior Managing Director of State Street Global Advisors and the Head of Non-US Markets in the Global Structured Products Group. Ms. Blake joined SSgA in 1987, and is currently responsible for overseeing the management of all non-US equity index strategies as well as serving as portfolio manager for several non-US equity index portfolios.
John Tucker is a Principal of SSgA FM, Managing Director of State Street Global Advisors and Head of US Equity Markets in the Global Structured Products Group, he is also responsible for all U.S. equity index strategies and Exchange-Traded Funds. Mr. Tucker manages numerous index strategies and works closely with the other Unit Heads in the group. Previously, Mr. Tucker was head of the Structured Products group in SSgA’s London office, where he was responsible for the management of all index strategies in their second largest investment center. Mr. Tucker joined State Street in 1988. | |||
Wellington Management Company, LLP (“Wellington Management”) 75 State Street Boston, MA 02109
Portfolio Manager
James N. Mordy | James N. Mordy, Senior Vice President and Equity Portfolio Manager, is responsible for the day-to-day management of the Active Allocated Portion. Mr. Mordy joined Wellington Management as an investment professional in 1985. | |||
Quality Bond PLUS Portfolio | AXA Equitable
1290 Avenue of the Americas New York, New York 10104
Portfolio Manager
Kenneth T. Kozlowski Xaiver Poutas | A committee of AXA FMG investment personnel manages the ETF Allocated Portion. Kenneth Kozlowski serves as the lead portfolio manager of the committee with primary responsibility for day-to-day management of the ETF Allocated Portion. Xavier Poutas assists the lead portfolio manager with day-to-day management of the ETF Allocated Portion, but does not have joint and primary responsibility for management of the ETF Allocated Portion.
Kenneth T. Kozlowski, CFP®, CHFC, CLU has served as Vice President of AXA Equitable from February 2001 to present. He has had primary responsibility for the asset allocation, fund selection and rebalancing of AXA Equitable’s funds of funds since 2003 and for the ETF Allocated Portion since May 25, 2007. Prior to June 1, 2007, Mr. Kozlowski served as Chief Financial Officer and Treasurer of the Trust since December 2002.
Xavier Poutas, CFA® joined AXA FMG in October 2004 as a Fund Administrator and was involved in the implementation of the asset allocation strategy for AXA Equitable’s funds of |
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funds. From November 2003 to September 2004, he served as Audit Manager of AXA Internal Audit, and from September 2002 to October 2003, he was a senior auditor with AXA Internal Audit. Mr. Poutas assists in portfolio analysis and portfolio performance evaluation with respect to the Portfolio. | ||||
SSgA FM
State Street Financial Center One Lincoln Street Boston MA 02111
Portfolio Manager
John Kirby Mike Brunell | The Index Allocated Portion of the Portfolio is managed by the SSgA Passive Fixed Income Team. Portfolio managers John Kirby and Mike Brunell are jointly and primarily responsible for the day-to-day management of the Index Allocated Portion of the Portfolio.
John Kirby is a Principal of SSgA FM and a Vice President of SSgA. Mr. Kirby is the head of the firm’s Fixed Income Index team and has managed the product since 1999 and portfolios within the group since 1997. In addition to portfolio management, Mr. Kirby’s responsibilities include risk management and product development.
Mike Brunell is a Principal of SSgA FM and a Vice President of SSgA. Mr. Brunell has been a member of the Fixed Income Index team since 2004. In his current role as part of the Beta solutions group, Mr. Brunell is responsible for developing and managing funds against a variety of conventional and custom bond index strategies, including fixed income exchange-traded funds, which were established in 2007. Prior to joining the investment group, Mr. Brunell was responsible for managing the US Bond Operations team, which he had been a member of since 1997. | |||
AllianceBernstein L.P. (“AllianceBernstein”), 1345 Avenue of the Americas New York, New York 10105
Portfolio Manager
Greg Wilensky | The management of and investment decisions for the Active Allocated Portion of the Portfolio are made by the U.S.: Core Fixed Income Team, comprised of senior Core Fixed Asset Team members. The Core Fixed Asset Team relies heavily on the fundamental analysis and research of AllianceBernstein’s large internal research staff. While all members of the team work jointly to determine the majority of the investment strategy, including security selection for the firm’s U.S.: Core Fixed Income accounts, Greg Wilensky, Senior Vice President and Portfolio Manager — US Core and Absolute Return Team at AllianceBernstein, is primarily responsible for the day-to-day management of, and has oversight and trading responsibilities for, the Active Allocated Portion of the Portfolio. Mr. Wilensky is a member of the US Core and Absolute Return Team and also manages US Inflation Linked Securities Portfolios. Mr. Wilensky has been responsible for the firm’s stable value business since 1998. He joined AllianceBernstein in 1996 as a Vice President in Portfolio Management and has had portfolio management responsibilities with AllianceBernstein for the past eleven years. | |||
Ultra Short Bond Portfolio | Pacific Investment Management Company, LLC (“PIMCO”) | Paul McCulley is responsible for the day-to-day management of the Portfolio. Mr. McCulley is also a managing director, General Portfolio Manager, member of the investment |
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840 Newport Center Drive Newport Beach, California 92660
Portfolio Manager
Paul McCulley | committee in PIMCO’s Newport Beach office and head of PIMCO’s Short-Term Desk. He joined PIMCO in 1999 as a Portfolio Manager and has had portfolio management responsibility since that time. |
Legal Proceedings Relating to the Advisers
AllianceBernstein
Material Litigation and Regulatory Matters
All aspects of AllianceBernstein L.P.’s (“AllianceBernstein” and “the firm”) business are subject to various federal and state laws and regulations, and to laws in foreign countries in which AllianceBernstein’s subsidiaries conduct business. Accordingly, from time to time, regulators contact AllianceBernstein seeking information concerning the firm and its business activities. At any given time, AllianceBernstein is also a party to civil lawsuits.
Please see below for details on current material litigation against AllianceBernstein and material regulatory matters involving AllianceBernstein:
Pending Litigation
1. Market Timing Litigation. On October 2, 2003, a complaint (Hindo v. Alliance Capital Management L.P., et al.) was filed in federal court in New York alleging that AllianceBernstein and numerous other defendants entered into agreements under which certain parties were permitted to engage in “late trading” and “market timing” transactions in certain firm-sponsored mutual funds in violation of the Securities Act of 1933 (“Securities Act”), the Securities Exchange Act of 1934 (“Exchange Act”) and the Investment Advisers Act of 1940. Hindo further alleges that the prospectuses for certain of these funds were false and misleading. Numerous additional lawsuits making factual allegations generally similar to those in Hindo were later filed in federal and state court, including a lawsuit by the State of West Virginia. In February 2004, all of the pending actions were transferred to the United States District Court for the District of Maryland. In September 2004, plaintiffs filed consolidated amended class action complaints with respect to four types of claim against the firm and other defendants — mutual fund shareholder claims, mutual fund derivative claims, ERISA claims by participants in the firm’s profit sharing plan, and derivative claims brought on behalf of AllianceBernstein Holding L.P. In general terms, these lawsuits allege facts similar to those in the Hindo complaint, and assert claims under the Securities Act and Exchange Act, as well as claims under the 1940 Act, the Employee Retirement Income Security Act of 1974 and common law. They seek unspecified damages. AllianceBernstein has moved to dismiss the consolidated complaints.
On April 21, 2006, the firm and attorneys for plaintiffs entered into a confidential memorandum of understanding containing their agreement to settle the claims in the mutual fund shareholder, mutual fund derivative and ERISA actions. The agreement will be documented by a stipulation of settlement and will be submitted for court approval at a later date. AllianceBernstein and the other defendants in these actions continue to vigorously defend against any remaining and/or unsettled claims.
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At the present time, AllianceBernstein is unable to predict the outcome or estimate a possible loss or range of loss in respect of the foregoing matters because of the inherent uncertainty regarding the outcome of complex litigation.
With respect to all significant litigation matters, AllianceBernstein conducts a probability assessment of the likelihood of a negative outcome. If the likelihood of a negative outcome is probable, and the amount of the loss can be reasonably estimated, AllianceBernstein records an estimated loss for the expected outcome of the litigation as
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required by Statement of Financial Accounting Standards No. 5 (“SFAS No. 5”), “Accounting for Contingencies”, and Financial Accounting Standards Board (“FASB”) Interpretation No. 14, “Reasonable Estimation of the Amount of a Loss — an interpretation of FASB Statement No. 5”.
If the likelihood of a negative outcome is reasonably possible and AllianceBernstein is able to indicate an estimate of the possible loss or range of loss, AllianceBernstein discloses that fact together with the estimate of the possible loss or range of loss. However, it is difficult to predict the outcome or estimate a possible loss or range of loss because litigation is subject to significant uncertainties, particularly when plaintiffs allege substantial or indeterminate damages, or when the litigation is highly complex or broad in scope.
Pending Regulatory Matters
1. Mutual Fund Trading Matters. Certain regulatory authorities, including the SEC and the Office of the New York State Attorney General (“NYAG”), are investigating practices in the mutual fund industry identified as “market timing” and “late trading” of mutual fund shares and have requested that the firm provide information to them. Our firm has cooperated and will continue to cooperate with all of these authorities.
On December 18, 2003, the firm reached terms with the SEC for the resolution of regulatory claims against Alliance Capital Management L.P. with respect to market timing. The SEC Order reflecting the agreement found that the firm maintained relationships with certain investors who were permitted to engage in market timing trades in certain domestic mutual funds sponsored by the firm in return for or in connection with making investments (which were not actively traded) in other firm products, including hedge funds and mutual funds, for which it receives advisory fees (“Market Timing Relationships”). The Order also stated that the SEC determined to accept an Offer of Settlement submitted by Alliance Capital Management L.P. The firm concurrently reached an agreement in principle with the NYAG which was subject to final, definitive documentation. That documentation, titled the Assurance of Discontinuance, is dated September 1, 2004.
Under both the SEC Order and the NYAG agreement, the firm must establish a $250 million fund to compensate fund shareholders for the adverse effect of market timing. Of the $250 million fund, the Agreements characterize $150 million as disgorgement and $100 million as a penalty. The Agreement with the NYAG requires a weighted average reduction in fees of 20% with respect to investment advisory agreements with AllianceBernstein-sponsored U.S. long-term open-end retail mutual funds for a minimum of five years, which commenced January 1, 2004. The terms of the agreements also call for the formation of certain compliance and ethics committees and the election of independent chairman to mutual fund boards, among other things.
On February 10, 2004, AllianceBernstein received (i) a subpoena duces tecum from the Office of the Attorney General of the State of West Virginia and (ii) a request for information from West Virginia’s Office of the State Auditor, Securities Commission (“West Virginia Securities Commission”) (together, the “Information Requests”). Both Information Requests require AllianceBernstein to produce documents concerning, among other things, any market timing or late trading in our sponsored mutual funds. AllianceBernstein responded to the Information Requests and are cooperating fully with the investigation.
On August 30, 2005, the deputy commissioner of securities of the West Virginia Securities Commission signed a “Summary Order to Cease and Desist, and Notice of Right to Hearing” addressed to Alliance Capital Management L.P. and Alliance Capital Management Holding L.P. The Summary Order claims that the firms violated the West Virginia Uniform Securities Act, and makes factual allegations generally similar to those in the Hindo Complaint. On January 25, 2006, AllianceBernstein and several unaffiliated firms filed a Petition for Writ of Prohibition and Order Suspending Proceedings in West Virginia state court, seeking to vacate the Summary Order and for other relief. The court denied the writ and in September 2006 the Supreme Court of Appeals declined our petition for appeal. On September 22, 2006, AllianceBernstein filed an answer and motion to dismiss the Summary Order with the Securities Commissioner. AllianceBernstein intends to vigorously defend against the allegations in the Summary Order.
2. On September 16, 2005, the SEC issued a Wells notice to the firm claiming that it aided and abetted violations of Section 19(a) of the 1940 Act by the Alliance All-Market Advantage Fund and the Spain Fund. The notice alleged that the funds did not, under Section 19(a), provide the required disclosure of the character of dividend distributions.
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The funds revised their dividend disclosures in 2004 in response to the SEC’s review of this matter and the firm believes that the disclosures now fully comply with Section 19(a). The firm has reached an agreement in principle with the SEC to resolve this matter, and has recorded a $450,000 earnings charge in connection therewith.
A discussion of material litigation and regulatory matters also is contained in AllianceBernstein’s Form 10-K for the year ended December 31, 2005, and Form 10-Q for the quarter ended September 30, 2006. If you would like additional information concerning any of these matters, or any other matters, please let us know.
PIMCO
Since February 2004, PIMCO, Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.) (PIMCO’s parent company), and certain of their affiliates, trustees, and employees of PIMCO have been named as defendants in eleven lawsuits filed in various jurisdictions. These lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares during specified periods, or as derivative actions. These lawsuits seek, among other things, unspecified compensatory damages plus interest and in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.
These actions generally allege that certain hedge funds were allowed to engage in “market timing” in certain funds and this alleged activity was not disclosed. Pursuant to tolling agreements dated January 14, 2005 entered into with the derivative and class action plaintiffs, PIMCO, certain trustees and employees of PIMCO who were previously named as defendants have all been removed as defendants in the market timing actions.
Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division, alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.
In April 2006, certain registered investment companies and other funds managed by PIMCO were served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. In July 2004, PIMCO was named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain registered investment companies and other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain registered investment companies and other funds managed by PIMCO—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis. To date, no briefs have been filed. This matter is not expected to have a material adverse effect on either the relevant registered investment companies and other funds or PIMCO.
It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on a fund or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the funds.
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The foregoing speaks only as of the date of this prospectus. While there may be additional litigation or regulatory developments in connection with the matters discussed above, the foregoing disclosure of litigation and regulatory matters will be updated only if those developments are material.
Fund Distribution Arrangements
The Trust offers two classes of shares on behalf of each Acquiring Portfolio: Class IA shares and Class IB shares. AXA Advisors, LLC (“AXA Advisors”) and AXA Distributors, LLC (“AXA Distributors”) serve as the co-distributors for the Class IA and Class IB shares of the Trust. Both classes of shares are offered and redeemed at their net asset value without any sales load. AXA Advisors and AXA Distributors are affiliates of AXA Equitable. Both AXA Advisors and AXA Distributors are registered as broker-dealers under the Securities Exchange Act of 1934, as amended, and are members of the Financial Industry Regulatory Authority (“FINRA”).
The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act for the Trust’s Class IB shares. Under the Class IB Distribution Plan, the Class IB shares of the Trust are charged an annual fee to compensate each of the co-distributors for promoting, selling and servicing shares of the Acquiring Portfolios. The annual fee equals 0.25% (subject to 0.50% maximum) of each Acquiring Portfolio’s average daily net assets attributable to Class IB Shares. Because these fees are paid out of an Acquiring Portfolio’s assets on an on going basis, over time, the fees will increase your cost of investing and may cost you more than other types of charges.
The co-distributors may receive payments from certain Advisers of the Acquiring Portfolios or their affiliates to help defray expenses for sales meetings or seminar sponsorships that may relate to the Contracts and/or the Advisers’ respective Acquiring Portfolios. These sales meetings or seminar sponsorships may provide the Advisers with increased access to persons involved in the distribution of the Contracts. The co-distributors also may receive marketing support from the Advisers in connection with the distribution of the Contracts.
All shares are purchased and sold at their net asset value without any sales load. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. The Acquiring Portfolios reserve the right to suspend or change the terms of purchasing or selling shares.
The Trust may suspend the right of redemption for any period or postpone payment for more than seven days when the New York Stock Exchange (“NYSE”) is closed (other than a weekend or holiday) or when trading is restricted by the SEC or the SEC declares that an emergency exists. Redemptions may also be suspended and payments may be postponed for more than seven days during other periods permitted by the SEC. An Acquiring Portfolio may pay the redemption price in whole or part by a distribution in kind of readily marketable securities in lieu of cash or may take up to seven days to pay a redemption request in order to raise capital, when it is detrimental for an Acquiring Portfolio to make cash payments as determined in the sole discretion of AXA Equitable.
Frequent transfers or purchases and redemptions of Acquiring Portfolio Shares, including market timing and other program trading or short-term trading strategies, may be disruptive to the Acquiring Portfolios. Excessive purchases and redemptions of shares of an Acquiring Portfolio may adversely affect the Acquiring Portfolio’s performance and the interests of long-term investors by requiring the Acquiring Portfolio to maintain larger amounts of cash or to liquidate portfolio holdings at a disadvantageous time or price. For example, when market timing occurs, an Acquiring Portfolio may have to sell its holdings to have the cash necessary to redeem the market timer’s shares. This can happen when it is not advantageous to sell any securities, so the Acquiring Portfolio’s performance may be hurt. When large dollar amounts are involved, market timing can also make it difficult to use long-term investment strategies because an Acquiring Portfolio cannot predict how much cash it will have to invest. In addition, disruptive transfers or purchases and redemptions of Acquiring Portfolio shares may impede efficient portfolio management and impose increased transaction costs, such as brokerage costs, by requiring the portfolio manager to affect more frequent purchases and sales of portfolio securities. Similarly, an Acquiring Portfolio may bear increased administrative costs as a result of the asset level and investment volatility that accompanies patterns of excessive or short-term trading. Acquiring Portfolios (or underlying ETFs in which an Acquiring Portfolio invests) that invest a
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significant portion of their assets in foreign securities, in securities of small- and mid-capitalization companies (e.g. Mid Cap PLUS Portfolio), or in high-yield securities tend to be subject to the risks associated with market timing and short-term trading strategies to a greater extent than funds that do not. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio securities values occur after the close of the overseas market but prior to the close of the U.S. market. Securities of small- and mid-capitalization companies and high-yield securities also present arbitrage opportunities because the market for such securities may be less liquid than the market for the securities of larger companies and higher quality bonds which could result in pricing inefficiencies.
The Trust’s Board of Trustees has adopted policies and procedures regarding disruptive transfer activity. The Trust and the Acquiring Portfolios discourage frequent purchases and redemptions of portfolio shares by Contractholders and will not make special arrangements to accommodate such transactions in Acquiring Portfolio Shares. As a general matter, each Acquiring Portfolio and the Trust reserve the right to reject a transfer that they believe, in their sole discretion is disruptive (or potentially disruptive) to the management of the Acquiring Portfolio.
The Trust’s policies and procedures seek to discourage what it considers to be disruptive trading activity. The Trust seeks to apply its policies and procedures to all Contractholders uniformly, including omnibus accounts. It should be recognized, however, that such policies and procedures are subject to limitations:
• | They do not eliminate the possibility that disruptive transfer activity, including market timing, will occur or that portfolio performance will be affected by such activity. |
• | The design of such policies and procedures involves inherently subjective judgments, which AXA Equitable, on behalf of the Trust, seeks to make in a fair and reasonable manner consistent with the interests of all Contractholders. |
• | The limits on AXA Equitable’s ability to monitor certain potentially disruptive transfer activity means that some Contractholders may be treated differently than others, resulting in the risk that some Contractholders may be able to engage in frequent transfer activity while others will bear the effect of that frequent transfer activity. |
If AXA Equitable, on behalf of the Trust, determines that a Contractholder’s transfer patterns among the Trust’s portfolios are disruptive to the Trust’s portfolios, it may, among other things, restrict the availability of personal telephone requests, facsimile transmissions, automated telephone services, internet services or any electronic transfer services. AXA Equitable may also refuse to act on transfer instructions of an agent acting under a power of attorney who is acting on behalf of more than one owner. In making these determinations, AXA Equitable may consider the combined transfer activity of Contracts that it believes are under common ownership, control or direction.
The Trust currently considers transfers into and out of (or vice versa) the same portfolio within a five-business day period as potentially disruptive transfer activity. In order to reduce disruptive activity, it monitors the frequency of transfers, including the size of transfers in relation to portfolio assets, in each portfolio. The Trust aggregates inflows and outflows for each portfolio on a daily basis. When a potentially disruptive transfer into or out of a portfolio occurs on a day when the portfolio’s net inflows and outflows exceed an established monitoring threshold, AXA Equitable sends a letter to the Contractholder explaining that there is a policy against disruptive transfer activity and that if such activity continues, AXA Equitable may take action to restrict the availability of voice, fax and automated transaction services. If such Contractholder is identified a second time as engaging in potentially disruptive transfer activity, AXA Equitable currently restricts the availability of voice, fax and automated transaction services. AXA Equitable currently applies such action for the remaining life of each affected Contract. Because AXA Equitable exercises discretion in determining whether or not to take the actions discussed above, some Contractholders may be treated differently than others, resulting in the risk that some Contractholders may be able to engage in frequent transfer activity while others will bear the effect of the frequent transfer activity. Although AXA Equitable currently provides a letter to Contractholders who have engaged in disruptive transfer activity of its intention to restrict access to communication services, AXA Equitable may not continue to provide such letters. Consistent with seeking to discourage potentially disruptive transfer activity, AXA Equitable or the Trust may also, in its sole discretion and without further notice, change what it considers potentially disruptive transfer activity and its monitoring procedures and thresholds, as well as change its procedures to restrict this activity. You should consult the Contract prospectus that accompanies this Prospectus for information on other specific limitations on the transfer privilege.
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The above policies and procedures with respect to frequent transfers or purchases and redemptions of portfolio shares also apply to retirement plan participants, but do not apply to AXA Equitable’s funds of funds.
Notwithstanding our efforts, we may be unable to detect or deter market timing activity by certain persons, which can lead to disruption of management of, and excess costs to, a particular Acquiring Portfolio.
How Portfolio Shares Are Priced
“Net asset value” is the price of one share of a portfolio of the Trust, including an Acquiring Portfolio, without a sales charge, and is calculated each business day using the following formula:
Net Asset Value = | Total market value of securities + Cash and other assets - Liabilities | |||||
Number of outstanding shares |
The net asset value of portfolio shares is determined according to this schedule:
• | A share’s net asset value is determined as of the close of regular trading on the NYSE on the days it is open for trading. This is normally 4:00 p.m. Eastern time. |
• | The price for purchasing or redeeming a share will be based upon the net asset value next calculated after an order is received and accepted by a portfolio or its designated agent. |
• | portfolio heavily invested in foreign securities may have net asset value changes on days when shares cannot be purchase or sold because foreign securities sometimes trade on days when a portfolio’s shares are not priced. |
Generally, portfolio securities are valued as follows:
• | Equity securities (including securities issued by ETFs) – most recent sales price or official closing price or if there is no sale or official closing price, latest available bid price. |
• | Debt securities – based upon pricing service valuations. |
• | Securities traded on foreign exchanges – most recent sales or bid price on the foreign exchange or market, unless a significant event or circumstance occurs after the close of that market or exchange that will materially affect its value. In that case, fair value as determined by or under the direction of the Trust’s Board of Trustees at the close of regular trading on the NYSE. Foreign currency is converted into U.S. dollar equivalent daily at current exchange rates. |
• | Options – last sales price or, if not available, previous day’s sales price. If the bid price is higher or the asked price is lower than the last sale price, the higher bid or lower asked price may be used. Options not traded on an exchange or actively traded are valued according to fair value methods. |
• | Futures – last sales price or, if there is no sale, latest available bid price. |
• | Investment Company Securities – shares of open-end mutual funds (other than ETFs) held by a portfolio will be valued at the net asset value of the shares of such funds as described in these funds’ prospectuses. |
• | Other Securities – other securities and assets for which market quotations are not readily available or for which valuation cannot be provided are valued at their fair value as determined in good faith by or under the direction of the Board of Trustees of the Trust. For example, a security whose trading has been halted during the trading day may be fair valued based on the available information at the time of the close of the trading market. Similarly, securities for which there is no ready market (e.g., securities of certain small capitalization issuers, high yield |
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securities and securities of certain issuers located in emerging markets) also may be fair valued. Some methods for valuing these securities may include: fundamental analysis (earnings multiple, etc.), matrix pricing, discounts from market prices of similar securities, or discounts applied due to the nature and duration of restrictions on the disposition of the securities. |
Events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the net asset value is determined, such as foreign securities trading on foreign exchanges that close before the time the net asset value of portfolio shares is determined, may be reflected in the Trust’s calculations of net asset values for each applicable portfolio when the Trust deems that the particular event or circumstance would materially affect such portfolio’s net asset value. Such events or circumstances may be company specific, such as an earning report, country or region specific, such as a natural disaster, or global in nature. Such events or circumstances also may include price movements in the U.S. securities markets.
The effect of fair value pricing as described above is that securities may not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Trust’s Board of Trustees believes reflects fair value. As such, fair value pricing is based on subjective judgments and it is possible that fair value may differ materially from the value realized on a sale. This policy is intended to assure that the portfolio’s net asset value fairly reflects security values as of the time of pricing. Also, fair valuation of a portfolio’s securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of the portfolio’s NAV by those traders.
Dividends and other Distributions
The Acquiring Portfolios generally distribute most or all of their net investment income and their net realized gains, if any, annually. Dividends and other distributions by an Acquiring Portfolio are automatically reinvested at net asset value in shares of that Acquiring Portfolio.
Federal Income Tax Considerations
Each portfolio, including the Acquiring Portfolios, is treated as a separate corporation, and intends to continue to qualify to be treated as a regulated investment company, for federal tax purposes. A portfolio will be so treated if it meets specified federal income tax rules, including requirements regarding types of investments, limits on investments, types of income, and distributions. A regulated investment company that satisfies those requirements is not taxed at the entity (portfolio) level to the extent it passes through its net income and gains to its shareholders by making distributions. Although the Trust intends that each portfolio will be operated to have no federal tax liability, if a portfolio does have any federal tax liability, that would hurt its investment performance. Also, any portfolio that invests in foreign securities or holds foreign currencies could be subject to foreign taxes that could reduce its investment performance.
It is important for each portfolio to maintain its regulated investment company status (and to satisfy certain other requirements) because the shareholders of a portfolio that are insurance company separate accounts will then be able to use a “look-through” rule in determining whether the Contracts indirectly funded by the portfolio meet the investment diversification rules for separate accounts. If a portfolio failed to meet those diversification rules, owners of non-pension plan Contracts funded through that portfolio would be taxed immediately on the accumulated investment earnings under their Contracts and would lose any benefit of tax deferral. AXA Equitable, in its capacity as Manager and administrator of the Trust, therefore carefully monitors compliance with all of the regulated investment company rules and separate account investment diversification rules.
Contractholders seeking to more fully understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their Contract or refer to their Contract prospectus.
The following financial highlights tables are intended to help you understand the financial performance of each Acquiring Portfolio’s Class IA and Class IB shares. The financial information in the tables is for the past five years (or, if shorter, the period of the Portfolio’s operations). The financial information below for the Class IA and Class
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IB shares of each Acquiring Portfolio has been derived from the financial statements of each Acquiring Portfolio, which have been audited by PricewaterhouseCoopers LLP (“PwC”), an independent registered public accounting firm. PwC’s report on each Acquiring Portfolio’s financial statements as of December 31, 2008 and the financial statements themselves appear in the Trust’s Annual Report.
Certain information reflects financial results for a single share. The total returns in the tables represent the rate that a shareholder would have earned (or lost) on an investment in each Acquiring Portfolio (assuming reinvestment of all dividends and other distributions). The total return figures shown below do not reflect any Separate Account or Contract fees and charges. The total return figures would be lower if they did reflect such fees and charges. The information should be read in conjunction with the financial statements contained in the Trust’s Annual Report, which are incorporated by reference into the Trust’s Statement of Additional Information relating to this Proxy Statement/Prospectus and available upon request.
Financial Highlights
EQ/Core Bond Index Portfolio
Class IA | Class IB | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2008(e) | 2007(e) | 2006(e) | 2005(e) | 2004(e) | 2008(e) | 2007(e) | 2006(e) | 2005(e) | 2004(e) | |||||||||||||||||||||||||||||||
Net asset value, beginning of year | $ | 10.80 | $ | 10.96 | $ | 11.00 | $ | 11.14 | $ | 11.18 | $ | 10.81 | $ | 10.97 | $ | 11.01 | $ | 11.15 | $ | 11.19 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.45 | 0.56 | 0.55 | 0.42 | 0.33 | 0.42 | 0.53 | 0.50 | 0.39 | 0.30 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (1.39 | ) | (0.20 | ) | (0.08 | ) | (0.14 | ) | 0.15 | (1.39 | ) | (0.20 | ) | (0.06 | ) | (0.14 | ) | 0.15 | ||||||||||||||||||||||
Total from investment operations | (0.94 | ) | 0.36 | 0.47 | 0.28 | 0.48 | (0.97 | ) | 0.33 | 0.44 | 0.25 | 0.45 | ||||||||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.50 | ) | (0.52 | ) | (0.51 | ) | (0.40 | ) | (0.32 | ) | (0.47 | ) | (0.49 | ) | (0.48 | ) | (0.37 | ) | (0.29 | ) | ||||||||||||||||||||
Distributions from realized gains | — | — | — | (0.02 | ) | (0.20 | ) | — | — | — | (0.02 | ) | (0.20 | ) | ||||||||||||||||||||||||||
Total dividends and distributions | (0.50 | ) | (0.52 | ) | (0.51 | ) | (0.42 | ) | (0.52 | ) | (0.47 | ) | (0.49 | ) | (0.48 | ) | (0.39 | ) | (0.49 | ) | ||||||||||||||||||||
Net asset value, end of year | $ | 9.36 | $ | 10.80 | $ | 10.96 | $ | 11.00 | $ | 11.14 | $ | 9.37 | $ | 10.81 | $ | 10.97 | $ | 11.01 | $ | 11.15 | ||||||||||||||||||||
Total return | (8.70 | )% | 3.35 | % | 4.28 | % | 2.50 | % | 4.31 | % | (8.93 | )% | 3.08 | % | 4.01 | % | 2.24 | % | 4.13 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 102,806 | $ | 633,814 | $ | 105,248 | $ | 11,367 | $ | 5,715 | $ | 1,104,157 | $ | 1,529,392 | $ | 1,491,463 | $ | 1,392,453 | $ | 1,208,076 | ||||||||||||||||||||
Ratio of expenses to average net assets | 0.57 | % | 0.56 | % | 0.56 | % | 0.49 | % | 0.50 | % | 0.82 | %(c) | 0.81 | % | 0.81 | %(c) | 0.74 | % | 0.75 | % | ||||||||||||||||||||
Ratio of net investment income to average net assets | 4.24 | % | 5.02 | % | 4.87 | % | 3.75 | % | 2.93 | % | 4.05 | % | 4.78 | % | 4.50 | % | 3.50 | % | 2.68 | % | ||||||||||||||||||||
Portfolio turnover rate | 462 | % | 513 | % | 543 | % | 588 | % | 560 | % | 462 | % | 513 | % | 543 | % | 588 | % | 560 | % |
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Financial Highlights (cont’d)
EQ/Intermediate Government Bond Index Portfolio
Class IA | Class IB | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2008(e) | 2007(e) | 2006(e) | 2005(e) | 2004 | 2008(e) | 2007(e) | 2006(e) | 2005(e) | 2004 | |||||||||||||||||||||||||||||||
Net asset value, beginning of year | $ | 9.89 | $ | 9.67 | $ | 9.77 | $ | 10.00 | $ | 10.11 | $ | 9.84 | $ | 9.62 | $ | 9.71 | $ | 9.94 | $ | 10.05 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.37 | 0.44 | 0.40 | 0.34 | 0.32 | 0.35 | 0.41 | 0.37 | 0.32 | 0.28 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.02 | ) | 0.25 | (0.07 | ) | (0.19 | ) | (0.09 | ) | (0.03 | ) | 0.25 | (0.06 | ) | (0.20 | ) | (0.08 | ) | ||||||||||||||||||||||
Total from investment operations | 0.35 | 0.69 | 0.33 | 0.15 | 0.23 | 0.32 | 0.66 | 0.31 | 0.12 | 0.20 | ||||||||||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.35 | ) | (0.47 | ) | (0.43 | ) | (0.38 | ) | (0.33 | ) | (0.33 | ) | (0.44 | ) | (0.40 | ) | (0.35 | ) | (0.30 | ) | ||||||||||||||||||||
Distributions from realized gains | — | — | — | — | (0.01 | ) | — | — | — | — | (0.01 | ) | ||||||||||||||||||||||||||||
Total dividends and distributions | (0.35 | ) | (0.47 | ) | (0.43 | ) | (0.38 | ) | (0.34 | ) | (0.33 | ) | (0.44 | ) | (0.40 | ) | (0.35 | ) | (0.31 | ) | ||||||||||||||||||||
Net asset value, end of year | $ | 9.89 | $ | 9.89 | $ | 9.67 | $ | 9.77 | $ | 10.00 | $ | 9.83 | $ | 9.84 | $ | 9.62 | $ | 9.71 | $ | 9.94 | ||||||||||||||||||||
Total return | 3.56 | % | 7.13 | % | 3.35 | % | 1.51 | % | 2.13 | % | 3.19 | % | 6.97 | % | 3.07 | % | 1.24 | % | 1.97 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 233,132 | $ | 227,848 | $ | 222,451 | $ | 248,266 | $ | 296,399 | $ | 557,195 | $ | 470,755 | $ | 486,352 | $ | 542,787 | $ | 595,497 | ||||||||||||||||||||
Ratio of expenses to average net assets | 0.65 | % | 0.63 | % | 0.61 | % | 0.56 | % | 0.56 | % | 0.90 | % | 0.88 | % | 0.86 | % | 0.81 | % | 0.81 | % | ||||||||||||||||||||
Ratio of net investment income to average net assets | 3.74 | % | 4.46 | % | 4.03 | % | 3.42 | % | 2.95 | % | 3.49 | % | 4.21 | % | 3.74 | % | 3.17 | % | 2.70 | % | ||||||||||||||||||||
Portfolio turnover rate | 211 | % | 167 | % | 231 | % | 251 | % | 274 | % | 211 | % | 167 | % | 231 | % | 251 | % | 274 | % |
82 |
Financial Highlights (cont’d)
EQ/Mid Cap Value PLUS Portfolio
Class IA | Class IB | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2008(e) | 2007 | 2006(e) | 2005(e) | 2004(e) | 2008(e) | 2007 | 2006(e) | 2005(e) | 2004(e) | |||||||||||||||||||||||||||||||
Net asset value, beginning of year | $ | 10.39 | $ | 14.37 | $ | 14.01 | $ | 14.05 | $ | 13.09 | $ | 10.31 | $ | 14.30 | $ | 13.95 | $ | 14.00 | $ | 13.08 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.14 | 0.19 | 0.08 | 0.09 | 0.03 | 0.12 | 0.16 | 0.04 | 0.05 | — | # | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (4.20 | ) | (0.42 | ) | 1.68 | 1.51 | 2.20 | (4.20 | ) | (0.44 | ) | 1.67 | 1.50 | 2.19 | ||||||||||||||||||||||||||
Total from investment operations | (4.06 | ) | (0.23 | ) | 1.76 | 1.60 | 2.23 | (4.08 | ) | (0.28 | ) | 1.71 | 1.55 | 2.19 | ||||||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.15 | ) | (0.19 | ) | (0.08 | ) | (0.10 | ) | — | (0.13 | ) | (0.15 | ) | (0.04 | ) | (0.06 | ) | — | ||||||||||||||||||||||
Distributions from realized gains | — | (3.56 | ) | (1.32 | ) | (1.54 | ) | (1.27 | ) | — | (3.56 | ) | (1.32 | ) | (1.54 | ) | (1.27 | ) | ||||||||||||||||||||||
Total dividends and distributions | (0.15 | ) | (3.75 | ) | (1.40 | ) | (1.64 | ) | (1.27 | ) | (0.13 | ) | (3.71 | ) | (1.36 | ) | (1.60 | ) | (1.27 | ) | ||||||||||||||||||||
Net asset value, end of year | $ | 6.18 | $ | 10.39 | $ | 14.37 | $ | 14.01 | $ | 14.05 | $ | 6.10 | $ | 10.31 | $ | 14.30 | $ | 13.95 | $ | 14.00 | ||||||||||||||||||||
Total return | (39.06 | )% | (1.29 | )% | 12.76 | % | 11.62 | % | 18.14 | % | (39.53 | )% | (1.62 | )% | 12.45 | % | 11.31 | % | 17.84 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 18,747 | $ | 26,777 | $ | 24,186 | $ | 16,535 | $ | 8,178 | $ | 838,774 | $ | 1,671,712 | $ | 1,897,629 | $ | 1,730,041 | $ | 1,438,673 | ||||||||||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||
After waivers (f) | 0.76 | % | 0.79 | % | 0.83 | % | 0.79 | % | 0.82 | % | 1.01 | % | 1.04 | % | 1.08 | % | 1.04 | % | 1.07 | % | ||||||||||||||||||||
After waivers and fees paid indirectly (f) | 0.75 | % | 0.58 | % | 0.82 | % | 0.77 | % | 0.80 | % | 1.00 | % | 0.83 | % | 1.07 | %(c) | 1.02 | % | 1.05 | % | ||||||||||||||||||||
Before waivers and fees paid indirectly (f) | 0.77 | % | 0.79 | % | 0.83 | % | 0.79 | % | 0.82 | % | 1.02 | % | 1.04 | % | 1.08 | % | 1.04 | % | 1.07 | % | ||||||||||||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||||||||||||||||||||||||
After waivers (f) | 1.62 | % | 1.05 | % | 0.53 | % | 0.60 | % | 0.21 | % | 1.34 | % | 0.82 | % | 0.27 | % | 0.35 | % | (0.04 | )% | ||||||||||||||||||||
After waivers and fees paid indirectly (f) | 1.63 | % | 1.26 | % | 0.54 | % | 0.62 | % | 0.23 | % | 1.34 | % | 1.03 | % | 0.29 | % | 0.37 | % | (0.02 | )% | ||||||||||||||||||||
Before waivers and fees paid indirectly (f) | 1.61 | % | 1.05 | % | 0.53 | % | 0.60 | % | 0.21 | % | 1.32 | % | 0.81 | % | 0.27 | % | 0.35 | % | (0.04 | )% | ||||||||||||||||||||
Portfolio turnover rate | 38 | % | 160 | % | 66 | % | 55 | %(d) | 74 | % | 38 | % | 160 | % | 66 | % | 55 | %(d) | 74 | % | ||||||||||||||||||||
Effect of contractual expense limitation during the year: | ||||||||||||||||||||||||||||||||||||||||
Per share benefit to net investment income | $ | — | # | $ | — | # | $ | — | $ | — | $ | — | $ | — | # | $ | — | # | $ | — | $ | — | $ | — |
83 |
Financial Highlights (cont’d)
EQ/PIMCO Ultra Short Bond Portfolio
Class IA | Class IB | |||||||||||||||||||||||||||
Year Ended December 31, 2008(e) | March 30, 2007* to December 31, 2007(e) | Year Ended December 31, | ||||||||||||||||||||||||||
2008(e) | 2007(e) | 2006(e) | 2005(e) | 2004 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.53 | $ | 10.06 | $ | 10.54 | $ | 9.76 | $ | 10.14 | $ | 10.31 | $ | 10.33 | ||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income | 0.34 | 0.34 | 0.31 | 0.43 | 0.43 | 0.34 | 0.20 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments, options written, futures, and foreign currency transactions | (0.71 | ) | 0.51 | (0.71 | ) | 0.70 | (0.41 | ) | (0.26 | ) | 0.29 | |||||||||||||||||
Total from investment operations | (0.37 | ) | 0.85 | (0.40 | ) | 1.13 | 0.02 | 0.08 | 0.49 | |||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income | (0.31 | ) | (0.29 | ) | (0.29 | ) | (0.26 | ) | (0.35 | ) | (0.22 | ) | (0.21 | ) | ||||||||||||||
Distributions from realized gains | (0.57 | ) | (0.09 | ) | (0.57 | ) | (0.09 | ) | (0.05 | ) | (0.03 | ) | (0.30 | ) | ||||||||||||||
Total dividends and distributions | (0.88 | ) | (0.38 | ) | (0.86 | ) | (0.35 | ) | (0.40 | ) | (0.25 | ) | (0.51 | ) | ||||||||||||||
Net asset value, end of period | $ | 9.28 | $ | 10.53 | $ | 9.28 | $ | 10.54 | $ | 9.76 | $ | 10.14 | $ | 10.31 | ||||||||||||||
Total return (b) | (3.74 | )% | 8.72 | % | (4.07 | )% | 11.43 | % | 0.44 | % | 0.77 | % | 4.78 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 952,328 | $ | 705,347 | $ | 1,120,616 | $ | 584,940 | $ | 375,504 | $ | 217,873 | $ | 60,511 | ||||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||||||
After waivers (a) | 0.66 | % | 0.65 | % | 0.91 | % | 0.90 | % | 0.70 | % | 0.65 | % | 0.65 | % | ||||||||||||||
Before waivers (a) | 0.68 | % | 0.69 | % | 0.93 | % | 0.94 | %(c) | 0.95 | % | 0.96 | % | 1.00 | % | ||||||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||||||||||||
After waivers (a) | 3.20 | % | 4.45 | % | 2.91 | % | 4.27 | % | 4.20 | % | 3.31 | % | 2.04 | % | ||||||||||||||
Before waivers (a) | 3.18 | % | 4.40 | % | 2.89 | % | 4.21 | % | 3.95 | % | 3.00 | % | 1.69 | % | ||||||||||||||
Portfolio turnover rate | 1,056 | % | 1,088 | % | 1,056 | % | 1,088 | % | 1,040 | % | 1,249 | % | 396 | % | ||||||||||||||
Effect of contractual expense limitation during the period: | ||||||||||||||||||||||||||||
Per share benefit to net investment income | $ | — | # | $ | — | # | $ | — | # | $ | 0.01 | $ | 0.03 | $ | 0.03 | $ | 0.04 |
84 |
Financial Highlights (concluded)
EQ/Quality Bond PLUS Portfolio
Class IA | Class IB | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2008 | 2007(e) | 2006(e) | 2005(e) | 2004 | 2008 | 2007(e) | 2006(e) | 2005(e) | 2004 | |||||||||||||||||||||||||||||||
Net asset value, beginning of year | $ | 9.94 | $ | 10.00 | $ | 10.02 | $ | 10.20 | $ | 10.25 | $ | 9.89 | $ | 9.95 | $ | 9.96 | $ | 10.15 | $ | 10.19 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.63 | 0.46 | 0.43 | 0.36 | 0.26 | 0.48 | 0.43 | 0.40 | 0.33 | 0.23 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (1.26 | ) | 0.01 | (0.02 | ) | (0.12 | ) | 0.15 | (1.13 | ) | 0.01 | (0.01 | ) | (0.13 | ) | 0.16 | ||||||||||||||||||||||||
Total from investment operations | (0.63 | ) | 0.47 | 0.41 | 0.24 | 0.41 | (0.65 | ) | 0.44 | 0.39 | 0.20 | 0.39 | ||||||||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.56 | ) | (0.53 | ) | (0.43 | ) | (0.39 | ) | (0.27 | ) | (0.53 | ) | (0.50 | ) | (0.40 | ) | (0.36 | ) | (0.24 | ) | ||||||||||||||||||||
Distributions from realized gains | — | — | — | (0.03 | ) | (0.19 | ) | — | — | — | (0.03 | ) | (0.19 | ) | ||||||||||||||||||||||||||
Total dividends and distributions | (0.56 | ) | (0.53 | ) | (0.43 | ) | (0.42 | ) | (0.46 | ) | (0.53 | ) | (0.50 | ) | (0.40 | ) | (0.39 | ) | (0.43 | ) | ||||||||||||||||||||
Net asset value, end of year | $ | 8.75 | $ | 9.94 | $ | 10.00 | $ | 10.02 | $ | 10.20 | $ | 8.71 | $ | 9.89 | $ | 9.95 | $ | 9.96 | $ | 10.15 | ||||||||||||||||||||
Total return | (6.36 | )% | 4.78 | % | 4.06 | % | 2.33 | % | 3.95 | % | (6.57 | )% | 4.60 | % | 3.79 | % | 1.95 | % | 3.79 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 883,979 | $ | 1,556,385 | $ | 1,644,924 | $ | 1,543,231 | $ | 1,627,106 | $ | 410,584 | $ | 497,051 | $ | 480,846 | $ | 465,584 | $ | 424,156 | ||||||||||||||||||||
Ratio of expenses to average net assets | 0.65 | % | 0.64 | % | 0.61 | % | 0.55 | % | 0.56 | % | 0.90 | % | 0.89 | % | 0.86 | % | 0.80 | % | 0.81 | % | ||||||||||||||||||||
Ratio of net investment income to average net assets | 4.80 | % | 4.49 | % | 4.25 | % | 3.51 | % | 2.55 | % | 4.53 | % | 4.24 | % | 4.00 | % | 3.26 | % | 2.30 | % | ||||||||||||||||||||
Portfolio turnover rate | 135 | % | 165 | % | 353 | % | 531 | % | 659 | % | 135 | % | 165 | % | 353 | % | 531 | % | 659 | % |
* | Commencement of Operations. |
# | Amount is less than $0.01. |
(a) | Ratios for periods less than one year are annualized. |
(b) | Total returns for periods less than one year are not annualized. |
(c) | Reflects overall fund ratios for investment income and non-class specific expense. |
(d) | Reflects purchases and sales from change in investment strategy. |
(e) | Net investment income and capital changes per share are based on average shares outstanding. |
(f) | Expenses do not include the expenses of the underlying funds. |
85 |
The following information applies to the Reorganization of each Acquired Portfolio and Acquiring Portfolio for which you are entitled to vote.
Shareholders with amounts allocated to the Acquired Portfolios at the close of business on May 31, 2009 (the “Record Date”) will be entitled to be present and vote or give voting instructions for the applicable Acquired Portfolio at the Meeting with respect to their shares or shares attributable to their Contracts as of the Record Date.
Each whole share of the Acquired Portfolios is entitled to one vote as to each matter with respect to which it is entitled to vote, as described above, and each fractional share is entitled to a proportionate fractional vote. Votes cast by proxy or in person by a shareholder at the Meeting will be counted by persons appointed as inspectors of election for the Meeting. The table below shows the number of outstanding shares of the Acquired Portfolios as of the Record Date that are entitled to vote at the Meeting. Together, the Insurance Companies owned of record more than 95% of those shares.
Portfolio | Total Number | Number of Class IA | Number of Class IB | |||
Appreciation Portfolio | ||||||
Bond Index Portfolio | ||||||
Government Securities Portfolio | ||||||
High Yield Portfolio | ||||||
Long/Short Portfolio | ||||||
Long Term Bond Portfolio | ||||||
Mid Cap Value Portfolio | ||||||
Real Estate Portfolio | ||||||
Short Duration Bond Portfolio |
Approval of a Plan with respect to a Transaction involving an Acquired Portfolio will require the affirmative vote of (i) 67% or more of the voting securities of the Portfolio present at the Meeting, if the holders of more than 50% of its outstanding voting securities are present or represented by proxy, or (ii) more than 50% of its outstanding voting
86
securities, whichever is less. The presence, in person or by proxy, of at least one-third of the shares of an Acquired Portfolio entitled to vote at the Meeting will constitute a quorum for the transaction of business at the Meeting with respect to an Acquired Portfolio. If a proxy card is not marked to indicate voting instructions but is signed, dated and returned, it will be treated as an instruction to vote the shares in favor of the proposal. If a shareholder abstains from voting as to any matter, the shares represented by the abstention will be deemed present at the Meeting for purposes of determining a quorum.
To the knowledge of the Trust, as of May 31, 2009, the officers and Trustees owned, as a group, less than 1% of the shares of each Portfolio.
Each Insurance Company may be deemed to be a control person of each Portfolio by virtue of its direct or indirect ownership of more than 25% of the shares of each Portfolio. In addition, AXA Equitable may be deemed to be a control person of the Trust by virtue of its direct or indirect ownership of more than 95% of the Trust’s shares. As of May 31, 2009, except as set forth in Appendix C, to the Trust’s knowledge, (1) no person, other than the Insurance Companies, owned beneficially or of record 5% or more of the outstanding Class IA or Class IB shares of a Portfolio and (2) no Contractholder owned Contracts entitling such Contractholder to give voting instructions regarding more than 5% of the outstanding Class IA or Class IB shares of a Portfolio.
Solicitation of Proxies and Voting Instructions
Solicitation of proxies and voting instructions is being made primarily by the mailing of this Notice and Proxy Statement/Prospectus with its enclosures on or about June , 2009. In addition to the solicitation of proxies and voting instructions by mail, officers, agents and employees of AXA Equitable and the Trust and their affiliates, without additional compensation, may solicit proxies and voting instructions in person or by telephone, telegraph, fax, the internet or oral communication.
Contractholders with amounts allocated to an Acquired Portfolio on the Record Date will be entitled to be present and give voting instructions for the Acquired Portfolio at the Meeting with respect to shares held indirectly as of the Record Date, to the extent required by applicable law. An Insurance Company will vote the shares for which it receives timely voting instructions from Contractholders in accordance with those instructions. An Insurance Company will vote shares attributable to Contracts for which it is the Contractholder “FOR” each proposal. Shares in each investment division of a Separate Account for which an Insurance Company receives a voting instruction card that is signed, dated and timely returned but is not marked to indicate voting instructions will be treated as an instruction to vote the shares in favor of the applicable proposal. Shares in each investment division of a Separate Account for which an Insurance Company receives no timely voting instructions from Contractholders, or which are attributable to amounts retained by AXA Equitable as surplus or seed money, will be voted by the applicable Insurance Company “FOR” or “AGAINST” approval of the proposal, or as an abstention, in the same proportion as the shares for which Contractholders (other the Insurance Company) have provided voting instructions to the Insurance Company.
Voting instructions executed by a Contractholder may be revoked at any time prior to an Insurance Company voting the shares represented thereby by the Contractholder providing the Insurance Company with a properly executed written revocation of such voting instructions, or by the Contractholder providing the Insurance Company with proper later-dated voting instructions by voting instruction card, telephone or the Internet. In addition, any Contractholder who attends the Meeting in person may provide voting instructions by a voting instruction card at the Meeting, thereby canceling any voting instruction previously given. Proxies executed by an Insurance Company may be revoked at any time before they are exercised by a written revocation duly received, by properly executing a later-dated proxy or by attending the Meeting and voting in person.
An Insurance Company will vote as directed by the voting instruction card, but in the absence of voting instructions in any voting instruction card that is signed and returned, an Insurance Company intends to vote “FOR” the applicable proposal and may vote in its discretion with respect to other matters not now known to the Board that may be presented at the Meeting.
87
The cost of the Meeting, including the cost of solicitation of proxies and voting instructions, will be borne by . The principal solicitation will be by mail, but voting instructions also may be solicited by telephone, telegraph, fax, personal interview by officers or agents of the Trust or the Internet. Contractholders can provide voting instructions: (1) by Internet at our website at ; (2) by telephone at 1-800- ; or (3) by mail, with the enclosed voting instruction card.
If sufficient votes in favor of a proposal are not received by the time scheduled for the Meeting, the persons named as proxies may propose one or more adjournments of the Meeting to permit further solicitation of proxies. Any adjournment will require the affirmative vote of a majority of the shares represented in person or by proxy at the session of the Meeting to be adjourned. An Insurance Company will vote in favor of such adjournment those proxies that it is entitled to vote in favor of the proposal. An Insurance Company will vote against the adjournment those proxies required to be voted against the proposal. An Insurance Company will pay the costs of any additional solicitation and any adjourned session.
The Trust does not know of any matters to be presented at the Meeting other than those described in this Proxy Statement/Prospectus. If other business properly comes before the Meeting, the proxyholders will vote thereon in accordance with their best judgment.
The Trust is not required to hold regular shareholder meetings and, in order to minimize its costs, does not intend to hold meetings of shareholders unless so required by applicable law, regulation or regulatory policy or if otherwise deemed advisable by the Trust’s management. Therefore, it is not practicable to specify a date by which proposals must be received in order to be incorporated in an upcoming proxy statement for a meeting of shareholders.
Prompt execution and return of the enclosed voting instruction card is requested. A self-addressed, postage-paid envelope is enclosed for your convenience. If executed but unmarked voting instructions are received, an Insurance Company will vote those unmarked voting instructions in favor of the Reorganization Plan.
* * * * *
88
PLAN OF REORGANIZATION AND TERMINATION
THIS PLAN OF REORGANIZATION AND TERMINATION (“Plan”) is adopted by EQ ADVISORS TRUST, a Delaware statutory trust (“Trust”), on behalf of each of its segregated portfolios of assets (“series”) listed on Schedule A to this Plan (“Schedule A”). (Each series listed under the heading “Targets” on Schedule A is referred to herein as a “Target”; each series listed under the heading “Acquiring Portfolios” on Schedule A is referred to herein as an “Acquiring Portfolio”; and each Target and Acquiring Portfolio is sometimes referred to herein as a “Portfolio.”) All agreements, covenants, actions, and obligations of each Portfolio contained herein shall be deemed to be agreements, covenants, actions, and obligations of, and all rights and benefits created hereunder in favor of each Portfolio shall inure to and be enforceable by, the Trust acting on its behalf.
The Trust (1) is a statutory trust that is duly organized, validly existing, and in good standing under the laws of the State of Delaware, (2) is duly registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company, and (3) has the power to own all its properties and assets and to carry on its business as described in its current registration statement on Form N-1A. Each Portfolio is a duly established and designated series thereof.
The Trust may sell voting shares of beneficial interest in the Portfolios, $0.001 par value per share (“shares”), to (1) separate accounts of AXA Equitable Life Insurance Company (“AXA Equitable”), (2) separate accounts of AXA Life and Annuity Company and other affiliated or unaffiliated insurance companies, (3) AXA Equitable’s Investment Plan for Employees (a 401(k) plan it sponsors) and other tax-qualified retirement plans, and (4) other series of the Trust and series of AXA Premier VIP Trust, a separate registered investment company managed by AXA Equitable that currently sells its shares to such accounts and plans. At the date of adoption hereof, some shares in the Portfolios named , , , and are held by one or more shareholders described in clauses (2) – (4) (collectively, “Other Shareholders”) and the balance of the shares in those Portfolios and all the shares in each other Portfolio are held by AXA Equitable for separate accounts thereof. The Portfolios are underlying investment options for those separate accounts, which fund certain variable annuity certificates and contracts and variable life insurance policies issued by AXA Equitable (collectively, “Contracts”). Under applicable law, the assets of all those separate accounts (i.e., the shares of the Portfolios) are the property of AXA Equitable, which is the owner of record of those shares, and are held for the benefit of the Contract holders.
The Trust wishes to effect eight separate reorganizations, each described in section 368(a)(1)(D) of the Internal Revenue Code of 1986, as amended (“Code”) (all “section” references are to the Code, unless otherwise noted), and intends this Plan to be, and adopts it as, a “plan of reorganization” (within the meaning of the regulations under section 368(a) (“Regulations”)). Each reorganization will consist of (1) the transfer of all of a Target’s assets to the Acquiring Portfolio listed on Schedule A opposite its name (“corresponding Acquiring Portfolio”) – in the case of EQ/Mid Cap Value PLUS Portfolio, three Targets, and in the case of EQ/Core Bond Index Portfolio, two Targets – in exchange solely for shares in that Acquiring
A-1
Portfolio and that Acquiring Portfolio’s assumption of all of that Target’s liabilities, (2) the distribution of those shares pro rata to that Target’s shareholders in exchange for their shares in that Target and in liquidation thereof, and (3) that Target’s termination (all the foregoing transactions involving each Target and its corresponding Acquiring Portfolio being referred to herein collectively as a “Reorganization”), all on the terms and conditions set forth herein. The consummation of one Reorganization shall not be contingent on the consummation of any other Reorganization. (For convenience, the balance of this Plan, except paragraph 5, refers only to a single Reorganization, one Target, and one Acquiring Portfolio, but the terms and conditions hereof shall apply separately to each Reorganization and the Portfolios participating therein.)
The Trust’s Amended and Restated Declaration of Trust, as amended (“Declaration”), permits it to vary its shareholders’ investment. The Trust does not have a fixed pool of assets – each series thereof (including each Portfolio) is a managed portfolio of securities, and AXA Equitable and each investment sub-adviser thereof have the authority to buy and sell securities for it.
The Trust’s Board of Trustees (“Board”), including a majority of its members who are not “interested persons” (as that term is defined in the 1940 Act) thereof, (1) has duly adopted and approved this Plan and the transactions contemplated hereby and has duly authorized performance thereof on each Portfolio’s behalf by all necessary Board action and (2) has determined that participation in the Reorganization is in the best interests of each Portfolio and that the interests of the existing shareholders thereof will not be diluted as a result of the Reorganization.
Target offers two classes of shares, designated Class IA and Class IB shares (“Class IA Target Shares” and “Class IB Target Shares,” respectively, and collectively, “Target Shares”). Acquiring Portfolio also offers two classes of shares, also designated Class IA and Class IB shares (“Class IA Acquiring Portfolio Shares” and “Class IB Acquiring Portfolio Shares,” respectively, and collectively, “Acquiring Portfolio Shares”). The Portfolios’ identically designated classes of shares have identical characteristics.
1. | PLAN OF REORGANIZATION AND TERMINATION |
1.1 Subject to the requisite approval of Target’s shareholders and the terms and conditions set forth herein, Target shall assign, sell, convey, transfer, and deliver all of its assets described in paragraph 1.2 (“Assets”) to Acquiring Portfolio. In exchange therefor, Acquiring Portfolio shall –
(a) issue and deliver to Target the number of full and fractional (all references herein to “fractional” shares meaning fractions rounded to the eighth decimal place) (i) Class IA Acquiring Portfolio Shares determined by dividing Target’s net value (computed as set forth in paragraph 2.1) (“Target Value”) attributable to the Class IA Target Shares by the net asset value (computed as set forth in paragraph 2.2) (“NAV”) of a Class IA Acquiring Portfolio Share and (ii) Class IB Acquiring Portfolio Shares determined by dividing the Target Value attributable to the Class IB Target Shares by the NAV of a Class IB Acquiring Portfolio Share, and
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(b) assume all of Target’s liabilities described in paragraph 1.3 (“Liabilities”).
Such transactions shall take place at the Closing (as defined in paragraph 3.1).
1.2 The Assets shall consist of all assets and property – including all cash, cash equivalents, securities, commodities, futures interests, receivables (including interest and dividends receivable), claims and rights of action, rights to register shares under applicable securities laws, books and records, and deferred and prepaid expenses (other than unamortized organizational expenses) shown as assets on Target’s books – Target owns at the Valuation Time (as defined in paragraph 2.1).
1.3 The Liabilities shall consist of all of Target’s liabilities, debts, obligations, and duties of whatever kind or nature existing at the Valuation Time, whether absolute, accrued, contingent, or otherwise, whether known or unknown, whether or not arising in the ordinary course of business, whether or not determinable at the Effective Time (as defined in paragraph 3.1), and whether or not specifically referred to in this Plan, except Reorganization Expenses (as defined in paragraph 4.3(j)) borne by AXA Equitable pursuant to paragraph 5. Notwithstanding the foregoing, Target will endeavor to discharge all its known liabilities, debts, obligations, and duties before the Effective Time. Notwithstanding the foregoing, Target agrees to use its best efforts to discharge all its known Liabilities before the Effective Time.
1.4 At or immediately before the Effective Time, Target shall declare and pay to its shareholders one or more dividends and/or other distributions in an amount large enough so that it will have distributed substantially all (and in any event not less than 98%) of its (a) “investment company taxable income” (within the meaning of section 852(b)(2)), computed without regard to any deduction for dividends paid, and (b) “net capital gain” (as defined in section 1222(11)), after reduction by any capital loss carryforward, for prior taxable years and the current taxable year through the Effective Time.
1.5 At the Effective Time (or as soon thereafter as is reasonably practicable), Target shall distribute the Acquiring Portfolio Shares it receives pursuant to paragraph 1.1(a) to the separate accounts for which AXA Equitable holds Target Shares, and Other Shareholders, of record at the Effective Time (each, a “Shareholder”), in proportion to the Target Shares then so held and in constructive exchange therefor, and shall completely liquidate. That distribution shall be accomplished by the Trust’s transfer agent (“Transfer Agent”) opening accounts on Acquiring Portfolio’s shareholder records in the names of the Shareholders (except Shareholders in whose names accounts thereon already exist) and transferring those Acquiring Portfolio Shares to those newly opened and existing accounts. Each Shareholder’s newly opened or existing account shall be credited with the respective pro rata number of full and fractional Acquiring Portfolio Shares due that Shareholder, by class (i.e., the account for each Shareholder that holds Class IA Target Shares shall be credited with the respective pro rata number of full and fractional Class IA Acquiring Portfolio Shares due that Shareholder, and the account for each Shareholder that holds Class IB Target Shares shall be credited with the respective pro rata number of full and fractional Class IB Acquiring Portfolio Shares due that Shareholder). The aggregate NAV of Acquiring Portfolio Shares to be so credited to each Shareholder’s account shall equal the aggregate NAV of the Target Shares such Shareholder owned at the Effective
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Time. All issued and outstanding Target Shares, including any represented by certificates, shall simultaneously be canceled on Target’s shareholder records. Acquiring Portfolio shall not issue certificates representing the Acquiring Portfolio Shares issued in connection with the Reorganization.
1.6 As soon as reasonably practicable after distribution of the Acquiring Portfolio Shares pursuant to paragraph 1.5, but in all events within six months after the Effective Time, Target shall be terminated as a series of the Trust and any further actions shall be taken in connection therewith as required by applicable law.
1.7 Any reporting responsibility of Target to a public authority, including the responsibility for filing regulatory reports, tax returns, and other documents with the Securities and Exchange Commission (“Commission”), any state securities commission, any federal, state, and local tax authorities, and any other relevant regulatory authority, is and shall remain its responsibility up to and including the date on which it is terminated.
2. | VALUATION |
2.1 For purposes of paragraph 1.1(a), Target’s net value shall be (a) the value of the Assets computed immediately after the close of regular trading on the New York Stock Exchange, and the declaration of any dividends and/or other distributions, on the date of the Closing (“Valuation Time”), using the valuation procedures set forth in the Trust’s then-current prospectus and statement of additional information and valuation procedures established by the Board, less (b) the amount of the Liabilities at the Valuation Time.
2.2 For purposes of paragraph 1.1(a), the NAV per share for each class of Acquiring Portfolio Shares shall be computed at the Valuation Time, using the valuation procedures referred to in paragraph 2.1.
2.3 All computations pursuant to paragraphs 2.1 and 2.2 shall be made by AXA Equitable, in its capacity as the Trust’s administrator.
3. | CLOSING AND EFFECTIVE TIME |
3.1 Unless the Trust determines otherwise, all acts necessary to consummate the Reorganization (“Closing”) shall be deemed to take place simultaneously as of immediately after the close of business (4:00 p.m., Eastern Time) on September , 2009 (“Effective Time”). If at the Valuation Time (a) the New York Stock Exchange or another primary trading market for portfolio securities of either Portfolio (each, an “Exchange”) is closed to trading or trading thereon is restricted or (b) trading or the reporting of trading on an Exchange or elsewhere is disrupted so that, in the Board’s judgment, accurate appraisal of the value of either Portfolio’s net assets and/or the NAV per share of either class of Acquiring Portfolio Shares is impracticable, the Effective Time shall be postponed until the first business day after the day when such trading has been fully resumed and such reporting has been restored. The Closing shall be held at the Trust’s offices or at such other place as the Trust determines.
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3.2 The Trust shall direct the custodian of the Portfolios’ assets to deliver at the Closing a certificate of an authorized officer stating that (a) the Assets it holds will be transferred to Acquiring Portfolio at the Effective Time, (b) all necessary taxes in connection with the delivery of the Assets, including all applicable federal and state stock transfer stamps, if any, have been paid or provision for payment has been made, and (c) the information (including adjusted basis and holding period, by lot) concerning the Assets, including all portfolio securities, transferred by Target to Acquiring Portfolio, as reflected on Acquiring Portfolio’s books immediately after the Closing, does or will conform to such information on Target’s books immediately before the Closing.
3.3 The Trust shall direct the Transfer Agent to deliver at the Closing a certificate of an authorized officer (a) stating that its records contain the number of full and fractional outstanding Target Shares each Shareholder owns at the Effective Time and (b) as to the opening of accounts on Acquiring Portfolio’s shareholder records in the names of the Shareholders (except Shareholders in whose names accounts thereon already exist) and a confirmation, or other evidence satisfactory to the Trust, that the Acquiring Portfolio Shares to be credited to Target at the Effective Time have been credited to Target’s account on those records.
4. | CONDITIONS PRECEDENT |
4.1 The Trust’s obligation to implement this Plan on Acquiring Portfolio’s behalf shall be subject to satisfaction of the following conditions at or before (and continuing through) the Effective Time:
(a) At the Effective Time, the Trust, on Target’s behalf, will have good and marketable title to the Assets and full right, power, and authority to sell, assign, transfer, and deliver the Assets hereunder free of any liens or other encumbrances (except securities that are subject to “securities loans,” as referred to in section 851(b)(2), or that are restricted to resale by their terms); and on delivery and payment for the Assets, the Trust, on Acquiring Portfolio’s behalf, will acquire good and marketable title thereto, subject to no restrictions on the full transfer thereof, including restrictions that might arise under the Securities Act of 1933, as amended (“1933 Act”);
(b) Target is not currently engaged in, and the Trust’s adoption and performance of this Plan and consummation of the Reorganization will not result in, (1) a conflict with or material violation of any provision of Delaware law, the Declaration or the Trust’s By-Laws (collectively, “Governing Documents”), or any agreement, indenture, instrument, contract, lease, or other undertaking (each, an “Undertaking”) to which the Trust, on Target’s behalf, is a party or by which it is bound or (2) the acceleration of any obligation, or the imposition of any penalty, under any Undertaking, judgment, or decree to which the Trust, on Target’s behalf, is a party or by which it is bound;
(c) All material contracts and other commitments of or applicable to Target (other than this Plan and certain investment contracts, including options, futures, and forward contracts) will terminate, or provision for discharge of any liabilities of Target thereunder will be made, at or before the Effective Time, without either Portfolio’s
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“incurring any liability or penalty with respect thereto and without diminishing or releasing any rights the Trust, on Target’s behalf, may have had with respect to actions taken or omitted or to be taken by any other party thereto before the Closing;
(d) No litigation, administrative proceeding, action, or investigation of or before any court, governmental body, or arbitrator is presently pending or, to the Trust’s knowledge, threatened against the Trust, with respect to Target or any of its properties or assets attributable or allocable to Target, that, if adversely determined, would materially and adversely affect Target’s financial condition or the conduct of its business; and the Trust, on Target’s behalf, knows of no facts that might form the basis for the institution of any such litigation, proceeding, action, or investigation and is not a party to or subject to the provisions of any order, decree, judgment, or award of any court, governmental body, or arbitrator that materially and adversely affects Target’s business or the Trust’s ability to consummate the transactions contemplated hereby;
(e) Target’s Statement of Assets and Liabilities (including Schedule of Investments), Statement of Operations, and Statement of Changes in Net Assets (collectively, “Statements”) at and for the fiscal year (in the case of the last Statement, for the two fiscal years) ended December 31, 2008, have been audited by PricewaterhouseCoopers LLP (“PwC”) and are in accordance with generally accepted accounting principles consistently applied in the United States (“GAAP”); and such Statements present fairly, in all material respects, Target’s financial condition at such date in accordance with GAAP, and there are no known contingent liabilities of Target required to be reflected on a balance sheet (including the notes thereto) in accordance with GAAP at such date that are not disclosed therein;
(f) Since December 31, 2008, there has not been any material adverse change in Target’s financial condition, assets, liabilities, or business, other than changes occurring in the ordinary course of business, or any incurrence by Target of indebtedness maturing more than one year from the date such indebtedness was incurred; for purposes of this subparagraph, a decline in NAV per Target Share due to declines in market values of securities Target holds, the discharge of Target liabilities, or the redemption of Target Shares by its shareholders shall not constitute a material adverse change;
(g) At the Effective Time, all federal and other tax returns, dividend reporting forms, and other tax-related reports (collectively, “Returns”) of Target required by law to have been filed by such time (including any extensions) shall have been filed and are or will be correct in all material respects, and all federal and other taxes shown as due or required to be shown as due on such Returns shall have been paid or provision shall have been made for the payment thereof, and to the best of the Trust’s knowledge, no such Return is currently under audit and no assessment has been asserted with respect to such Returns;
(h) Target is a “fund” (as defined in section 851(g)(2)); for each taxable year of its operation (including the taxable year that will end at the Effective Time), Target has met (or for such year will meet) the requirements of Part I of Subchapter M of Chapter 1 of the Code (“Subchapter M”) for qualification as a regulated investment company
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(“RIC”) and has been (or for such year will be) eligible to and has computed (or for such year will compute) its federal income tax under section 852; and Target has no earnings and profits accumulated in any taxable year in which the provisions of Subchapter M did not apply to it;
(i) Target is in the same line of business as Acquiring Portfolio is in, for purposes of section 1.368-1(d)(2) of the Regulations, and did not enter into such line of business as part of the plan of reorganization; from the time the Board approved the transactions contemplated hereby (“Approval Time”) through the Effective Time, Target has invested and will invest its assets in a manner that ensures its compliance with the foregoing and paragraph 4.1(h); from the time it commenced operations through the Effective Time, Target has conducted and will conduct its “historic business” (within the meaning of such section) in a substantially unchanged manner; from the Approval Time through the Effective Time, Target (1) has not disposed of and/or acquired, and will not dispose of and/or acquire, any assets (i) for the purpose of satisfying Acquiring Portfolio’s investment objective or policies or (ii) for any other reason except in the ordinary course of its business as a RIC and (2) has not otherwise changed, and will not otherwise change, its historic investment policies; and the Trust believes, based on its review of each Portfolio’s investment portfolio, that most of Target’s assets are consistent with Acquiring Portfolio’s investment objective and policies and thus can be transferred to and held by Acquiring Portfolio;
(j) At the Effective Time, (1) at least 33 1 /3% of Target’s portfolio assets will meet Acquiring Portfolio’s investment objective, strategies, policies, risks, and restrictions, and (2) Target will not have altered its portfolio in connection with the Reorganization to meet such 33 1/3% threshold;
(k) To the best of the Trust’s management’s knowledge, at the record date for Target’s shareholders entitled to vote on approval of this Plan, there was no plan or intention by its shareholders to redeem, sell, exchange, or otherwise dispose of a number of Target Shares (or Acquiring Portfolio Shares to be received in the Reorganization), in connection with the Reorganization, that would reduce their ownership of the Target Shares (or the equivalent Acquiring Portfolio Shares) to a number of shares that was less than 50% of the number of the Target Shares at such date;
(l) All issued and outstanding Target Shares are, and at the Effective Time will be, duly and validly issued and outstanding, fully paid, and non-assessable by the Trust and have been offered and sold in every state and the District of Columbia in compliance in all material respects with applicable registration requirements of the 1933 Act and state securities laws; all issued and outstanding Target Shares will, at the Effective Time, be held by the persons and in the amounts set forth on Target’s shareholder records, as provided in paragraph 3.3; and Target does not have outstanding any options, warrants, or other rights to subscribe for or purchase any Target Shares, nor are there outstanding any securities convertible into any Target Shares;
(m) Target incurred the Liabilities, which are associated with the Assets, in the ordinary course of its business;
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(n) At the Effective Time, Target will not be under the jurisdiction of a court in a “title 11 or similar case” (as defined in section 368(a)(3)(A));
(o) During the five-year period ending at the Effective Time, neither Target nor any person “related” (within the meaning of section 1.368-1(e)(4) of the Regulations (“Related”), without regard to section 1.368-1(e)(4)(i)(A) thereof) to it will have (1) acquired Target Shares with consideration other than Acquiring Portfolio Shares or Target Shares, except for shares redeemed in the ordinary course of Target’s business as a series of an open-end investment company pursuant to section 22(e) of the 1940 Act, or (2) made distributions with respect to Target Shares except for normal, regular dividend distributions made pursuant to Target’s historic dividend-paying practice and dividends and other distributions declared and paid to ensure Target’s continuing qualification as a RIC and to avoid the imposition of fund-level tax; and
(p) Not more than 25% of the value of Target’s total assets (excluding cash, cash items, and U.S. government securities) is invested in the stock and securities of any one issuer, and not more than 50% of the value of such assets is invested in the stock and securities of five or fewer issuers.
4.2 The Trust’s obligation to implement this Plan on Target’s behalf shall be subject to satisfaction of the following conditions at or before (and continuing through) the Effective Time:
(a) No consideration other than Acquiring Portfolio Shares (and Acquiring Portfolio’s assumption of the Liabilities) will be issued in exchange for the Assets in the Reorganization;
(b) Acquiring Portfolio is not currently engaged in, and the Trust’s adoption and performance of this Plan and consummation of the Reorganization will not result in, (1) a conflict with or material violation of any provision of Delaware law, the Governing Documents, or any Undertaking to which the Trust, on Acquiring Portfolio’s behalf, is a party or by which it is bound or (2) the acceleration of any obligation, or the imposition of any penalty, under any Undertaking, judgment, or decree to which the Trust, on Acquiring Portfolio’s behalf, is a party or by which it is bound;
(c) No litigation, administrative proceeding, action, or investigation of or before any court, governmental body, or arbitrator is presently pending or, to the Trust’s knowledge, threatened against the Trust, with respect to Acquiring Portfolio or any of its properties or assets attributable or allocable to Acquiring Portfolio, that, if adversely determined, would materially and adversely affect Acquiring Portfolio’s financial condition or the conduct of its business; and the Trust, on Acquiring Portfolio’s behalf, knows of no facts that might form the basis for the institution of any such litigation, proceeding, action, or investigation and is not a party to or subject to the provisions of any order, decree, judgment, or award of any court, governmental body, or arbitrator that materially and adversely affects Acquiring Portfolio’s business or the Trust’s ability to consummate the transactions contemplated hereby;
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(d) Acquiring Portfolio’s Statements at and for the fiscal year (in the case of its Statement of Changes in Net Assets, for the two fiscal years) ended December 31, 2008, have been audited by PwC and are in accordance with GAAP; and such Statements present fairly, in all material respects, Acquiring Portfolio’s financial condition at such date in accordance with GAAP, and there are no known contingent liabilities of Acquiring Portfolio required to be reflected on a balance sheet (including the notes thereto) in accordance with GAAP at such date that are not disclosed therein;
(e) Since December 31, 2008, there has not been any material adverse change in Acquiring Portfolio’s financial condition, assets, liabilities, or business, other than changes occurring in the ordinary course of business, or any incurrence by Acquiring Portfolio of indebtedness maturing more than one year from the date such indebtedness was incurred; for purposes of this subparagraph, a decline in NAV per Acquiring Portfolio Share due to declines in market values of securities Acquiring Portfolio holds, the discharge of Acquiring Portfolio liabilities, or the redemption of Acquiring Portfolio Shares by its shareholders shall not constitute a material adverse change;
(f) At the Effective Time, all Returns of Acquiring Portfolio required by law to have been filed by such time (including any extensions) shall have been filed and are or will be correct in all material respects, and all federal and other taxes shown as due or required to be shown as due on such Returns shall have been paid or provision shall have been made for the payment thereof, and to the best of the Trust’s knowledge, no such Return is currently under audit and no assessment has been asserted with respect to such Returns;
(g) Acquiring Portfolio is a “fund” (as defined in section 851(g)(2)); for each taxable year of its operation (including the taxable year that includes the Effective Time), Acquiring Portfolio has met (or for such year will meet) the requirements of Subchapter M for qualification as a RIC and has been (or for such year will be) eligible to and has computed (or for such year will compute) its federal income tax under section 852; Acquiring Portfolio intends to continue after the Reorganization to meet all such requirements and to be eligible to and to so compute its federal income tax; and Acquiring Portfolio has no earnings and profits accumulated in any taxable year in which the provisions of Subchapter M did not apply to it;
(h) Acquiring Portfolio is in the same line of business as Target was in preceding the Reorganization, for purposes of section 1.368-1(d)(2) of the Regulations, and did not enter into such line of business as part of the plan of reorganization; following the Reorganization, Acquiring Portfolio will continue, and has no intention to change, such line of business; and at the Effective Time, (1) at least 33 1/3% of Target’s portfolio assets will meet Acquiring Portfolio’s investment objective, strategies, policies, risks, and restrictions and (2) Acquiring Portfolio will have no plan or intention to change its investment objective or any of its investment strategies, policies, risks, or restrictions after the Reorganization;
(i) Following the Reorganization, Acquiring Portfolio (1) will continue Target’s “historic business” (within the meaning of section 1.368-1(d)(2) of the
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Regulations) and (2) will use a significant portion of Target’s “historic business assets” (within the meaning of section 1.368-1(d)(3) of the Regulations) in a business; moreover, Acquiring Portfolio (3) has no plan or intention to sell or otherwise dispose of any of the Assets, except for dispositions made in the ordinary course of that business and dispositions necessary to maintain its status as a RIC, and (4) expects to retain substantially all the Assets in the same form as it receives them in the Reorganization, unless and until subsequent investment circumstances suggest the desirability of change or it becomes necessary to make dispositions thereof to maintain such status;
(j) At the Effective Time and at all times thereafter, neither Acquiring Portfolio nor any person Related to it will have any plan or intention to acquire or redeem – either directly or through any transaction, agreement, or arrangement with any other person – any Acquiring Portfolio Shares issued pursuant to the Reorganization, other than redemptions that Acquiring Portfolio will make in the ordinary course of its business as a series of an open-end investment company pursuant to section 22(e) of the 1940 Act;
(k) All issued and outstanding Acquiring Portfolio Shares are, and at the Effective Time will be, duly and validly issued and outstanding, fully paid, and non-assessable by the Trust and have been offered and sold in every state and the District of Columbia in compliance in all material respects with applicable registration requirements of the 1933 Act and state securities laws; and Acquiring Portfolio does not have outstanding any options, warrants, or other rights to subscribe for or purchase any Acquiring Portfolio Shares, nor are there outstanding any securities convertible into any Acquiring Portfolio Shares;
(l) There is no plan or intention for Acquiring Portfolio to be dissolved or merged into another statutory or business trust or a corporation or any “fund” thereof (as defined in section 851(g)(2)) following the Reorganization;
(m) Acquiring Portfolio will not own, nor will it have owned during the five years preceding the Effective Time, directly or indirectly, any Target Shares;
(n) Before or pursuant to the Reorganization, neither Acquiring Portfolio nor any person Related to it will have acquired Target Shares, directly or through any transaction, agreement, or arrangement with any other person, with consideration other than Acquiring Portfolio Shares;
(o) Assuming satisfaction of the condition in paragraph 4.1(p), immediately after the Reorganization (1) not more than 25% of the value of Acquiring Portfolio’s total assets (excluding cash, cash items, and U.S. government securities) will be invested in the stock and securities of any one issuer and (2) not more than 50% of the value of such assets will be invested in the stock and securities of five or fewer issuers; and
(p) The Acquiring Portfolio Shares to be issued and delivered to Target, for the Shareholders’ benefit, pursuant to the terms of this Plan, (1) will have been duly authorized by the Trust and duly registered under the federal securities laws (and appropriate notices respecting them will have been duly filed under applicable state
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securities laws) at the Effective Time and (2) when so issued and delivered, will be duly and validly issued and outstanding Acquiring Portfolio Shares and will be fully paid and non-assessable by the Trust.
4.3 The Trust’s obligation to implement this Plan on each Portfolio’s behalf shall be subject to satisfaction of the following conditions at or before (and continuing through) the Effective Time:
(a) No governmental consents, approvals, authorizations, or filings are required under the 1933 Act, the Securities Exchange Act of 1934, as amended, the 1940 Act, or state securities laws, and no consents, approvals, authorizations, or orders of any court are required, for the Trust’s adoption and performance, on either Portfolio’s behalf, of this Plan, except for (1) the Trust’s filing with the Commission of a registration statement on Form N-14 relating to the Acquiring Portfolio Shares issuable hereunder, and any supplement or amendment thereto, including therein a prospectus and proxy statement (“Registration Statement”), and (2) consents, approvals, authorizations, and filings that have been made or received or may be required after the Effective Time;
(b) The fair market value of the Acquiring Portfolio Shares each Shareholder receives will be approximately equal to the fair market value of its Target Shares it actually or constructively surrenders in exchange therefor;
(c) The Trust’s management (1) is unaware of any plan or intention of the Shareholders to redeem, sell, or otherwise dispose of (i) any portion of their Target Shares before the Reorganization to any person Related to either Portfolio or (ii) any portion of the Acquiring Portfolio Shares they receive in the Reorganization to any person Related to Acquiring Portfolio, (2) does not anticipate dispositions of those Acquiring Portfolio Shares at the time of or soon after the Reorganization to exceed the usual rate and frequency of dispositions of shares of Target as a series of an open-end investment company, (3) expects that the percentage of shareholder interests, if any, that will be disposed of as a result, or at the time, of the Reorganization will be de minimis, and (4) does not anticipate that there will be extraordinary redemptions of Acquiring Portfolio Shares immediately following the Reorganization;
(d) The Shareholders will pay their own expenses (such as fees of personal investment or tax advisers for advice concerning the Reorganization), if any, incurred in connection with the Reorganization;
(e) The fair market value of the Assets will equal or exceed the Liabilities to be assumed by Acquiring Portfolio and those to which the Assets are subject;
(f) At the Effective Time, there will be no intercompany indebtedness between the Portfolios that was issued or acquired, or will be settled, at a discount;
(g) Pursuant to the Reorganization, Target will transfer to Acquiring Portfolio, and Acquiring Portfolio will acquire, at least 90% of the fair market value of the net assets, and at least 70% of the fair market value of the gross assets, Target held
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immediately before the Reorganization; for the purposes of the foregoing, any amounts Target uses to pay its Reorganization expenses and to make redemptions and distributions immediately before the Reorganization (except (1) redemptions in the ordinary course of its business required by section 22(e) of the 1940 Act and (2) dividends and other distributions declared and paid to ensure Target’s continuing qualification as a RIC and to avoid the imposition of fund-level tax) will be included as assets it held immediately before the Reorganization;
(h) Immediately after the Reorganization, AXA Equitable (through its separate accounts) will own shares constituting “control” (within the meaning of section 368(a)(2)(H)(i), i.e., as defined in section 304(c)) of Acquiring Portfolio;
(i) None of the compensation AXA Equitable receives as a service provider to Target will be separate consideration for, or allocable to, any of the Target Shares that AXA Equitable (on any Shareholder’s behalf) holds; none of the Acquiring Portfolio Shares AXA Equitable (on any Shareholder’s behalf) receives will be separate consideration for, or allocable to, any employment agreement, investment advisory agreement, or other service agreement; and the compensation paid to AXA Equitable will be for services actually rendered and will be commensurate with amounts paid to third parties bargaining at arm’s-length for similar services;
(j) No expenses incurred by Target or on its behalf in connection with the Reorganization will be paid or assumed by Acquiring Portfolio, AXA Equitable, or any other third party unless those expenses are solely and directly related to the Reorganization (determined in accordance with the guidelines set forth in Rev. Rul. 73-54, 1973-1 C.B. 187) (“Reorganization Expenses”), and no cash or property other than Acquiring Portfolio Shares will be transferred to Target or any of its shareholders with the intention that such cash or property be used to pay any expenses (even Reorganization Expenses) thereof;
(k) All necessary filings shall have been made with the Commission and state securities authorities, and no order or directive shall have been received that any other or further action is required to permit the Trust to carry out the transactions contemplated hereby; the Registration Statement shall have become effective under the 1933 Act, no stop orders suspending the effectiveness thereof shall have been issued, and, to the Trust’s best knowledge, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened, or contemplated under the 1933 Act or the 1940 Act; the Commission shall not have issued an unfavorable report with respect to the Reorganization under section 25(b) of the 1940 Act nor instituted any proceedings seeking to enjoin consummation of the transactions contemplated hereby under section 25(c) of the 1940 Act; and all consents, orders, and permits of federal, state, and local regulatory authorities (including the Commission and state securities authorities) the Trust deems necessary to permit consummation, in all material respects, of the transactions contemplated hereby shall have been obtained, except where failure to obtain same would not involve a risk of a material adverse effect on either Portfolio’s assets or properties;
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(l) At the Effective Time, no action, suit, or other proceeding shall be pending (or, to the Trust’s best knowledge, threatened to be commenced) before any court, governmental agency, or arbitrator in which it is sought to enjoin the performance of, restrain, prohibit, affect the enforceability of, or obtain damages or other relief in connection with, the transactions contemplated hereby;
(m) The Trust shall have called a meeting of Target’s shareholders to consider and act on this Plan and to take all other action necessary to obtain approval of the transactions contemplated hereby (“Shareholders Meeting”);
(n) The Trust shall have received an opinion of K&L Gates LLP (“Counsel”) as to the federal income tax consequences mentioned below (“Tax Opinion”). In rendering the Tax Opinion, Counsel may assume satisfaction of all the conditions set forth in this paragraph 4, may treat them as representations and warranties the Trust made to Counsel, and may rely as to factual matters, exclusively and without independent verification, on such representations and warranties and, if Counsel requests, on representations and warranties made in a separate letter addressed to Counsel. The Tax Opinion shall be substantially to the effect that, based on the facts and assumptions stated therein and conditioned on consummation of the Reorganization in accordance with this Plan, for federal income tax purposes:
(1) Acquiring Portfolio’s acquisition of the Assets in exchange solely for Acquiring Portfolio Shares and its assumption of the Liabilities, followed by Target’s distribution of those shares pro rata to the Shareholders actually or constructively in exchange for their Target Shares, in complete liquidation of Target, will qualify as a “reorganization” (as defined in section 368(a)(1)(D)), and each Portfolio will be “a party to a reorganization” (within the meaning of section 368(b));
(2) Target will recognize no gain or loss on the transfer of the Assets to Acquiring Portfolio in exchange solely for Acquiring Portfolio Shares and Acquiring Portfolio’s assumption of the Liabilities or on the subsequent distribution of those shares to the Shareholders in exchange for their Target Shares;
(3) Acquiring Portfolio will recognize no gain or loss on its receipt of the Assets in exchange solely for Acquiring Portfolio Shares and its assumption of the Liabilities;
(4) Acquiring Portfolio’s basis in each Asset will be the same as Target’s basis therein immediately before the Reorganization, and Acquiring Portfolio’s holding period for each Asset will include Target’s holding period therefor (except where Acquiring Portfolio’s investment activities have the effect of reducing or eliminating an Asset’s holding period);
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(5) A Shareholder will recognize no gain or loss on the exchange of all its Target Shares solely for Acquiring Portfolio Shares pursuant to the Reorganization; and
(6) A Shareholder’s aggregate basis in the Acquiring Portfolio Shares it receives in the Reorganization will be the same as the aggregate basis in its Target Shares it actually or constructively surrenders in exchange for those Acquiring Portfolio Shares, and its holding period for those Acquiring Portfolio Shares will include, in each instance, its holding period for those Target Shares, provided the Shareholder holds them as capital assets at the Effective Time.
Notwithstanding subparagraphs (2) and (4), the Tax Opinion may state that no opinion is expressed as to the effect of the Reorganization on the Portfolios or any Shareholder with respect to any Asset as to which any unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting.
5. | EXPENSES |
Subject to satisfaction of the condition contained in paragraph 4.3(j), AXA Equitable shall bear the total Reorganization Expenses. The Reorganization Expenses include (1) costs associated with obtaining any necessary order of exemption from the 1940 Act, preparing the Registration Statement, and printing and distributing Acquiring Portfolio’s prospectus and Target’s proxy materials, (2) legal and accounting fees, and (3) expenses of holding the Shareholders Meeting (including any adjournments thereof) but exclude brokerage and similar expenses in connection with the Reorganization. Notwithstanding the foregoing, expenses shall be paid by the Portfolio directly incurring them if and to the extent that the payment thereof by another person would result in such Portfolio’s disqualification as a RIC or would prevent the Reorganization from qualifying as a tax-free reorganization.
6. | TERMINATION |
The Board may terminate this Plan and abandon the transactions contemplated hereby, at any time before the Effective Time, if circumstances develop that, in its opinion, make proceeding with the Reorganization inadvisable for either Portfolio.
7. | AMENDMENTS |
The Board may amend, modify, or supplement this Plan at any time in any manner, notwithstanding Target’s shareholders’ approval thereof; provided that, following such approval, no such amendment, modification, or supplement shall have a material adverse effect on the Shareholders’ interests.
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8. | MISCELLANEOUS |
8.1 This Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to principles of conflicts of laws; provided that, in the case of any conflict between those laws and the federal securities laws, the latter shall govern.
8.2 Nothing expressed or implied herein is intended or shall be construed to confer on or give any person, firm, trust, or corporation other than the Trust (on the Portfolios’ behalf) and its successors and assigns any rights or remedies under or by reason of this Plan.
8.3 Notice is hereby given that this instrument is adopted on behalf of the Trust’s trustees solely in their capacities as trustees, and not individually, and that the Trust’s obligations under this instrument are not binding on or enforceable against any of its trustees, officers, shareholders, or series other than the Portfolios but are only binding on and enforceable against the respective Portfolio’s property. The Trust, in asserting any rights or claims under this Plan on either Portfolio’s behalf, shall look only to the other Portfolio’s property in settlement of such rights or claims and not to the property of any other series of the Trust or to such trustees, officers, or shareholders.
8.4 Any term or provision of this Plan that is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions hereof or affecting the validity or enforceability of any of the terms and provisions hereof in any other jurisdiction.
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SCHEDULE A
TARGETS | ACQUIRING PORTFOLIOS | |
EQ/Ariel Appreciation II Portfolio EQ/Lord Abbett Mid Cap Value Portfolio EQ/Van Kampen Real Estate Portfolio | EQ/Mid Cap Value PLUS Portfolio | |
EQ/Short Duration Bond Portfolio | EQ/PIMCO Ultra Short Bond Portfolio | |
EQ/Bond Index Portfolio EQ/Long Term Bond Portfolio | EQ/Core Bond Index Portfolio | |
EQ/Caywood-Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | |
EQ/Government Securities Portfolio | EQ/Intermediate Government Bond Index Portfolio |
PLAN OF ASSET/STOCK EXCHANGE
THIS PLAN OF ASSET/STOCK EXCHANGE (“Plan”) is adopted by EQ ADVISORS TRUST, a Delaware statutory trust (“Trust”), on behalf of EQ/AXA Rosenberg Value Long/Short Equity Portfolio, a segregated portfolio of assets (“series”) thereof (“Target”), and its EQ/PIMCO Ultra Short Bond Portfolio series (“Acquiring Portfolio”) (each sometimes referred to herein as a “Portfolio”). All agreements, covenants, actions, and obligations of each Portfolio contained herein shall be deemed to be agreements, covenants, actions, and obligations of, and all rights and benefits created hereunder in favor of each Portfolio shall inure to and be enforceable by, the Trust acting on its behalf.
The Trust (1) is a statutory trust that is duly organized, validly existing, and in good standing under the laws of the State of Delaware, (2) is duly registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company, and (3) has the power to own all its properties and assets and to carry on its business as described in its current registration statement on Form N-1A. Each Portfolio is a duly established and designated series thereof.
The Trust may sell voting shares of beneficial interest in the Portfolios, $0.001 par value per share (“shares”), to (1) separate accounts of AXA Equitable Life Insurance Company (“AXA Equitable”), (2) separate accounts of AXA Life and Annuity Company and other affiliated or unaffiliated insurance companies, (3) AXA Equitable’s Investment Plan for Employees (a 401(k) plan it sponsors) and other tax-qualified retirement plans, and (4) other series of the Trust and series of AXA Premier VIP Trust, a separate registered investment company managed by AXA Equitable that currently sells its shares to such accounts and plans. At the date of adoption hereof, some shares in the Portfolios named , , , and are held by one or more shareholders described in clauses (2) – (4) (collectively, “Other Shareholders”) and the balance of the shares in those Portfolios and all the shares in each other Portfolio are held by AXA Equitable for separate accounts thereof. The Portfolios are underlying investment options for those separate accounts, which fund certain variable annuity certificates and contracts and variable life insurance policies issued by AXA Equitable (collectively, “Contracts”). Under applicable law, the assets of all those separate accounts (i.e., the shares of the Portfolios) are the property of AXA Equitable, which is the owner of record of those shares, and are held for the benefit of the Contract holders.
The Trust wishes to effect a sale of assets consisting of (1) the transfer of all of Target’s assets to Acquiring Portfolio in exchange for shares in Acquiring Portfolio and Acquiring Portfolio’s assumption of all of Target’s liabilities, (2) the distribution of those shares pro rata to Target’s shareholders in exchange for their shares in Target and in liquidation thereof, and (3) Target’s termination (collectively, the “Exchange”), all on the terms and conditions set forth herein.
The Trust’s Amended and Restated Declaration of Trust, as amended (“Declaration”), permits it to vary its shareholders’ investment. The Trust does not have a fixed pool of assets – each series thereof (including each Portfolio) is a managed portfolio of securities, and AXA Equitable and each investment sub-adviser thereof have the authority to buy and sell securities for it.
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The Trust’s Board of Trustees (“Board”), including a majority of its members who are not “interested persons” (as that term is defined in the 1940 Act) thereof, (1) has duly adopted and approved this Plan and the transactions contemplated hereby and has duly authorized performance thereof on each Portfolio’s behalf by all necessary Board action and (2) has determined that participation in the Exchange is in the best interests of each Portfolio and that the interests of the existing shareholders thereof will not be diluted as a result of the Exchange.
Target offers two classes of shares, designated Class IA and Class IB shares (“Class IA Target Shares” and “Class IB Target Shares,” respectively, and collectively, “Target Shares”). Acquiring Portfolio also offers two classes of shares, also designated Class IA and Class IB shares (“Class IA Acquiring Portfolio Shares” and “Class IB Acquiring Portfolio Shares,” respectively, and collectively, “Acquiring Portfolio Shares”). The Portfolios’ identically designated classes of shares have identical characteristics.
1. | THE EXCHANGE |
1.1 Subject to the requisite approval of Target’s shareholders and the terms and conditions set forth herein, Target shall assign, sell, convey, transfer, and deliver all of its assets described in paragraph 1.2 (“Assets”) to Acquiring Portfolio. In exchange therefor, Acquiring Portfolio shall –
(a) issue and deliver to Target the number of full and fractional (all references herein to “fractional” shares meaning fractions rounded to the eighth decimal place) (i) Class IA Acquiring Portfolio Shares determined by dividing Target’s net value (computed as set forth in paragraph 2.1) (“Target Value”) attributable to the Class IA Target Shares by the net asset value (computed as set forth in paragraph 2.2) (“NAV”) of a Class IA Acquiring Portfolio Share and (ii) Class IB Acquiring Portfolio Shares determined by dividing the Target Value attributable to the Class IB Target Shares by the NAV of a Class IB Acquiring Portfolio Share, and
(b) assume all of Target’s liabilities described in paragraph 1.3 (“Liabilities”).
Such transactions shall take place at the Closing (as defined in paragraph 3.1).
1.2 The Assets shall consist of all assets and property – including all cash, cash equivalents, securities, commodities, futures interests, receivables (including interest and dividends receivable), claims and rights of action, rights to register shares under applicable securities laws, books and records, and deferred and prepaid expenses (other than unamortized organizational expenses) shown as assets on Target’s books – Target owns at the Valuation Time (as defined in paragraph 2.1).
1.3 The Liabilities shall consist of all of Target’s liabilities, debts, obligations, and duties of whatever kind or nature existing at the Valuation Time, whether absolute, accrued,
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contingent, or otherwise, whether known or unknown, whether or not arising in the ordinary course of business, whether or not determinable at the Effective Time (as defined in paragraph 3.1), and whether or not specifically referred to in this Plan. Notwithstanding the foregoing, Target will endeavor to discharge all its known liabilities, debts, obligations, and duties before the Effective Time. Notwithstanding the foregoing, Target agrees to use its best efforts to discharge all its known Liabilities before the Effective Time.
1.4 At or immediately before the Effective Time, Target shall declare and pay to its shareholders one or more dividends and/or other distributions in an amount large enough so that it will have distributed substantially all (and in any event not less than 98%) of its (a) “investment company taxable income” (within the meaning of section 852(b)(2) of the Internal Revenue Code of 1986, as amended (“Code”)) (all “section” references are to the Code, unless otherwise noted), computed without regard to any deduction for dividends paid, and (b) “net capital gain” (as defined in section 1222(11)), after reduction by any capital loss carryforward, for prior taxable years and the current taxable year through the Effective Time.
1.5 At the Effective Time (or as soon thereafter as is reasonably practicable), Target shall distribute the Acquiring Portfolio Shares it receives pursuant to paragraph 1.1(a) to the separate accounts for which AXA Equitable holds Target Shares, and Other Shareholders, of record at the Effective Time (each, a “Shareholder”), in proportion to the Target Shares then so held and in constructive exchange therefor, and shall completely liquidate. That distribution shall be accomplished by the Trust’s transfer agent (“Transfer Agent”) opening accounts on Acquiring Portfolio’s shareholder records in the names of the Shareholders (except Shareholders in whose names accounts thereon already exist) and transferring those Acquiring Portfolio Shares to those newly opened and existing accounts. Each Shareholder’s newly opened or existing account shall be credited with the respective pro rata number of full and fractional Acquiring Portfolio Shares due that Shareholder, by class (i.e., the account for each Shareholder that holds Class IA Target Shares shall be credited with the respective pro rata number of full and fractional Class IA Acquiring Portfolio Shares due that Shareholder, and the account for each Shareholder that holds Class IB Target Shares shall be credited with the respective pro rata number of full and fractional Class IB Acquiring Portfolio Shares due that Shareholder). The aggregate NAV of Acquiring Portfolio Shares to be so credited to each Shareholder’s account shall equal the aggregate NAV of the Target Shares such Shareholder owned at the Effective Time. All issued and outstanding Target Shares, including any represented by certificates, shall simultaneously be canceled on Target’s shareholder records. Acquiring Portfolio shall not issue certificates representing the Acquiring Portfolio Shares issued in connection with the Exchange.
1.6 As soon as reasonably practicable after distribution of the Acquiring Portfolio Shares pursuant to paragraph 1.5, but in all events within six months after the Effective Time, Target shall be terminated as a series of the Trust and any further actions shall be taken in connection therewith as required by applicable law.
1.7 Any reporting responsibility of Target to a public authority, including the responsibility for filing regulatory reports, tax returns, and other documents with the Securities and Exchange Commission (“Commission”), any state securities commission, any federal, state, and local tax authorities, and any other relevant regulatory authority, is and shall remain its responsibility up to and including the date on which it is terminated.
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2. | VALUATION |
2.1 For purposes of paragraph 1.1(a), Target’s net value shall be (a) the value of the Assets computed immediately after the close of regular trading on the New York Stock Exchange, and the declaration of any dividends and/or other distributions, on the date of the Closing (“Valuation Time”), using the valuation procedures set forth in the Trust’s then-current prospectus and statement of additional information and valuation procedures established by the Board, less (b) the amount of the Liabilities at the Valuation Time.
2.2 For purposes of paragraph 1.1(a), the NAV per share for each class of Acquiring Portfolio Shares shall be computed at the Valuation Time, using the valuation procedures referred to in paragraph 2.1.
2.3 All computations pursuant to paragraphs 2.1 and 2.2 shall be made by AXA Equitable, in its capacity as the Trust’s administrator.
3. | CLOSING AND EFFECTIVE TIME |
3.1 Unless the Trust determines otherwise, all acts necessary to consummate the Exchange (“Closing”) shall be deemed to take place simultaneously as of immediately after the close of business (4:00 p.m., Eastern Time) on September , 2009 (“Effective Time”). If at the Valuation Time (a) the New York Stock Exchange or another primary trading market for portfolio securities of either Portfolio (each, an “Exchange”) is closed to trading or trading thereon is restricted or (b) trading or the reporting of trading on an Exchange or elsewhere is disrupted so that, in the Board’s judgment, accurate appraisal of the value of either Portfolio’s net assets and/or the NAV per share of either class of Acquiring Portfolio Shares is impracticable, the Effective Time shall be postponed until the first business day after the day when such trading has been fully resumed and such reporting has been restored. The Closing shall be held at the Trust’s offices or at such other place as the Trust determines.
3.2 The Trust shall direct the custodian of the Portfolios’ assets to deliver at the Closing a certificate of an authorized officer stating that (a) the Assets it holds will be transferred to Acquiring Portfolio at the Effective Time and (b) all necessary taxes in connection with the delivery of the Assets, including all applicable federal and state stock transfer stamps, if any, have been paid or provision for payment has been made.
3.3 The Trust shall direct the Transfer Agent to deliver at the Closing a certificate of an authorized officer (a) stating that its records contain the number of full and fractional outstanding Target Shares each Shareholder owns at the Effective Time and (b) as to the opening of accounts on Acquiring Portfolio’s shareholder records in the names of the Shareholders (except Shareholders in whose names accounts thereon already exist) and a confirmation, or other evidence satisfactory to the Trust, that the Acquiring Portfolio Shares to be credited to Target at the Effective Time have been credited to Target’s account on those records.
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4. | CONDITIONS PRECEDENT |
4.1 The Trust’s obligation to implement this Plan on Acquiring Portfolio’s behalf shall be subject to satisfaction of the following conditions at or before (and continuing through) the Effective Time:
(a) At the Effective Time, the Trust, on Target’s behalf, will have good and marketable title to the Assets and full right, power, and authority to sell, assign, transfer, and deliver the Assets hereunder free of any liens or other encumbrances (except securities that are subject to “securities loans,” as referred to in section 851(b)(2), or that are restricted to resale by their terms); and on delivery and payment for the Assets, the Trust, on Acquiring Portfolio’s behalf, will acquire good and marketable title thereto, subject to no restrictions on the full transfer thereof, including restrictions that might arise under the Securities Act of 1933, as amended (“1933 Act”);
(b) Target is not currently engaged in, and the Trust’s adoption and performance of this Plan and consummation of the Exchange will not result in, (1) a conflict with or material violation of any provision of Delaware law, the Declaration or the Trust’s By-Laws (collectively, “Governing Documents”), or any agreement, indenture, instrument, contract, lease, or other undertaking (each, an “Undertaking”) to which the Trust, on Target’s behalf, is a party or by which it is bound or (2) the acceleration of any obligation, or the imposition of any penalty, under any Undertaking, judgment, or decree to which the Trust, on Target’s behalf, is a party or by which it is bound;
(c) All material contracts and other commitments of or applicable to Target (other than this Plan and certain investment contracts, including options, futures, and forward contracts) will terminate, or provision for discharge of any liabilities of Target thereunder will be made, at or before the Effective Time, without either Portfolio’s incurring any liability or penalty with respect thereto and without diminishing or releasing any rights the Trust, on Target’s behalf, may have had with respect to actions taken or omitted or to be taken by any other party thereto before the Closing;
(d) No litigation, administrative proceeding, action, or investigation of or before any court, governmental body, or arbitrator is presently pending or, to the Trust’s knowledge, threatened against the Trust, with respect to Target or any of its properties or assets attributable or allocable to Target, that, if adversely determined, would materially and adversely affect Target’s financial condition or the conduct of its business; and the Trust, on Target’s behalf, knows of no facts that might form the basis for the institution of any such litigation, proceeding, action, or investigation and is not a party to or subject to the provisions of any order, decree, judgment, or award of any court, governmental body, or arbitrator that materially and adversely affects Target’s business or the Trust’s ability to consummate the transactions contemplated hereby;
(e) Target’s Statement of Assets and Liabilities (including Schedule of Investments), Statement of Operations, and Statement of Changes in Net Assets (collectively, “Statements”) at and for the fiscal year (in the case of the last Statement,
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for the two fiscal years) ended December 31, 2008, have been audited by PricewaterhouseCoopers LLP (“PwC”) and are in accordance with generally accepted accounting principles consistently applied in the United States (“GAAP”); and such Statements present fairly, in all material respects, Target’s financial condition at such date in accordance with GAAP, and there are no known contingent liabilities of Target required to be reflected on a balance sheet (including the notes thereto) in accordance with GAAP at such date that are not disclosed therein;
(f) Since December 31, 2008, there has not been any material adverse change in Target’s financial condition, assets, liabilities, or business, other than changes occurring in the ordinary course of business, or any incurrence by Target of indebtedness maturing more than one year from the date such indebtedness was incurred; for purposes of this subparagraph, a decline in NAV per Target Share due to declines in market values of securities Target holds, the discharge of Target liabilities, or the redemption of Target Shares by its shareholders shall not constitute a material adverse change;
(g) At the Effective Time, all federal and other tax returns, dividend reporting forms, and other tax-related reports (collectively, “Returns”) of Target required by law to have been filed by such time (including any extensions) shall have been filed and are or will be correct in all material respects, and all federal and other taxes shown as due or required to be shown as due on such Returns shall have been paid or provision shall have been made for the payment thereof, and to the best of the Trust’s knowledge, no such Return is currently under audit and no assessment has been asserted with respect to such Returns;
(h) Target is a “fund” (as defined in section 851(g)(2)); for each taxable year of its operation (including the taxable year that will end at the Effective Time), Target has met (or for such year will meet) the requirements of Part I of Subchapter M of Chapter 1 of the Code (“Subchapter M”) for qualification as a regulated investment company (“RIC”) and has been (or for such year will be) eligible to and has computed (or for such year will compute) its federal income tax under section 852; and Target has no earnings and profits accumulated in any taxable year in which the provisions of Subchapter M did not apply to it;
(i) Target is not in the same line of business as Acquiring Portfolio is in, for purposes of section 1.368-1(d)(2) of the regulations under section 368(a) (“Regulations”)); and the Trust believes, based on its review of each Portfolio’s investment portfolio, that [virtually] none of Target’s assets are consistent with Acquiring Portfolio’s investment objective and policies and thus cannot be transferred to and held by Acquiring Portfolio;
(j) At the date of adoption of this Plan (and at the Effective Time), virtually none of Target’s portfolio assets met (or will meet) Acquiring Portfolio’s investment objective, strategies, policies, risks, and restrictions; and
(k) All issued and outstanding Target Shares are, and at the Effective Time will be, duly and validly issued and outstanding, fully paid, and non-assessable by the
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Trust and have been offered and sold in every state and the District of Columbia in compliance in all material respects with applicable registration requirements of the 1933 Act and state securities laws; all issued and outstanding Target Shares will, at the Effective Time, be held by the persons and in the amounts set forth on Target’s shareholder records, as provided in paragraph 3.3; and Target does not have outstanding any options, warrants, or other rights to subscribe for or purchase any Target Shares, nor are there outstanding any securities convertible into any Target Shares.
4.2 The Trust’s obligation to implement this Plan on Target’s behalf shall be subject to satisfaction of the following conditions at or before (and continuing through) the Effective Time:
(a) Acquiring Portfolio is not currently engaged in, and the Trust’s adoption and performance of this Plan and consummation of the Exchange will not result in, (1) a conflict with or material violation of any provision of Delaware law, the Governing Documents, or any Undertaking to which the Trust, on Acquiring Portfolio’s behalf, is a party or by which it is bound or (2) the acceleration of any obligation, or the imposition of any penalty, under any Undertaking, judgment, or decree to which the Trust, on Acquiring Portfolio’s behalf, is a party or by which it is bound;
(b) No litigation, administrative proceeding, action, or investigation of or before any court, governmental body, or arbitrator is presently pending or, to the Trust’s knowledge, threatened against the Trust, with respect to Acquiring Portfolio or any of its properties or assets attributable or allocable to Acquiring Portfolio, that, if adversely determined, would materially and adversely affect Acquiring Portfolio’s financial condition or the conduct of its business; and the Trust, on Acquiring Portfolio’s behalf, knows of no facts that might form the basis for the institution of any such litigation, proceeding, action, or investigation and is not a party to or subject to the provisions of any order, decree, judgment, or award of any court, governmental body, or arbitrator that materially and adversely affects Acquiring Portfolio’s business or the Trust’s ability to consummate the transactions contemplated hereby;
(c) Acquiring Portfolio’s Statements at and for the fiscal year (in the case of its Statement of Changes in Net Assets, for the two fiscal years) ended December 31, 2008, have been audited by PwC and are in accordance with GAAP; and such Statements present fairly, in all material respects, Acquiring Portfolio’s financial condition at such date in accordance with GAAP, and there are no known contingent liabilities of Acquiring Portfolio required to be reflected on a balance sheet (including the notes thereto) in accordance with GAAP at such date that are not disclosed therein;
(d) Since December 31, 2008, there has not been any material adverse change in Acquiring Portfolio’s financial condition, assets, liabilities, or business, other than changes occurring in the ordinary course of business, or any incurrence by Acquiring Portfolio of indebtedness maturing more than one year from the date such indebtedness was incurred; for purposes of this subparagraph, a decline in NAV per Acquiring Portfolio Share due to declines in market values of securities Acquiring Portfolio holds, the discharge of Acquiring Portfolio liabilities, or the redemption of Acquiring Portfolio Shares by its shareholders shall not constitute a material adverse change;
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(e) At the Effective Time, all Returns of Acquiring Portfolio required by law to have been filed by such time (including any extensions) shall have been filed and are or will be correct in all material respects, and all federal and other taxes shown as due or required to be shown as due on such Returns shall have been paid or provision shall have been made for the payment thereof, and to the best of the Trust’s knowledge, no such Return is currently under audit and no assessment has been asserted with respect to such Returns;
(f) Acquiring Portfolio is a “fund” (as defined in section 851(g)(2)); for each taxable year of its operation (including the taxable year that includes the Effective Time), Acquiring Portfolio has met (or for such year will meet) the requirements of Subchapter M for qualification as a RIC and has been (or for such year will be) eligible to and has computed (or for such year will compute) its federal income tax under section 852; Acquiring Portfolio intends to continue after the Exchange to meet all such requirements and to be eligible to and to so compute its federal income tax; and Acquiring Portfolio has no earnings and profits accumulated in any taxable year in which the provisions of Subchapter M did not apply to it;
(g) Acquiring Portfolio is not in the same line of business as Target was in preceding the Exchange, for purposes of section 1.368-1(d)(2) of the Regulations; and at the date of adoption of this Plan (and at the Effective Time), [virtually] none of Target’s portfolio assets met (or will meet) Acquiring Portfolio’s investment objective, strategies, policies, risks, and restrictions;
(h) Following the Exchange, Acquiring Portfolio (1) will not continue Target’s “historic business” (within the meaning of section 1.368-1(d)(2) of the Regulations) and (2) will not use a significant portion of Target’s “historic business assets” (within the meaning of section 1.368-1(d)(3) of the Regulations) in a business; moreover, Acquiring Portfolio (3) plans to sell or otherwise dispose of all the Assets, and (4) expects to retain virtually none of the Assets in the same form as it receives them in the Exchange;
(i) All issued and outstanding Acquiring Portfolio Shares are, and at the Effective Time will be, duly and validly issued and outstanding, fully paid, and non-assessable by the Trust and have been offered and sold in every state and the District of Columbia in compliance in all material respects with applicable registration requirements of the 1933 Act and state securities laws; and Acquiring Portfolio does not have outstanding any options, warrants, or other rights to subscribe for or purchase any Acquiring Portfolio Shares, nor are there outstanding any securities convertible into any Acquiring Portfolio Shares; and
(j) The Acquiring Portfolio Shares to be issued and delivered to Target, for the Shareholders’ benefit, pursuant to the terms of this Plan, (1) will have been duly authorized by the Trust and duly registered under the federal securities laws (and
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appropriate notices respecting them will have been duly filed under applicable state securities laws) at the Effective Time and (2) when so issued and delivered, will be duly and validly issued and outstanding Acquiring Portfolio Shares and will be fully paid and non-assessable by the Trust.
4.3 The Trust’s obligation to implement this Plan on each Portfolio’s behalf shall be subject to satisfaction of the following conditions at or before (and continuing through) the Effective Time:
(a) No governmental consents, approvals, authorizations, or filings are required under the 1933 Act, the Securities Exchange Act of 1934, as amended, the 1940 Act, or state securities laws, and no consents, approvals, authorizations, or orders of any court are required, for the Trust’s adoption and performance, on either Portfolio’s behalf, of this Plan, except for (1) the Trust’s filing with the Commission of a registration statement on Form N-14 relating to the Acquiring Portfolio Shares issuable hereunder, and any supplement or amendment thereto, including therein a prospectus and proxy statement (“Registration Statement”), and (2) consents, approvals, authorizations, and filings that have been made or received or may be required after the Effective Time;
(b) The fair market value of the Acquiring Portfolio Shares each Shareholder receives will be approximately equal to the fair market value of its Target Shares it actually or constructively surrenders in exchange therefor;
(c) All necessary filings shall have been made with the Commission and state securities authorities, and no order or directive shall have been received that any other or further action is required to permit the Trust to carry out the transactions contemplated hereby; the Registration Statement shall have become effective under the 1933 Act, no stop orders suspending the effectiveness thereof shall have been issued, and, to the Trust’s best knowledge, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened, or contemplated under the 1933 Act or the 1940 Act; the Commission shall not have issued an unfavorable report with respect to the Exchange under section 25(b) of the 1940 Act nor instituted any proceedings seeking to enjoin consummation of the transactions contemplated hereby under section 25(c) of the 1940 Act; and all consents, orders, and permits of federal, state, and local regulatory authorities (including the Commission and state securities authorities) the Trust deems necessary to permit consummation, in all material respects, of the transactions contemplated hereby shall have been obtained, except where failure to obtain same would not involve a risk of a material adverse effect on either Portfolio’s assets or properties;
(d) At the Effective Time, no action, suit, or other proceeding shall be pending (or, to the Trust’s best knowledge, threatened to be commenced) before any court, governmental agency, or arbitrator in which it is sought to enjoin the performance of, restrain, prohibit, affect the enforceability of, or obtain damages or other relief in connection with, the transactions contemplated hereby;
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(e) The Trust shall have called a meeting of Target’s shareholders to consider and act on this Plan and to take all other action necessary to obtain approval of the transactions contemplated hereby (“Shareholders Meeting”);
(f) The Trust shall have received an opinion of K&L Gates LLP (“Counsel”) as to the federal income tax consequences mentioned below (“Tax Opinion”). In rendering the Tax Opinion, Counsel may assume satisfaction of all the conditions set forth in this paragraph 4, may treat them as representations and warranties the Trust made to Counsel, and may rely as to factual matters, exclusively and without independent verification, on such representations and warranties and, if Counsel requests, on representations and warranties made in a separate letter addressed to Counsel. The Tax Opinion shall be substantially to the effect that, based on the facts and assumptions stated therein and conditioned on consummation of the Exchange in accordance with this Plan, for federal income tax purposes:
(1) Acquiring Portfolio’s acquisition of the Assets in exchange for Acquiring Portfolio Shares and its assumption of the Liabilities, followed by Target’s distribution of those shares pro rata to the Shareholders, in complete liquidation of Target, will not qualify as a “reorganization” (as defined in section 368(a)(1)) and instead will be treated as a taxable transaction;
(2) Target will recognize gain or loss on the Exchange equal to the difference between (a) the sum of the fair market value as of the Effective Time of the Acquiring Portfolio Shares it receives in the Exchange plus the amount of any Liabilities Acquiring Portfolio assumes and (b) Target’s aggregate adjusted basis in the Assets;
(3) Target’s liquidating distribution to the Shareholders of the Acquiring Portfolio Shares it receives in the Exchange, together with other distributions it makes to its shareholders in the taxable year that ends on its liquidation, will entitle Target to a deduction for dividends paid to its shareholders in an amount that should be sufficient to offset its investment company taxable income and its net capital gain for that year and therefore should enable it to avoid having any federal income tax liability for that year;
(4) Acquiring Portfolio will recognize no gain or loss on its receipt of the Assets in exchange solely for Acquiring Portfolio Shares and its assumption of the Liabilities;
(5) Acquiring Portfolio’s basis in each Asset it so acquires will be the fair market value thereof as of the Effective Time, and its holding period for each Asset will start as of the Effective Time;
(6) A Shareholder will recognize gain or loss pursuant to the Exchange equal to the difference between the fair market value as of the Effective Time of the Acquiring Portfolio Shares it receives and the Shareholder’s adjusted basis in its Target Shares; and
B-10
(7) A Shareholder’s aggregate basis in the Acquiring Portfolio Shares it receives in the Exchange will be that fair market value, and its holding period for those Acquiring Portfolio Shares will start as of the Effective Time.
5. | EXPENSES |
AXA Equitable shall bear the total expenses of the Exchange. The expenses of the Exchange include (1) costs associated with obtaining any necessary order of exemption from the 1940 Act, preparing the Registration Statement, and printing and distributing Acquiring Portfolio’s prospectus and Target’s proxy materials, (2) legal and accounting fees, and (3) expenses of holding the Shareholders Meeting (including any adjournments thereof) but exclude brokerage and similar expenses in connection with the Exchange. Notwithstanding the foregoing, expenses shall be paid by the Portfolio directly incurring them if and to the extent that the payment thereof by another person would result in such Portfolio’s disqualification as a RIC.
6. | TERMINATION |
The Board may terminate this Plan and abandon the transactions contemplated hereby, at any time before the Effective Time, if circumstances develop that, in its opinion, make proceeding with the Exchange inadvisable for either Portfolio.
7. | AMENDMENTS |
The Board may amend, modify, or supplement this Plan at any time in any manner, notwithstanding Target’s shareholders’ approval thereof; provided that, following such approval, no such amendment, modification, or supplement shall have a material adverse effect on the Shareholders’ interests.
8. | MISCELLANEOUS |
8.1 This Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to principles of conflicts of laws; provided that, in the case of any conflict between those laws and the federal securities laws, the latter shall govern.
8.2 Nothing expressed or implied herein is intended or shall be construed to confer on or give any person, firm, trust, or corporation other than the Trust (on the Portfolios’ behalf) and its successors and assigns any rights or remedies under or by reason of this Plan.
8.3 Notice is hereby given that this instrument is adopted on behalf of the Trust’s trustees solely in their capacities as trustees, and not individually, and that the Trust’s obligations under this instrument are not binding on or enforceable against any of its trustees, officers, shareholders, or series other than the Portfolios but are only binding on and enforceable against the respective Portfolio’s property. The Trust, in asserting any rights or claims under this Plan on either Portfolio’s behalf, shall look only to the other Portfolio’s property in settlement of such rights or claims and not to the property of any other series of the Trust or to such trustees, officers, or shareholders.
B-11
8.4 Any term or provision of this Plan that is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions hereof or affecting the validity or enforceability of any of the terms and provisions hereof in any other jurisdiction.
B-12
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
As of the Record Date, to the Trust’s knowledge, the following persons owned beneficially or of record 5% or more of the Class IA or Class IB shares of a Portfolio.
Shareholder’s or Contractholder’s Name/Address | Percent Beneficial Ownership of Shares of the Portfolio | Percent Beneficial Ownership of Shares of the Combined Portfolio (assuming the Transactions occur) |
C-1
STATEMENT OF ADDITIONAL INFORMATION
June , 2009
EQ ADVISORS TRUST
EQ/Ariel Appreciation II Portfolio
EQ/AXA Rosenberg Value Long/Short Equity Portfolio
EQ/Bond Index Portfolio
EQ/Caywood-Scholl High Yield Bond Portfolio
EQ/Government Securities Portfolio
EQ/Long Term Bond Portfolio
EQ/Lord Abbett Mid Cap Value Portfolio
EQ/Short Duration Bond Portfolio
EQ/Van Kampen Real Estate Portfolio
(each, an “Acquired Portfolio” and together, the “Acquired Portfolios”)
AND
EQ/Core Bond Index Portfolio
EQ/Intermediate Government Bond Index
EQ/Mid Cap Value PLUS Portfolio
EQ/PIMCO Ultra Short Bond Portfolio
EQ/Quality Bond PLUS Portfolio
(each, an “Acquiring Portfolio” and together, the “Acquiring Portfolios”)
1290 Avenue of the Americas
New York, New York 10104
(877) 222-2144
Acquisition of the assets and assumption of the liabilities of: | By and in exchange for shares of: | |
EQ/Ariel Appreciation II Portfolio EQ/Lord Abbett Mid Cap Value Portfolio EQ/Van Kampen Real Estate Portfolio | EQ/Mid Cap Value PLUS Portfolio | |
EQ/AXA Rosenberg Value Long/Short Equity Portfolio (the “Long/Short Portfolio”) EQ/Short Duration Bond Portfolio | EQ/PIMCO Ultra Short Bond Portfolio | |
EQ/Bond Index Portfolio EQ/Long Term Bond Portfolio | EQ/Core Bond Index Portfolio | |
EQ/Caywood-Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | |
EQ/Government Securities Portfolio | EQ/Intermediate Government Bond Index Portfolio |
The Acquired and Acquiring Portfolios are series of EQ Advisors Trust (the “Trust”).
This Statement of Additional Information (“SAI”) relates specifically to the proposed reorganization, or with respect to the Long/Short Portfolio, exchange of assets, involving each Acquired Portfolio with the corresponding Acquiring Portfolio under which the Acquiring Portfolio would acquire all of the assets of the Acquired Portfolio in exchange solely for shares of the Acquiring Portfolio and that Acquiring Portfolio’s assumption of all of the corresponding Acquired Portfolio’s liabilities (“Transactions”). This SAI is available to owners of and participants in variable life insurance contracts and variable annuity contracts and certificates (“Contracts”) with amounts allocated to an Acquired Portfolio and to other shareholders of the Acquired Portfolios as of May 31, 2009.
This SAI consists of the cover page, the information set forth below and the following described documents, each of which is incorporated by reference herein and accompanies this SAI:
(1) The combined Statement of Additional Information of the Trust dated May 1, 2009, as supplemented, which contains information about the Acquiring Portfolios; and
(2) The Trust’s combined Annual Report to Shareholders for the fiscal year ended December 31, 2008, which includes information relating to each of the Acquiring and Acquired Portfolios.
The Trust’s SAI that is incorporated by reference above includes information about the Trust’s other portfolios that is not relevant to the Transactions. Please disregard that information.
This SAI is not a prospectus. A Combined Proxy Statement and Prospectus dated June , 2009 relating to the Transactions (the “Proxy Statement/Prospectus”) may be obtained, without charge, by writing to the Trust at 1290 Avenue of the Americas, New York, New York 10104 or calling (877) 222-2144. This SAI should be read in conjunction with the Proxy Statement/Prospectus.
PRO FORMA FINANCIAL STATEMENTS
The following tables set forth the pro forma Portfolio of Investments as of December 31, 2008, the pro forma condensed Statement of Assets and Liabilities as of December 31, 2008, and the pro forma condensed Statement of Operations for the twelve-month period ended December 31, 2008 for the Acquired Portfolios and the Acquiring Portfolios, as adjusted giving effect to the Transactions.
The pro forma Portfolio of Investments contains information about the securities holdings of the combined Portfolios as of December 31, 2008, which has, and will continue to, change over time due to normal portfolio turnover in response to changes in market conditions. Thus, it is expected that some of an Acquired Portfolio’s holdings may not remain at the time of the Transactions. It is also expected that, if a Transaction is approved, an Acquired Portfolio’s holdings that are not compatible with the corresponding Acquiring Portfolio’s investment objective and policies will be liquidated in an orderly manner in connection with the Transaction, and the proceeds of these sales held in temporary investments or reinvested in assets that are consistent with that investment objective and policies. The portion of an Acquired Portfolio’s assets that will be liquidated in connection with a Transaction will depend on market conditions and on the assessment by AXA Equitable Life Insurance Company, the corresponding Acquiring Portfolio’s investment manager, and the corresponding Acquiring Portfolio’s investment sub-adviser(s) of the compatibility of those holdings with the Acquiring Portfolio’s portfolio composition and investment objective and policies at the time of the Transaction. The need for a Portfolio to sell investments in connection with a Transaction may result in its selling securities at a disadvantageous time and price and could result in its realizing gains (or losses) that would not otherwise have been realized and incurring transaction costs that would not otherwise have been incurred.
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | |||||||||||||||||||||||||||
EQ/Ariel Appreciation II | EQ/Lord Abbett Mid Cap Value | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | EQ/Ariel Appreciation II | EQ/Lord Abbett Mid Cap Value | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | ||||||||||||||||||
COMMON STOCKS: | ||||||||||||||||||||||||||||
Consumer Discretionary | ||||||||||||||||||||||||||||
Auto Components | ||||||||||||||||||||||||||||
Autoliv, Inc. | — | — | — | 33,438 | 33,438 | $ | — | $ | — | $ | — | $ | 717,580 | $ | 717,580 | |||||||||||||
ArvinMeritor, Inc. | — | 160,000 | — | — | 160,000 | — | 456,000 | — | — | 456,000 | ||||||||||||||||||
BorgWarner, Inc.^ | — | — | — | 6,800 | 6,800 | — | — | — | 148,036 | 148,036 | ||||||||||||||||||
Federal Mogul Corp.*^ | — | — | — | 10,500 | 10,500 | — | — | — | 44,415 | 44,415 | ||||||||||||||||||
Goodyear Tire & Rubber Co.* | — | 410,200 | — | 38,431 | 448,631 | — | 2,448,894 | — | 229,433 | 2,678,327 | ||||||||||||||||||
TRW Automative Holdings Corp.*^ | — | — | — | 272,700 | 272,700 | — | — | — | 981,720 | 981,720 | ||||||||||||||||||
— | 2,904,894 | — | 2,121,184 | 5,026,078 | 0.3 | % | ||||||||||||||||||||||
Automobiles | ||||||||||||||||||||||||||||
Ford Motor Co.*^ | — | — | — | 1,056,495 | 1,056,495 | — | — | — | 2,419,373 | 2,419,373 | ||||||||||||||||||
General Motors Corp.^ | — | — | — | 238,615 | 238,615 | — | — | — | 763,568 | 763,568 | ||||||||||||||||||
Harley-Davidson, Inc.^ | — | — | — | 12,003 | 12,003 | — | — | — | 203,691 | 203,691 | ||||||||||||||||||
Thor Industries, Inc.^ | — | — | — | 11,170 | 11,170 | — | — | — | 147,221 | 147,221 | ||||||||||||||||||
— | — | — | 3,533,853 | 3,533,853 | 0.2 | % | ||||||||||||||||||||||
Distributors | ||||||||||||||||||||||||||||
Geniune Parts Co. | — | 123,926 | — | 129,113 | 253,039 | — | 4,691,838 | — | 4,888,218 | 9,580,056 | 0.6 | % | ||||||||||||||||
Diversified Consumer Services | ||||||||||||||||||||||||||||
Career Education Corp.* | — | — | — | 40,636 | 40,636 | — | — | — | 729,010 | 729,010 | ||||||||||||||||||
Service Corp. International^ | — | — | — | 121,547 | 121,547 | — | — | — | 604,088 | 604,088 | ||||||||||||||||||
Sotheby’s, Inc. | 59,100 | — | — | — | 59,100 | 525,399 | — | — | — | 525,399 | ||||||||||||||||||
Weight Watchers International, Inc.^ | — | — | — | 2,500 | 2,500 | — | — | — | 73,550 | 73,550 | ||||||||||||||||||
525,399 | — | — | 1,406,648 | 1,932,047 | 0.1 | % | ||||||||||||||||||||||
Hotels, Restaurants & Leisure | ||||||||||||||||||||||||||||
Boyd Gaming Corp. | — | — | — | 23,100 | 23,100 | — | — | — | 109,263 | 109,263 | ||||||||||||||||||
Brinker International, Inc. | — | 352,084 | — | — | 352,084 | — | 3,710,965 | — | — | 3,710,965 | ||||||||||||||||||
Carnival Corp. | 70,600 | — | — | — | 70,600 | 1,716,992 | — | — | — | 1,716,992 | ||||||||||||||||||
Choice Hotels International, Inc.^ | — | — | — | 9,200 | 9,200 | — | — | — | 276,552 | 276,552 | ||||||||||||||||||
Darden Restaurants, Inc. | — | 121,400 | — | — | 121,400 | — | 3,421,052 | — | — | 3,421,052 | ||||||||||||||||||
International Game Technology | 140,900 | — | — | — | 140,900 | 1,675,301 | — | — | — | 1,675,301 | ||||||||||||||||||
International Speedway Corp., Class A | — | — | — | 14,697 | 14,697 | — | — | — | 422,245 | 422,245 | ||||||||||||||||||
Interval Leisure Group, Inc.*^ | — | — | — | 14,581 | 14,581 | — | — | — | 78,591 | 78,591 | ||||||||||||||||||
MGM MIRAGE*^ | — | — | — | 3,400 | 3,400 | — | — | — | 46,784 | 46,784 | ||||||||||||||||||
Morgans Hotel Group Co.* | — | — | 423,623 | — | 423,623 | — | — | 1,974,083 | — | 1,974,083 | ||||||||||||||||||
Orient-Express Hotels Ltd., Class A^ | — | — | — | 2,700 | 2,700 | — | — | — | 20,682 | 20,682 | ||||||||||||||||||
Royal Caribbean Cruises Ltd.^ | — | — | — | 63,372 | 63,372 | — | — | — | 871,365 | 871,365 | ||||||||||||||||||
Starwood Hotels & Resorts Worldwide, Inc. | — | — | 1,344,482 | — | 1,344,482 | — | — | 24,066,228 | — | 24,066,228 | ||||||||||||||||||
Wyndham Worldwide Corp. | — | — | — | 79,227 | 79,227 | — | — | — | 518,937 | 518,937 | ||||||||||||||||||
3,392,293 | 7,132,017 | 26,040,311 | 2,344,419 | 38,909,040 | 2.4 | % | ||||||||||||||||||||||
Household Durables | ||||||||||||||||||||||||||||
Black & Decker Corp. | — | — | — | 27,887 | 27,887 | — | — | — | 1,165,955 | 1,165,955 | ||||||||||||||||||
Centex Corp. | — | — | — | 56,899 | 56,899 | — | — | — | 605,405 | 605,405 | ||||||||||||||||||
D.R. Horton, Inc.^ | — | — | — | 144,613 | 144,613 | — | — | — | 1,022,414 | 1,022,414 | ||||||||||||||||||
Fortune Brands, Inc. | — | — | — | 70,278 | 70,278 | — | — | — | 2,901,076 | 2,901,076 | ||||||||||||||||||
Harman International Industries, Inc. | — | — | — | 6,800 | 6,800 | — | — | — | 113,764 | 113,764 | ||||||||||||||||||
Jarden Corp.*^ | — | — | — | 30,833 | 30,833 | — | — | — | 354,580 | 354,580 | ||||||||||||||||||
KB Home^ | — | — | — | 34,243 | 34,243 | — | — | — | 466,390 | 466,390 | ||||||||||||||||||
Leggett & Platt, Inc.^ | — | — | — | 74,515 | 74,515 | — | — | — | 1,131,883 | 1,131,883 | ||||||||||||||||||
Lennar Corp., Class A^ | — | — | — | 61,027 | 61,027 | — | — | — | 529,104 | 529,104 | ||||||||||||||||||
M.D.C. Holdings, Inc.^ | — | — | — | 190,131 | 190,131 | — | — | — | 5,760,969 | 5,760,969 | ||||||||||||||||||
Mohawk Industries, Inc.* | — | — | — | 25,305 | 25,305 | — | — | — | 1,087,356 | 1,087,356 | ||||||||||||||||||
Newell Rubbermaid, Inc. | — | — | — | 316,974 | 316,974 | — | — | — | 3,100,006 | 3,100,006 | ||||||||||||||||||
NVR, Inc.* | — | — | — | 1,812 | 1,812 | — | — | — | 826,725 | 826,725 | ||||||||||||||||||
Pulte Homes, Inc. | — | — | — | 73,932 | 73,932 | — | — | — | 808,077 | 808,077 | ||||||||||||||||||
Snap-On, Inc. | — | 126,344 | — | 26,124 | 152,468 | — | 4,975,427 | — | 1,028,763 | 6,004,190 | ||||||||||||||||||
Stanley Works^ | — | — | — | 35,813 | 35,813 | — | — | — | 1,221,223 | 1,221,223 | ||||||||||||||||||
Toll Brothers, Inc.*^ | — | — | — | 173,069 | 173,069 | — | — | — | 3,708,869 | 3,708,869 | ||||||||||||||||||
Whirlpool Corp.^ | — | — | — | 34,166 | 34,166 | — | — | — | 1,412,764 | 1,412,764 | ||||||||||||||||||
— | 4,975,427 | — | 27,245,323 | 32,220,750 | 2.0 | % | ||||||||||||||||||||||
Internet & Catalog Retail | ||||||||||||||||||||||||||||
Expedia, Inc.*^ | — | — | — | 95,362 | 95,362 | — | — | — | 785,783 | 785,783 | ||||||||||||||||||
HSN, Inc.*^ | — | — | — | 14,581 | 14,581 | — | — | — | 106,004 | 106,004 | ||||||||||||||||||
Liberty Media Corp., Interactive, Class A* | — | — | — | 272,838 | 272,838 | — | — | — | 851,254 | 851,254 | ||||||||||||||||||
Ticketmaster Entertainment, Inc.* | — | — | — | 14,581 | 14,581 | — | — | — | 93,610 | 93,610 | ||||||||||||||||||
— | — | — | 1,836,651 | 1,836,651 | 0.1 | % | ||||||||||||||||||||||
Leisure Equipment & Products | ||||||||||||||||||||||||||||
Eastman Kodak Co.^ | — | — | — | 129,118 | 129,118 | — | — | — | 849,597 | 849,597 | ||||||||||||||||||
Hasbro, Inc. | — | — | — | 32,471 | 32,471 | — | — | — | 947,179 | 947,179 | ||||||||||||||||||
Mattel, Inc. | — | — | — | 165,588 | 165,588 | — | — | — | 2,649,408 | 2,649,408 | ||||||||||||||||||
— | — | — | 4,446,184 | 4,446,184 | 0.3 | % | ||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||
Ascent Media Corp., Class A * | — | — | — | 6,391 | 6,391 | — | — | — | 139,579 | 139,579 | ||||||||||||||||||
Cablevision Systems Corp. - New York Group, Class A | — | — | — | 100,731 | 100,731 | — | — | — | 1,696,310 | 1,696,310 | ||||||||||||||||||
CBS Corp., Class B | 284,700 | — | — | 269,915 | 554,615 | 2,331,693 | — | — | 2,210,604 | 4,542,297 | ||||||||||||||||||
Clear Channel Outdoor Holdings, Inc., Class A*^ | — | — | — | 4,100 | 4,100 | — | — | — | 25,215 | 25,215 | ||||||||||||||||||
Discovery Communications, Inc., Class A* | — | — | — | 62,095 | 62,095 | — | — | — | 879,265 | 879,265 | ||||||||||||||||||
Discovery Communications, Inc., Class C* | — | — | — | 69,518 | 69,518 | — | — | — | 930,846 | 930,846 | ||||||||||||||||||
EW Scripps Co., Class A | — | — | — | 13,400 | 13,400 | — | — | — | 29,614 | 29,614 | ||||||||||||||||||
Gannett Co., Inc.^ | 172,300 | 100,200 | — | 105,050 | 377,550 | 1,378,400 | 801,600 | — | 840,400 | 3,020,400 | ||||||||||||||||||
Hearst-Argyle Television, Inc.^ | — | — | — | 10,600 | 10,600 | — | — | — | 64,236 | 64,236 | ||||||||||||||||||
Interpublic Group of Cos., Inc.* | 363,100 | 1,037,984 | — | 31,500 | 1,432,584 | 1,437,876 | 4,110,417 | — | 124,740 | 5,673,033 | ||||||||||||||||||
Liberty Global, Inc., Class A*^ | — | — | — | 69,536 | 69,536 | — | — | — | 1,107,013 | 1,107,013 | ||||||||||||||||||
Liberty Media Corp., Capital Series, Class A* | — | — | — | 49,888 | 49,888 | — | — | — | 234,973 | 234,973 | ||||||||||||||||||
McGraw-Hill Cos., Inc. | — | — | — | 74,279 | 74,279 | — | — | — | 1,722,530 | 1,722,530 | ||||||||||||||||||
Meredith Corp. | — | — | — | 17,862 | 17,862 | — | — | — | 305,797 | 305,797 | ||||||||||||||||||
New York Times Co., Class A^ | — | — | — | 64,373 | 64,373 | — | — | — | 471,854 | 471,854 | ||||||||||||||||||
Omnicom Group, Inc. | 34,000 | — | — | — | 34,000 | 915,280 | — | — | — | 915,280 | ||||||||||||||||||
Regal Entertainment Group, Class A | — | — | — | 36,188 | 36,188 | — | — | — | 369,480 | 369,480 | ||||||||||||||||||
Scripps Networks Interactive, Inc., Class A | — | — | — | 39,893 | 39,893 | — | — | — | 877,646 | 877,646 | ||||||||||||||||||
Virgin Media, Inc.^ | — | — | — | 609,854 | 609,854 | — | — | — | 3,043,172 | 3,043,172 | ||||||||||||||||||
Warner Music Group Corp.^ | — | — | — | 19,400 | 19,400 | — | — | — | 58,588 | 58,588 | ||||||||||||||||||
Washington Post Co., Class B | — | — | — | 2,857 | 2,857 | — | — | — | 1,114,944 | 1,114,944 | ||||||||||||||||||
6,063,249 | 4,912,017 | — | 16,246,806 | 27,222,072 | 1.7 | % | ||||||||||||||||||||||
Multiline Retail | ||||||||||||||||||||||||||||
Family Dollar Stores, Inc. | — | — | — | 58,497 | 58,497 | — | — | — | 1,525,017 | 1,525,017 | ||||||||||||||||||
J.C. Penney Co., Inc.^ | — | — | — | 101,511 | 101,511 | — | — | — | 1,999,767 | 1,999,767 | ||||||||||||||||||
Kohl’s Corp.* | — | — | — | 33,537 | 33,537 | — | — | — | 1,214,039 | 1,214,039 | ||||||||||||||||||
Macy’s, Inc.^ | — | 233,878 | — | 194,033 | 427,911 | — | 2,420,637 | — | 2,008,242 | 4,428,879 | ||||||||||||||||||
Nordstrom, Inc. | 71,400 | — | — | — | 71,400 | 950,334 | — | — | — | 950,334 | ||||||||||||||||||
Saks, Inc.*^ | — | — | — | 65,490 | 65,490 | — | — | — | 286,846 | 286,846 | ||||||||||||||||||
Sears Holdings Corp.*^ | — | — | — | 25,042 | 25,042 | — | — | — | 973,382 | 973,382 | ||||||||||||||||||
950,334 | 2,420,637 | — | 8,007,293 | 11,378,264 | 0.7 | % | ||||||||||||||||||||||
Specialty Retail | ||||||||||||||||||||||||||||
American Eagle Outfitters, Inc. | — | — | — | 268,982 | 268,982 | — | — | — | 2,517,671 | 2,517,671 | ||||||||||||||||||
AnnTaylor Stores Corp.*^ | — | — | — | 16,866 | 16,866 | — | — | — | 97,317 | 97,317 | ||||||||||||||||||
AutoNation, Inc.*^ | — | — | — | 52,135 | 52,135 | — | — | — | 515,094 | 515,094 | ||||||||||||||||||
Barnes & Noble, Inc.^ | — | — | — | 16,377 | 16,377 | — | — | — | 245,655 | 245,655 | ||||||||||||||||||
Bed Bath & Beyond, Inc.*^ | — | — | — | 20,780 | 20,780 | — | — | — | 528,227 | 528,227 | ||||||||||||||||||
Foot Locker, Inc. | — | 269,664 | — | 69,315 | 338,979 | — | 1,979,334 | — | 508,772 | 2,488,106 | ||||||||||||||||||
Gap, Inc. | — | — | — | 111,865 | 111,865 | — | — | — | 1,497,872 | 1,497,872 | ||||||||||||||||||
Limited Brands, Inc.^ | — | — | — | 44,122 | 44,122 | — | — | — | 442,985 | 442,985 | ||||||||||||||||||
Office Depot, Inc.* | — | — | — | 122,242 | 122,242 | — | — | — | 364,281 | 364,281 | ||||||||||||||||||
OfficeMax, Inc.^ | — | 406,494 | — | 34,387 | 440,881 | — | 3,105,614 | — | 262,717 | 3,368,331 | ||||||||||||||||||
O’Reilly Automotive, Inc.*^ | — | — | — | 39,066 | 39,066 | — | — | — | 1,200,889 | 1,200,889 | ||||||||||||||||||
Penske Automotive Group, Inc. | — | — | — | 18,900 | 18,900 | — | — | — | 145,152 | 145,152 | ||||||||||||||||||
RadioShack Corp.^ | — | — | — | 60,353 | 60,353 | — | — | — | 720,615 | 720,615 | ||||||||||||||||||
Signet Jewelers Ltd.^ | — | — | — | 38,728 | 38,728 | — | — | — | 335,772 | 335,772 | ||||||||||||||||||
Tiffany & Co. | 68,500 | — | — | — | 68,500 | 1,618,655 | — | — | — | 1,618,655 | ||||||||||||||||||
TJX Cos., Inc. | — | — | — | 80,900 | 80,900 | — | — | — | 1,664,113 | 1,664,113 | ||||||||||||||||||
Williams-Sonoma, Inc. | — | — | — | 36,457 | 36,457 | — | — | — | 286,552 | 286,552 | ||||||||||||||||||
1,618,655 | 5,084,948 | — | 11,333,684 | 18,037,287 | 1.1 | % | ||||||||||||||||||||||
Textiles, Apparel & Luxury Goods | ||||||||||||||||||||||||||||
Jones Apparel Group, Inc. | — | — | — | 39,282 | 39,282 | — | — | — | 230,193 | 230,193 | ||||||||||||||||||
Liz Claiborne, Inc.^ | — | — | — | 42,981 | 42,981 | — | — | — | 111,751 | 111,751 | ||||||||||||||||||
Phillips-Van Heusen Corp.^ | — | — | — | 3,000 | 3,000 | — | — | — | 60,390 | 60,390 | ||||||||||||||||||
VF Corp.^ | — | — | — | 101,024 | 101,024 | — | — | — | 5,533,084 | 5,533,084 | ||||||||||||||||||
— | — | — | 5,935,418 | 5,935,418 | 0.4 | % | ||||||||||||||||||||||
Total Consumer Discretionary | 12,549,930 | 32,121,778 | 26,040,311 | 89,345,681 | 160,057,700 | 9.9 | % | |||||||||||||||||||||
Consumer Staples | ||||||||||||||||||||||||||||
Beverages | ||||||||||||||||||||||||||||
Brown-Forman Corp., Class B | — | — | — | 12,453 | 12,453 | — | — | — | 641,205 | 641,205 | ||||||||||||||||||
Coca-Cola Enterprises, Inc. | — | 375,055 | — | 144,770 | 519,825 | — | 4,511,912 | — | 1,741,583 | 6,253,495 | ||||||||||||||||||
Constellation Brands, Inc., Class A*^ | 97,600 | — | — | 84,368 | 181,968 | 1,539,152 | — | — | 1,330,483 | 2,869,635 | ||||||||||||||||||
Dr. Pepper Snapple Group, Inc.* | — | — | — | 116,599 | 116,599 | — | — | — | 1,894,734 | 1,894,734 | ||||||||||||||||||
Molson Coors Brewing Co., Class B | — | — | — | 52,869 | 52,869 | — | — | — | 2,586,352 | 2,586,352 | ||||||||||||||||||
Pepsi Bottling Group, Inc. | — | — | — | 62,765 | 62,765 | — | — | — | 1,412,840 | 1,412,840 | ||||||||||||||||||
PepsiAmericas, Inc. | — | — | — | 26,330 | 26,330 | — | — | — | 536,079 | 536,079 | ||||||||||||||||||
1,539,152 | 4,511,912 | — | 10,143,276 | 16,194,340 | 1.0 | % | ||||||||||||||||||||||
Food & Staples Retailing | ||||||||||||||||||||||||||||
BJ’s Wholesale Club, Inc.*^ | — | — | — | 27,152 | 27,152 | — | — | — | 930,228 | 930,228 | ||||||||||||||||||
Kroger Co. | — | 195,792 | — | — | 195,792 | — | 5,170,866 | — | — | 5,170,866 | ||||||||||||||||||
Rite Aid Corp.*^ | — | — | — | 235,400 | 235,400 | — | — | — | 72,974 | 72,974 | ||||||||||||||||||
Safeway, Inc. | — | 217,053 | — | 200,209 | 417,262 | — | 5,159,350 | — | 4,758,968 | 9,918,318 | ||||||||||||||||||
SUPERVALUE, Inc. | — | — | — | 97,014 | 97,014 | — | — | — | 1,416,404 | 1,416,404 | ||||||||||||||||||
— | 10,330,216 | — | 7,178,574 | 17,508,790 | 1.1 | % | ||||||||||||||||||||||
Food Products | ||||||||||||||||||||||||||||
Archer-Daniels-Midland Co. | — | 92,200 | — | — | 92,200 | — | 2,658,126 | — | — | 2,658,126 | ||||||||||||||||||
Bunge Ltd.^ | — | — | — | 55,570 | 55,570 | — | — | — | 2,876,859 | 2,876,859 | ||||||||||||||||||
Campbell Soup Co. | — | — | — | 46,993 | 46,993 | — | — | — | 1,410,260 | 1,410,260 | ||||||||||||||||||
Chaoda Modern Agriculture (Holdings) Ltd. | — | — | — | 3,080,720 | 3,080,720 | — | — | — | 1,983,207 | 1,983,207 | ||||||||||||||||||
ConAgra Foods, Inc. | — | — | — | 207,126 | 207,126 | — | — | — | 3,417,579 | 3,417,579 | ||||||||||||||||||
Corn Products International, Inc. | — | — | — | 33,995 | 33,995 | — | — | — | 980,756 | 980,756 | ||||||||||||||||||
Cosan Ltd., Class A*^ | — | — | — | 28,200 | 28,200 | — | — | — | 97,572 | 97,572 | ||||||||||||||||||
Dean Foods Co.* | — | 218,900 | — | 190,270 | 409,170 | — | 3,933,633 | — | 3,419,152 | 7,352,785 | ||||||||||||||||||
Del Monte Foods Co. | — | — | — | 89,515 | 89,515 | — | — | — | 639,137 | 639,137 | ||||||||||||||||||
First Pacific Co. | — | — | — | 4,404,000 | 4,404,000 | — | — | — | 1,536,674 | 1,536,674 | ||||||||||||||||||
H.J. Heinz Co. | — | — | — | 64,148 | 64,148 | — | — | — | 2,411,965 | 2,411,965 | ||||||||||||||||||
Hershey Co. | — | — | — | 34,750 | 34,750 | — | — | — | 1,207,215 | 1,207,215 | ||||||||||||||||||
Hormel Foods Corp. | — | — | — | 32,529 | 32,529 | — | — | — | 1,011,001 | 1,011,001 | ||||||||||||||||||
JM Smucker Co. | — | — | — | 43,892 | 43,892 | — | — | — | 1,903,157 | 1,903,157 |
See notes to pro-forma financial statements.
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | ||||||||||||||||||||||
EQ/Ariel Appreciation II | EQ/Lord Abbett Mid Cap Value | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | EQ/Ariel Appreciation II | EQ/Lord Abbett Mid Cap Value | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | |||||||||||||
Marfrig Frigorificos e Comercio de Alimentos S.A.* | — | — | — | 238,100 | 238,100 | — | — | — | 778,892 | 778,892 | |||||||||||||
Marine Harvest ASA* | — | — | — | 6,958,000 | 6,958,000 | — | — | — | 1,062,029 | 1,062,029 | |||||||||||||
McCormick & Co., Inc. (Non-Voting) | — | — | — | 31,958 | 31,958 | — | — | — | 1,018,182 | 1,018,182 | |||||||||||||
Perdigao S.A.* | — | — | — | 71,200 | 71,200 | — | — | — | 926,966 | 926,966 | |||||||||||||
Sara Lee Corp. | — | — | — | 324,351 | 324,351 | — | — | — | 3,175,396 | 3,175,396 | |||||||||||||
Smithfield Foods, Inc.*^ | — | 338,400 | — | 322,139 | 660,539 | — | 4,761,288 | — | 4,532,496 | 9,293,784 | |||||||||||||
Tyson Foods, Inc., Class A | — | — | — | 119,345 | 119,345 | — | — | — | 1,045,462 | 1,045,462 | |||||||||||||
— | 11,353,047 | — | 35,433,957 | 46,787,004 | 2.9 | % | |||||||||||||||||
Household Products | |||||||||||||||||||||||
Clorox Co. | 16,200 | — | — | 43,782 | 59,982 | 900,072 | — | — | 2,432,528 | 3,332,600 | |||||||||||||
Energizer Holdings, Inc.* | 32,100 | — | — | — | 32,100 | 1,737,894 | — | — | 1,737,894 | ||||||||||||||
2,637,966 | — | — | 2,432,528 | 5,070,494 | 0.3 | % | |||||||||||||||||
Personal Products | |||||||||||||||||||||||
Alberto-Culver Co. | — | — | — | 34,660 | 34,660 | — | — | — | 849,517 | 849,517 | |||||||||||||
NBTY, Inc.* | — | — | — | 12,073 | 12,073 | — | — | — | 188,942 | 188,942 | |||||||||||||
— | — | — | 1,038,459 | 1,038,459 | 0.1 | % | |||||||||||||||||
Tobacco | |||||||||||||||||||||||
Lorillard, Inc. | — | — | — | 37,898 | 37,898 | — | — | — | 2,135,552 | 2,135,552 | |||||||||||||
UST, Inc. | — | — | — | 67,558 | 67,558 | — | — | — | 4,687,174 | 4,687,174 | |||||||||||||
— | — | — | 6,822,726 | 6,822,726 | 0.4 | % | |||||||||||||||||
Total Consumer Staples | 4,177,118 | 26,195,175 | — | 63,049,520 | 93,421,813 | 5.8 | % | ||||||||||||||||
Energy | |||||||||||||||||||||||
Energy Equipment & Services | |||||||||||||||||||||||
BJ Services Co.^ | — | — | — | 133,888 | 133,888 | — | — | — | 1,562,473 | 1,562,473 | |||||||||||||
Cie Generale de Geophysique-Veritas (ADR)*^ | — | — | — | 120,400 | 120,400 | — | — | — | 1,804,796 | 1,804,796 | |||||||||||||
ENSCO International, Inc. | — | — | — | 4,500 | 4,500 | — | — | — | 127,755 | 127,755 | |||||||||||||
Exterran Holdings, Inc.* | — | — | — | 30,593 | 30,593 | — | — | — | 651,631 | 651,631 | |||||||||||||
Global Industries Ltd.*^ | — | — | — | 19,300 | 19,300 | — | — | — | 67,357 | 67,357 | |||||||||||||
Halliburton Co. | — | 188,289 | — | — | 188,289 | — | 3,423,094 | — | — | 3,423,094 | |||||||||||||
Helix Energy Solutions Group, Inc.* | — | — | — | 37,517 | 37,517 | — | — | — | 271,623 | 271,623 | |||||||||||||
Helmerich & Payne, Inc. | — | — | — | 47,746 | 47,746 | — | — | — | 1,086,222 | 1,086,222 | |||||||||||||
Hercules Offshore, Inc.*^ | — | — | — | 39,771 | 39,771 | — | — | — | 188,912 | 188,912 | |||||||||||||
Key Energy Services, Inc.* | — | — | — | 46,697 | 46,697 | — | — | — | 205,934 | 205,934 | |||||||||||||
Nabors Industries Ltd.* | — | — | — | 110,164 | 110,164 | — | — | — | 1,318,663 | 1,318,663 | |||||||||||||
Oil States International, Inc.*^ | — | — | — | 7,700 | 7,700 | — | — | — | 143,913 | 143,913 | |||||||||||||
Patterson-UTI Energy, Inc.^ | — | — | — | 26,757 | 26,757 | — | — | — | 307,973 | 307,973 | |||||||||||||
Pride International, Inc.*^ | — | — | — | 21,249 | 21,249 | — | — | — | 339,559 | 339,559 | |||||||||||||
Rowan Cos., Inc.^ | — | — | — | 32,777 | 32,777 | — | — | — | 521,154 | 521,154 | |||||||||||||
SBM Offshore N.V. | — | — | — | 63,179 | 63,179 | — | — | — | 827,907 | 827,907 | |||||||||||||
SEACOR Holdings, Inc.*^ | — | — | — | 8,249 | 8,249 | — | — | — | 549,796 | 549,796 | |||||||||||||
Tidewater, Inc.^ | — | — | — | 22,507 | 22,507 | — | — | — | 906,357 | 906,357 | |||||||||||||
Transocean Ltd.* | — | 43,208 | — | — | 43,208 | — | 2,041,578 | — | — | 2,041,578 | |||||||||||||
Unit Corp.* | — | — | — | 4,988 | 4,988 | — | — | — | 133,279 | 133,279 | |||||||||||||
— | 5,464,672 | — | 11,015,304 | 16,479,976 | 1.0 | % | |||||||||||||||||
Oil, Gas & Consumable Fuels | |||||||||||||||||||||||
Cabot Oil & Gas Corp.^ | — | — | — | 25,800 | 25,800 | — | — | — | 670,800 | 670,800 | |||||||||||||
Cimarex Energy Co. | — | — | — | 37,918 | 37,918 | — | — | — | 1,015,444 | 1,015,444 | |||||||||||||
El Paso Corp.^ | — | — | — | 254,087 | 254,087 | — | — | — | 1,989,501 | 1,989,501 | |||||||||||||
Encore Acquisition Co.* | — | — | — | 17,845 | 17,845 | — | — | — | 455,404 | 455,404 | |||||||||||||
EOG Resources, Inc. | — | 60,946 | — | — | 60,946 | — | 4,057,785 | — | — | 4,057,785 | |||||||||||||
Forest Oil Corp.*^ | — | — | — | 44,065 | 44,065 | — | — | — | 726,632 | 726,632 | |||||||||||||
Hess Corp. | 19,300 | — | — | — | 19,300 | 1,035,252 | — | — | — | 1,035,252 | |||||||||||||
Mariner Energy, Inc.*^ | — | — | — | 11,000 | 11,000 | — | — | — | 112,200 | 112,200 | |||||||||||||
Newfield Exploration Co.*^ | — | — | — | 207,831 | 207,831 | — | — | — | 4,104,662 | 4,104,662 | |||||||||||||
Noble Energy, Inc. | — | — | — | 103,143 | 103,143 | — | — | — | 5,076,699 | 5,076,699 | |||||||||||||
Overseas Shipholding Group, Inc.^ | — | — | — | 11,079 | 11,079 | — | — | — | 466,537 | 466,537 | |||||||||||||
Petrohawk Energy Corp.* | — | — | — | 7,000 | 7,000 | — | — | — | 109,410 | 109,410 | |||||||||||||
Pioneer Natural Resources Co. | — | — | — | 54,268 | 54,268 | — | — | — | 878,056 | 878,056 | |||||||||||||
Plains Exploration & Production Co.* | — | — | — | 4,383 | 4,383 | — | — | — | 101,861 | 101,861 | |||||||||||||
Range Resources Corp. | — | 102,200 | — | — | 102,200 | — | 3,514,658 | — | — | 3,514,658 | |||||||||||||
Southern Union Co. | — | — | — | 51,324 | 51,324 | — | — | — | 669,265 | 669,265 | |||||||||||||
Spectra Energy Corp. | — | — | — | 289,306 | 289,306 | — | — | — | 4,553,677 | 4,553,677 | |||||||||||||
St. Mary Land & Exploration Co.^ | �� | — | — | — | 16,377 | 16,377 | — | — | — | 332,617 | 332,617 | ||||||||||||
Sunoco, Inc.^ | — | — | — | 21,540 | 21,540 | — | — | — | 936,128 | 936,128 | |||||||||||||
Teekay Corp.^ | — | — | — | 18,889 | 18,889 | — | — | — | 371,169 | 371,169 | |||||||||||||
Tesoro Corp.^ | — | — | — | 44,308 | 44,308 | — | — | — | 583,536 | 583,536 | |||||||||||||
Uranium One, Inc.* | — | — | — | 512,300 | 512,300 | — | — | — | 742,825 | 742,825 | |||||||||||||
1,035,252 | 7,572,443 | — | 23,896,423 | 32,504,118 | 2.0 | % | |||||||||||||||||
Total Energy | 1,035,252 | 13,037,115 | — | 34,911,727 | 48,984,094 | 3.0 | % | ||||||||||||||||
Financials | |||||||||||||||||||||||
Capital Markets | |||||||||||||||||||||||
Affiliated Managers Group, Inc.*^ | — | — | — | 41,400 | 41,400 | — | — | — | 1,735,488 | 1,735,488 | |||||||||||||
Allied Capital Corp.^ | — | — | — | 77,750 | 77,750 | — | — | — | 209,148 | 209,148 | |||||||||||||
American Capital Ltd.^ | — | — | — | 90,899 | 90,899 | — | — | — | 294,513 | 294,513 | |||||||||||||
Ameriprise Financial, Inc. | — | — | — | 234,061 | 234,061 | — | — | — | 5,467,665 | 5,467,665 | |||||||||||||
E*TRADE Financial Corp.*^ | — | — | — | 158,600 | 158,600 | — | — | — | 182,390 | 182,390 | |||||||||||||
Franklin Resources, Inc. | 22,400 | — | — | — | 22,400 | 1,428,672 | — | — | — | 1,428,672 | |||||||||||||
Invesco Ltd. | — | — | — | 283,260 | 283,260 | — | — | — | 4,090,274 | 4,090,274 | |||||||||||||
Investment Technology Group, Inc.*^ | — | — | — | 1,700 | 1,700 | — | — | — | 38,624 | 38,624 | |||||||||||||
Janus Capital Group, Inc.^ | 168,100 | — | — | 5,300 | 173,400 | 1,349,843 | — | — | 42,559 | 1,392,402 | |||||||||||||
Jefferies Group, Inc.^ | — | — | — | 57,854 | 57,854 | — | — | — | 813,427 | 813,427 | |||||||||||||
Legg Mason, Inc.^ | — | — | — | 63,553 | 63,553 | — | — | — | 1,392,446 | 1,392,446 | |||||||||||||
MF Global Ltd.*^ | — | — | — | 23,800 | 23,800 | — | — | — | 48,552 | 48,552 | |||||||||||||
Northern Trust Corp. | 29,200 | — | — | 9,689 | 38,889 | 1,522,488 | — | — | 505,184 | 2,027,672 | |||||||||||||
Raymond James Financial, Inc.^ | — | — | — | 43,898 | 43,898 | — | — | — | 751,973 | 751,973 | |||||||||||||
TD Ameritrade Holding Corp.* | — | — | — | 174,700 | 174,700 | — | — | — | 2,489,475 | 2,489,475 | |||||||||||||
T. Rowe Price Group, Inc. | 20,800 | — | — | — | 20,800 | 737,152 | — | — | — | 737,152 | |||||||||||||
5,038,155 | — | — | 18,061,718 | 23,099,873 | 1.4 | % | |||||||||||||||||
Commercial Banks | |||||||||||||||||||||||
Associated Banc-Corp | — | — | — | 58,252 | 58,252 | — | — | — | 1,219,214 | 1,219,214 | |||||||||||||
Bancorpsouth, Inc.^ | — | — | — | 37,380 | 37,380 | — | — | — | 873,197 | 873,197 | |||||||||||||
Bank of Hawaii Corp.^ | — | — | — | 21,767 | 21,767 | — | — | — | 983,215 | 983,215 | |||||||||||||
BOK Financial Corp.^ | — | — | — | 10,077 | 10,077 | — | — | — | 407,111 | 407,111 | |||||||||||||
City National Corp./California^ | 33,300 | — | — | 18,140 | 51,440 | 1,621,710 | — | — | 883,418 | 2,505,128 | |||||||||||||
Comerica, Inc.^ | — | 162,300 | — | 132,330 | 294,630 | — | 3,221,655 | — | 2,626,751 | 5,848,406 | |||||||||||||
Commerce Bancshares, Inc./Missouri^ | — | — | — | 29,458 | 29,458 | — | — | — | 1,294,679 | 1,294,679 | |||||||||||||
Cullen/Frost Bankers, Inc.^ | — | — | — | 26,733 | 26,733 | — | — | — | 1,354,828 | 1,354,828 | |||||||||||||
Fifth Third Bancorp^ | — | 413,800 | — | 231,291 | 645,091 | — | 3,417,988 | — | 1,910,464 | 5,328,452 | |||||||||||||
First Citizens BancShares, Inc./North Carolina, Class A^ | — | — | — | 2,734 | 2,734 | — | — | — | 417,755 | 417,755 | |||||||||||||
First Horizon National Corp.^ | — | — | — | 93,306 | 93,306 | — | — | — | 986,241 | 986,241 | |||||||||||||
Fulton Financial Corp.^ | — | — | — | 80,013 | 80,013 | — | — | — | 769,725 | 769,725 | |||||||||||||
Huntington Bancshares, Inc./Ohio^ | — | — | — | 182,333 | 182,333 | — | — | — | 1,396,671 | 1,396,671 | |||||||||||||
KeyCorp | — | — | — | 226,680 | 226,680 | — | — | — | 1,931,314 | 1,931,314 | |||||||||||||
M&T Bank Corp.^ | — | 56,500 | — | 63,055 | 119,555 | — | 3,243,665 | — | 3,619,988 | 6,863,653 | |||||||||||||
Marshall & Ilsley Corp.^ | — | — | — | 117,832 | 117,832 | — | — | — | 1,607,228 | 1,607,228 | |||||||||||||
National City Corp. | — | — | — | 932,668 | 932,668 | — | — | — | 1,688,129 | 1,688,129 | |||||||||||||
Popular, Inc.^ | — | — | — | 562,708 | 562,708 | — | — | — | 2,903,573 | 2,903,573 | |||||||||||||
Regions Financial Corp.^ | — | — | — | 317,779 | 317,779 | — | — | — | 2,529,521 | 2,529,521 | |||||||||||||
Signature Bank/New York* | — | — | — | 1,800 | 1,800 | — | — | — | 51,642 | 51,642 | |||||||||||||
Synovus Financial Corp. | — | — | — | 127,519 | 127,519 | — | — | — | 1,058,408 | 1,058,408 | |||||||||||||
TCF Financial Corp.^ | — | — | — | 58,142 | 58,142 | — | — | — | 794,220 | 794,220 | |||||||||||||
Valley National Bancorp^ | — | — | — | 61,226 | 61,226 | — | — | — | 1,239,826 | 1,239,826 | |||||||||||||
Webster Financial Corp.^ | — | — | — | 23,792 | 23,792 | — | — | — | 327,854 | 327,854 | |||||||||||||
Whitney Holding Corp./Louisiana^ | — | — | — | 29,088 | 29,088 | — | — | — | 465,117 | 465,117 | |||||||||||||
Wilmington Trust Corp.^ | — | — | — | 30,537 | 30,537 | — | — | — | 679,143 | 679,143 | |||||||||||||
Zions Bancorporation^ | — | 122,000 | — | 52,385 | 174,385 | — | 2,990,220 | — | 1,283,956 | 4,274,176 | |||||||||||||
1,621,710 | 12,873,528 | — | 35,303,188 | 49,798,426 | 3.1 | % | |||||||||||||||||
Consumer Finance | |||||||||||||||||||||||
AmeriCredit Corp.*^ | — | — | — | 52,183 | 52,183 | — | — | — | 398,678 | 398,678 | |||||||||||||
Capital One Financial Corp. | — | 105,500 | — | — | 105,500 | — | 3,364,395 | — | — | 3,364,395 | |||||||||||||
Discover Financial Services | — | — | — | 219,402 | 219,402 | — | — | — | 2,090,901 | 2,090,901 | |||||||||||||
SLM Corp.*^ | — | — | — | 24,089 | 24,089 | — | — | — | 214,392 | 214,392 | |||||||||||||
Student Loan Corp.^ | — | — | — | 1,800 | 1,800 | — | — | — | 73,800 | 73,800 | |||||||||||||
— | 3,364,395 | — | 2,777,771 | 6,142,166 | 0.4 | % | |||||||||||||||||
Diversified Financial Services | |||||||||||||||||||||||
CIT Group, Inc.^ | — | — | — | 500,740 | 500,740 | — | — | — | 2,273,359 | 2,273,359 | |||||||||||||
Leucadia National Corp.*^ | — | — | — | 80,668 | 80,668 | — | — | — | 1,597,226 | 1,597,226 | |||||||||||||
Moody’s Corp. | — | — | — | 90,174 | 90,174 | — | — | — | 1,811,596 | 1,811,596 | |||||||||||||
NASDAQ OMX Group, Inc.*^ | — | — | — | 28,335 | 28,335 | — | — | — | 700,158 | 700,158 | |||||||||||||
PHH Corp.*^ | — | — | — | 410,000 | 410,000 | — | — | — | 5,219,300 | 5,219,300 | |||||||||||||
— | — | — | 11,601,639 | 11,601,639 | 0.7 | % | |||||||||||||||||
Insurance | |||||||||||||||||||||||
ACE Ltd. | — | 113,793 | — | — | 113,793 | — | 6,021,926 | — | — | 6,021,926 | |||||||||||||
Alleghany Corp.* | — | — | — | 2,311 | 2,311 | — | — | — | 651,702 | 651,702 | |||||||||||||
Allied World Assurance Co. Holdings Ltd./Bermuda^ | — | — | — | 22,169 | 22,169 | — | — | — | 900,061 | 900,061 | |||||||||||||
American Financial Group, Inc./Ohio | — | — | — | 36,136 | 36,136 | — | — | — | 826,792 | 826,792 | |||||||||||||
American National Insurance Co.^ | — | — | — | 7,038 | 7,038 | — | — | — | 518,912 | 518,912 | |||||||||||||
Aon Corp. | — | — | — | 126,855 | 126,855 | — | — | — | 5,794,736 | 5,794,736 | |||||||||||||
Arch Capital Group Ltd.* | — | — | — | 20,900 | 20,900 | — | — | — | 1,465,090 | 1,465,090 | |||||||||||||
Arthur J. Gallagher & Co. | — | — | — | 42,460 | 42,460 | — | — | — | 1,100,139 | 1,100,139 | |||||||||||||
Assurant, Inc. | — | — | — | 53,879 | 53,879 | — | — | — | 1,616,370 | 1,616,370 | |||||||||||||
Axis Capital Holdings Ltd. | — | — | — | 52,013 | 52,013 | — | — | — | 1,514,619 | 1,514,619 | |||||||||||||
Brown & Brown, Inc.^ | — | — | — | 39,965 | 39,965 | — | — | — | 835,268 | 835,268 | |||||||||||||
Cincinnati Financial Corp. | — | — | — | 66,677 | 66,677 | — | — | — | 1,938,300 | 1,938,300 | |||||||||||||
CNA Financial Corp. | — | — | — | 12,258 | 12,258 | — | — | — | 201,522 | 201,522 | |||||||||||||
Conseco, Inc.*^ | — | 428,839 | — | 83,777 | 512,616 | — | 2,221,386 | — | 433,965 | 2,655,351 | |||||||||||||
Endurance Specialty Holdings Ltd. | — | — | — | 23,705 | 23,705 | — | — | — | 723,714 | 723,714 | |||||||||||||
Erie Indemnity Co., Class A^ | — | — | — | 13,333 | 13,333 | — | — | — | 501,721 | 501,721 | |||||||||||||
Everest Reinsurance Group Ltd. | — | — | — | 118,849 | 118,849 | — | — | — | 9,049,163 | 9,049,163 | |||||||||||||
Fidelity National Financial, Inc., Class A | — | — | — | 203,117 | 203,117 | — | — | — | 3,605,327 | 3,605,327 | |||||||||||||
First American Corp.^ | — | — | — | 98,435 | 98,435 | — | — | — | 2,843,787 | 2,843,787 | |||||||||||||
Genworth Financial, Inc., Class A | — | — | — | 193,940 | 193,940 | — | — | — | 548,850 | 548,850 | |||||||||||||
Hanover Insurance Group, Inc. | — | — | — | 23,317 | 23,317 | — | — | — | 1,001,931 | 1,001,931 | |||||||||||||
HCC Insurance Holdings, Inc. | 27,600 | — | — | 52,546 | 80,146 | 738,300 | — | — | 1,405,606 | 2,143,906 | |||||||||||||
Lincoln National Corp. | — | — | — | 119,320 | 119,320 | — | — | 2,247,989 | 2,247,989 | ||||||||||||||
Markel Corp.*^ | 3,500 | — | — | 4,551 | 8,051 | 1,046,500 | — | — | 1,360,749 | 2,407,249 | |||||||||||||
Marsh & McLennan Cos., Inc. | — | — | — | 233,807 | 233,807 | — | — | — | 5,674,496 | 5,674,496 | |||||||||||||
MBIA, Inc.*^ | — | — | — | 95,723 | 95,723 | — | — | — | 389,593 | 389,593 | |||||||||||||
Mercury General Corp.^ | — | — | — | 12,060 | 12,060 | — | — | — | 554,639 | 554,639 | |||||||||||||
Nationwide Financial Services, Inc., Class A | — | — | — | 21,168 | 21,168 | — | — | — | 1,105,181 | 1,105,181 | |||||||||||||
Old Republic International Corp.^ | — | — | — | 105,536 | 105,536 | — | — | — | 1,257,989 | 1,257,989 | |||||||||||||
OneBeacon Insurance Group Ltd. | — | — | — | 11,200 | 11,200 | — | — | — | 116,928 | 116,928 | |||||||||||||
PartnerReinsurance Ltd.^ | — | 56,540 | — | 58,318 | 114,858 | — | 4,029,606 | — | 4,156,324 | 8,185,930 |
See notes to pro-forma financial statements.
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | ||||||||||||||||||||||
EQ/Ariel Appreciation II | EQ/Lord Abbett Mid Cap Value | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | EQ/Ariel Appreciation II | EQ/Lord Abbett Mid Cap Value | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | |||||||||||||
Platinum Underwriters Holdings Ltd.^ | — | — | — | 18,900 | 18,900 | — | — | — | 681,912 | 681,912 | |||||||||||||
Principal Financial Group, Inc.^ | — | — | — | 118,435 | 118,435 | — | — | — | 2,673,078 | 2,673,078 | |||||||||||||
Progressive Corp. | — | — | — | 309,659 | 309,659 | — | — | — | 4,586,050 | 4,586,050 | |||||||||||||
Protective Life Corp.^ | — | — | — | 31,255 | 31,255 | — | — | — | 448,509 | 448,509 | |||||||||||||
Reinsurance Group of America, Inc. | — | — | — | 169,535 | 169,535 | — | — | — | 7,259,489 | 7,259,489 | |||||||||||||
RenaissanceReinsurance Holdings Ltd. | — | — | — | 27,931 | 27,931 | — | — | — | 1,440,122 | 1,440,122 | |||||||||||||
StanCorp Financial Group, Inc.^ | — | — | — | 22,224 | 22,224 | — | — | — | 928,296 | 928,296 | |||||||||||||
Torchmark Corp.^ | — | — | — | 38,639 | 38,639 | — | — | — | 1,727,163 | 1,727,163 | |||||||||||||
Transatlantic Holdings, Inc. | — | — | — | 9,200 | 9,200 | — | — | — | 368,552 | 368,552 | |||||||||||||
Unitrin, Inc.^ | — | — | — | 18,642 | 18,642 | — | — | — | 297,153 | 297,153 | |||||||||||||
Unum Group | — | — | — | 408,220 | 408,220 | — | — | — | 7,592,892 | 7,592,892 | |||||||||||||
W.R. Berkley Corp. | — | — | — | 62,649 | 62,649 | — | — | — | 1,942,119 | 1,942,119 | |||||||||||||
Wesco Financial Corp. | — | — | — | 590 | 590 | — | — | — | 169,861 | 169,861 | |||||||||||||
White Mountains Insurance Group Ltd. | — | — | — | 4,064 | 4,064 | — | — | — | 1,085,535 | 1,085,535 | |||||||||||||
XL Capital Ltd., Class A | — | — | — | 148,235 | 148,235 | — | — | — | 548,470 | 548,470 | |||||||||||||
1,784,800 | 12,272,918 | — | 86,090,664 | 100,148,382 | 6.2 | % | |||||||||||||||||
Real Estate Investment Trusts (REIT’s) | |||||||||||||||||||||||
Acadia Realty Trust (REIT) | — | — | 244,616 | 244,616 | — | — | 3,490,670 | — | 3,490,670 | ||||||||||||||
Alexandria Real Estate Equities, Inc. (REIT)^ | — | — | — | 14,770 | 14,770 | — | — | — | 891,222 | 891,222 | |||||||||||||
AMB Property Corp. (REIT)^ | — | — | 234,545 | 44,500 | 279,045 | — | — | 5,493,044 | 1,042,190 | 6,535,234 | |||||||||||||
Annaly Capital Management, Inc. (REIT)^ | — | — | — | 572,468 | 572,468 | — | — | — | 9,085,067 | 9,085,067 | |||||||||||||
Apartment Investment & Management Co. (REIT), Class A^ | — | — | 1,927 | 31,459 | 33,386 | — | — | 22,257 | 363,351 | 385,608 | |||||||||||||
AvalonBay Communities, Inc. (REIT)^ | — | — | 514,301 | 35,196 | 549,497 | — | — | 31,156,355 | 2,132,174 | 33,288,529 | |||||||||||||
Boston Properties, Inc. (REIT)^ | — | — | 507,333 | 54,749 | 562,082 | — | — | 27,903,315 | 3,011,195 | 30,914,510 | |||||||||||||
Brandywine Realty Trust (REIT)^ | — | — | 25,501 | 39,736 | 65,237 | — | — | 196,613 | 306,365 | 502,978 | |||||||||||||
BRE Properties, Inc. (REIT)^ | — | — | 39,894 | 22,161 | 62,055 | — | — | 1,116,234 | 620,065 | 1,736,299 | |||||||||||||
Brookfield Properties Corp. | — | — | 2,068,966 | — | 2,068,966 | — | — | 15,993,107 | — | 15,993,107 | |||||||||||||
Camden Property Trust (REIT)^ | — | — | 495,753 | 8,720 | 504,473 | — | — | 15,536,899 | 273,285 | 15,810,184 | |||||||||||||
CapitalSource, Inc. (REIT)^ | — | — | — | 87,046 | 87,046 | — | — | — | 402,153 | 402,153 | |||||||||||||
Care Investment Trust, Inc. | — | — | 100,300 | — | 100,300 | — | — | 781,337 | — | 781,337 | |||||||||||||
CBL & Associates Properties, Inc. (REIT)^ | — | — | — | 30,078 | 30,078 | — | — | — | 195,507 | 195,507 | |||||||||||||
DCT Industrial Trust, Inc. (REIT) | — | — | 369,231 | — | 369,231 | — | — | 1,868,309 | — | 1,868,309 | |||||||||||||
Developers Diversified Realty Corp. (REIT)^ | — | — | 67,717 | 53,662 | 121,379 | — | — | 330,459 | 261,871 | 592,330 | |||||||||||||
Digital Realty Trust, Inc. (REIT)^ | — | — | — | 10,292 | 10,292 | — | — | — | 338,092 | 338,092 | |||||||||||||
Douglas Emmett, Inc. (REIT)^ | — | — | 221,204 | 55,816 | 277,020 | — | — | 2,888,924 | 728,957 | 3,617,881 | |||||||||||||
Duke Realty Corp. (REIT)^ | — | — | 517,759 | 67,410 | 585,169 | — | — | 5,674,639 | 738,814 | 6,413,453 | |||||||||||||
Equity Lifestyle Properties, Inc. (REIT) | — | — | 227,730 | — | 227,730 | — | — | 8,735,723 | — | 8,735,723 | |||||||||||||
Equity One, Inc. (REIT) | — | — | 11,646 | — | 11,646 | — | — | 206,134 | — | 206,134 | |||||||||||||
Equity Residential (REIT)^ | — | — | 848,489 | 123,638 | 972,127 | — | — | 25,301,942 | 3,686,885 | 28,988,827 | |||||||||||||
Essex Property Trust (REIT)^ | — | — | — | 9,151 | 9,151 | — | — | — | 702,339 | 702,339 | |||||||||||||
Extendicare Real Estate Investment Trust (REIT) | — | — | 30,160 | — | 30,160 | — | — | 142,921 | — | 142,921 | |||||||||||||
Federal Realty Investment Trust (REIT)^ | — | — | 256,322 | 18,992 | 275,314 | — | — | 15,912,470 | 1,179,023 | 17,091,493 | |||||||||||||
Forest City Enterprises, Inc., Class A | — | — | 562,175 | — | 562,175 | — | — | 3,766,573 | — | 3,766,573 | |||||||||||||
General Growth Properties, Inc. (REIT)^ | — | — | — | 48,044 | 48,044 | — | — | — | 61,977 | 61,977 | |||||||||||||
HCP, Inc. (REIT)^ | — | — | 374,528 | 101,498 | 476,026 | — | — | 10,400,643 | 2,818,599 | 13,219,242 | |||||||||||||
Health Care REIT, Inc. (REIT)^ | — | — | — | 41,118 | 41,118 | — | — | — | 1,735,180 | 1,735,180 | |||||||||||||
Healthcare Realty Trust, Inc. (REIT) | — | — | 697,836 | — | 697,836 | — | — | 16,385,189 | — | 16,385,189 | |||||||||||||
Highwoods Properties, Inc. (REIT) | — | — | 21,517 | — | 21,517 | — | — | 588,705 | — | 588,705 | |||||||||||||
Hospitality Properties Trust (REIT)^ | — | — | — | 43,761 | 43,761 | — | — | — | 650,726 | 650,726 | |||||||||||||
Host Hotels & Resorts, Inc. (REIT)^ | — | — | 2,158,381 | 240,431 | 2,398,812 | — | — | 16,338,944 | 1,820,063 | 18,159,007 | |||||||||||||
HRPT Properties Trust (REIT)^ | — | — | — | 102,293 | 102,293 | — | — | — | 344,727 | 344,727 | |||||||||||||
iStar Financial, Inc. (REIT)^ | — | — | — | 60,846 | 60,846 | — | — | — | 135,687 | 135,687 | |||||||||||||
Kilroy Realty Corp. (REIT)^ | — | — | 77,471 | 13,522 | 90,993 | — | — | 2,592,180 | 452,446 | 3,044,626 | |||||||||||||
Kimco Realty Corp. (REIT)^ | — | — | — | 249,745 | 249,745 | — | — | — | 4,565,339 | 4,565,339 | |||||||||||||
Liberty Property Trust (REIT) | — | — | 450,394 | 44,534 | 494,928 | — | — | 10,282,495 | 1,016,711 | 11,299,206 | |||||||||||||
Macerich Co. (REIT) | — | — | 37,941 | — | 37,941 | — | — | 689,009 | — | 689,009 | |||||||||||||
Mack-Cali Realty Corp. (REIT)^ | — | — | 608,709 | 30,215 | 638,924 | — | — | 14,913,370 | 740,267 | 15,653,637 | |||||||||||||
Nationwide Health Properties, Inc. (REIT)^ | — | — | — | 39,690 | 39,690 | — | — | — | 1,139,897 | 1,139,897 | |||||||||||||
Parkway Properties, Inc./Maryland (REIT) | — | — | 41,822 | — | 41,822 | — | — | 752,796 | — | 752,796 | |||||||||||||
Plum Creek Timber Co., Inc. (REIT)^ | — | — | 421,062 | 53,078 | 474,140 | — | — | 14,627,694 | 1,843,930 | 16,471,624 | |||||||||||||
Post Properties, Inc. (REIT) | — | — | 527,413 | — | 527,413 | — | — | 8,702,314 | — | 8,702,314 | |||||||||||||
ProLogis (REIT)^ | — | — | — | 120,797 | 120,797 | — | — | — | 1,677,870 | 1,677,870 | |||||||||||||
PS Business Parks, Inc. (REIT) | — | — | 78,702 | — | 78,702 | — | — | 3,514,831 | — | 3,514,831 | |||||||||||||
Public Storage (REIT) | — | — | 238,547 | 57,807 | 296,354 | — | — | 18,964,486 | 4,595,656 | 23,560,142 | |||||||||||||
Ramco-Gershenson Properties Trust (REIT) | — | — | 116,526 | — | 116,526 | — | — | 720,131 | — | 720,131 | |||||||||||||
Rayonier, Inc. (REIT) | — | — | — | 31,214 | 31,214 | — | — | — | 978,559 | 978,559 | |||||||||||||
Regency Centers Corp. (REIT)^ | — | — | 509,310 | 31,930 | 541,240 | — | — | 23,784,777 | 1,491,131 | 25,275,908 | |||||||||||||
Senior Housing Properties Trust (REIT) | — | — | 881,891 | — | 881,891 | — | — | 15,803,487 | — | 15,803,487 | |||||||||||||
Simon Property Group, Inc. (REIT) | — | — | 702,003 | — | 702,003 | — | — | 37,297,419 | — | 37,297,419 | |||||||||||||
SL Green Realty Corp. (REIT)^ | — | — | 11,580 | 26,850 | 38,430 | — | — | 299,922 | 695,415 | 995,337 | |||||||||||||
Sovran Self Storage, Inc. (REIT) | — | — | 85,358 | — | 85,358 | — | — | 3,072,888 | — | 3,072,888 | |||||||||||||
Strategic Hotels & Resorts, Inc. (REIT) | — | — | 1,098,207 | — | 1,098,207 | — | — | 1,844,988 | — | 1,844,988 | |||||||||||||
Taubman Centers, Inc. (REIT) | — | — | 103,688 | — | 103,688 | — | — | 2,639,896 | — | 2,639,896 | |||||||||||||
UDR, Inc. (REIT)^ | — | — | — | 61,837 | 61,837 | — | — | — | 852,732 | 852,732 | |||||||||||||
Ventas, Inc. (REIT)^ | — | — | 295,874 | 49,432 | 345,306 | — | — | 9,932,490 | 1,659,432 | 11,591,922 | |||||||||||||
Vornado Realty Trust (REIT)^ | — | — | 312,217 | 62,194 | 374,411 | — | — | 18,842,296 | 3,753,408 | 22,595,704 | |||||||||||||
Weingarten Realty Investors (REIT)^ | — | — | 7,874 | 34,209 | 42,083 | — | — | 162,913 | 707,784 | 870,697 | |||||||||||||
— | — | 399,671,788 | 59,696,091 | 459,367,879 | 28.4 | % | |||||||||||||||||
Real Estate Management & Development | |||||||||||||||||||||||
CB Richard Ellis Group, Inc., Class A*^ | 354,600 | — | — | 64,077 | 418,677 | 1,531,872 | — | — | 276,813 | 1,808,685 | |||||||||||||
Jones Lang LaSalle, Inc.^ | 58,500 | — | — | 15,653 | 74,153 | 1,620,450 | — | — | 433,588 | 2,054,038 | |||||||||||||
St. Joe Co.*^ | — | — | — | 6,602 | 6,602 | — | — | — | 160,560 | 160,560 | |||||||||||||
3,152,322 | — | — | 870,961 | 4,023,283 | 0.3 | % | |||||||||||||||||
Thrifts & Mortgage Finance | |||||||||||||||||||||||
Astoria Financial Corp. | — | — | — | 38,771 | 38,771 | — | — | — | 638,946 | 638,946 | |||||||||||||
Beneficial Mutual Bancorp, Inc.*^ | — | — | — | 22,506 | 22,506 | — | — | — | 253,193 | 253,193 | |||||||||||||
Capitol Federal Financial^ | — | — | — | 6,500 | 6,500 | — | — | — | 296,400 | 296,400 | |||||||||||||
Hudson City Bancorp, Inc. | — | — | — | 155,111 | 155,111 | — | — | — | 2,475,572 | 2,475,572 | |||||||||||||
MGIC Investment Corp.^ | — | — | — | 55,859 | 55,859 | — | — | — | 194,389 | 194,389 | |||||||||||||
New York Community Bancorp, Inc. | — | — | — | 157,722 | 157,722 | — | — | — | 1,886,355 | 1,886,355 | |||||||||||||
People’s United Financial, Inc. | — | — | — | 158,239 | 158,239 | — | — | — | 2,821,401 | 2,821,401 | |||||||||||||
Sovereign Bancorp, Inc.*^ | — | — | — | 689,854 | 689,854 | — | — | — | 2,055,765 | 2,055,765 | |||||||||||||
TFS Financial Corp.^ | — | — | — | 38,537 | 38,537 | — | — | — | 497,127 | 497,127 | |||||||||||||
Tree.com, Inc.* | — | — | — | 2,430 | 2,430 | — | — | — | 6,318 | 6,318 | |||||||||||||
Washington Federal, Inc.^ | — | — | — | 39,831 | 39,831 | — | — | — | 595,872 | 595,872 | |||||||||||||
— | — | — | 11,721,338 | 11,721,338 | 0.7 | % | |||||||||||||||||
Total Financials | 11,596,987 | 28,510,841 | 399,671,788 | 226,123,370 | 665,902,986 | 41.2 | % | ||||||||||||||||
Health Care (13.0%) | |||||||||||||||||||||||
Biotechnology | |||||||||||||||||||||||
Theravance, Inc.*^ | — | — | — | 214,500 | 214,500 | — | — | — | 2,657,655 | 2,657,655 | |||||||||||||
— | — | — | 2,657,655 | 2,657,655 | 0.2 | % | |||||||||||||||||
Health Care Equipment & Supplies | |||||||||||||||||||||||
Advanced Medical Optics, Inc.*^ | — | — | — | 3,300 | 3,300 | — | — | — | 21,813 | 21,813 | |||||||||||||
Baxter International, Inc. | 24,300 | — | — | — | 24,300 | 1,302,237 | — | — | — | 1,302,237 | |||||||||||||
Beckman Coulter, Inc. | — | — | — | 5,464 | 5,464 | — | — | — | 240,088 | 240,088 | |||||||||||||
Cooper Cos., Inc.^ | — | — | — | 20,408 | 20,408 | — | — | — | 334,691 | 334,691 | |||||||||||||
Covidien Ltd. | — | 94,200 | — | — | 94,200 | — | 3,413,808 | — | — | 3,413,808 | |||||||||||||
Hill-Rom Holdings, Inc.^ | — | — | — | 24,437 | 24,437 | — | — | — | 402,233 | 402,233 | |||||||||||||
Hologic, Inc.*^ | — | — | — | 58,790 | 58,790 | — | — | — | 768,385 | 768,385 | |||||||||||||
Hospira, Inc.* | — | — | — | 62,723 | 62,723 | — | — | — | 1,682,231 | 1,682,231 | |||||||||||||
Inverness Medical Innovations, Inc.*^ | — | — | — | 17,378 | 17,378 | — | — | — | 328,618 | 328,618 | |||||||||||||
Teleflex, Inc. | — | — | — | 17,936 | 17,936 | — | — | — | 898,594 | 898,594 | |||||||||||||
West Pharmaceutical Services, Inc.^ | — | — | — | 106,400 | 106,400 | — | — | — | 4,018,728 | 4,018,728 | |||||||||||||
1,302,237 | 3,413,808 | — | 8,695,381 | 13,411,426 | 0.8 | % | |||||||||||||||||
Health Care Providers & Services | |||||||||||||||||||||||
AmerisourceBergen Corp. | — | — | — | 138,147 | 138,147 | — | — | — | 4,926,322 | 4,926,322 | |||||||||||||
Assisted Living Concepts, Inc., Class A* | — | — | 756,589 | — | 756,589 | — | — | 3,139,844 | — | 3,139,844 | |||||||||||||
Brookdale Senior Living, Inc.^ | — | — | — | 16,500 | 16,500 | — | — | — | 92,070 | 92,070 | |||||||||||||
CIGNA Corp. | — | — | — | 255,459 | 255,459 | — | — | — | 4,304,484 | 4,304,484 | |||||||||||||
Community Health Systems, Inc.*^ | — | — | — | 33,398 | 33,398 | — | — | — | 486,943 | 486,943 | |||||||||||||
Coventry Health Care, Inc.* | — | — | — | 55,486 | 55,486 | — | — | — | 825,632 | 825,632 | |||||||||||||
DaVita, Inc.* | — | — | — | 7,865 | 7,865 | — | — | — | 389,868 | 389,868 | |||||||||||||
Health Management Associates, Inc., Class A*^ | — | — | — | 38,100 | 38,100 | — | — | — | 68,199 | 68,199 | |||||||||||||
Health Net, Inc.*^ | — | — | — | 45,457 | 45,457 | — | — | — | 495,027 | 495,027 | |||||||||||||
HealthSouth Corp.*^ | — | 327,100 | — | — | 327,100 | — | 3,585,016 | — | — | 3,585,016 | |||||||||||||
Henry Schein, Inc.* | — | — | — | 3,000 | 3,000 | — | — | — | 110,070 | 110,070 | |||||||||||||
Humana, Inc.* | — | — | — | 118,743 | 118,743 | — | — | — | 4,426,739 | 4,426,739 | |||||||||||||
Laboratory Corp. of America Holdings*^ | 20,100 | — | — | 44,300 | 64,400 | 1,294,641 | — | — | 2,853,363 | 4,148,004 | |||||||||||||
LifePoint Hospitals, Inc.*^ | — | — | — | 24,265 | 24,265 | — | — | — | 554,212 | 554,212 | |||||||||||||
Lincare Holdings, Inc.* | — | — | — | 3,000 | 3,000 | — | — | — | 80,790 | 80,790 | |||||||||||||
Omnicare, Inc. | — | — | — | 45,243 | 45,243 | — | — | — | 1,255,946 | 1,255,946 | |||||||||||||
Pediatrix Medical Group, Inc.*^ | — | — | — | 3,200 | 3,200 | — | — | — | 101,440 | 101,440 | |||||||||||||
Quest Diagnostics, Inc. | — | — | — | 12,844 | 12,844 | — | — | — | 666,732 | 666,732 | |||||||||||||
Tenet Healthcare Corp.* | — | — | — | 94,234 | 94,234 | — | — | — | 108,369 | 108,369 | |||||||||||||
Universal Health Services, Inc., Class B | — | — | — | 21,741 | 21,741 | — | — | — | 816,809 | 816,809 | |||||||||||||
1,294,641 | 3,585,016 | 3,139,844 | 22,563,015 | 30,582,516 | 1.9 | % | |||||||||||||||||
Health Care Technology | |||||||||||||||||||||||
HLTH Corp.*^ | — | — | — | 59,383 | 59,383 | — | — | — | 621,146 | 621,146 | |||||||||||||
IMS Health, Inc. | 157,300 | — | — | 64,416 | 221,716 | 2,384,668 | — | — | 976,547 | 3,361,215 | |||||||||||||
2,384,668 | — | — | 1,597,693 | 3,982,361 | 0.2 | % | |||||||||||||||||
Life Sciences Tools & Services | |||||||||||||||||||||||
Charles River Laboratories International, Inc.*^ | — | — | — | 16,658 | 16,658 | — | — | — | 436,440 | 436,440 | |||||||||||||
Life Technologies Corp.* | — | — | — | 27,487 | 27,487 | — | — | — | 640,722 | 640,722 | |||||||||||||
PerkinElmer, Inc.^ | — | — | — | 29,305 | 29,305 | — | — | — | 407,632 | 407,632 | |||||||||||||
Thermo Fisher Scientific, Inc.* | 37,900 | — | — | — | 37,900 | 1,291,253 | — | — | — | 1,291,253 | |||||||||||||
1,291,253 | — | — | 1,484,794 | 2,776,047 | 0.2 | % | |||||||||||||||||
Pharmaceuticals | |||||||||||||||||||||||
Endo Pharmaceuticals Holdings, Inc.* | — | — | — | 72,100 | 72,100 | — | — | — | 1,865,948 | 1,865,948 | |||||||||||||
Forest Laboratories, Inc.* | — | — | — | 127,796 | 127,796 | — | — | — | 3,254,964 | 3,254,964 | |||||||||||||
King Pharmaceuticals, Inc.* | — | 710,658 | — | 112,649 | 823,307 | — | 7,547,188 | — | 1,196,332 | 8,743,520 | |||||||||||||
Mylan, Inc.*^ | — | 727,457 | — | 113,769 | 841,226 | — | 7,194,550 | — | 1,125,176 | 8,319,726 | |||||||||||||
Watson Pharmaceuticals, Inc.* | — | — | — | 24,350 | 24,350 | — | — | — | 646,980 | 646,980 | |||||||||||||
— | 14,741,738 | — | 8,089,400 | 22,831,138 | 1.4 | % | |||||||||||||||||
Total Health Care | 6,272,799 | 21,740,562 | 3,139,844 | 45,087,938 | 76,241,143 | 4.7 | % | ||||||||||||||||
Industrials | �� | ||||||||||||||||||||||
Aerospace & Defense | |||||||||||||||||||||||
Alliant Techsystems, Inc.*^ | — | — | — | 65,642 | 65,642 | — | — | — | 5,629,458 | 5,629,458 | |||||||||||||
BE Aerospace, Inc.*^ | — | — | — | 3,000 | 3,000 | — | — | — | 23,070 | 23,070 | |||||||||||||
L-3 Communications Holdings, Inc. | — | — | — | 12,561 | 12,561 | — | — | — | 926,750 | 926,750 | |||||||||||||
Spirit AeroSystems Holdings, Inc., Class A*^ | — | — | — | 46,864 | 46,864 | — | — | — | 476,607 | 476,607 | |||||||||||||
— | — | — | 7,055,885 | 7,055,885 | 0.4 | % | |||||||||||||||||
See notes to pro-forma financial statements.
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | ||||||||||||||||||||||
EQ/Ariel Appreciation II | EQ/Lord Abbett Mid Cap Value | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | EQ/Ariel Appreciation II | EQ/Lord Abbett Mid Cap Value | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | |||||||||||||
Air Frieght & Logistics | |||||||||||||||||||||||
Uti Worldwide, Inc. | — | — | — | 4,400 | 4,400 | — | — | — | 63,096 | 63,096 | |||||||||||||
— | — | — | 63,096 | 63,096 | 0.0 | % | |||||||||||||||||
Airlines | |||||||||||||||||||||||
AMR Corp.* | — | — | — | 63,730 | 63,730 | — | — | — | 679,999 | 679,999 | |||||||||||||
Continental Airlines, Inc., Class B*^ | — | — | — | 49,860 | 49,860 | — | — | — | 900,472 | 900,472 | |||||||||||||
Copa Holdings S.A., Class A | — | — | — | 3,700 | 3,700 | — | — | — | 112,184 | 112,184 | |||||||||||||
Delta Air Lines, Inc.* | — | — | — | 1,078,538 | 1,078,538 | — | — | — | 12,360,045 | 12,360,045 | |||||||||||||
Southwest Airlines Co. | — | — | — | 334,676 | 334,676 | — | — | — | 2,884,907 | 2,884,907 | |||||||||||||
— | — | — | 16,937,607 | 16,937,607 | 1.0 | % | |||||||||||||||||
Building Products | |||||||||||||||||||||||
Armstrong World Industries, Inc.^ | — | — | — | 9,300 | 9,300 | — | — | — | 201,066 | 201,066 | |||||||||||||
Masco Corp. | — | — | — | 166,487 | 166,487 | — | — | — | 1,853,000 | 1,853,000 | |||||||||||||
Owens Corning, Inc.*^ | — | 121,700 | — | 35,133 | 156,833 | — | 2,105,410 | — | 607,801 | 2,713,211 | |||||||||||||
USG Corp.* | — | — | — | 13,498 | 13,498 | — | — | — | 108,524 | 108,524 | |||||||||||||
— | 2,105,410 | — | 2,770,391 | 4,875,801 | 0.3 | % | |||||||||||||||||
Commercial Services & Supplies | |||||||||||||||||||||||
Avery Dennison Corp.^ | — | — | — | 48,510 | 48,510 | — | — | — | 1,587,732 | 1,587,732 | |||||||||||||
Cintas Corp. | — | — | — | 59,808 | 59,808 | — | — | — | 1,389,340 | 1,389,340 | |||||||||||||
Copart, Inc.*^ | — | — | — | 40,500 | 40,500 | — | — | — | 1,101,195 | 1,101,195 | |||||||||||||
Corrections Corp. of America*^ | — | — | — | 6,600 | 6,600 | — | — | — | 107,976 | 107,976 | |||||||||||||
Pitney Bowes, Inc. | — | — | — | 9,200 | 9,200 | — | — | — | 234,416 | 234,416 | |||||||||||||
R.R. Donnelley & Sons Co. | — | 279,143 | — | 225,729 | 504,872 | — | 3,790,762 | — | 3,065,400 | 6,856,162 | |||||||||||||
Republic Services, Inc. | — | 214,264 | — | 83,226 | 297,490 | — | 5,311,604 | — | 2,063,172 | 7,374,776 | |||||||||||||
Steelcase, Inc., Class A | — | — | — | 27,690 | 27,690 | — | — | — | 155,618 | 155,618 | |||||||||||||
— | 9,102,366 | — | 9,704,849 | 18,807,215 | 1.2 | % | |||||||||||||||||
Construction & Engineering | |||||||||||||||||||||||
Aecom Technology Corp.*^ | — | — | — | 4,900 | 4,900 | — | — | — | 150,577 | 150,577 | |||||||||||||
KBR, Inc.^ | — | 190,631 | �� | — | 14,900 | 205,531 | — | 2,897,591 | — | 226,480 | 3,124,071 | ||||||||||||
Quanta Services, Inc.* | — | — | — | 19,774 | 19,774 | — | — | — | 391,525 | 391,525 | |||||||||||||
URS Corp.*^ | — | — | — | 105,102 | 105,102 | — | — | — | 4,285,009 | 4,285,009 | |||||||||||||
— | 2,897,591 | — | 5,053,591 | 7,951,182 | 0.5 | % | |||||||||||||||||
Electrical Equipment | |||||||||||||||||||||||
Cooper Industries Ltd., Class A | — | — | — | 18,617 | 18,617 | — | — | — | 544,175 | 544,175 | |||||||||||||
Hubbell, Inc., Class B^ | — | 89,534 | — | 14,323 | 103,857 | — | 2,925,971 | — | 468,075 | 3,394,046 | |||||||||||||
Thomas & Betts Corp.*^ | — | — | — | 27,035 | 27,035 | — | — | — | 649,381 | 649,381 | |||||||||||||
— | 2,925,971 | — | 1,661,631 | 4,587,602 | 0.3 | % | |||||||||||||||||
Industrial Conglomerates | |||||||||||||||||||||||
Carlisle Cos., Inc.^ | — | — | — | 24,340 | 24,340 | — | — | — | 503,838 | 503,838 | |||||||||||||
Textron, Inc. | — | 165,300 | — | — | 165,300 | — | 2,292,711 | — | — | 2,292,711 | |||||||||||||
Tyco International Ltd. | — | 108,000 | — | — | 108,000 | — | 2,332,800 | — | — | 2,332,800 | |||||||||||||
— | 4,625,511 | — | 503,838 | 5,129,349 | 0.3 | % | |||||||||||||||||
Machinery | |||||||||||||||||||||||
AGCO Corp.* | — | — | — | 33,998 | 33,998 | — | — | — | 802,013 | 802,013 | |||||||||||||
Crane Co. | — | — | — | 22,695 | 22,695 | — | — | — | 391,262 | 391,262 | |||||||||||||
Cummins, Inc. | — | 91,540 | — | — | 91,540 | — | 2,446,864 | — | — | 2,446,864 | |||||||||||||
Dover Corp. | — | — | — | 59,526 | 59,526 | — | — | — | 1,959,596 | 1,959,596 | |||||||||||||
Eaton Corp. | — | 55,900 | — | 41,320 | 97,220 | — | 2,778,789 | — | 2,054,017 | 4,832,806 | |||||||||||||
Flowserve Corp.^ | — | — | — | 14,516 | 14,516 | — | — | 747,574 | 747,574 | ||||||||||||||
Gardner Denver, Inc.* | — | — | — | 24,502 | 24,502 | — | — | — | 571,877 | 571,877 | |||||||||||||
IDEX Corp.^ | — | — | — | 4,200 | 4,200 | — | — | — | 101,430 | 101,430 | |||||||||||||
Illinois Tool Works, Inc. | 41,500 | — | — | — | 41,500 | 1,454,575 | — | — | — | 1,454,575 | |||||||||||||
Ingersoll-Rand Co., Ltd., Class A | — | — | — | 118,950 | 118,950 | — | — | — | 2,063,782 | 2,063,782 | |||||||||||||
ITT Corp. | — | — | — | 19,991 | 19,991 | — | — | 919,386 | 919,386 | ||||||||||||||
Kennametal, Inc. | — | — | — | 28,236 | 28,236 | — | — | — | 626,557 | 626,557 | |||||||||||||
Lincoln Electric Holdings, Inc.^ | — | — | — | 6,155 | 6,155 | — | — | — | 313,474 | 313,474 | |||||||||||||
Oshkosh Corp.^ | — | — | — | 10,500 | 10,500 | — | — | — | 93,345 | 93,345 | |||||||||||||
Pentair, Inc. | — | 32,200 | — | 187,192 | 219,392 | — | 762,174 | — | 4,430,835 | 5,193,009 | |||||||||||||
Terex Corp.*^ | — | — | — | 45,199 | 45,199 | — | — | — | 782,847 | 782,847 | |||||||||||||
Timken Co. | — | 249,090 | — | 36,097 | 285,187 | — | 4,889,637 | — | 708,584 | 5,598,221 | |||||||||||||
Trinity Industries, Inc.^ | — | — | — | 36,252 | 36,252 | — | — | — | 571,331 | 571,331 | |||||||||||||
1,454,575 | 10,877,464 | — | 17,137,910 | 29,469,949 | 1.8 | % | |||||||||||||||||
Marine | |||||||||||||||||||||||
Alexander & Baldwin, Inc.^ | — | — | — | 18,491 | 18,491 | — | — | — | 463,384 | 463,384 | |||||||||||||
— | — | — | 463,384 | 463,384 | 0.0 | % | |||||||||||||||||
Professional Services | |||||||||||||||||||||||
Dun & Bradstreet Corp. | 20,900 | — | — | 7,392 | 28,292 | 1,613,480 | — | — | 570,662 | 2,184,142 | |||||||||||||
Equifax, Inc. | 70,800 | — | — | 27,782 | 98,582 | 1,877,616 | — | — | 736,779 | 2,614,395 | |||||||||||||
Manpower, Inc. | — | — | — | 33,551 | 33,551 | — | — | — | 1,140,399 | 1,140,399 | |||||||||||||
3,491,096 | — | — | 2,447,840 | 5,938,936 | 0.4 | % | |||||||||||||||||
Road & Rail | |||||||||||||||||||||||
Avis Budget Group, Inc.*^ | — | — | — | 46,800 | 46,800 | — | — | — | 32,760 | 32,760 | |||||||||||||
Con-way, Inc.^ | — | — | — | 99,666 | 99,666 | — | — | — | 2,651,116 | 2,651,116 | |||||||||||||
Hertz Global Holdings, Inc.*^ | — | — | — | 136,563 | 136,563 | — | — | — | 692,374 | 692,374 | |||||||||||||
Kansas City Southern*^ | — | — | — | 7,900 | 7,900 | — | — | — | 150,495 | 150,495 | |||||||||||||
Ryder System, Inc. | — | — | — | 17,779 | 17,779 | — | — | — | 689,470 | 689,470 | |||||||||||||
— | — | — | 4,216,215 | 4,216,215 | 0.3 | % | |||||||||||||||||
Trading Companies & Distributors | |||||||||||||||||||||||
GATX Corp.^ | — | — | — | 19,750 | 19,750 | — | — | — | 611,658 | 611,658 | |||||||||||||
United Rentals, Inc.*^ | — | — | — | 27,175 | 27,175 | — | — | — | 247,836 | 247,836 | |||||||||||||
WESCO International, Inc.*^ | — | — | — | 5,200 | 5,200 | — | — | — | 99,996 | 99,996 | |||||||||||||
W.W. Grainger, Inc. | — | 42,953 | — | — | 42,953 | — | 3,386,415 | — | — | 3,386,415 | |||||||||||||
— | 3,386,415 | — | 959,490 | 4,345,905 | 0.3 | % | |||||||||||||||||
Total Industrials | 4,945,671 | 35,920,728 | — | 68,975,727 | 109,842,126 | 6.8 | % | ||||||||||||||||
Information Technology | |||||||||||||||||||||||
Communications Equipment | |||||||||||||||||||||||
ADC Telecommunications, Inc.*^ | — | 455,616 | — | 53,333 | 508,949 | — | 2,492,220 | — | 291,731 | 2,783,951 | |||||||||||||
Brocade Communications Systems, Inc.*^ | — | — | — | 144,654 | 144,654 | — | — | — | 405,031 | 405,031 | |||||||||||||
EchoStar Corp., Class A*^ | — | — | — | 17,633 | 17,633 | 262,203 | 262,203 | ||||||||||||||||
JDS Uniphase Corp.*^ | — | 804,605 | — | 299,832 | 1,104,437 | — | 2,936,808 | — | 1,094,387 | 4,031,195 | |||||||||||||
Tellabs, Inc.* | — | 974,349 | — | 182,682 | 1,157,031 | — | 4,014,318 | — | 752,650 | 4,766,968 | |||||||||||||
— | 9,443,346 | — | 2,806,002 | 12,249,348 | 0.8 | % | |||||||||||||||||
Computers & Peripherals | |||||||||||||||||||||||
Diebold, Inc. | — | — | — | 5,000 | 5,000 | — | — | — | 140,450 | 140,450 | |||||||||||||
Lexmark International, Inc., Class A* | — | — | — | 35,605 | 35,605 | — | — | — | 957,775 | 957,775 | |||||||||||||
NCR Corp.* | — | — | — | 7,700 | 7,700 | — | — | — | 108,878 | 108,878 | |||||||||||||
NetApp, Inc.*^ | — | — | — | 119,000 | 119,000 | — | — | — | 1,662,430 | 1,662,430 | |||||||||||||
QLogic Corp.* | — | — | — | 60,964 | 60,964 | — | — | — | 819,356 | 819,356 | |||||||||||||
SanDisk Corp.*^ | — | — | — | 82,949 | 82,949 | — | — | — | 796,310 | 796,310 | |||||||||||||
Seagate Technology | — | — | — | 333,824 | 333,824 | — | — | — | 1,478,840 | 1,478,840 | |||||||||||||
Sun Microsystems, Inc.* | — | — | — | 335,230 | 335,230 | — | — | — | 1,280,579 | 1,280,579 | |||||||||||||
Teradata Corp.* | — | — | — | 42,234 | 42,234 | — | — | — | 626,330 | 626,330 | |||||||||||||
— | — | — | 7,870,948 | 7,870,948 | 0.5 | % | |||||||||||||||||
Electronic Equipment, Instruments & Components | |||||||||||||||||||||||
Anixter International, Inc.* | 50,600 | — | — | — | 50,600 | 1,524,072 | — | — | — | 1,524,072 | |||||||||||||
Arrow Electronics, Inc.* | — | — | — | 300,331 | 300,331 | — | — | — | 5,658,236 | 5,658,236 | |||||||||||||
Avnet, Inc.* | — | — | — | 38,946 | 38,946 | — | — | — | 709,207 | 709,207 | |||||||||||||
AVX Corp.^ | — | — | — | 21,000 | 21,000 | — | — | — | 166,740 | 166,740 | |||||||||||||
Flextronics International Ltd.* | — | — | — | 633,381 | 633,381 | — | — | — | 1,621,455 | 1,621,455 | |||||||||||||
Ingram Micro, Inc., Class A* | — | — | — | 76,304 | 76,304 | — | — | — | 1,021,711 | 1,021,711 | |||||||||||||
Jabil Circuit, Inc. | — | — | — | 48,472 | 48,472 | — | — | — | 327,186 | 327,186 | |||||||||||||
Kingboard Laminates Holdings Ltd. | — | — | — | 6,013,000 | 6,013,000 | — | — | — | 1,410,612 | 1,410,612 | |||||||||||||
Molex, Inc.^ | — | — | — | 45,196 | 45,196 | — | — | — | 654,890 | 654,890 | |||||||||||||
Tech Data Corp.*^ | — | — | — | 20,577 | 20,577 | — | — | — | 367,094 | 367,094 | |||||||||||||
Vishay Intertechnology, Inc.* | — | — | — | 83,374 | 83,374 | — | — | — | 285,139 | 285,139 | |||||||||||||
1,524,072 | — | — | 12,222,270 | 13,746,342 | 0.8 | % | |||||||||||||||||
Internet Software & Services | |||||||||||||||||||||||
IAC/InterActiveCorp* | — | — | — | 36,455 | 36,455 | — | — | — | 573,437 | 573,437 | |||||||||||||
— | — | — | 573,437 | 573,437 | 0.0 | % | |||||||||||||||||
IT Services | |||||||||||||||||||||||
Accenture Ltd., Class A | 71,200 | — | — | — | 71,200 | 2,334,648 | — | — | — | 2,334,648 | |||||||||||||
Affiliated Computer Services, Inc., Class A* | — | — | — | 29,564 | 29,564 | — | — | — | 1,358,466 | 1,358,466 | |||||||||||||
CACI International, Inc., Class A*^ | — | — | — | 116,200 | 116,200 | — | — | — | 5,239,458 | 5,239,458 | |||||||||||||
Computer Sciences Corp.*^ | — | — | — | 69,129 | 69,129 | — | — | — | 2,429,193 | 2,429,193 | |||||||||||||
Convergys Corp.* | — | — | — | 55,318 | 55,318 | — | — | — | 354,589 | 354,589 | |||||||||||||
DST Systems, Inc.* | — | — | — | 3,900 | 3,900 | — | — | — | 148,122 | 148,122 | |||||||||||||
Fidelity National Information Services, Inc. | — | — | — | 68,858 | 68,858 | — | — | — | 1,120,320 | 1,120,320 | |||||||||||||
Genpact Ltd* | — | — | — | 1,500 | 1,500 | — | — | — | 12,330 | 12,330 | |||||||||||||
Hewitt Associates, Inc., Class A* | 68,000 | — | — | — | 68,000 | 1,929,840 | — | — | — | 1,929,840 | |||||||||||||
Lender Processing Services, Inc. | — | — | — | 34,274 | 34,274 | — | — | — | 1,009,369 | 1,009,369 | |||||||||||||
SAIC, Inc.* | — | — | — | 76,609 | 76,609 | — | — | — | 1,492,343 | 1,492,343 | |||||||||||||
Unisys Corp.* | — | — | — | 74,100 | 74,100 | — | — | — | 62,985 | 62,985 | |||||||||||||
4,264,488 | — | — | 13,227,175 | 17,491,663 | 1.1 | % | |||||||||||||||||
Office Electronics | |||||||||||||||||||||||
Xerox Corp. | — | — | — | 412,888 | 412,888 | — | — | — | 3,290,717 | 3,290,717 | |||||||||||||
Zebra Technologies Corp., Class A*^ | — | — | — | 2,000 | 2,000 | — | — | — | 40,520 | 40,520 | |||||||||||||
— | — | — | 3,331,237 | 3,331,237 | 0.2 | % | |||||||||||||||||
Semiconductors & Semiconductor Equipment | |||||||||||||||||||||||
Advanced Micro Devices, Inc.*^ | — | — | — | 237,716 | 237,716 | — | — | — | 513,467 | 513,467 | |||||||||||||
Atmel Corp.*^ | — | — | — | 74,700 | 74,700 | — | — | — | 233,811 | 233,811 | |||||||||||||
Cree, Inc.*^ | — | — | — | 23,840 | 23,840 | — | — | — | 378,341 | 378,341 | |||||||||||||
Fairchild Semiconductor International, Inc.*^ | — | — | — | 56,524 | 56,524 | — | — | — | 276,402 | 276,402 | |||||||||||||
Integrated Device Technology, Inc.* | — | — | — | 42,671 | 42,671 | — | — | — | 239,384 | 239,384 | |||||||||||||
International Rectifier Corp.*^ | — | — | — | 25,622 | 25,622 | — | — | — | 345,897 | 345,897 | |||||||||||||
Intersil Corp., Class A | — | — | — | 36,501 | 36,501 | — | — | — | 335,444 | 335,444 | |||||||||||||
KLA-Tencor Corp. | — | — | — | 5,000 | 5,000 | — | — | — | 108,950 | 108,950 | |||||||||||||
Lam Research Corp.*^ | — | — | — | 4,900 | 4,900 | — | — | — | 104,272 | 104,272 | |||||||||||||
LSI Corp.*^ | — | — | — | 69,899 | 69,899 | — | — | — | 229,968 | 229,968 | |||||||||||||
Marvell Technology Group Ltd.* | — | 169,700 | — | — | 169,700 | — | 1,131,899 | — | — | 1,131,899 | |||||||||||||
Micron Technology, Inc.*^ | — | — | — | 305,859 | 305,859 | — | — | — | 807,468 | 807,468 | |||||||||||||
Novellus Systems, Inc.*^ | — | — | — | 31,663 | 31,663 | — | — | — | 390,721 | 390,721 | |||||||||||||
Teradyne, Inc.* | — | — | — | 311,500 | 311,500 | — | — | — | 1,314,530 | 1,314,530 | |||||||||||||
Varian Semiconductor Equipment Associates, Inc.*^ | — | — | — | 249,950 | 249,950 | — | — | — | 4,529,094 | 4,529,094 | |||||||||||||
— | 1,131,899 | — | 9,807,749 | 10,939,648 | 0.7 | % | |||||||||||||||||
See notes to pro-forma financial statements.
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | % of Net Assets | |||||||||||||||||||||
EQ/Ariel Appreciation II | EQ/Lord Abbett Mid Cap Value | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | EQ/Ariel Appreciation II | EQ/Lord Abbett Mid Cap Value | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | ||||||||||||||
Software | |||||||||||||||||||||||
Amdocs Ltd.* | — | — | — | 51,482 | 51,482 | — | — | — | 941,606 | 941,606 | |||||||||||||
CA, Inc. | — | — | — | 95,345 | 95,345 | — | — | — | 1,766,743 | 1,766,743 | |||||||||||||
Cadence Design Systems, Inc.*^ | — | — | — | 115,439 | 115,439 | — | — | — | 422,507 | 422,507 | |||||||||||||
Compuware Corp.* | — | — | — | 48,984 | 48,984 | — | — | — | 330,642 | 330,642 | |||||||||||||
McAfee, Inc.*^ | — | 149,504 | — | 142,385 | 291,889 | — | 5,168,353 | — | 4,922,249 | 10,090,602 | |||||||||||||
Novell, Inc.* | — | — | — | 87,727 | 87,727 | — | — | — | 341,258 | 341,258 | |||||||||||||
Sybase, Inc.* | — | 110,140 | — | — | 110,140 | — | 2,728,168 | — | — | 2,728,168 | |||||||||||||
Synopsys, Inc.* | — | — | — | 64,692 | 64,692 | — | — | — | 1,198,096 | 1,198,096 | |||||||||||||
— | 7,896,521 | — | 9,923,101 | 17,819,622 | 1.1 | % | |||||||||||||||||
Total Information Technology | 5,788,560 | 18,471,766 | — | 59,761,919 | 84,022,245 | 5.2 | % | ||||||||||||||||
Materials | |||||||||||||||||||||||
Chemicals | |||||||||||||||||||||||
Agrium, Inc. | — | — | — | 51,200 | 51,200 | — | — | — | 1,747,456 | 1,747,456 | |||||||||||||
Ashland, Inc. | — | — | — | 31,476 | 31,476 | — | — | — | 330,813 | 330,813 | |||||||||||||
Cabot Corp.^ | — | — | — | 28,855 | 28,855 | — | — | — | 441,481 | 441,481 | |||||||||||||
Celanese Corp., Class A | — | — | — | 169,700 | 169,700 | — | — | — | 2,109,371 | 2,109,371 | |||||||||||||
Chemtura Corp. | — | — | — | 100,933 | 100,933 | — | — | — | 141,306 | 141,306 | |||||||||||||
Cytec Industries, Inc.^ | — | — | — | 21,327 | 21,327 | — | — | — | 452,559 | 452,559 | |||||||||||||
Eastman Chemical Co.^ | — | 108,652 | — | 34,856 | 143,508 | — | 3,445,355 | — | 1,105,284 | 4,550,639 | |||||||||||||
FMC Corp. | — | — | — | 136,443 | 136,443 | — | — | — | 6,103,095 | 6,103,095 | |||||||||||||
Huntsman Corp. | — | — | — | 64,763 | 64,763 | — | — | — | 222,785 | 222,785 | |||||||||||||
Intrepid Potash, Inc.*^ | — | — | — | 6,900 | 6,900 | — | — | — | 143,313 | 143,313 | |||||||||||||
JSR Corp. | — | — | — | 26,900 | 26,900 | — | — | — | 302,752 | 302,752 | |||||||||||||
Lubrizol Corp.^ | — | — | — | 31,219 | 31,219 | — | — | — | 1,136,059 | 1,136,059 | |||||||||||||
Nalco Holding Co. | — | — | — | 4,800 | 4,800 | — | — | — | 55,392 | 55,392 | |||||||||||||
PPG Industries, Inc. | — | — | — | 66,755 | 66,755 | — | — | — | 2,832,415 | 2,832,415 | |||||||||||||
Rohm & Haas Co. | — | — | — | 9,314 | 9,314 | — | — | — | 575,512 | 575,512 | |||||||||||||
RPM International, Inc.^ | — | — | — | 58,871 | 58,871 | — | — | — | 782,396 | 782,396 | |||||||||||||
Scotts Miracle-Gro Co., Class A^ | — | — | — | 4,200 | 4,200 | — | — | — | 124,824 | 124,824 | |||||||||||||
Sigma-Aldrich Corp.^ | — | — | — | 27,913 | 27,913 | — | — | — | 1,179,045 | 1,179,045 | |||||||||||||
Valhi, Inc.^ | — | — | — | 1,650 | 1,650 | — | — | — | 17,655 | 17,655 | |||||||||||||
Valspar Corp.^ | — | 150,000 | — | 45,464 | 195,464 | — | 2,713,500 | — | 822,444 | 3,535,944 | |||||||||||||
— | 6,158,855 | — | 20,625,957 | 26,784,812 | 1.7 | % | |||||||||||||||||
Construction Materials | |||||||||||||||||||||||
Eagle Materials, Inc. | — | — | — | 2,200 | 2,200 | — | — | — | 40,502 | 40,502 | |||||||||||||
Martin Marietta Materials, Inc.^ | — | — | — | 1,400 | 1,400 | — | — | — | 135,912 | 135,912 | |||||||||||||
Vulcan Materials Co.^ | — | — | — | 50,047 | 50,047 | — | — | — | 3,482,270 | 3,482,270 | |||||||||||||
— | — | — | 3,658,684 | 3,658,684 | 0.2 | % | |||||||||||||||||
Containers & Packaging | |||||||||||||||||||||||
AptarGroup, Inc.^ | — | — | — | 25,090 | 25,090 | — | — | — | 884,172 | 884,172 | |||||||||||||
Ball Corp. | — | 152,073 | — | 37,832 | 189,905 | — | 6,324,716 | — | 1,573,433 | 7,898,149 | |||||||||||||
Bemis Co., Inc. | — | — | — | 45,532 | 45,532 | — | — | — | 1,078,198 | 1,078,198 | |||||||||||||
Greif, Inc., Class A | — | — | — | 79,000 | 79,000 | — | — | — | 2,640,970 | 2,640,970 | |||||||||||||
Owens-Illinois, Inc.* | — | — | — | 180,325 | 180,325 | — | — | — | 4,928,282 | 4,928,282 | |||||||||||||
Packaging Corp. of America^ | — | — | — | 35,646 | 35,646 | — | — | — | 479,795 | 479,795 | |||||||||||||
Pactiv Corp.* | — | 224,632 | — | 204,788 | 429,420 | — | 5,588,844 | — | 5,095,125 | 10,683,969 | |||||||||||||
Sealed Air Corp. | — | — | — | 73,240 | 73,240 | — | — | — | 1,094,206 | 1,094,206 | |||||||||||||
Smurfit-Stone Container Corp.*^ | — | — | — | 116,006 | 116,006 | — | — | — | 29,582 | 29,582 | |||||||||||||
Sonoco Products Co. | — | — | — | 45,569 | 45,569 | — | — | — | 1,055,378 | 1,055,378 | |||||||||||||
Temple-Inland, Inc.^ | — | — | — | 47,554 | 47,554 | — | — | — | 228,259 | 228,259 | |||||||||||||
— | 11,913,560 | — | 19,087,400 | 31,000,960 | 1.9 | % | |||||||||||||||||
Metals & Mining | |||||||||||||||||||||||
Carpenter Technology Corp. | — | — | — | 18,842 | 18,842 | — | — | — | 387,015 | 387,015 | |||||||||||||
Century Aluminum Co.*^ | — | — | — | 8,050 | 8,050 | — | — | — | 80,500 | 80,500 | |||||||||||||
Cliffs Natural Resources, Inc. | — | — | — | 59,100 | 59,100 | — | — | — | 1,513,551 | 1,513,551 | |||||||||||||
Commercial Metals Co.^ | — | — | — | 53,101 | 53,101 | — | — | — | 630,309 | 630,309 | |||||||||||||
Reliance Steel & Aluminum Co.^ | — | — | — | 28,086 | 28,086 | — | — | — | 560,035 | 560,035 | |||||||||||||
Schnitzer Steel Industries, Inc., Class A^ | — | — | — | 8,600 | 8,600 | — | — | — | 323,790 | 323,790 | |||||||||||||
Steel Dynamics, Inc.^ | — | — | — | 55,407 | 55,407 | — | — | — | 619,450 | 619,450 | |||||||||||||
Titanium Metals Corp.^ | — | — | — | 31,218 | 31,218 | — | — | — | 275,030 | 275,030 | |||||||||||||
— | — | — | 4,389,680 | 4,389,680 | 0.3 | % | |||||||||||||||||
Paper & Forest Products | |||||||||||||||||||||||
Domtar Corp.*^ | — | — | — | 219,841 | 219,841 | — | — | — | 367,135 | 367,135 | |||||||||||||
International Paper Co. | — | — | — | 195,665 | 195,665 | — | — | — | 2,308,847 | 2,308,847 | |||||||||||||
MeadWestvaco Corp. | — | — | — | 78,834 | 78,834 | — | — | — | 882,152 | 882,152 | |||||||||||||
Weyerhaeuser Co.^ | — | — | — | 96,986 | 96,986 | — | — | — | 2,968,741 | 2,968,741 | |||||||||||||
— | — | — | 6,526,875 | 6,526,875 | 0.4 | % | |||||||||||||||||
Total Materials | — | 18,072,415 | — | 54,288,596 | 72,361,011 | 4.5 | % | ||||||||||||||||
Telecommunication Services | |||||||||||||||||||||||
Diversified Telecommunication Services | |||||||||||||||||||||||
CenturyTel, Inc.^ | — | 203,297 | — | 45,441 | 248,738 | — | 5,556,107 | — | 1,241,903 | 6,798,010 | |||||||||||||
Embarq Corp. | — | 227,683 | — | 33,246 | 260,929 | — | 8,187,481 | — | 1,195,526 | 9,383,007 | |||||||||||||
Frontier Communications Corp.^ | — | — | — | 114,491 | 114,491 | — | — | — | 1,000,651 | 1,000,651 | |||||||||||||
Qwest Communications International, Inc.^ | — | 2,222,093 | — | 345,320 | 2,567,413 | — | 8,088,418 | — | 1,256,965 | 9,345,383 | |||||||||||||
Windstream Corp. | — | 726,900 | — | 101,958 | 828,858 | — | 6,687,480 | — | 938,014 | 7,625,494 | |||||||||||||
— | 28,519,486 | — | 5,633,059 | 34,152,545 | 2.1 | % | |||||||||||||||||
Wireless Telecommunication Services | |||||||||||||||||||||||
Clearwire Corp., Class A* | — | — | — | 3,300 | 3,300 | — | — | — | 16,269 | 16,269 | |||||||||||||
Crown Castle International Corp.*^ | — | — | — | 103,167 | 103,167 | — | — | — | 1,813,676 | 1,813,676 | |||||||||||||
Leap Wireless International, Inc.* | — | — | — | 22,394 | 22,394 | — | — | — | 602,174 | 602,174 | |||||||||||||
Telephone & Data Systems, Inc.^ | — | — | — | 27,173 | 27,173 | — | — | — | 862,743 | 862,743 | |||||||||||||
U.S. Cellular Corp.* | — | — | — | 4,500 | 4,500 | — | — | — | 194,580 | 194,580 | |||||||||||||
— | — | — | 3,489,442 | 3,489,442 | 0.2 | % | |||||||||||||||||
Total Telecommunication Services | — | 28,519,486 | — | 9,122,501 | 37,641,987 | 2.3 | % | ||||||||||||||||
Utilities | |||||||||||||||||||||||
Electric Utilities | |||||||||||||||||||||||
American Electric Power Co., Inc. | — | — | — | 183,501 | 183,501 | — | — | — | 6,106,913 | 6,106,913 | |||||||||||||
DPL, Inc.^ | — | — | — | 48,060 | 48,060 | — | — | — | 1,097,690 | 1,097,690 | |||||||||||||
Edison International | — | — | — | 148,931 | 148,931 | — | — | — | 4,783,664 | 4,783,664 | |||||||||||||
Great Plains Energy, Inc.^ | — | — | — | 54,296 | 54,296 | — | — | — | 1,049,542 | 1,049,542 | |||||||||||||
Hawaiian Electric Industries, Inc.^ | — | — | — | 40,950 | 40,950 | — | — | — | 906,633 | 906,633 | |||||||||||||
Northeast Utilities | — | 258,802 | — | 324,439 | 583,241 | — | 6,226,776 | — | 7,806,002 | 14,032,778 | |||||||||||||
NV Energy, Inc. | — | — | — | 527,568 | 527,568 | — | — | — | 5,217,648 | 5,217,648 | |||||||||||||
Pepco Holdings, Inc. | — | — | — | 91,535 | 91,535 | — | — | — | 1,625,662 | 1,625,662 | |||||||||||||
Pinnacle West Capital Corp.^ | — | — | — | 45,782 | 45,782 | — | — | — | 1,470,976 | 1,470,976 | |||||||||||||
Progress Energy, Inc. | — | — | — | 119,424 | 119,424 | — | — | — | 4,759,046 | 4,759,046 | |||||||||||||
— | 6,226,776 | — | 34,823,776 | 41,050,552 | 2.6 | % | |||||||||||||||||
Gas Utilities | |||||||||||||||||||||||
AGL Resources, Inc.^ | — | — | — | 35,073 | 35,073 | — | — | — | 1,099,538 | 1,099,538 | |||||||||||||
Atmos Energy Corp. | — | — | — | 41,289 | 41,289 | — | — | — | 978,549 | 978,549 | |||||||||||||
Energen Corp. | — | — | — | 26,742 | 26,742 | — | — | — | 784,343 | 784,343 | |||||||||||||
National Fuel Gas Co. | — | — | — | 37,197 | 37,197 | — | — | — | 1,165,382 | 1,165,382 | |||||||||||||
ONEOK, Inc. | — | — | — | 47,516 | 47,516 | — | — | — | 1,383,666 | 1,383,666 | |||||||||||||
Questar Corp. | — | — | — | 48,916 | 48,916 | — | — | — | 1,599,064 | 1,599,064 | |||||||||||||
Southwest Gas Corp. | — | 59,696 | — | — | 59,696 | — | 1,505,533 | — | — | 1,505,533 | |||||||||||||
UGI Corp. | — | — | — | 236,290 | 236,290 | — | — | — | 5,770,202 | 5,770,202 | |||||||||||||
— | 1,505,533 | — | 12,780,744 | 14,286,277 | 0.9 | % | |||||||||||||||||
Independent Power Producers & Energy Traders | |||||||||||||||||||||||
Constellation Energy Group, Inc. | — | — | — | 7,000 | 7,000 | — | — | — | 175,630 | 175,630 | |||||||||||||
Dynegy, Inc., Class A* | — | — | — | 224,929 | 224,929 | — | — | — | 449,858 | 449,858 | |||||||||||||
Mirant Corp.* | — | — | — | 25,617 | 25,617 | — | — | — | 483,393 | 483,393 | |||||||||||||
NRG Energy, Inc.* | — | — | — | 66,746 | 66,746 | — | — | — | 1,557,184 | 1,557,184 | |||||||||||||
Reliant Energy, Inc.* | — | — | — | 157,039 | 157,039 | — | — | — | 907,685 | 907,685 | |||||||||||||
— | — | — | 3,573,750 | 3,573,750 | 0.2 | % | |||||||||||||||||
Multi-Utilities | |||||||||||||||||||||||
Alliant Energy Corp. | — | — | — | 50,174 | 50,174 | — | — | — | 1,464,077 | 1,464,077 | |||||||||||||
Ameren Corp. | — | 183,058 | — | 96,179 | 279,237 | — | 6,088,509 | — | 3,198,914 | 9,287,423 | |||||||||||||
CenterPoint Energy, Inc. | — | — | — | 55,429 | 55,429 | — | — | — | 699,514 | 699,514 | |||||||||||||
CMS Energy Corp.^ | — | 608,681 | — | 103,201 | 711,882 | — | 6,153,765 | — | 1,043,362 | 7,197,127 | |||||||||||||
Consolidated Edison, Inc.^ | — | — | — | 124,596 | 124,596 | — | — | — | 4,850,522 | 4,850,522 | |||||||||||||
DTE Energy Co. | — | — | — | 74,613 | 74,613 | — | — | — | 2,661,446 | 2,661,446 | |||||||||||||
Integrys Energy Group, Inc.^ | — | — | — | 34,738 | 34,738 | — | — | — | 1,493,039 | 1,493,039 | |||||||||||||
MDU Resources Group, Inc. | — | — | — | 84,238 | 84,238 | — | — | — | 1,817,856 | 1,817,856 | |||||||||||||
NiSource, Inc. | — | 453,843 | — | 124,953 | 578,796 | — | 4,978,658 | — | 1,370,734 | 6,349,392 | |||||||||||||
NSTAR^ | — | — | — | 49,149 | 49,149 | — | — | — | 1,793,447 | 1,793,447 | |||||||||||||
OGE Energy Corp. | — | — | — | 42,096 | 42,096 | — | — | — | 1,085,235 | 1,085,235 | |||||||||||||
PG&E Corp. | — | — | — | 163,231 | 163,231 | — | — | — | 6,318,672 | 6,318,672 | |||||||||||||
Puget Energy, Inc. | — | — | — | 58,989 | 58,989 | — | — | — | 1,608,630 | 1,608,630 | |||||||||||||
SCANA Corp. | — | — | — | 53,672 | 53,672 | — | — | — | 1,910,723 | 1,910,723 | |||||||||||||
Sempra Energy | — | — | — | 114,406 | 114,406 | — | — | — | 4,877,128 | 4,877,128 | |||||||||||||
TECO Energy, Inc.^ | — | — | — | 236,312 | 236,312 | — | — | — | 2,918,453 | 2,918,453 | |||||||||||||
Vectren Corp.^ | — | — | — | 36,760 | 36,760 | — | — | — | 919,368 | 919,368 | |||||||||||||
Wisconsin Energy Corp.^ | — | — | — | 167,794 | 167,794 | — | — | — | 7,043,992 | 7,043,992 | |||||||||||||
Xcel Energy, Inc. | — | — | — | 196,999 | 196,999 | — | — | — | 3,654,332 | 3,654,332 | |||||||||||||
— | 17,220,932 | — | 50,729,444 | 67,950,376 | 4.2 | % | |||||||||||||||||
Water Utilities | |||||||||||||||||||||||
American Water Works Co., Inc.^ | — | — | — | 29,300 | 29,300 | — | — | — | 611,784 | 611,784 | |||||||||||||
Aqua America, Inc.^ | — | — | — | 60,940 | 60,940 | — | — | — | 1,254,755 | 1,254,755 | |||||||||||||
— | — | — | 1,866,539 | 1,866,539 | 0.1 | % | |||||||||||||||||
Total Utilities | — | 24,953,241 | — | 103,774,253 | 128,727,484 | 8.0 | % | ||||||||||||||||
Total Common Stocks | 46,366,317 | 247,543,107 | 428,851,943 | 754,441,232 | 1,477,202,599 | 91.4 | % | ||||||||||||||||
(Cost $2,483,810,048) | 69,395,666 | 386,718,695 | 714,813,003 | 1,312,882,684 | 2,483,810,048 | ||||||||||||||||||
Investment Companies | |||||||||||||||||||||||
Exchange Traded Funds (ETFs) | |||||||||||||||||||||||
iShares Morningstar Mid Core Index Fund^ | — | — | — | 32,066 | 32,066 | — | — | — | 1,588,229 | 1,588,229 | |||||||||||||
iShares Morningstar Mid Growth Index Fund | — | — | — | 38,630 | 38,630 | — | — | — | 2,060,524 | 2,060,524 | |||||||||||||
iShares Morningstar Mid Value Index Fund | — | — | — | 247,737 | 247,737 | — | — | — | 12,156,455 | 12,156,455 | |||||||||||||
iShares Russell Midcap Growth Index Fund | — | — | — | 40,154 | 40,154 | — | — | — | 1,257,623 | 1,257,623 | |||||||||||||
iShares Russell Midcap Index Fund | — | — | — | 10,519 | 10,519 | — | — | — | 628,195 | 628,195 | |||||||||||||
iShares Russell Midcap Value Index Fund | — | — | — | 1,614,105 | 1,614,105 | — | — | — | 45,905,146 | 45,905,146 | |||||||||||||
iShares S&P MidCap 400 Growth Index Fund | — | — | — | 16,600 | 16,600 | — | — | — | 920,470 | 920,470 | |||||||||||||
iShares S&P MidCap 400 Index Fund | — | — | — | 9,455 | 9,455 | — | — | — | 505,464 | 505,464 | |||||||||||||
iShares S&P MidCap 400/BARRA Value Index Fund | — | — | — | 545,062 | 545,062 | — | — | — | 27,427,520 | 27,427,520 | |||||||||||||
— | — | — | 92,449,626 | 92,449,626 | |||||||||||||||||||
Total Investment Companies | — | — | — | 92,449,626 | 92,449,626 | 5.7 | % | ||||||||||||||||
(Cost $161,592,060) | — | — | — | 161,592,060 | 161,592,060 |
See notes to pro-forma financial statements.
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | % of Net Assets | |||||||||||||||||||||||||||||||
EQ/Ariel Appreciation II | EQ/Lord Abbett Mid Cap Value | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | EQ/Ariel Appreciation II | EQ/Lord Abbett Mid Cap Value | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | ||||||||||||||||||||||||
Principal Amount | Value (Note 1) | ||||||||||||||||||||||||||||||||
SHORT-TERM INVESTMENTS: | |||||||||||||||||||||||||||||||||
Government Securities | |||||||||||||||||||||||||||||||||
U.S. Treasury Bills | |||||||||||||||||||||||||||||||||
.13%, 6/11/09 #(p) | — | — | — | $ | 1,119,000 | $ | 1,119,000 | — | — | — | 1,118,343 | 1,118,343 | |||||||||||||||||||||
— | — | — | 1,118,343 | 1,118,343 | 0.1 | % | |||||||||||||||||||||||||||
Short-Term Investments of Cash Collateral for Securities Loaned | |||||||||||||||||||||||||||||||||
Caylon/New York | |||||||||||||||||||||||||||||||||
.41%, 7/2/10 (l) | — | — | — | 9,996,736 | 9,996,736 | — | — | — | 9,582,071 | 9,582,071 | |||||||||||||||||||||||
CAM U.S. Finance S.A.U. | |||||||||||||||||||||||||||||||||
3.24%, 2/2/09 (l) | — | — | — | 10,000,000 | 10,000,000 | — | — | — | 10,000,000 | 10,000,000 | |||||||||||||||||||||||
CC USA, Inc. | |||||||||||||||||||||||||||||||||
.38%, 2/12/09 (l) | — | — | — | 14,998,663 | 14,998,663 | — | — | — | 14,998,663 | 14,998,663 | |||||||||||||||||||||||
Citigroup Funding, Inc. | |||||||||||||||||||||||||||||||||
.36%, 3/16/09 (l) | — | — | — | 4,000,000 | 4,000,000 | — | — | — | 3,975,392 | 3,975,392 | |||||||||||||||||||||||
Goldman Sachs & Co. Repurchase Agreement | |||||||||||||||||||||||||||||||||
0.06%, 1/2/09 (r) (v) | — | 20,956,121 | — | 119,404,254 | 140,360,375 | — | 20,956,121 | — | 119,404,254 | 140,360,375 | |||||||||||||||||||||||
Goldman Sachs Group, Inc. | |||||||||||||||||||||||||||||||||
.41%, 3/27/09 (l) | — | 2,000,000 | — | 5,000,000 | 7,000,000 | — | 1,989,766 | — | 4,974,415 | 6,964,181 | |||||||||||||||||||||||
Links Finance LLC | |||||||||||||||||||||||||||||||||
.37%, 6/22/09 (l) | — | — | — | 14,998,138 | 14,998,138 | — | — | — | 14,866,649 | 14,866,649 | |||||||||||||||||||||||
MassMutual Global Funding II | |||||||||||||||||||||||||||||||||
.40%, 3/26/10 (l) | — | — | — | 10,000,000 | 10,000,000 | — | — | — | 9,909,500 | 9,909,500 | |||||||||||||||||||||||
Morgan Stanley | |||||||||||||||||||||||||||||||||
2.87%, 2/9/09 (l) | — | — | — | 14,266,659 | 14,266,659 | — | — | — | 14,266,659 | 14,266,659 | |||||||||||||||||||||||
Wells Fargo & Co. | |||||||||||||||||||||||||||||||||
.17%, 8/3/09 (l) | — | — | — | 5,000,000 | 5,000,000 | — | — | — | 4,871,030 | 4,871,030 | |||||||||||||||||||||||
Total Short-Term Investments of Cash Collateral for Securities Loaned | — | 22,945,887 | — | 206,848,633 | 229,794,520 | 14.2 | % | ||||||||||||||||||||||||||
Time Deposit | |||||||||||||||||||||||||||||||||
JP Morgan Chase Nassau | |||||||||||||||||||||||||||||||||
0.001%, 1/2/09 | 1,857,781 | 11,733,837 | 18,009,622 | 9,635,161 | 41,236,401 | 1,857,781 | 11,733,837 | 18,009,622 | 9,635,161 | 41,236,401 | |||||||||||||||||||||||
1,857,781 | 11,733,837 | 18,009,622 | 9,635,161 | 41,236,401 | 2.6 | % | |||||||||||||||||||||||||||
Total Short-Term Investments | 1,857,781 | 34,679,724 | 18,009,622 | 217,602,137 | 272,149,264 | 16.8 | % | ||||||||||||||||||||||||||
(Cost/Amortized Cost $272,975,120) | 1,857,781 | 34,689,958 | 18,009,622 | 218,417,759 | 272,975,120 | ||||||||||||||||||||||||||||
Total Investments | 48,224,098 | 282,222,831 | 446,861,565 | 1,064,492,995 | 1,841,801,489 | 114.0 | % | ||||||||||||||||||||||||||
(Cost/Amortized Cost $2,918,377,228) | 71,253,447 | 421,408,653 | 732,822,625 | 1,692,892,503 | 2,918,377,228 | ||||||||||||||||||||||||||||
Other Assets Less Liabilities | 153,257 | (22,670,917 | ) | 3,773,885 | (206,971,584 | ) | (225,715,359 | ) | -14.0 | % | |||||||||||||||||||||||
Net Assets (100%) | $ | 48,377,355 | $ | 259,551,914 | $ | 450,635,450 | $ | 857,521,411 | $ | 1,616,086,130 | 100.0 | % | |||||||||||||||||||||
See notes to pro-forma financial statements.
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
* | Non-income producing. |
^ | All, or a portion of security on loan (See Note 1). |
# | All, or a portion of security held by broker as collateral for financial futures contracts. |
(l) | Floating Rate Security. Rate disclosed is as of December 31, 2008. |
(p) | Yield to maturity. |
(r) | The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments. |
(v) | Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.500%-6.000%, maturing 11/1/19-12/1/38; Federal National Mortgage Association, 4.000%-7.000%, maturing 9/1/18-1/1/39; Government National Mortgage Association, 4.500%-11.500%, maturing 2/15/13-12/20/38. |
Glossary: | ||||
ADR | — | American Depositary Receipt | ||
REIT | — | Real Estate Investment Trust |
The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2008:
EQ/Ariel Appreciation II Portfolio | EQ/Lord Abbett Mid Cap Value Portfolio | EQ/Van Kampen Real Estate Portfolio | EQ/Mid Cap Value Plus Portfolio | Combined Pro Forma | |||||||||||
Level 1 | |||||||||||||||
Assets | |||||||||||||||
Investments in Securities | $ | 46,366,317 | $ | 247,543,107 | $ | 428,851,943 | $ | 839,767,677 | $ | 1,562,529,044 | |||||
Other Investments* | — | — | — | 337,116 | 337,116 | ||||||||||
Liabilities | |||||||||||||||
Investments in Securities | — | — | — | — | — | ||||||||||
Other Investments* | — | — | — | — | — | ||||||||||
Level 1 Total | $ | 46,366,317 | $ | 247,543,107 | $ | 428,851,943 | $ | 840,104,793 | $ | 1,562,866,160 | |||||
Level 2 | |||||||||||||||
Assets | |||||||||||||||
Investments in Securities | $ | 1,857,781 | $ | 34,679,724 | $ | 18,009,622 | $ | 224,725,318 | $ | 279,272,445 | |||||
Other Investments* | — | — | — | — | — | ||||||||||
Liabilities | |||||||||||||||
Investments in Securities | — | — | — | — | — | ||||||||||
Other Investments* | — | — | — | — | — | ||||||||||
Level 2 Total | $ | 1,857,781 | $ | 34,679,724 | $ | 18,009,622 | $ | 224,725,318 | $ | 279,272,445 | |||||
Level 3 | |||||||||||||||
Assets | |||||||||||||||
Investments in Securities | — | — | — | — | — | ||||||||||
Other Investments* | — | — | — | — | — | ||||||||||
Liabilities | |||||||||||||||
Investments in Securities | — | — | — | — | — | ||||||||||
Other Investments* | — | — | — | — | — | ||||||||||
Level 3 Total | — | — | — | — | — | ||||||||||
Total | $ | 48,224,098 | $ | 282,222,831 | $ | 446,861,565 | $ | 1,064,830,111 | $ | 1,842,138,605 |
* | Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/deprecation on the investment. |
At December 31, 2008 the EQ/Mid Cap Value Plus Portfolio* had the following futures contracts open: (Note 1)
Number of Contracts | Expiration Date | Original Value | Value at 12/31/2008 | Unrealized Appreciation | |||||||||
Purchase | |||||||||||||
S&P MidCap 400 E-Mini Index | 161 | March-09 | $ | 8,311,804 | $ | 8,648,920 | $ | 337,116 | |||||
* | Other Portfolios did not hold futures. |
EQ/Ariel Appreciation II | EQ/Lord Abbett Mid Cap Value | EQ/Van Kampen Real Estate | EQ/Mid Cap Value PLUS | Pro Forma Adjustment | Pro-Forma Combined | |||||||||||||
Investments at Cost | 71,253,447 | 421,408,653 | 732,822,625 | 1,573,488,249 | 2,798,972,974 | |||||||||||||
Repurchase Agreements at Cost | 119,404,254 | 119,404,254 | ||||||||||||||||
Foreign Cash at Cost | 2,483 | 47 | 2,530 | |||||||||||||||
Securities on loan at market value | 22,823,582 | 207,739,526 | 230,563,108 | |||||||||||||||
ASSETS | ||||||||||||||||||
Investments at Value | 48,224,098 | 282,222,831 | 446,861,565 | 945,088,741 | 1,722,397,235 | |||||||||||||
Repurchase Agreements | 119,404,254 | 119,404,254 | ||||||||||||||||
Cash | 907,087 | 907,087 | ||||||||||||||||
Foreign Cash | 2,386 | 44 | 2,430 | |||||||||||||||
Dividends, interest, and other receivables | 214,355 | 599,956 | 4,721,956 | 2,148,809 | 7,685,076 | |||||||||||||
Receivable for securities sold | 1,389,098 | 1,389,098 | ||||||||||||||||
Receivable from Separate Accounts for Trust shares sold | 34,059 | 112,796 | 220,726 | 42,296 | 409,877 | |||||||||||||
Variation margin receivable on futures contracts | 189,980 | 189,980 | ||||||||||||||||
Other assets | 245 | 1,665 | 14,047 | 15,957 | ||||||||||||||
Total assets | 48,472,757 | 282,937,248 | 451,806,633 | 1,069,184,356 | 0 | 1,852,400,994 | ||||||||||||
LIABILITIES | ||||||||||||||||||
Payable for return of cash collateral on securities loaned | 22,956,121 | 207,664,449 | 230,620,570 | |||||||||||||||
Payable to Separate Accounts for Trust shares redeemed | 2,730 | 156,275 | 594,811 | 1,350,687 | 2,104,503 | |||||||||||||
Payable for securities purchased | 1,703,676 | 1,703,676 | ||||||||||||||||
Investment management fees payable | 19,698 | 127,322 | 310,992 | 354,447 | 812,459 | |||||||||||||
Distribution fees payable- Class IB | 9,269 | 42,923 | 73,384 | 168,056 | 293,632 | |||||||||||||
Administrative fees payable | 6,394 | 23,439 | 38,073 | 114,921 | 182,827 | |||||||||||||
Recoupment fees payable | 48,687 | 48,687 | ||||||||||||||||
Trustees’ fees payable | 160 | 1,496 | 1,412 | 14,378 | 17,446 | |||||||||||||
Accrued expenses | 57,151 | 77,758 | 152,511 | 243,644 | 531,064 | |||||||||||||
Total liabilities | 95,402 | 23,385,334 | 1,171,183 | 211,662,945 | 0 | 236,314,864 | ||||||||||||
NET ASSETS | 48,377,355 | 259,551,914 | 450,635,450 | 857,521,411 | 0 | 1,616,086,130 | ||||||||||||
Net assets were comprised of: | ||||||||||||||||||
Paid in capital | 75,807,149 | 446,771,284 | 830,356,414 | 1,674,337,452 | 3,027,272,299 | |||||||||||||
Accumulated undistributed net investment income (loss) | 26,806 | (781 | ) | (3,432 | ) | 142,024 | 164,617 | |||||||||||
Accumulated undistributed net realized gain (loss) | (4,427,251 | ) | (48,032,767 | ) | (93,756,350 | ) | (188,897,705 | ) | (335,114,073 | ) | ||||||||
Unrealized appreciation (depreciation) on investments | (23,029,349 | ) | (139,185,822 | ) | (285,961,182 | ) | (628,060,360 | ) | (1,076,236,713 | ) | ||||||||
48,377,355 | 259,551,914 | 450,635,450 | 857,521,411 | 0 | 1,616,086,130 | |||||||||||||
Class IA Shares: | ||||||||||||||||||
Net Assets | 1,188,697 | 42,881,091 | 70,717,616 | 18,746,926 | 133,534,330 | |||||||||||||
Shares outstanding | 179,324 | 6,342,522 | 14,682,472 | 3,034,489 | (2,624,146 | ) * | 21,614,661 | |||||||||||
Net asset value, offering and redemption price per share | 6.63 | 6.76 | 4.82 | 6.18 | 6.18 | |||||||||||||
Class IB Shares: | ||||||||||||||||||
Net Assets | 47,188,658 | 216,670,823 | 379,917,834 | 838,774,485 | 1,482,551,800 | |||||||||||||
Shares outstanding | 7,104,975 | 32,015,399 | 78,935,622 | 137,510,905 | (12,513,442 | ) * | 243,053,459 | |||||||||||
Net asset value, offering and redemption price per share | 6.64 | 6.77 | 4.81 | 6.10 | 6.10 | |||||||||||||
STATEMENT OF OPERATIONS | ||||||||||||||||||
Dividend Withholding Tax | — | — | 158,629 | 13,059 | 171,688 | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||||
Dividends | 1,062,902 | 7,963,487 | 19,393,250 | 28,034,577 | 56,454,216 | |||||||||||||
Interest | 39,443 | 237,973 | 417,801 | 379,305 | 1,074,522 | |||||||||||||
Securities lending (net) | 42,245 | 490,488 | 2,051,144 | 2,583,877 | ||||||||||||||
Total income | 1,144,590 | 8,691,948 | 19,811,051 | 30,465,026 | 0 | 60,112,615 | ||||||||||||
EXPENSES | ||||||||||||||||||
Investment management fees | 419,384 | 2,438,661 | 5,909,108 | 7,161,285 | (3,218,761 | ) (b) | 12,709,677 | |||||||||||
Distribution fees- Class IB | 137,603 | 709,152 | 1,348,115 | 3,192,990 | 5,387,860 | |||||||||||||
Administrative fees | 86,202 | 380,237 | 689,099 | 2,093,102 | 431,258 | (b) | 3,679,898 | |||||||||||
Printing and mailing expenses | 15,957 | 77,486 | 127,214 | 256,741 | 477,398 | |||||||||||||
Custodian fees | 7,701 | 30,001 | 59,998 | 337,000 | (30,300 | ) (a)(b) | 404,400 | |||||||||||
Professional fees | 47,177 | 51,516 | 55,067 | 67,393 | (37,153 | ) (a) | 184,000 | |||||||||||
Trustees’ fees | 1,120 | 7,200 | 13,357 | 27,781 | 49,458 | |||||||||||||
Miscellaneous | 4,012 | 15,571 | 22,762 | 51,093 | (5,000 | ) (a) | 88,438 | |||||||||||
Gross expenses | 719,156 | 3,709,824 | 8,224,720 | 13,187,385 | (2,859,956 | ) | 22,981,129 | |||||||||||
Less: Waiver from investment advisor | (79,197 | ) | (217,793 | ) | (256,132 | ) | (180,066 | ) | 733,188 | (d) | 0 | |||||||
Fees paid indirectly | (23,039 | ) | (29,686 | ) | (50,848 | ) | 52,725 | (c) | (50,848 | ) | ||||||||
Net expenses | 616,920 | 3,462,345 | 7,968,588 | 12,956,471 | (2,074,043 | ) | 22,930,281 | |||||||||||
NET INVESTMENT INCOME | 527,670 | 5,229,603 | 11,842,463 | 17,508,555 | 2,074,043 | 37,182,334 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||
Realized loss on: | ||||||||||||||||||
Securities | (4,417,797 | ) | (47,354,036 | ) | (93,502,764 | ) | (168,742,051 | ) | (314,016,648 | ) | ||||||||
Futures | (3,494,509 | ) | (3,494,509 | ) | ||||||||||||||
Foreign currency transactions | (12,503 | ) | (3,700 | ) | (16,203 | ) | ||||||||||||
Net realized loss | (4,417,797 | ) | (47,354,036 | ) | (93,515,267 | ) | (172,240,260 | ) | 0 | (317,527,360 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||
Securities | (23,056,683 | ) | (124,446,577 | ) | (201,642,810 | ) | (450,269,357 | ) | (799,415,427 | ) | ||||||||
Futures | 261,053 | 261,053 | ||||||||||||||||
Foreign currency translations | 13,027 | (3,913 | ) | 9,114 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | (23,056,683 | ) | (124,446,577 | ) | (201,629,783 | ) | (450,012,217 | ) | 0 | (799,145,260 | ) | |||||||
NET REALIZED AND UNREALIZED LOSS | (27,474,480 | ) | (171,800,613 | ) | (295,145,050 | ) | (622,252,477 | ) | 0 | (1,116,672,620 | ) | |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (26,946,810 | ) | (166,571,010 | ) | (283,302,587 | ) | (604,743,922 | ) | 2,074,043 | (1,079,490,286 | ) | |||||||
* | Reflects retired shares of the 3 acquired portfolios. |
(a) | Reflects adjustment in expenses due to elimination of duplicative expenses. |
(b) | Reflects adjustment in expenses due to effects of new contract rate. |
(c) | Reflects adjustment to eliminate EQ/Ariel Appreciation’s and Lord Abbett Mid Cap Value’s fees paid indirectly. |
(d) | Reflects decrease in waiver due to expense adjustment. |
NOTES TO PRO FORMA FINANCIAL STATEMENTS
(UNAUDITED—As of December 31, 2008)
NOTE 1 – BASIS OF COMBINATION:
On May 21, 2009 the Board of Trustees of EQ Advisors Trust (the “Trust”) approved a proposed Plan of Reorganization and Termination (“Reorganization Plan”) that provides for the transfer of all assets of the EQ/Ariel Appreciation II Portfolio (“Appreciation Portfolio”), EQ/Lord Abbett Mid Cap Value Portfolio (“Mid Cap Value Portfolio”) and the EQ/Van Kampen Real Estate Portfolio (“Real Estate Portfolio”) to the EQ/Mid Cap Value PLUS Portfolio (“PLUS Portfolio”), each a series of the Trust, and the assumption by the PLUS Portfolio of all of the liabilities of the Appreciation Portfolio, Mid Cap Value Portfolio and Real Estate Portfolio in exchange for shares of the PLUS Portfolio having an aggregate value equal to the net assets of the Appreciation Portfolio, Mid Cap Value Portfolio and Real Estate Portfolio, the distribution of the PLUS Portfolio shares to the Appreciation Portfolio, Mid Cap Value Portfolio and Real Estate Portfolio shareholders of record determined immediately after the close of business on the closing date, and the subsequent liquidation of the Appreciation Portfolio, Mid Cap Value Portfolio, and Real Estate Portfolio.
The Mid Cap Value Portfolio’s annual contractual management fee equals 0.70% of average daily net assets for the first $1 billion, 0.65% of average daily net assets for the next $1 billion, 0.625% for the next $3 billion, 0.600% for the next $5 billion, and 0.575% of average daily net assets thereafter. The Appreciation Portfolio’s annual contractual management fee equals 0.75% of average daily net assets for the first $1 billion, 0.70% of average daily net assets for the next $1 billion, 0.675% for the next $3 billion, 0.650% for the next $5 billion, and 0.625% of average daily net assets thereafter. The Real Estate Portfolio’s annual contractual management fee equals 0.90% of average daily net assets for the first $1 billion, 0.85% of average daily net assets for the next $1 billion, 0.825% for the next $3 billion, 0.800% for the next $5 billion, and 0.775% of average daily net assets thereafter. The PLUS Portfolio’s annual contractual management fee rate equals 0.55% of average daily net assets for the first $2 billion, 0.50% of average daily net assets for the next $1 billion, 0.475% for the next $3 billion, 0.450% for the next $5 billion, and 0.425% of average daily net assets thereafter. The Reorganizations are subject to the approval of the shareholders of the Appreciation Portfolio, Mid Cap Value Portfolio and Real Estate Portfolio, respectively. A special meeting of these Portfolios’ shareholders will be held on or about August 26, 2009.
Each Reorganization will be accounted for as a tax-free reorganization of investment companies. The unaudited pro forma combined financial statements are presented for the information of the reader and may not necessarily be representative of what the actual combined financial statements would have been had the Reorganizations occurred at December 31, 2008. The unaudited pro forma portfolio of investments and statement of assets and liabilities reflect the financial position of the Appreciation Portfolio, Mid Cap Value Portfolio, Real Estate Portfolio and PLUS Portfolio at December 31, 2008. The unaudited pro forma statement of operations reflects the results of operations of the PLUS Portfolio as if it had acquired each of the Appreciation
Portfolio, Mid Cap Portfolio and Real Estate Portfolio at the beginning of the period ended December 31, 2008. These statements have been derived from the Portfolios’ respective books and records utilized in calculating daily net asset value at the dates indicated above for each Portfolio under accounting principles generally accepted in the United States of America. The historical cost of investment securities will be carried forward to the surviving entity and results of operations of the PLUS Portfolio for pre-combination periods will not be restated.
The unaudited pro forma portfolio of investments, and statements of assets and liabilities and operations should be read in conjunction with the historical financial statements of the Portfolios included in the Trust’s Statement of Additional Information.
Following the Reorganization, the Plus Portfolio will be the “accounting survivor.” The general criteria that are applied to determine the proper accounting survivor are outlined in the “AICPA Accounting and Audit Guide for Investment Companies,” and include:
a.) | Portfolio Management—Each of the Portfolios has a similar investment objective. | |
b.) | Portfolio Composition—The portfolio composition of the merged entity will resemble the portfolio structure of the PLUS Portfolio. | |
c.) | Investment Objectives, Policies and Restrictions – Each of the Portfolios has the same fundamental and non-fundamental investment restrictions. | |
d.) | Expense Structure and Expense Ratios – The merged entity will have a lower expense structure and expense ratios than the Appreciation Portfolio, the Mid Cap Value Portfolio and the Real Estate Portfolio. | |
e.) | Asset Size |
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES
Each of the Portfolios have substantially the same significant accounting policies, which are detailed in the historical financial statements referenced above in Note 1.
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.
NOTE 3 – SHARES:
The unaudited pro forma net asset value per share assumes additional common shares of beneficial interest issued in connection with the proposed acquisition of the Appreciation Portfolio, Mid Cap Value Portfolio and the Real Estate Portfolio by the PLUS Portfolio as of December 31, 2008. The number of additional shares issued was calculated based on the net assets of the Appreciation Portfolio, Mid Cap Value Portfolio, Real Estate Portfolio and net asset value per respective class of the PLUS Portfolio at December 31, 2008.
NOTE 4 – UNAUDITED PRO FORMA ADJUSTMENTS:
The accompanying unaudited pro forma financial statements reflect changes in the PLUS Portfolio’s shares as if the merger had taken place on December 31, 2008. AXA Equitable will bear the expenses of the Reorganization, which are estimated at approximately $358,000.
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | |||||||||||||||||
EQ/Lord Abbett Mid Cap Value | EQ/Mid Cap Value Plus | Pro Forma | EQ/Lord Abbett Mid Cap Value | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | ||||||||||||
COMMON STOCKS: | ||||||||||||||||||
Consumer Discretionary | ||||||||||||||||||
Auto Components | ||||||||||||||||||
Autoliv, Inc. | — | 33,438 | 33,438 | $ | — | $ | 717,580 | $ | 717,580 | |||||||||
ArvinMeritor, Inc. | 160,000 | — | 160,000 | 456,000 | — | 456,000 | ||||||||||||
BorgWarner, Inc.^ | — | 6,800 | 6,800 | — | 148,036 | 148,036 | ||||||||||||
Federal Mogul Corp.*^ | — | 10,500 | 10,500 | — | 44,415 | 44,415 | ||||||||||||
Goodyear Tire & Rubber Co.* | 410,200 | 38,431 | 448,631 | 2,448,894 | 229,433 | 2,678,327 | ||||||||||||
TRW Automative Holdings Corp.*^ | — | 272,700 | 272,700 | — | 981,720 | 981,720 | ||||||||||||
2,904,894 | 2,121,184 | 5,026,078 | 0.5 | % | ||||||||||||||
Automobiles | ||||||||||||||||||
Ford Motor Co.*^ | — | 1,056,495 | 1,056,495 | — | 2,419,373 | 2,419,373 | ||||||||||||
General Motors Corp.^ | — | 238,615 | 238,615 | — | 763,568 | 763,568 | ||||||||||||
Harley-Davidson, Inc.^ | — | 12,003 | 12,003 | — | 203,691 | 203,691 | ||||||||||||
Thor Industries, Inc.^ | — | 11,170 | 11,170 | — | 147,221 | 147,221 | ||||||||||||
— | 3,533,853 | 3,533,853 | 0.3 | % | ||||||||||||||
Distributors | ||||||||||||||||||
Geniune Parts Co. | 123,926 | 129,113 | 253,039 | 4,691,838 | 4,888,218 | 9,580,056 | 0.9 | % | ||||||||||
Diversified Consumer Services | ||||||||||||||||||
Career Education Corp.* | — | 40,636 | 40,636 | — | 729,010 | 729,010 | ||||||||||||
Service Corp. International^ | — | 121,547 | 121,547 | — | 604,088 | 604,088 | ||||||||||||
Weight Watchers International, Inc.^ | — | 2,500 | 2,500 | — | 73,550 | 73,550 | ||||||||||||
— | 1,406,648 | 1,406,648 | 0.1 | % | ||||||||||||||
Hotels, Restaurants & Leisure | ||||||||||||||||||
Boyd Gaming Corp. | — | 23,100 | 23,100 | — | 109,263 | 109,263 | ||||||||||||
Brinker International, Inc. | 352,084 | — | 352,084 | 3,710,965 | — | 3,710,965 | ||||||||||||
Choice Hotels International, Inc.^ | — | 9,200 | 9,200 | — | 276,552 | 276,552 | ||||||||||||
Darden Restaurants, Inc. | 121,400 | — | 121,400 | 3,421,052 | — | 3,421,052 | ||||||||||||
International Speedway Corp., Class A | — | 14,697 | 14,697 | — | 422,245 | 422,245 | ||||||||||||
Interval Leisure Group, Inc.*^ | — | 14,581 | 14,581 | — | 78,591 | 78,591 | ||||||||||||
MGM MIRAGE*^ | — | 3,400 | 3,400 | — | 46,784 | 46,784 | ||||||||||||
Orient-Express Hotels Ltd., Class A^ | — | 2,700 | 2,700 | — | 20,682 | 20,682 | ||||||||||||
Royal Caribbean Cruises Ltd.^ | — | 63,372 | 63,372 | — | 871,365 | 871,365 | ||||||||||||
Wyndham Worldwide Corp. | — | 79,227 | 79,227 | — | 518,937 | 518,937 | ||||||||||||
7,132,017 | 2,344,419 | 9,476,436 | 0.8 | % | ||||||||||||||
Household Durables | ||||||||||||||||||
Black & Decker Corp. | — | 27,887 | 27,887 | — | 1,165,955 | 1,165,955 | ||||||||||||
Centex Corp. | — | 56,899 | 56,899 | — | 605,405 | 605,405 | ||||||||||||
D.R. Horton, Inc.^ | — | 144,613 | 144,613 | — | 1,022,414 | 1,022,414 | ||||||||||||
Fortune Brands, Inc. | — | 70,278 | 70,278 | — | 2,901,076 | 2,901,076 | ||||||||||||
Harman International Industries, Inc. | — | 6,800 | 6,800 | — | 113,764 | 113,764 | ||||||||||||
Jarden Corp.*^ | — | 30,833 | 30,833 | — | 354,580 | 354,580 | ||||||||||||
KB Home^ | — | 34,243 | 34,243 | — | 466,390 | 466,390 | ||||||||||||
Leggett & Platt, Inc.^ | — | 74,515 | 74,515 | — | 1,131,883 | 1,131,883 | ||||||||||||
Lennar Corp., Class A^ | — | 61,027 | 61,027 | — | 529,104 | 529,104 | ||||||||||||
M.D.C. Holdings, Inc.^ | — | 190,131 | 190,131 | — | 5,760,969 | 5,760,969 | ||||||||||||
Mohawk Industries, Inc.* | — | 25,305 | 25,305 | — | 1,087,356 | 1,087,356 | ||||||||||||
Newell Rubbermaid, Inc. | — | 316,974 | 316,974 | — | 3,100,006 | 3,100,006 | ||||||||||||
NVR, Inc.* | — | 1,812 | 1,812 | — | 826,725 | 826,725 | ||||||||||||
Pulte Homes, Inc. | — | 73,932 | 73,932 | — | 808,077 | 808,077 | ||||||||||||
Snap-On, Inc. | 126,344 | 26,124 | 152,468 | 4,975,427 | 1,028,763 | 6,004,190 | ||||||||||||
Stanley Works^ | — | 35,813 | 35,813 | — | 1,221,223 | 1,221,223 | ||||||||||||
Toll Brothers, Inc.*^ | — | 173,069 | 173,069 | — | 3,708,869 | 3,708,869 | ||||||||||||
Whirlpool Corp.^ | — | 34,166 | 34,166 | — | 1,412,764 | 1,412,764 | ||||||||||||
4,975,427 | 27,245,323 | 32,220,750 | 2.9 | % | ||||||||||||||
Internet & Catalog Retail | ||||||||||||||||||
Expedia, Inc.*^ | — | 95,362 | 95,362 | — | 785,783 | 785,783 | ||||||||||||
HSN, Inc.*^ | — | 14,581 | 14,581 | — | 106,004 | 106,004 | ||||||||||||
Liberty Media Corp., Interactive, Class A* | — | 272,838 | 272,838 | — | 851,254 | 851,254 | ||||||||||||
Ticketmaster Entertainment, Inc.* | — | 14,581 | 14,581 | — | 93,610 | 93,610 | ||||||||||||
— | 1,836,651 | 1,836,651 | 0.2 | % | ||||||||||||||
Leisure Equipment & Products | ||||||||||||||||||
Eastman Kodak Co.^ | — | 129,118 | 129,118 | — | 849,597 | 849,597 | ||||||||||||
Hasbro, Inc. | — | 32,471 | 32,471 | — | 947,179 | 947,179 | ||||||||||||
Mattel, Inc. | — | 165,588 | 165,588 | — | 2,649,408 | 2,649,408 | ||||||||||||
— | 4,446,184 | 4,446,184 | 0.4 | % | ||||||||||||||
Media | ||||||||||||||||||
Ascent Media Corp., Class A * | — | 6,391 | 6,391 | — | 139,579 | 139,579 | ||||||||||||
Cablevision Systems Corp.—New York Group, Class A | — | 100,731 | 100,731 | — | 1,696,310 | 1,696,310 | ||||||||||||
CBS Corp., Class B | — | 269,915 | 269,915 | — | 2,210,604 | 2,210,604 | ||||||||||||
Clear Channel Outdoor Holdings, Inc., Class A*^ | — | 4,100 | 4,100 | — | 25,215 | 25,215 | ||||||||||||
Discovery Communications, Inc., Class A* | — | 62,095 | 62,095 | — | 879,265 | 879,265 | ||||||||||||
Discovery Communications, Inc., Class C* | — | 69,518 | 69,518 | — | 930,846 | 930,846 | ||||||||||||
EW Scripps Co., Class A | — | 13,400 | 13,400 | — | 29,614 | 29,614 | ||||||||||||
Gannett Co., Inc.^ | 100,200 | 105,050 | 205,250 | 801,600 | 840,400 | 1,642,000 | ||||||||||||
Hearst-Argyle Television, Inc.^ | — | 10,600 | 10,600 | — | 64,236 | 64,236 | ||||||||||||
Interpublic Group of Cos., Inc.* | 1,037,984 | 31,500 | 1,069,484 | 4,110,417 | 124,740 | 4,235,157 | ||||||||||||
Liberty Global, Inc., Class A*^ | — | 69,536 | 69,536 | — | 1,107,013 | 1,107,013 | ||||||||||||
Liberty Media Corp., Capital Series, Class A* | — | 49,888 | 49,888 | — | 234,973 | 234,973 | ||||||||||||
McGraw-Hill Cos., Inc. | — | 74,279 | 74,279 | — | 1,722,530 | 1,722,530 | ||||||||||||
Meredith Corp. | — | 17,862 | 17,862 | — | 305,797 | 305,797 | ||||||||||||
New York Times Co., Class A^ | — | 64,373 | 64,373 | — | 471,854 | 471,854 | ||||||||||||
Regal Entertainment Group, Class A | — | 36,188 | 36,188 | — | 369,480 | 369,480 | ||||||||||||
Scripps Networks Interactive, Inc., Class A | — | 39,893 | 39,893 | — | 877,646 | 877,646 | ||||||||||||
Virgin Media, Inc.^ | — | 609,854 | 609,854 | — | 3,043,172 | 3,043,172 | ||||||||||||
Warner Music Group Corp.^ | — | 19,400 | 19,400 | — | 58,588 | 58,588 | ||||||||||||
Washington Post Co., Class B | — | 2,857 | 2,857 | — | 1,114,944 | 1,114,944 | ||||||||||||
4,912,017 | 16,246,806 | 21,158,823 | 1.9 | % | ||||||||||||||
Multiline Retail | ||||||||||||||||||
Family Dollar Stores, Inc. | — | 58,497 | 58,497 | — | 1,525,017 | 1,525,017 | ||||||||||||
J.C. Penney Co., Inc.^ | — | 101,511 | 101,511 | — | 1,999,767 | 1,999,767 | ||||||||||||
Kohl’s Corp.* | — | 33,537 | 33,537 | — | 1,214,039 | 1,214,039 | ||||||||||||
Macy’s, Inc.^ | 233,878 | 194,033 | 427,911 | 2,420,637 | 2,008,242 | 4,428,879 | ||||||||||||
Saks, Inc.*^ | — | 65,490 | 65,490 | — | 286,846 | 286,846 | ||||||||||||
Sears Holdings Corp.*^ | — | 25,042 | 25,042 | — | 973,382 | 973,382 | ||||||||||||
2,420,637 | 8,007,293 | 10,427,930 | 0.9 | % | ||||||||||||||
Specialty Retail | ||||||||||||||||||
American Eagle Outfitters, Inc. | — | 268,982 | 268,982 | — | 2,517,671 | 2,517,671 | ||||||||||||
AnnTaylor Stores Corp.*^ | — | 16,866 | 16,866 | — | 97,317 | 97,317 | ||||||||||||
AutoNation, Inc.*^ | — | 52,135 | 52,135 | — | 515,094 | 515,094 | ||||||||||||
Barnes & Noble, Inc.^ | — | 16,377 | 16,377 | — | 245,655 | 245,655 | ||||||||||||
Bed Bath & Beyond, Inc.*^ | — | 20,780 | 20,780 | — | 528,227 | 528,227 | ||||||||||||
Foot Locker, Inc. | 269,664 | 69,315 | 338,979 | 1,979,334 | 508,772 | 2,488,106 | ||||||||||||
Gap, Inc. | — | 111,865 | 111,865 | — | 1,497,872 | 1,497,872 | ||||||||||||
Limited Brands, Inc.^ | — | 44,122 | 44,122 | — | 442,985 | 442,985 | ||||||||||||
Office Depot, Inc.* | — | 122,242 | 122,242 | — | 364,281 | 364,281 | ||||||||||||
OfficeMax, Inc.^ | 406,494 | 34,387 | 440,881 | 3,105,614 | 262,717 | 3,368,331 | ||||||||||||
O’Reilly Automotive, Inc.*^ | — | 39,066 | 39,066 | — | 1,200,889 | 1,200,889 | ||||||||||||
Penske Automotive Group, Inc. | — | 18,900 | 18,900 | — | 145,152 | 145,152 | ||||||||||||
RadioShack Corp.^ | — | 60,353 | 60,353 | — | 720,615 | 720,615 | ||||||||||||
Signet Jewelers Ltd.^ | — | 38,728 | 38,728 | — | 335,772 | 335,772 | ||||||||||||
TJX Cos., Inc. | — | 80,900 | 80,900 | — | 1,664,113 | 1,664,113 | ||||||||||||
Williams-Sonoma, Inc. | — | 36,457 | 36,457 | — | 286,552 | 286,552 | ||||||||||||
5,084,948 | 11,333,684 | 16,418,632 | 1.5 | % | ||||||||||||||
Textiles, Apparel & Luxury Goods | ||||||||||||||||||
Jones Apparel Group, Inc. | — | 39,282 | 39,282 | — | 230,193 | 230,193 | ||||||||||||
Liz Claiborne, Inc.^ | — | 42,981 | 42,981 | — | 111,751 | 111,751 | ||||||||||||
Phillips-Van Heusen Corp.^ | — | 3,000 | 3,000 | — | 60,390 | 60,390 | ||||||||||||
VF Corp.^ | — | 101,024 | 101,024 | — | 5,533,084 | 5,533,084 | ||||||||||||
— | 5,935,418 | 5,935,418 | 0.5 | % | ||||||||||||||
Total Consumer Discretionary | 32,121,778 | 89,345,681 | 121,467,459 | 10.9 | % | |||||||||||||
Consumer Staples | ||||||||||||||||||
Beverages | ||||||||||||||||||
Brown-Forman Corp., Class B | — | 12,453 | 12,453 | — | 641,205 | 641,205 | ||||||||||||
Coca-Cola Enterprises, Inc. | 375,055 | 144,770 | 519,825 | 4,511,912 | 1,741,583 | 6,253,495 | ||||||||||||
Constellation Brands, Inc., Class A*^ | — | 84,368 | 84,368 | — | 1,330,483 | 1,330,483 | ||||||||||||
Dr. Pepper Snapple Group, Inc.* | — | 116,599 | 116,599 | — | 1,894,734 | 1,894,734 | ||||||||||||
Molson Coors Brewing Co., Class B | — | 52,869 | 52,869 | — | 2,586,352 | 2,586,352 | ||||||||||||
Pepsi Bottling Group, Inc. | — | 62,765 | 62,765 | — | 1,412,840 | 1,412,840 | ||||||||||||
PepsiAmericas, Inc. | — | 26,330 | 26,330 | — | 536,079 | 536,079 | ||||||||||||
4,511,912 | 10,143,276 | 14,655,188 | 1.3 | % | ||||||||||||||
Food & Staples Retailing | ||||||||||||||||||
BJ’s Wholesale Club, Inc.*^ | — | 27,152 | 27,152 | — | 930,228 | 930,228 | ||||||||||||
Kroger Co. | 195,792 | — | 195,792 | 5,170,866 | — | 5,170,866 | ||||||||||||
Rite Aid Corp.*^ | — | 235,400 | 235,400 | — | 72,974 | 72,974 | ||||||||||||
Safeway, Inc. | 217,053 | 200,209 | 417,262 | 5,159,350 | 4,758,968 | 9,918,318 | ||||||||||||
SUPERVALUE, Inc. | — | 97,014 | 97,014 | — | 1,416,404 | 1,416,404 | ||||||||||||
10,330,216 | 7,178,574 | 17,508,790 | 1.6 | % | ||||||||||||||
Food Products | ||||||||||||||||||
Archer-Daniels-Midland Co. | 92,200 | — | 92,200 | 2,658,126 | — | 2,658,126 | ||||||||||||
Bunge Ltd.^ | — | 55,570 | 55,570 | — | 2,876,859 | 2,876,859 | ||||||||||||
Campbell Soup Co. | — | 46,993 | 46,993 | — | 1,410,260 | 1,410,260 | ||||||||||||
Chaoda Modern Agriculture (Holdings) Ltd. | — | 3,080,720 | 3,080,720 | — | 1,983,207 | 1,983,207 | ||||||||||||
ConAgra Foods, Inc. | — | 207,126 | 207,126 | — | 3,417,579 | 3,417,579 | ||||||||||||
Corn Products International, Inc. | — | 33,995 | 33,995 | — | 980,756 | 980,756 | ||||||||||||
Cosan Ltd., Class A*^ | — | 28,200 | 28,200 | — | 97,572 | 97,572 | ||||||||||||
Dean Foods Co.* | 218,900 | 190,270 | 409,170 | 3,933,633 | 3,419,152 | 7,352,785 | ||||||||||||
Del Monte Foods Co. | — | 89,515 | 89,515 | — | 639,137 | 639,137 | ||||||||||||
First Pacific Co. | — | 4,404,000 | 4,404,000 | — | 1,536,674 | 1,536,674 | ||||||||||||
H.J. Heinz Co. | — | 64,148 | 64,148 | — | 2,411,965 | 2,411,965 | ||||||||||||
Hershey Co. | — | 34,750 | 34,750 | — | 1,207,215 | 1,207,215 | ||||||||||||
Hormel Foods Corp. | — | 32,529 | 32,529 | — | 1,011,001 | 1,011,001 | ||||||||||||
JM Smucker Co. | — | 43,892 | 43,892 | — | 1,903,157 | 1,903,157 | ||||||||||||
Marfrig Frigorificos e Comercio de Alimentos S.A.* | — | 238,100 | 238,100 | — | 778,892 | 778,892 | ||||||||||||
Marine Harvest ASA* | — | 6,958,000 | 6,958,000 | — | 1,062,029 | 1,062,029 | ||||||||||||
McCormick & Co., Inc. (Non-Voting) | — | 31,958 | 31,958 | — | 1,018,182 | 1,018,182 | ||||||||||||
Perdigao S.A.* | — | 71,200 | 71,200 | — | 926,966 | 926,966 | ||||||||||||
Sara Lee Corp. | — | 324,351 | 324,351 | — | 3,175,396 | 3,175,396 | ||||||||||||
Smithfield Foods, Inc.*^ | 338,400 | 322,139 | 660,539 | 4,761,288 | 4,532,496 | 9,293,784 | ||||||||||||
Tyson Foods, Inc., Class A | — | 119,345 | 119,345 | — | 1,045,462 | 1,045,462 | ||||||||||||
11,353,047 | 35,433,957 | 46,787,004 | 4.2 | % | ||||||||||||||
Household Products | ||||||||||||||||||
Clorox Co. | — | 43,782 | 43,782 | — | 2,432,528 | 2,432,528 | ||||||||||||
— | 2,432,528 | 2,432,528 | 0.2 | % | ||||||||||||||
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | ||||||||||||||
EQ/Lord Abbett Mid Cap Value | EQ/Mid Cap Value Plus | Pro Forma | EQ/Lord Abbett Mid Cap Value | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | |||||||||
Personal Products | |||||||||||||||
Alberto-Culver Co. | — | 34,660 | 34,660 | — | 849,517 | 849,517 | |||||||||
NBTY, Inc.* | — | 12,073 | 12,073 | — | 188,942 | 188,942 | |||||||||
— | 1,038,459 | 1,038,459 | 0.1 | % | |||||||||||
Tobacco | |||||||||||||||
Lorillard, Inc. | — | 37,898 | 37,898 | — | 2,135,552 | 2,135,552 | |||||||||
UST, Inc. | — | 67,558 | 67,558 | — | 4,687,174 | 4,687,174 | |||||||||
— | 6,822,726 | 6,822,726 | 0.6 | % | |||||||||||
Total Consumer Staples | 26,195,175 | 63,049,520 | 89,244,695 | 8.0 | % | ||||||||||
Energy | |||||||||||||||
Energy Equipment & Services | |||||||||||||||
BJ Services Co.^ | — | 133,888 | 133,888 | — | 1,562,473 | 1,562,473 | |||||||||
Cie Generale de Geophysique-Veritas (ADR)*^ | — | 120,400 | 120,400 | — | 1,804,796 | 1,804,796 | |||||||||
ENSCO International, Inc. | — | 4,500 | 4,500 | — | 127,755 | 127,755 | |||||||||
Exterran Holdings, Inc.* | — | 30,593 | 30,593 | — | 651,631 | 651,631 | |||||||||
Global Industries Ltd.*^ | — | 19,300 | 19,300 | — | 67,357 | 67,357 | |||||||||
Halliburton Co. | 188,289 | — | 188,289 | 3,423,094 | — | 3,423,094 | |||||||||
Helix Energy Solutions Group, Inc.* | — | 37,517 | 37,517 | — | 271,623 | 271,623 | |||||||||
Helmerich & Payne, Inc. | — | 47,746 | 47,746 | — | 1,086,222 | 1,086,222 | |||||||||
Hercules Offshore, Inc.*^ | — | 39,771 | 39,771 | — | 188,912 | 188,912 | |||||||||
Key Energy Services, Inc.* | — | 46,697 | 46,697 | — | 205,934 | 205,934 | |||||||||
Nabors Industries Ltd.* | — | 110,164 | 110,164 | — | 1,318,663 | 1,318,663 | |||||||||
Oil States International, Inc.*^ | — | 7,700 | 7,700 | — | 143,913 | 143,913 | |||||||||
Patterson-UTI Energy, Inc.^ | — | 26,757 | 26,757 | — | 307,973 | 307,973 | |||||||||
Pride International, Inc.*^ | — | 21,249 | 21,249 | — | 339,559 | 339,559 | |||||||||
Rowan Cos., Inc.^ | — | 32,777 | 32,777 | — | 521,154 | 521,154 | |||||||||
SBM Offshore N.V. | — | 63,179 | 63,179 | — | 827,907 | 827,907 | |||||||||
SEACOR Holdings, Inc.*^ | — | 8,249 | 8,249 | — | 549,796 | 549,796 | |||||||||
Tidewater, Inc.^ | — | 22,507 | 22,507 | — | 906,357 | 906,357 | |||||||||
Transocean Ltd.* | 43,208 | — | 43,208 | 2,041,578 | — | 2,041,578 | |||||||||
Unit Corp.* | — | 4,988 | 4,988 | — | 133,279 | 133,279 | |||||||||
5,464,672 | 11,015,304 | 16,479,976 | 1.5 | % | |||||||||||
Oil, Gas & Consumable Fuels | |||||||||||||||
Cabot Oil & Gas Corp.^ | — | 25,800 | 25,800 | — | 670,800 | 670,800 | |||||||||
Cimarex Energy Co. | — | 37,918 | 37,918 | — | 1,015,444 | 1,015,444 | |||||||||
El Paso Corp.^ | — | 254,087 | 254,087 | — | 1,989,501 | 1,989,501 | |||||||||
Encore Acquisition Co.* | — | 17,845 | 17,845 | — | 455,404 | 455,404 | |||||||||
EOG Resources, Inc. | 60,946 | — | 60,946 | 4,057,785 | — | 4,057,785 | |||||||||
Forest Oil Corp.*^ | — | 44,065 | 44,065 | — | 726,632 | 726,632 | |||||||||
Mariner Energy, Inc.*^ | — | 11,000 | 11,000 | — | 112,200 | 112,200 | |||||||||
Newfield Exploration Co.*^ | — | 207,831 | 207,831 | — | 4,104,662 | 4,104,662 | |||||||||
Noble Energy, Inc. | — | 103,143 | 103,143 | — | 5,076,699 | 5,076,699 | |||||||||
Overseas Shipholding Group, Inc.^ | — | 11,079 | 11,079 | — | 466,537 | 466,537 | |||||||||
Petrohawk Energy Corp.* | — | 7,000 | 7,000 | — | 109,410 | 109,410 | |||||||||
Pioneer Natural Resources Co. | — | 54,268 | 54,268 | — | 878,056 | 878,056 | |||||||||
Plains Exploration & Production Co.* | — | 4,383 | 4,383 | — | 101,861 | 101,861 | |||||||||
Range Resources Corp. | 102,200 | — | 102,200 | 3,514,658 | — | 3,514,658 | |||||||||
Southern Union Co. | — | 51,324 | 51,324 | — | 669,265 | 669,265 | |||||||||
Spectra Energy Corp. | — | 289,306 | 289,306 | — | 4,553,677 | 4,553,677 | |||||||||
St. Mary Land & Exploration Co.^ | — | 16,377 | 16,377 | — | 332,617 | 332,617 | |||||||||
Sunoco, Inc.^ | — | 21,540 | 21,540 | — | 936,128 | 936,128 | |||||||||
Teekay Corp.^ | — | 18,889 | 18,889 | — | 371,169 | 371,169 | |||||||||
Tesoro Corp.^ | — | 44,308 | 44,308 | — | 583,536 | 583,536 | |||||||||
Uranium One, Inc.* | — | 512,300 | 512,300 | — | 742,825 | 742,825 | |||||||||
7,572,443 | 23,896,423 | 31,468,866 | 2.8 | % | |||||||||||
Total Energy | 13,037,115 | 34,911,727 | 47,948,842 | 4.3 | % | ||||||||||
Financials | |||||||||||||||
Capital Markets | |||||||||||||||
Affiliated Managers Group, Inc.*^ | — | 41,400 | 41,400 | — | 1,735,488 | 1,735,488 | |||||||||
Allied Capital Corp.^ | — | 77,750 | 77,750 | — | 209,148 | 209,148 | |||||||||
American Capital Ltd.^ | — | 90,899 | 90,899 | — | 294,513 | 294,513 | |||||||||
Ameriprise Financial, Inc. | — | 234,061 | 234,061 | — | 5,467,665 | 5,467,665 | |||||||||
E*TRADE Financial Corp.*^ | — | 158,600 | 158,600 | — | 182,390 | 182,390 | |||||||||
Invesco Ltd. | — | 283,260 | 283,260 | — | 4,090,274 | 4,090,274 | |||||||||
Investment Technology Group, Inc.*^ | — | 1,700 | 1,700 | — | 38,624 | 38,624 | |||||||||
Janus Capital Group, Inc.^ | — | 5,300 | 5,300 | — | 42,559 | 42,559 | |||||||||
Jefferies Group, Inc.^ | — | 57,854 | 57,854 | — | 813,427 | 813,427 | |||||||||
Legg Mason, Inc.^ | — | 63,553 | 63,553 | — | 1,392,446 | 1,392,446 | |||||||||
MF Global Ltd.*^ | — | 23,800 | 23,800 | — | 48,552 | 48,552 | |||||||||
Northern Trust Corp. | — | 9,689 | 9,689 | — | 505,184 | 505,184 | |||||||||
Raymond James Financial, Inc.^ | — | 43,898 | 43,898 | — | 751,973 | 751,973 | |||||||||
TD Ameritrade Holding Corp.* | — | 174,700 | 174,700 | — | 2,489,475 | 2,489,475 | |||||||||
— | 18,061,718 | 18,061,718 | 1.6 | % | |||||||||||
Commercial Banks | |||||||||||||||
Associated Banc-Corp | — | 58,252 | 58,252 | — | 1,219,214 | 1,219,214 | |||||||||
Bancorpsouth, Inc.^ | — | 37,380 | 37,380 | — | 873,197 | 873,197 | |||||||||
Bank of Hawaii Corp.^ | — | 21,767 | 21,767 | — | 983,215 | 983,215 | |||||||||
BOK Financial Corp.^ | — | 10,077 | 10,077 | — | 407,111 | 407,111 | |||||||||
City National Corp./California^ | — | 18,140 | 18,140 | — | 883,418 | 883,418 | |||||||||
Comerica, Inc.^ | 162,300 | 132,330 | 294,630 | 3,221,655 | 2,626,751 | 5,848,406 | |||||||||
Commerce Bancshares, Inc./Missouri^ | — | 29,458 | 29,458 | — | 1,294,679 | 1,294,679 | |||||||||
Cullen/Frost Bankers, Inc.^ | — | 26,733 | 26,733 | — | 1,354,828 | 1,354,828 | |||||||||
Fifth Third Bancorp^ | 413,800 | 231,291 | 645,091 | 3,417,988 | 1,910,464 | 5,328,452 | |||||||||
First Citizens BancShares, Inc./North Carolina, Class A^ | — | 2,734 | 2,734 | — | 417,755 | 417,755 | |||||||||
First Horizon National Corp.^ | — | 93,306 | 93,306 | — | 986,241 | 986,241 | |||||||||
Fulton Financial Corp.^ | — | 80,013 | 80,013 | — | 769,725 | 769,725 | |||||||||
Huntington Bancshares, Inc./Ohio^ | — | 182,333 | 182,333 | — | 1,396,671 | 1,396,671 | |||||||||
KeyCorp | — | 226,680 | 226,680 | — | 1,931,314 | 1,931,314 | |||||||||
M&T Bank Corp.^ | 56,500 | 63,055 | 119,555 | 3,243,665 | �� | 3,619,988 | 6,863,653 | ||||||||
Marshall & Ilsley Corp.^ | — | 117,832 | 117,832 | — | 1,607,228 | 1,607,228 | |||||||||
National City Corp. | — | 932,668 | 932,668 | — | 1,688,129 | 1,688,129 | |||||||||
Popular, Inc.^ | — | 562,708 | 562,708 | — | 2,903,573 | 2,903,573 | |||||||||
Regions Financial Corp.^ | — | 317,779 | 317,779 | — | 2,529,521 | 2,529,521 | |||||||||
Signature Bank/New York* | — | 1,800 | 1,800 | — | 51,642 | 51,642 | |||||||||
Synovus Financial Corp. | — | 127,519 | 127,519 | — | 1,058,408 | 1,058,408 | |||||||||
TCF Financial Corp.^ | — | 58,142 | 58,142 | — | 794,220 | 794,220 | |||||||||
Valley National Bancorp^ | — | 61,226 | 61,226 | — | 1,239,826 | 1,239,826 | |||||||||
Webster Financial Corp.^ | — | 23,792 | 23,792 | — | 327,854 | 327,854 | |||||||||
Whitney Holding Corp./Louisiana^ | — | 29,088 | 29,088 | — | 465,117 | 465,117 | |||||||||
Wilmington Trust Corp.^ | — | 30,537 | 30,537 | — | 679,143 | 679,143 | |||||||||
Zions Bancorporation^ | 122,000 | 52,385 | 174,385 | 2,990,220 | 1,283,956 | 4,274,176 | |||||||||
12,873,528 | 35,303,188 | 48,176,716 | 4.3 | % | |||||||||||
Consumer Finance | |||||||||||||||
AmeriCredit Corp.*^ | — | 52,183 | 52,183 | — | 398,678 | 398,678 | |||||||||
Capital One Financial Corp. | 105,500 | — | 105,500 | 3,364,395 | — | 3,364,395 | |||||||||
Discover Financial Services | — | 219,402 | 219,402 | — | 2,090,901 | 2,090,901 | |||||||||
SLM Corp.*^ | — | 24,089 | 24,089 | — | 214,392 | 214,392 | |||||||||
Student Loan Corp.^ | — | 1,800 | 1,800 | — | 73,800 | 73,800 | |||||||||
3,364,395 | 2,777,771 | 6,142,166 | 0.6 | % | |||||||||||
Diversified Financial Services | |||||||||||||||
CIT Group, Inc.^ | — | 500,740 | 500,740 | — | 2,273,359 | 2,273,359 | |||||||||
Leucadia National Corp.*^ | — | 80,668 | 80,668 | — | 1,597,226 | 1,597,226 | |||||||||
Moody's Corp. | — | 90,174 | 90,174 | — | 1,811,596 | 1,811,596 | |||||||||
NASDAQ OMX Group, Inc.*^ | — | 28,335 | 28,335 | — | 700,158 | 700,158 | |||||||||
PHH Corp.*^ | — | 410,000 | 410,000 | — | 5,219,300 | 5,219,300 | |||||||||
— | 11,601,639 | 11,601,639 | 1.0 | % | |||||||||||
Insurance | |||||||||||||||
ACE Ltd. | 113,793 | — | 113,793 | 6,021,926 | — | 6,021,926 | |||||||||
Alleghany Corp.* | — | 2,311 | 2,311 | — | 651,702 | 651,702 | |||||||||
Allied World Assurance Co. Holdings Ltd./Bermuda^ | — | 22,169 | 22,169 | — | 900,061 | 900,061 | |||||||||
American Financial Group, Inc./Ohio | — | 36,136 | 36,136 | — | 826,792 | 826,792 | |||||||||
American National Insurance Co.^ | — | 7,038 | 7,038 | — | 518,912 | 518,912 | |||||||||
Aon Corp. | — | 126,855 | 126,855 | — | 5,794,736 | 5,794,736 | |||||||||
Arch Capital Group Ltd.* | — | 20,900 | 20,900 | — | 1,465,090 | 1,465,090 | |||||||||
Arthur J. Gallagher & Co. | — | 42,460 | 42,460 | — | 1,100,139 | 1,100,139 | |||||||||
Assurant, Inc. | — | 53,879 | 53,879 | — | 1,616,370 | 1,616,370 | |||||||||
Axis Capital Holdings Ltd. | — | 52,013 | 52,013 | — | 1,514,619 | 1,514,619 | |||||||||
Brown & Brown, Inc.^ | — | 39,965 | 39,965 | — | 835,268 | 835,268 | |||||||||
Cincinnati Financial Corp. | — | 66,677 | 66,677 | — | 1,938,300 | 1,938,300 | |||||||||
CNA Financial Corp. | — | 12,258 | 12,258 | — | 201,522 | 201,522 | |||||||||
Conseco, Inc.*^ | 428,839 | 83,777 | 512,616 | 2,221,386 | 433,965 | 2,655,351 | |||||||||
Endurance Specialty Holdings Ltd. | — | 23,705 | 23,705 | — | 723,714 | 723,714 | |||||||||
Erie Indemnity Co., Class A^ | — | 13,333 | 13,333 | — | 501,721 | 501,721 | |||||||||
Everest Reinsurance Group Ltd. | — | 118,849 | 118,849 | — | 9,049,163 | 9,049,163 | |||||||||
Fidelity National Financial, Inc., Class A | — | 203,117 | 203,117 | — | 3,605,327 | 3,605,327 | |||||||||
First American Corp.^ | — | 98,435 | 98,435 | — | 2,843,787 | 2,843,787 | |||||||||
Genworth Financial, Inc., Class A | — | 193,940 | 193,940 | — | 548,850 | 548,850 | |||||||||
Hanover Insurance Group, Inc. | — | 23,317 | 23,317 | — | 1,001,931 | 1,001,931 | |||||||||
HCC Insurance Holdings, Inc. | — | 52,546 | 52,546 | — | 1,405,606 | 1,405,606 | |||||||||
Lincoln National Corp. | — | 119,320 | 119,320 | — | 2,247,989 | 2,247,989 | |||||||||
Markel Corp.*^ | — | 4,551 | 4,551 | — | 1,360,749 | 1,360,749 | |||||||||
Marsh & McLennan Cos., Inc. | — | 233,807 | 233,807 | — | 5,674,496 | 5,674,496 | |||||||||
MBIA, Inc.*^ | — | 95,723 | 95,723 | — | 389,593 | 389,593 | |||||||||
Mercury General Corp.^ | — | 12,060 | 12,060 | — | 554,639 | 554,639 | |||||||||
Nationwide Financial Services, Inc., Class A | — | 21,168 | 21,168 | — | 1,105,181 | 1,105,181 | |||||||||
Old Republic International Corp.^ | — | 105,536 | 105,536 | — | 1,257,989 | 1,257,989 | |||||||||
OneBeacon Insurance Group Ltd. | — | 11,200 | 11,200 | — | 116,928 | 116,928 | |||||||||
PartnerReinsurance Ltd.^ | 56,540 | 58,318 | 114,858 | 4,029,606 | 4,156,324 | 8,185,930 | |||||||||
Platinum Underwriters Holdings Ltd.^ | — | 18,900 | 18,900 | — | 681,912 | 681,912 | |||||||||
Principal Financial Group, Inc.^ | — | 118,435 | 118,435 | — | 2,673,078 | 2,673,078 | |||||||||
Progressive Corp. | — | 309,659 | 309,659 | — | 4,586,050 | 4,586,050 | |||||||||
Protective Life Corp.^ | — | 31,255 | 31,255 | — | 448,509 | 448,509 | |||||||||
Reinsurance Group of America, Inc. | — | 169,535 | 169,535 | — | 7,259,489 | 7,259,489 | |||||||||
RenaissanceReinsurance Holdings Ltd. | — | 27,931 | 27,931 | — | 1,440,122 | 1,440,122 | |||||||||
StanCorp Financial Group, Inc.^ | — | 22,224 | 22,224 | — | 928,296 | 928,296 | |||||||||
Torchmark Corp.^ | — | 38,639 | 38,639 | — | 1,727,163 | 1,727,163 | |||||||||
Transatlantic Holdings, Inc. | — | 9,200 | 9,200 | — | 368,552 | 368,552 | |||||||||
Unitrin, Inc.^ | — | 18,642 | 18,642 | — | 297,153 | 297,153 | |||||||||
Unum Group | — | 408,220 | 408,220 | — | 7,592,892 | 7,592,892 | |||||||||
W.R. Berkley Corp. | — | 62,649 | 62,649 | — | 1,942,119 | 1,942,119 | |||||||||
Wesco Financial Corp. | — | 590 | 590 | — | 169,861 | 169,861 | |||||||||
White Mountains Insurance Group Ltd. | — | 4,064 | 4,064 | — | 1,085,535 | 1,085,535 | |||||||||
XL Capital Ltd., Class A | — | 148,235 | 148,235 | — | 548,470 | 548,470 | |||||||||
12,272,918 | 86,090,664 | 98,363,582 | 8.8 | % | |||||||||||
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | ||||||||||||||
EQ/Lord Abbett Mid Cap Value | EQ/Mid Cap Value Plus | Pro Forma | EQ/Lord Abbett Mid Cap Value | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | |||||||||
Real Estate Investment Trusts (REIT’s) | |||||||||||||||
Acadia Realty Trust (REIT) | — | — | — | — | — | ||||||||||
Alexandria Real Estate Equities, Inc. (REIT)^ | — | 14,770 | 14,770 | — | 891,222 | 891,222 | |||||||||
AMB Property Corp. (REIT)^ | — | 44,500 | 44,500 | — | 1,042,190 | 1,042,190 | |||||||||
Annaly Capital Management, Inc. (REIT)^ | — | 572,468 | 572,468 | — | 9,085,067 | 9,085,067 | |||||||||
Apartment Investment & Management Co. (REIT), Class A^ | — | 31,459 | 31,459 | — | 363,351 | 363,351 | |||||||||
AvalonBay Communities, Inc. (REIT)^ | — | 35,196 | 35,196 | — | 2,132,174 | 2,132,174 | |||||||||
Boston Properties, Inc. (REIT)^ | — | 54,749 | 54,749 | — | 3,011,195 | 3,011,195 | |||||||||
Brandywine Realty Trust (REIT)^ | — | 39,736 | 39,736 | — | 306,365 | 306,365 | |||||||||
BRE Properties, Inc. (REIT)^ | — | 22,161 | 22,161 | — | 620,065 | 620,065 | |||||||||
Camden Property Trust (REIT)^ | — | 8,720 | 8,720 | — | 273,285 | 273,285 | |||||||||
CapitalSource, Inc. (REIT)^ | — | 87,046 | 87,046 | — | 402,153 | 402,153 | |||||||||
CBL & Associates Properties, Inc. (REIT)^ | — | 30,078 | 30,078 | — | 195,507 | 195,507 | |||||||||
Developers Diversified Realty Corp. (REIT)^ | — | 53,662 | 53,662 | — | 261,871 | 261,871 | |||||||||
Digital Realty Trust, Inc. (REIT)^ | — | 10,292 | 10,292 | — | 338,092 | 338,092 | |||||||||
Douglas Emmett, Inc. (REIT)^ | — | 55,816 | 55,816 | — | 728,957 | 728,957 | |||||||||
Duke Realty Corp. (REIT)^ | — | 67,410 | 67,410 | — | 738,814 | 738,814 | |||||||||
Equity Residential (REIT)^ | — | 123,638 | 123,638 | — | 3,686,885 | 3,686,885 | |||||||||
Essex Property Trust (REIT)^ | — | 9,151 | 9,151 | — | 702,339 | 702,339 | |||||||||
Federal Realty Investment Trust (REIT)^ | — | 18,992 | 18,992 | — | 1,179,023 | 1,179,023 | |||||||||
General Growth Properties, Inc. (REIT)^ | — | 48,044 | 48,044 | — | 61,977 | 61,977 | |||||||||
HCP, Inc. (REIT)^ | — | 101,498 | 101,498 | — | 2,818,599 | 2,818,599 | |||||||||
Health Care REIT, Inc. (REIT)^ | — | 41,118 | 41,118 | — | 1,735,180 | 1,735,180 | |||||||||
Hospitality Properties Trust (REIT)^ | — | 43,761 | 43,761 | — | 650,726 | 650,726 | |||||||||
Host Hotels & Resorts, Inc. (REIT)^ | — | 240,431 | 240,431 | — | 1,820,063 | 1,820,063 | |||||||||
HRPT Properties Trust (REIT)^ | — | 102,293 | 102,293 | — | 344,727 | 344,727 | |||||||||
iStar Financial, Inc. (REIT)^ | — | 60,846 | 60,846 | — | 135,687 | 135,687 | |||||||||
Kilroy Realty Corp. (REIT)^ | — | 13,522 | 13,522 | — | 452,446 | 452,446 | |||||||||
Kimco Realty Corp. (REIT)^ | — | 249,745 | 249,745 | — | 4,565,339 | 4,565,339 | |||||||||
Liberty Property Trust (REIT) | — | 44,534 | 44,534 | — | 1,016,711 | 1,016,711 | |||||||||
Mack-Cali Realty Corp. (REIT)^ | — | 30,215 | 30,215 | — | 740,267 | 740,267 | |||||||||
Nationwide Health Properties, Inc. (REIT)^ | — | 39,690 | 39,690 | — | 1,139,897 | 1,139,897 | |||||||||
Plum Creek Timber Co., Inc. (REIT)^ | — | 53,078 | 53,078 | — | 1,843,930 | 1,843,930 | |||||||||
ProLogis (REIT)^ | — | 120,797 | 120,797 | — | 1,677,870 | 1,677,870 | |||||||||
Public Storage (REIT) | — | 57,807 | 57,807 | — | 4,595,656 | 4,595,656 | |||||||||
Rayonier, Inc. (REIT) | — | 31,214 | 31,214 | — | 978,559 | 978,559 | |||||||||
Regency Centers Corp. (REIT)^ | — | 31,930 | 31,930 | — | 1,491,131 | 1,491,131 | |||||||||
SL Green Realty Corp. (REIT)^ | — | 26,850 | 26,850 | — | 695,415 | 695,415 | |||||||||
UDR, Inc. (REIT)^ | — | 61,837 | 61,837 | — | 852,732 | 852,732 | |||||||||
Ventas, Inc. (REIT)^ | — | 49,432 | 49,432 | — | 1,659,432 | 1,659,432 | |||||||||
Vornado Realty Trust (REIT)^ | — | 62,194 | 62,194 | — | 3,753,408 | 3,753,408 | |||||||||
Weingarten Realty Investors (REIT)^ | — | 34,209 | 34,209 | — | 707,784 | 707,784 | |||||||||
— | 59,696,091 | 59,696,091 | 5.3 | % | |||||||||||
Real Estate Management & Development | |||||||||||||||
CB Richard Ellis Group, Inc., Class A*^ | — | 64,077 | 64,077 | — | 276,813 | 276,813 | |||||||||
Jones Lang LaSalle, Inc.^ | — | 15,653 | 15,653 | — | 433,588 | 433,588 | |||||||||
St. Joe Co.*^ | — | 6,602 | 6,602 | — | 160,560 | 160,560 | |||||||||
— | 870,961 | 870,961 | 0.1 | % | |||||||||||
Thrifts & Mortgage Finance | |||||||||||||||
Astoria Financial Corp. | — | 38,771 | 38,771 | — | 638,946 | 638,946 | |||||||||
Beneficial Mutual Bancorp, Inc.*^ | — | 22,506 | 22,506 | — | 253,193 | 253,193 | |||||||||
Capitol Federal Financial^ | — | 6,500 | 6,500 | — | 296,400 | 296,400 | |||||||||
Hudson City Bancorp, Inc. | — | 155,111 | 155,111 | — | 2,475,572 | 2,475,572 | |||||||||
MGIC Investment Corp.^ | — | 55,859 | 55,859 | — | 194,389 | 194,389 | |||||||||
New York Community Bancorp, Inc. | — | 157,722 | 157,722 | — | 1,886,355 | 1,886,355 | |||||||||
People’s United Financial, Inc. | — | 158,239 | 158,239 | — | 2,821,401 | 2,821,401 | |||||||||
Sovereign Bancorp, Inc.*^ | — | 689,854 | 689,854 | — | 2,055,765 | 2,055,765 | |||||||||
TFS Financial Corp.^ | — | 38,537 | 38,537 | — | 497,127 | 497,127 | |||||||||
Tree.com, Inc.* | — | 2,430 | 2,430 | — | 6,318 | 6,318 | |||||||||
Washington Federal, Inc.^ | — | 39,831 | 39,831 | — | 595,872 | 595,872 | |||||||||
— | 11,721,338 | 11,721,338 | 1.0 | % | |||||||||||
Total Financials | 28,510,841 | 226,123,370 | 254,634,211 | 22.7 | % | ||||||||||
Health Care (13.0%) | |||||||||||||||
Biotechnology | |||||||||||||||
Theravance, Inc.*^ | — | 214,500 | 214,500 | — | 2,657,655 | 2,657,655 | |||||||||
— | 2,657,655 | 2,657,655 | 0.3 | % | |||||||||||
Health Care Equipment & Supplies | |||||||||||||||
Advanced Medical Optics, Inc.*^ | — | 3,300 | 3,300 | — | 21,813 | 21,813 | |||||||||
Beckman Coulter, Inc. | — | 5,464 | 5,464 | — | 240,088 | 240,088 | |||||||||
Cooper Cos., Inc.^ | — | 20,408 | 20,408 | — | 334,691 | 334,691 | |||||||||
Covidien Ltd. | 94,200 | — | 94,200 | 3,413,808 | — | 3,413,808 | |||||||||
Hill-Rom Holdings, Inc.^ | — | 24,437 | 24,437 | — | 402,233 | 402,233 | |||||||||
Hologic, Inc.*^ | — | 58,790 | 58,790 | — | 768,385 | 768,385 | |||||||||
Hospira, Inc.* | — | 62,723 | 62,723 | — | 1,682,231 | 1,682,231 | |||||||||
Inverness Medical Innovations, Inc.*^ | — | 17,378 | 17,378 | — | 328,618 | 328,618 | |||||||||
Teleflex, Inc. | — | 17,936 | 17,936 | — | 898,594 | 898,594 | |||||||||
West Pharmaceutical Services, Inc.^ | — | 106,400 | 106,400 | — | 4,018,728 | 4,018,728 | |||||||||
3,413,808 | 8,695,381 | 12,109,189 | 1.1 | % | |||||||||||
Health Care Providers & Services | |||||||||||||||
AmerisourceBergen Corp. | — | 138,147 | 138,147 | — | 4,926,322 | 4,926,322 | |||||||||
Brookdale Senior Living, Inc.^ | — | 16,500 | 16,500 | — | 92,070 | 92,070 | |||||||||
CIGNA Corp. | — | 255,459 | 255,459 | — | 4,304,484 | 4,304,484 | |||||||||
Community Health Systems, Inc.*^ | — | 33,398 | 33,398 | — | 486,943 | 486,943 | |||||||||
Coventry Health Care, Inc.* | — | 55,486 | 55,486 | — | 825,632 | 825,632 | |||||||||
DaVita, Inc.* | — | 7,865 | 7,865 | — | 389,868 | 389,868 | |||||||||
Health Management Associates, Inc., Class A*^ | — | 38,100 | 38,100 | — | 68,199 | 68,199 | |||||||||
Health Net, Inc.*^ | — | 45,457 | 45,457 | — | 495,027 | 495,027 | |||||||||
HealthSouth Corp.*^ | 327,100 | — | 327,100 | 3,585,016 | — | 3,585,016 | |||||||||
Henry Schein, Inc.* | — | 3,000 | 3,000 | — | 110,070 | 110,070 | |||||||||
Humana, Inc.* | — | 118,743 | 118,743 | — | 4,426,739 | 4,426,739 | |||||||||
Laboratory Corp. of America Holdings*^ | — | 44,300 | 44,300 | — | 2,853,363 | 2,853,363 | |||||||||
LifePoint Hospitals, Inc.*^ | — | 24,265 | 24,265 | — | 554,212 | 554,212 | |||||||||
Lincare Holdings, Inc.* | — | 3,000 | 3,000 | — | 80,790 | 80,790 | |||||||||
Omnicare, Inc. | — | 45,243 | 45,243 | — | 1,255,946 | 1,255,946 | |||||||||
Pediatrix Medical Group, Inc.*^ | — | 3,200 | 3,200 | — | 101,440 | 101,440 | |||||||||
Quest Diagnostics, Inc. | — | 12,844 | 12,844 | — | 666,732 | 666,732 | |||||||||
Tenet Healthcare Corp.* | — | 94,234 | 94,234 | — | 108,369 | 108,369 | |||||||||
Universal Health Services, Inc., Class B | — | 21,741 | 21,741 | — | 816,809 | 816,809 | |||||||||
3,585,016 | 22,563,015 | 26,148,031 | 2.3 | % | |||||||||||
Health Care Technology | |||||||||||||||
HLTH Corp.*^ | — | 59,383 | 59,383 | — | 621,146 | 621,146 | |||||||||
IMS Health, Inc. | — | 64,416 | 64,416 | — | 976,547 | 976,547 | |||||||||
— | 1,597,693 | 1,597,693 | 0.1 | % | |||||||||||
Life Sciences Tools & Services | |||||||||||||||
Charles River Laboratories International, Inc.*^ | — | 16,658 | 16,658 | — | 436,440 | 436,440 | |||||||||
Life Technologies Corp.* | — | 27,487 | 27,487 | — | 640,722 | 640,722 | |||||||||
PerkinElmer, Inc.^ | — | 29,305 | 29,305 | — | 407,632 | 407,632 | |||||||||
— | 1,484,794 | 1,484,794 | 0.1 | % | |||||||||||
Pharmaceuticals | |||||||||||||||
Endo Pharmaceuticals Holdings, Inc.* | — | 72,100 | 72,100 | — | 1,865,948 | 1,865,948 | |||||||||
Forest Laboratories, Inc.* | — | 127,796 | 127,796 | — | 3,254,964 | 3,254,964 | |||||||||
King Pharmaceuticals, Inc.* | 710,658 | 112,649 | 823,307 | 7,547,188 | 1,196,332 | 8,743,520 | |||||||||
Mylan, Inc.*^ | 727,457 | 113,769 | 841,226 | 7,194,550 | 1,125,176 | 8,319,726 | |||||||||
Watson Pharmaceuticals, Inc.* | — | 24,350 | 24,350 | — | 646,980 | 646,980 | |||||||||
14,741,738 | 8,089,400 | 22,831,138 | 2.0 | % | |||||||||||
Total Health Care | 21,740,562 | 45,087,938 | 66,828,500 | 5.9 | % | ||||||||||
Industrials | |||||||||||||||
Aerospace & Defense | |||||||||||||||
Alliant Techsystems, Inc.*^ | — | 65,642 | 65,642 | — | 5,629,458 | 5,629,458 | |||||||||
BE Aerospace, Inc.*^ | — | 3,000 | 3,000 | — | 23,070 | 23,070 | |||||||||
L-3 Communications Holdings, Inc. | — | 12,561 | 12,561 | — | 926,750 | 926,750 | |||||||||
Spirit AeroSystems Holdings, Inc., Class A*^ | — | 46,864 | 46,864 | — | 476,607 | 476,607 | |||||||||
— | 7,055,885 | 7,055,885 | 0.6 | % | |||||||||||
Air Frieght & Logistics | |||||||||||||||
Uti Worldwide, Inc. | — | 4,400 | 4,400 | — | 63,096 | 63,096 | |||||||||
— | 63,096 | 63,096 | 0.0 | % | |||||||||||
Airlines | |||||||||||||||
AMR Corp.* | — | 63,730 | 63,730 | — | 679,999 | 679,999 | |||||||||
Continental Airlines, Inc., Class B*^ | — | 49,860 | 49,860 | — | 900,472 | 900,472 | |||||||||
Copa Holdings S.A., Class A | — | 3,700 | 3,700 | — | 112,184 | 112,184 | |||||||||
Delta Air Lines, Inc.* | — | 1,078,538 | 1,078,538 | — | 12,360,045 | 12,360,045 | |||||||||
Southwest Airlines Co. | — | 334,676 | 334,676 | — | 2,884,907 | 2,884,907 | |||||||||
— | 16,937,607 | 16,937,607 | 1.5 | % | |||||||||||
Building Products | |||||||||||||||
Armstrong World Industries, Inc.^ | — | 9,300 | 9,300 | — | 201,066 | 201,066 | |||||||||
Masco Corp. | — | 166,487 | 166,487 | — | 1,853,000 | 1,853,000 | |||||||||
Owens Corning, Inc.*^ | 121,700 | 35,133 | 156,833 | 2,105,410 | 607,801 | 2,713,211 | |||||||||
USG Corp.* | — | 13,498 | 13,498 | — | 108,524 | 108,524 | |||||||||
2,105,410 | 2,770,391 | 4,875,801 | 0.4 | % | |||||||||||
Commercial Services & Supplies | |||||||||||||||
Avery Dennison Corp.^ | — | 48,510 | 48,510 | — | 1,587,732 | 1,587,732 | |||||||||
Cintas Corp. | — | 59,808 | 59,808 | — | 1,389,340 | 1,389,340 | |||||||||
Copart, Inc.*^ | — | 40,500 | 40,500 | — | 1,101,195 | 1,101,195 | |||||||||
Corrections Corp. of America*^ | — | 6,600 | 6,600 | — | 107,976 | 107,976 | |||||||||
Pitney Bowes, Inc. | — | 9,200 | 9,200 | — | 234,416 | 234,416 | |||||||||
R.R. Donnelley & Sons Co. | 279,143 | 225,729 | 504,872 | 3,790,762 | 3,065,400 | 6,856,162 | |||||||||
Republic Services, Inc. | 214,264 | 83,226 | 297,490 | 5,311,604 | 2,063,172 | 7,374,776 | |||||||||
Steelcase, Inc., Class A | — | 27,690 | 27,690 | — | 155,618 | 155,618 | |||||||||
9,102,366 | 9,704,849 | 18,807,215 | 1.7 | % | |||||||||||
Construction & Engineering | |||||||||||||||
Aecom Technology Corp.*^ | — | 4,900 | 4,900 | — | 150,577 | 150,577 | |||||||||
KBR, Inc.^ | 190,631 | 14,900 | 205,531 | 2,897,591 | 226,480 | 3,124,071 | |||||||||
Quanta Services, Inc.* | — | 19,774 | 19,774 | — | 391,525 | 391,525 | |||||||||
URS Corp.*^ | — | 105,102 | 105,102 | — | 4,285,009 | 4,285,009 | |||||||||
2,897,591 | 5,053,591 | 7,951,182 | 0.7 | % | |||||||||||
Eletrical Equipment | |||||||||||||||
Cooper Industries Ltd., Class A | — | 18,617 | 18,617 | — | 544,175 | 544,175 | |||||||||
Hubbell, Inc., Class B^ | 89,534 | 14,323 | 103,857 | 2,925,971 | 468,075 | 3,394,046 | |||||||||
Thomas & Betts Corp.*^ | — | 27,035 | 27,035 | — | 649,381 | 649,381 | |||||||||
2,925,971 | 1,661,631 | 4,587,602 | 0.4 | % | |||||||||||
Industrial Conglomerates | |||||||||||||||
Carlisle Cos., Inc.^ | — | 24,340 | 24,340 | — | 503,838 | 503,838 |
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | ||||||||||||||
EQ/Lord Abbett Mid Cap Value | EQ/Mid Cap Value Plus | Pro Forma | EQ/Lord Abbett Mid Cap Value | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | |||||||||
Textron, Inc. | 165,300 | — | 165,300 | 2,292,711 | — | 2,292,711 | |||||||||
Tyco International Ltd. | 108,000 | — | 108,000 | 2,332,800 | — | 2,332,800 | |||||||||
4,625,511 | 503,838 | 5,129,349 | 0.5 | % | |||||||||||
Machinery | |||||||||||||||
AGCO Corp.* | — | 33,998 | 33,998 | — | 802,013 | 802,013 | |||||||||
Crane Co. | — | 22,695 | 22,695 | — | 391,262 | 391,262 | |||||||||
Cummins, Inc. | 91,540 | — | 91,540 | 2,446,864 | — | 2,446,864 | |||||||||
Dover Corp. | — | 59,526 | 59,526 | — | 1,959,596 | 1,959,596 | |||||||||
Eaton Corp. | 55,900 | 41,320 | 97,220 | 2,778,789 | 2,054,017 | 4,832,806 | |||||||||
Flowserve Corp.^ | — | 14,516 | 14,516 | 747,574 | 747,574 | ||||||||||
Gardner Denver, Inc.* | — | 24,502 | 24,502 | — | 571,877 | 571,877 | |||||||||
IDEX Corp.^ | — | 4,200 | 4,200 | — | 101,430 | 101,430 | |||||||||
Ingersoll-Rand Co., Ltd., Class A | — | 118,950 | 118,950 | — | 2,063,782 | 2,063,782 | |||||||||
ITT Corp. | — | 19,991 | 19,991 | 919,386 | 919,386 | ||||||||||
Kennametal, Inc. | — | 28,236 | 28,236 | — | 626,557 | 626,557 | |||||||||
Lincoln Electric Holdings, Inc.^ | — | 6,155 | 6,155 | — | 313,474 | 313,474 | |||||||||
Oshkosh Corp.^ | — | 10,500 | 10,500 | — | 93,345 | 93,345 | |||||||||
Pentair, Inc. | 32,200 | 187,192 | 219,392 | 762,174 | 4,430,835 | 5,193,009 | |||||||||
Terex Corp.*^ | — | 45,199 | 45,199 | — | 782,847 | 782,847 | |||||||||
Timken Co. | 249,090 | 36,097 | 285,187 | 4,889,637 | 708,584 | 5,598,221 | |||||||||
Trinity Industries, Inc.^ | — | 36,252 | 36,252 | — | 571,331 | 571,331 | |||||||||
10,877,464 | 17,137,910 | 28,015,374 | 2.5 | % | |||||||||||
Marine | |||||||||||||||
Alexander & Baldwin, Inc.^ | — | 18,491 | 18,491 | — | 463,384 | 463,384 | |||||||||
— | 463,384 | 463,384 | 0.0 | % | |||||||||||
Professional Services | |||||||||||||||
Dun & Bradstreet Corp. | — | 7,392 | 7,392 | — | 570,662 | 570,662 | |||||||||
Equifax, Inc. | — | 27,782 | 27,782 | — | 736,779 | 736,779 | |||||||||
Manpower, Inc. | — | 33,551 | 33,551 | — | 1,140,399 | 1,140,399 | |||||||||
— | 2,447,840 | 2,447,840 | 0.2 | % | |||||||||||
Road & Rail | |||||||||||||||
Avis Budget Group, Inc.*^ | — | 46,800 | 46,800 | — | 32,760 | 32,760 | |||||||||
Con-way, Inc.^ | — | 99,666 | 99,666 | — | 2,651,116 | 2,651,116 | |||||||||
Hertz Global Holdings, Inc.*^ | — | 136,563 | 136,563 | — | 692,374 | 692,374 | |||||||||
Kansas City Southern*^ | — | 7,900 | 7,900 | — | 150,495 | 150,495 | |||||||||
Ryder System, Inc. | — | 17,779 | 17,779 | — | 689,470 | 689,470 | |||||||||
— | 4,216,215 | 4,216,215 | 0.4 | % | |||||||||||
Trading Companies & Distributors | |||||||||||||||
GATX Corp.^ | — | 19,750 | 19,750 | — | 611,658 | 611,658 | |||||||||
United Rentals, Inc.*^ | — | 27,175 | 27,175 | — | 247,836 | 247,836 | |||||||||
WESCO International, Inc.*^ | — | 5,200 | 5,200 | — | 99,996 | 99,996 | |||||||||
W.W. Grainger, Inc. | 42,953 | — | 42,953 | 3,386,415 | — | 3,386,415 | |||||||||
3,386,415 | 959,490 | 4,345,905 | 0.4 | % | |||||||||||
Total Industrials | 35,920,728 | 68,975,727 | 104,896,455 | 9.3 | % | ||||||||||
Information Technology | |||||||||||||||
Communications Equipment | |||||||||||||||
ADC Telecommunications, Inc.*^ | 455,616 | 53,333 | 508,949 | 2,492,220 | 291,731 | 2,783,951 | |||||||||
Brocade Communications Systems, Inc.*^ | — | 144,654 | 144,654 | — | 405,031 | 405,031 | |||||||||
EchoStar Corp., Class A*^ | — | 17,633 | 17,633 | 262,203 | 262,203 | ||||||||||
JDS Uniphase Corp.*^ | 804,605 | 299,832 | 1,104,437 | 2,936,808 | 1,094,387 | 4,031,195 | |||||||||
Tellabs, Inc.* | 974,349 | 182,682 | 1,157,031 | 4,014,318 | 752,650 | 4,766,968 | |||||||||
9,443,346 | 2,806,002 | 12,249,348 | 1.1 | % | |||||||||||
Computers & Peripherals | |||||||||||||||
Diebold, Inc. | — | 5,000 | 5,000 | — | 140,450 | 140,450 | |||||||||
Lexmark International, Inc., Class A* | — | 35,605 | 35,605 | — | 957,775 | 957,775 | |||||||||
NCR Corp.* | — | 7,700 | 7,700 | — | 108,878 | 108,878 | |||||||||
NetApp, Inc.*^ | — | 119,000 | 119,000 | — | 1,662,430 | 1,662,430 | |||||||||
QLogic Corp.* | — | 60,964 | 60,964 | — | 819,356 | 819,356 | |||||||||
SanDisk Corp.*^ | — | 82,949 | 82,949 | — | 796,310 | 796,310 | |||||||||
Seagate Technology | — | 333,824 | 333,824 | — | 1,478,840 | 1,478,840 | |||||||||
Sun Microsystems, Inc.* | — | 335,230 | 335,230 | — | 1,280,579 | 1,280,579 | |||||||||
Teradata Corp.* | — | 42,234 | 42,234 | — | 626,330 | 626,330 | |||||||||
— | 7,870,948 | 7,870,948 | 0.7 | % | |||||||||||
Electronic Equipment, Instruments & Components | |||||||||||||||
Arrow Electronics, Inc.* | — | 300,331 | 300,331 | — | 5,658,236 | 5,658,236 | |||||||||
Avnet, Inc.* | — | 38,946 | 38,946 | — | 709,207 | 709,207 | |||||||||
AVX Corp.^ | — | 21,000 | 21,000 | — | 166,740 | 166,740 | |||||||||
Flextronics International Ltd.* | — | 633,381 | 633,381 | — | 1,621,455 | 1,621,455 | |||||||||
Ingram Micro, Inc., Class A* | — | 76,304 | 76,304 | — | 1,021,711 | 1,021,711 | |||||||||
Jabil Circuit, Inc. | — | 48,472 | 48,472 | — | 327,186 | 327,186 | |||||||||
Kingboard Laminates Holdings Ltd. | — | 6,013,000 | 6,013,000 | — | 1,410,612 | 1,410,612 | |||||||||
Molex, Inc.^ | — | 45,196 | 45,196 | — | 654,890 | 654,890 | |||||||||
Tech Data Corp.*^ | — | 20,577 | 20,577 | — | 367,094 | 367,094 | |||||||||
Vishay Intertechnology, Inc.* | — | 83,374 | 83,374 | — | 285,139 | 285,139 | |||||||||
— | 12,222,270 | 12,222,270 | 1.1 | % | |||||||||||
Internet Software & Services | |||||||||||||||
IAC/InterActiveCorp* | — | 36,455 | 36,455 | — | 573,437 | 573,437 | |||||||||
— | 573,437 | 573,437 | 0.1 | % | |||||||||||
IT Services | |||||||||||||||
Affiliated Computer Services, Inc., Class A* | — | 29,564 | 29,564 | — | 1,358,466 | 1,358,466 | |||||||||
CACI International, Inc., Class A*^ | — | 116,200 | 116,200 | — | 5,239,458 | 5,239,458 | |||||||||
Computer Sciences Corp.*^ | — | 69,129 | 69,129 | — | 2,429,193 | 2,429,193 | |||||||||
Convergys Corp.* | — | 55,318 | 55,318 | — | 354,589 | 354,589 | |||||||||
DST Systems, Inc.* | — | 3,900 | 3,900 | — | 148,122 | 148,122 | |||||||||
Fidelity National Information Services, Inc. | — | 68,858 | 68,858 | — | 1,120,320 | 1,120,320 | |||||||||
Genpact Ltd* | — | 1,500 | 1,500 | — | 12,330 | 12,330 | |||||||||
Lender Processing Services, Inc. | — | 34,274 | 34,274 | — | 1,009,369 | 1,009,369 | |||||||||
SAIC, Inc.* | — | 76,609 | 76,609 | — | 1,492,343 | 1,492,343 | |||||||||
Unisys Corp.* | — | 74,100 | 74,100 | — | 62,985 | 62,985 | |||||||||
— | 13,227,175 | 13,227,175 | 1.2 | % | |||||||||||
Office Electronics | |||||||||||||||
Xerox Corp. | — | 412,888 | 412,888 | — | 3,290,717 | 3,290,717 | |||||||||
Zebra Technologies Corp., Class A*^ | — | 2,000 | 2,000 | — | 40,520 | 40,520 | |||||||||
— | 3,331,237 | 3,331,237 | 0.3 | % | |||||||||||
Semiconductors & Semiconductor Equipment | |||||||||||||||
Advanced Micro Devices, Inc.*^ | — | 237,716 | 237,716 | — | 513,467 | 513,467 | |||||||||
Atmel Corp.*^ | — | 74,700 | 74,700 | — | 233,811 | 233,811 | |||||||||
Cree, Inc.*^ | — | 23,840 | 23,840 | — | 378,341 | 378,341 | |||||||||
Fairchild Semiconductor International, Inc.*^ | — | 56,524 | 56,524 | — | 276,402 | 276,402 | |||||||||
Integrated Device Technology, Inc.* | — | 42,671 | 42,671 | — | 239,384 | 239,384 | |||||||||
International Rectifier Corp.*^ | — | 25,622 | 25,622 | — | 345,897 | 345,897 | |||||||||
Intersil Corp., Class A | — | 36,501 | 36,501 | — | 335,444 | 335,444 | |||||||||
KLA-Tencor Corp. | — | 5,000 | 5,000 | — | 108,950 | 108,950 | |||||||||
Lam Research Corp.*^ | — | 4,900 | 4,900 | — | 104,272 | 104,272 | |||||||||
LSI Corp.*^ | — | 69,899 | 69,899 | — | 229,968 | 229,968 | |||||||||
Marvell Technology Group Ltd.* | 169,700 | — | 169,700 | 1,131,899 | — | 1,131,899 | |||||||||
Micron Technology, Inc.*^ | — | 305,859 | 305,859 | — | 807,468 | 807,468 | |||||||||
Novellus Systems, Inc.*^ | — | 31,663 | 31,663 | — | 390,721 | 390,721 | |||||||||
Teradyne, Inc.* | — | 311,500 | 311,500 | — | 1,314,530 | 1,314,530 | |||||||||
Varian Semiconductor Equipment Associates, Inc.*^ | — | 249,950 | 249,950 | — | 4,529,094 | 4,529,094 | |||||||||
1,131,899 | 9,807,749 | 10,939,648 | 1.0 | % | |||||||||||
Software | |||||||||||||||
Amdocs Ltd.* | — | 51,482 | 51,482 | — | 941,606 | 941,606 | |||||||||
CA, Inc. | — | 95,345 | 95,345 | — | 1,766,743 | 1,766,743 | |||||||||
Cadence Design Systems, Inc.*^ | — | 115,439 | 115,439 | — | 422,507 | 422,507 | |||||||||
Compuware Corp.* | — | 48,984 | 48,984 | — | 330,642 | 330,642 | |||||||||
McAfee, Inc.*^ | 149,504 | 142,385 | 291,889 | 5,168,353 | 4,922,249 | 10,090,602 | |||||||||
Novell, Inc.* | — | 87,727 | 87,727 | — | 341,258 | 341,258 | |||||||||
Sybase, Inc.* | 110,140 | — | 110,140 | 2,728,168 | — | 2,728,168 | |||||||||
Synopsys, Inc.* | — | 64,692 | 64,692 | — | 1,198,096 | 1,198,096 | |||||||||
7,896,521 | 9,923,101 | 17,819,622 | 1.6 | % | |||||||||||
Total Information Technology | 18,471,766 | 59,761,919 | 78,233,685 | 7.1 | % | ||||||||||
Materials | |||||||||||||||
Chemicals | |||||||||||||||
Agrium, Inc. | — | 51,200 | 51,200 | — | 1,747,456 | 1,747,456 | |||||||||
Ashland, Inc. | — | 31,476 | 31,476 | — | 330,813 | 330,813 | |||||||||
Cabot Corp.^ | — | 28,855 | 28,855 | — | 441,481 | 441,481 | |||||||||
Celanese Corp., Class A | — | 169,700 | 169,700 | — | 2,109,371 | 2,109,371 | |||||||||
Chemtura Corp. | — | 100,933 | 100,933 | — | 141,306 | 141,306 | |||||||||
Cytec Industries, Inc.^ | — | 21,327 | 21,327 | — | 452,559 | 452,559 | |||||||||
Eastman Chemical Co.^ | 108,652 | 34,856 | 143,508 | 3,445,355 | 1,105,284 | 4,550,639 | |||||||||
FMC Corp. | — | 136,443 | 136,443 | — | 6,103,095 | 6,103,095 | |||||||||
Huntsman Corp. | — | 64,763 | 64,763 | — | 222,785 | 222,785 | |||||||||
Intrepid Potash, Inc.*^ | — | 6,900 | 6,900 | — | 143,313 | 143,313 | |||||||||
JSR Corp. | — | 26,900 | 26,900 | — | 302,752 | 302,752 | |||||||||
Lubrizol Corp.^ | — | 31,219 | 31,219 | — | 1,136,059 | 1,136,059 | |||||||||
Nalco Holding Co. | — | 4,800 | 4,800 | — | 55,392 | 55,392 | |||||||||
PPG Industries, Inc. | — | 66,755 | 66,755 | — | 2,832,415 | 2,832,415 | |||||||||
Rohm & Haas Co. | — | 9,314 | 9,314 | — | 575,512 | 575,512 | |||||||||
RPM International, Inc.^ | — | 58,871 | 58,871 | — | 782,396 | 782,396 | |||||||||
Scotts Miracle-Gro Co., Class A^ | — | 4,200 | 4,200 | — | 124,824 | 124,824 | |||||||||
Sigma-Aldrich Corp.^ | — | 27,913 | 27,913 | — | 1,179,045 | 1,179,045 | |||||||||
Valhi, Inc.^ | — | 1,650 | 1,650 | — | 17,655 | 17,655 | |||||||||
Valspar Corp.^ | 150,000 | 45,464 | 195,464 | 2,713,500 | 822,444 | 3,535,944 | |||||||||
6,158,855 | 20,625,957 | 26,784,812 | 2.4 | % | |||||||||||
Construction Materials | |||||||||||||||
Eagle Materials, Inc. | — | 2,200 | 2,200 | — | 40,502 | 40,502 | |||||||||
Martin Marietta Materials, Inc.^ | — | 1,400 | 1,400 | — | 135,912 | 135,912 | |||||||||
Vulcan Materials Co.^ | — | 50,047 | 50,047 | — | 3,482,270 | 3,482,270 | |||||||||
— | 3,658,684 | 3,658,684 | 0.3 | % | |||||||||||
Containers & Packaging | |||||||||||||||
AptarGroup, Inc.^ | — | 25,090 | 25,090 | — | 884,172 | 884,172 | |||||||||
Ball Corp. | 152,073 | 37,832 | 189,905 | 6,324,716 | 1,573,433 | 7,898,149 | |||||||||
Bemis Co., Inc. | — | 45,532 | 45,532 | — | 1,078,198 | 1,078,198 | |||||||||
Greif, Inc., Class A | — | 79,000 | 79,000 | — | 2,640,970 | 2,640,970 | |||||||||
Owens-Illinois, Inc.* | — | 180,325 | 180,325 | — | 4,928,282 | 4,928,282 | |||||||||
Packaging Corp. of America^ | — | 35,646 | 35,646 | — | 479,795 | 479,795 | |||||||||
Pactiv Corp.* | 224,632 | 204,788 | 429,420 | 5,588,844 | 5,095,125 | 10,683,969 | |||||||||
Sealed Air Corp. | — | 73,240 | 73,240 | — | 1,094,206 | 1,094,206 | |||||||||
Smurfit-Stone Container Corp.*^ | — | 116,006 | 116,006 | — | 29,582 | 29,582 | |||||||||
Sonoco Products Co. | — | 45,569 | 45,569 | — | 1,055,378 | 1,055,378 |
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | ||||||||||||||||||||||
EQ/Lord Abbett Mid Cap Value | EQ/Mid Cap Value Plus | Pro Forma | EQ/Lord Abbett Mid Cap Value | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | |||||||||||||||||
Temple-Inland, Inc.^ | — | 47,554 | 47,554 | — | 228,259 | 228,259 | |||||||||||||||||
11,913,560 | 19,087,400 | 31,000,960 | 2.8 | % | |||||||||||||||||||
Metals & Mining | |||||||||||||||||||||||
Carpenter Technology Corp. | — | 18,842 | 18,842 | — | 387,015 | 387,015 | |||||||||||||||||
Century Aluminum Co.*^ | — | 8,050 | 8,050 | — | 80,500 | 80,500 | |||||||||||||||||
Cliffs Natural Resources, Inc. | — | 59,100 | 59,100 | — | 1,513,551 | 1,513,551 | |||||||||||||||||
Commercial Metals Co.^ | — | 53,101 | 53,101 | — | 630,309 | 630,309 | |||||||||||||||||
Reliance Steel & Aluminum Co.^ | — | 28,086 | 28,086 | — | 560,035 | 560,035 | |||||||||||||||||
Schnitzer Steel Industries, Inc., Class A^ | — | 8,600 | 8,600 | — | 323,790 | 323,790 | |||||||||||||||||
Steel Dynamics, Inc.^ | — | 55,407 | 55,407 | — | 619,450 | 619,450 | |||||||||||||||||
Titanium Metals Corp.^ | — | 31,218 | 31,218 | — | 275,030 | 275,030 | |||||||||||||||||
— | 4,389,680 | 4,389,680 | 0.4 | % | |||||||||||||||||||
Paper & Forest Products | |||||||||||||||||||||||
Domtar Corp.*^ | — | 219,841 | 219,841 | — | 367,135 | 367,135 | |||||||||||||||||
International Paper Co. | — | 195,665 | 195,665 | — | 2,308,847 | 2,308,847 | |||||||||||||||||
MeadWestvaco Corp. | — | 78,834 | 78,834 | — | 882,152 | 882,152 | |||||||||||||||||
Weyerhaeuser Co.^ | — | 96,986 | 96,986 | — | 2,968,741 | 2,968,741 | |||||||||||||||||
— | 6,526,875 | 6,526,875 | 0.6 | % | |||||||||||||||||||
Total Materials | 18,072,415 | 54,288,596 | 72,361,011 | 6.5 | % | ||||||||||||||||||
Telecommunication Services | |||||||||||||||||||||||
Diversified Telecommunication Services | |||||||||||||||||||||||
CenturyTel, Inc.^ | 203,297 | 45,441 | 248,738 | 5,556,107 | 1,241,903 | 6,798,010 | |||||||||||||||||
Embarq Corp. | 227,683 | 33,246 | 260,929 | 8,187,481 | 1,195,526 | 9,383,007 | |||||||||||||||||
Frontier Communications Corp.^ | — | 114,491 | 114,491 | — | 1,000,651 | 1,000,651 | |||||||||||||||||
Qwest Communications International, Inc.^ | 2,222,093 | 345,320 | 2,567,413 | 8,088,418 | 1,256,965 | 9,345,383 | |||||||||||||||||
Windstream Corp. | 726,900 | 101,958 | 828,858 | 6,687,480 | 938,014 | 7,625,494 | |||||||||||||||||
28,519,486 | 5,633,059 | 34,152,545 | 3.1 | % | |||||||||||||||||||
Wireless Telecommunication Services | |||||||||||||||||||||||
Clearwire Corp., Class A* | — | 3,300 | 3,300 | — | 16,269 | 16,269 | |||||||||||||||||
Crown Castle International Corp.*^ | — | 103,167 | 103,167 | — | 1,813,676 | 1,813,676 | |||||||||||||||||
Leap Wireless International, Inc.* | — | 22,394 | 22,394 | — | 602,174 | 602,174 | |||||||||||||||||
Telephone & Data Systems, Inc.^ | — | 27,173 | 27,173 | — | 862,743 | 862,743 | |||||||||||||||||
U.S. Cellular Corp.* | — | 4,500 | 4,500 | — | 194,580 | 194,580 | |||||||||||||||||
— | 3,489,442 | 3,489,442 | 0.3 | % | |||||||||||||||||||
Total Telecommunication Services | 28,519,486 | 9,122,501 | 37,641,987 | 3.4 | % | ||||||||||||||||||
Utilities | |||||||||||||||||||||||
Electric Utilities | |||||||||||||||||||||||
American Electric Power Co., Inc. | — | 183,501 | 183,501 | — | 6,106,913 | 6,106,913 | |||||||||||||||||
DPL, Inc.^ | — | 48,060 | 48,060 | — | 1,097,690 | 1,097,690 | |||||||||||||||||
Edison International | — | 148,931 | 148,931 | — | 4,783,664 | 4,783,664 | |||||||||||||||||
Great Plains Energy, Inc.^ | — | 54,296 | 54,296 | — | 1,049,542 | 1,049,542 | |||||||||||||||||
Hawaiian Electric Industries, Inc.^ | — | 40,950 | 40,950 | — | 906,633 | 906,633 | |||||||||||||||||
Northeast Utilities | 258,802 | 324,439 | 583,241 | 6,226,776 | 7,806,002 | 14,032,778 | |||||||||||||||||
NV Energy, Inc. | — | 527,568 | 527,568 | — | 5,217,648 | 5,217,648 | |||||||||||||||||
Pepco Holdings, Inc. | — | 91,535 | 91,535 | — | 1,625,662 | 1,625,662 | |||||||||||||||||
Pinnacle West Capital Corp.^ | — | 45,782 | 45,782 | — | 1,470,976 | 1,470,976 | |||||||||||||||||
Progress Energy, Inc. | — | 119,424 | 119,424 | — | 4,759,046 | 4,759,046 | |||||||||||||||||
6,226,776 | 34,823,776 | 41,050,552 | 3.7 | % | |||||||||||||||||||
Gas Utilities | |||||||||||||||||||||||
AGL Resources, Inc.^ | — | 35,073 | 35,073 | — | 1,099,538 | 1,099,538 | |||||||||||||||||
Atmos Energy Corp. | — | 41,289 | 41,289 | — | 978,549 | 978,549 | |||||||||||||||||
Energen Corp. | — | 26,742 | 26,742 | — | 784,343 | 784,343 | |||||||||||||||||
National Fuel Gas Co. | — | 37,197 | 37,197 | — | 1,165,382 | 1,165,382 | |||||||||||||||||
ONEOK, Inc. | — | 47,516 | 47,516 | — | 1,383,666 | 1,383,666 | |||||||||||||||||
Questar Corp. | — | 48,916 | 48,916 | — | 1,599,064 | 1,599,064 | |||||||||||||||||
Southwest Gas Corp. | 59,696 | — | 59,696 | 1,505,533 | — | 1,505,533 | |||||||||||||||||
UGI Corp. | — | 236,290 | 236,290 | — | 5,770,202 | 5,770,202 | |||||||||||||||||
1,505,533 | 12,780,744 | 14,286,277 | 1.3 | % | |||||||||||||||||||
Independent Power Producers & Energy Traders | |||||||||||||||||||||||
Constellation Energy Group, Inc. | — | 7,000 | 7,000 | — | 175,630 | 175,630 | |||||||||||||||||
Dynegy, Inc., Class A* | — | 224,929 | 224,929 | — | 449,858 | 449,858 | |||||||||||||||||
Mirant Corp.* | — | 25,617 | 25,617 | — | 483,393 | 483,393 | |||||||||||||||||
NRG Energy, Inc.* | — | 66,746 | 66,746 | — | 1,557,184 | 1,557,184 | |||||||||||||||||
Reliant Energy, Inc.* | — | 157,039 | 157,039 | — | 907,685 | 907,685 | |||||||||||||||||
— | 3,573,750 | 3,573,750 | 0.3 | % | |||||||||||||||||||
Multi-Utilities | |||||||||||||||||||||||
Alliant Energy Corp. | — | 50,174 | 50,174 | — | 1,464,077 | 1,464,077 | |||||||||||||||||
Ameren Corp. | 183,058 | 96,179 | 279,237 | 6,088,509 | 3,198,914 | 9,287,423 | |||||||||||||||||
CenterPoint Energy, Inc. | — | 55,429 | 55,429 | — | 699,514 | 699,514 | |||||||||||||||||
CMS Energy Corp.^ | 608,681 | 103,201 | 711,882 | 6,153,765 | 1,043,362 | 7,197,127 | |||||||||||||||||
Consolidated Edison, Inc.^ | — | 124,596 | 124,596 | — | 4,850,522 | 4,850,522 | |||||||||||||||||
DTE Energy Co. | — | 74,613 | 74,613 | — | 2,661,446 | 2,661,446 | |||||||||||||||||
Integrys Energy Group, Inc.^ | — | 34,738 | 34,738 | — | 1,493,039 | 1,493,039 | |||||||||||||||||
MDU Resources Group, Inc. | — | 84,238 | 84,238 | — | 1,817,856 | 1,817,856 | |||||||||||||||||
NiSource, Inc. | 453,843 | 124,953 | 578,796 | 4,978,658 | 1,370,734 | 6,349,392 | |||||||||||||||||
NSTAR^ | — | 49,149 | 49,149 | — | 1,793,447 | 1,793,447 | |||||||||||||||||
OGE Energy Corp. | — | 42,096 | 42,096 | — | 1,085,235 | 1,085,235 | |||||||||||||||||
PG&E Corp. | — | 163,231 | 163,231 | — | 6,318,672 | 6,318,672 | |||||||||||||||||
Puget Energy, Inc. | — | 58,989 | 58,989 | — | 1,608,630 | 1,608,630 | |||||||||||||||||
SCANA Corp. | — | 53,672 | 53,672 | — | 1,910,723 | 1,910,723 | |||||||||||||||||
Sempra Energy | — | 114,406 | 114,406 | — | 4,877,128 | 4,877,128 | |||||||||||||||||
TECO Energy, Inc.^ | — | 236,312 | 236,312 | — | 2,918,453 | 2,918,453 | |||||||||||||||||
Vectren Corp.^ | — | 36,760 | 36,760 | — | 919,368 | 919,368 | |||||||||||||||||
Wisconsin Energy Corp.^ | — | 167,794 | 167,794 | — | 7,043,992 | 7,043,992 | |||||||||||||||||
Xcel Energy, Inc. | — | 196,999 | 196,999 | — | 3,654,332 | 3,654,332 | |||||||||||||||||
17,220,932 | 50,729,444 | 67,950,376 | 6.1 | % | |||||||||||||||||||
Water Utilities | |||||||||||||||||||||||
American Water Works Co., Inc.^ | — | 29,300 | 29,300 | — | 611,784 | 611,784 | |||||||||||||||||
Aqua America, Inc.^ | — | 60,940 | 60,940 | — | 1,254,755 | 1,254,755 | |||||||||||||||||
— | 1,866,539 | 1,866,539 | 0.2 | % | |||||||||||||||||||
Total Utilities | 24,953,241 | 103,774,253 | 128,727,494 | 11.6 | % | ||||||||||||||||||
Total Common Stocks | 247,543,107 | 754,441,232 | 1,001,984,339 | 89.7 | % | ||||||||||||||||||
(Cost $1,699,601,379) | 386,718,695 | 1,312,882,684 | 1,699,601,379 | ||||||||||||||||||||
Investment Companies | |||||||||||||||||||||||
Exchange Traded Funds (ETFs) | |||||||||||||||||||||||
iShares Morningstar Mid Core Index Fund^ | — | 32,066 | 32,066 | — | 1,588,229 | 1,588,229 | |||||||||||||||||
iShares Morningstar Mid Growth Index Fund | — | 38,630 | 38,630 | — | 2,060,524 | 2,060,524 | |||||||||||||||||
iShares Morningstar Mid Value Index Fund | — | 247,737 | 247,737 | — | 12,156,455 | 12,156,455 | |||||||||||||||||
iShares Russell Midcap Growth Index Fund | — | 40,154 | 40,154 | — �� | 1,257,623 | 1,257,623 | |||||||||||||||||
iShares Russell Midcap Index Fund | — | 10,519 | 10,519 | — | 628,195 | 628,195 | |||||||||||||||||
iShares Russell Midcap Value Index Fund | — | 1,614,105 | 1,614,105 | — | 45,905,146 | 45,905,146 | |||||||||||||||||
iShares S&P MidCap 400 Growth Index Fund | — | 16,600 | 16,600 | — | 920,470 | 920,470 | |||||||||||||||||
iShares S&P MidCap 400 Index Fund | — | 9,455 | 9,455 | — | 505,464 | 505,464 | |||||||||||||||||
iShares S&P MidCap 400/BARRA Value Index Fund | — | 545,062 | 545,062 | — | 27,427,520 | 27,427,520 | |||||||||||||||||
— | 92,449,626 | 92,449,626 | |||||||||||||||||||||
Total Investment Companies | — | 92,449,626 | 92,449,626 | 8.3 | % | ||||||||||||||||||
(Cost $161,592,060) | — | 161,592,060 | 161,592,060 | ||||||||||||||||||||
SHORT-TERM INVESTMENTS: | |||||||||||||||||||||||
Government Securities | |||||||||||||||||||||||
U.S. Treasury Bills | |||||||||||||||||||||||
.13%, 6/11/09 #(p) | — | $ | 1,119,000 | $ | 1,119,000 | — | 1,118,343 | 1,118,343 | |||||||||||||||
— | 1,118,343 | 1,118,343 | 0.1 | % | |||||||||||||||||||
Short-Term Investments of Cash Collateral for Securities Loaned | |||||||||||||||||||||||
Caylon/New York | |||||||||||||||||||||||
.41%, 7/2/10 (l) | — | 9,996,736 | 9,996,736 | — | 9,582,071 | 9,582,071 | |||||||||||||||||
CAM U.S. Finance S.A.U. | |||||||||||||||||||||||
3.24%, 2/2/09 (l) | — | 10,000,000 | 10,000,000 | — | 10,000,000 | 10,000,000 | |||||||||||||||||
CC USA, Inc. | |||||||||||||||||||||||
.38%, 2/12/09 (l) | — | 14,998,663 | 14,998,663 | — | 14,998,663 | 14,998,663 | |||||||||||||||||
Citigroup Funding, Inc. | |||||||||||||||||||||||
.36%, 3/16/09 (l) | — | 4,000,000 | 4,000,000 | — | 3,975,392 | 3,975,392 | |||||||||||||||||
Goldman Sachs & Co. Repurchase Agreement | |||||||||||||||||||||||
0.06%, 1/2/09 (r) (v) | 20,956,121 | 119,404,254 | 140,360,375 | 20,956,121 | 119,404,254 | 140,360,375 | |||||||||||||||||
Goldman Sachs Group, Inc. | |||||||||||||||||||||||
.41%, 3/27/09 (l) | 2,000,000 | 5,000,000 | 7,000,000 | 1,989,766 | 4,974,415 | 6,964,181 | |||||||||||||||||
Links Finance LLC | |||||||||||||||||||||||
.37%, 6/22/09 (l) | — | 14,998,138 | 14,998,138 | — | 14,866,649 | 14,866,649 | |||||||||||||||||
MassMutual Global Funding II | |||||||||||||||||||||||
.40%, 3/26/10 (l) | — | 10,000,000 | 10,000,000 | — | 9,909,500 | 9,909,500 | |||||||||||||||||
Morgan Stanley | |||||||||||||||||||||||
2.87%, 2/9/09 (l) | — | 14,266,659 | 14,266,659 | — | 14,266,659 | 14,266,659 | |||||||||||||||||
Wells Fargo & Co. | |||||||||||||||||||||||
.17%, 8/3/09 (l) | — | 5,000,000 | 5,000,000 | — | 4,871,030 | 4,871,030 | |||||||||||||||||
Total Short-Term Investments of Cash Collateral for Securities Loaned | 22,945,887 | 206,848,633 | 229,794,520 | 20.6 | % | ||||||||||||||||||
Time Deposit | |||||||||||||||||||||||
JP Morgan Chase Nassau | |||||||||||||||||||||||
0.001%, 1/2/09 | 11,733,837 | 9,635,161 | 21,368,998 | 11,733,837 | 9,635,161 | 21,368,998 | |||||||||||||||||
11,733,837 | 9,635,161 | 21,368,998 | 1.9 | % | |||||||||||||||||||
Total Short-Term Investments | 34,679,724 | 217,602,137 | 252,281,861 | 22.5 | % | ||||||||||||||||||
(Cost/Amortized Cost $253,107,717) | 34,689,958 | 218,417,759 | 253,107,717 | ||||||||||||||||||||
Total Investments | 282,222,831 | 1,064,492,995 | 1,346,715,826 | 120.6 | % | ||||||||||||||||||
(Cost/Amortized Cost $2,114,301,156) | 421,408,653 | 1,692,892,503 | 2,114,301,156 | ||||||||||||||||||||
Other Assets Less Liabilities | (22,670,917 | ) | (206,971,584 | ) | (229,642,501 | ) | -20.6 | % | |||||||||||||||
Net Assets (100%) | $ | 259,551,914 | $ | 857,521,411 | $ | 1,117,073,325 | 100.0 | % | |||||||||||||||
See notes to pro-forma financial statements.
NOTES | TO SCHEDULE OF PORTFOLIO INVESTMENTS: |
* | Non-income producing. |
^ | All, or a portion of security on loan (See Note 1). |
# | All, or a portion of security held by broker as collateral for financial futures contracts. |
(l) | Floating Rate Security. Rate disclosed is as of December 31, 2008. |
(p) | Yield to maturity. |
(r) | The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments. |
(v) | Represents the Portfolio's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.500%-6.000%, maturing 11/1/19-12/1/38; Federal National Mortgage Association, 4.000%-7.000%, maturing 9/1/18-1/1/39; Government National Mortgage Association, 4.500%-11.500%, maturing 2/15/13-12/20/38. |
Glossary:
ADR — American Depositary Receipt
The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2008:
EQ/Lord Abbett Mid Cap Value Portfolio | EQ/Mid Cap Value Plus Portfolio | Combined Pro Forma | |||||||
Level 1 | |||||||||
Assets | |||||||||
Investments in Securities | $ | 247,543,107 | $ | 839,767,677 | $ | 1,087,310,784 | |||
Other Investments* | — | 337,116 | 337,116 | ||||||
Liabilities | |||||||||
Investments in Securities | — | — | — | ||||||
Other Investments* | — | — | — | ||||||
Level 1 Total | $ | 247,543,107 | $ | 840,104,793 | $ | 1,087,647,900 | |||
Level 2 | |||||||||
Assets | |||||||||
Investments in Securities | $ | 34,679,724 | $ | 224,725,318 | $ | 259,405,042 | |||
Other Investments* | — | — | — | ||||||
Liabilities | |||||||||
Investments in Securities | — | — | — | ||||||
Other Investments* | — | — | — | ||||||
Level 2 Total | $ | 34,679,724 | $ | 224,725,318 | $ | 259,405,042 | |||
Level 3 | |||||||||
Assets | |||||||||
Investments in Securities | — | — | — | ||||||
Other Investments* | — | — | — | ||||||
Liabilities | |||||||||
Investments in Securities | — | — | — | ||||||
Other Investments* | — | — | — | ||||||
Level 3 Total | — | — | — | ||||||
Total | $ | 282,222,831 | $ | 1,064,830,111 | $ | 1,347,052,942 |
* | Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/deprecation on the investment. |
At December 31, 2008 the EQ/Mid Cap Value Plus Portfolio* had the following futures contracts open: (Note 1)
Number of Contracts | Expiration Date | Original Value | Value at 12/31/2008 | Unrealized Appreciation | |||||||||
Purchase | |||||||||||||
S&P MidCap 400 E-Mini Index | 161 | March-09 | $ | 8,311,804 | $ | 8,648,920 | $ | 337,116 | |||||
* | Other Portfolios did not hold futures. |
EQ/Lord Abbett Mid Cap Value | EQ/Mid Cap Value PLUS | Pro-Forma Adjustment | Pro-Forma Combined | |||||||||
Investments at Cost | 421,408,653 | 1,573,488,249 | 1,994,896,902 | |||||||||
Repurchase Agreements Amortized Cost | 119,404,254 | 119,404,254 | ||||||||||
Foreign Cash at Cost | 47 | 47 | ||||||||||
Securities on loan at market value | 22,823,582 | 207,739,526 | 230,563,108 | |||||||||
ASSETS | ||||||||||||
Investments at Value | 282,222,831 | 945,088,741 | 1,227,311,572 | |||||||||
Repurchase Agreements | 119,404,254 | 119,404,254 | ||||||||||
Cash | 907,087 | 907,087 | ||||||||||
Foreign Cash | 44 | 44 | ||||||||||
Dividends, interest, and other receivables | 599,956 | 2,148,809 | 2,748,765 | |||||||||
Receivable for securities sold | 1,389,098 | 1,389,098 | ||||||||||
Variation margin receivable on futures contracts | 189,980 | 189,980 | ||||||||||
Receivable from Separate Accounts for Trust shares sold | 112,796 | 42,296 | 155,092 | |||||||||
Other assets | 1,665 | 14,047 | 15,712 | |||||||||
Total assets | 282,937,248 | 1,069,184,356 | 0 | 1,352,121,604 | ||||||||
LIABILITIES | ||||||||||||
Payable for return of cash collateral on securities loaned | 22,956,121 | 207,664,449 | 230,620,570 | |||||||||
Payable for securities purchased | 1,703,676 | 1,703,676 | ||||||||||
Payable to Separate Accounts for Trust shares redeemed | 156,275 | 1,350,687 | 1,506,962 | |||||||||
Investment management fees payable | 127,322 | 354,447 | 481,769 | |||||||||
Distribution fees payable- Class IB | 42,923 | 168,056 | 210,979 | |||||||||
Administrative fees payable | 23,439 | 114,921 | 138,360 | |||||||||
Recoupment fees payable | 48,687 | 48,687 | ||||||||||
Trustees’ fees payable | 1,496 | 14,378 | 15,874 | |||||||||
Accrued expenses | 77,758 | 243,644 | 321,402 | |||||||||
Total liabilities | 23,385,334 | 211,662,945 | 0 | 235,048,279 | ||||||||
NET ASSETS | 259,551,914 | 857,521,411 | 0 | 1,117,073,325 | ||||||||
Net assets were comprised of: | ||||||||||||
Paid in capital | 446,771,284 | 1,674,337,452 | 2,121,108,736 | |||||||||
Accumulated undistributed net investment income (loss) | (781 | ) | 142,024 | 141,243 | ||||||||
Accumulated undistributed net realized gain (loss) | (48,032,767 | ) | (188,897,705 | ) | (236,930,472 | ) | ||||||
Unrealized appreciation (depreciation) on investments | (139,185,822 | ) | (628,060,360 | ) | (767,246,182 | ) | ||||||
259,551,914 | 857,521,411 | 0 | 1,117,073,325 | |||||||||
Class IA Shares: | ||||||||||||
Net Assets | 42,881,091 | 18,746,926 | 61,628,017 | |||||||||
Shares outstanding | 6,342,522 | 3,034,489 | 598,467 | * | 9,975,478 | |||||||
Net asset value, offering and redemption price per share | 6.76 | 6.18 | 6.18 | |||||||||
Class IB Shares: | ||||||||||||
Net Assets | 216,670,823 | 838,774,485 | 1,055,445,308 | |||||||||
Shares outstanding | 32,015,399 | 137,510,905 | 3,506,188 | * | 173,032,492 | |||||||
Net asset value, offering and redemption price per share | 6.77 | 6.10 | 6.10 | |||||||||
STATEMENT OF OPERATIONS | ||||||||||||
Dividend Withholding Tax | — | 13,059 | 13,059 | |||||||||
INVESTMENT INCOME | ||||||||||||
Dividends | 7,963,487 | 28,034,577 | 35,998,064 | |||||||||
Interest | 237,973 | 379,305 | 617,278 | |||||||||
Securities lending (net) | 490,488 | 2,051,144 | 2,541,632 | |||||||||
Total income | 8,691,948 | 30,465,026 | 0 | 39,156,974 | ||||||||
EXPENSES | ||||||||||||
Investment management fees | 2,438,661 | 7,161,285 | (533,998 | ) (b) | 9,065,948 | |||||||
Distribution fees- Class IB | 709,152 | 3,192,990 | 3,902,142 | |||||||||
Administrative fees | 380,237 | 2,093,102 | 139,192 | (b) | 2,612,531 | |||||||
Custodian fees | 30,001 | 337,000 | (28,001 | ) (a)(b) | 339,000 | |||||||
Printing and mailing expenses | 77,486 | 256,741 | 334,227 | |||||||||
Professional fees | 51,516 | 67,393 | (49,000 | ) (a) | 69,909 | |||||||
Trustees’ fees | 7,200 | 27,781 | 34,981 | |||||||||
Miscellaneous | 15,571 | 51,093 | (6,664 | ) (a) | 60,000 | |||||||
Gross expenses | 3,709,824 | 13,187,385 | (478,471 | ) | 16,418,738 | |||||||
Less: Waiver from investment advisor | (217,793 | ) | (180,066 | ) | 397,859 | (d) | 0 | |||||
Fees paid indirectly | (29,686 | ) | (50,848 | ) | 29,686 | (c) | (50,848 | ) | ||||
Net expenses | 3,462,345 | 12,956,471 | (50,926 | ) | 16,367,890 | |||||||
NET INVESTMENT INCOME | 5,229,603 | 17,508,555 | 50,926 | 22,789,084 | ||||||||
REALIZED AND UNREALIZED LOSS | ||||||||||||
Realized gain (loss) on: | ||||||||||||
Securities | (47,354,036 | ) | (168,742,051 | ) | (216,096,087 | ) | ||||||
Futures | (3,494,509 | ) | (3,494,509 | ) | ||||||||
Foreign currency transactions | (3,700 | ) | (3,700 | ) | ||||||||
Net realized gain (loss) | (47,354,036 | ) | (172,240,260 | ) | 0 | (219,594,296 | ) | |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Securities | (124,446,577 | ) | (450,269,357 | ) | (574,715,934 | ) | ||||||
Futures | 261,053 | 261,053 | ||||||||||
Foreign currency translations | (3,913 | ) | (3,913 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (124,446,577 | ) | (450,012,217 | ) | 0 | (574,458,794 | ) | |||||
NET REALIZED AND UNREALIZED LOSS | (171,800,613 | ) | (622,252,477 | ) | 0 | (794,053,090 | ) | |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (166,571,010 | ) | (604,743,922 | ) | 50,926 | (771,264,006 | ) | |||||
* | Reflects new shares issued of the Acquiring Portfolio |
(a) | Reflects adjustment in expenses due to elimination of duplicative expenses. |
(b) | Reflects adjustment in expenses due to effects of new contract rate. |
(c) | Reflects adjustment to eliminate EQ/Lord Abbett Mid Cap Value's Fees Paid Indirectly. |
(d) | Reflects decrease in waiver due to expense adjustments. |
NOTES TO PRO FORMA FINANCIAL STATEMENTS
(UNAUDITED - As of December 31, 2008)
NOTE 1 – BASIS OF COMBINATION:
On May 21, 2009 the Board of Trustees of EQ Advisors Trust (the “Trust”) approved a proposed Plan of Reorganization and Termination (“Reorganization Plan”) that provides for the transfer of all assets of the EQ/Lord Abbett Mid Cap Value Portfolio (“Mid Cap Value Portfolio”) to the EQ/Mid Cap Value PLUS Portfolio (“PLUS Portfolio”), each a series of the Trust, and the assumption by the PLUS Portfolio of all of the liabilities of the Mid Cap Value Portfolio in exchange for shares of the PLUS Portfolio having an aggregate value equal to the net assets of the Mid Cap Value Portfolio, the distribution of the PLUS Portfolio shares to the Mid Cap Value Portfolio shareholders of record determined immediately after the close of business on the closing date, and the subsequent liquidation of the Mid Cap Value Portfolio.
The Mid Cap Value Portfolio’s annual contractual management fee equals 0.70% of average daily net assets for the first $1 billion, 0.65% of average daily net assets for the next $1 billion, 0.625% for the next $3 billion, 0.600% for the next $5 billion, and 0.575% of average daily net assets thereafter. The PLUS Portfolio’s annual contractual management fee rate equals 0.55% of average daily net assets for the first $2 billion, 0.50% of average daily net assets for the next $1 billion, 0.475% for the next $3 billion, 0.450% for the next $5 billion, and 0.425% of average daily net assets thereafter. The Reorganization is subject to the approval of the Mid Cap Value Portfolio’s shareholders. A special meeting of shareholders of the Mid Cap Value Portfolio will be held on or about August 26, 2009.
The Reorganization will be accounted for as a tax-free reorganization of investment companies. The unaudited pro forma combined financial statements are presented for the information of the reader and may not necessarily be representative of what the actual combined financial statements would have been had the Reorganization occurred at December 31, 2008. The unaudited pro forma portfolio of investments and statement of assets and liabilities reflect the financial position of the Mid Cap Value Portfolio and the PLUS Portfolio at December 31, 2008. The unaudited pro forma statement of operations reflects the results of operations of the PLUS Portfolio as if it had acquired the Mid Cap Value Portfolio at the beginning of the period ended December 31, 2008. These statements have been derived from the Portfolios’ respective books and records utilized in calculating daily net asset value at the dates indicated above for each Portfolio under accounting principles generally accepted in the United States of America. The historical cost of investment securities will be carried forward to the surviving entity and results of operations of the PLUS Portfolio for pre-combination periods will not be restated.
The unaudited pro forma portfolio of investments, and statements of assets and liabilities and operations should be read in conjunction with the historical financial statements of the Portfolios included in the Trust’s Statement of Additional Information.
Following the Reorganization, the Plus Portfolio will be the “accounting survivor.” The general criteria that are applied to determine the proper accounting survivor are outlined in the “AICPA Accounting and Audit Guide for Investment Companies,” and include:
a.) | Portfolio Management—Each of the Portfolios has a similar investment objective. |
b.) | Portfolio Composition—The portfolio composition of the merged entity will resemble the portfolio structure of the PLUS Portfolio. |
c.) | Investment Objectives, Policies and Restrictions – Each of the Portfolios has the same fundamental and non-fundamental investment restrictions. |
d.) | Expense Structure and Expense Ratios – The merged entity will have a lower expense structure and expense ratios than the Mid Cap Value Portfolio. |
e.) | Asset Size |
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
Each of the Portfolios have substantially the same significant accounting policies, which are detailed in the historical financial statements referenced above in Note 1.
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.
NOTE 3 – SHARES:
The unaudited pro forma net asset value per share assumes additional common shares of beneficial interest issued in connection with the proposed acquisition of the Mid Cap Value Portfolio by the PLUS Portfolio as of December 31, 2008. The number of additional shares issued was calculated based on the net assets of the Mid Cap Value Portfolio and net asset value per respective class of the PLUS Portfolio at December 31, 2008.
NOTE 4 – UNAUDITED PRO FORMA ADJUSTMENTS:
The accompanying unaudited pro forma financial statements reflect changes in the PLUS Portfolio’s shares as if the merger had taken place on December 31, 2008. AXA Equitable will bear the expenses of the Reorganization, which are estimated at approximately $146,000.
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | |||||||||||||||||
EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | ||||||||||||
COMMON STOCKS: | ||||||||||||||||||
Consumer Discretionary | ||||||||||||||||||
Auto Components | ||||||||||||||||||
Autoliv, Inc. | — | 33,438 | 33,438 | $ | — | $ | 717,580 | $ | 717,580 | |||||||||
BorgWarner, Inc.^ | — | 6,800 | 6,800 | — | 148,036 | 148,036 | ||||||||||||
Federal Mogul Corp.*^ | — | 10,500 | 10,500 | — | 44,415 | 44,415 | ||||||||||||
Goodyear Tire & Rubber Co.* | — | 38,431 | 38,431 | — | 229,433 | 229,433 | ||||||||||||
TRW Automative Holdings Corp.*^ | — | 272,700 | 272,700 | — | 981,720 | 981,720 | ||||||||||||
— | 2,121,184 | 2,121,184 | 0.2 | % | ||||||||||||||
Automobiles | ||||||||||||||||||
Ford Motor Co.*^ | — | 1,056,495 | 1,056,495 | — | 2,419,373 | 2,419,373 | ||||||||||||
General Motors Corp.^ | — | 238,615 | 238,615 | — | 763,568 | 763,568 | ||||||||||||
Harley-Davidson, Inc.^ | — | 12,003 | 12,003 | — | 203,691 | 203,691 | ||||||||||||
Thor Industries, Inc.^ | — | 11,170 | 11,170 | — | 147,221 | 147,221 | ||||||||||||
— | 3,533,853 | 3,533,853 | 0.3 | % | ||||||||||||||
Distributors | ||||||||||||||||||
Geniune Parts Co. | — | 129,113 | 129,113 | — | 4,888,218 | 4,888,218 | 0.4 | % | ||||||||||
Diversified Consumer Services | ||||||||||||||||||
Career Education Corp.* | — | 40,636 | 40,636 | — | 729,010 | 729,010 | ||||||||||||
Service Corp. International^ | — | 121,547 | 121,547 | — | 604,088 | 604,088 | ||||||||||||
Weight Watchers International, Inc.^ | — | 2,500 | 2,500 | — | 73,550 | 73,550 | ||||||||||||
— | 1,406,648 | 1,406,648 | 0.1 | % | ||||||||||||||
Hotels, Restaurants & Leisure | ||||||||||||||||||
Boyd Gaming Corp. | — | 23,100 | 23,100 | — | 109,263 | 109,263 | ||||||||||||
Choice Hotels International, Inc.^ | — | 9,200 | 9,200 | — | 276,552 | 276,552 | ||||||||||||
International Speedway Corp., Class A | — | 14,697 | 14,697 | — | 422,245 | 422,245 | ||||||||||||
Interval Leisure Group, Inc.*^ | — | 14,581 | 14,581 | — | 78,591 | 78,591 | ||||||||||||
MGM MIRAGE*^ | — | 3,400 | 3,400 | — | 46,784 | 46,784 | ||||||||||||
Morgans Hotel Group Co.* | 423,623 | — | 423,623 | 1,974,083 | — | 1,974,083 | ||||||||||||
Orient-Express Hotels Ltd., Class A^ | — | 2,700 | 2,700 | — | 20,682 | 20,682 | ||||||||||||
Royal Caribbean Cruises Ltd.^ | — | 63,372 | 63,372 | — | 871,365 | 871,365 | ||||||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 1,344,482 | — | 1,344,482 | 24,066,228 | — | 24,066,228 | ||||||||||||
Wyndham Worldwide Corp. | — | 79,227 | 79,227 | — | 518,937 | 518,937 | ||||||||||||
26,040,311 | 2,344,419 | 28,384,730 | 2.2 | % | ||||||||||||||
Household Durables | ||||||||||||||||||
Black & Decker Corp. | — | 27,887 | 27,887 | — | 1,165,955 | 1,165,955 | ||||||||||||
Centex Corp. | — | 56,899 | 56,899 | — | 605,405 | 605,405 | ||||||||||||
D.R. Horton, Inc.^ | — | 144,613 | 144,613 | — | 1,022,414 | 1,022,414 | ||||||||||||
Fortune Brands, Inc. | — | 70,278 | 70,278 | — | 2,901,076 | 2,901,076 | ||||||||||||
Harman International Industries, Inc. | — | 6,800 | 6,800 | — | 113,764 | 113,764 | ||||||||||||
Jarden Corp.*^ | — | 30,833 | 30,833 | — | 354,580 | 354,580 | ||||||||||||
KB Home^ | — | 34,243 | 34,243 | — | 466,390 | 466,390 | ||||||||||||
Leggett & Platt, Inc.^ | — | 74,515 | 74,515 | — | 1,131,883 | 1,131,883 | ||||||||||||
Lennar Corp., Class A^ | — | 61,027 | 61,027 | — | 529,104 | 529,104 | ||||||||||||
M.D.C. Holdings, Inc.^ | — | 190,131 | 190,131 | — | 5,760,969 | 5,760,969 | ||||||||||||
Mohawk Industries, Inc.* | — | 25,305 | 25,305 | — | 1,087,356 | 1,087,356 | ||||||||||||
Newell Rubbermaid, Inc. | — | 316,974 | 316,974 | — | 3,100,006 | 3,100,006 | ||||||||||||
NVR, Inc.* | — | 1,812 | 1,812 | — | 826,725 | 826,725 | ||||||||||||
Pulte Homes, Inc. | — | 73,932 | 73,932 | — | 808,077 | 808,077 | ||||||||||||
Snap-On, Inc. | — | 26,124 | 26,124 | — | 1,028,763 | 1,028,763 | ||||||||||||
Stanley Works^ | — | 35,813 | 35,813 | — | 1,221,223 | 1,221,223 | ||||||||||||
Toll Brothers, Inc.*^ | — | 173,069 | 173,069 | — | 3,708,869 | 3,708,869 | ||||||||||||
Whirlpool Corp.^ | — | 34,166 | 34,166 | — | 1,412,764 | 1,412,764 | ||||||||||||
— | 27,245,323 | 27,245,323 | 2.1 | % | ||||||||||||||
Internet & Catalog Retail | ||||||||||||||||||
Expedia, Inc.*^ | — | 95,362 | 95,362 | — | 785,783 | 785,783 | ||||||||||||
HSN, Inc.*^ | — | 14,581 | 14,581 | — | 106,004 | 106,004 | ||||||||||||
Liberty Media Corp., Interactive, Class A* | — | 272,838 | 272,838 | — | 851,254 | 851,254 | ||||||||||||
Ticketmaster Entertainment, Inc.* | — | 14,581 | 14,581 | — | 93,610 | 93,610 | ||||||||||||
— | 1,836,651 | 1,836,651 | 0.1 | % | ||||||||||||||
Leisure Equipment & Products | ||||||||||||||||||
Eastman Kodak Co.^ | — | 129,118 | 129,118 | — | 849,597 | 849,597 | ||||||||||||
Hasbro, Inc. | — | 32,471 | 32,471 | — | 947,179 | 947,179 | ||||||||||||
Mattel, Inc. | — | 165,588 | 165,588 | — | 2,649,408 | 2,649,408 | ||||||||||||
— | 4,446,184 | 4,446,184 | 0.3 | % | ||||||||||||||
Media | ||||||||||||||||||
Ascent Media Corp., Class A * | — | 6,391 | 6,391 | — | 139,579 | 139,579 | ||||||||||||
Cablevision Systems Corp. - New York Group, Class A | — | 100,731 | 100,731 | — | 1,696,310 | 1,696,310 | ||||||||||||
CBS Corp., Class B | — | 269,915 | 269,915 | — | 2,210,604 | 2,210,604 | ||||||||||||
Clear Channel Outdoor Holdings, Inc., Class A*^ | — | 4,100 | 4,100 | — | 25,215 | 25,215 | ||||||||||||
Discovery Communications, Inc., Class A* | — | 62,095 | 62,095 | — | 879,265 | 879,265 | ||||||||||||
Discovery Communications, Inc., Class C* | — | 69,518 | 69,518 | — | 930,846 | 930,846 | ||||||||||||
EW Scripps Co., Class A | — | 13,400 | 13,400 | — | 29,614 | 29,614 | ||||||||||||
Gannett Co., Inc.^ | — | 105,050 | 105,050 | — | 840,400 | 840,400 | ||||||||||||
Hearst-Argyle Television, Inc.^ | — | 10,600 | 10,600 | — | 64,236 | 64,236 | ||||||||||||
Interpublic Group of Cos., Inc.* | — | 31,500 | 31,500 | — | 124,740 | 124,740 | ||||||||||||
Liberty Global, Inc., Class A*^ | — | 69,536 | 69,536 | — | 1,107,013 | 1,107,013 | ||||||||||||
Liberty Media Corp., Capital Series, Class A* | — | 49,888 | 49,888 | — | 234,973 | 234,973 | ||||||||||||
McGraw-Hill Cos., Inc. | — | 74,279 | 74,279 | — | 1,722,530 | 1,722,530 | ||||||||||||
Meredith Corp. | — | 17,862 | 17,862 | — | 305,797 | 305,797 | ||||||||||||
New York Times Co., Class A^ | — | 64,373 | 64,373 | — | 471,854 | 471,854 | ||||||||||||
Regal Entertainment Group, Class A | — | 36,188 | 36,188 | — | 369,480 | 369,480 | ||||||||||||
Scripps Networks Interactive, Inc., Class A | — | 39,893 | 39,893 | — | 877,646 | 877,646 | ||||||||||||
Virgin Media, Inc.^ | — | 609,854 | 609,854 | — | 3,043,172 | 3,043,172 | ||||||||||||
Warner Music Group Corp.^ | — | 19,400 | 19,400 | — | 58,588 | 58,588 | ||||||||||||
Washington Post Co., Class B | — | 2,857 | 2,857 | — | 1,114,944 | 1,114,944 | ||||||||||||
— | 16,246,806 | 16,246,806 | 1.2 | % | ||||||||||||||
Multiline Retail | ||||||||||||||||||
Family Dollar Stores, Inc. | — | 58,497 | 58,497 | — | 1,525,017 | 1,525,017 | ||||||||||||
J.C. Penney Co., Inc.^ | — | 101,511 | 101,511 | — | 1,999,767 | 1,999,767 | ||||||||||||
Kohl’s Corp.* | — | 33,537 | 33,537 | — | 1,214,039 | 1,214,039 | ||||||||||||
Macy’s, Inc.^ | — | 194,033 | 194,033 | — | 2,008,242 | 2,008,242 | ||||||||||||
Saks, Inc.*^ | — | 65,490 | 65,490 | — | 286,846 | 286,846 | ||||||||||||
Sears Holdings Corp.*^ | — | 25,042 | 25,042 | — | 973,382 | 973,382 | ||||||||||||
— | 8,007,293 | 8,007,293 | 0.6 | % | ||||||||||||||
Specialty Retail | ||||||||||||||||||
American Eagle Outfitters, Inc. | — | 268,982 | 268,982 | — | 2,517,671 | 2,517,671 | ||||||||||||
AnnTaylor Stores Corp.*^ | — | 16,866 | 16,866 | — | 97,317 | 97,317 | ||||||||||||
AutoNation, Inc.*^ | — | 52,135 | 52,135 | — | 515,094 | 515,094 | ||||||||||||
Barnes & Noble, Inc.^ | — | 16,377 | 16,377 | — | 245,655 | 245,655 | ||||||||||||
Bed Bath & Beyond, Inc.*^ | — | 20,780 | 20,780 | — | 528,227 | 528,227 | ||||||||||||
Foot Locker, Inc. | — | 69,315 | 69,315 | — | 508,772 | 508,772 | ||||||||||||
Gap, Inc. | — | 111,865 | 111,865 | — | 1,497,872 | 1,497,872 | ||||||||||||
Limited Brands, Inc.^ | — | 44,122 | 44,122 | — | 442,985 | 442,985 | ||||||||||||
Office Depot, Inc.* | — | 122,242 | 122,242 | — | 364,281 | 364,281 | ||||||||||||
OfficeMax, Inc.^ | — | 34,387 | 34,387 | — | 262,717 | 262,717 | ||||||||||||
O’Reilly Automotive, Inc.*^ | — | 39,066 | 39,066 | — | 1,200,889 | 1,200,889 | ||||||||||||
Penske Automotive Group, Inc. | — | 18,900 | 18,900 | — | 145,152 | 145,152 | ||||||||||||
RadioShack Corp.^ | — | 60,353 | 60,353 | — | 720,615 | 720,615 | ||||||||||||
Signet Jewelers Ltd.^ | — | 38,728 | 38,728 | — | 335,772 | 335,772 | ||||||||||||
TJX Cos., Inc. | — | 80,900 | 80,900 | — | 1,664,113 | 1,664,113 | ||||||||||||
Williams-Sonoma, Inc. | — | 36,457 | 36,457 | — | 286,552 | 286,552 | ||||||||||||
— | 11,333,684 | 11,333,684 | 0.9 | % | ||||||||||||||
Textiles, Apparel & Luxury Goods | ||||||||||||||||||
Jones Apparel Group, Inc. | — | 39,282 | 39,282 | — | 230,193 | 230,193 | ||||||||||||
Liz Claiborne, Inc.^ | — | 42,981 | 42,981 | — | 111,751 | 111,751 | ||||||||||||
Phillips-Van Heusen Corp.^ | — | 3,000 | 3,000 | — | 60,390 | 60,390 | ||||||||||||
VF Corp.^ | — | 101,024 | 101,024 | — | 5,533,084 | 5,533,084 | ||||||||||||
— | 5,935,418 | 5,935,418 | 0.4 | % | ||||||||||||||
Total Consumer Discretionary | 26,040,311 | 89,345,681 | 115,385,992 | 8.8 | % | |||||||||||||
Consumer Staples | ||||||||||||||||||
Beverages | ||||||||||||||||||
Brown-Forman Corp., Class B | — | 12,453 | 12,453 | — | 641,205 | 641,205 | ||||||||||||
Coca-Cola Enterprises, Inc. | — | 144,770 | 144,770 | — | 1,741,583 | 1,741,583 | ||||||||||||
Constellation Brands, Inc., Class A*^ | — | 84,368 | 84,368 | — | 1,330,483 | 1,330,483 | ||||||||||||
Dr. Pepper Snapple Group, Inc.* | — | 116,599 | 116,599 | — | 1,894,734 | 1,894,734 | ||||||||||||
Molson Coors Brewing Co., Class B | — | 52,869 | 52,869 | — | 2,586,352 | 2,586,352 | ||||||||||||
Pepsi Bottling Group, Inc. | — | 62,765 | 62,765 | — | 1,412,840 | 1,412,840 | ||||||||||||
PepsiAmericas, Inc. | — | 26,330 | 26,330 | — | 536,079 | 536,079 | ||||||||||||
— | 10,143,276 | 10,143,276 | 0.8 | % | ||||||||||||||
Food & Staples Retailing | ||||||||||||||||||
BJ’s Wholesale Club, Inc.*^ | — | 27,152 | 27,152 | — | 930,228 | 930,228 | ||||||||||||
Rite Aid Corp.*^ | — | 235,400 | 235,400 | — | 72,974 | 72,974 | ||||||||||||
Safeway, Inc. | — | 200,209 | 200,209 | — | 4,758,968 | 4,758,968 | ||||||||||||
SUPERVALUE, Inc. | — | 97,014 | 97,014 | — | 1,416,404 | 1,416,404 | ||||||||||||
— | 7,178,574 | 7,178,574 | 0.5 | % | ||||||||||||||
Food Products | ||||||||||||||||||
Bunge Ltd.^ | — | 55,570 | 55,570 | — | 2,876,859 | 2,876,859 | ||||||||||||
Campbell Soup Co. | — | 46,993 | 46,993 | — | 1,410,260 | 1,410,260 | ||||||||||||
Chaoda Modern Agriculture (Holdings) Ltd. | — | 3,080,720 | 3,080,720 | — | 1,983,207 | 1,983,207 | ||||||||||||
ConAgra Foods, Inc. | — | 207,126 | 207,126 | — | 3,417,579 | 3,417,579 | ||||||||||||
Corn Products International, Inc. | — | 33,995 | 33,995 | — | 980,756 | 980,756 |
See notes to pro-forma financial statements.
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | ||||||||||||||
EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | |||||||||
Cosan Ltd., Class A*^ | — | 28,200 | 28,200 | — | 97,572 | 97,572 | |||||||||
Dean Foods Co.* | — | 190,270 | 190,270 | — | 3,419,152 | 3,419,152 | |||||||||
Del Monte Foods Co. | — | 89,515 | 89,515 | — | 639,137 | 639,137 | |||||||||
First Pacific Co. | — | 4,404,000 | 4,404,000 | — | 1,536,674 | 1,536,674 | |||||||||
H.J. Heinz Co. | — | 64,148 | 64,148 | — | 2,411,965 | 2,411,965 | |||||||||
Hershey Co. | — | 34,750 | 34,750 | — | 1,207,215 | 1,207,215 | |||||||||
Hormel Foods Corp. | — | 32,529 | 32,529 | — | 1,011,001 | 1,011,001 | |||||||||
JM Smucker Co. | — | 43,892 | 43,892 | — | 1,903,157 | 1,903,157 | |||||||||
Marfrig Frigorificos e Comercio de Alimentos S.A.* | — | 238,100 | 238,100 | — | 778,892 | 778,892 | |||||||||
Marine Harvest ASA* | — | 6,958,000 | 6,958,000 | — | 1,062,029 | 1,062,029 | |||||||||
McCormick & Co., Inc. (Non-Voting) | — | 31,958 | 31,958 | — | 1,018,182 | 1,018,182 | |||||||||
Perdigao S.A.* | — | 71,200 | 71,200 | — | 926,966 | 926,966 | |||||||||
Sara Lee Corp. | — | 324,351 | 324,351 | — | 3,175,396 | 3,175,396 | |||||||||
Smithfield Foods, Inc.*^ | — | 322,139 | 322,139 | — | 4,532,496 | 4,532,496 | |||||||||
Tyson Foods, Inc., Class A | — | 119,345 | 119,345 | — | 1,045,462 | 1,045,462 | |||||||||
— | 35,433,957 | 35,433,957 | 2.7 | % | |||||||||||
Household Products | |||||||||||||||
Clorox Co. | — | 43,782 | 43,782 | — | 2,432,528 | 2,432,528 | |||||||||
— | 2,432,528 | 2,432,528 | 0.2 | % | |||||||||||
Personal Products | |||||||||||||||
Alberto-Culver Co. | — | 34,660 | 34,660 | — | 849,517 | 849,517 | |||||||||
NBTY, Inc.* | — | 12,073 | 12,073 | — | 188,942 | 188,942 | |||||||||
— | 1,038,459 | 1,038,459 | 0.1 | % | |||||||||||
Tobacco | |||||||||||||||
Lorillard, Inc. | — | 37,898 | 37,898 | — | 2,135,552 | 2,135,552 | |||||||||
UST, Inc. | — | 67,558 | 67,558 | — | 4,687,174 | 4,687,174 | |||||||||
— | 6,822,726 | 6,822,726 | 0.5 | % | |||||||||||
Total Consumer Staples | — | 63,049,520 | 63,049,520 | 4.8 | % | ||||||||||
Energy | |||||||||||||||
Energy Equipment & Services | |||||||||||||||
BJ Services Co.^ | — | 133,888 | 133,888 | — | 1,562,473 | 1,562,473 | |||||||||
Cie Generale de Geophysique-Veritas (ADR)*^ | — | 120,400 | 120,400 | — | 1,804,796 | 1,804,796 | |||||||||
ENSCO International, Inc. | — | 4,500 | 4,500 | — | 127,755 | 127,755 | |||||||||
Exterran Holdings, Inc.* | — | 30,593 | 30,593 | — | 651,631 | 651,631 | |||||||||
Global Industries Ltd.*^ | — | 19,300 | 19,300 | — | 67,357 | 67,357 | |||||||||
Helix Energy Solutions Group, Inc.* | — | 37,517 | 37,517 | — | 271,623 | 271,623 | |||||||||
Helmerich & Payne, Inc. | — | 47,746 | 47,746 | — | 1,086,222 | 1,086,222 | |||||||||
Hercules Offshore, Inc.*^ | — | 39,771 | 39,771 | — | 188,912 | 188,912 | |||||||||
Key Energy Services, Inc.* | — | 46,697 | 46,697 | — | 205,934 | 205,934 | |||||||||
Nabors Industries Ltd.* | — | 110,164 | 110,164 | — | 1,318,663 | 1,318,663 | |||||||||
Oil States International, Inc.*^ | — | 7,700 | 7,700 | — | 143,913 | 143,913 | |||||||||
Patterson-UTI Energy, Inc.^ | — | 26,757 | 26,757 | — | 307,973 | 307,973 | |||||||||
Pride International, Inc.*^ | — | 21,249 | 21,249 | — | 339,559 | 339,559 | |||||||||
Rowan Cos., Inc.^ | — | 32,777 | 32,777 | — | 521,154 | 521,154 | |||||||||
SBM Offshore N.V. | — | 63,179 | 63,179 | — | 827,907 | 827,907 | |||||||||
SEACOR Holdings, Inc.*^ | — | 8,249 | 8,249 | — | 549,796 | 549,796 | |||||||||
Tidewater, Inc.^ | — | 22,507 | 22,507 | — | 906,357 | 906,357 | |||||||||
Unit Corp.* | — | 4,988 | 4,988 | — | 133,279 | 133,279 | |||||||||
— | 11,015,304 | 11,015,304 | 0.8 | % | |||||||||||
Oil, Gas & Consumable Fuels | |||||||||||||||
Cabot Oil & Gas Corp.^ | — | 25,800 | 25,800 | — | 670,800 | 670,800 | |||||||||
Cimarex Energy Co. | — | 37,918 | 37,918 | — | 1,015,444 | 1,015,444 | |||||||||
El Paso Corp.^ | — | 254,087 | 254,087 | — | 1,989,501 | 1,989,501 | |||||||||
Encore Acquisition Co.* | — | 17,845 | 17,845 | — | 455,404 | 455,404 | |||||||||
Forest Oil Corp.*^ | — | 44,065 | 44,065 | — | 726,632 | 726,632 | |||||||||
Mariner Energy, Inc.*^ | — | 11,000 | 11,000 | — | 112,200 | 112,200 | |||||||||
Newfield Exploration Co.*^ | — | 207,831 | 207,831 | — | 4,104,662 | 4,104,662 | |||||||||
Noble Energy, Inc. | — | 103,143 | 103,143 | — | 5,076,699 | 5,076,699 | |||||||||
Overseas Shipholding Group, Inc.^ | — | 11,079 | 11,079 | — | 466,537 | 466,537 | |||||||||
Petrohawk Energy Corp.* | — | 7,000 | 7,000 | — | 109,410 | 109,410 | |||||||||
Pioneer Natural Resources Co. | — | 54,268 | 54,268 | — | 878,056 | 878,056 | |||||||||
Plains Exploration & Production Co.* | — | 4,383 | 4,383 | — | 101,861 | 101,861 | |||||||||
Southern Union Co. | — | 51,324 | 51,324 | — | 669,265 | 669,265 | |||||||||
Spectra Energy Corp. | — | 289,306 | 289,306 | — | 4,553,677 | 4,553,677 | |||||||||
St. Mary Land & Exploration Co.^ | — | 16,377 | 16,377 | — | 332,617 | 332,617 | |||||||||
Sunoco, Inc.^ | — | 21,540 | 21,540 | — | 936,128 | 936,128 | |||||||||
Teekay Corp.^ | — | 18,889 | 18,889 | — | 371,169 | 371,169 | |||||||||
Tesoro Corp.^ | — | 44,308 | 44,308 | — | 583,536 | 583,536 | |||||||||
Uranium One, Inc.* | — | 512,300 | 512,300 | — | 742,825 | 742,825 | |||||||||
— | 23,896,423 | 23,896,423 | 1.8 | % | |||||||||||
Total Energy | — | 34,911,727 | 34,911,727 | 2.6 | % | ||||||||||
Financials | |||||||||||||||
Capital Markets | |||||||||||||||
Affiliated Managers Group, Inc.*^ | — | 41,400 | 41,400 | — | 1,735,488 | 1,735,488 | |||||||||
Allied Capital Corp.^ | — | 77,750 | 77,750 | — | 209,148 | 209,148 | |||||||||
American Capital Ltd.^ | — | 90,899 | 90,899 | — | 294,513 | 294,513 | |||||||||
Ameriprise Financial, Inc. | — | 234,061 | 234,061 | — | 5,467,665 | 5,467,665 | |||||||||
E*TRADE Financial Corp.*^ | — | 158,600 | 158,600 | — | 182,390 | 182,390 | |||||||||
Invesco Ltd. | — | 283,260 | 283,260 | — | 4,090,274 | 4,090,274 | |||||||||
Investment Technology Group, Inc.*^ | — | 1,700 | 1,700 | — | 38,624 | 38,624 | |||||||||
Janus Capital Group, Inc.^ | — | 5,300 | 5,300 | — | 42,559 | 42,559 | |||||||||
Jefferies Group, Inc.^ | — | 57,854 | 57,854 | — | 813,427 | 813,427 | |||||||||
Legg Mason, Inc.^ | — | 63,553 | 63,553 | — | 1,392,446 | 1,392,446 | |||||||||
MF Global Ltd.*^ | — | 23,800 | 23,800 | — | 48,552 | 48,552 | |||||||||
Northern Trust Corp. | — | 9,689 | 9,689 | — | 505,184 | 505,184 | |||||||||
Raymond James Financial, Inc.^ | — | 43,898 | 43,898 | — | 751,973 | 751,973 | |||||||||
TD Ameritrade Holding Corp.* | — | 174,700 | 174,700 | — | 2,489,475 | 2,489,475 | |||||||||
— | 18,061,718 | 18,061,718 | 1.4 | % | |||||||||||
Commercial Banks | |||||||||||||||
Associated Banc-Corp | — | 58,252 | 58,252 | — | 1,219,214 | 1,219,214 | |||||||||
Bancorpsouth, Inc.^ | — | 37,380 | 37,380 | — | 873,197 | 873,197 | |||||||||
Bank of Hawaii Corp.^ | — | 21,767 | 21,767 | — | 983,215 | 983,215 | |||||||||
BOK Financial Corp.^ | — | 10,077 | 10,077 | — | 407,111 | 407,111 | |||||||||
City National Corp./California^ | — | 18,140 | 18,140 | — | 883,418 | 883,418 | |||||||||
Comerica, Inc.^ | — | 132,330 | 132,330 | — | 2,626,751 | 2,626,751 | |||||||||
Commerce Bancshares, Inc./Missouri^ | — | 29,458 | 29,458 | —�� | 1,294,679 | 1,294,679 | |||||||||
Cullen/Frost Bankers, Inc.^ | — | 26,733 | 26,733 | — | 1,354,828 | 1,354,828 | |||||||||
Fifth Third Bancorp^ | — | 231,291 | 231,291 | — | 1,910,464 | 1,910,464 | |||||||||
First Citizens BancShares, Inc./North Carolina, Class A^ | — | 2,734 | 2,734 | — | 417,755 | 417,755 | |||||||||
First Horizon National Corp.^ | — | 93,306 | 93,306 | — | 986,241 | 986,241 | |||||||||
Fulton Financial Corp.^ | — | 80,013 | 80,013 | — | 769,725 | 769,725 | |||||||||
Huntington Bancshares, Inc./Ohio^ | — | 182,333 | 182,333 | — | 1,396,671 | 1,396,671 | |||||||||
KeyCorp | — | 226,680 | 226,680 | — | 1,931,314 | 1,931,314 | |||||||||
M&T Bank Corp.^ | — | 63,055 | 63,055 | — | 3,619,988 | 3,619,988 | |||||||||
Marshall & Ilsley Corp.^ | — | 117,832 | 117,832 | — | 1,607,228 | 1,607,228 | |||||||||
National City Corp. | — | 932,668 | 932,668 | — | 1,688,129 | 1,688,129 | |||||||||
Popular, Inc.^ | — | 562,708 | 562,708 | — | 2,903,573 | 2,903,573 | |||||||||
Regions Financial Corp.^ | — | 317,779 | 317,779 | — | 2,529,521 | 2,529,521 | |||||||||
Signature Bank/New York* | — | 1,800 | 1,800 | — | 51,642 | 51,642 | |||||||||
Synovus Financial Corp. | — | 127,519 | 127,519 | — | 1,058,408 | 1,058,408 | |||||||||
TCF Financial Corp.^ | — | 58,142 | 58,142 | — | 794,220 | 794,220 | |||||||||
Valley National Bancorp^ | — | 61,226 | 61,226 | — | 1,239,826 | 1,239,826 | |||||||||
Webster Financial Corp.^ | — | 23,792 | 23,792 | — | 327,854 | 327,854 | |||||||||
Whitney Holding Corp./Louisiana^ | — | 29,088 | 29,088 | — | 465,117 | 465,117 | |||||||||
Wilmington Trust Corp.^ | — | 30,537 | 30,537 | — | 679,143 | 679,143 | |||||||||
Zions Bancorporation^ | — | 52,385 | 52,385 | — | 1,283,956 | 1,283,956 | |||||||||
— | 35,303,188 | 35,303,188 | 2.7 | % | |||||||||||
Consumer Finance | |||||||||||||||
AmeriCredit Corp.*^ | — | 52,183 | 52,183 | — | 398,678 | 398,678 | |||||||||
Discover Financial Services | — | 219,402 | 219,402 | — | 2,090,901 | 2,090,901 | |||||||||
SLM Corp.*^ | — | 24,089 | 24,089 | — | 214,392 | 214,392 | |||||||||
Student Loan Corp.^ | — | 1,800 | 1,800 | — | 73,800 | 73,800 | |||||||||
— | 2,777,771 | 2,777,771 | 0.2 | % | |||||||||||
Diversified Financial Services | |||||||||||||||
CIT Group, Inc.^ | — | 500,740 | 500,740 | — | 2,273,359 | 2,273,359 | |||||||||
Leucadia National Corp.*^ | — | 80,668 | 80,668 | — | 1,597,226 | 1,597,226 | |||||||||
Moody’s Corp. | — | 90,174 | 90,174 | — | 1,811,596 | 1,811,596 | |||||||||
NASDAQ OMX Group, Inc.*^ | — | 28,335 | 28,335 | — | 700,158 | 700,158 | |||||||||
PHH Corp.*^ | — | 410,000 | 410,000 | — | 5,219,300 | 5,219,300 | |||||||||
— | 11,601,639 | 11,601,639 | 0.9 | % | |||||||||||
Insurance | |||||||||||||||
Alleghany Corp.* | — | 2,311 | 2,311 | — | 651,702 | 651,702 | |||||||||
Allied World Assurance Co. Holdings Ltd./Bermuda^ | — | 22,169 | 22,169 | — | 900,061 | 900,061 | |||||||||
American Financial Group, Inc./Ohio | — | 36,136 | 36,136 | — | 826,792 | 826,792 | |||||||||
American National Insurance Co.^ | — | 7,038 | 7,038 | — | 518,912 | 518,912 | |||||||||
Aon Corp. | — | 126,855 | 126,855 | — | 5,794,736 | 5,794,736 | |||||||||
Arch Capital Group Ltd.* | — | 20,900 | 20,900 | — | 1,465,090 | 1,465,090 | |||||||||
Arthur J. Gallagher & Co. | — | 42,460 | 42,460 | — | 1,100,139 | 1,100,139 | |||||||||
Assurant, Inc. | — | 53,879 | 53,879 | — | 1,616,370 | 1,616,370 | |||||||||
Axis Capital Holdings Ltd. | — | 52,013 | 52,013 | — | 1,514,619 | 1,514,619 | |||||||||
Brown & Brown, Inc.^ | — | 39,965 | 39,965 | — | 835,268 | 835,268 | |||||||||
Cincinnati Financial Corp. | — | 66,677 | 66,677 | — | 1,938,300 | 1,938,300 | |||||||||
CNA Financial Corp. | — | 12,258 | 12,258 | — | 201,522 | 201,522 | |||||||||
Conseco, Inc.*^ | — | 83,777 | 83,777 | — | 433,965 | 433,965 |
See notes to pro-forma financial statements.
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | ||||||||||||||
EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | |||||||||
Endurance Specialty Holdings Ltd. | — | 23,705 | 23,705 | — | 723,714 | 723,714 | |||||||||
Erie Indemnity Co., Class A^ | — | 13,333 | 13,333 | — | 501,721 | 501,721 | |||||||||
Everest Reinsurance Group Ltd. | — | 118,849 | 118,849 | — | 9,049,163 | 9,049,163 | |||||||||
Fidelity National Financial, Inc., Class A | — | 203,117 | 203,117 | — | 3,605,327 | 3,605,327 | |||||||||
First American Corp.^ | — | 98,435 | 98,435 | — | 2,843,787 | 2,843,787 | |||||||||
Genworth Financial, Inc., Class A | — | 193,940 | 193,940 | — | 548,850 | 548,850 | |||||||||
Hanover Insurance Group, Inc. | — | 23,317 | 23,317 | — | 1,001,931 | 1,001,931 | |||||||||
HCC Insurance Holdings, Inc. | — | 52,546 | 52,546 | — | 1,405,606 | 1,405,606 | |||||||||
Lincoln National Corp. | — | 119,320 | 119,320 | 2,247,989 | 2,247,989 | ||||||||||
Markel Corp.*^ | — | 4,551 | 4,551 | — | 1,360,749 | 1,360,749 | |||||||||
Marsh & McLennan Cos., Inc. | — | 233,807 | 233,807 | — | 5,674,496 | 5,674,496 | |||||||||
MBIA, Inc.*^ | — | 95,723 | 95,723 | — | 389,593 | 389,593 | |||||||||
Mercury General Corp.^ | — | 12,060 | 12,060 | — | 554,639 | 554,639 | |||||||||
Nationwide Financial Services, Inc., Class A | — | 21,168 | 21,168 | — | 1,105,181 | 1,105,181 | |||||||||
Old Republic International Corp.^ | — | 105,536 | 105,536 | — | 1,257,989 | 1,257,989 | |||||||||
OneBeacon Insurance Group Ltd. | — | 11,200 | 11,200 | — | 116,928 | 116,928 | |||||||||
PartnerReinsurance Ltd.^ | — | 58,318 | 58,318 | — | 4,156,324 | 4,156,324 | |||||||||
Platinum Underwriters Holdings Ltd.^ | — | 18,900 | 18,900 | — | 681,912 | 681,912 | |||||||||
Principal Financial Group, Inc.^ | — | 118,435 | 118,435 | — | 2,673,078 | 2,673,078 | |||||||||
Progressive Corp. | — | 309,659 | 309,659 | — | 4,586,050 | 4,586,050 | |||||||||
Protective Life Corp.^ | — | 31,255 | 31,255 | — | 448,509 | 448,509 | |||||||||
Reinsurance Group of America, Inc. | — | 169,535 | 169,535 | — | 7,259,489 | 7,259,489 | |||||||||
RenaissanceReinsurance Holdings Ltd. | — | 27,931 | 27,931 | — | 1,440,122 | 1,440,122 | |||||||||
StanCorp Financial Group, Inc.^ | — | 22,224 | 22,224 | — | 928,296 | 928,296 | |||||||||
Torchmark Corp.^ | — | 38,639 | 38,639 | — | 1,727,163 | 1,727,163 | |||||||||
Transatlantic Holdings, Inc. | — | 9,200 | 9,200 | — | 368,552 | 368,552 | |||||||||
Unitrin, Inc.^ | — | 18,642 | 18,642 | — | 297,153 | 297,153 | |||||||||
Unum Group | — | 408,220 | 408,220 | — | 7,592,892 | 7,592,892 | |||||||||
W.R. Berkley Corp. | — | 62,649 | 62,649 | — | 1,942,119 | 1,942,119 | |||||||||
Wesco Financial Corp. | — | 590 | 590 | — | 169,861 | 169,861 | |||||||||
White Mountains Insurance Group Ltd. | — | 4,064 | 4,064 | — | 1,085,535 | 1,085,535 | |||||||||
XL Capital Ltd., Class A | — | 148,235 | 148,235 | — | 548,470 | 548,470 | |||||||||
— | 86,090,664 | 86,090,664 | 6.6 | % | |||||||||||
Real Estate Investment Trusts (REIT's) | |||||||||||||||
Acadia Realty Trust (REIT) | 244,616 | 244,616 | 3,490,670 | — | 3,490,670 | ||||||||||
Alexandria Real Estate Equities, Inc. (REIT)^ | — | 14,770 | 14,770 | — | 891,222 | 891,222 | |||||||||
AMB Property Corp. (REIT)^ | 234,545 | 44,500 | 279,045 | 5,493,044 | 1,042,190 | 6,535,234 | |||||||||
Annaly Capital Management, Inc. (REIT)^ | — | 572,468 | 572,468 | — | 9,085,067 | 9,085,067 | |||||||||
Apartment Investment & Management Co. (REIT), Class A^ | 1,927 | 31,459 | 33,386 | 22,257 | 363,351 | 385,608 | |||||||||
AvalonBay Communities, Inc. (REIT)^ | 514,301 | 35,196 | 549,497 | 31,156,355 | 2,132,174 | 33,288,529 | |||||||||
Boston Properties, Inc. (REIT)^ | 507,333 | 54,749 | 562,082 | 27,903,315 | 3,011,195 | 30,914,510 | |||||||||
Brandywine Realty Trust (REIT)^ | 25,501 | 39,736 | 65,237 | 196,613 | 306,365 | 502,978 | |||||||||
BRE Properties, Inc. (REIT)^ | 39,894 | 22,161 | 62,055 | 1,116,234 | 620,065 | 1,736,299 | |||||||||
Brookfield Properties Corp. | 2,068,966 | — | 2,068,966 | 15,993,107 | — | 15,993,107 | |||||||||
Camden Property Trust (REIT)^ | 495,753 | 8,720 | 504,473 | 15,536,899 | 273,285 | 15,810,184 | |||||||||
CapitalSource, Inc. (REIT)^ | — | 87,046 | 87,046 | — | 402,153 | 402,153 | |||||||||
Care Investment Trust, Inc. | 100,300 | — | 100,300 | 781,337 | — | 781,337 | |||||||||
CBL & Associates Properties, Inc. (REIT)^ | — | 30,078 | 30,078 | — | 195,507 | 195,507 | |||||||||
DCT Industrial Trust, Inc. (REIT) | 369,231 | — | 369,231 | 1,868,309 | — | 1,868,309 | |||||||||
Developers Diversified Realty Corp. (REIT)^ | 67,717 | 53,662 | 121,379 | 330,459 | 261,871 | 592,330 | |||||||||
Digital Realty Trust, Inc. (REIT)^ | — | 10,292 | 10,292 | — | 338,092 | 338,092 | |||||||||
Douglas Emmett, Inc. (REIT)^ | 221,204 | 55,816 | 277,020 | 2,888,924 | 728,957 | 3,617,881 | |||||||||
Duke Realty Corp. (REIT)^ | 517,759 | 67,410 | 585,169 | 5,674,639 | 738,814 | 6,413,453 | |||||||||
Equity Lifestyle Properties, Inc. (REIT) | 227,730 | — | 227,730 | 8,735,723 | — | 8,735,723 | |||||||||
Equity One, Inc. (REIT) | 11,646 | — | 11,646 | 206,134 | — | 206,134 | |||||||||
Equity Residential (REIT)^ | 848,489 | 123,638 | 972,127 | 25,301,942 | 3,686,885 | 28,988,827 | |||||||||
Essex Property Trust (REIT)^ | — | 9,151 | 9,151 | — | 702,339 | 702,339 | |||||||||
Extendicare Real Estate Investment Trust (REIT) | 30,160 | — | 30,160 | 142,921 | — | 142,921 | |||||||||
Federal Realty Investment Trust (REIT)^ | 256,322 | 18,992 | 275,314 | 15,912,470 | 1,179,023 | 17,091,493 | |||||||||
Forest City Enterprises, Inc., Class A | 562,175 | — | 562,175 | 3,766,573 | — | 3,766,573 | |||||||||
General Growth Properties, Inc. (REIT)^ | — | 48,044 | 48,044 | — | 61,977 | 61,977 | |||||||||
HCP, Inc. (REIT)^ | 374,528 | 101,498 | 476,026 | 10,400,643 | 2,818,599 | 13,219,242 | |||||||||
Health Care REIT, Inc. (REIT)^ | — | 41,118 | 41,118 | — | 1,735,180 | 1,735,180 | |||||||||
Healthcare Realty Trust, Inc. (REIT) | 697,836 | — | 697,836 | 16,385,189 | — | 16,385,189 | |||||||||
Highwoods Properties, Inc. (REIT) | 21,517 | — | 21,517 | 588,705 | — | 588,705 | |||||||||
Hospitality Properties Trust (REIT)^ | — | 43,761 | 43,761 | — | 650,726 | 650,726 | |||||||||
Host Hotels & Resorts, Inc. (REIT)^ | 2,158,381 | 240,431 | 2,398,812 | 16,338,944 | 1,820,063 | 18,159,007 | |||||||||
HRPT Properties Trust (REIT)^ | — | 102,293 | 102,293 | — | 344,727 | 344,727 | |||||||||
iStar Financial, Inc. (REIT)^ | — | 60,846 | 60,846 | — | 135,687 | 135,687 | |||||||||
Kilroy Realty Corp. (REIT)^ | 77,471 | 13,522 | 90,993 | 2,592,180 | 452,446 | 3,044,626 | |||||||||
Kimco Realty Corp. (REIT)^ | — | 249,745 | 249,745 | — | 4,565,339 | 4,565,339 | |||||||||
Liberty Property Trust (REIT) | 450,394 | 44,534 | 494,928 | 10,282,495 | 1,016,711 | 11,299,206 | |||||||||
Macerich Co. (REIT) | 37,941 | — | 37,941 | 689,009 | — | 689,009 | |||||||||
Mack-Cali Realty Corp. (REIT)^ | 608,709 | 30,215 | 638,924 | 14,913,370 | 740,267 | 15,653,637 | |||||||||
Nationwide Health Properties, Inc. (REIT)^ | — | 39,690 | 39,690 | — | 1,139,897 | 1,139,897 | |||||||||
Parkway Properties, Inc./Maryland (REIT) | 41,822 | — | 41,822 | 752,796 | — | 752,796 | |||||||||
Plum Creek Timber Co., Inc. (REIT)^ | 421,062 | 53,078 | 474,140 | 14,627,694 | 1,843,930 | 16,471,624 | |||||||||
Post Properties, Inc. (REIT) | 527,413 | — | 527,413 | 8,702,314 | — | 8,702,314 | |||||||||
ProLogis (REIT)^ | — | 120,797 | 120,797 | — | 1,677,870 | 1,677,870 | |||||||||
PS Business Parks, Inc. (REIT) | 78,702 | — | 78,702 | 3,514,831 | — | 3,514,831 | |||||||||
Public Storage (REIT) | 238,547 | 57,807 | 296,354 | 18,964,486 | 4,595,656 | 23,560,142 | |||||||||
Ramco-Gershenson Properties Trust (REIT) | 116,526 | — | 116,526 | 720,131 | — | 720,131 | |||||||||
Rayonier, Inc. (REIT) | — | 31,214 | 31,214 | — | 978,559 | 978,559 | |||||||||
Regency Centers Corp. (REIT)^ | 509,310 | 31,930 | 541,240 | 23,784,777 | 1,491,131 | 25,275,908 | |||||||||
Senior Housing Properties Trust (REIT) | 881,891 | — | 881,891 | 15,803,487 | — | 15,803,487 | |||||||||
Simon Property Group, Inc. (REIT) | 702,003 | — | 702,003 | 37,297,419 | — | 37,297,419 | |||||||||
SL Green Realty Corp. (REIT)^ | 11,580 | 26,850 | 38,430 | 299,922 | 695,415 | 995,337 | |||||||||
Sovran Self Storage, Inc. (REIT) | 85,358 | — | 85,358 | 3,072,888 | — | 3,072,888 | |||||||||
Strategic Hotels & Resorts, Inc. (REIT) | 1,098,207 | — | 1,098,207 | 1,844,988 | — | 1,844,988 | |||||||||
Taubman Centers, Inc. (REIT) | 103,688 | — | 103,688 | 2,639,896 | — | 2,639,896 | |||||||||
UDR, Inc. (REIT)^ | — | 61,837 | 61,837 | — | 852,732 | 852,732 | |||||||||
Ventas, Inc. (REIT)^ | 295,874 | 49,432 | 345,306 | 9,932,490 | 1,659,432 | 11,591,922 | |||||||||
Vornado Realty Trust (REIT)^ | 312,217 | 62,194 | 374,411 | 18,842,296 | 3,753,408 | 22,595,704 | |||||||||
Weingarten Realty Investors (REIT)^ | 7,874 | 34,209 | 42,083 | 162,913 | 707,784 | 870,697 | |||||||||
399,671,788 | 59,696,091 | 459,367,879 | 35.1 | % | |||||||||||
Real Estate Management & Development | |||||||||||||||
CB Richard Ellis Group, Inc., Class A*^ | — | 64,077 | 64,077 | — | 276,813 | 276,813 | |||||||||
Jones Lang LaSalle, Inc.^ | — | 15,653 | 15,653 | — | 433,588 | 433,588 | |||||||||
St. Joe Co.*^ | — | 6,602 | 6,602 | — | 160,560 | 160,560 | |||||||||
— | 870,961 | 870,961 | 0.1 | % | |||||||||||
Thrifts & Mortgage Finance | |||||||||||||||
Astoria Financial Corp. | — | 38,771 | 38,771 | — | 638,946 | 638,946 | |||||||||
Beneficial Mutual Bancorp, Inc.*^ | — | 22,506 | 22,506 | — | 253,193 | 253,193 | |||||||||
Capitol Federal Financial^ | — | 6,500 | 6,500 | — | 296,400 | 296,400 | |||||||||
Hudson City Bancorp, Inc. | — | 155,111 | 155,111 | — | 2,475,572 | 2,475,572 | |||||||||
MGIC Investment Corp.^ | — | 55,859 | 55,859 | — | 194,389 | 194,389 | |||||||||
New York Community Bancorp, Inc. | — | 157,722 | 157,722 | — | 1,886,355 | 1,886,355 | |||||||||
People's United Financial, Inc. | — | 158,239 | 158,239 | — | 2,821,401 | 2,821,401 | |||||||||
Sovereign Bancorp, Inc.*^ | — | 689,854 | 689,854 | — | 2,055,765 | 2,055,765 | |||||||||
TFS Financial Corp.^ | — | 38,537 | 38,537 | — | 497,127 | 497,127 | |||||||||
Tree.com, Inc.* | — | 2,430 | 2,430 | — | 6,318 | 6,318 | |||||||||
Washington Federal, Inc.^ | — | 39,831 | 39,831 | — | 595,872 | 595,872 | |||||||||
— | 11,721,338 | 11,721,338 | 0.9 | % | |||||||||||
Total Financials | 399,671,788 | 226,123,370 | 625,795,158 | 47.9 | % | ||||||||||
Health Care (13.0%) | |||||||||||||||
Biotechnology | |||||||||||||||
Theravance, Inc.*^ | — | 214,500 | 214,500 | — | 2,657,655 | 2,657,655 | |||||||||
— | 2,657,655 | 2,657,655 | 0.2 | % | |||||||||||
Health Care Equipment & Supplies | |||||||||||||||
Advanced Medical Optics, Inc.*^ | — | 3,300 | 3,300 | — | 21,813 | 21,813 | |||||||||
Beckman Coulter, Inc. | — | 5,464 | 5,464 | — | 240,088 | 240,088 | |||||||||
Cooper Cos., Inc.^ | — | 20,408 | 20,408 | — | 334,691 | 334,691 | |||||||||
Hill-Rom Holdings, Inc.^ | — | 24,437 | 24,437 | — | 402,233 | 402,233 | |||||||||
Hologic, Inc.*^ | — | 58,790 | 58,790 | — | 768,385 | 768,385 | |||||||||
Hospira, Inc.* | — | 62,723 | 62,723 | — | 1,682,231 | 1,682,231 | |||||||||
Inverness Medical Innovations, Inc.*^ | — | 17,378 | 17,378 | — | 328,618 | 328,618 | |||||||||
Teleflex, Inc. | — | 17,936 | 17,936 | — | 898,594 | 898,594 | |||||||||
West Pharmaceutical Services, Inc.^ | — | 106,400 | 106,400 | — | 4,018,728 | 4,018,728 | |||||||||
— | 8,695,381 | 8,695,381 | 0.7 | % | |||||||||||
Health Care Providers & Services | |||||||||||||||
AmerisourceBergen Corp. | — | 138,147 | 138,147 | — | 4,926,322 | 4,926,322 | |||||||||
Assisted Living Concepts, Inc., Class A* | 756,589 | — | 756,589 | 3,139,844 | — | 3,139,844 | |||||||||
Brookdale Senior Living, Inc.^ | — | 16,500 | 16,500 | — | 92,070 | 92,070 | |||||||||
CIGNA Corp. | — | 255,459 | 255,459 | — | 4,304,484 | 4,304,484 | |||||||||
Community Health Systems, Inc.*^ | — | 33,398 | 33,398 | — | 486,943 | 486,943 | |||||||||
Coventry Health Care, Inc.* | — | 55,486 | 55,486 | — | 825,632 | 825,632 | |||||||||
DaVita, Inc.* | — | 7,865 | 7,865 | — | 389,868 | 389,868 | |||||||||
Health Management Associates, Inc., Class A*^ | — | 38,100 | 38,100 | — | 68,199 | 68,199 | |||||||||
Health Net, Inc.*^ | — | 45,457 | 45,457 | — | 495,027 | 495,027 | |||||||||
Henry Schein, Inc.* | — | 3,000 | 3,000 | — | 110,070 | 110,070 | |||||||||
Humana, Inc.* | — | 118,743 | 118,743 | — | 4,426,739 | 4,426,739 | |||||||||
Laboratory Corp. of America Holdings*^ | — | 44,300 | 44,300 | — | 2,853,363 | 2,853,363 | |||||||||
LifePoint Hospitals, Inc.*^ | — | 24,265 | 24,265 | — | 554,212 | 554,212 | |||||||||
Lincare Holdings, Inc.* | — | 3,000 | 3,000 | — | 80,790 | 80,790 | |||||||||
Omnicare, Inc. | — | 45,243 | 45,243 | — | 1,255,946 | 1,255,946 | |||||||||
Pediatrix Medical Group, Inc.*^ | — | 3,200 | 3,200 | — | 101,440 | 101,440 | |||||||||
Quest Diagnostics, Inc. | — | 12,844 | 12,844 | — | 666,732 | 666,732 | |||||||||
Tenet Healthcare Corp.* | — | 94,234 | 94,234 | — | 108,369 | 108,369 | |||||||||
Universal Health Services, Inc., Class B | — | 21,741 | 21,741 | — | 816,809 | 816,809 | |||||||||
3,139,844 | 22,563,015 | 25,702,859 | 2.0 | % | |||||||||||
See notes to pro-forma financial statements.
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | ||||||||||||||
EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | |||||||||
Health Care Technology | |||||||||||||||
HLTH Corp.*^ | — | 59,383 | 59,383 | — | 621,146 | 621,146 | |||||||||
IMS Health, Inc. | — | 64,416 | 64,416 | — | 976,547 | 976,547 | |||||||||
— | 1,597,693 | 1,597,693 | 0.1 | % | |||||||||||
Life Sciences Tools & Services | |||||||||||||||
Charles River Laboratories International, Inc.*^ | — | 16,658 | 16,658 | — | 436,440 | 436,440 | |||||||||
Life Technologies Corp.* | — | 27,487 | 27,487 | — | 640,722 | 640,722 | |||||||||
PerkinElmer, Inc.^ | — | 29,305 | 29,305 | — | 407,632 | 407,632 | |||||||||
— | 1,484,794 | 1,484,794 | 0.1 | % | |||||||||||
Pharmaceuticals | |||||||||||||||
Endo Pharmaceuticals Holdings, Inc.* | — | 72,100 | 72,100 | — | 1,865,948 | 1,865,948 | |||||||||
Forest Laboratories, Inc.* | — | 127,796 | 127,796 | — | 3,254,964 | 3,254,964 | |||||||||
King Pharmaceuticals, Inc.* | — | 112,649 | 112,649 | — | 1,196,332 | 1,196,332 | |||||||||
Mylan, Inc.*^ | — | 113,769 | 113,769 | — | 1,125,176 | 1,125,176 | |||||||||
Watson Pharmaceuticals, Inc.* | — | 24,350 | 24,350 | — | 646,980 | 646,980 | |||||||||
— | 8,089,400 | 8,089,400 | 0.6 | % | |||||||||||
Total Health Care | 3,139,844 | 45,087,938 | 48,227,782 | 3.7 | % | ||||||||||
Industrials | |||||||||||||||
Aerospace & Defense | |||||||||||||||
Alliant Techsystems, Inc.*^ | — | 65,642 | 65,642 | — | 5,629,458 | 5,629,458 | |||||||||
BE Aerospace, Inc.*^ | — | 3,000 | 3,000 | — | 23,070 | 23,070 | |||||||||
L-3 Communications Holdings, Inc. | — | 12,561 | 12,561 | — | 926,750 | 926,750 | |||||||||
Spirit AeroSystems Holdings, Inc., Class A*^ | — | 46,864 | 46,864 | — | 476,607 | 476,607 | |||||||||
— | 7,055,885 | 7,055,885 | 0.5 | % | |||||||||||
Air Freight & Logistics | |||||||||||||||
Uti Worldwide, Inc. | — | 4,400 | 4,400 | — | 63,096 | 63,096 | |||||||||
— | 63,096 | 63,096 | 0.0 | % | |||||||||||
Airlines | |||||||||||||||
AMR Corp.* | — | 63,730 | 63,730 | — | 679,999 | 679,999 | |||||||||
Continental Airlines, Inc., Class B*^ | — | 49,860 | 49,860 | — | 900,472 | 900,472 | |||||||||
Copa Holdings S.A., Class A | — | 3,700 | 3,700 | — | 112,184 | 112,184 | |||||||||
Delta Air Lines, Inc.* | — | 1,078,538 | 1,078,538 | — | 12,360,045 | 12,360,045 | |||||||||
Southwest Airlines Co. | — | 334,676 | 334,676 | — | 2,884,907 | 2,884,907 | |||||||||
— | 16,937,607 | 16,937,607 | 1.3 | % | |||||||||||
Building Products | |||||||||||||||
Armstrong World Industries, Inc.^ | — | 9,300 | 9,300 | — | 201,066 | 201,066 | |||||||||
Masco Corp. | — | 166,487 | 166,487 | — | 1,853,000 | 1,853,000 | |||||||||
Owens Corning, Inc.*^ | — | 35,133 | 35,133 | — | 607,801 | 607,801 | |||||||||
USG Corp.* | — | 13,498 | 13,498 | — | 108,524 | 108,524 | |||||||||
— | 2,770,391 | 2,770,391 | 0.2 | % | |||||||||||
Commercial Services & Supplies | |||||||||||||||
Avery Dennison Corp.^ | — | 48,510 | 48,510 | — | 1,587,732 | 1,587,732 | |||||||||
Cintas Corp. | — | 59,808 | 59,808 | — | 1,389,340 | 1,389,340 | |||||||||
Copart, Inc.*^ | — | 40,500 | 40,500 | — | 1,101,195 | 1,101,195 | |||||||||
Corrections Corp. of America*^ | — | 6,600 | 6,600 | — | 107,976 | 107,976 | |||||||||
Pitney Bowes, Inc. | — | 9,200 | 9,200 | — | 234,416 | 234,416 | |||||||||
R.R. Donnelley & Sons Co. | — | 225,729 | 225,729 | — | 3,065,400 | 3,065,400 | |||||||||
Republic Services, Inc. | — | 83,226 | 83,226 | — | 2,063,172 | 2,063,172 | |||||||||
Steelcase, Inc., Class A | — | 27,690 | 27,690 | — | 155,618 | 155,618 | |||||||||
— | 9,704,849 | 9,704,849 | 0.8 | % | |||||||||||
Construction & Engineering | |||||||||||||||
Aecom Technology Corp.*^ | — | 4,900 | 4,900 | — | 150,577 | 150,577 | |||||||||
KBR, Inc.^ | — | 14,900 | 14,900 | — | 226,480 | 226,480 | |||||||||
Quanta Services, Inc.* | — | 19,774 | 19,774 | — | 391,525 | 391,525 | |||||||||
URS Corp.*^ | — | 105,102 | 105,102 | — | 4,285,009 | 4,285,009 | |||||||||
— | 5,053,591 | 5,053,591 | 0.4 | % | |||||||||||
Electrical Equipment | |||||||||||||||
Cooper Industries Ltd., Class A | — | 18,617 | 18,617 | — | 544,175 | 544,175 | |||||||||
Hubbell, Inc., Class B^ | — | 14,323 | 14,323 | — | 468,075 | 468,075 | |||||||||
Thomas & Betts Corp.*^ | — | 27,035 | 27,035 | — | 649,381 | 649,381 | |||||||||
— | 1,661,631 | 1,661,631 | 0.1 | % | |||||||||||
Industrial Conglomerates | |||||||||||||||
Carlisle Cos., Inc.^ | — | 24,340 | 24,340 | — | 503,838 | 503,838 | |||||||||
— | 503,838 | 503,838 | 0.0 | % | |||||||||||
Machinery | |||||||||||||||
AGCO Corp.* | — | 33,998 | 33,998 | — | 802,013 | 802,013 | |||||||||
Crane Co. | — | 22,695 | 22,695 | — | 391,262 | 391,262 | |||||||||
Dover Corp. | — | 59,526 | 59,526 | — | 1,959,596 | 1,959,596 | |||||||||
Eaton Corp. | — | 41,320 | 41,320 | — | 2,054,017 | 2,054,017 | |||||||||
Flowserve Corp.^ | — | 14,516 | 14,516 | — | 747,574 | 747,574 | |||||||||
Gardner Denver, Inc.* | — | 24,502 | 24,502 | — | 571,877 | 571,877 | |||||||||
IDEX Corp.^ | — | 4,200 | 4,200 | — | 101,430 | 101,430 | |||||||||
Ingersoll-Rand Co., Ltd., Class A | — | 118,950 | 118,950 | — | 2,063,782 | 2,063,782 | |||||||||
ITT Corp. | — | 19,991 | 19,991 | — | 919,386 | 919,386 | |||||||||
Kennametal, Inc. | — | 28,236 | 28,236 | — | 626,557 | 626,557 | |||||||||
Lincoln Electric Holdings, Inc.^ | — | 6,155 | 6,155 | — | 313,474 | 313,474 | |||||||||
Oshkosh Corp.^ | — | 10,500 | 10,500 | — | 93,345 | 93,345 | |||||||||
Pentair, Inc. | — | 187,192 | 187,192 | 4,430,835 | 4,430,835 | ||||||||||
Terex Corp.*^ | — | 45,199 | 45,199 | — | 782,847 | 782,847 | |||||||||
Timken Co. | — | 36,097 | 36,097 | — | 708,584 | 708,584 | |||||||||
Trinity Industries, Inc.^ | — | 36,252 | 36,252 | — | 571,331 | 571,331 | |||||||||
— | 17,137,910 | 17,137,910 | 1.3 | % | |||||||||||
Marine | |||||||||||||||
Alexander & Baldwin, Inc.^ | — | 18,491 | 18,491 | — | 463,384 | 463,384 | |||||||||
— | 463,384 | 463,384 | 0.0 | % | |||||||||||
Professional Services | |||||||||||||||
Dun & Bradstreet Corp. | — | 7,392 | 7,392 | — | 570,662 | 570,662 | |||||||||
Equifax, Inc. | — | 27,782 | 27,782 | — | 736,779 | 736,779 | |||||||||
Manpower, Inc. | — | 33,551 | 33,551 | — | 1,140,399 | 1,140,399 | |||||||||
— | 2,447,840 | 2,447,840 | 0.2 | % | |||||||||||
Road & Rail | |||||||||||||||
Avis Budget Group, Inc.*^ | — | 46,800 | 46,800 | — | 32,760 | 32,760 | |||||||||
Con-way, Inc.^ | — | 99,666 | 99,666 | — | 2,651,116 | 2,651,116 | |||||||||
Hertz Global Holdings, Inc.*^ | — | 136,563 | 136,563 | — | 692,374 | 692,374 | |||||||||
Kansas City Southern*^ | — | 7,900 | 7,900 | — | 150,495 | 150,495 | |||||||||
Ryder System, Inc. | — | 17,779 | 17,779 | — | 689,470 | 689,470 | |||||||||
— | 4,216,215 | 4,216,215 | 0.3 | % | |||||||||||
Trading Companies & Distributors | |||||||||||||||
GATX Corp.^ | — | 19,750 | 19,750 | — | 611,658 | 611,658 | |||||||||
United Rentals, Inc.*^ | — | 27,175 | 27,175 | — | 247,836 | 247,836 | |||||||||
WESCO International, Inc.*^ | — | 5,200 | 5,200 | — | 99,996 | 99,996 | |||||||||
— | 959,490 | 959,490 | 0.1 | % | |||||||||||
Total Industrials | — | 68,975,727 | 68,975,727 | 5.2 | % | ||||||||||
Information Technology | |||||||||||||||
Communications Equipment | |||||||||||||||
ADC Telecommunications, Inc.*^ | — | 53,333 | 53,333 | — | 291,731 | 291,731 | |||||||||
Brocade Communications Systems, Inc.*^ | — | 144,654 | 144,654 | — | 405,031 | 405,031 | |||||||||
EchoStar Corp., Class A*^ | — | 17,633 | 17,633 | 262,203 | 262,203 | ||||||||||
JDS Uniphase Corp.*^ | — | 299,832 | 299,832 | — | 1,094,387 | 1,094,387 | |||||||||
Tellabs, Inc.* | — | 182,682 | 182,682 | — | 752,650 | 752,650 | |||||||||
— | 2,806,002 | 2,806,002 | 0.2 | % | |||||||||||
Computers & Peripherals | |||||||||||||||
Diebold, Inc. | — | 5,000 | 5,000 | — | 140,450 | 140,450 | |||||||||
Lexmark International, Inc., Class A* | — | 35,605 | 35,605 | — | 957,775 | 957,775 | |||||||||
NCR Corp.* | — | 7,700 | 7,700 | — | 108,878 | 108,878 | |||||||||
NetApp, Inc.*^ | — | 119,000 | 119,000 | — | 1,662,430 | 1,662,430 | |||||||||
QLogic Corp.* | — | 60,964 | 60,964 | — | 819,356 | 819,356 | |||||||||
SanDisk Corp.*^ | — | 82,949 | 82,949 | — | 796,310 | 796,310 | |||||||||
Seagate Technology | — | 333,824 | 333,824 | — | 1,478,840 | 1,478,840 | |||||||||
Sun Microsystems, Inc.* | — | 335,230 | 335,230 | — | 1,280,579 | 1,280,579 | |||||||||
Teradata Corp.* | — | 42,234 | 42,234 | — | 626,330 | 626,330 | |||||||||
— | 7,870,948 | 7,870,948 | 0.6 | % | |||||||||||
Electronic Equipment, Instruments & Components | |||||||||||||||
Arrow Electronics, Inc.* | — | 300,331 | 300,331 | — | 5,658,236 | 5,658,236 | |||||||||
Avnet, Inc.* | — | 38,946 | 38,946 | — | 709,207 | 709,207 | |||||||||
AVX Corp.^ | — | 21,000 | 21,000 | — | 166,740 | 166,740 | |||||||||
Flextronics International Ltd.* | — | 633,381 | 633,381 | — | 1,621,455 | 1,621,455 | |||||||||
Ingram Micro, Inc., Class A* | — | 76,304 | 76,304 | — | 1,021,711 | 1,021,711 | |||||||||
Jabil Circuit, Inc. | — | 48,472 | 48,472 | — | 327,186 | 327,186 | |||||||||
Kingboard Laminates Holdings Ltd. | — | 6,013,000 | 6,013,000 | — | 1,410,612 | 1,410,612 | |||||||||
Molex, Inc.^ | — | 45,196 | 45,196 | — | 654,890 | 654,890 | |||||||||
Tech Data Corp.*^ | — | 20,577 | 20,577 | — | 367,094 | 367,094 | |||||||||
Vishay Intertechnology, Inc.* | — | 83,374 | 83,374 | — | 285,139 | 285,139 | |||||||||
— | 12,222,270 | 12,222,270 | 0.9 | % | |||||||||||
See notes to pro-forma financial statements.
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | ||||||||||||||
EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | |||||||||
Internet Software & Services | |||||||||||||||
IAC/InterActiveCorp* | — | 36,455 | 36,455 | — | 573,437 | 573,437 | |||||||||
— | 573,437 | 573,437 | 0.0 | % | |||||||||||
IT Services | |||||||||||||||
Affiliated Computer Services, Inc., Class A* | — | 29,564 | 29,564 | — | 1,358,466 | 1,358,466 | |||||||||
CACI International, Inc., Class A*^ | — | 116,200 | 116,200 | — | 5,239,458 | 5,239,458 | |||||||||
Computer Sciences Corp.*^ | — | 69,129 | 69,129 | — | 2,429,193 | 2,429,193 | |||||||||
Convergys Corp.* | — | 55,318 | 55,318 | — | 354,589 | 354,589 | |||||||||
DST Systems, Inc.* | — | 3,900 | 3,900 | — | 148,122 | 148,122 | |||||||||
Fidelity National Information Services, Inc. | — | 68,858 | 68,858 | — | 1,120,320 | 1,120,320 | |||||||||
Genpact Ltd* | — | 1,500 | 1,500 | — | 12,330 | 12,330 | |||||||||
Lender Processing Services, Inc. | — | 34,274 | 34,274 | — | 1,009,369 | 1,009,369 | |||||||||
SAIC, Inc.* | — | 76,609 | 76,609 | — | 1,492,343 | 1,492,343 | |||||||||
Unisys Corp.* | — | 74,100 | 74,100 | — | 62,985 | 62,985 | |||||||||
— | 13,227,175 | 13,227,175 | 1.0 | % | |||||||||||
Office Electronics | |||||||||||||||
Xerox Corp. | — | 412,888 | 412,888 | — | 3,290,717 | 3,290,717 | |||||||||
Zebra Technologies Corp., Class A*^ | — | 2,000 | 2,000 | — | 40,520 | 40,520 | |||||||||
— | 3,331,237 | 3,331,237 | 0.3 | % | |||||||||||
Semiconductors & Semiconductor Equipment | |||||||||||||||
Advanced Micro Devices, Inc.*^ | — | 237,716 | 237,716 | — | 513,467 | 513,467 | |||||||||
Atmel Corp.*^ | — | 74,700 | 74,700 | — | 233,811 | 233,811 | |||||||||
Cree, Inc.*^ | — | 23,840 | 23,840 | — | 378,341 | 378,341 | |||||||||
Fairchild Semiconductor International, Inc.*^ | — | 56,524 | 56,524 | — | 276,402 | 276,402 | |||||||||
Integrated Device Technology, Inc.* | — | 42,671 | 42,671 | — | 239,384 | 239,384 | |||||||||
International Rectifier Corp.*^ | — | 25,622 | 25,622 | — | 345,897 | 345,897 | |||||||||
Intersil Corp., Class A | — | 36,501 | 36,501 | — | 335,444 | 335,444 | |||||||||
KLA-Tencor Corp. | — | 5,000 | 5,000 | — | 108,950 | 108,950 | |||||||||
Lam Research Corp.*^ | — | 4,900 | 4,900 | — | 104,272 | 104,272 | |||||||||
LSI Corp.*^ | — | 69,899 | 69,899 | — | 229,968 | 229,968 | |||||||||
Micron Technology, Inc.*^ | — | 305,859 | 305,859 | — | 807,468 | 807,468 | |||||||||
Novellus Systems, Inc.*^ | — | 31,663 | 31,663 | — | 390,721 | 390,721 | |||||||||
Teradyne, Inc.* | — | 311,500 | 311,500 | — | 1,314,530 | 1,314,530 | |||||||||
Varian Semiconductor Equipment Associates, Inc.*^ | — | 249,950 | 249,950 | — | 4,529,094 | 4,529,094 | |||||||||
— | 9,807,749 | 9,807,749 | 0.8 | % | |||||||||||
Software | |||||||||||||||
Amdocs Ltd.* | — | 51,482 | 51,482 | — | 941,606 | 941,606 | |||||||||
CA, Inc. | — | 95,345 | 95,345 | — | 1,766,743 | 1,766,743 | |||||||||
Cadence Design Systems, Inc.*^ | — | 115,439 | 115,439 | — | 422,507 | 422,507 | |||||||||
Compuware Corp.* | — | 48,984 | 48,984 | — | 330,642 | 330,642 | |||||||||
McAfee, Inc.*^ | — | 142,385 | 142,385 | — | 4,922,249 | 4,922,249 | |||||||||
Novell, Inc.* | — | 87,727 | 87,727 | — | 341,258 | 341,258 | |||||||||
Synopsys, Inc.* | — | 64,692 | 64,692 | — | 1,198,096 | 1,198,096 | |||||||||
— | 9,923,101 | 9,923,101 | 0.8 | % | |||||||||||
Total Information Technology | — | 59,761,919 | 59,761,919 | 4.6 | % | ||||||||||
�� | |||||||||||||||
Materials | |||||||||||||||
Chemicals | |||||||||||||||
Agrium, Inc. | — | 51,200 | 51,200 | — | 1,747,456 | 1,747,456 | |||||||||
Ashland, Inc. | — | 31,476 | 31,476 | — | 330,813 | 330,813 | |||||||||
Cabot Corp.^ | — | 28,855 | 28,855 | — | 441,481 | 441,481 | |||||||||
Celanese Corp., Class A | — | 169,700 | 169,700 | — | 2,109,371 | 2,109,371 | |||||||||
Chemtura Corp. | — | 100,933 | 100,933 | — | 141,306 | 141,306 | |||||||||
Cytec Industries, Inc.^ | — | 21,327 | 21,327 | — | 452,559 | 452,559 | |||||||||
Eastman Chemical Co.^ | — | 34,856 | 34,856 | — | 1,105,284 | 1,105,284 | |||||||||
FMC Corp. | — | 136,443 | 136,443 | — | 6,103,095 | 6,103,095 | |||||||||
Huntsman Corp. | — | 64,763 | 64,763 | — | 222,785 | 222,785 | |||||||||
Intrepid Potash, Inc.*^ | — | 6,900 | 6,900 | — | 143,313 | 143,313 | |||||||||
JSR Corp. | — | 26,900 | 26,900 | — | 302,752 | 302,752 | |||||||||
Lubrizol Corp.^ | — | 31,219 | 31,219 | — | 1,136,059 | 1,136,059 | |||||||||
Nalco Holding Co. | — | 4,800 | 4,800 | — | 55,392 | 55,392 | |||||||||
PPG Industries, Inc. | — | 66,755 | 66,755 | — | 2,832,415 | 2,832,415 | |||||||||
Rohm & Haas Co. | — | 9,314 | 9,314 | — | 575,512 | 575,512 | |||||||||
RPM International, Inc.^ | — | 58,871 | 58,871 | — | 782,396 | 782,396 | |||||||||
Scotts Miracle-Gro Co., Class A^ | — | 4,200 | 4,200 | — | 124,824 | 124,824 | |||||||||
Sigma-Aldrich Corp.^ | — | 27,913 | 27,913 | — | 1,179,045 | 1,179,045 | |||||||||
Valhi, Inc.^ | — | 1,650 | 1,650 | — | 17,655 | 17,655 | |||||||||
Valspar Corp.^ | — | 45,464 | 45,464 | — | 822,444 | 822,444 | |||||||||
— | 20,625,957 | 20,625,957 | 1.6 | % | |||||||||||
Construction Materials | |||||||||||||||
Eagle Materials, Inc. | — | 2,200 | 2,200 | — | 40,502 | 40,502 | |||||||||
Martin Marietta Materials, Inc.^ | — | 1,400 | 1,400 | — | 135,912 | 135,912 | |||||||||
Vulcan Materials Co.^ | — | 50,047 | 50,047 | — | 3,482,270 | 3,482,270 | |||||||||
— | 3,658,684 | 3,658,684 | 0.3 | % | |||||||||||
Containers & Packaging | |||||||||||||||
AptarGroup, Inc.^ | — | 25,090 | 25,090 | — | 884,172 | 884,172 | |||||||||
Ball Corp. | — | 37,832 | 37,832 | — | 1,573,433 | 1,573,433 | |||||||||
Bemis Co., Inc. | — | 45,532 | 45,532 | — | 1,078,198 | 1,078,198 | |||||||||
Greif, Inc., Class A | — | 79,000 | 79,000 | — | 2,640,970 | 2,640,970 | |||||||||
Owens-Illinois, Inc.* | — | 180,325 | 180,325 | — | 4,928,282 | 4,928,282 | |||||||||
Packaging Corp. of America^ | — | 35,646 | 35,646 | — | 479,795 | 479,795 | |||||||||
Pactiv Corp.* | — | 204,788 | 204,788 | — | 5,095,125 | 5,095,125 | |||||||||
Sealed Air Corp. | — | 73,240 | 73,240 | — | 1,094,206 | 1,094,206 | |||||||||
Smurfit-Stone Container Corp.*^ | — | 116,006 | 116,006 | — | 29,582 | 29,582 | |||||||||
Sonoco Products Co. | — | 45,569 | 45,569 | — | 1,055,378 | 1,055,378 | |||||||||
Temple-Inland, Inc.^ | — | 47,554 | 47,554 | — | 228,259 | 228,259 | |||||||||
— | 19,087,400 | 19,087,400 | 1.5 | % | |||||||||||
Metals & Mining | |||||||||||||||
Carpenter Technology Corp. | — | 18,842 | 18,842 | — | 387,015 | 387,015 | |||||||||
Century Aluminum Co.*^ | — | 8,050 | 8,050 | — | 80,500 | 80,500 | |||||||||
Cliffs Natural Resources, Inc. | — | 59,100 | 59,100 | — | 1,513,551 | 1,513,551 | |||||||||
Commercial Metals Co.^ | — | 53,101 | 53,101 | — | 630,309 | 630,309 | |||||||||
Reliance Steel & Aluminum Co.^ | — | 28,086 | 28,086 | — | 560,035 | 560,035 | |||||||||
Schnitzer Steel Industries, Inc., Class A^ | — | 8,600 | 8,600 | — | 323,790 | 323,790 | |||||||||
Steel Dynamics, Inc.^ | — | 55,407 | 55,407 | — | 619,450 | 619,450 | |||||||||
Titanium Metals Corp.^ | — | 31,218 | 31,218 | — | 275,030 | 275,030 | |||||||||
— | 4,389,680 | 4,389,680 | 0.3 | % | |||||||||||
Paper & Forest Products | |||||||||||||||
Domtar Corp.*^ | — | 219,841 | 219,841 | — | 367,135 | 367,135 | |||||||||
International Paper Co. | — | 195,665 | 195,665 | — | 2,308,847 | 2,308,847 | |||||||||
MeadWestvaco Corp. | — | 78,834 | 78,834 | — | 882,152 | 882,152 | |||||||||
Weyerhaeuser Co.^ | — | 96,986 | 96,986 | — | 2,968,741 | 2,968,741 | |||||||||
— | 6,526,875 | 6,526,875 | 0.5 | % | |||||||||||
Total Materials | — | 54,288,596 | 54,288,596 | 4.2 | % | ||||||||||
Telecommunication Services | |||||||||||||||
Diversified Telecommunication Services | |||||||||||||||
CenturyTel, Inc.^ | — | 45,441 | 45,441 | — | 1,241,903 | 1,241,903 | |||||||||
Embarq Corp. | — | 33,246 | 33,246 | — | 1,195,526 | 1,195,526 | |||||||||
Frontier Communications Corp.^ | — | 114,491 | 114,491 | — | 1,000,651 | 1,000,651 | |||||||||
Qwest Communications International, Inc.^ | — | 345,320 | 345,320 | — | 1,256,965 | 1,256,965 | |||||||||
Windstream Corp. | — | 101,958 | 101,958 | — | 938,014 | 938,014 | |||||||||
— | 5,633,059 | 5,633,059 | 0.4 | % | |||||||||||
Wireless Telecommunication Services | |||||||||||||||
Clearwire Corp., Class A* | — | 3,300 | 3,300 | — | 16,269 | 16,269 | |||||||||
Crown Castle International Corp.*^ | — | 103,167 | 103,167 | — | 1,813,676 | 1,813,676 | |||||||||
Leap Wireless International, Inc.* | — | 22,394 | 22,394 | — | 602,174 | 602,174 | |||||||||
Telephone & Data Systems, Inc.^ | — | 27,173 | 27,173 | — | 862,743 | 862,743 | |||||||||
U.S. Cellular Corp.* | — | 4,500 | 4,500 | — | 194,580 | 194,580 | |||||||||
— | 3,489,442 | 3,489,442 | 0.3 | % | |||||||||||
Total Telecommunication Services | — | 9,122,501 | 9,122,501 | 0.7 | % | ||||||||||
Utilities | |||||||||||||||
Electric Utilities | |||||||||||||||
American Electric Power Co., Inc. | — | 183,501 | 183,501 | — | 6,106,913 | 6,106,913 | |||||||||
DPL, Inc.^ | — | 48,060 | 48,060 | — | 1,097,690 | 1,097,690 | |||||||||
Edison International | — | 148,931 | 148,931 | — | 4,783,664 | 4,783,664 | |||||||||
Great Plains Energy, Inc.^ | — | 54,296 | 54,296 | — | 1,049,542 | 1,049,542 | |||||||||
Hawaiian Electric Industries, Inc.^ | — | 40,950 | 40,950 | — | 906,633 | 906,633 | |||||||||
Northeast Utilities | — | 324,439 | 324,439 | — | 7,806,002 | 7,806,002 | |||||||||
NV Energy, Inc. | — | 527,568 | 527,568 | — | 5,217,648 | 5,217,648 | |||||||||
Pepco Holdings, Inc. | — | 91,535 | 91,535 | — | 1,625,662 | 1,625,662 | |||||||||
Pinnacle West Capital Corp.^ | — | 45,782 | 45,782 | — | 1,470,976 | 1,470,976 | |||||||||
Progress Energy, Inc. | — | 119,424 | 119,424 | — | 4,759,046 | 4,759,046 | |||||||||
— | 34,823,776 | 34,823,776 | 2.6 | % | |||||||||||
Gas Utilities | |||||||||||||||
AGL Resources, Inc.^ | — | 35,073 | 35,073 | — | 1,099,538 | 1,099,538 | |||||||||
Atmos Energy Corp. | — | 41,289 | 41,289 | — | 978,549 | 978,549 | |||||||||
Energen Corp. | — | 26,742 | 26,742 | — | 784,343 | 784,343 | |||||||||
National Fuel Gas Co. | — | 37,197 | 37,197 | — | 1,165,382 | 1,165,382 | |||||||||
ONEOK, Inc. | — | 47,516 | 47,516 | — | 1,383,666 | 1,383,666 | |||||||||
Questar Corp. | — | 48,916 | 48,916 | — | 1,599,064 | 1,599,064 | |||||||||
UGI Corp. | — | 236,290 | 236,290 | — | 5,770,202 | 5,770,202 | |||||||||
— | 12,780,744 | 12,780,744 | 1.0 | % | |||||||||||
See notes to pro-forma financial statements.
EQ ADVISORS TRUST
PORTFOLIO OF INVESTMENTS
December 31, 2008
Number of Shares | Value (Note 1) | |||||||||||||||||||
EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | EQ/Van Kampen Real Estate | EQ/Mid Cap Value Plus | Pro Forma | % of Net Assets | ||||||||||||||
Independent Power Producers & Energy Traders | ||||||||||||||||||||
Constellation Energy Group, Inc. | — | 7,000 | 7,000 | — | 175,630 | 175,630 | ||||||||||||||
Dynegy, Inc., Class A* | — | 224,929 | 224,929 | — | 449,858 | 449,858 | ||||||||||||||
Mirant Corp.* | — | 25,617 | 25,617 | — | 483,393 | 483,393 | ||||||||||||||
NRG Energy, Inc.* | — | 66,746 | 66,746 | — | 1,557,184 | 1,557,184 | ||||||||||||||
Reliant Energy, Inc.* | — | 157,039 | 157,039 | — | 907,685 | 907,685 | ||||||||||||||
— | 3,573,750 | 3,573,750 | 0.3 | % | ||||||||||||||||
Multi-Utilities | ||||||||||||||||||||
Alliant Energy Corp. | — | 50,174 | 50,174 | — | 1,464,077 | 1,464,077 | ||||||||||||||
Ameren Corp. | — | 96,179 | 96,179 | — | 3,198,914 | 3,198,914 | ||||||||||||||
CenterPoint Energy, Inc. | — | 55,429 | 55,429 | — | 699,514 | 699,514 | ||||||||||||||
CMS Energy Corp.^ | — | 103,201 | 103,201 | — | 1,043,362 | 1,043,362 | ||||||||||||||
Consolidated Edison, Inc.^ | — | 124,596 | 124,596 | — | 4,850,522 | 4,850,522 | ||||||||||||||
DTE Energy Co. | — | 74,613 | 74,613 | — | 2,661,446 | 2,661,446 | ||||||||||||||
Integrys Energy Group, Inc.^ | — | 34,738 | 34,738 | — | 1,493,039 | 1,493,039 | ||||||||||||||
MDU Resources Group, Inc. | — | 84,238 | 84,238 | — | 1,817,856 | 1,817,856 | ||||||||||||||
NiSource, Inc. | — | 124,953 | 124,953 | — | 1,370,734 | 1,370,734 | ||||||||||||||
NSTAR^ | — | 49,149 | 49,149 | — | 1,793,447 | 1,793,447 | ||||||||||||||
OGE Energy Corp. | — | 42,096 | 42,096 | — | 1,085,235 | 1,085,235 | ||||||||||||||
PG&E Corp. | — | 163,231 | 163,231 | — | 6,318,672 | 6,318,672 | ||||||||||||||
Puget Energy, Inc. | — | 58,989 | 58,989 | — | 1,608,630 | 1,608,630 | ||||||||||||||
SCANA Corp. | — | 53,672 | 53,672 | — | 1,910,723 | 1,910,723 | ||||||||||||||
Sempra Energy | — | 114,406 | 114,406 | — | 4,877,128 | 4,877,128 | ||||||||||||||
TECO Energy, Inc.^ | — | 236,312 | 236,312 | — | 2,918,453 | 2,918,453 | ||||||||||||||
Vectren Corp.^ | — | 36,760 | 36,760 | — | 919,368 | 919,368 | ||||||||||||||
Wisconsin Energy Corp.^ | — | 167,794 | 167,794 | — | 7,043,992 | 7,043,992 | ||||||||||||||
Xcel Energy, Inc. | — | 196,999 | 196,999 | — | 3,654,332 | 3,654,332 | ||||||||||||||
— | 50,729,444 | 50,729,444 | 3.9 | % | ||||||||||||||||
Water Utilities | ||||||||||||||||||||
American Water Works Co., Inc.^ | — | 29,300 | 29,300 | — | 611,784 | 611,784 | ||||||||||||||
Aqua America, Inc.^ | — | 60,940 | 60,940 | — | 1,254,755 | 1,254,755 | ||||||||||||||
— | 1,866,539 | 1,866,539 | 0.1 | % | ||||||||||||||||
Total Utilities | — | 103,774,253 | 103,774,253 | 7.9 | % | |||||||||||||||
Total Common Stocks | 428,851,943 | 754,441,232 | 1,183,293,175 | 90.4 | % | |||||||||||||||
(Cost $2,027,695,687) | ||||||||||||||||||||
Investment Companies | ||||||||||||||||||||
Exchange Traded Funds (ETFs) | ||||||||||||||||||||
iShares Morningstar Mid Core Index Fund^ | — | 32,066 | 32,066 | — | 1,588,229 | 1,588,229 | ||||||||||||||
iShares Morningstar Mid Growth Index Fund | — | 38,630 | 38,630 | — | 2,060,524 | 2,060,524 | ||||||||||||||
iShares Morningstar Mid Value Index Fund | — | 247,737 | 247,737 | — | 12,156,455 | 12,156,455 | ||||||||||||||
iShares Russell Midcap Growth Index Fund | — | 40,154 | 40,154 | — | 1,257,623 | 1,257,623 | ||||||||||||||
iShares Russell Midcap Index Fund | — | 10,519 | 10,519 | — | 628,195 | 628,195 | ||||||||||||||
iShares Russell Midcap Value Index Fund | — | 1,614,105 | 1,614,105 | — | 45,905,146 | 45,905,146 | ||||||||||||||
iShares S&P MidCap 400 Growth Index Fund | — | 16,600 | 16,600 | — | 920,470 | 920,470 | ||||||||||||||
iShares S&P MidCap 400 Index Fund | — | 9,455 | 9,455 | — | 505,464 | 505,464 | ||||||||||||||
iShares S&P MidCap 400/BARRA Value Index Fund | — | 545,062 | 545,062 | — | 27,427,520 | 27,427,520 | ||||||||||||||
— | 92,449,626 | 92,449,626 | ||||||||||||||||||
Total Investment Companies | — | 92,449,626 | 92,449,626 | 7.1 | % | |||||||||||||||
(Cost $161,592,060) | — | 161,592,060 | 161,592,060 | |||||||||||||||||
SHORT-TERM INVESTMENTS: | ||||||||||||||||||||
Government Securities | ||||||||||||||||||||
U.S. Treasury Bills | ||||||||||||||||||||
.13%, 6/11/09 #(p) | — | 1,119,000 | 1,119,000 | — | 1,118,343 | 1,118,343 | ||||||||||||||
— | 1,118,343 | 1,118,343 | 0.1 | % | ||||||||||||||||
Short-Term Investments of Cash Collateral for Securities Loaned | ||||||||||||||||||||
Caylon/New York | ||||||||||||||||||||
.41%, 7/2/10 (l) | — | 9,996,736 | 9,996,736 | — | 9,582,071 | 9,582,071 | ||||||||||||||
CAM U.S. Finance S.A.U. | ||||||||||||||||||||
3.24%, 2/2/09 (l) | — | 10,000,000 | 10,000,000 | — | 10,000,000 | 10,000,000 | ||||||||||||||
CC USA, Inc. | ||||||||||||||||||||
.38%, 2/12/09 (l) | — | 14,998,663 | 14,998,663 | — | 14,998,663 | 14,998,663 | ||||||||||||||
Citigroup Funding, Inc. | ||||||||||||||||||||
.36%, 3/16/09 (l) | — | 4,000,000 | 4,000,000 | — | 3,975,392 | 3,975,392 | ||||||||||||||
Goldman Sachs & Co. Repurchase Agreement | ||||||||||||||||||||
0.06%, 1/2/09 (r) (v) | — | 119,404,254 | 119,404,254 | — | 119,404,254 | 119,404,254 | ||||||||||||||
Goldman Sachs Group, Inc. | ||||||||||||||||||||
.41%, 3/27/09 (l) | — | 5,000,000 | 5,000,000 | — | 4,974,415 | 4,974,415 | ||||||||||||||
Links Finance LLC | ||||||||||||||||||||
.37%, 6/22/09 (l) | — | 14,998,138 | 14,998,138 | — | 14,866,649 | 14,866,649 | ||||||||||||||
MassMutual Global Funding II | ||||||||||||||||||||
.40%, 3/26/10 (l) | — | 10,000,000 | 10,000,000 | — | 9,909,500 | 9,909,500 | ||||||||||||||
Morgan Stanley | ||||||||||||||||||||
2.87%, 2/9/09 (l) | — | 14,266,659 | 14,266,659 | — | 14,266,659 | 14,266,659 | ||||||||||||||
Wells Fargo & Co. | ||||||||||||||||||||
.17%, 8/3/09 (l) | — | 5,000,000 | 5,000,000 | — | 4,871,030 | 4,871,030 | ||||||||||||||
Total Short-Term Investments of Cash Collateral for Securities Loaned | — | 206,848,633 | 206,848,633 | 15.8 | % | |||||||||||||||
Time Deposit | ||||||||||||||||||||
JP Morgan Chase Nassau | ||||||||||||||||||||
0.001%, 1/2/09 | 18,009,622 | 9,635,161 | 27,644,783 | 18,009,622 | 9,635,161 | 27,644,783 | ||||||||||||||
18,009,622 | 9,635,161 | 27,644,783 | 2.1 | % | ||||||||||||||||
Total Short-Term Investments | 18,009,622 | 217,602,137 | 235,611,759 | 18.0 | % | |||||||||||||||
(Cost/Amortized Cost $236,427,381) | 18,009,622 | 218,417,759 | 236,427,381 | |||||||||||||||||
Total Investments | 446,861,565 | 1,064,492,995 | 1,511,354,560 | 115.5 | % | |||||||||||||||
(Cost/Amortized Cost $2,425,715,128) | 732,822,625 | 1,692,892,503 | 2,425,715,128 | |||||||||||||||||
Other Assets Less Liabilities | 3,773,885 | (206,971,584 | ) | (203,197,699 | ) | -15.5 | % | |||||||||||||
Net Assets (100%) | $ | 450,635,450 | $ | 857,521,411 | $ | 1,308,156,861 | 100.0 | % | ||||||||||||
See notes to pro-forma financial statements.
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
* | Non-income producing. |
^ | All, or a portion of security on loan (See Note 1). |
# | All, or a portion of security held by broker as collateral for financial futures contracts. |
(l) | Floating Rate Security. Rate disclosed is as of December 31, 2008. |
(p) | Yield to maturity. |
(r) | The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments. |
(v) | Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.500%-6.000%, maturing 11/1/19-12/1/38; Federal National Mortgage Association, 4.000%-7.000%, maturing 9/1/18-1/1/39; Government National Mortgage Association, 4.500%-11.500%, maturing 2/15/13-12/20/38. |
Glossary: | ||||
ADR | — | American Depositary Receipt | ||
REIT | — | Real Estate Investment Trust |
The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2008:
EQ/Van Kampen Real Estate Portfolio | EQ/Mid Cap Value Plus Portfolio | Combined Pro Forma | |||||||
Level 1 | |||||||||
Assets | |||||||||
Investments in Securities | $ | 428,851,943 | $ | 839,767,677 | $ | 1,268,619,620 | |||
Other Investments* | — | 337,116 | 337,116 | ||||||
Liabilities | |||||||||
Investments in Securities | — | — | — | ||||||
Other Investments* | — | — | — | ||||||
Level 1 Total | $ | 428,851,943 | $ | 840,104,793 | $ | 1,268,956,736 | |||
Level 2 | |||||||||
Assets | |||||||||
Investments in Securities | $ | 18,009,622 | $ | 224,725,318 | $ | 242,734,940 | |||
Other Investments* | — | — | — | ||||||
Liabilities | |||||||||
Investments in Securities | — | — | — | ||||||
Other Investments* | — | — | — | ||||||
Level 2 Total | $ | 18,009,622 | $ | 224,725,318 | $ | 242,734,940 | |||
Level 3 | |||||||||
Assets | |||||||||
Investments in Securities | — | — | — | ||||||
Other Investments* | — | — | — | ||||||
Liabilities | |||||||||
Investments in Securities | — | — | — | ||||||
Other Investments* | — | — | — | ||||||
Level 3 Total | — | — | — | ||||||
Total | $ | 446,861,565 | $ | 1,064,830,111 | $ | 1,511,691,676 | |||
* | Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/deprecation on the investment. |
At December 31, 2008 the EQ/Mid Cap Value Plus Portfolio* had the following futures contracts open: (Note 1)
Number of Contracts | Expiration Date | Original Value | Value at 12/31/2008 | Unrealized Appreciation | |||||||||
Purchase | |||||||||||||
S&P MidCap 400 E-Mini Index | 161 | March-09 | $ | 8,311,804 | $ | 8,648,920 | $ | 337,116 | |||||
* | Other Portfolios did not hold futures. |
EQ/Van Kampen Real Estate | EQ/Mid Cap Value PLUS | Pro Forma Adjustment | Pro-Forma Combined | ||||||
Investments at Cost | 732,822,625 | 1,573,488,249 | 2,306,310,874 | ||||||
Repurchase Agreements at Cost | 119,404,254 | 119,404,254 | |||||||
Foreign Cash at Cost | 2,483 | 47 | 2,530 | ||||||
Securities on loan at market value | 207,739,526 | 207,739,526 | |||||||
ASSETS | |||||||||
Investments at Value | 446,861,565 | 945,088,741 | 1,391,950,306 | ||||||
Repurchase Agreements | 119,404,254 | 119,404,254 | |||||||
Cash | 907,087 | 907,087 | |||||||
Foreign Cash | 2,386 | 44 | 2,430 | ||||||
Dividends, interest, and other receivables | 4,721,956 | 2,148,809 | 6,870,765 | ||||||
Receivable for securities sold | 1,389,098 | 1,389,098 | |||||||
Receivable from Separate Accounts for Trust shares sold | 220,726 | 42,296 | 263,022 | ||||||
Variation margin receivable on futures contracts | 189,980 | 189,980 | |||||||
Other assets | 14,047 | 14,047 | |||||||
Total assets | 451,806,633 | 1,069,184,356 | 0 | 1,520,990,989 | |||||
LIABILITIES | |||||||||
Payable for return of cash collateral on securities loaned | 207,664,449 | 207,664,449 | |||||||
Payable to Separate Accounts for Trust shares redeemed | 594,811 | 1,350,687 | 1,945,498 | ||||||
Payable for securities purchased | 1,703,676 | 1,703,676 | |||||||
Investment management fees payable | 310,992 | 354,447 | 665,439 | ||||||
Distribution fees payable- Class IB | 73,384 | 168,056 | 241,440 | ||||||
Administrative fees payable | 38,073 | 114,921 | 152,994 | ||||||
Recoupment fees payable | 48,687 | 48,687 | |||||||
Trustees’ fees payable | 1,412 | 14,378 | 15,790 | ||||||
Accrued expenses | 152,511 | 243,644 | 396,155 | ||||||
Total liabilities | 1,171,183 | 211,662,945 | 0 | 212,834,128 | |||||
NET ASSETS | 450,635,450 | 857,521,411 | 0 | 1,308,156,861 | |||||
Net assets were comprised of: | |||||||||
Paid in capital | 830,356,414 | 1,674,337,452 | 2,504,693,866 | ||||||
Accumulated undistributed net investment income (loss) | (3,432) | 142,024 | 138,592 | ||||||
Accumulated undistributed net realized gain (loss) | (93,756,350) | (188,897,705) | (282,654,055) | ||||||
Unrealized appreciation (depreciation) on investments | (285,961,182) | (628,060,360) | (914,021,542) | ||||||
450,635,450 | 857,521,411 | 0 | 1,308,156,861 | ||||||
Class IA Shares: | |||||||||
Net Assets | 70,717,616 | 18,746,926 | 89,464,542 | ||||||
Shares outstanding | 14,682,472 | 3,034,489 | (3,235,698) | * | 14,481,263 | ||||
Net asset value, offering and redemption price per share | 4.82 | 6.18 | 6.18 | ||||||
Class IB Shares: | |||||||||
Net Assets | 379,917,834 | 838,774,485 | 1,218,692,319 | ||||||
Shares outstanding | 78,935,622 | 137,510,905 | (16,650,889) | * | 199,795,638 | ||||
Net asset value, offering and redemption price per share | 4.81 | 6.10 | 6.10 | ||||||
STATEMENT OF OPERATIONS | |||||||||
Dividend Withholding Tax | 158,629 | 13,059 | 171,688 | ||||||
INVESTMENT INCOME | |||||||||
Dividends | 19,393,250 | 28,034,577 | 47,427,827 | ||||||
Interest | 417,801 | 379,305 | 797,106 | ||||||
Securities lending (net) | 2,051,144 | 2,051,144 | |||||||
Total income | 19,811,051 | 30,465,026 | 0 | 50,276,077 | |||||
EXPENSES | |||||||||
Investment management fees | 5,909,108 | 7,161,285 | (2,311,894 | ) (b) | 10,758,499 | ||||
Distribution fees- Class IB | 1,348,115 | 3,192,990 | 4,541,105 | ||||||
Administrative fees | 689,099 | 2,093,102 | 291,935 | (b) | 3,074,136 | ||||
Custodian fees | 59,998 | 337,000 | (59,998 | ) (a)(b) | 337,000 | ||||
Printing and mailing expenses | 127,214 | 256,741 | 383,955 | ||||||
Professional fees | 55,067 | 67,393 | (50,000) | (a) | 72,460 | ||||
Trustees’ fees | 13,357 | 27,781 | 41,138 | ||||||
Miscellaneous | 22,762 | 51,093 | (5,000) | (a) | 68,855 | ||||
Gross expenses | 8,224,720 | 13,187,385 | (2,134,957) | 19,277,148 | |||||
Less: Waiver from investment advisor | (256,132) | (180,066) | 436,198 | (c) | 0 | ||||
Fees paid indirectly | (50,848) | (50,848) | |||||||
Net expenses | 7,968,588 | 12,956,471 | (1,698,759) | 19,226,300 | |||||
NET INVESTMENT INCOME | 11,842,463 | 17,508,555 | 1,698,759 | 31,049,777 | |||||
REALIZED AND UNREALIZED LOSS | |||||||||
Realized gain (loss) on: | |||||||||
Securities | (93,502,764) | (168,742,051) | (262,244,815) | ||||||
Futures | (3,494,509) | (3,494,509) | |||||||
Foreign currency transactions | (12,503) | (3,700) | (16,203) | ||||||
Net realized gain (loss) | (93,515,267) | (172,240,260) | 0 | (265,755,527) | |||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Securities | (201,642,810) | (450,269,357) | (651,912,167) | ||||||
Futures | 261,053 | 261,053 | |||||||
Foreign currency translations | 13,027 | (3,913) | 9,114 | ||||||
Net change in unrealized appreciation (depreciation) | (201,629,783) | (450,012,217) | 0 | (651,642,000) | |||||
NET REALIZED AND UNREALIZED LOSS | (295,145,050) | (622,252,477) | 0 | (917,397,527) | |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (283,302,587) | (604,743,922) | 1,698,759 | (886,347,750) | |||||
* | Reflects retired shares of the EQ/Van Kampen Real Estate portfolio. |
(a) | Reflects adjustment in expenses due to elimination of duplicative expenses. |
(b) | Reflects adjustment in expenses due to effects of new contract rate. |
(c) | Reflects decrease in waiver due to expense adjustment. |
NOTES TO PRO FORMA FINANCIAL STATEMENTS
(UNAUDITED - As of December 31, 2008)
NOTE 1 – BASIS OF COMBINATION:
On May 21, 2009 the Board of Trustees of EQ Advisors Trust (the “Trust”) approved a proposed Plan of Reorganization and Termination (“Reorganization Plan”) that provides for the transfer of all assets of the EQ/Van Kampen Real Estate Portfolio (“Real Estate Portfolio”) to the EQ/Mid Cap Value PLUS Portfolio (“PLUS Portfolio”), each a series of the Trust, and the assumption by the PLUS Portfolio of all of the liabilities of the Real Estate Portfolio in exchange for shares of the PLUS Portfolio having an aggregate value equal to the net assets of the Real Estate Portfolio, the distribution of the PLUS Portfolio shares to the Real Estate Portfolio shareholders of record determined immediately after the close of business on the closing date, and the subsequent liquidation of the Real Estate Portfolio.
The Real Estate Portfolio’s annual contractual management fee equals 0.90% of average daily net assets for the first $1 billion, 0.85% of average daily net assets for the next $1 billion, 0.825% for the next $3 billion, 0.800% for the next $5 billion, and 0.775% of average daily net assets thereafter. The PLUS Portfolio’s annual contractual management fee rate equals 0.55% of average daily net assets for the first $2 billion, 0.50% of average daily net assets for the next $1 billion, 0.475% for the next $3 billion, 0.450% for the next $5 billion, and 0.425% of average daily net assets thereafter. The Reorganization is subject to the approval of the Real Estate Portfolio’s shareholders. A special meeting of shareholders of the Real Estate Portfolio will be held on or about August 26, 2009.
The Reorganization will be accounted for as a tax-free reorganization of investment companies. The unaudited pro forma combined financial statements are presented for the information of the reader and may not necessarily be representative of what the actual combined financial statements would have been had the Reorganization occurred at December 31, 2008. The unaudited pro forma portfolio of investments and statement of assets and liabilities reflect the financial position of the Real Estate Portfolio and the PLUS Portfolio at December 31, 2008. The unaudited pro forma statement of operations reflects the results of operations of the PLUS Portfolio as if it had acquired the Real Estate Portfolio at the beginning of the period ended December 31, 2008. These statements have been derived from the Portfolios’ respective books and records utilized in calculating daily net asset value at the dates indicated above for each Portfolio under accounting principles generally accepted in the United States of America. The historical cost of investment securities will be carried forward to the surviving entity and results of operations of the PLUS Portfolio for pre-combination periods will not be restated.
The unaudited pro forma portfolio of investments, and statements of assets and liabilities and operations should be read in conjunction with the historical financial statements of the Portfolios included in the Trust’s Statement of Additional Information.
Following the Reorganization, the Plus Portfolio will be the “accounting survivor.” The general criteria that are applied to determine the proper accounting survivor are outlined in the “AICPA Accounting and Audit Guide for Investment Companies,” and include:
a.) | Portfolio Management—Each of the Portfolios has a similar investment objective. |
b.) | Portfolio Composition—The portfolio composition of the merged entity will resemble the portfolio structure of the PLUS Portfolio. |
c.) | Investment Objectives, Policies and Restrictions – Each of the Portfolios has the same fundamental and non-fundamental investment restrictions. |
d.) | Expense Structure and Expense Ratios – The merged entity will have a lower expense structure and expense ratios than the Real Estate Portfolio. |
e.) | Asset Size |
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
Each of the Portfolios have substantially the same significant accounting policies, which are detailed in the historical financial statements referenced above in Note 1.
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.
NOTE 3 – SHARES:
The unaudited pro forma net asset value per share assumes additional common shares of beneficial interest issued in connection with the proposed acquisition of the Real Estate Portfolio by the PLUS Portfolio as of December 31, 2008. The number of additional shares issued was calculated based on the net assets of the Real Estate Portfolio and net asset value per respective class of the PLUS Portfolio at December 31, 2008.
NOTE 4 – UNAUDITED PRO FORMA ADJUSTMENTS:
The accompanying unaudited pro forma financial statements reflect changes in the PLUS Portfolio’s shares as if the merger had taken place on December 31, 2008. AXA Equitable will bear the expenses of the Reorganization, which are estimated at $259,000.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
COMMON STOCKS (A) | |||||||||||||||||||
Automobiles & Components | |||||||||||||||||||
Exide Technologies, Inc.* | 67,480 | 67,480 | 356,969 | 356,969 | |||||||||||||||
Harley-Davidson, Inc. | 14,020 | 14,020 | 237,920 | 237,920 | |||||||||||||||
Motorcar Parts of America, Inc.* | 9,096 | 9,096 | 35,474 | 35,474 | |||||||||||||||
Stoneridge, Inc.* | 12,948 | 12,948 | 59,043 | 59,043 | |||||||||||||||
689,406 | 689,406 | 0.0 | % | ||||||||||||||||
Banks | |||||||||||||||||||
Alliance Financial Corp./New York | 1,348 | 1,348 | 31,948 | 31,948 | |||||||||||||||
AMCORE Financial, Inc. | 1 | 1 | 4 | 4 | |||||||||||||||
Banco Latinoamericano de Exportaciones S.A., Class E | 8,800 | 8,800 | 126,368 | 126,368 | |||||||||||||||
Berkshire Hills Bancorp, Inc. | 7,800 | 7,800 | 240,708 | 240,708 | |||||||||||||||
Capital Bank Corp. | 6,950 | 6,950 | 42,673 | 42,673 | |||||||||||||||
Carolina Bank Holdings, Inc.* | 4,331 | 4,331 | 25,986 | 25,986 | |||||||||||||||
Cascade Financial Corp. | 7,081 | 7,081 | 38,379 | 38,379 | |||||||||||||||
Center Financial Corp. | 4,240 | 4,240 | 26,161 | 26,161 | |||||||||||||||
Centrue Financial Corp. | 8,232 | 8,232 | 50,791 | 50,791 | |||||||||||||||
Century Bancorp, Inc./Massachusetts, Class A | 2,385 | 2,385 | 37,564 | 37,564 | |||||||||||||||
CFS Bancorp, Inc. | 8,900 | 8,900 | 34,710 | 34,710 | |||||||||||||||
Citizens South Banking Corp. | 6,896 | 6,896 | 41,307 | 41,307 | |||||||||||||||
Community Bank Shares of Indiana, Inc. | 2,242 | 2,242 | 27,375 | 27,375 | |||||||||||||||
Community Capital Corp. | 3,500 | 3,500 | 25,375 | 25,375 | |||||||||||||||
Elmira Savings Bank, FSB | 3,500 | 3,500 | 46,340 | 46,340 | |||||||||||||||
Farmers Capital Bank Corp. | 1,089 | 1,089 | 26,593 | 26,593 | |||||||||||||||
Fifth Third Bancorp | 44,800 | 44,800 | 370,048 | 370,048 | |||||||||||||||
First Bancorp/North Carolina | 4,601 | 4,601 | 84,428 | 84,428 | |||||||||||||||
First Bancorp/Puerto Rico | 12,725 | 12,725 | 141,756 | 141,756 | |||||||||||||||
First California Financial Group, Inc.* | 5,375 | 5,375 | 29,670 | 29,670 | |||||||||||||||
First Citizens BancShares, Inc./North Carolina, Class A | 1,168 | 1,168 | 178,470 | 178,470 | |||||||||||||||
First Defiance Financial Corp. | 9,458 | 9,458 | 73,110 | 73,110 | |||||||||||||||
First Federal Bancshares of Arkansas, Inc. | 4,200 | 4,200 | 30,870 | 30,870 | |||||||||||||||
First Financial Holdings, Inc. | 9,200 | 9,200 | 186,208 | 186,208 | |||||||||||||||
First Merchants Corp. | 4,076 | 4,076 | 90,528 | 90,528 | |||||||||||||||
First PacTrust Bancorp, Inc. | 2,509 | 2,509 | 24,187 | 24,187 | |||||||||||||||
First United Corp. | 4,140 | 4,140 | 55,807 | 55,807 | |||||||||||||||
FNB United Corp. | 10,727 | 10,727 | 33,683 | 33,683 | |||||||||||||||
Great Southern Bancorp, Inc. | 11,223 | 11,223 | 128,391 | 128,391 | |||||||||||||||
HF Financial Corp. | 3,300 | 3,300 | 42,306 | 42,306 | |||||||||||||||
HopFed Bancorp, Inc. | 4,600 | 4,600 | 50,600 | 50,600 | |||||||||||||||
Horizon Bancorp/Indiana | 1,841 | 1,841 | 23,013 | 23,013 | |||||||||||||||
Indiana Community Bancorp | 2,700 | 2,700 | 32,400 | 32,400 | |||||||||||||||
Intervest Bancshares Corp., Class A | 3,400 | 3,400 | 13,566 | 13,566 | |||||||||||||||
Jefferson Bancshares, Inc./Tennessee | 3,000 | 3,000 | 24,330 | 24,330 | |||||||||||||||
LNB Bancorp, Inc. | 3,538 | 3,538 | 18,681 | 18,681 | |||||||||||||||
Mackinac Financial Corp.* | 900 | 900 | 3,690 | 3,690 | |||||||||||||||
Monarch Community Bancorp, Inc. | 4,099 | 4,099 | 14,347 | 14,347 | |||||||||||||||
MutualFirst Financial, Inc. | 4,098 | 4,098 | 27,661 | 27,661 | |||||||||||||||
New Hampshire Thrift Bancshares, Inc. | 5,179 | 5,179 | 39,723 | 39,723 | |||||||||||||||
Northrim BanCorp, Inc. | 4,299 | 4,299 | 44,108 | 44,108 | |||||||||||||||
OceanFirst Financial Corp. | 10,400 | 10,400 | 172,640 | 172,640 | |||||||||||||||
Old Second Bancorp, Inc. | 13,700 | 13,700 | 158,920 | 158,920 | |||||||||||||||
Pacific Premier Bancorp, Inc.* | 3,910 | 3,910 | 15,210 | 15,210 | |||||||||||||||
Parkvale Financial Corp. | 6,257 | 6,257 | 77,712 | 77,712 | |||||||||||||||
Peoples Bancorp, Inc./Ohio | 3,640 | 3,640 | 69,633 | 69,633 | |||||||||||||||
Provident Community Bancshares, Inc. | 2,168 | 2,168 | 18,601 | 18,601 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
QCR Holdings, Inc. | 4,122 | 4,122 | 41,426 | 41,426 | |||||||||||||||
Regions Financial Corp. | 18,060 | 18,060 | 143,758 | 143,758 | |||||||||||||||
Renasant Corp. | 6,420 | 6,420 | 109,333 | 109,333 | |||||||||||||||
Sandy Spring Bancorp, Inc. | 9,330 | 9,330 | 203,674 | 203,674 | |||||||||||||||
Severn Bancorp, Inc./Maryland | 8,553 | 8,553 | 36,521 | 36,521 | |||||||||||||||
Simmons First National Corp., Class A | 1,127 | 1,127 | 33,213 | 33,213 | |||||||||||||||
Southern Missouri Bancorp, Inc. | 3,007 | 3,007 | 33,348 | 33,348 | |||||||||||||||
Southside Bancshares, Inc. | 1,641 | 1,641 | 38,563 | 38,563 | |||||||||||||||
Southwest Bancorp, Inc./Oklahoma | 11,010 | 11,010 | 142,690 | 142,690 | |||||||||||||||
Sun Bancorp, Inc./New Jersey* | 14,459 | 14,459 | 108,298 | 108,298 | |||||||||||||||
Tamalpais Bancorp | 4,900 | 4,900 | 41,503 | 41,503 | |||||||||||||||
TF Financial Corp. | 2,870 | 2,870 | 55,391 | 55,391 | |||||||||||||||
Timberland Bancorp, Inc./Washington | 6,805 | 6,805 | 50,697 | 50,697 | |||||||||||||||
Tower Financial Corp. | 3,698 | 3,698 | 22,373 | 22,373 | |||||||||||||||
United Western Bancorp, Inc. | 9,762 | 9,762 | 91,372 | 91,372 | |||||||||||||||
Wayne Savings Bancshares, Inc. | 2,564 | 2,564 | 19,333 | 19,333 | |||||||||||||||
WSFS Financial Corp. | 6,100 | 6,100 | 292,739 | 292,739 | |||||||||||||||
4,560,811 | 4,560,811 | 0.1 | % | ||||||||||||||||
Capital Goods | |||||||||||||||||||
Acuity Brands, Inc. | 29,700 | 29,700 | 1,036,827 | 1,036,827 | |||||||||||||||
Aecom Technology Corp.* | 69,000 | 69,000 | 2,120,370 | 2,120,370 | |||||||||||||||
Aircastle Ltd. | 51,477 | 51,477 | 246,060 | 246,060 | |||||||||||||||
Albany International Corp., Class A | 24,571 | 24,571 | 315,492 | 315,492 | |||||||||||||||
Alliant Techsystems, Inc.* | 8,390 | 8,390 | 719,526 | 719,526 | |||||||||||||||
Ampco-Pittsburgh Corp. | 8,700 | 8,700 | 188,790 | 188,790 | |||||||||||||||
A-Power Energy Generation Systems Ltd.* | 42,010 | 42,010 | 180,643 | 180,643 | |||||||||||||||
Beacon Roofing Supply, Inc.* | 500 | 500 | 6,940 | 6,940 | |||||||||||||||
EnPro Industries, Inc.* | 19,210 | 19,210 | 413,783 | 413,783 | |||||||||||||||
Esterline Technologies Corp.* | 24,709 | 24,709 | 936,224 | 936,224 | |||||||||||||||
Federal Signal Corp. | 46,075 | 46,075 | 378,276 | 378,276 | |||||||||||||||
Force Protection, Inc.* | 5,480 | 5,480 | 32,770 | 32,770 | |||||||||||||||
GATX Corp. | 43,200 | 43,200 | 1,337,904 | 1,337,904 | |||||||||||||||
Goodrich Corp. | 26,090 | 26,090 | 965,852 | 965,852 | |||||||||||||||
GrafTech International Ltd.* | 2,380 | 2,380 | 19,802 | 19,802 | |||||||||||||||
Griffon Corp.* | 37,600 | 37,600 | 350,808 | 350,808 | |||||||||||||||
H&E Equipment Services, Inc.* | 18,102 | 18,102 | 139,566 | 139,566 | |||||||||||||||
Hurco Cos., Inc.* | 8,749 | 8,749 | 104,988 | 104,988 | |||||||||||||||
Interline Brands, Inc.* | 22,740 | 22,740 | 241,726 | 241,726 | |||||||||||||||
L.S. Starrett Co., Class A | 12,390 | 12,390 | 199,479 | 199,479 | |||||||||||||||
Masco Corp. | 167,100 | 167,100 | 1,859,823 | 1,859,823 | |||||||||||||||
MFRI, Inc.* | 13,830 | 13,830 | 59,884 | 59,884 | |||||||||||||||
Michael Baker Corp.* | 7,980 | 7,980 | 294,542 | 294,542 | |||||||||||||||
NACCO Industries, Inc., Class A | 2,200 | 2,200 | 82,302 | 82,302 | |||||||||||||||
Navistar International Corp.* | 65,660 | 65,660 | 1,403,811 | 1,403,811 | |||||||||||||||
Shaw Group, Inc.* | 11,180 | 11,180 | 228,855 | 228,855 | |||||||||||||||
SIFCO Industries, Inc.* | 10,239 | 10,239 | 60,922 | 60,922 | |||||||||||||||
SL Industries, Inc.* | 7,594 | 7,594 | 66,827 | 66,827 | |||||||||||||||
Teledyne Technologies, Inc.* | 14,619 | 14,619 | 651,276 | 651,276 | |||||||||||||||
Thomas & Betts Corp.* | 31,929 | 31,929 | 766,935 | 766,935 | |||||||||||||||
Universal Forest Products, Inc. | 6,174 | 6,174 | 166,142 | 166,142 | |||||||||||||||
W.W. Grainger, Inc. | 3,900 | 3,900 | 307,476 | 307,476 | |||||||||||||||
Willis Lease Finance Corp.* | 11,602 | 107,551 | 107,551 | ||||||||||||||||
15,992,172 | 15,992,172 | 0.4 | % | ||||||||||||||||
Commercial & Professional Services | |||||||||||||||||||
AT Cross Co., Class A* | 710 | 710 | 1,974 | 1,974 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
Avery Dennison Corp. | 34,300 | 34,300 | 1,122,639 | 1,122,639 | |||||||||||||||
CDI Corp. | 14,200 | 14,200 | 183,748 | 183,748 | |||||||||||||||
Comfort Systems USA, Inc. | 5,531 | 5,531 | 58,961 | 58,961 | |||||||||||||||
COMSYS IT Partners, Inc.* | 8,100 | 8,100 | 18,144 | 18,144 | |||||||||||||||
Deluxe Corp. | 31,945 | 31,945 | 477,897 | 477,897 | |||||||||||||||
GP Strategies Corp.* | 9,365 | 9,365 | 42,143 | 42,143 | |||||||||||||||
Hudson Highland Group, Inc.* | 12,980 | 12,980 | 43,483 | 43,483 | |||||||||||||||
Industrial Services of America, Inc. | 7,390 | 7,390 | 38,945 | 38,945 | |||||||||||||||
Kelly Services, Inc., Class A | 16,981 | 16,981 | 220,923 | 220,923 | |||||||||||||||
Kimball International, Inc., Class B | 10,232 | 10,232 | 88,098 | 88,098 | |||||||||||||||
LECG Corp.* | 29,799 | 29,799 | 199,951 | 199,951 | |||||||||||||||
National Technical Systems, Inc. | 7,067 | 7,067 | 26,501 | 26,501 | |||||||||||||||
On Assignment, Inc.* | 43,895 | 43,895 | 248,885 | 248,885 | |||||||||||||||
R.R. Donnelley & Sons Co. | 99,750 | 99,750 | 1,354,605 | 1,354,605 | |||||||||||||||
Sykes Enterprises, Inc.* | 10,100 | 10,100 | 193,112 | 193,112 | |||||||||||||||
Viad Corp. | 20,400 | 20,400 | 504,696 | 504,696 | |||||||||||||||
Volt Information Sciences, Inc.* | 15,380 | 15,380 | 111,197 | 111,197 | |||||||||||||||
4,935,902 | 4,935,902 | 0.1 | % | ||||||||||||||||
Consumer Durables & Apparel | |||||||||||||||||||
Blyth, Inc. | 14,804 | 14,804 | 116,063 | 116,063 | |||||||||||||||
D.R. Horton, Inc. | 14,920 | 14,920 | 105,484 | 105,484 | |||||||||||||||
Hasbro, Inc. | 46,778 | 46,778 | 1,364,514 | 1,364,514 | |||||||||||||||
JAKKS Pacific, Inc.* | 3,600 | 3,600 | 74,268 | 74,268 | |||||||||||||||
Jarden Corp.* | 37,481 | 37,481 | 431,032 | 431,032 | |||||||||||||||
Leggett & Platt, Inc. | 111,000 | 111,000 | 1,686,090 | 1,686,090 | |||||||||||||||
M.D.C. Holdings, Inc. | 20,606 | 20,606 | 624,362 | 624,362 | |||||||||||||||
M/I Homes, Inc. | 200 | 200 | 2,108 | 2,108 | |||||||||||||||
Mohawk Industries, Inc.* | 24,182 | 24,182 | 1,039,101 | 1,039,101 | |||||||||||||||
National Presto Industries, Inc. | 2 | 2 | 154 | 154 | |||||||||||||||
Skechers U.S.A., Inc., Class A* | 12,003 | 12,003 | 153,878 | 153,878 | |||||||||||||||
Steven Madden Ltd.* | 13,243 | 13,243 | 282,341 | 282,341 | |||||||||||||||
Tupperware Brands Corp. | 16,389 | 16,389 | 372,030 | 372,030 | |||||||||||||||
Warnaco Group, Inc.* | 37,900 | 37,900 | 743,977 | 743,977 | |||||||||||||||
Wolverine World Wide, Inc. | 1,830 | 1,830 | 38,503 | 38,503 | |||||||||||||||
7,033,905 | 7,033,905 | 0.2 | % | ||||||||||||||||
Consumer Services | |||||||||||||||||||
Ark Restaurants Corp. | 4,072 | 4,072 | 46,543 | 46,543 | |||||||||||||||
Bob Evans Farms, Inc. | 30,100 | 30,100 | 614,943 | 614,943 | |||||||||||||||
Brinker International, Inc. | 24,200 | 24,200 | 255,068 | 255,068 | |||||||||||||||
CEC Entertainment, Inc.* | 22,200 | 22,200 | 538,350 | 538,350 | |||||||||||||||
Cheesecake Factory, Inc.* | 60,920 | 60,920 | 615,292 | 615,292 | |||||||||||||||
Coinstar, Inc.* | 22,739 | 22,739 | 443,638 | 443,638 | |||||||||||||||
Cracker Barrel Old Country Store, Inc. | 22,020 | 22,020 | 453,392 | 453,392 | |||||||||||||||
DineEquity, Inc. | 17,271 | 17,271 | 199,653 | 199,653 | |||||||||||||||
International Game Technology | 40,250 | 40,250 | 478,572 | 478,572 | |||||||||||||||
Life Time Fitness, Inc.* | 20,159 | 20,159 | 261,059 | 261,059 | |||||||||||||||
Marcus Corp. | 17,900 | 17,900 | 290,517 | 290,517 | |||||||||||||||
McCormick & Schmick’s Seafood Restaurants, Inc.* | 14,633 | 14,633 | 58,825 | 58,825 | |||||||||||||||
Regis Corp. | 47,100 | 47,100 | 684,363 | 684,363 | |||||||||||||||
Sonic Corp.* | 34,139 | 34,139 | 415,471 | 415,471 | |||||||||||||||
Speedway Motorsports, Inc. | 15,200 | 15,200 | 244,872 | 244,872 | |||||||||||||||
5,600,558 | 5,600,558 | 0.1 | % | ||||||||||||||||
Diversified Financials | |||||||||||||||||||
American Physicians Service Group, Inc. | 8,700 | 8,700 | 187,137 | 187,137 | |||||||||||||||
Cowen Group, Inc.* | 8,800 | 8,800 | 54,912 | 54,912 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
Dollar Financial Corp.* | 24,500 | 24,500 | 252,350 | 252,350 | |||||||||||||||
Encore Capital Group, Inc.* | 2,000 | 2,000 | 14,400 | 14,400 | |||||||||||||||
QC Holdings, Inc. | 8,808 | 8,808 | 33,382 | 33,382 | |||||||||||||||
542,181 | 542,181 | 0.0 | % | ||||||||||||||||
Energy | |||||||||||||||||||
Alpha Natural Resources, Inc.* | 18,040 | 18,040 | 292,068 | 292,068 | |||||||||||||||
Atlas America, Inc. | 6,610 | 6,610 | 98,158 | 98,158 | |||||||||||||||
Barnwell Industries, Inc. | 15,600 | 15,600 | 69,420 | 69,420 | |||||||||||||||
Bristow Group, Inc.* | 1,000 | 1,000 | 26,790 | 26,790 | |||||||||||||||
Clayton Williams Energy, Inc.* | 3,295 | 3,295 | 149,725 | 149,725 | |||||||||||||||
Crosstex Energy, Inc. | 31,340 | 31,340 | 122,226 | 122,226 | |||||||||||||||
Delek U.S. Holdings, Inc. | 18,100 | 18,100 | 95,749 | 95,749 | |||||||||||||||
Diamond Offshore Drilling, Inc. | 3,012 | 3,012 | 177,527 | 177,527 | |||||||||||||||
ENGlobal Corp.* | 7,200 | 7,200 | 23,400 | 23,400 | |||||||||||||||
ENSCO International, Inc. | 9,246 | 9,246 | 262,494 | 262,494 | |||||||||||||||
Forest Oil Corp.* | 67,824 | 67,824 | 1,118,418 | 1,118,418 | |||||||||||||||
HKN, Inc.* | 13,024 | 13,024 | 38,681 | 38,681 | |||||||||||||||
Hornbeck Offshore Services, Inc.* | 15,895 | 15,895 | 259,724 | 259,724 | |||||||||||||||
ION Geophysical Corp.* | 40,746 | 40,746 | 139,759 | 139,759 | |||||||||||||||
Kinder Morgan Management LLC* | 1 | 1 | 40 | 40 | |||||||||||||||
Massey Energy Co. | 60,940 | 60,940 | 840,363 | 840,363 | |||||||||||||||
Newfield Exploration Co.* | 89,125 | 89,125 | 1,760,219 | 1,760,219 | |||||||||||||||
Penn Virginia Corp. | 4,810 | 4,810 | 124,964 | 124,964 | |||||||||||||||
Range Resources Corp. | 1,700 | 1,700 | 58,463 | 58,463 | |||||||||||||||
SEACOR Holdings, Inc.* | 19,800 | 19,800 | 1,319,670 | 1,319,670 | |||||||||||||||
Southern Union Co. | 82,320 | 82,320 | 1,073,453 | 1,073,453 | |||||||||||||||
Sunoco, Inc. | 47,376 | 47,376 | 2,058,961 | 2,058,961 | |||||||||||||||
Tidewater, Inc. | 41,030 | 41,030 | 1,652,278 | 1,652,278 | |||||||||||||||
Trico Marine Services, Inc.* | 6,998 | 6,998 | 31,281 | 31,281 | |||||||||||||||
VAALCO Energy, Inc.* | 36,227 | 36,227 | 269,529 | 269,529 | |||||||||||||||
Western Refining, Inc. | 11,907 | 11,907 | 92,398 | 92,398 | |||||||||||||||
12,155,758 | 12,155,758 | 0.3 | % | ||||||||||||||||
Food & Staples Retailing | |||||||||||||||||||
Andersons, Inc. | 1,930 | 1,930 | 31,806 | 31,806 | |||||||||||||||
BJ’s Wholesale Club, Inc.* | 39,000 | 39,000 | 1,336,140 | 1,336,140 | |||||||||||||||
Nash Finch Co. | 4,500 | 4,500 | 202,005 | 202,005 | |||||||||||||||
Winn-Dixie Stores, Inc.* | 17,760 | 17,760 | 285,936 | 285,936 | |||||||||||||||
1,855,887 | 1,855,887 | 0.0 | % | ||||||||||||||||
Food, Beverage & Tobacco | |||||||||||||||||||
Cal-Maine Foods, Inc. | 13,840 | 13,840 | 397,208 | 397,208 | |||||||||||||||
Corn Products International, Inc. | 38,600 | 38,600 | 1,113,610 | 1,113,610 | |||||||||||||||
Dean Foods Co.* | 24,300 | 24,300 | 436,671 | 436,671 | |||||||||||||||
Flowers Foods, Inc. | 10,640 | 10,640 | 259,191 | 259,191 | |||||||||||||||
Omega Protein Corp.* | 29,794 | 29,794 | 119,474 | 119,474 | |||||||||||||||
Tasty Baking Co. | 5,580 | 5,580 | 18,916 | 18,916 | |||||||||||||||
Tyson Foods, Inc., Class A | 108,900 | 108,900 | 953,964 | 953,964 | |||||||||||||||
3,299,034 | 3,299,034 | 0.1 | % | ||||||||||||||||
Health Care Equipment & Services | |||||||||||||||||||
American Dental Partners, Inc.* | 20,380 | 20,380 | 141,437 | 141,437 | |||||||||||||||
American Medical Systems Holdings, Inc.* | 63,390 | 63,390 | 569,876 | 569,876 | |||||||||||||||
AMERIGROUP Corp.* | 22,460 | 22,460 | 663,019 | 663,019 | |||||||||||||||
Anika Therapeutics, Inc.* | 12,401 | 12,401 | 37,699 | 37,699 | |||||||||||||||
Capital Senior Living Corp.* | 27,946 | 27,946 | 83,279 | 83,279 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
Cardiac Science Corp.* | 16,900 | 16,900 | 126,750 | 126,750 | |||||||||||||||
Community Health Systems, Inc.* | 78,700 | 78,700 | 1,147,446 | 1,147,446 | |||||||||||||||
Cooper Cos., Inc. | 46,260 | 46,260 | 758,664 | 758,664 | |||||||||||||||
Cynosure, Inc., Class A* | 13,545 | 13,545 | 123,666 | 123,666 | |||||||||||||||
Health Net, Inc.* | 90,000 | 90,000 | 980,100 | 980,100 | |||||||||||||||
Hologic, Inc.* | 128,252 | 128,252 | 1,676,254 | 1,676,254 | |||||||||||||||
Kewaunee Scientific Corp. | 3,092 | 3,092 | 27,859 | 27,859 | |||||||||||||||
Kindred Healthcare, Inc.* | 4,800 | 4,800 | 62,496 | 62,496 | |||||||||||||||
Kinetic Concepts, Inc.* | 35,037 | 35,037 | 672,010 | 672,010 | |||||||||||||||
Molina Healthcare, Inc.* | 1,100 | 1,100 | 19,371 | 19,371 | |||||||||||||||
National Dentex Corp.* | 10,071 | 10,071 | 45,823 | 45,823 | |||||||||||||||
NovaMed, Inc.* | 17,337 | 17,337 | 59,986 | 59,986 | |||||||||||||||
Odyssey HealthCare, Inc.* | 22,112 | 22,112 | 204,536 | 204,536 | |||||||||||||||
Omnicare, Inc. | 24,570 | 24,570 | 682,063 | 682,063 | |||||||||||||||
Orthofix International N.V.* | 19,300 | 19,300 | 295,869 | 295,869 | |||||||||||||||
QuadraMed Corp.* | 6,658 | 6,658 | 32,624 | 32,624 | |||||||||||||||
Res-Care, Inc.* | 7,746 | 7,746 | 116,345 | 116,345 | |||||||||||||||
Sirona Dental Systems, Inc.* | 8,765 | 8,765 | 92,033 | 92,033 | |||||||||||||||
SonoSite, Inc.* | 12,105 | 12,105 | 230,963 | 230,963 | |||||||||||||||
Span-America Medical Systems, Inc. | 2,050 | 2,050 | 19,496 | 19,496 | |||||||||||||||
Teleflex, Inc. | 21,214 | 21,214 | 1,062,821 | 1,062,821 | |||||||||||||||
Universal American Financial Corp.* | 31,600 | 31,600 | 278,712 | 278,712 | |||||||||||||||
Zoll Medical Corp.* | 4,933 | 4,933 | 93,184 | 93,184 | |||||||||||||||
10,304,381 | 10,304,381 | 0.3 | % | ||||||||||||||||
Household & Personal Products | |||||||||||||||||||
China Sky One Medical, Inc.* | 3,169 | 3,169 | 50,672 | 50,672 | |||||||||||||||
Elizabeth Arden, Inc.* | 9,065 | 9,065 | 114,310 | 114,310 | |||||||||||||||
Estee Lauder Cos., Inc., Class A | 8,000 | 8,000 | 247,680 | 247,680 | |||||||||||||||
Inter Parfums, Inc. | 12,493 | 12,493 | 95,946 | 95,946 | |||||||||||||||
Natural Alternatives International, Inc.* | 5,100 | 5,100 | 31,110 | 31,110 | |||||||||||||||
Nu Skin Enterprises, Inc., Class A | 16,450 | 16,450 | 171,574 | 171,574 | |||||||||||||||
Nutraceutical International Corp.* | 10,530 | 10,530 | 80,976 | 80,976 | |||||||||||||||
Prestige Brands Holdings, Inc.* | 9,786 | 9,786 | 103,242 | 103,242 | |||||||||||||||
Revlon, Inc., Class A* | 25,005 | 25,005 | 166,783 | 166,783 | |||||||||||||||
1,062,293 | 1,062,293 | 0.0 | % | ||||||||||||||||
Insurance | |||||||||||||||||||
American Equity Investment Life Holding Co. | 44,151 | 44,151 | 309,057 | 309,057 | |||||||||||||||
American Financial Group, Inc./Ohio | 15,900 | 15,900 | 363,792 | 363,792 | |||||||||||||||
Argo Group International Holdings Ltd.* | 5,600 | 5,600 | 189,952 | 189,952 | |||||||||||||||
Aspen Insurance Holdings Ltd. | 1,220 | 1,220 | 29,585 | 29,585 | |||||||||||||||
Everest Reinsurance Group Ltd. | 2,370 | 2,370 | 180,452 | 180,452 | |||||||||||||||
FBL Financial Group, Inc., Class A | 6,634 | 6,634 | 102,495 | 102,495 | |||||||||||||||
Hanover Insurance Group, Inc. | 29,000 | 29,000 | 1,246,130 | 1,246,130 | |||||||||||||||
Old Republic International Corp. | 154,138 | 154,138 | 1,837,325 | 1,837,325 | |||||||||||||||
Presidential Life Corp. | 12,554 | 12,554 | 124,159 | 124,159 | |||||||||||||||
Unico American Corp.* | 2,560 | 2,560 | 22,554 | 22,554 | |||||||||||||||
Unitrin, Inc. | 28,180 | 28,180 | 449,189 | 449,189 | |||||||||||||||
Unum Group | 16,418 | 16,418 | 305,375 | 305,375 | |||||||||||||||
Willis Group Holdings Ltd. | 32,764 | 32,764 | 815,168 | 815,168 | |||||||||||||||
5,975,233 | 5,975,233 | 0.1 | % | ||||||||||||||||
Materials | |||||||||||||||||||
Buckeye Technologies, Inc.* | 41,960 | 41,960 | 152,734 | 152,734 | |||||||||||||||
Bway Holding Co.* | 16,155 | 16,155 | 128,594 | 128,594 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
Compass Minerals International, Inc. | 23,900 | 23,900 | 1,401,974 | 1,401,974 | |||||||||||||||
Continental Materials Corp.* | 300 | 300 | 4,827 | 4,827 | |||||||||||||||
Ferro Corp. | 41,380 | 41,380 | 291,729 | 291,729 | |||||||||||||||
Friedman Industries, Inc. | 10,261 | 10,261 | 68,544 | 68,544 | |||||||||||||||
Glatfelter | 5,490 | 5,490 | 51,057 | 51,057 | |||||||||||||||
Innophos Holdings, Inc. | 11,000 | 11,000 | 217,910 | 217,910 | |||||||||||||||
Innospec, Inc. | 34,952 | 34,952 | 205,867 | 205,867 | |||||||||||||||
International Flavors & Fragrances, Inc. | 7,200 | 7,200 | 213,984 | 213,984 | |||||||||||||||
KapStone Paper and Packaging Corp.* | 17,100 | 17,100 | 40,698 | 40,698 | |||||||||||||||
Lubrizol Corp. | 46,100 | 46,100 | 1,677,579 | 1,677,579 | |||||||||||||||
Minerals Technologies, Inc. | 5,725 | 5,725 | 234,153 | 234,153 | |||||||||||||||
Olin Corp. | 72,278 | 72,278 | 1,306,786 | 1,306,786 | |||||||||||||||
Rock-Tenn Co., Class A | 14,700 | 14,700 | 502,446 | 502,446 | |||||||||||||||
RPM International, Inc. | 53,221 | 53,221 | 707,307 | 707,307 | |||||||||||||||
Schweitzer-Mauduit International, Inc. | 15,102 | 15,102 | 302,342 | 302,342 | |||||||||||||||
Scotts Miracle-Gro Co., Class A | 19,485 | 19,485 | 579,094 | 579,094 | |||||||||||||||
Stepan Co. | 3,659 | 3,659 | 171,936 | 171,936 | |||||||||||||||
WHX Corp.* | 233 | 233 | 1,864 | 1,864 | |||||||||||||||
8,261,425 | 8,261,425 | 0.2 | % | ||||||||||||||||
Media | |||||||||||||||||||
Arbitron, Inc. | 6,230 | 6,230 | 82,734 | 82,734 | |||||||||||||||
Cinemark Holdings, Inc. | 14,580 | 14,580 | 108,330 | 108,330 | |||||||||||||||
Discovery Communications, Inc., Class A* | 78,410 | 78,410 | 1,110,286 | 1,110,286 | |||||||||||||||
Fisher Communications, Inc. | 7,713 | 7,713 | 159,196 | 159,196 | |||||||||||||||
Harte-Hanks, Inc. | 11,363 | 11,363 | 70,905 | 70,905 | |||||||||||||||
Interpublic Group of Cos., Inc.* | 312,472 | 312,472 | 1,237,389 | 1,237,389 | |||||||||||||||
Live Nation, Inc.* | 63,509 | 63,509 | 364,542 | 364,542 | |||||||||||||||
Mediacom Communications Corp., Class A* | 7,624 | 7,624 | 32,783 | 32,783 | |||||||||||||||
Scholastic Corp. | 3,700 | 3,700 | 50,246 | 50,246 | |||||||||||||||
Virgin Media, Inc. | 131,072 | 131,072 | 654,049 | 654,049 | |||||||||||||||
3,870,460 | 3,870,460 | 0.1 | % | ||||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | |||||||||||||||||||
Albany Molecular Research, Inc.* | 24,800 | 24,800 | 241,552 | 241,552 | |||||||||||||||
Cambrex Corp.* | 10,430 | 10,430 | 48,187 | 48,187 | |||||||||||||||
Caraco Pharmaceutical Laboratories Ltd.* | 20,368 | 20,368 | 120,579 | 120,579 | |||||||||||||||
Facet Biotech Corp.* | 7,444 | 7,444 | 71,390 | 71,390 | |||||||||||||||
Harvard Bioscience, Inc.* | 12,416 | 12,416 | 32,902 | 32,902 | |||||||||||||||
Illumina, Inc.* | 5,700 | 5,700 | 148,485 | 148,485 | |||||||||||||||
King Pharmaceuticals, Inc.* | 9,876 | 9,876 | 104,883 | 104,883 | |||||||||||||||
Life Technologies Corp.* | 66,719 | 66,719 | 1,555,220 | 1,555,220 | |||||||||||||||
Maxygen, Inc.* | 37,025 | 37,025 | 330,263 | 330,263 | |||||||||||||||
Medicis Pharmaceutical Corp., Class A | 47,900 | 47,900 | 665,810 | 665,810 | |||||||||||||||
Mylan, Inc.* | 45,250 | 45,250 | 447,523 | 447,523 | |||||||||||||||
Myriad Genetics, Inc.* | 17,200 | 17,200 | 1,139,672 | 1,139,672 | |||||||||||||||
OSI Pharmaceuticals, Inc.* | 18,190 | 18,190 | 710,319 | 710,319 | |||||||||||||||
Pain Therapeutics, Inc.* | 15,745 | 15,745 | 93,210 | 93,210 | |||||||||||||||
PAREXEL International Corp.* | 39,640 | 39,640 | 384,904 | 384,904 | |||||||||||||||
PDL BioPharma, Inc. | 37,221 | 37,221 | 230,026 | 230,026 | |||||||||||||||
PerkinElmer, Inc. | 1,900 | 1,900 | 26,429 | 26,429 | |||||||||||||||
Perrigo Co. | 34,568 | 34,568 | 1,116,892 | 1,116,892 | |||||||||||||||
Watson Pharmaceuticals, Inc.* | 50,100 | 50,100 | 1,331,157 | 1,331,157 | |||||||||||||||
8,799,403 | 8,799,403 | 0.2 | % | ||||||||||||||||
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
Real Estate | |||||||||||||||||||
CB Richard Ellis Group, Inc., Class A* | 3,320 | 3,320 | 14,342 | 14,342 | |||||||||||||||
14,342 | 14,342 | 0.0 | % | ||||||||||||||||
Retailing | |||||||||||||||||||
Advance Auto Parts, Inc. | 47,998 | 47,998 | 1,615,133 | 1,615,133 | |||||||||||||||
Aeropostale, Inc.* | 36,700 | 36,700 | 590,870 | 590,870 | |||||||||||||||
AMCON Distributing Co. | 1,445 | 1,445 | 23,843 | 23,843 | |||||||||||||||
Aristotle Corp.* | 2,980 | 2,980 | 10,817 | 10,817 | |||||||||||||||
AutoZone, Inc.* | 10,000 | 10,000 | 1,394,700 | 1,394,700 | |||||||||||||||
Barnes & Noble, Inc. | 11,915 | 11,915 | 178,725 | 178,725 | |||||||||||||||
Big 5 Sporting Goods Corp. | 4,200 | 4,200 | 21,882 | 21,882 | |||||||||||||||
Big Lots, Inc.* | 76,770 | 76,770 | 1,112,397 | 1,112,397 | |||||||||||||||
Build-A-Bear Workshop, Inc.* | 3,000 | 3,000 | 14,580 | 14,580 | |||||||||||||||
Cabela’s, Inc.* | 42,337 | 42,337 | 246,825 | 246,825 | |||||||||||||||
Childrens Place Retail Stores, Inc.* | 25,300 | 25,300 | 548,504 | 548,504 | |||||||||||||||
Conn’s, Inc.* | 4,900 | 4,900 | 41,552 | 41,552 | |||||||||||||||
Dress Barn, Inc.* | 11,980 | 11,980 | 128,665 | 128,665 | |||||||||||||||
Duckwall-ALCO Stores, Inc.* | 2,300 | 2,300 | 22,034 | 22,034 | |||||||||||||||
Expedia, Inc.* | 146,600 | 146,600 | 1,207,984 | 1,207,984 | |||||||||||||||
Guess?, Inc. | 30,620 | 30,620 | 470,017 | 470,017 | |||||||||||||||
Gymboree Corp.* | 27,963 | 27,963 | 729,555 | 729,555 | |||||||||||||||
Jo-Ann Stores, Inc.* | 25,000 | 25,000 | 387,250 | 387,250 | |||||||||||||||
Jos. A. Bank Clothiers, Inc.* | 18,600 | 18,600 | 486,390 | 486,390 | |||||||||||||||
Limited Brands, Inc. | 171,498 | 171,498 | 1,721,840 | 1,721,840 | |||||||||||||||
Men’s Wearhouse, Inc. | 11,800 | 11,800 | 159,772 | 159,772 | |||||||||||||||
Monro Muffler, Inc. | 12,490 | 12,490 | 318,495 | 318,495 | |||||||||||||||
Netflix, Inc.* | 37,400 | 37,400 | 1,117,886 | 1,117,886 | |||||||||||||||
PEP Boys-Manny, Moe & Jack | 15,118 | 15,118 | 62,437 | 62,437 | |||||||||||||||
priceline.com, Inc.* | 14,120 | 14,120 | 1,039,938 | 1,039,938 | |||||||||||||||
RadioShack Corp. | 95,097 | 95,097 | 1,135,458 | 1,135,458 | |||||||||||||||
REX Stores Corp.* | 16,940 | 16,940 | 136,706 | 136,706 | |||||||||||||||
Signet Jewelers Ltd. | 29,084 | 29,084 | 252,158 | 252,158 | |||||||||||||||
Stage Stores, Inc. | 5,750 | 5,750 | 47,438 | 47,438 | |||||||||||||||
Systemax, Inc. | 10,700 | 10,700 | 115,239 | 115,239 | |||||||||||||||
15,339,090 | 15,339,090 | 0.4 | % | ||||||||||||||||
Semiconductors & Semiconductor Equipment | |||||||||||||||||||
Actel Corp.* | 28,300 | 28,300 | 331,676 | 331,676 | |||||||||||||||
Applied Micro Circuits Corp.* | 2,600 | 2,600 | 10,218 | 10,218 | |||||||||||||||
Cirrus Logic, Inc.* | 57,820 | 57,820 | 154,958 | 154,958 | |||||||||||||||
Cypress Semiconductor Corp.* | 55,800 | 55,800 | 249,426 | 249,426 | |||||||||||||||
DSP Group, Inc.* | 23,915 | 23,915 | 191,798 | 191,798 | |||||||||||||||
Exar Corp.* | 30,681 | 30,681 | 204,642 | 204,642 | |||||||||||||||
Fairchild Semiconductor International, Inc.* | 108,900 | 108,900 | 532,521 | 532,521 | |||||||||||||||
FEI Co.* | 16,806 | 16,806 | 316,961 | 316,961 | |||||||||||||||
Integrated Device Technology, Inc.* | 108,700 | 108,700 | 609,807 | 609,807 | |||||||||||||||
IXYS Corp. | 25,000 | 25,000 | 206,500 | 206,500 | |||||||||||||||
LSI Corp.* | 196,520 | 196,520 | 646,551 | 646,551 | |||||||||||||||
Marvell Technology Group Ltd.* | 178,853 | 178,853 | 1,192,950 | 1,192,950 | |||||||||||||||
Semitool, Inc.* | 14,415 | 14,415 | 43,966 | 43,966 | |||||||||||||||
Skyworks Solutions, Inc.* | 167,800 | 167,800 | 929,612 | 929,612 | |||||||||||||||
Standard Microsystems Corp.* | 23,900 | 23,900 | 390,526 | 390,526 | |||||||||||||||
TriQuint Semiconductor, Inc.* | 106,110 | 106,110 | 365,018 | 365,018 | |||||||||||||||
Ultratech, Inc.* | 7,800 | 7,800 | 93,288 | 93,288 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
Veeco Instruments, Inc.* | 41,920 | 41,920 | 265,773 | 265,773 | |||||||||||||||
6,736,191 | 6,736,191 | 0.2 | % | ||||||||||||||||
Software & Services | |||||||||||||||||||
Akamai Technologies, Inc.* | 12,100 | 12,100 | 182,589 | 182,589 | |||||||||||||||
BMC Software, Inc.* | 72,800 | 72,800 | 1,959,048 | 1,959,048 | |||||||||||||||
CA, Inc. | 98,300 | 98,300 | 1,821,499 | 1,821,499 | |||||||||||||||
CACI International, Inc., Class A* | 7,500 | 7,500 | 338,175 | 338,175 | |||||||||||||||
CIBER, Inc.* | 47,300 | 47,300 | 227,513 | 227,513 | |||||||||||||||
Computer Sciences Corp.* | 62,300 | 62,300 | 2,189,222 | 2,189,222 | |||||||||||||||
Computer Task Group, Inc.* | 10,613 | 10,613 | 34,174 | 34,174 | |||||||||||||||
Compuware Corp.* | 187,000 | 187,000 | 1,262,250 | 1,262,250 | |||||||||||||||
DST Systems, Inc.* | 26,418 | 26,418 | 1,003,356 | 1,003,356 | |||||||||||||||
Dynamics Research Corp.* | 3,880 | 3,880 | 31,040 | 31,040 | |||||||||||||||
EarthLink, Inc.* | 110,300 | 110,300 | 745,628 | 745,628 | |||||||||||||||
Fair Isaac Corp. | 35,751 | 35,751 | 602,762 | 602,762 | |||||||||||||||
GSI Commerce, Inc.* | 9,900 | 9,900 | 104,148 | 104,148 | |||||||||||||||
Hewitt Associates, Inc., Class A* | 61,900 | 61,900 | 1,756,722 | 1,756,722 | |||||||||||||||
IAC/InterActiveCorp* | 62,300 | 62,300 | 979,979 | 979,979 | |||||||||||||||
Interwoven, Inc.* | 36,000 | 36,000 | 453,600 | 453,600 | |||||||||||||||
Intuit, Inc.* | 46,740 | 46,740 | 1,111,944 | 1,111,944 | |||||||||||||||
INX, Inc.* | 7,110 | 7,110 | 30,573 | 30,573 | |||||||||||||||
JDA Software Group, Inc.* | 21,200 | 21,200 | 278,356 | 278,356 | |||||||||||||||
Lawson Software, Inc.* | 87,505 | 87,505 | 414,774 | 414,774 | |||||||||||||||
MAXIMUS, Inc. | 18,800 | 18,800 | 660,068 | 660,068 | |||||||||||||||
Mentor Graphics Corp.* | 87,900 | 87,900 | 454,443 | 454,443 | |||||||||||||||
Metavante Technologies, Inc.* | 20,434 | 20,434 | 329,192 | 329,192 | |||||||||||||||
Ness Technologies, Inc.* | 48,870 | 48,870 | 209,163 | 209,163 | |||||||||||||||
Net 1 UEPS Technologies, Inc.* | 23,810 | 23,810 | 326,197 | 326,197 | |||||||||||||||
NetScout Systems, Inc.* | 18,400 | 18,400 | 158,608 | 158,608 | |||||||||||||||
Novell, Inc.* | 87,849 | 87,849 | 341,733 | 341,733 | |||||||||||||||
Nuance Communications, Inc.* | 70,800 | 70,800 | 733,488 | 733,488 | |||||||||||||||
Parametric Technology Corp.* | 100,900 | 100,900 | 1,276,385 | 1,276,385 | |||||||||||||||
Perot Systems Corp., Class A* | 13,174 | 13,174 | 180,088 | 180,088 | |||||||||||||||
Quest Software, Inc.* | 56,700 | 56,700 | 713,853 | 713,853 | |||||||||||||||
Radiant Systems, Inc.* | 10,880 | 10,880 | 36,666 | 36,666 | |||||||||||||||
SAVVIS, Inc.* | 9,500 | 9,500 | 65,455 | 65,455 | |||||||||||||||
Sohu.com, Inc.* | 28,000 | 28,000 | 1,325,520 | 1,325,520 | |||||||||||||||
SumTotal Systems, Inc.* | 24,100 | 24,100 | 68,444 | 68,444 | |||||||||||||||
Sybase, Inc.* | 53,440 | 53,440 | 1,323,709 | 1,323,709 | |||||||||||||||
Synopsys, Inc.* | 85,900 | 85,900 | 1,590,868 | 1,590,868 | |||||||||||||||
TechTeam Global, Inc.* | 11,160 | 11,160 | 65,286 | 65,286 | |||||||||||||||
TIBCO Software, Inc.* | 162,600 | 162,600 | 843,894 | 843,894 | |||||||||||||||
United Online, Inc. | 80,700 | 80,700 | 489,849 | 489,849 | |||||||||||||||
Wayside Technology Group, Inc. | 3,727 | 3,727 | 26,089 | 26,089 | |||||||||||||||
Web.com Group, Inc.* | 7,143 | 7,143 | 26,143 | 26,143 | |||||||||||||||
Wind River Systems, Inc.* | 70,200 | 70,200 | 633,906 | 633,906 | |||||||||||||||
Wright Express Corp.* | 23,600 | 23,600 | 297,360 | 297,360 | |||||||||||||||
27,703,759 | 27,703,759 | 0.7 | % | ||||||||||||||||
Technology Hardware & Equipment | |||||||||||||||||||
Adaptec, Inc.* | 3 | 3 | 10 | 10 | |||||||||||||||
Agilysys, Inc. | 25,940 | 25,940 | 111,283 | 111,283 | |||||||||||||||
Arris Group, Inc.* | 121,312 | 121,312 | 964,430 | 964,430 | |||||||||||||||
Astro-Med, Inc. | 10,800 | 10,800 | 65,556 | 65,556 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
Avocent Corp.* | 40,310 | 40,310 | 721,952 | 721,952 | |||||||||||||||
Black Box Corp. | 17,200 | 17,200 | 449,264 | 449,264 | |||||||||||||||
Coherent, Inc.* | 19,700 | 19,700 | 422,762 | 422,762 | |||||||||||||||
Communications Systems, Inc. | 1,250 | 1,250 | 9,750 | 9,750 | |||||||||||||||
CPI International, Inc.* | 4,572 | 4,572 | 39,594 | 39,594 | |||||||||||||||
CTS Corp. | 21,630 | 21,630 | 119,181 | 119,181 | |||||||||||||||
Dycom Industries, Inc.* | 22,260 | 22,260 | 182,977 | 182,977 | |||||||||||||||
Electronics for Imaging, Inc.* | 53,520 | 53,520 | 511,651 | 511,651 | |||||||||||||||
Emulex Corp.* | 81,251 | 81,251 | 567,132 | 567,132 | |||||||||||||||
Gerber Scientific, Inc.* | 21,077 | 21,077 | 107,703 | 107,703 | |||||||||||||||
Harris Corp. | 55,035 | 55,035 | 2,094,082 | 2,094,082 | |||||||||||||||
Imation Corp. | 5,700 | 5,700 | 77,349 | 77,349 | |||||||||||||||
Insight Enterprises, Inc.* | 15,100 | 15,100 | 104,190 | 104,190 | |||||||||||||||
IntriCon Corp.* | 5,100 | 5,100 | 18,360 | 18,360 | |||||||||||||||
LeCroy Corp.* | 22,300 | 22,300 | 68,015 | 68,015 | |||||||||||||||
Loral Space & Communications, Inc.* | 2,540 | 2,540 | 36,906 | 36,906 | |||||||||||||||
Measurement Specialties, Inc.* | 10,800 | 10,800 | 75,060 | 75,060 | |||||||||||||||
Molex, Inc. | 32,510 | 32,510 | 471,070 | 471,070 | |||||||||||||||
NCR Corp.* | 56,900 | 56,900 | 804,566 | 804,566 | |||||||||||||||
Oplink Communications, Inc.* | 20,800 | 20,800 | 178,880 | 178,880 | |||||||||||||||
Optelecom-NKF, Inc.* | 7,142 | 7,142 | 30,068 | 30,068 | |||||||||||||||
OSI Systems, Inc.* | 18,000 | 18,000 | 249,300 | 249,300 | |||||||||||||||
PC Mall, Inc.* | 2,610 | 2,610 | 10,466 | 10,466 | |||||||||||||||
QLogic Corp.* | 111,800 | 111,800 | 1,502,592 | 1,502,592 | |||||||||||||||
RadiSys Corp.* | 32,728 | 32,728 | 180,986 | 180,986 | |||||||||||||||
RADWARE Ltd.* | 11,640 | 11,640 | 63,147 | 63,147 | |||||||||||||||
Richardson Electronics Ltd. | 15,920 | 15,920 | 46,964 | 46,964 | |||||||||||||||
Sun Microsystems, Inc.* | 29,500 | 29,500 | 112,690 | 112,690 | |||||||||||||||
Super Micro Computer, Inc.* | 24,900 | 24,900 | 157,617 | 157,617 | |||||||||||||||
Symmetricom, Inc.* | 30,808 | 30,808 | 121,692 | 121,692 | |||||||||||||||
SYNNEX Corp.* | 19,130 | 19,130 | 216,743 | 216,743 | |||||||||||||||
Technitrol, Inc. | 9,360 | 9,360 | 32,573 | 32,573 | |||||||||||||||
TESSCO Technologies, Inc.* | 10,374 | 10,374 | 90,358 | 90,358 | |||||||||||||||
Tollgrade Communications, Inc.* | 10,200 | 10,200 | 48,756 | 48,756 | |||||||||||||||
ViaSat, Inc.* | 1,500 | 1,500 | 36,120 | 36,120 | |||||||||||||||
Vicon Industries, Inc.* | 3,269 | 3,269 | 18,241 | 18,241 | |||||||||||||||
Vishay Intertechnology, Inc.* | 133,306 | 133,306 | 455,906 | 455,906 | |||||||||||||||
11,575,942 | 11,575,942 | 0.3 | % | ||||||||||||||||
Telecommunication Services | |||||||||||||||||||
Atlantic Tele-Network, Inc. | 2,911 | 2,911 | 77,287 | 77,287 | |||||||||||||||
CenturyTel, Inc. | 55,818 | 55,818 | 1,525,506 | 1,525,506 | |||||||||||||||
Consolidated Communications Holdings, Inc. | 21,865 | 21,865 | 259,756 | 259,756 | |||||||||||||||
HickoryTech Corp. | 10,989 | 10,989 | 59,780 | 59,780 | |||||||||||||||
Premiere Global Services, Inc.* | 58,900 | 58,900 | 507,129 | 507,129 | |||||||||||||||
SureWest Communications | 13,198 | 13,198 | 150,721 | 150,721 | |||||||||||||||
U.S. Cellular Corp.* | 23,069 | 23,069 | 997,504 | 997,504 | |||||||||||||||
USA Mobility, Inc.* | 13,655 | 13,655 | 157,988 | 157,988 | |||||||||||||||
3,735,671 | 3,735,671 | 0.1 | % | ||||||||||||||||
Transportation | |||||||||||||||||||
Air T., Inc. | 4,409 | 4,409 | 26,013 | 26,013 | |||||||||||||||
CAI International, Inc.* | 9,130 | 9,130 | 28,942 | 28,942 | |||||||||||||||
Pacer International, Inc. | 36,300 | 36,300 | 378,609 | 378,609 | |||||||||||||||
Park-Ohio Holdings Corp.* | 9,400 | 9,400 | 57,998 | 57,998 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||||||
Ryder System, Inc. | 43,600 | 43,600 | 1,690,808 | 1,690,808 | |||||||||||||||||||
Saia, Inc.* | 16,200 | 16,200 | 175,932 | 175,932 | |||||||||||||||||||
SkyWest, Inc. | 52,430 | 52,430 | 975,198 | 975,198 | |||||||||||||||||||
Star Bulk Carriers Corp. | 24,309 | 24,309 | 62,474 | 62,474 | |||||||||||||||||||
TBS International Ltd., Class A* | 19,810 | 19,810 | 198,694 | 198,694 | |||||||||||||||||||
Ultrapetrol Bahamas Ltd.* | 5,100 | 5,100 | 16,269 | 16,269 | |||||||||||||||||||
UTi Worldwide, Inc. | 101,060 | 101,060 | 1,449,201 | 1,449,201 | |||||||||||||||||||
5,060,138 | 5,060,138 | 0.1 | % | ||||||||||||||||||||
Utilities | |||||||||||||||||||||||
AGL Resources, Inc. | 1,141 | 1,141 | 35,770 | 35,770 | |||||||||||||||||||
Alliant Energy Corp. | 36,246 | 36,246 | 1,057,658 | 1,057,658 | |||||||||||||||||||
CMS Energy Corp. | 82,632 | 82,632 | 835,410 | 835,410 | |||||||||||||||||||
El Paso Electric Co.* | 12,810 | 12,810 | 231,733 | 231,733 | |||||||||||||||||||
MDU Resources Group, Inc. | 96,792 | 96,792 | 2,088,771 | 2,088,771 | |||||||||||||||||||
NorthWestern Corp. | 34,400 | 34,400 | 807,368 | 807,368 | |||||||||||||||||||
NV Energy, Inc. | 31,600 | 31,600 | 312,524 | 312,524 | |||||||||||||||||||
5,369,234 | 5,369,234 | 0.1 | % | ||||||||||||||||||||
Total Common Stocks | 170,473,176 | 170,473,176 | 4.3 | % | |||||||||||||||||||
(Cost $178,847,135) | |||||||||||||||||||||||
SHORT-TERM INVESTMENTS: | |||||||||||||||||||||||
Collateral for Securities Sold Short | |||||||||||||||||||||||
Custodian Trust Company Sweep | 159,785,592 | 159,785,592 | |||||||||||||||||||||
0.50%, 1/2/09 | 159,785,592 | 159,785,592 | 4.0 | % | |||||||||||||||||||
Repurchase Agreement | |||||||||||||||||||||||
Custodian Trust Co., dated 12/31/08 due 1/2/09 at 0.20% with maturity value of $11,033,689 (fully collateralized by U.S. Treasury Securities with a value of $11,355,679.) | 11,034,648 | 11,034,648 | 11,034,648 | 11,034,648 | 0.3 | % | |||||||||||||||||
Total Short-Term Investments | |||||||||||||||||||||||
(Amortized Cost $170,820,240) | 170,820,240 | 170,820,240 | 4.3 | % | |||||||||||||||||||
Total Investments Before Securities Sold Short | |||||||||||||||||||||||
(Cost/Amortized Cost $349,667,375) | 341,293,416 | 341,293,416 | 8.5 | % | |||||||||||||||||||
SECURITIES SOLD SHORT: | |||||||||||||||||||||||
Automobiles & Components | |||||||||||||||||||||||
Amerigon, Inc.* | (16,100 | ) | (16,100 | ) | (52,486 | ) | (52,486 | ) | |||||||||||||||
ArvinMeritor, Inc. | (50,898 | ) | (50,898 | ) | (145,059 | ) | (145,059 | ) | |||||||||||||||
Autoliv, Inc. | (16,240 | ) | (16,240 | ) | (348,511 | ) | (348,511 | ) | |||||||||||||||
BorgWarner, Inc. | (87,030 | ) | (87,030 | ) | (1,894,643 | ) | (1,894,643 | ) | |||||||||||||||
Cooper Tire & Rubber Co. | (55,120 | ) | (55,120 | ) | (339,539 | ) | (339,539 | ) | |||||||||||||||
Dorman Products, Inc.* | (6,679 | ) | (6,679 | ) | (88,163 | ) | (88,163 | ) | |||||||||||||||
Fuel Systems Solutions, Inc.* | (700 | ) | (700 | ) | (22,932 | ) | (22,932 | ) | |||||||||||||||
Gentex Corp. | (132,600 | ) | (132,600 | ) | (1,170,858 | ) | (1,170,858 | ) | |||||||||||||||
Goodyear Tire & Rubber Co.* | (189,100 | ) | (189,100 | ) | (1,128,927 | ) | (1,128,927 | ) | |||||||||||||||
Modine Manufacturing Co. | (2,624 | ) | (2,624 | ) | (12,779 | ) | (12,779 | ) | |||||||||||||||
Superior Industries International, Inc. | (16,000 | ) | (16,000 | ) | (168,320 | ) | (168,320 | ) | |||||||||||||||
Tenneco, Inc.* | (700 | ) | (700 | ) | (2,065 | ) | (2,065 | ) | |||||||||||||||
Williams Controls, Inc.* | (3,240 | ) | (3,240 | ) | (23,587 | ) | (23,587 | ) | |||||||||||||||
(5,397,869 | ) | (5,397,869 | ) | -0.1 | % | ||||||||||||||||||
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||||||
Banks | |||||||||||||||||||||||
AMCORE Financial, Inc. | (5 | ) | (5 | ) | (19 | ) | (19 | ) | |||||||||||||||
Atlantic Coast Federal Corp. | (1,872 | ) | (1,872 | ) | (7,282 | ) | (7,282 | ) | |||||||||||||||
BankFinancial Corp. | (14,965 | ) | (14,965 | ) | (152,493 | ) | (152,493 | ) | |||||||||||||||
Capitol Federal Financial | (5,800 | ) | (5,800 | ) | (264,480 | ) | (264,480 | ) | |||||||||||||||
Columbia Banking System, Inc. | (9,800 | ) | (9,800 | ) | (116,914 | ) | (116,914 | ) | |||||||||||||||
Comerica, Inc. | (43,960 | ) | (43,960 | ) | (872,606 | ) | (872,606 | ) | |||||||||||||||
Commerce Bancshares, Inc./Missouri | (800 | ) | (800 | ) | (35,160 | ) | (35,160 | ) | |||||||||||||||
Commonwealth Bankshares, Inc. | (3,600 | ) | (3,600 | ) | (25,812 | ) | (25,812 | ) | |||||||||||||||
First Horizon National Corp. | (145,655 | ) | (145,655 | ) | (1,539,567 | ) | (1,539,567 | ) | |||||||||||||||
KeyCorp | (133,000 | ) | (133,000 | ) | (1,133,160 | ) | (1,133,160 | ) | |||||||||||||||
LSB Corp. | (300 | ) | (300 | ) | (2,220 | ) | (2,220 | ) | |||||||||||||||
SVB Financial Group* | (1,060 | ) | (1,060 | ) | (27,804 | ) | (27,804 | ) | |||||||||||||||
Synovus Financial Corp. | (103,900 | ) | (103,900 | ) | (862,370 | ) | (862,370 | ) | |||||||||||||||
Taylor Capital Group, Inc. | (16,784 | ) | (16,784 | ) | (98,186 | ) | (98,186 | ) | |||||||||||||||
Waterstone Financial, Inc.* | (800 | ) | (800 | ) | (2,680 | ) | (2,680 | ) | |||||||||||||||
(5,140,753 | ) | (5,140,753 | ) | -0.1 | % | ||||||||||||||||||
Capital Goods | |||||||||||||||||||||||
AAON, Inc. | (10,789 | ) | (10,789 | ) | (225,274 | ) | (225,274 | ) | |||||||||||||||
AAR Corp.* | (14,864 | ) | (14,864 | ) | (273,646 | ) | (273,646 | ) | |||||||||||||||
Actuant Corp., Class A | (57,400 | ) | (57,400 | ) | (1,091,748 | ) | (1,091,748 | ) | |||||||||||||||
Aerovironment, Inc.* | (2,300 | ) | (2,300 | ) | (84,663 | ) | (84,663 | ) | |||||||||||||||
Allied Defense Group, Inc.* | (3,716 | ) | (3,716 | ) | (23,039 | ) | (23,039 | ) | |||||||||||||||
Ameron International Corp. | (400 | ) | (400 | ) | (25,168 | ) | (25,168 | ) | |||||||||||||||
AMETEK, Inc. | (22,631 | ) | (22,631 | ) | (683,683 | ) | (683,683 | ) | |||||||||||||||
Astec Industries, Inc.* | (16,330 | ) | (16,330 | ) | (511,619 | ) | (511,619 | ) | |||||||||||||||
Badger Meter, Inc. | (1,800 | ) | (1,800 | ) | (52,236 | ) | (52,236 | ) | |||||||||||||||
Blount International, Inc.* | (29,420 | ) | (29,420 | ) | (278,902 | ) | (278,902 | ) | |||||||||||||||
Brady Corp., Class A | (11,550 | ) | (11,550 | ) | (276,622 | ) | (276,622 | ) | |||||||||||||||
Breeze-Eastern Corp.* | (5,800 | ) | (5,800 | ) | (44,950 | ) | (44,950 | ) | |||||||||||||||
Bucyrus International, Inc. | (59,842 | ) | (59,842 | ) | (1,108,274 | ) | (1,108,274 | ) | |||||||||||||||
Ceradyne, Inc.* | (28,360 | ) | (28,360 | ) | (575,992 | ) | (575,992 | ) | |||||||||||||||
CLARCOR, Inc. | (38,136 | ) | (38,136 | ) | (1,265,352 | ) | (1,265,352 | ) | |||||||||||||||
Curtiss-Wright Corp. | (13,800 | ) | (13,800 | ) | (460,782 | ) | (460,782 | ) | |||||||||||||||
Dynamic Materials Corp. | (10,660 | ) | (10,660 | ) | (205,845 | ) | (205,845 | ) | |||||||||||||||
DynCorp International, Inc., Class A* | (500 | ) | (500 | ) | (7,585 | ) | (7,585 | ) | |||||||||||||||
Encore Wire Corp. | (800 | ) | (800 | ) | (15,168 | ) | (15,168 | ) | |||||||||||||||
Flanders Corp.* | (13,774 | ) | (13,774 | ) | (64,600 | ) | (64,600 | ) | |||||||||||||||
General Cable Corp.* | (43,840 | ) | (43,840 | ) | (775,530 | ) | (775,530 | ) | |||||||||||||||
Gibraltar Industries, Inc. | (3,000 | ) | (3,000 | ) | (35,820 | ) | (35,820 | ) | |||||||||||||||
Gorman-Rupp Co. | (2,500 | ) | (2,500 | ) | (77,800 | ) | (77,800 | ) | |||||||||||||||
Graham Corp. | (10,200 | ) | (10,200 | ) | (110,364 | ) | (110,364 | ) | |||||||||||||||
Granite Construction, Inc. | (14,500 | ) | (14,500 | ) | (636,985 | ) | (636,985 | ) | |||||||||||||||
Greenbrier Cos., Inc. | (13,813 | ) | (13,813 | ) | (94,895 | ) | (94,895 | ) | |||||||||||||||
Harsco Corp. | (29,804 | ) | (29,804 | ) | (824,975 | ) | (824,975 | ) | |||||||||||||||
HEICO Corp. | (1,060 | ) | (1,060 | ) | (41,160 | ) | (41,160 | ) | |||||||||||||||
Herley Industries, Inc.* | (2,000 | ) | (2,000 | ) | (24,560 | ) | (24,560 | ) | |||||||||||||||
Hexcel Corp.* | (89,151 | ) | (89,151 | ) | (658,826 | ) | (658,826 | ) | |||||||||||||||
II-VI, Inc.* | (12,300 | ) | (12,300 | ) | (234,807 | ) | (234,807 | ) | |||||||||||||||
Innovative Solutions & Support, Inc. | (3,520 | ) | (3,520 | ) | (13,904 | ) | (13,904 | ) | |||||||||||||||
Insteel Industries, Inc. | (5,400 | ) | (5,400 | ) | (60,966 | ) | (60,966 | ) | |||||||||||||||
Integrated Electrical Services, Inc.* | (10,565 | ) | (10,565 | ) | (92,549 | ) | (92,549 | ) |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||||||
Joy Global, Inc. | (52,900 | ) | (52,900 | ) | (1,210,881 | ) | (1,210,881 | ) | |||||||||||||||
Kaydon Corp. | (24,900 | ) | (24,900 | ) | (855,315 | ) | (855,315 | ) | |||||||||||||||
Kennametal, Inc. | (300 | ) | (300 | ) | (6,657 | ) | (6,657 | ) | |||||||||||||||
Ladish Co., Inc.* | (16,000 | ) | (16,000 | ) | (221,600 | ) | (221,600 | ) | |||||||||||||||
Lawson Products, Inc. | (299 | ) | (299 | ) | (6,832 | ) | (6,832 | ) | |||||||||||||||
McDermott International, Inc.* | (32,000 | ) | (32,000 | ) | (316,160 | ) | (316,160 | ) | |||||||||||||||
Met-Pro Corp. | (8,367 | ) | (8,367 | ) | (111,448 | ) | (111,448 | ) | |||||||||||||||
Miller Industries, Inc.* | (8,370 | ) | (8,370 | ) | (44,361 | ) | (44,361 | ) | |||||||||||||||
Mueller Industries, Inc. | (3,400 | ) | (3,400 | ) | (85,272 | ) | (85,272 | ) | |||||||||||||||
Nordson Corp. | (32,535 | ) | (32,535 | ) | (1,050,555 | ) | (1,050,555 | ) | |||||||||||||||
Oshkosh Corp. | (74,600 | ) | (74,600 | ) | (663,194 | ) | (663,194 | ) | |||||||||||||||
PGT, Inc.* | (9,600 | ) | (9,600 | ) | (10,848 | ) | (10,848 | ) | |||||||||||||||
Polypore International, Inc.* | (12,200 | ) | (12,200 | ) | (92,232 | ) | (92,232 | ) | |||||||||||||||
RBC Bearings, Inc.* | (13,503 | ) | (13,503 | ) | (273,841 | ) | (273,841 | ) | |||||||||||||||
Roper Industries, Inc. | (21,960 | ) | (21,960 | ) | (953,284 | ) | (953,284 | ) | |||||||||||||||
Spirit AeroSystems Holdings, Inc., Class A* | (41,259 | ) | (41,259 | ) | (419,604 | ) | (419,604 | ) | |||||||||||||||
Sun Hydraulics Corp. | (2,300 | ) | (2,300 | ) | (43,332 | ) | (43,332 | ) | |||||||||||||||
Tecumseh Products Co., Class B* | (4,500 | ) | (4,500 | ) | (42,975 | ) | (42,975 | ) | |||||||||||||||
Terex Corp.* | (93,400 | ) | (93,400 | ) | (1,617,688 | ) | (1,617,688 | ) | |||||||||||||||
Textron, Inc. | (29,400 | ) | (29,400 | ) | (407,778 | ) | (407,778 | ) | |||||||||||||||
Todd Shipyards Corp. | (700 | ) | (700 | ) | (8,400 | ) | (8,400 | ) | |||||||||||||||
TransDigm Group, Inc.* | (11,100 | ) | (11,100 | ) | (372,627 | ) | (372,627 | ) | |||||||||||||||
United Capital Corp.* | (2,140 | ) | (2,140 | ) | (38,820 | ) | (38,820 | ) | |||||||||||||||
United Rentals, Inc.* | (274 | ) | (274 | ) | (2,499 | ) | (2,499 | ) | |||||||||||||||
USG Corp.* | (18,600 | ) | (18,600 | ) | (149,544 | ) | (149,544 | ) | |||||||||||||||
Wabash National Corp. | (29,960 | ) | (29,960 | ) | (134,820 | ) | (134,820 | ) | |||||||||||||||
Wabtec Corp. | (23,550 | ) | (23,550 | ) | (936,112 | ) | (936,112 | ) | |||||||||||||||
Watts Water Technologies, Inc., Class A | (10,065 | ) | (10,065 | ) | (251,323 | ) | (251,323 | ) | |||||||||||||||
Woodward Governor Co. | (26,170 | ) | (26,170 | ) | (602,433 | ) | (602,433 | ) | |||||||||||||||
(21,888,724 | ) | (21,888,724 | ) | -0.5 | % | ||||||||||||||||||
Commercial & Professional Services | |||||||||||||||||||||||
Acacia Research-Acacia Technologies* | (22,200 | ) | (22,200 | ) | (67,488 | ) | (67,488 | ) | |||||||||||||||
Advisory Board Co.* | (19,275 | ) | (19,275 | ) | (429,833 | ) | (429,833 | ) | |||||||||||||||
American Reprographics Co.* | (1,009 | ) | (1,009 | ) | (6,962 | ) | (6,962 | ) | |||||||||||||||
Cenveo, Inc.* | (39,110 | ) | (39,110 | ) | (174,040 | ) | (174,040 | ) | |||||||||||||||
CompX International, Inc. | (3,200 | ) | (3,200 | ) | (16,896 | ) | (16,896 | ) | |||||||||||||||
Consolidated Graphics, Inc.* | (11,579 | ) | (11,579 | ) | (262,149 | ) | (262,149 | ) | |||||||||||||||
Courier Corp. | (409 | ) | (409 | ) | (7,321 | ) | (7,321 | ) | |||||||||||||||
First Advantage Corp., Class A* | (13,174 | ) | (13,174 | ) | (186,412 | ) | (186,412 | ) | |||||||||||||||
FTI Consulting, Inc.* | (100 | ) | (100 | ) | (4,468 | ) | (4,468 | ) | |||||||||||||||
GeoEye, Inc.* | (640 | ) | (640 | ) | (12,307 | ) | (12,307 | ) | |||||||||||||||
Healthcare Services Group, Inc. | (24,852 | ) | (24,852 | ) | (395,892 | ) | (395,892 | ) | |||||||||||||||
Interface, Inc., Class A | (33,419 | ) | (33,419 | ) | (155,064 | ) | (155,064 | ) | |||||||||||||||
Iron Mountain, Inc.* | (76,914 | ) | (76,914 | ) | (1,902,083 | ) | (1,902,083 | ) | |||||||||||||||
McGrath RentCorp | (11,165 | ) | (11,165 | ) | (238,484 | ) | (238,484 | ) | |||||||||||||||
Mobile Mini, Inc.* | (1,950 | ) | (1,950 | ) | (28,119 | ) | (28,119 | ) | |||||||||||||||
Monster Worldwide, Inc.* | (115,630 | ) | (115,630 | ) | (1,397,967 | ) | (1,397,967 | ) | |||||||||||||||
Multi-Color Corp. | (1,654 | ) | (1,654 | ) | (26,166 | ) | (26,166 | ) | |||||||||||||||
Robert Half International, Inc. | (94,400 | ) | (94,400 | ) | (1,965,408 | ) | (1,965,408 | ) | |||||||||||||||
Schawk, Inc. | (16,525 | ) | (16,525 | ) | (189,377 | ) | (189,377 | ) | |||||||||||||||
School Specialty, Inc.* | (5,700 | ) | (5,700 | ) | (108,984 | ) | (108,984 | ) | |||||||||||||||
Standard Register Co. | (8,980 | ) | (8,980 | ) | (80,191 | ) | (80,191 | ) | |||||||||||||||
(7,655,611 | ) | (7,655,611 | ) | -0.2 | % | ||||||||||||||||||
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||||||
Consumer Durables & Apparel | |||||||||||||||||||||||
Centex Corp. | (500 | ) | (500 | ) | (5,320 | ) | (5,320 | ) | |||||||||||||||
Eastman Kodak Co. | (102,800 | ) | (102,800 | ) | (676,424 | ) | (676,424 | ) | |||||||||||||||
Jones Apparel Group, Inc. | (110 | ) | (110 | ) | (645 | ) | (645 | ) | |||||||||||||||
K-Swiss, Inc., Class A | (27,579 | ) | (27,579 | ) | (314,401 | ) | (314,401 | ) | |||||||||||||||
Lazare Kaplan International, Inc.* | (200 | ) | (200 | ) | (834 | ) | (834 | ) | |||||||||||||||
Marine Products Corp. | (8,618 | ) | (8,618 | ) | (48,433 | ) | (48,433 | ) | |||||||||||||||
Movado Group, Inc. | (12,220 | ) | (12,220 | ) | (114,746 | ) | (114,746 | ) | |||||||||||||||
Newell Rubbermaid, Inc. | (32,390 | ) | (32,390 | ) | (316,774 | ) | (316,774 | ) | |||||||||||||||
Oxford Industries, Inc. | (960 | ) | (960 | ) | (8,419 | ) | (8,419 | ) | |||||||||||||||
Pulte Homes, Inc. | (37,972 | ) | (37,972 | ) | (415,034 | ) | (415,034 | ) | |||||||||||||||
R.G. Barry Corp.* | (900 | ) | (900 | ) | (4,680 | ) | (4,680 | ) | |||||||||||||||
Skyline Corp. | (2,880 | ) | (2,880 | ) | (57,571 | ) | (57,571 | ) | |||||||||||||||
Stanley Furniture Co., Inc. | (7,700 | ) | (7,700 | ) | (60,984 | ) | (60,984 | ) | |||||||||||||||
Sturm, Ruger & Company, Inc.* | (8,000 | ) | (8,000 | ) | (47,760 | ) | (47,760 | ) | |||||||||||||||
Universal Electronics, Inc.* | (17,550 | ) | (17,550 | ) | (284,661 | ) | (284,661 | ) | |||||||||||||||
Volcom, Inc.* | (66 | ) | (66 | ) | (719 | ) | (719 | ) | |||||||||||||||
(2,357,405 | ) | (2,357,405 | ) | -0.1 | % | ||||||||||||||||||
Consumer Services | |||||||||||||||||||||||
Ambassadors Group, Inc. | (17,848 | ) | (17,848 | ) | (164,202 | ) | (164,202 | ) | |||||||||||||||
BJ’s Restaurants, Inc.* | (10,680 | ) | (10,680 | ) | (115,023 | ) | (115,023 | ) | |||||||||||||||
Capella Education Co.* | (13,770 | ) | (13,770 | ) | (809,125 | ) | (809,125 | ) | |||||||||||||||
Choice Hotels International, Inc. | (26,160 | ) | (26,160 | ) | (786,370 | ) | (786,370 | ) | |||||||||||||||
Domino’s Pizza, Inc.* | (78 | ) | (78 | ) | (367 | ) | (367 | ) | |||||||||||||||
Learning Tree International, Inc.* | (824 | ) | (824 | ) | (7,021 | ) | (7,021 | ) | |||||||||||||||
Luby’s, Inc.* | (600 | ) | (600 | ) | (2,514 | ) | (2,514 | ) | |||||||||||||||
Mac-Gray Corp.* | (6,576 | ) | (6,576 | ) | (42,744 | ) | (42,744 | ) | |||||||||||||||
Matthews International Corp., Class A | (12,620 | ) | (12,620 | ) | (462,902 | ) | (462,902 | ) | |||||||||||||||
Monarch Casino & Resort, Inc.* | (2,800 | ) | (2,800 | ) | (32,620 | ) | (32,620 | ) | |||||||||||||||
Morgans Hotel Group Co.* | (19,280 | ) | (19,280 | ) | (89,845 | ) | (89,845 | ) | |||||||||||||||
Orient-Express Hotels Ltd., Class A | (4,600 | ) | (4,600 | ) | (35,236 | ) | (35,236 | ) | |||||||||||||||
Penn National Gaming, Inc.* | (44,400 | ) | (44,400 | ) | (949,272 | ) | (949,272 | ) | |||||||||||||||
Scientific Games Corp., Class A* | (4,756 | ) | (4,756 | ) | (83,420 | ) | (83,420 | ) | |||||||||||||||
Service Corp. International | (111,000 | ) | (111,000 | ) | (551,670 | ) | (551,670 | ) | |||||||||||||||
Sonesta International Hotels Corp., Class A | (600 | ) | (600 | ) | (8,202 | ) | (8,202 | ) | |||||||||||||||
Starwood Hotels & Resorts Worldwide, Inc. | (67,310 | ) | (67,310 | ) | (1,204,849 | ) | (1,204,849 | ) | |||||||||||||||
Strayer Education, Inc. | (7,700 | ) | (7,700 | ) | (1,650,957 | ) | (1,650,957 | ) | |||||||||||||||
Texas Roadhouse, Inc., Class A* | (20,636 | ) | (20,636 | ) | (159,929 | ) | (159,929 | ) | |||||||||||||||
(7,156,268 | ) | (7,156,268 | ) | -0.2 | % | ||||||||||||||||||
Diversified Financials | |||||||||||||||||||||||
Affiliated Managers Group, Inc.* | (35,700 | ) | (35,700 | ) | (1,496,544 | ) | (1,496,544 | ) | |||||||||||||||
Eaton Vance Corp. | (70,500 | ) | (70,500 | ) | (1,481,205 | ) | (1,481,205 | ) | |||||||||||||||
Epoch Holding Corp. | (14,207 | ) | (14,207 | ) | (107,831 | ) | (107,831 | ) | |||||||||||||||
Federated Investors, Inc., Class B | (50,721 | ) | (50,721 | ) | (860,228 | ) | (860,228 | ) | |||||||||||||||
Financial Federal Corp. | (24,800 | ) | (24,800 | ) | (577,096 | ) | (577,096 | ) | |||||||||||||||
GAMCO Investors, Inc., Class A | (1,600 | ) | (1,600 | ) | (43,712 | ) | (43,712 | ) | |||||||||||||||
Janus Capital Group, Inc. | (114,800 | ) | (114,800 | ) | (921,844 | ) | (921,844 | ) | |||||||||||||||
Jefferies Group, Inc. | (39,380 | ) | (39,380 | ) | (553,683 | ) | (553,683 | ) | |||||||||||||||
LaBranche & Co., Inc.* | (34,300 | ) | (34,300 | ) | (164,297 | ) | (164,297 | ) | |||||||||||||||
MarketAxess Holdings, Inc.* | (8,900 | ) | (8,900 | ) | (72,624 | ) | (72,624 | ) | |||||||||||||||
Moody’s Corp. | (43,876 | ) | (43,876 | ) | (881,469 | ) | (881,469 | ) | |||||||||||||||
MSCI, Inc., Class A* | (13,400 | ) | (13,400 | ) | (237,984 | ) | (237,984 | ) | |||||||||||||||
Nelnet, Inc., Class A | (6,050 | ) | (6,050 | ) | (86,696 | ) | (86,696 | ) |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||||||
NewStar Financial, Inc.* | (596 | ) | (596 | ) | (2,378 | ) | (2,378 | ) | |||||||||||||||
optionsXpress Holdings, Inc. | (6,400 | ) | (6,400 | ) | (85,504 | ) | (85,504 | ) | |||||||||||||||
Piper Jaffray Cos., Inc.* | (17,177 | ) | (17,177 | ) | (682,958 | ) | (682,958 | ) | |||||||||||||||
Resource America, Inc., Class A | (10,301 | ) | (10,301 | ) | (41,204 | ) | (41,204 | ) | |||||||||||||||
SEI Investments Co. | (38,079 | ) | (38,079 | ) | (598,221 | ) | (598,221 | ) | |||||||||||||||
SLM Corp.* | (1,294 | ) | (1,294 | ) | (11,517 | ) | (11,517 | ) | |||||||||||||||
Stifel Financial Corp.* | (15,180 | ) | (15,180 | ) | (696,003 | ) | (696,003 | ) | |||||||||||||||
SWS Group, Inc. | (6,960 | ) | (6,960 | ) | (131,892 | ) | (131,892 | ) | |||||||||||||||
TradeStation Group, Inc.* | (8,200 | ) | (8,200 | ) | (52,890 | ) | (52,890 | ) | |||||||||||||||
Waddell & Reed Financial, Inc., Class A | (3,600 | ) | (3,600 | ) | (55,656 | ) | (55,656 | ) | |||||||||||||||
Westwood Holdings Group, Inc. | (5,588 | ) | (5,588 | ) | (158,755 | ) | (158,755 | ) | |||||||||||||||
(10,002,191 | ) | (10,002,191 | ) | -0.2 | % | ||||||||||||||||||
Energy | |||||||||||||||||||||||
ATP Oil & Gas Corp.* | (1,600 | ) | (1,600 | ) | (9,360 | ) | (9,360 | ) | |||||||||||||||
Berry Petroleum Co., Class A | (16,321 | ) | (16,321 | ) | (123,387 | ) | (123,387 | ) | |||||||||||||||
Bronco Drilling Co., Inc.* | (14,000 | ) | (14,000 | ) | (90,440 | ) | (90,440 | ) | |||||||||||||||
Cabot Oil & Gas Corp. | (27,522 | ) | (27,522 | ) | (715,572 | ) | (715,572 | ) | |||||||||||||||
CARBO Ceramics, Inc. | (12,800 | ) | (12,800 | ) | (454,784 | ) | (454,784 | ) | |||||||||||||||
Cimarex Energy Co. | (39,800 | ) | (39,800 | ) | (1,065,844 | ) | (1,065,844 | ) | |||||||||||||||
CNX Gas Corp.* | (27,330 | ) | (27,330 | ) | (746,109 | ) | (746,109 | ) | |||||||||||||||
Concho Resources, Inc.* | (3,630 | ) | (3,630 | ) | (82,837 | ) | (82,837 | ) | |||||||||||||||
CREDO Petroleum Corp.* | (3,987 | ) | (3,987 | ) | (33,571 | ) | (33,571 | ) | |||||||||||||||
Denbury Resources, Inc.* | (9,800 | ) | (9,800 | ) | (107,016 | ) | (107,016 | ) | |||||||||||||||
Dresser-Rand Group, Inc.* | (38,190 | ) | (38,190 | ) | (658,777 | ) | (658,777 | ) | |||||||||||||||
Enbridge Energy Management LLC* | (156 | ) | (156 | ) | (3,824 | ) | (3,824 | ) | |||||||||||||||
Encore Acquisition Co.* | (169 | ) | (169 | ) | (4,313 | ) | (4,313 | ) | |||||||||||||||
EXCO Resources, Inc.* | (73,000 | ) | (73,000 | ) | (661,380 | ) | (661,380 | ) | |||||||||||||||
Exterran Holdings, Inc.* | (54,280 | ) | (54,280 | ) | (1,156,164 | ) | (1,156,164 | ) | |||||||||||||||
FMC Technologies, Inc.* | (19,700 | ) | (19,700 | ) | (469,451 | ) | (469,451 | ) | |||||||||||||||
Frontier Oil Corp. | (78,405 | ) | (78,405 | ) | (990,255 | ) | (990,255 | ) | |||||||||||||||
GeoResources, Inc.* | (6,721 | ) | (6,721 | ) | (58,405 | ) | (58,405 | ) | |||||||||||||||
Global Industries Ltd.* | (68,000 | ) | (68,000 | ) | (237,320 | ) | (237,320 | ) | |||||||||||||||
Goodrich Petroleum Corp.* | (19,550 | ) | (19,550 | ) | (585,522 | ) | (585,522 | ) | |||||||||||||||
Gulf Island Fabrication, Inc. | (11,600 | ) | (11,600 | ) | (167,156 | ) | (167,156 | ) | |||||||||||||||
Helmerich & Payne, Inc. | (23,200 | ) | (23,200 | ) | (527,800 | ) | (527,800 | ) | |||||||||||||||
Holly Corp. | (36,415 | ) | (36,415 | ) | (663,845 | ) | (663,845 | ) | |||||||||||||||
IHS, Inc., Class A* | (33,946 | ) | (33,946 | ) | (1,270,259 | ) | (1,270,259 | ) | |||||||||||||||
James River Coal Co.* | (25,100 | ) | (25,100 | ) | (384,783 | ) | (384,783 | ) | |||||||||||||||
NATCO Group, Inc., Class A* | (20,687 | ) | (20,687 | ) | (314,029 | ) | (314,029 | ) | |||||||||||||||
Oceaneering International, Inc.* | (43,300 | ) | (43,300 | ) | (1,261,762 | ) | (1,261,762 | ) | |||||||||||||||
Petrohawk Energy Corp.* | (37,100 | ) | (37,100 | ) | (579,873 | ) | (579,873 | ) | |||||||||||||||
Pioneer Natural Resources Co. | (27,200 | ) | (27,200 | ) | (440,096 | ) | (440,096 | ) | |||||||||||||||
Quicksilver Resources, Inc.* | (91,900 | ) | (91,900 | ) | (511,883 | ) | (511,883 | ) | |||||||||||||||
Rex Energy Corp.* | (3,618 | ) | (3,618 | ) | (10,637 | ) | (10,637 | ) | |||||||||||||||
RPC, Inc. | (24,819 | ) | (24,819 | ) | (242,233 | ) | (242,233 | ) | |||||||||||||||
St. Mary Land & Exploration Co. | (57,255 | ) | (57,255 | ) | (1,162,849 | ) | (1,162,849 | ) | |||||||||||||||
Superior Energy Services, Inc.* | (4,297 | ) | (4,297 | ) | (68,451 | ) | (68,451 | ) | |||||||||||||||
Union Drilling, Inc.* | (6,000 | ) | (6,000 | ) | (31,140 | ) | (31,140 | ) | |||||||||||||||
Venoco, Inc.* | (20,760 | ) | (20,760 | ) | (56,260 | ) | (56,260 | ) | |||||||||||||||
Walter Industries, Inc. | (5,880 | ) | (5,880 | ) | (102,959 | ) | (102,959 | ) | |||||||||||||||
Westmoreland Coal Co.* | (9,200 | ) | (9,200 | ) | (102,120 | ) | (102,120 | ) | |||||||||||||||
World Fuel Services Corp. | (16,254 | ) | (16,254 | ) | (601,398 | ) | (601,398 | ) | |||||||||||||||
(16,753,864 | ) | (16,753,864 | ) | -0.4 | % | ||||||||||||||||||
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||||||
Food & Staples Retailing | |||||||||||||||||||||||
Great Atlantic & Pacific Tea Co., Inc.* | (1,730 | ) | (1,730 | ) | (10,847 | ) | (10,847 | ) | |||||||||||||||
(10,847 | ) | (10,847 | ) | 0.0 | % | ||||||||||||||||||
Food, Beverage & Tobacco | |||||||||||||||||||||||
Central European Distribution Corp.* | (40,210 | ) | (40,210 | ) | (792,137 | ) | (792,137 | ) | |||||||||||||||
Griffin Land & Nurseries, Inc. | (370 | ) | (370 | ) | (13,638 | ) | (13,638 | ) | |||||||||||||||
Hershey Co. | (1,644 | ) | (1,644 | ) | (57,113 | ) | (57,113 | ) | |||||||||||||||
(862,888 | ) | (862,888 | ) | 0.0 | % | ||||||||||||||||||
Health Care Equipment & Services | |||||||||||||||||||||||
Abaxis, Inc.* | (13,900 | ) | (13,900 | ) | (222,817 | ) | (222,817 | ) | |||||||||||||||
Air Methods Corp.* | (4,600 | ) | (4,600 | ) | (73,554 | ) | (73,554 | ) | |||||||||||||||
Align Technology, Inc.* | (4,400 | ) | (4,400 | ) | (38,500 | ) | (38,500 | ) | |||||||||||||||
Alliance Imaging, Inc.* | (17,900 | ) | (17,900 | ) | (142,663 | ) | (142,663 | ) | |||||||||||||||
Almost Family, Inc.* | (4,440 | ) | (4,440 | ) | (199,711 | ) | (199,711 | ) | |||||||||||||||
American Caresource Holding, Inc.* | (16,087 | ) | (16,087 | ) | (113,413 | ) | (113,413 | ) | |||||||||||||||
Chindex International, Inc.* | (9,845 | ) | (9,845 | ) | (78,268 | ) | (78,268 | ) | |||||||||||||||
Clinical Data, Inc.* | (4,094 | ) | (4,094 | ) | (36,437 | ) | (36,437 | ) | |||||||||||||||
CryoLife, Inc.* | (8,480 | ) | (8,480 | ) | (82,341 | ) | (82,341 | ) | |||||||||||||||
Cyberonics, Inc.* | (6,580 | ) | (6,580 | ) | (109,031 | ) | (109,031 | ) | |||||||||||||||
DexCom, Inc.* | (8,801 | ) | (8,801 | ) | (24,291 | ) | (24,291 | ) | |||||||||||||||
Emeritus Corp.* | (4,200 | ) | (4,200 | ) | (42,126 | ) | (42,126 | ) | |||||||||||||||
Genoptix, Inc.* | (4,560 | ) | (4,560 | ) | (155,405 | ) | (155,405 | ) | |||||||||||||||
Greatbatch, Inc.* | (6,700 | ) | (6,700 | ) | (177,282 | ) | (177,282 | ) | |||||||||||||||
Immucor, Inc.* | (12,685 | ) | (12,685 | ) | (337,167 | ) | (337,167 | ) | |||||||||||||||
Insulet Corp.* | (26,510 | ) | (26,510 | ) | (204,657 | ) | (204,657 | ) | |||||||||||||||
Laboratory Corp. of America Holdings* | (40 | ) | (40 | ) | (2,576 | ) | (2,576 | ) | |||||||||||||||
Landauer, Inc. | (6,382 | ) | (6,382 | ) | (467,801 | ) | (467,801 | ) | |||||||||||||||
LHC Group, Inc.* | (3,100 | ) | (3,100 | ) | (111,600 | ) | (111,600 | ) | |||||||||||||||
Micrus Endovascular Corp.* | (6,577 | ) | (6,577 | ) | (76,359 | ) | (76,359 | ) | |||||||||||||||
NxStage Medical, Inc.* | (12,030 | ) | (12,030 | ) | (32,120 | ) | (32,120 | ) | |||||||||||||||
Omnicell, Inc.* | (32,200 | ) | (32,200 | ) | (393,162 | ) | (393,162 | ) | |||||||||||||||
Palomar Medical Technologies, Inc.* | (18,980 | ) | (18,980 | ) | (218,839 | ) | (218,839 | ) | |||||||||||||||
PDI, Inc.* | (7,965 | ) | (7,965 | ) | (31,940 | ) | (31,940 | ) | |||||||||||||||
Pediatrix Medical Group, Inc.* | (8,930 | ) | (8,930 | ) | (283,081 | ) | (283,081 | ) | |||||||||||||||
Psychiatric Solutions, Inc.* | (33,195 | ) | (33,195 | ) | (924,481 | ) | (924,481 | ) | |||||||||||||||
Rochester Medical Corp.* | (9,800 | ) | (9,800 | ) | (150,724 | ) | (150,724 | ) | |||||||||||||||
Skilled Healthcare Group, Inc., Class A* | (24,600 | ) | (24,600 | ) | (207,624 | ) | (207,624 | ) | |||||||||||||||
STAAR Surgical Co.* | (500 | ) | (500 | ) | (1,190 | ) | (1,190 | ) | |||||||||||||||
Sun Healthcare Group, Inc.* | (14,090 | ) | (14,090 | ) | (124,696 | ) | (124,696 | ) | |||||||||||||||
TranS1, Inc.* | (13,323 | ) | (13,323 | ) | (96,059 | ) | (96,059 | ) | |||||||||||||||
Transcend Services, Inc.* | (10,747 | ) | (10,747 | ) | (105,428 | ) | (105,428 | ) | |||||||||||||||
VCA Antech, Inc.* | (78,000 | ) | (78,000 | ) | (1,550,640 | ) | (1,550,640 | ) | |||||||||||||||
Virtual Radiologic Corp.* | (5,400 | ) | (5,400 | ) | (45,792 | ) | (45,792 | ) | |||||||||||||||
(6,861,775 | ) | (6,861,775 | ) | -0.2 | % | ||||||||||||||||||
Insurance | |||||||||||||||||||||||
Brown & Brown, Inc. | (7,140 | ) | (7,140 | ) | (149,226 | ) | (149,226 | ) | |||||||||||||||
eHealth, Inc.* | (22,840 | ) | (22,840 | ) | (303,315 | ) | (303,315 | ) | |||||||||||||||
Fidelity National Financial, Inc., Class A | (115,450 | ) | (115,450 | ) | (2,049,238 | ) | (2,049,238 | ) | |||||||||||||||
Markel Corp.* | (2,585 | ) | (2,585 | ) | (772,915 | ) | (772,915 | ) | |||||||||||||||
Max Capital Group Ltd. | (52,559 | ) | (52,559 | ) | (930,294 | ) | (930,294 | ) | |||||||||||||||
National Interstate Corp. | (3,300 | ) | (3,300 | ) | (58,971 | ) | (58,971 | ) | |||||||||||||||
NYMAGIC, Inc. | (7,692 | ) | (7,692 | ) | (146,533 | ) | (146,533 | ) |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||||||
Validus Holdings Ltd. | (19,800 | ) | (19,800 | ) | (517,968 | ) | (517,968 | ) | |||||||||||||||
W.R. Berkley Corp. | (22,120 | ) | (22,120 | ) | (685,720 | ) | (685,720 | ) | |||||||||||||||
(5,614,180 | ) | (5,614,180 | ) | -0.1 | % | ||||||||||||||||||
Materials | |||||||||||||||||||||||
A.M. Castle & Co. | (17,052 | ) | (17,052 | ) | (184,673 | ) | (184,673 | ) | |||||||||||||||
ADA-ES, Inc.* | (4,100 | ) | (4,100 | ) | (12,505 | ) | (12,505 | ) | |||||||||||||||
AEP Industries, Inc.* | (7,100 | ) | (7,100 | ) | (124,818 | ) | (124,818 | ) | |||||||||||||||
AK Steel Holding Corp. | (113,900 | ) | (113,900 | ) | (1,061,548 | ) | (1,061,548 | ) | |||||||||||||||
Albemarle Corp. | (4,570 | ) | (4,570 | ) | (101,911 | ) | (101,911 | ) | |||||||||||||||
Allegheny Technologies, Inc. | (18,400 | ) | (18,400 | ) | (469,752 | ) | (469,752 | ) | |||||||||||||||
American Vanguard Corp. | (100 | ) | (100 | ) | (1,170 | ) | (1,170 | ) | |||||||||||||||
Ashland, Inc. | (3,690 | ) | (3,690 | ) | (38,782 | ) | (38,782 | ) | |||||||||||||||
Ball Corp. | (3,210 | ) | (3,210 | ) | (133,504 | ) | (133,504 | ) | |||||||||||||||
Brush Engineered Materials, Inc.* | (13,150 | ) | (13,150 | ) | (167,268 | ) | (167,268 | ) | |||||||||||||||
Carpenter Technology Corp. | (39,497 | ) | (39,497 | ) | (811,268 | ) | (811,268 | ) | |||||||||||||||
Celanese Corp., Class A | (106,900 | ) | (106,900 | ) | (1,328,767 | ) | (1,328,767 | ) | |||||||||||||||
Century Aluminum Co.* | (38,380 | ) | (38,380 | ) | (383,800 | ) | (383,800 | ) | |||||||||||||||
CF Industries Holdings, Inc. | (30,400 | ) | (30,400 | ) | (1,494,464 | ) | (1,494,464 | ) | |||||||||||||||
Commercial Metals Co. | (117,915 | ) | (117,915 | ) | (1,399,651 | ) | (1,399,651 | ) | |||||||||||||||
Crown Holdings, Inc.* | (37,120 | ) | (37,120 | ) | (712,704 | ) | (712,704 | ) | |||||||||||||||
Deltic Timber Corp. | (7,894 | ) | (7,894 | ) | (361,151 | ) | (361,151 | ) | |||||||||||||||
Eagle Materials, Inc. | (36,378 | ) | (36,378 | ) | (669,719 | ) | (669,719 | ) | |||||||||||||||
Greif, Inc., Class A | (23,452 | ) | (23,452 | ) | (784,000 | ) | (784,000 | ) | |||||||||||||||
ICO, Inc.* | (12,132 | ) | (12,132 | ) | (38,337 | ) | (38,337 | ) | |||||||||||||||
Kaiser Aluminum Corp. | (14,080 | ) | (14,080 | ) | (317,082 | ) | (317,082 | ) | |||||||||||||||
Koppers Holdings, Inc. | (900 | ) | (900 | ) | (19,458 | ) | (19,458 | ) | |||||||||||||||
MeadWestvaco Corp. | (136,600 | ) | (136,600 | ) | (1,528,554 | ) | (1,528,554 | ) | |||||||||||||||
Neenah Paper, Inc. | (280 | ) | (280 | ) | (2,475 | ) | (2,475 | ) | |||||||||||||||
NL Industries, Inc. | (1,000 | ) | (1,000 | ) | (13,400 | ) | (13,400 | ) | |||||||||||||||
Northern Technologies International Corp.* | (800 | ) | (800 | ) | (5,472 | ) | (5,472 | ) | |||||||||||||||
Owens-Illinois, Inc.* | (27,600 | ) | (27,600 | ) | (754,308 | ) | (754,308 | ) | |||||||||||||||
Pactiv Corp.* | (28,900 | ) | (28,900 | ) | (719,032 | ) | (719,032 | ) | |||||||||||||||
Penford Corp. | (1,802 | ) | (1,802 | ) | (18,236 | ) | (18,236 | ) | |||||||||||||||
Reliance Steel & Aluminum Co. | (53,300 | ) | (53,300 | ) | (1,062,802 | ) | (1,062,802 | ) | |||||||||||||||
Rockwood Holdings, Inc.* | (11,830 | ) | (11,830 | ) | (127,764 | ) | (127,764 | ) | |||||||||||||||
Royal Gold, Inc. | (29,740 | ) | (29,740 | ) | (1,463,506 | ) | (1,463,506 | ) | |||||||||||||||
RTI International Metals, Inc.* | (11,600 | ) | (11,600 | ) | (165,996 | ) | (165,996 | ) | |||||||||||||||
Silgan Holdings, Inc. | (16,110 | ) | �� | (16,110 | ) | (770,219 | ) | (770,219 | ) | ||||||||||||||
Steel Dynamics, Inc. | (167,000 | ) | (167,000 | ) | (1,867,060 | ) | (1,867,060 | ) | |||||||||||||||
Universal Stainless & Alloy Products, Inc.* | (5,100 | ) | (5,100 | ) | (73,899 | ) | (73,899 | ) | |||||||||||||||
Westlake Chemical Corp. | (3,470 | ) | (3,470 | ) | (56,526 | ) | (56,526 | ) | |||||||||||||||
(19,245,581 | ) | (19,245,581 | ) | -0.5 | % | ||||||||||||||||||
Media | |||||||||||||||||||||||
4Kids Entertainment, Inc.* | (10,240 | ) | (10,240 | ) | (20,070 | ) | (20,070 | ) | |||||||||||||||
Clear Channel Outdoor Holdings, Inc., Class A* | (12,900 | ) | (12,900 | ) | (79,335 | ) | (79,335 | ) | |||||||||||||||
CTC Media, Inc.* | (52,700 | ) | (52,700 | ) | (252,960 | ) | (252,960 | ) | |||||||||||||||
Dolan Media Co.* | (25,900 | ) | (25,900 | ) | (170,681 | ) | (170,681 | ) | |||||||||||||||
Global Traffic Network, Inc.* | (14,173 | ) | (14,173 | ) | (82,770 | ) | (82,770 | ) | |||||||||||||||
Interactive Data Corp. | (12,600 | ) | (12,600 | ) | (310,716 | ) | (310,716 | ) | |||||||||||||||
Lamar Advertising Co., Class A* | (42,000 | ) | (42,000 | ) | (527,520 | ) | (527,520 | ) | |||||||||||||||
Liberty Global, Inc., Class A* | (114,200 | ) | (114,200 | ) | (1,818,064 | ) | (1,818,064 | ) | |||||||||||||||
Marvel Entertainment, Inc.* | (10,300 | ) | (10,300 | ) | (316,725 | ) | (316,725 | ) | |||||||||||||||
National CineMedia, Inc. | (40,600 | ) | (40,600 | ) | (411,684 | ) | (411,684 | ) |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||||||
Outdoor Channel Holdings, Inc.* | (9,431 | ) | (9,431 | ) | (70,638 | ) | (70,638 | ) | |||||||||||||||
Reading International, Inc., Class A* | (3,500 | ) | (3,500 | ) | (13,440 | ) | (13,440 | ) | |||||||||||||||
Regal Entertainment Group, Class A | (47,604 | ) | (47,604 | ) | (486,037 | ) | (486,037 | ) | |||||||||||||||
Rentrak Corp.* | (10,680 | ) | (10,680 | ) | (125,917 | ) | (125,917 | ) | |||||||||||||||
Sinclair Broadcast Group, Inc., Class A | (31,065 | ) | (31,065 | ) | (96,302 | ) | (96,302 | ) | |||||||||||||||
Value Line, Inc. | (1,957 | ) | (1,957 | ) | (67,556 | ) | (67,556 | ) | |||||||||||||||
World Wrestling Entertainment, Inc., Class A | (16,600 | ) | (16,600 | ) | (183,928 | ) | (183,928 | ) | |||||||||||||||
(5,034,343 | ) | (5,034,343 | ) | -0.1 | % | ||||||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | |||||||||||||||||||||||
Allos Therapeutics, Inc.* | (48,958 | ) | (48,958 | ) | (299,623 | ) | (299,623 | ) | |||||||||||||||
AMAG Pharmaceuticals, Inc.* | (7,635 | ) | (7,635 | ) | (273,715 | ) | (273,715 | ) | |||||||||||||||
Amylin Pharmaceuticals, Inc.* | (12,540 | ) | (12,540 | ) | (136,059 | ) | (136,059 | ) | |||||||||||||||
Arena Pharmaceuticals, Inc.* | (47,361 | ) | (47,361 | ) | (197,495 | ) | (197,495 | ) | |||||||||||||||
ArQule, Inc.* | (176 | ) | (176 | ) | (743 | ) | (743 | ) | |||||||||||||||
Array BioPharma, Inc.* | (40,261 | ) | (40,261 | ) | (163,057 | ) | (163,057 | ) | |||||||||||||||
BioMimetic Therapeutics, Inc.* | (5,800 | ) | (5,800 | ) | (53,476 | ) | (53,476 | ) | |||||||||||||||
BioSphere Medical, Inc.* | (1,693 | ) | (1,693 | ) | (3,267 | ) | (3,267 | ) | |||||||||||||||
Cepheid, Inc.* | (49,820 | ) | (49,820 | ) | (517,132 | ) | (517,132 | ) | |||||||||||||||
CombiMatrix Corp.* | (1,600 | ) | (1,600 | ) | (11,120 | ) | (11,120 | ) | |||||||||||||||
Cytori Therapeutics, Inc.* | (14,700 | ) | (14,700 | ) | (53,067 | ) | (53,067 | ) | |||||||||||||||
Durect Corp.* | (14,700 | ) | (14,700 | ) | (49,833 | ) | (49,833 | ) | |||||||||||||||
Dyax Corp.* | (3,700 | ) | (3,700 | ) | (13,468 | ) | (13,468 | ) | |||||||||||||||
Enzo Biochem, Inc.* | (28,400 | ) | (28,400 | ) | (138,876 | ) | (138,876 | ) | |||||||||||||||
Exelixis, Inc.* | (72,100 | ) | (72,100 | ) | (361,942 | ) | (361,942 | ) | |||||||||||||||
Incyte Corp.* | (57,105 | ) | (57,105 | ) | (216,428 | ) | (216,428 | ) | |||||||||||||||
Luminex Corp.* | (4,100 | ) | (4,100 | ) | (87,576 | ) | (87,576 | ) | |||||||||||||||
MAP Pharmaceuticals, Inc.* | (7,850 | ) | (7,850 | ) | (54,793 | ) | (54,793 | ) | |||||||||||||||
Momenta Pharmaceuticals, Inc.* | (25,600 | ) | (25,600 | ) | (296,960 | ) | (296,960 | ) | |||||||||||||||
NPS Pharmaceuticals, Inc.* | (48,027 | ) | (48,027 | ) | (298,248 | ) | (298,248 | ) | |||||||||||||||
Obagi Medical Products, Inc.* | (20,625 | ) | (20,625 | ) | (153,862 | ) | (153,862 | ) | |||||||||||||||
Pharmasset, Inc.* | (14,200 | ) | (14,200 | ) | (186,162 | ) | (186,162 | ) | |||||||||||||||
Questcor Pharmaceuticals, Inc.* | (36,340 | ) | (36,340 | ) | (338,325 | ) | (338,325 | ) | |||||||||||||||
Rigel Pharmaceuticals, Inc.* | (1,300 | ) | (1,300 | ) | (10,400 | ) | (10,400 | ) | |||||||||||||||
Seattle Genetics, Inc.* | (27,417 | ) | (27,417 | ) | (245,108 | ) | (245,108 | ) | |||||||||||||||
Sucampo Pharmaceuticals, Inc., Class A* | (8,979 | ) | (8,979 | ) | (51,629 | ) | (51,629 | ) | |||||||||||||||
Theravance, Inc.* | (558 | ) | (558 | ) | (6,914 | ) | (6,914 | ) | |||||||||||||||
Vertex Pharmaceuticals, Inc.* | (70,572 | ) | (70,572 | ) | (2,143,977 | ) | (2,143,977 | ) | |||||||||||||||
Vivus, Inc.* | (40,865 | ) | (40,865 | ) | (217,402 | ) | (217,402 | ) | |||||||||||||||
XenoPort, Inc.* | (14,560 | ) | (14,560 | ) | (365,165 | ) | (365,165 | ) | |||||||||||||||
(6,945,822 | ) | (6,945,822 | ) | -0.2 | % | ||||||||||||||||||
Real Estate | |||||||||||||||||||||||
Consolidated-Tomoka Land Co. | (400 | ) | (400 | ) | (15,276 | ) | (15,276 | ) | |||||||||||||||
Jones Lang LaSalle, Inc. | (33,256 | ) | (33,256 | ) | (921,191 | ) | (921,191 | ) | |||||||||||||||
Stratus Properties, Inc.* | (5,043 | ) | (5,043 | ) | (62,836 | ) | (62,836 | ) | |||||||||||||||
Tejon Ranch Co.* | (7,520 | ) | (7,520 | ) | (186,045 | ) | (186,045 | ) | |||||||||||||||
(1,185,348 | ) | (1,185,348 | ) | 0.0 | % | ||||||||||||||||||
Retailing | |||||||||||||||||||||||
Abercrombie & Fitch Co., Class A | (80,700 | ) | (80,700 | ) | (1,861,749 | ) | (1,861,749 | ) | |||||||||||||||
bebe stores, Inc. | (39,100 | ) | (39,100 | ) | (292,077 | ) | (292,077 | ) | |||||||||||||||
Brown Shoe Co., Inc. | (17,312 | ) | (17,312 | ) | (146,633 | ) | (146,633 | ) | |||||||||||||||
Charlotte Russe Holding, Inc.* | (5,310 | ) | (5,310 | ) | (34,462 | ) | (34,462 | ) | |||||||||||||||
Coldwater Creek, Inc.* | (3,100 | ) | (3,100 | ) | (8,835 | ) | (8,835 | ) |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||||||
Group 1 Automotive, Inc. | (11,100 | ) | (11,100 | ) | (119,547 | ) | (119,547 | ) | |||||||||||||||
J.C. Penney Co., Inc. | (81,600 | ) | (81,600 | ) | (1,607,520 | ) | (1,607,520 | ) | |||||||||||||||
Macy’s, Inc. | (32,000 | ) | (32,000 | ) | (331,200 | ) | (331,200 | ) | |||||||||||||||
OfficeMax, Inc. | (759 | ) | (759 | ) | (5,799 | ) | (5,799 | ) | |||||||||||||||
Penske Automotive Group, Inc. | (44,800 | ) | (44,800 | ) | (344,064 | ) | (344,064 | ) | |||||||||||||||
Sally Beauty Holdings, Inc.* | (2,600 | ) | (2,600 | ) | (14,794 | ) | (14,794 | ) | |||||||||||||||
Shutterfly, Inc.* | (28,280 | ) | (28,280 | ) | (197,677 | ) | (197,677 | ) | |||||||||||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | (24,376 | ) | (24,376 | ) | (201,833 | ) | (201,833 | ) | |||||||||||||||
Williams-Sonoma, Inc. | (23,280 | ) | (23,280 | ) | (182,981 | ) | (182,981 | ) | |||||||||||||||
Winmark Corp.* | (943 | ) | (943 | ) | (10,835 | ) | (10,835 | ) | |||||||||||||||
Zumiez, Inc.* | (7,235 | ) | (7,235 | ) | (53,901 | ) | (53,901 | ) | |||||||||||||||
(5,413,907 | ) | (5,413,907 | ) | -0.1 | % | ||||||||||||||||||
Semiconductors & Semiconductor Equipment | |||||||||||||||||||||||
Atheros Communications, Inc.* | (30,500 | ) | (30,500 | ) | (436,455 | ) | (436,455 | ) | |||||||||||||||
Cavium Networks, Inc.* | (18,200 | ) | (18,200 | ) | (191,282 | ) | (191,282 | ) | |||||||||||||||
FormFactor, Inc.* | (44,180 | ) | (44,180 | ) | (645,028 | ) | (645,028 | ) | |||||||||||||||
Hittite Microwave Corp.* | (19,860 | ) | (19,860 | ) | (585,076 | ) | (585,076 | ) | |||||||||||||||
Intersil Corp., Class A | (400 | ) | (400 | ) | (3,676 | ) | (3,676 | ) | |||||||||||||||
KLA-Tencor Corp. | (62,833 | ) | (62,833 | ) | (1,369,131 | ) | (1,369,131 | ) | |||||||||||||||
Lam Research Corp.* | (84,112 | ) | (84,112 | ) | (1,789,903 | ) | (1,789,903 | ) | |||||||||||||||
Linear Technology Corp. | (50,319 | ) | (50,319 | ) | (1,113,056 | ) | (1,113,056 | ) | |||||||||||||||
Mattson Technology, Inc.* | (5,900 | ) | (5,900 | ) | (8,319 | ) | (8,319 | ) | |||||||||||||||
Microchip Technology, Inc. | (69,600 | ) | (69,600 | ) | (1,359,288 | ) | (1,359,288 | ) | |||||||||||||||
Monolithic Power Systems, Inc.* | (1,180 | ) | (1,180 | ) | (14,880 | ) | (14,880 | ) | |||||||||||||||
National Semiconductor Corp. | (131,900 | ) | (131,900 | ) | (1,328,233 | ) | (1,328,233 | ) | |||||||||||||||
ON Semiconductor Corp.* | (7,600 | ) | (7,600 | ) | (25,840 | ) | (25,840 | ) | |||||||||||||||
SRS Labs, Inc.* | (13,450 | ) | (13,450 | ) | (64,157 | ) | (64,157 | ) | |||||||||||||||
Techwell, Inc.* | (400 | ) | (400 | ) | (2,600 | ) | (2,600 | ) | |||||||||||||||
Tessera Technologies, Inc.* | (14,748 | ) | (14,748 | ) | (175,206 | ) | (175,206 | ) | |||||||||||||||
Transcat, Inc.* | (100 | ) | (100 | ) | (780 | ) | (780 | ) | |||||||||||||||
Varian Semiconductor Equipment Associates, Inc.* | (70,420 | ) | (70,420 | ) | (1,276,010 | ) | (1,276,010 | ) | |||||||||||||||
Volterra Semiconductor Corp.* | (800 | ) | (800 | ) | (5,720 | ) | (5,720 | ) | |||||||||||||||
(10,394,640 | ) | (10,394,640 | ) | -0.3 | % | ||||||||||||||||||
Software & Services | |||||||||||||||||||||||
Bitstream, Inc., Class A* | (955 | ) | (955 | ) | (4,422 | ) | (4,422 | ) | |||||||||||||||
Broadridge Financial Solutions, Inc. | (19,630 | ) | (19,630 | ) | (246,160 | ) | (246,160 | ) | |||||||||||||||
Callidus Software, Inc.* | (18,887 | ) | (18,887 | ) | (56,472 | ) | (56,472 | ) | |||||||||||||||
Cass Information Systems, Inc. | (4,347 | ) | (4,347 | ) | (132,410 | ) | (132,410 | ) | |||||||||||||||
Cognizant Technology Solutions Corp., Class A* | (36,800 | ) | (36,800 | ) | (664,608 | ) | (664,608 | ) | |||||||||||||||
Commvault Systems, Inc.* | (32,842 | ) | (32,842 | ) | (440,411 | ) | (440,411 | ) | |||||||||||||||
comScore, Inc.* | (15,920 | ) | (15,920 | ) | (202,980 | ) | (202,980 | ) | |||||||||||||||
Concur Technologies, Inc.* | (5,200 | ) | (5,200 | ) | (170,664 | ) | (170,664 | ) | |||||||||||||||
DealerTrack Holdings, Inc.* | (41,884 | ) | (41,884 | ) | (498,001 | ) | (498,001 | ) | |||||||||||||||
Double-Take Software, Inc.* | (11,500 | ) | (11,500 | ) | (103,155 | ) | (103,155 | ) | |||||||||||||||
eLoyalty Corp.* | (5,690 | ) | (5,690 | ) | (14,737 | ) | (14,737 | ) | |||||||||||||||
ExlService Holdings, Inc.* | (23,900 | ) | (23,900 | ) | (204,823 | ) | (204,823 | ) | |||||||||||||||
FalconStor Software, Inc.* | (26,300 | ) | (26,300 | ) | (73,114 | ) | (73,114 | ) | |||||||||||||||
Genpact Ltd.* | (59,100 | ) | (59,100 | ) | (485,802 | ) | (485,802 | ) | |||||||||||||||
GSE Systems, Inc.* | (1,700 | ) | (1,700 | ) | (10,030 | ) | (10,030 | ) | |||||||||||||||
Guidance Software, Inc.* | (7,600 | ) | (7,600 | ) | (31,008 | ) | (31,008 | ) | |||||||||||||||
InfoSpace, Inc. | (36,423 | ) | (36,423 | ) | (274,994 | ) | (274,994 | ) | |||||||||||||||
InsWeb Corp.* | (1,650 | ) | (1,650 | ) | (3,927 | ) | (3,927 | ) | |||||||||||||||
Interactive Intelligence, Inc.* | (18,800 | ) | (18,800 | ) | (120,508 | ) | (120,508 | ) |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||||||
Internet Capital Group, Inc.* | (35,800 | ) | (35,800 | ) | (195,110 | ) | (195,110 | ) | |||||||||||||||
Liquidity Services, Inc.* | (13,140 | ) | (13,140 | ) | (109,456 | ) | (109,456 | ) | |||||||||||||||
Monotype Imaging Holdings, Inc.* | (7,361 | ) | (7,361 | ) | (42,694 | ) | (42,694 | ) | |||||||||||||||
Onvia, Inc.* | (4,900 | ) | (4,900 | ) | (16,758 | ) | (16,758 | ) | |||||||||||||||
Salesforce.com, Inc.* | (52,395 | ) | (52,395 | ) | (1,677,164 | ) | (1,677,164 | ) | |||||||||||||||
StarTek, Inc.* | (1,745 | ) | (1,745 | ) | (7,765 | ) | (7,765 | ) | |||||||||||||||
SupportSoft, Inc.* | (1,200 | ) | (1,200 | ) | (2,676 | ) | (2,676 | ) | |||||||||||||||
Synchronoss Technologies, Inc.* | (100 | ) | (100 | ) | (1,066 | ) | (1,066 | ) | |||||||||||||||
Take-Two Interactive Software, Inc.* | (10,120 | ) | (10,120 | ) | (76,507 | ) | (76,507 | ) | |||||||||||||||
TheStreet.com, Inc. | (11,900 | ) | (11,900 | ) | (34,510 | ) | (34,510 | ) | |||||||||||||||
Ultimate Software Group, Inc.* | (24,460 | ) | (24,460 | ) | (357,116 | ) | (357,116 | ) | |||||||||||||||
VASCO Data Security International, Inc.* | (29,963 | ) | (29,963 | ) | (309,518 | ) | (309,518 | ) | |||||||||||||||
VeriFone Holdings, Inc.* | (3,780 | ) | (3,780 | ) | (18,522 | ) | (18,522 | ) | |||||||||||||||
Vocus, Inc.* | (16,772 | ) | (16,772 | ) | (305,418 | ) | (305,418 | ) | |||||||||||||||
(6,892,506 | ) | (6,892,506 | ) | -0.2 | % | ||||||||||||||||||
Technology Hardware & Equipment | |||||||||||||||||||||||
Acme Packet, Inc.* | (3,250 | ) | (3,250 | ) | (17,095 | ) | (17,095 | ) | |||||||||||||||
Anixter International, Inc.* | (15,734 | ) | (15,734 | ) | (473,908 | ) | (473,908 | ) | |||||||||||||||
Blue Coat Systems, Inc.* | (8,500 | ) | (8,500 | ) | (71,400 | ) | (71,400 | ) | |||||||||||||||
Brightpoint, Inc.* | (8,659 | ) | (8,659 | ) | (37,667 | ) | (37,667 | ) | |||||||||||||||
Ciena Corp.* | (81,620 | ) | (81,620 | ) | (546,854 | ) | (546,854 | ) | |||||||||||||||
Cray, Inc.* | (1,848 | ) | (1,848 | ) | (3,844 | ) | (3,844 | ) | |||||||||||||||
Daktronics, Inc. | (29,867 | ) | (29,867 | ) | (279,555 | ) | (279,555 | ) | |||||||||||||||
DG FastChannel, Inc.* | (11,277 | ) | (11,277 | ) | (140,737 | ) | (140,737 | ) | |||||||||||||||
Dolby Laboratories, Inc., Class A* | (15,600 | ) | (15,600 | ) | (511,056 | ) | (511,056 | ) | |||||||||||||||
Endwave Corp.* | (4,400 | ) | (4,400 | ) | (10,560 | ) | (10,560 | ) | |||||||||||||||
Globecomm Systems, Inc.* | (14,840 | ) | (14,840 | ) | (81,472 | ) | (81,472 | ) | |||||||||||||||
Immersion Corp.* | (33,636 | ) | (33,636 | ) | (198,116 | ) | (198,116 | ) | |||||||||||||||
Infinera Corp.* | (87,264 | ) | (87,264 | ) | (781,885 | ) | (781,885 | ) | |||||||||||||||
Jabil Circuit, Inc. | (300 | ) | (300 | ) | (2,025 | ) | (2,025 | ) | |||||||||||||||
JDS Uniphase Corp.* | (8,500 | ) | (8,500 | ) | (31,025 | ) | (31,025 | ) | |||||||||||||||
Lexmark International, Inc., Class A* | (40,200 | ) | (40,200 | ) | (1,081,380 | ) | (1,081,380 | ) | |||||||||||||||
Methode Electronics, Inc. | (1,010 | ) | (1,010 | ) | (6,807 | ) | (6,807 | ) | |||||||||||||||
Nam Tai Electronics, Inc. | (50,101 | ) | (50,101 | ) | (275,555 | ) | (275,555 | ) | |||||||||||||||
Netezza Corp.* | (35,750 | ) | (35,750 | ) | (237,380 | ) | (237,380 | ) | |||||||||||||||
Newport Corp.* | (45,284 | ) | (45,284 | ) | (307,026 | ) | (307,026 | ) | |||||||||||||||
Novatel Wireless, Inc.* | (27,230 | ) | (27,230 | ) | (126,347 | ) | (126,347 | ) | |||||||||||||||
NumereX Corp., Class A* | (9,455 | ) | (9,455 | ) | (33,849 | ) | (33,849 | ) | |||||||||||||||
Occam Networks, Inc.* | (8,339 | ) | (8,339 | ) | (20,014 | ) | (20,014 | ) | |||||||||||||||
PC-Tel, Inc. | (5,800 | ) | (5,800 | ) | (38,106 | ) | (38,106 | ) | |||||||||||||||
Plantronics, Inc. | (31,550 | ) | (31,550 | ) | (416,460 | ) | (416,460 | ) | |||||||||||||||
Plexus Corp.* | (43,300 | ) | (43,300 | ) | (733,935 | ) | (733,935 | ) | |||||||||||||||
Rackable Systems, Inc.* | (1,900 | ) | (1,900 | ) | (7,486 | ) | (7,486 | ) | |||||||||||||||
Rimage Corp.* | (489 | ) | (489 | ) | (6,557 | ) | (6,557 | ) | |||||||||||||||
Riverbed Technology, Inc.* | (54,600 | ) | (54,600 | ) | (621,894 | ) | (621,894 | ) | |||||||||||||||
SanDisk Corp.* | (175,500 | ) | (175,500 | ) | (1,684,800 | ) | (1,684,800 | ) | |||||||||||||||
Stratasys, Inc.* | (18,416 | ) | (18,416 | ) | (197,972 | ) | (197,972 | ) | |||||||||||||||
Tech Data Corp.* | (49,028 | ) | (49,028 | ) | (874,660 | ) | (874,660 | ) | |||||||||||||||
TransAct Technologies, Inc.* | (3,950 | ) | (3,950 | ) | (18,130 | ) | (18,130 | ) | |||||||||||||||
USA Technologies, Inc.* | (960 | ) | (960 | ) | (2,074 | ) | (2,074 | ) | |||||||||||||||
Video Display Corp.* | (9,109 | ) | (9,109 | ) | (73,054 | ) | (73,054 | ) | |||||||||||||||
Western Digital Corp.* | (59,600 | ) | (59,600 | ) | (682,420 | ) | (682,420 | ) | |||||||||||||||
X-Rite, Inc.* | (284 | ) | (284 | ) | (423 | ) | (423 | ) | |||||||||||||||
Zebra Technologies Corp., Class A* | (19,470 | ) | (19,470 | ) | (394,462 | ) | (394,462 | ) | |||||||||||||||
(11,027,990 | ) | (11,027,990 | ) | -0.3 | % | ||||||||||||||||||
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||||||
Telecommunication Services | |||||||||||||||||||||||
Cbeyond, Inc.* | (26,920 | ) | (26,920 | ) | (430,182 | ) | (430,182 | ) | |||||||||||||||
Global Crossing Ltd.* | (1,580 | ) | (1,580 | ) | (12,545 | ) | (12,545 | ) | |||||||||||||||
iPCS, Inc.* | (429 | ) | (429 | ) | (2,943 | ) | (2,943 | ) | |||||||||||||||
MetroPCS Communications, Inc.* | (19,790 | ) | (19,790 | ) | (293,881 | ) | (293,881 | ) | |||||||||||||||
NTELOS Holdings Corp. | (31,900 | ) | (31,900 | ) | (786,654 | ) | (786,654 | ) | |||||||||||||||
SBA Communications Corp., Class A* | (41,600 | ) | (41,600 | ) | (678,912 | ) | (678,912 | ) | |||||||||||||||
Windstream Corp. | (56,500 | ) | (56,500 | ) | (519,800 | ) | (519,800 | ) | |||||||||||||||
(2,724,917 | ) | (2,724,917 | ) | -0.1 | % | ||||||||||||||||||
Transportation | |||||||||||||||||||||||
Copa Holdings S.A., Class A | (24,209 | ) | (24,209 | ) | (734,017 | ) | (734,017 | ) | |||||||||||||||
Expeditors International of Washington, Inc. | (6,910 | ) | (6,910 | ) | (229,896 | ) | (229,896 | ) | |||||||||||||||
Frozen Food Express Industries, Inc. | (7,400 | ) | (7,400 | ) | (42,032 | ) | (42,032 | ) | |||||||||||||||
Hertz Global Holdings, Inc.* | (42,092 | ) | (42,092 | ) | (213,406 | ) | (213,406 | ) | |||||||||||||||
JetBlue Airways Corp.* | (63,730 | ) | (63,730 | ) | (452,483 | ) | (452,483 | ) | |||||||||||||||
P.A.M. Transportation Services, Inc.* | (700 | ) | (700 | ) | (4,900 | ) | (4,900 | ) | |||||||||||||||
(1,676,734 | ) | (1,676,734 | ) | 0.0 | % | ||||||||||||||||||
Utilities | |||||||||||||||||||||||
Dynegy, Inc., Class A* | (16,626 | ) | (16,626 | ) | (33,252 | ) | (33,252 | ) | |||||||||||||||
Energen Corp. | (49,200 | ) | (49,200 | ) | (1,443,036 | ) | (1,443,036 | ) | |||||||||||||||
Equitable Resources, Inc. | (60,534 | ) | (60,534 | ) | (2,030,916 | ) | (2,030,916 | ) | |||||||||||||||
ITC Holdings Corp. | (24,380 | ) | (24,380 | ) | (1,064,918 | ) | (1,064,918 | ) | |||||||||||||||
Laclede Group, Inc. | (1,160 | ) | (1,160 | ) | (54,334 | ) | (54,334 | ) | |||||||||||||||
Otter Tail Corp. | (7,500 | ) | (7,500 | ) | (174,975 | ) | (174,975 | ) | |||||||||||||||
(4,801,431 | ) | (4,801,431 | ) | -0.1 | % | ||||||||||||||||||
Total Securities Sold Short | (165,045,594 | ) | (165,045,594 | ) | -4.1 | % | |||||||||||||||||
(Proceeds Received $186,440,578) | |||||||||||||||||||||||
LONG-TERM DEBT SECURITIES: | |||||||||||||||||||||||
Asset-Backed and Mortgage-Backed Securities | |||||||||||||||||||||||
Asset-Backed Securities | |||||||||||||||||||||||
Access Group, Inc., | |||||||||||||||||||||||
Series 2008-1 A | |||||||||||||||||||||||
4.835%, 10/25/25(l) | 21,600,000 | 21,600,000 | 19,862,755 | 19,862,755 | |||||||||||||||||||
ACE Securities Corp., | |||||||||||||||||||||||
Series 2006-NC3 A2A | |||||||||||||||||||||||
0.521%, 12/25/36(b)(l) | 41,203 | 41,203 | 37,670 | 37,670 | |||||||||||||||||||
Series 2007-ASP2 A2A | |||||||||||||||||||||||
0.561%, 6/25/37(b)(l) | 686,126 | 686,126 | 600,110 | 600,110 | |||||||||||||||||||
Aegis Asset Backed Securities Trust, | |||||||||||||||||||||||
Series 2006-1 A1 | |||||||||||||||||||||||
0.551%, 1/25/37(b)(l) | 3,425,326 | 3,425,326 | 3,209,717 | 3,209,717 | |||||||||||||||||||
American Express Credit Account Master Trust, | |||||||||||||||||||||||
Series 2006-A A | |||||||||||||||||||||||
1.185%, 8/15/11(l)§ | 6,900,000 | 6,900,000 | 6,888,529 | 6,888,529 | |||||||||||||||||||
AmeriCredit Automobile Receivables Trust, | |||||||||||||||||||||||
Series 2005-DA A3 | |||||||||||||||||||||||
4.870%, 12/6/10 | 2,076,754 | 2,076,754 | 2,032,635 | 2,032,635 | |||||||||||||||||||
Amortizing Residential Collateral Trust, | |||||||||||||||||||||||
Series 2002-BC4 A |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||
0.761%, 7/25/32(b)(l) | 1,269 | 1,269 | 811 | 811 | ||||||||||||||
Amresco Residential Securities Mortgage Loan Trust, | ||||||||||||||||||
Series 1998-2 M1F | ||||||||||||||||||
6.745%, 6/25/28(b)(l)† | 37,883 | 37,883 | 30,224 | 30,224 | ||||||||||||||
Argent Securities, Inc., | ||||||||||||||||||
Series 2006-M3 A2A | ||||||||||||||||||
0.521%, 10/25/36(b)(l) | 63,305 | 63,305 | 60,406 | 60,406 | ||||||||||||||
Asset Backed Funding Certificates, | ||||||||||||||||||
Series 2001-AQ1 M1 | ||||||||||||||||||
6.863%, 5/20/32(b)(l)† | 59,983 | 59,983 | 29,314 | 29,314 | ||||||||||||||
Series 2004-OPT5 A1 | ||||||||||||||||||
0.821%, 6/25/34(b)(l) | 258,634 | 258,634 | 133,099 | 133,099 | ||||||||||||||
Series 2006-OPT3 A3A | ||||||||||||||||||
0.531%, 11/25/36(b)(l) | 24,650 | 24,650 | 23,246 | 23,246 | ||||||||||||||
Banc of America Securities Auto Trust, | ||||||||||||||||||
Series 2006-G1 A3 | ||||||||||||||||||
5.180%, 6/18/10 | 8,093,518 | 8,093,518 | 8,055,164 | 8,055,164 | ||||||||||||||
Bank of America Credit Card Trust, | ||||||||||||||||||
Series 2008- A1 A1 | ||||||||||||||||||
1.775%, 4/15/13(l) | 7,700,000 | 7,700,000 | 6,994,616 | 6,994,616 | ||||||||||||||
Series 2008-A5 A5 | ||||||||||||||||||
2.395%, 12/16/13(l) | 17,100,000 | 17,100,000 | 15,200,749 | 15,200,749 | ||||||||||||||
Series 2008-A7 A7 | ||||||||||||||||||
1.895%, 12/15/14(l) | 19,000,000 | 19,000,000 | 15,804,475 | 15,804,475 | ||||||||||||||
Bank One Issuance Trust, | ||||||||||||||||||
Series 2004-A5 A5 | ||||||||||||||||||
1.325%, 3/15/14(l) | 2,000,000 | 2,000,000 | 1,731,590 | 1,731,590 | ||||||||||||||
Bear Stearns Asset Backed Securities Trust, | ||||||||||||||||||
Series 2002-2 A1 | ||||||||||||||||||
1.131%, 10/25/32(b)(l) | 13,124 | 13,124 | 7,756 | 7,756 | ||||||||||||||
Series 2005-4 A | - | |||||||||||||||||
0.801%, 1/25/36(b)(l) | 10,759 | 10,759 | 9,804 | 9,804 | ||||||||||||||
Capital Auto Receivables Asset Trust, | ||||||||||||||||||
Series 2004-2 C | ||||||||||||||||||
4.160%, 1/15/10 | 3,665,000 | 3,665,000 | 3,616,337 | 3,616,337 | ||||||||||||||
Series 2008-2 A3B | ||||||||||||||||||
2.645%, 10/15/12(l) | 5,900,000 | 5,900,000 | 5,256,236 | 5,256,236 | ||||||||||||||
Carrington Mortgage Loan Trust, | ||||||||||||||||||
Series 2006-NC5 A1 | ||||||||||||||||||
0.521%, 1/25/37(b)(l) | 653,236 | 653,236 | 605,167 | 605,167 | ||||||||||||||
CenterPoint Energy Transition Bond Co., LLC, | ||||||||||||||||||
Series 2005-A A2 | ||||||||||||||||||
4.970%, 8/1/14 | 21,025,000 | 21,025,000 | 20,620,479 | 20,620,479 | ||||||||||||||
Centex Home Equity, | ||||||||||||||||||
Series 2004-D MV3 | ||||||||||||||||||
1.471%, 9/25/34(b)(l)† | 132,627 | 132,627 | 39,788 | 39,788 | ||||||||||||||
Chase Credit Card Master Trust, | ||||||||||||||||||
Series 2002-3 A | ||||||||||||||||||
1.365%, 9/15/11(l) | 5,300,000 | 5,300,000 | 5,206,854 | 5,206,854 | ||||||||||||||
Chase Issuance Trust, | ||||||||||||||||||
Series 2005-A7 A7 | ||||||||||||||||||
4.550%, 3/15/13 | 20,600,000 | 20,600,000 | 19,602,902 | 19,602,902 | ||||||||||||||
Series 2006-A4 A4 | ||||||||||||||||||
1.215%, 10/15/13(l) | 2,175,000 | 2,175,000 | 1,867,842 | 1,867,842 | ||||||||||||||
Series 2007-A1 A1 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||
1.215%, 3/15/13(l) | 13,400,000 | 13,400,000 | 11,909,501 | 11,909,501 | ||||||||||||||
Series 2008-A7 A7 | ||||||||||||||||||
1.845%, 11/15/11(l) | 19,300,000 | 19,300,000 | 18,476,367 | 18,476,367 | ||||||||||||||
Chase Manhattan Auto Owner Trust, | ||||||||||||||||||
Series 2005-B A4 | ||||||||||||||||||
4.880%, 6/15/12 | 5,880,145 | 5,880,145 | 5,855,446 | 5,855,446 | ||||||||||||||
Citibank Omni Master Trust, | ||||||||||||||||||
Series 2008-A9A A9 | ||||||||||||||||||
0.561%, 3/20/13(l)§ | 8,000,000 | 8,000,000 | 7,925,405 | 7,925,405 | ||||||||||||||
Citigroup Mortgage Loan Trust, Inc., | ||||||||||||||||||
Series 2007-AHL3 A3A | ||||||||||||||||||
0.531%, 7/25/45(b)(l) | 1,776,316 | 1,776,316 | 1,374,720 | 1,374,720 | ||||||||||||||
Series 2007-AMC2 A3A | ||||||||||||||||||
0.551%, 1/25/37(l) | 593,586 | 593,586 | 490,126 | 490,126 | ||||||||||||||
Series 2007-AMC4 A2A | ||||||||||||||||||
0.531%, 5/25/37(b)(l) | 1,768,250 | 1,768,250 | 1,418,496 | 1,418,496 | ||||||||||||||
CNH Equipment Trust, | ||||||||||||||||||
Series 2006-A A3 | ||||||||||||||||||
5.200%, 8/16/10 | 4,195,338 | 4,195,338 | 4,186,045 | 4,186,045 | ||||||||||||||
Countrywide Asset-Backed Certificates, | ||||||||||||||||||
Series 2006-11 3AV1 | ||||||||||||||||||
0.531%, 9/25/46(b)(l) | 9,840 | 9,840 | 9,702 | 9,702 | ||||||||||||||
Series 2006-15 A1 | ||||||||||||||||||
0.581%, 10/25/46(b)(l) | 100,417 | 100,417 | 92,689 | 92,689 | ||||||||||||||
Series 2006-18 2A1 | ||||||||||||||||||
0.521%, 3/25/37(b)(l) | 250,935 | 250,935 | 240,898 | 240,898 | ||||||||||||||
Series 2006-6 2A2 | ||||||||||||||||||
0.651%, 9/25/36(b)(l) | 1,642,873 | 1,642,873 | 1,303,625 | 1,303,625 | ||||||||||||||
Series 2006-20 2A1 | ||||||||||||||||||
0.521%, 4/25/47(b)(l) | 4,833,423 | 4,833,423 | 4,565,125 | 4,565,125 | ||||||||||||||
Series 2006-21 2A1 | ||||||||||||||||||
0.521%, 5/25/37(b)(l) | 35,655 | 35,655 | 33,214 | 33,214 | ||||||||||||||
Series 2006-22 2A1 | ||||||||||||||||||
0.521%, 5/25/47(b)(l) | 41,964 | 41,964 | 38,813 | 38,813 | ||||||||||||||
Series 2006-23 2A1 | ||||||||||||||||||
0.521%, 5/25/37(b)(l) | 687,427 | 687,427 | 639,722 | 639,722 | ||||||||||||||
Series 2006-24 2A1 | ||||||||||||||||||
0.521%, 6/25/47(b)(l) | 804,209 | 804,209 | 737,181 | 737,181 | ||||||||||||||
Series 2006-8 2A1 | ||||||||||||||||||
0.501%, 1/25/46(b)(l) | 16,416 | 16,416 | 16,246 | 16,246 | ||||||||||||||
Series 2007-6 2A1 | ||||||||||||||||||
0.571%, 9/25/37(b)(l) | 495,312 | 495,312 | 433,616 | 433,616 | ||||||||||||||
Credit-Based Asset Servicing and Securitization LLC, | ||||||||||||||||||
Series 2007-CB6 A1 | ||||||||||||||||||
0.591%, 7/25/37(b)(l)§ | 2,175,984 | 2,175,984 | 1,970,832 | 1,970,832 | ||||||||||||||
Daimler Chrysler Auto Trust, | ||||||||||||||||||
Series 2006-B A3 | ||||||||||||||||||
5.330%, 8/8/10 | 3,252,410 | 3,252,410 | 3,229,429 | 3,229,429 | ||||||||||||||
Series 2006-C A3 | ||||||||||||||||||
5.020%, 7/8/10 | 5,903,019 | 5,903,019 | 5,871,152 | 5,871,152 | ||||||||||||||
Series 2006-C A4 | ||||||||||||||||||
4.980%, 11/8/11 | 18,087,000 | 18,087,000 | 17,289,579 | 17,289,579 | ||||||||||||||
Series 2008-B A3B | ||||||||||||||||||
3.356%, 9/10/12(l) | 600,000 | 600,000 | 532,960 | 532,960 | ||||||||||||||
DVI Receivables Corp., |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||
Series 2003-1 D1 | ||||||||||||||||||
3.389%, 3/14/11(l)† | 160,268 | 160,268 | ||||||||||||||||
First Franklin Mortgage Loan Asset Backed Certificates, | ||||||||||||||||||
Series 2006-FF15 A3 | ||||||||||||||||||
0.521%, 11/25/36(b)(l) | 843,438 | 843,438 | 763,204 | 763,204 | ||||||||||||||
Series 2006-FF16 2A1 | ||||||||||||||||||
0.521%, 12/25/36(b)(l) | 15,955 | 15,955 | 15,467 | 15,467 | ||||||||||||||
First NLC Trust, | ||||||||||||||||||
Series 2007-1 A1 | ||||||||||||||||||
0.541%, 8/25/37(b)(l)§ | 1,699,750 | 1,699,750 | 1,407,085 | 1,407,085 | ||||||||||||||
Ford Credit Auto Owner Trust, | ||||||||||||||||||
Series 2006-C A4A | ||||||||||||||||||
5.150%, 2/15/12 | 14,995,000 | 14,995,000 | 14,279,539 | 14,279,539 | ||||||||||||||
Series 2008-A A2 | ||||||||||||||||||
1.795%, 7/15/10(l) | 4,873,010 | 4,873,010 | 4,757,057 | 4,757,057 | ||||||||||||||
Series 2008-A A3A | ||||||||||||||||||
3.960%, 4/15/12 | 25,225,000 | 25,225,000 | 23,547,439 | 23,547,439 | ||||||||||||||
Fremont Home Loan Trust, | ||||||||||||||||||
Series 2006-C 2A1 | ||||||||||||||||||
0.521%, 10/25/36(b)(l) | 30,454 | 30,454 | 27,641 | 27,641 | ||||||||||||||
Series 2006-E 2A1 | ||||||||||||||||||
0.531%, 1/25/37(b)(l) | 97,113 | 97,113 | 75,695 | 75,695 | ||||||||||||||
GCO Slims Trust, | ||||||||||||||||||
Series 2006-1A | ||||||||||||||||||
5.720%, 3/1/22(b)§† | 6,969,660 | 6,969,660 | 6,063,604 | 6,063,604 | ||||||||||||||
GSAA Home Equity Trust, | ||||||||||||||||||
Series 2007-6 A4 | ||||||||||||||||||
0.771%, 5/25/47(l) | 700,000 | 700,000 | 141,393 | 141,393 | ||||||||||||||
GSAMP Trust, | ||||||||||||||||||
Series 2006-HE7 A2A | ||||||||||||||||||
0.511%, 10/25/46(b)(l) | 27,091 | 27,091 | 25,479 | 25,479 | ||||||||||||||
Series 2006-S6 A1A | ||||||||||||||||||
0.541%, 10/25/36(b)(l) | 3,955 | 3,955 | 3,555 | 3,555 | ||||||||||||||
Harley-Davidson Motorcycle Trust, | ||||||||||||||||||
Series 2006-2 A2 | ||||||||||||||||||
5.350%, 3/15/13 | 19,701,675 | 19,701,675 | 19,170,433 | 19,170,433 | ||||||||||||||
HFC Household Home Equity Loan Trust, | ||||||||||||||||||
Series 2006-4 A1V | ||||||||||||||||||
0.578%, 3/20/36(b)(l) | 325,017 | 325,017 | 310,369 | 310,369 | ||||||||||||||
Household Automotive Trust, | ||||||||||||||||||
Series 2005-2 A3 | ||||||||||||||||||
4.370%, 5/17/10 | 175,785 | 175,785 | 175,246 | 175,246 | ||||||||||||||
HSI Asset Securitization Corp. Trust, | ||||||||||||||||||
Series 2006-HE1 2A1 | ||||||||||||||||||
0.521%, 10/25/36(b)(l) | 42,326 | 42,326 | 36,515 | 36,515 | ||||||||||||||
Series 2006-HE2 2A1 | ||||||||||||||||||
0.521%, 12/25/36(b)(l) | 697,060 | 697,060 | 618,742 | 618,742 | ||||||||||||||
Series 2007-WF1 2A1 | ||||||||||||||||||
0.531%, 5/25/37(b)(l) | 1,414,700 | 1,414,700 | 1,311,525 | 1,311,525 | ||||||||||||||
Indymac Residential Asset Backed Trust, | ||||||||||||||||||
Series 2006-D 2A1 | ||||||||||||||||||
0.521%, 11/25/36(b)(l) | 17,749 | 17,749 | 17,442 | 17,442 | ||||||||||||||
Series 2006-E 2A1 | ||||||||||||||||||
0.531%, 4/25/37(b)(l) | 488,845 | 488,845 | 457,498 | 457,498 | ||||||||||||||
Series 2007-A 2A1 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||
0.601%, 4/25/47(b)(l) | 1,150,784 | 1,150,784 | 1,038,671 | 1,038,671 | ||||||||||||||
Series 2007-B 2A1 | ||||||||||||||||||
0.551%, 7/25/37(b)(l) | 619,695 | 619,695 | 548,262 | 548,262 | ||||||||||||||
JP Morgan Mortgage Acquisition Corp., | ||||||||||||||||||
Series 2006-CH1 A2 | ||||||||||||||||||
0.521%, 7/25/36(b)(l) | 48,059 | 48,059 | 44,026 | 44,026 | �� | |||||||||||||
Series 2006-CW2 AV2 | ||||||||||||||||||
0.511%, 8/25/36(b)(l) | 8,926 | 8,926 | 8,689 | 8,689 | ||||||||||||||
Series 2006-HE3 A2 | ||||||||||||||||||
1.465%, 11/25/36(b)(l) | 21,655 | 21,655 | 20,010 | 20,010 | ||||||||||||||
Series 2006-WMC3 A2 | ||||||||||||||||||
0.521%, 8/25/36(b)(l) | 76,601 | 76,601 | 71,199 | 71,199 | ||||||||||||||
Series 2007-CH4 A2 | ||||||||||||||||||
0.531%, 5/25/37(b)(l) | 950,326 | 950,326 | 743,636 | 743,636 | ||||||||||||||
Lehman ABS Manufactured Housing Contract, | ||||||||||||||||||
Series 2002-A A | ||||||||||||||||||
1.645%, 6/15/33(l) | 34,557 | 34,557 | 25,886 | 25,886 | ||||||||||||||
Lehman ABS Mortgage Loan Trust, | ||||||||||||||||||
Series 2007-1 2A1 | ||||||||||||||||||
0.561%, 6/25/37(b)(l)§ | 585,090 | 585,090 | 553,224 | 553,224 | ||||||||||||||
Lehman XS Trust, | ||||||||||||||||||
Series 2006-16N A1A | ||||||||||||||||||
0.551%, 11/25/46(b)(l) | 193,209 | 193,209 | 178,868 | 178,868 | ||||||||||||||
Series 2006-4N A1A | ||||||||||||||||||
1.475%, 4/25/46(l) | 6,401 | 6,401 | 6,401 | 6,401 | ||||||||||||||
Series 2006-9 A1A | ||||||||||||||||||
0.541%, 5/25/46(l) | 26,656 | 26,656 | 25,735 | 25,735 | ||||||||||||||
Long Beach Mortgage Loan Trust, | ||||||||||||||||||
Series 2005-WL2 3A1 | ||||||||||||||||||
0.651%, 8/25/35(b)(l) | 12,263 | 12,263 | 11,586 | 11,586 | ||||||||||||||
Series 2006-10 2A1 | ||||||||||||||||||
0.511%, 11/25/36(b)(l) | 24,826 | 24,826 | 23,380 | 23,380 | ||||||||||||||
Morgan Stanley ABS Capital I, | ||||||||||||||||||
Series 2004-HE4 M3 | ||||||||||||||||||
1.971%, 5/25/34(b)(l)† | 51,918 | 51,918 | 4,673 | 4,673 | ||||||||||||||
MASTR Asset Backed Securities Trust, | ||||||||||||||||||
Series 2006-HE5 A1 | ||||||||||||||||||
0.531%, 11/25/36(b)(l) | 546,067 | 546,067 | 509,904 | 509,904 | ||||||||||||||
Series 2007-HE1 A1 | ||||||||||||||||||
0.551%, 5/25/37(b)(l) | 1,226,815 | 1,226,815 | 1,030,469 | 1,030,469 | ||||||||||||||
Merrill Lynch First Franklin Mortgage Loan Trust, | ||||||||||||||||||
Series 2007-4 2A1 | ||||||||||||||||||
0.531%, 7/25/37(b)(l) | 1,393,589 | 1,393,589 | 1,260,478 | 1,260,478 | ||||||||||||||
Merrill Lynch Mortgage Investors, Inc., | ||||||||||||||||||
Series 2006-AHL1 A2A | ||||||||||||||||||
0.521%, 5/25/37(b)(l) | 47,547 | 47,547 | 45,791 | 45,791 | ||||||||||||||
Series 2006-FF1 A2A | ||||||||||||||||||
0.541%, 8/25/36(b)(l) | 189,458 | 189,458 | 178,481 | 178,481 | ||||||||||||||
Series 2006-MLN1 A2A | ||||||||||||||||||
0.541%, 7/25/37(b)(l) | 75,096 | 75,096 | 70,819 | 70,819 | ||||||||||||||
Series 2006-RM3 A2A | ||||||||||||||||||
0.501%, 6/25/37(b)(l) | 6,135 | 6,135 | 6,048 | 6,048 | ||||||||||||||
Morgan Stanley Capital, Inc., | ||||||||||||||||||
Series 2006-HE7 A2A | ||||||||||||||||||
0.521%, 9/25/36(b)(l) | 64,597 | 64,597 | 60,898 | 60,898 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||
Series 2006-HE8 A2A | ||||||||||||||||||
0.521%, 10/25/36(b)(l) | 42,643 | 42,643 | 40,408 | 40,408 | ||||||||||||||
Series 2006-NC5 A2A | ||||||||||||||||||
0.511%, 10/25/36(b)(l) | 84,496 | 84,496 | 79,294 | 79,294 | ||||||||||||||
Series 2006-WMC2 A2A | ||||||||||||||||||
0.511%, 7/25/36(b)(l) | 34,504 | 34,504 | 34,133 | 34,133 | ||||||||||||||
Series 2007-HE6 A1 | ||||||||||||||||||
0.531%, 5/25/37(b)(l) | 1,049,078 | 1,049,078 | 930,588 | 930,588 | ||||||||||||||
Series 2007-NC3 A2A | ||||||||||||||||||
0.531%, 5/25/37(b)(l) | 1,048,643 | 1,048,643 | 932,039 | 932,039 | ||||||||||||||
Morgan Stanley IXIS Real Estate Capital Trust, | ||||||||||||||||||
Series 2006-2 A1 | ||||||||||||||||||
0.521%, 11/25/36(b)(l) | 24,548 | 24,548 | 23,272 | 23,272 | ||||||||||||||
Nationstar Home Equity Loan Trust, | ||||||||||||||||||
Series 2007-C 2AV1 | ||||||||||||||||||
0.531%, 6/25/37(b)(l) | 1,347,600 | 1,347,600 | 1,243,583 | 1,243,583 | ||||||||||||||
Nissan Auto Receivables Owner Trust, | ||||||||||||||||||
Series 2006-B A3 | ||||||||||||||||||
5.160%, 2/15/10 | 1,366,613 | 1,366,613 | 1,365,661 | 1,365,661 | ||||||||||||||
Series 2006-C A4 | ||||||||||||||||||
5.450%, 6/15/12 | 14,505,000 | 14,505,000 | 14,280,516 | 14,280,516 | ||||||||||||||
Series 2008-A A3 | ||||||||||||||||||
3.890%, 8/15/11 | 22,100,000 | 22,100,000 | 21,299,806 | 21,299,806 | ||||||||||||||
Nomura Asset Acceptance Corp., | ||||||||||||||||||
Series 2006-S1 A1 | ||||||||||||||||||
0.611%, 1/25/36(b)(l)§ | 13,075 | 13,075 | 10,672 | 10,672 | ||||||||||||||
Park Place Securities, Inc., | ||||||||||||||||||
Series 2005-WCW1 A1B | ||||||||||||||||||
0.731%, 9/25/35(b)(l) | 15,413 | 15,413 | 10,700 | 10,700 | ||||||||||||||
PECO Energy Transition Trust, | ||||||||||||||||||
Series 2000-A A4 | ||||||||||||||||||
7.650%, 3/1/10 | 10,000,000 | 10,000,000 | 10,225,720 | 10,225,720 | ||||||||||||||
RAAC Series, | ||||||||||||||||||
Series 2007-SP2 A2 | ||||||||||||||||||
0.871%, 6/25/47(l) | 600,000 | 600,000 | 336,566 | 336,566 | ||||||||||||||
Residential Asset Mortgage Products, Inc., | ||||||||||||||||||
Series 2006-RS6 A1 | ||||||||||||||||||
0.541%, 11/25/36(b)(l) | 2,006 | 2,006 | 1,986 | 1,986 | ||||||||||||||
Residential Asset Securities Corp., | ||||||||||||||||||
Series 2006-KS9 AI1 | ||||||||||||||||||
0.541%, 11/25/36(b)(l) | 116,194 | 116,194 | 111,405 | 111,405 | ||||||||||||||
Series 2007-KS3 AI1 | ||||||||||||||||||
0.581%, 4/25/37(b)(l) | 602,273 | 602,273 | 534,674 | 534,674 | ||||||||||||||
Securitized Asset Backed Receivables LLC Trust, | ||||||||||||||||||
Series 2006-NC3 A2A | ||||||||||||||||||
0.521%, 9/25/36(b)(l) | 21,317 | 21,317 | 20,188 | 20,188 | ||||||||||||||
Series 2007-BR5 A2A | ||||||||||||||||||
0.601%, 5/25/37(b)(l) | 1,830,078 | 1,830,078 | 1,224,940 | 1,224,940 | ||||||||||||||
Series 2007-HE1 A2A | ||||||||||||||||||
0.531%, 12/25/36(b)(l) | 978,982 | 978,982 | 814,505 | 814,505 | ||||||||||||||
SLC Student Loan Trust, | ||||||||||||||||||
Series 2007-1 A1 | ||||||||||||||||||
2.129%, 2/15/15(l) | 1,009,574 | 1,009,574 | 989,517 | 989,517 | ||||||||||||||
SLM Student Loan Trust, | ||||||||||||||||||
Series 2005-8 A4 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
4.285%, 1/25/28(l) | 34,225,000 | 34,225,000 | 24,642,000 | 24,642,000 | |||||||||||||||
Series 2006-5 A2 | |||||||||||||||||||
3.525%, 7/25/17(l) | 320,244 | 320,244 | 310,582 | 310,582 | |||||||||||||||
Series 2006-9 A2 | |||||||||||||||||||
3.535%, 4/25/17(l) | 1,216,863 | 1,216,863 | 1,191,925 | 1,191,925 | |||||||||||||||
Series 2007-2 A1 | |||||||||||||||||||
3.515%, 4/25/14(l) | 1,445,752 | 1,445,752 | 1,405,634 | 1,405,634 | |||||||||||||||
Series 2007-3 A3 | |||||||||||||||||||
3.575%, 4/25/19(l) | 8,700,000 | 8,700,000 | 6,783,079 | 6,783,079 | |||||||||||||||
Series 2008-2 A2 | |||||||||||||||||||
3.985%, 1/25/17(l) | 7,700,000 | 7,700,000 | 6,789,530 | 6,789,530 | |||||||||||||||
Series 2008-9 A | |||||||||||||||||||
5.035%, 4/25/23(l) | 23,600,000 | 23,600,000 | 22,118,387 | 22,118,387 | |||||||||||||||
Soundview Home Equity Loan Trust, | |||||||||||||||||||
Series 2006-EQ1 A1 | |||||||||||||||||||
0.521%, 10/25/36(b)(l) | 99 | 99 | 98 | 98 | |||||||||||||||
Series 2006-WF1 A1A | |||||||||||||||||||
0.571%, 10/25/36(b)(l) | 5,795 | 5,795 | 5,696 | 5,696 | |||||||||||||||
Structured Asset Investment Loan Trust, | |||||||||||||||||||
Series 2006-4 A3 | |||||||||||||||||||
0.521%, 7/25/36(b)(l) | 23,334 | 23,334 | 21,415 | 21,415 | |||||||||||||||
Structured Asset Securities Corp., | |||||||||||||||||||
Series 2002-HF1 A | |||||||||||||||||||
0.761%, 1/25/33(b)(l) | 2,155 | 2,155 | 1,622 | 1,622 | |||||||||||||||
Series 2005-7XS 2A1A | |||||||||||||||||||
4.900%, 4/25/35(b)(l) | 169,383 | 169,383 | 82,992 | 82,992 | |||||||||||||||
Series 2006-BC3 A2 | |||||||||||||||||||
0.521%, 10/25/36(b)(l) | 122,444 | 122,444 | 113,180 | 113,180 | |||||||||||||||
Series 2006-OPT1 A3 | |||||||||||||||||||
0.581%, 4/25/36(b)(l) | 697,028 | 697,028 | 674,007 | 674,007 | |||||||||||||||
Washington Mutual Asset-Backed Certificates, | |||||||||||||||||||
Series 2006-HE5 2A1 | |||||||||||||||||||
0.531%, 10/25/36(b)(l) | 1,064,088 | 1,064,088 | 920,904 | 920,904 | |||||||||||||||
Wells Fargo Home Equity Trust, | |||||||||||||||||||
Series 2006-3 A1 | |||||||||||||||||||
0.521%, 1/25/37(b)(l) | 308,424 | 308,424 | 296,763 | 296,763 | |||||||||||||||
World Omni Auto Receivables Trust, | |||||||||||||||||||
Series 2005-A A4 | |||||||||||||||||||
3.820%, 11/14/11 | 9,211,770 | 9,211,770 | 9,066,431 | 9,066,431 | |||||||||||||||
Series 2007-A A3 | |||||||||||||||||||
5.230%, 2/15/11 | 10,240,762 | 10,240,762 | 10,210,377 | 10,210,377 | |||||||||||||||
192,395,354 | 252,590,667 | 444,986,021 | 11.1 | % | |||||||||||||||
Non-Agency CMO | |||||||||||||||||||
American Home Mortgage Assets, | |||||||||||||||||||
Series 2006-1 2A1 | |||||||||||||||||||
0.661%, 5/25/46(l) | 11,576,685 | 11,576,685 | 4,550,666 | 4,550,666 | |||||||||||||||
Banc of America Commercial Mortgage, Inc., | |||||||||||||||||||
Series 2004-2 A3 | |||||||||||||||||||
4.050%, 11/10/38 | 17,826,000 | 17,826,000 | 16,914,441 | 16,914,441 | |||||||||||||||
Series 2006-3 A4 | |||||||||||||||||||
5.889%, 7/10/44(l) | 5,900,000 | 5,900,000 | 4,808,204 | 4,808,204 | |||||||||||||||
Series 2007-3 A4 | |||||||||||||||||||
5.658%, 6/10/49(l) | 1,400,000 | 1,400,000 | 1,023,923 | 1,023,923 | |||||||||||||||
Series 2007-4 A4 | |||||||||||||||||||
5.745%, 2/10/51(l) | 1,400,000 | 1,400,000 | 1,008,753 | 1,008,753 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||
Banc of America Funding Corp., | ||||||||||||||||||
Series 2004-B 5A1 | ||||||||||||||||||
5.222%, 11/20/34(l) | 18,631,354 | 18,631,354 | 9,873,314 | 9,873,314 | ||||||||||||||
Series 2006-A 1A1 | ||||||||||||||||||
4.622%, 2/20/36(l) | 1,125,718 | 1,125,718 | 957,886 | 957,886 | ||||||||||||||
Series 2006-J 4A1 | ||||||||||||||||||
6.124%, 1/20/47(l) | 792,681 | 792,681 | 426,071 | 426,071 | ||||||||||||||
Banc of America Mortgage Securities, Inc., | ||||||||||||||||||
Series 2003-I 1A1 | ||||||||||||||||||
5.476%, 10/25/33(l) | 16,911 | 16,911 | 15,820 | 15,820 | ||||||||||||||
Series 2004-C 2A1 | ||||||||||||||||||
3.695%, 4/25/34(l) | 6,690,704 | 6,690,704 | 5,034,128 | 5,034,128 | ||||||||||||||
Series 2004-1 5A1 | ||||||||||||||||||
6.500%, 9/25/33 | 50,055 | 50,055 | 47,975 | 47,975 | ||||||||||||||
BCAP LLC Trust, | ||||||||||||||||||
Series 2006-AA2 A1 | ||||||||||||||||||
0.641%, 1/25/37(l) | 1,680,447 | 1,680,447 | 686,310 | 686,310 | ||||||||||||||
Bear Stearns Adjustable Rate Mortgage Trust, | ||||||||||||||||||
Series 2002-11 1A2 | ||||||||||||||||||
6.079%, 2/25/33(l) | 30,270 | 30,270 | 25,473 | 25,473 | ||||||||||||||
Series 2003-3 3A2 | ||||||||||||||||||
4.484%, 5/25/33(l) | 277,801 | 277,801 | 249,051 | 249,051 | ||||||||||||||
Series 2003-8 2A1 | ||||||||||||||||||
5.451%, 1/25/34(l) | 16,113 | 16,113 | 11,292 | 11,292 | ||||||||||||||
Series 2003-8 4A1 | ||||||||||||||||||
5.176%, 1/25/34(l) | 36,717 | 36,717 | 23,357 | 23,357 | ||||||||||||||
Series 2004-10 21A1 | ||||||||||||||||||
4.853%, 1/25/35(l) | 5,436,492 | 5,436,492 | 3,706,758 | 3,706,758 | ||||||||||||||
Series 2005-2 A1 | ||||||||||||||||||
4.125%, 3/25/35(l) | 282,111 | 282,111 | 238,784 | 238,784 | ||||||||||||||
Series 2005-2 A2 | ||||||||||||||||||
4.125%, 3/25/35(l) | 126,219 | 126,219 | 98,295 | 98,295 | ||||||||||||||
Series 2005-5 A1 | ||||||||||||||||||
3.490%, 8/25/35(l) | 85,732 | 85,732 | 71,901 | 71,901 | ||||||||||||||
Series 2005-5 A2 | ||||||||||||||||||
4.550%, 8/25/35(l) | 1,566,521 | 1,566,521 | 1,285,441 | 1,285,441 | ||||||||||||||
Series 2005-11 2A1 | ||||||||||||||||||
4.759%, 12/25/35(l) | 16,661,333 | 16,661,333 | 11,632,223 | 11,632,223 | ||||||||||||||
Series 2007-3 1A1 | ||||||||||||||||||
5.472%, 5/25/47(l) | 12,925,619 | 12,925,619 | 7,477,279 | 7,477,279 | ||||||||||||||
Bear Stearns Alt-A Trust, | ||||||||||||||||||
Series 2005-7 22A1 | ||||||||||||||||||
5.495%, 9/25/35(l) | 3,479,951 | 3,479,951 | 1,618,489 | 1,618,489 | ||||||||||||||
Series 2006-7 1A2 | ||||||||||||||||||
0.691%, 12/25/46(l) | 354,014 | 354,014 | 68,985 | 68,985 | ||||||||||||||
Bear Stearns Commercial Mortgage Securities, Inc., | ||||||||||||||||||
Series 1998-C1 A2 | ||||||||||||||||||
6.440%, 6/16/30 | 5,505 | 5,505 | 5,486 | 5,486 | ||||||||||||||
Chase Commercial Mortgage Securities Corp., | ||||||||||||||||||
Series 2000-1 A2 | ||||||||||||||||||
7.757%, 4/15/32^ | 10,228,615 | 10,228,615 | 10,237,279 | 10,237,279 | ||||||||||||||
Chase Manhattan Bank-First Union National Bank, | ||||||||||||||||||
Series 1999-1 A2 | ||||||||||||||||||
7.439%, 8/15/31(l) | 16,022,104 | 16,022,104 | 15,982,852 | 15,982,852 | ||||||||||||||
Chevy Chase Mortgage Funding Corp., |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||
Series 2007-2A A1 | ||||||||||||||||||
0.601%, 5/25/48(l)§ | 2,176,505 | 2,176,505 | 896,870 | 896,870 | ||||||||||||||
Citigroup Commercial Mortgage Trust, | ||||||||||||||||||
Series 2006-FL2 A1 | ||||||||||||||||||
1.265%, 8/15/21(l)§ | 2,105 | 2,105 | 1,824 | 1,824 | ||||||||||||||
Citigroup Mortgage Loan Trust, Inc., | ||||||||||||||||||
Series 2005-11 A1A | ||||||||||||||||||
4.900%, 12/25/35(l) | 101,058 | 101,058 | 81,079 | 81,079 | ||||||||||||||
Series 2005-11 A2A | ||||||||||||||||||
4.700%, 12/25/35(l) | 1,516,002 | 1,516,002 | 1,099,594 | 1,099,594 | ||||||||||||||
Series 2005-12 2A1 | ||||||||||||||||||
1.271%, 8/25/35(l)§ | 931,274 | 931,274 | 764,476 | 764,476 | ||||||||||||||
Series 2005-6 A1 | ||||||||||||||||||
4.050%, 8/25/35(l) | 116,871 | 116,871 | 87,952 | 87,952 | ||||||||||||||
Series 2005-6 A2 | ||||||||||||||||||
4.248%, 8/25/35(l) | 547,933 | 547,933 | 447,611 | 447,611 | ||||||||||||||
Series 2005-6 A3 | ||||||||||||||||||
4.098%, 8/25/35(l) | 78,518 | 78,518 | 66,639 | 66,639 | ||||||||||||||
Citigroup/Deutsche Bank Commercial Mortgage Trust, | ||||||||||||||||||
Series 2006-CD3 A5 | ||||||||||||||||||
5.617%, 10/15/48 | 4,000,000 | 4,000,000 | 3,185,867 | 3,185,867 | ||||||||||||||
Citimortgage Alternative Loan Trust, | ||||||||||||||||||
Series 2007-A6 1A5 | ||||||||||||||||||
6.000%, 6/25/37 | 1,820,200 | 1,820,200 | 1,492,278 | 1,492,278 | ||||||||||||||
Commercial Mortgage Acceptance Corp., | ||||||||||||||||||
Series 1999-C1 A2 | ||||||||||||||||||
7.030%, 6/15/31 | 3,040,018 | 3,040,018 | 3,028,793 | 3,028,793 | ||||||||||||||
Countrywide Alternative Loan Trust, | ||||||||||||||||||
Series 2003-J1 4A1 | ||||||||||||||||||
6.000%, 10/25/32 | 4,368 | 4,368 | 3,891 | 3,891 | ||||||||||||||
Series 2005-61 2A1 | ||||||||||||||||||
0.751%, 12/25/35(l) | 42,895 | 42,895 | 19,356 | 19,356 | ||||||||||||||
Series 2005-62 2A1 | ||||||||||||||||||
3.256%, 12/25/35(l) | 422,716 | 422,716 | 181,081 | 181,081 | ||||||||||||||
Series 2006-41CB 1A9 | ||||||||||||||||||
6.000%, 1/25/37 | 1,051,968 | 1,051,968 | 566,420 | 566,420 | ||||||||||||||
Series 2006-OA12 A1A | ||||||||||||||||||
0.588%, 9/20/46(l) | 90,210 | 90,210 | 88,137 | 88,137 | ||||||||||||||
Series 2006-OA22 A1 | ||||||||||||||||||
0.631%, 2/25/47(l) | 1,056,095 | 1,056,095 | 431,925 | 431,925 | ||||||||||||||
Series 2006-OC9 A1 | ||||||||||||||||||
0.546%, 12/25/36(l) | 5,217,613 | 5,217,613 | 4,743,302 | 4,743,302 | ||||||||||||||
Series 2007-2CB 1A1 | ||||||||||||||||||
5.750%, 3/25/37 | 11,669,131 | 11,669,131 | 9,573,089 | 9,573,089 | ||||||||||||||
Series 2007-OA7 A1A | ||||||||||||||||||
0.651%, 5/25/47(l) | 238,850 | 238,850 | 98,055 | 98,055 | ||||||||||||||
Countrywide Home Loan Mortgage Pass Through Trust, | ||||||||||||||||||
Series 2002-30 M | ||||||||||||||||||
5.310%, 10/19/32(l) | 8,013 | 8,013 | 6,694 | 6,694 | ||||||||||||||
Series 2003-HYB3 7A1 | ||||||||||||||||||
3.779%, 11/19/33(l) | 105,409 | 105,409 | 85,867 | 85,867 | ||||||||||||||
Series 2005-25 A11 | ||||||||||||||||||
5.500%, 11/25/35 | 1,272,331 | 1,272,331 | 988,433 | 988,433 | ||||||||||||||
Series 2005-3 1A2 | ||||||||||||||||||
0.761%, 4/25/35(l) | 431,182 | 431,182 | 211,236 | 211,236 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||
Series 2005-R2 1AF1 | ||||||||||||||||||
0.811%, 6/25/35(l)§ | 201,504 | 201,504 | 136,740 | 136,740 | ||||||||||||||
Credit Suisse Mortgage Capital Certificates, | ||||||||||||||||||
Series 2006-2 5A6 | ||||||||||||||||||
6.000%, 3/25/36 | 17,890,031 | 17,890,031 | 13,613,886 | 13,613,886 | ||||||||||||||
Series 2006-C3 A2 | ||||||||||||||||||
4.991%, 6/15/38 | 11,715,150 | 11,715,150 | 11,156,616 | 11,156,616 | ||||||||||||||
CS First Boston Mortgage Securities Corp., | ||||||||||||||||||
Series 1999-C1 A2 | ||||||||||||||||||
7.290%, 9/15/41 | 7,889,349 | 7,889,349 | 7,883,044 | 7,883,044 | ||||||||||||||
Series 2000-C1 A2 | ||||||||||||||||||
7.545%, 4/15/62 | 11,459,721 | 11,459,721 | 11,472,850 | 11,472,850 | ||||||||||||||
Series 2002-P1A A | ||||||||||||||||||
4.556%, 3/25/32(l)§ | 2,625 | 2,625 | 1,942 | 1,942 | ||||||||||||||
Series 2005-C6 A1 | ||||||||||||||||||
4.938%, 12/15/40 | 83,042 | 83,042 | 81,302 | 81,302 | ||||||||||||||
Deutsche ALT-A Securities, Inc., | ||||||||||||||||||
Series 2003-3 3A1 | ||||||||||||||||||
5.000%, 10/25/18 | 1,106,661 | 1,106,661 | 1,034,055 | 1,034,055 | ||||||||||||||
Series 2005-AR2 7A1 | ||||||||||||||||||
5.587%, 10/25/35(l) | 471,038 | 471,038 | 240,025 | 240,025 | ||||||||||||||
Series 2006-AB4 A1B1 | ||||||||||||||||||
0.571%, 10/25/36(l) | 46,177 | 46,177 | 42,861 | 42,861 | ||||||||||||||
Series 2007-1 1A1 | ||||||||||||||||||
0.561%, 8/25/37(l) | 1,517,027 | 1,517,027 | 1,447,530 | 1,447,530 | ||||||||||||||
DLJ Commercial Mortgage Corp., | ||||||||||||||||||
Series 2000-CKP1 A1B | ||||||||||||||||||
7.180%, 11/10/33 | 14,824,687 | 14,824,687 | 14,764,205 | 14,764,205 | ||||||||||||||
First Horizon Alternative Mortgage Securities Trust, | ||||||||||||||||||
Series 2004-AA1 A1 | ||||||||||||||||||
4.744%, 6/25/34(l) | 283,340 | 283,340 | 156,586 | 156,586 | ||||||||||||||
First Horizon Mortgage Pass-Through Trust, | ||||||||||||||||||
Series 2003-AR4 2A1 | ||||||||||||||||||
4.741%, 12/25/33(l) | 8,808,276 | 8,808,276 | 7,118,556 | 7,118,556 | ||||||||||||||
Series 2005-AR3 2A1 | ||||||||||||||||||
5.354%, 8/25/35(l) | 621,365 | 621,365 | 439,883 | 439,883 | ||||||||||||||
First Union National Bank Commercial Mortgage Trust, | ||||||||||||||||||
Series 2000-C2 A2 | ||||||||||||||||||
7.202%, 10/15/32 | 15,680,936 | 15,680,936 | 15,754,009 | 15,754,009 | ||||||||||||||
Series 2001-C2 A2 | ||||||||||||||||||
6.663%, 1/12/43 | 11,581,374 | 11,581,374 | 11,382,673 | 11,382,673 | ||||||||||||||
GE Capital Commercial Mortgage Corp., | ||||||||||||||||||
Series 2001-2 A2 | ||||||||||||||||||
5.850%, 8/11/33 | 4,695,268 | 4,695,268 | 4,622,648 | 4,622,648 | ||||||||||||||
GMAC Commercial Mortgage Securities, Inc., | ||||||||||||||||||
Series 1999-C3 A2 | ||||||||||||||||||
7.179%, 8/15/36(l) | 12,758,844 | 12,758,844 | 12,715,485 | 12,715,485 | ||||||||||||||
Series 2006-C1 A4 | ||||||||||||||||||
5.238%, 11/10/45(l) | 5,900,000 | 5,900,000 | 4,701,574 | 4,701,574 | ||||||||||||||
Greenpoint Mortgage Funding Trust, | ||||||||||||||||||
Series 2005-AR5 1A1 | ||||||||||||||||||
0.741%, 11/25/45(l) | 75,332 | 75,332 | 34,693 | 34,693 | ||||||||||||||
Series 2006-AR6 A1A | ||||||||||||||||||
0.551%, 10/25/46(l) | 115,737 | 115,737 | 92,905 | 92,905 | ||||||||||||||
Greenwich Capital Commercial Funding Corp., |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||
Series 2004-GG1 A4 | ||||||||||||||||||
4.755%, 6/10/36 | 7,325,000 | 7,325,000 | 7,110,023 | 7,110,023 | ||||||||||||||
Series 2007-GG9 A4 | ||||||||||||||||||
5.444%, 3/10/39 | 11,800,000 | 11,800,000 | 8,981,356 | 8,981,356 | ||||||||||||||
GS Mortgage Securities Corp. II, | ||||||||||||||||||
Series 2005-GG4 A1P | ||||||||||||||||||
5.285%, 7/10/39 | 5,887,112 | 5,887,112 | 5,603,554 | 5,603,554 | ||||||||||||||
Series 2007-EOP A1 | ||||||||||||||||||
1.966%, 3/6/20(l)§ | 757,261 | 757,261 | 557,066 | 557,066 | ||||||||||||||
GSR Mortgage Loan Trust, | ||||||||||||||||||
Series 2005-AR6 2A1 | ||||||||||||||||||
4.540%, 9/25/35(l) | 386,178 | 386,178 | 284,664 | 284,664 | ||||||||||||||
Harborview Mortgage Loan Trust, | ||||||||||||||||||
Series 2005-2 2A1A | ||||||||||||||||||
0.801%, 5/19/35(l) | 49,227 | 49,227 | 22,928 | 22,928 | ||||||||||||||
Series 2006-1 2A1A | ||||||||||||||||||
0.821%, 3/19/36(l)(m) | 367,429 | 367,429 | 156,280 | 156,280 | ||||||||||||||
Series 2006-12 2A11 | ||||||||||||||||||
0.671%, 1/19/38(l) | 95,438 | 95,438 | 85,442 | 85,442 | ||||||||||||||
Impac Secured Assets Corp., | ||||||||||||||||||
Series 2006-4 A2A | ||||||||||||||||||
0.551%, 1/25/37(b)(l) | 64,593 | 64,593 | 60,011 | 60,011 | ||||||||||||||
Indymac Index Mortgage Loan Trust, | ||||||||||||||||||
Series 2004-AR11 2A | ||||||||||||||||||
5.055%, 12/25/34(l) | 342,779 | 342,779 | 235,027 | 235,027 | ||||||||||||||
Series 2006-AR14 1A1A | ||||||||||||||||||
0.561%, 11/25/46(l) | 87,799 | 87,799 | 79,954 | 79,954 | ||||||||||||||
JP Morgan Chase Commercial Mortgage Securities Corp., | ||||||||||||||||||
Series 2001-CIBC A3 | ||||||||||||||||||
6.260%, 3/15/33 | 10,729,696 | 10,729,696 | 10,487,323 | 10,487,323 | ||||||||||||||
Series 2007-CB20 A4 | ||||||||||||||||||
5.794%, 2/12/51(l) | 1,900,000 | 1,900,000 | 1,380,662 | 1,380,662 | ||||||||||||||
JP Morgan Mortgage Trust, | ||||||||||||||||||
Series 2005-A1 6T1 | ||||||||||||||||||
5.024%, 2/25/35(l) | 2,195,568 | 2,195,568 | 1,647,245 | 1,647,245 | ||||||||||||||
Series 2007-A1 2A1 | ||||||||||||||||||
4.740%, 7/25/35(l) | 20,006,382 | 20,006,382 | 15,992,043 | 15,992,043 | ||||||||||||||
Series 2007-A1 5A1 | ||||||||||||||||||
4.767%, 7/25/35(l) | 18,664,269 | 18,664,269 | 13,099,004 | 13,099,004 | ||||||||||||||
LB Commercial Conduit Mortgage Trust, | ||||||||||||||||||
Series 1999-C1 A2 | ||||||||||||||||||
6.780%, 6/15/31 | 16,930,785 | 16,930,785 | 16,867,486 | 16,867,486 | ||||||||||||||
LB-UBS Commercial Mortgage Trust, | ||||||||||||||||||
Series 2000-C3 B | ||||||||||||||||||
7.950%, 3/15/32(l) | 12,000,000 | 12,000,000 | 12,061,637 | 12,061,637 | ||||||||||||||
Series 2001-C3 A2 | ||||||||||||||||||
6.365%, 12/15/28 | 14,090,000 | 14,090,000 | 13,708,747 | 13,708,747 | ||||||||||||||
Series 2005-C2 A2 | ||||||||||||||||||
4.821%, 4/15/30 | 19,421,815 | 19,421,815 | 18,441,467 | 18,441,467 | ||||||||||||||
Lehman XS Trust, | ||||||||||||||||||
Series 2006-10N 1A1A | ||||||||||||||||||
0.551%, 7/25/46(l) | 47,461 | 47,461 | 46,709 | 46,709 | ||||||||||||||
MASTR Adjustable Rate Mortgages Trust, | ||||||||||||||||||
Series 2004-13 3A4 | ||||||||||||||||||
3.788%, 11/21/34(l) | 260,188 | 260,188 | 252,499 | 252,499 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||
Series 2004-13 3A7 | ||||||||||||||||||
3.788%, 11/21/34(l) | 200,000 | 200,000 | 128,004 | 128,004 | ||||||||||||||
Series 2007-3 22A1 | ||||||||||||||||||
0.581%, 5/25/47(l) | 180,024 | 180,024 | 172,692 | 172,692 | ||||||||||||||
MASTR Asset Securitization Trust, | ||||||||||||||||||
Series 2006-1 4A1 | ||||||||||||||||||
5.750%, 2/25/21 | 14,037,808 | 14,037,808 | 12,280,270 | 12,280,270 | ||||||||||||||
Mellon Residential Funding Corp., | ||||||||||||||||||
Series 2000-TBC3 A1 | ||||||||||||||||||
1.635%, 12/15/30(l) | 54,763 | 54,763 | 43,636 | 43,636 | ||||||||||||||
Series 2001-TBC1 A1 | ||||||||||||||||||
1.545%, 11/15/31(l) | 205,920 | 205,920 | 157,319 | 157,319 | ||||||||||||||
Merrill Lynch Floating Trust, | ||||||||||||||||||
Series 2006-1 A1 | ||||||||||||||||||
1.265%, 6/15/22(l)§ | 72,015 | 72,015 | 54,627 | 54,627 | ||||||||||||||
Merrill Lynch Mortgage Investors, Inc., | ||||||||||||||||||
Series 2005-A10 A | ||||||||||||||||||
0.681%, 2/25/36(l) | 1,532,262 | 1,532,262 | 815,196 | 815,196 | ||||||||||||||
MLCC Mortgage Investors, Inc., | ||||||||||||||||||
Series 2005-2 1A | ||||||||||||||||||
3.819%, 10/25/35(l) | 3,542,834 | 3,542,834 | 2,696,096 | 2,696,096 | ||||||||||||||
Series 2005-2 2A | ||||||||||||||||||
4.250%, 10/25/35(l) | 2,851,082 | 2,851,082 | 2,266,942 | 2,266,942 | ||||||||||||||
Series 2005-2 3A | ||||||||||||||||||
2.395%, 10/25/35(l) | 396,680 | 396,680 | 294,534 | 294,534 | ||||||||||||||
Series 2005-3 4A | ||||||||||||||||||
0.721%, 11/25/35(l) | 305,351 | 305,351 | 218,734 | 218,734 | ||||||||||||||
Series 2005-3 5A | ||||||||||||||||||
0.721%, 11/25/35(l) | 332,558 | 332,558 | 229,588 | 229,588 | ||||||||||||||
Morgan Stanley Capital I, Inc., | ||||||||||||||||||
Series 2007-HQ13 A1 | ||||||||||||||||||
5.357%, 12/15/44 | 19,535,745 | 19,535,745 | 18,125,169 | 18,125,169 | ||||||||||||||
Nomura Asset Securities Corp., | ||||||||||||||||||
Series 1998-D6 A1B | ||||||||||||||||||
6.590%, 3/15/30 | 641,918 | 641,918 | 641,025 | 641,025 | ||||||||||||||
Paine Webber Mortgage Acceptance Corp., | ||||||||||||||||||
Series 1999-C1 A2 | ||||||||||||||||||
6.820%, 6/15/32 | 1,137,712 | 1,137,712 | 1,133,359 | 1,133,359 | ||||||||||||||
Permanent Financing plc, | ||||||||||||||||||
Series 4 3A | ||||||||||||||||||
2.329%, 3/10/24(l)† | 10,000,000 | 10,000,000 | 9,762,500 | 9,762,500 | ||||||||||||||
PNC Mortgage Acceptance Corp., | ||||||||||||||||||
Series 1999-CM1 A1B | ||||||||||||||||||
7.330%, 12/10/32(l) | 7,976,131 | 7,976,131 | 7,977,869 | 7,977,869 | ||||||||||||||
Residential Accredit Loans, Inc., | ||||||||||||||||||
Series 2004-QS13 CB | ||||||||||||||||||
5.000%, 9/25/19 | 19,514,464 | 19,514,464 | 17,099,549 | 17,099,549 | ||||||||||||||
Series 2005-QO1 A1 | ||||||||||||||||||
0.771%, 8/25/35(l) | 84,413 | 84,413 | 41,028 | 41,028 | ||||||||||||||
Residential Asset Securitization Trust, | ||||||||||||||||||
Series 2006-A8 2A4 | ||||||||||||||||||
6.500%, 8/25/36 | 1,000,000 | 1,000,000 | 295,976 | 295,976 | ||||||||||||||
Residential Funding Mortgage Securities I, Inc., | ||||||||||||||||||
Series 2005-SA2 1A | ||||||||||||||||||
5.212%, 6/25/35(l) | 8,346,520 | 8,346,520 | 5,437,875 | 5,437,875 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||
Series 2005-SA5 2A | ||||||||||||||||||
5.330%, 11/25/35(l) | 12,531,497 | 12,531,497 | 9,161,629 | 9,161,629 | ||||||||||||||
Securitized Asset Sales, Inc., | ||||||||||||||||||
Series 1993-6 A5 | ||||||||||||||||||
5.759%, 11/26/23(l) | 4,615 | 4,615 | 4,026 | 4,026 | ||||||||||||||
Sequoia Mortgage Trust, | ||||||||||||||||||
Series 10 2A1 | ||||||||||||||||||
0.888%, 10/20/27(l) | 25,887 | 25,887 | 19,810 | 19,810 | ||||||||||||||
Structured Adjustable Rate Mortgage Loan Trust, | ||||||||||||||||||
Series 2004-1 4A2 | ||||||||||||||||||
5.365%, 2/25/34(l) | 232,600 | 232,600 | 144,466 | 144,466 | ||||||||||||||
Series 2004-19 2A1 | ||||||||||||||||||
3.453%, 1/25/35(l) | 65,547 | 65,547 | 30,262 | 30,262 | ||||||||||||||
Series 2005-17 3A1 | ||||||||||||||||||
5.528%, 8/25/35(l) | 319,254 | 319,254 | 164,239 | 164,239 | ||||||||||||||
Structured Asset Mortgage Investments, Inc., | ||||||||||||||||||
Series 2004-AR5 1A1 | ||||||||||||||||||
0.911%, 10/19/34(l) | 122,211 | 122,211 | 64,062 | 64,062 | ||||||||||||||
Series 2005-AR5 A1 | ||||||||||||||||||
0.831%, 7/19/35(l) | 238,153 | 238,153 | 103,076 | 103,076 | ||||||||||||||
Series 2005-AR5 A2 | ||||||||||||||||||
0.831%, 7/19/35(l) | 537,515 | 537,515 | 404,008 | 404,008 | ||||||||||||||
Series 2005-AR5 A3 | ||||||||||||||||||
0.831%, 7/19/35(l) | 1,057,265 | 1,057,265 | 713,535 | 713,535 | ||||||||||||||
Series 2006-AR4 2A1 | ||||||||||||||||||
0.661%, 6/25/36(l) | 96,827 | 96,827 | 40,392 | 40,392 | ||||||||||||||
Series 2006-AR5 1A1 | ||||||||||||||||||
0.681%, 5/25/46(l) | 2,829,226 | 2,829,226 | 1,198,651 | 1,198,651 | ||||||||||||||
Series 2006-AR7 A8 | ||||||||||||||||||
0.541%, 8/25/36(l) | 135,829 | 135,829 | 127,972 | 127,972 | ||||||||||||||
Series 2007-AR3 1A1 | ||||||||||||||||||
0.571%, 9/25/47(l) | 880,128 | 880,128 | 811,789 | 811,789 | ||||||||||||||
Structured Asset Securities Corp., | ||||||||||||||||||
Series 2006-11 A1 | ||||||||||||||||||
5.048%, 10/25/35(l)§ | 157,089 | 157,089 | 113,765 | 113,765 | ||||||||||||||
SunTrust Adjustable Rate Mortgage Loan Trust, | ||||||||||||||||||
Series 2007-2 3A3 | ||||||||||||||||||
5.711%, 4/25/37(l) | 17,719,969 | 17,719,969 | 10,815,922 | 10,815,922 | ||||||||||||||
TIAA Seasoned Commercial Mortgage Trust, | ||||||||||||||||||
Series 2007-C4 A1 | ||||||||||||||||||
5.683%, 8/15/39(l) | 16,659,938 | 16,659,938 | 15,696,764 | 15,696,764 | ||||||||||||||
TBW Mortgage Backed Pass Through Certificates, | ||||||||||||||||||
Series 2006-4 A1B | ||||||||||||||||||
0.571%, 9/25/36(l) | 10,162 | 10,162 | 9,800 | 9,800 | ||||||||||||||
Series 2006-6 A1 | ||||||||||||||||||
0.581%, 1/25/37(l) | 61,873 | 61,873 | 57,483 | 57,483 | ||||||||||||||
Thornburg Mortgage Securities Trust, | ||||||||||||||||||
Series 2006-5 A1 | ||||||||||||||||||
0.591%, 9/25/46(l) | 807,350 | 807,350 | 669,012 | 669,012 | ||||||||||||||
Series 2007-1 A3A | ||||||||||||||||||
0.571%, 3/25/37(l) | 4,406,589 | 4,406,589 | 3,605,650 | 3,605,650 | ||||||||||||||
Series 2007-2 A2A | ||||||||||||||||||
1.525%, 6/25/37(l) | 3,012,153 | 3,012,153 | 2,462,189 | 2,462,189 | ||||||||||||||
Wachovia Bank Commercial Mortgage Trust, | ||||||||||||||||||
Series 2006-C23 A1 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
5.203%, 1/15/45 | 13,395,976 | 13,395,976 | 12,975,941 | 12,975,941 | |||||||||||||||
Series 2006-WL7A A1 | |||||||||||||||||||
1.285%, 9/15/21(l)§ | 3,156,345 | 3,156,345 | 2,409,241 | 2,409,241 | |||||||||||||||
Series 2007-WHL8 A1 | |||||||||||||||||||
1.275%, 6/15/20(l)§ | 1,873,134 | 1,873,134 | 1,325,074 | 1,325,074 | |||||||||||||||
WaMu Mortgage Pass-Through Certificates, | |||||||||||||||||||
Series 2002-AR17 1A | |||||||||||||||||||
3.456%, 11/25/42(l) | 18,948 | 18,948 | 15,622 | 15,622 | |||||||||||||||
Series 2002-AR2 A | |||||||||||||||||||
4.375%, 2/25/34(l) | 14,869 | 14,869 | 12,047 | 12,047 | |||||||||||||||
Series 2003-AR1 A5 | |||||||||||||||||||
5.612%, 3/25/33(l) | 1,841,141 | 1,841,141 | 1,729,494 | 1,729,494 | |||||||||||||||
Series 2003-R1 A1 | |||||||||||||||||||
1.011%, 12/25/27(l) | 432,676 | 432,676 | 358,298 | 358,298 | |||||||||||||||
Series 2004-AR1 A | |||||||||||||||||||
4.229%, 3/25/34(l) | 4,604,044 | 7,878,856 | 12,482,900 | 3,776,519 | 6,462,720 | 10,239,239 | |||||||||||||
Series 2005-AR11 A1B1 | |||||||||||||||||||
0.761%, 8/25/45(l) | 1,287 | 1,287 | 1,266 | 1,266 | |||||||||||||||
Series 2005-AR13 A1A1 | |||||||||||||||||||
0.761%, 10/25/45(l) | 374,755 | 374,755 | 204,682 | 204,682 | |||||||||||||||
Series 2005-AR15 A1A1 | |||||||||||||||||||
0.731%, 11/25/45(l) | 85,207 | 85,207 | 41,802 | 41,802 | |||||||||||||||
Series 2006-AR15 2A | |||||||||||||||||||
3.756%, 11/25/46(l) | 77,301 | 77,301 | 53,299 | 53,299 | |||||||||||||||
Series 2006-AR3 A1A | |||||||||||||||||||
3.256%, 2/25/46(l) | 131,414 | 131,414 | 55,934 | 55,934 | |||||||||||||||
Series 2006-AR7 3A | |||||||||||||||||||
4.269%, 7/25/46(l) | 370,775 | 370,775 | 310,357 | 310,357 | |||||||||||||||
Series 2006-AR9 1A | |||||||||||||||||||
3.256%, 8/25/46(l) | 3,592,610 | 3,592,610 | 1,389,634 | 1,389,634 | |||||||||||||||
Series 2007-HY3 4A1 | |||||||||||||||||||
5.347%, 3/25/37(l) | 20,811,528 | 20,811,528 | 11,907,116 | 11,907,116 | |||||||||||||||
Wells Fargo Mortgage Backed Securities Trust, | |||||||||||||||||||
Series 2004-S A1 | |||||||||||||||||||
3.741%, 9/25/34(l) | 190,346 | 190,346 | 139,076 | 139,076 | |||||||||||||||
Series 2005-AR2 2A1 | |||||||||||||||||||
4.552%, 3/25/35(l) | 16,560,759 | 16,560,759 | 10,762,216 | 10,762,216 | |||||||||||||||
Series 2006-AR10 2A1 | |||||||||||||||||||
5.628%, 7/25/36(l) | 27,105,363 | 27,105,363 | 14,491,850 | 14,491,850 | |||||||||||||||
Series 2007-8 2A7 | |||||||||||||||||||
6.000%, 7/25/37 | 21,054,640 | 21,054,640 | 16,604,129 | 16,604,129 | |||||||||||||||
Series 2007-10 1A22 | |||||||||||||||||||
0.971%, 7/25/37(l) | 3,441,315 | 3,441,315 | 1,527,537 | 1,527,537 | |||||||||||||||
— | 92,904,044 | 492,226,400 | 585,130,444 | 14.6 | % | ||||||||||||||
Total Asset-Backed and Mortgage-Backed Securities | — | 285,299,398 | 744,817,067 | 1,030,116,465 | 25.7 | % | |||||||||||||
Convertible Bonds | |||||||||||||||||||
Government Securities | |||||||||||||||||||
U.S. Government Agencies | |||||||||||||||||||
Federal Home Loan Mortgage Corp. | |||||||||||||||||||
4.376%, 1/1/34(l) | 72,972 | 72,972 | 72,459 | 72,459 | |||||||||||||||
Federal National Mortgage Association | |||||||||||||||||||
5.565%, 1/1/36(l) | 867,650 | 867,650 | 889,048 | 889,048 | |||||||||||||||
Total Government Securities | — | 961,507 | — | 961,507 | 0.0 | % | |||||||||||||
Total Convertible Bonds | — | 961,507 | — | 961,507 | 0.0 | % | |||||||||||||
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
Corporate Bonds | |||||||||||||||||||
Consumer Discretionary | |||||||||||||||||||
Media | |||||||||||||||||||
Comcast Corp. | |||||||||||||||||||
5.500%, 3/15/11 | 9,000,000 | 9,000,000 | 8,809,542 | 8,809,542 | |||||||||||||||
Thomson Reuters Corp. | |||||||||||||||||||
5.950%, 7/15/13 | 4,505,000 | 4,505,000 | 4,194,281 | 4,194,281 | |||||||||||||||
Total Consumer Discretionary | — | — | 13,003,823 | 13,003,823 | 0.3 | % | |||||||||||||
Consumer Staples | |||||||||||||||||||
Beverages | |||||||||||||||||||
Bottling Group LLC | |||||||||||||||||||
6.950%, 3/15/14 | 4,590,000 | 4,590,000 | 4,983,845 | 4,983,845 | |||||||||||||||
Food & Staples Retailing | |||||||||||||||||||
Wal-Mart Stores, Inc. | |||||||||||||||||||
5.800%, 2/15/18 | 1,900,000 | 1,900,000 | 2,102,445 | 2,102,445 | |||||||||||||||
Food Products | |||||||||||||||||||
Kraft Foods, Inc. | |||||||||||||||||||
6.000%, 2/11/13 | 700,000 | 700,000 | 711,359 | 711,359 | |||||||||||||||
Tobacco | |||||||||||||||||||
Reynolds American, Inc. | |||||||||||||||||||
2.696%, 6/15/11(l) | 1,200,000 | 1,200,000 | 970,500 | 970,500 | |||||||||||||||
Total Consumer Staples | — | 3,784,304 | 4,983,845 | 8,768,149 | 0.2 | % | |||||||||||||
Energy | |||||||||||||||||||
Oil, Gas & Consumable Fuels | |||||||||||||||||||
Anadarko Finance Co. | |||||||||||||||||||
6.750%, 5/1/11 | 8,550,000 | 8,550,000 | 8,553,061 | 8,553,061 | |||||||||||||||
Gaz Capital S.A. | |||||||||||||||||||
8.146%, 4/11/18§ | 1,000,000 | 1,000,000 | 705,000 | 705,000 | |||||||||||||||
Ras Laffan Liquefied Natural Gas Co., Ltd. | |||||||||||||||||||
3.437%, 9/15/09§ | 10,494 | 10,494 | 9,892 | 9,892 | |||||||||||||||
Rockies Express Pipeline LLC | |||||||||||||||||||
5.100%, 8/20/09(l)§ | 3,900,000 | 3,900,000 | 3,901,935 | 3,901,935 | |||||||||||||||
Sonat, Inc. | |||||||||||||||||||
7.625%, 7/15/11 | 35,000 | 35,000 | 31,911 | 31,911 | |||||||||||||||
XTO Energy, Inc. | |||||||||||||||||||
5.000%, 8/1/10 | 9,180,000 | 9,180,000 | 9,044,127 | 9,044,127 | |||||||||||||||
Total Energy | — | 4,648,738 | 17,597,188 | 22,245,926 | 0.6 | % | |||||||||||||
Financials | |||||||||||||||||||
Capital Markets | |||||||||||||||||||
Goldman Sachs Group, Inc. | |||||||||||||||||||
2.229%, 11/16/09(l) | 6,715,000 | 6,715,000 | 6,431,896 | 6,431,896 | |||||||||||||||
1.766%, 6/28/10(l) | 3,900,000 | 3,900,000 | 3,569,717 | 3,569,717 | |||||||||||||||
5.950%, 1/18/18 | 3,000,000 | 3,000,000 | 2,844,516 | 2,844,516 | |||||||||||||||
Lehman Brothers Holdings, Inc. | |||||||||||||||||||
0.000%, 11/24/09(h) | 100,000 | 100,000 | 9,000 | 9,000 | |||||||||||||||
0.000%, 12/23/09(h) | 1,800,000 | 1,800,000 | 162,000 | 162,000 | |||||||||||||||
0.000%, 5/25/10(h) | 10,000,000 | 10,000,000 | 900,000 | 900,000 | |||||||||||||||
5.250%, 2/6/12(h) | 12,000,000 | 12,000,000 | 1,140,000 | 1,140,000 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||||
Merrill Lynch & Co., Inc. | ||||||||||||||||||||
4.485%, 5/12/10(l) | 27,100,000 | 27,100,000 | 26,112,178 | 26,112,178 | ||||||||||||||||
Morgan Stanley | ||||||||||||||||||||
2.556%, 5/7/09(l) | 2,200,000 | 2,200,000 | 2,164,085 | 2,164,085 | ||||||||||||||||
4.233%, 5/14/10(l) | 21,400,000 | 21,400,000 | 19,919,056 | 19,919,056 | ||||||||||||||||
4.570%, 1/9/12(l) | 500,000 | 500,000 | 394,506 | 394,506 | ||||||||||||||||
4.620%, 1/9/14(l) | 2,100,000 | 2,100,000 | 1,454,134 | 1,454,134 | ||||||||||||||||
5.750%, 10/18/16 | 2,500,000 | 2,500,000 | 2,100,682 | 2,100,682 | ||||||||||||||||
6.625%, 4/1/18 | 4,200,000 | 4,200,000 | 3,684,618 | 3,684,618 | ||||||||||||||||
— | 69,746,388 | 1,140,000 | 70,886,388 | 1.8 | % | |||||||||||||||
Commercial Banks | ||||||||||||||||||||
American Express Bank FSB/Utah | ||||||||||||||||||||
1.459%, 6/12/09(l) | 2,400,000 | 2,400,000 | 2,336,585 | 2,336,585 | ||||||||||||||||
0.568%, 6/22/09(l) | 1,600,000 | 1,600,000 | 1,555,315 | 1,555,315 | ||||||||||||||||
American Express Centurion Bank | ||||||||||||||||||||
1.275%, 7/13/10(l) | 3,800,000 | 3,800,000 | 3,445,019 | 3,445,019 | ||||||||||||||||
Bank of Ireland | ||||||||||||||||||||
1.898%, 12/18/09(l) | 400,000 | 400,000 | 397,440 | 397,440 | ||||||||||||||||
Charter One Bank N.A. | ||||||||||||||||||||
3.585%, 4/24/09(l) | 2,100,000 | 2,100,000 | 2,069,726 | 2,069,726 | ||||||||||||||||
Commonwealth Bank of Australia | ||||||||||||||||||||
1.916%, 6/8/09(l)§ | 100,000 | 100,000 | 99,496 | 99,496 | ||||||||||||||||
Credit Agricole S.A./London | ||||||||||||||||||||
2.181%, 5/28/09(l)§ | 2,300,000 | 2,300,000 | 2,293,535 | 2,293,535 | ||||||||||||||||
Credit Suisse/New York | ||||||||||||||||||||
5.000%, 5/15/13 | 3,500,000 | 3,500,000 | 3,368,508 | 3,368,508 | ||||||||||||||||
DnB NOR Bank ASA | ||||||||||||||||||||
4.889%, 10/13/09(l)§ | 400,000 | 400,000 | 399,901 | 399,901 | ||||||||||||||||
HSBC Capital Funding LP/Jersey Channel Islands | ||||||||||||||||||||
10.176%, 12/29/49(l)§ | 100,000 | 100,000 | 81,488 | 81,488 | ||||||||||||||||
HSBC Holdings plc | ||||||||||||||||||||
5.375%, 12/20/12 | EUR | 120,000 | 120,000 | 164,272 | 164,272 | |||||||||||||||
JPMorgan Chase Bank N.A. | ||||||||||||||||||||
2.326%, 6/13/16(l) | $ | 5,700,000 | 5,700,000 | 4,284,035 | 4,284,035 | |||||||||||||||
National Australia Bank Ltd. | ||||||||||||||||||||
2.838%, 2/8/10(l)§ | 12,700,000 | 12,700,000 | 12,708,509 | 12,708,509 | ||||||||||||||||
5.350%, 6/12/13§ | 3,700,000 | 3,700,000 | 3,566,097 | 3,566,097 | ||||||||||||||||
Rabobank Capital Funding II | ||||||||||||||||||||
5.260%, 12/29/49(l)§ | 100,000 | 100,000 | 52,903 | 52,903 | ||||||||||||||||
Rabobank Capital Funding Trust III | ||||||||||||||||||||
5.254%, 12/29/49(l)§ | 120,000 | 120,000 | 65,793 | 65,793 | ||||||||||||||||
Rabobank Nederland N.V. | ||||||||||||||||||||
4.773%, 1/15/09(l)§ | 200,000 | 200,000 | 200,175 | 200,175 | ||||||||||||||||
Royal Bank of Scotland Group plc | ||||||||||||||||||||
2.323%, 8/21/09(l)§ | 5,300,000 | 5,300,000 | 5,268,640 | 5,268,640 | ||||||||||||||||
7.092%, 10/29/49(l) | EUR | 400,000 | 400,000 | 239,089 | 239,089 | |||||||||||||||
Santander U.S. Debt S.A.U. | ||||||||||||||||||||
2.261%, 11/20/09(l)§ | $ | 1,800,000 | 1,800,000 | 1,777,631 | 1,777,631 | |||||||||||||||
UBS AG/Connecticut | ||||||||||||||||||||
3.779%, 5/5/10(l) | 14,200,000 | 14,200,000 | 14,174,071 | 14,174,071 | ||||||||||||||||
5.875%, 12/20/17 | 1,100,000 | 1,100,000 | 1,010,510 | 1,010,510 | ||||||||||||||||
Wachovia Bank N.A./North Carolina | ||||||||||||||||||||
2.153%, 2/23/09(l) | 800,000 | 800,000 | 797,353 | 797,353 | ||||||||||||||||
2.287%, 12/2/10(l) | 600,000 | 600,000 | 557,848 | 557,848 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||||
Wachovia Corp. | ||||||||||||||||||||
5.500%, 5/1/13^ | 4,250,000 | 4,250,000 | 4,202,574 | 4,202,574 | ||||||||||||||||
5.750%, 6/15/17 | 2,000,000 | 2,000,000 | 1,990,682 | 1,990,682 | ||||||||||||||||
— | 62,904,621 | 4,202,574 | 67,107,195 | 1.7 | % | |||||||||||||||
Consumer Finance | ||||||||||||||||||||
American Express Co. | ||||||||||||||||||||
7.000%, 3/19/18 | 3,100,000 | 3,100,000 | 3,134,546 | 3,134,546 | ||||||||||||||||
8.150%, 3/19/38 | 890,000 | 890,000 | 1,020,595 | 1,020,595 | ||||||||||||||||
American Honda Finance Corp. | ||||||||||||||||||||
2.275%, 6/20/11(l)§ | 19,600,000 | 19,600,000 | 19,095,261 | 19,095,261 | ||||||||||||||||
Ford Motor Credit Co. LLC | ||||||||||||||||||||
7.875%, 6/15/10 | 700,000 | 700,000 | 560,126 | 560,126 | ||||||||||||||||
7.250%, 10/25/11 | 1,600,000 | 1,600,000 | 1,168,815 | 1,168,815 | ||||||||||||||||
7.800%, 6/1/12 | 100,000 | 100,000 | 70,157 | 70,157 | ||||||||||||||||
SLM Corp. | ||||||||||||||||||||
3.765%, 10/25/11(l) | 1,000,000 | 1,000,000 | 766,368 | 766,368 | ||||||||||||||||
4.495%, 11/15/11(l) | EUR | 800,000 | 800,000 | 780,096 | 780,096 | |||||||||||||||
— | 26,595,964 | 0 | 26,595,964 | 0.7 | % | |||||||||||||||
Diversified Financial Services | ||||||||||||||||||||
Atlantic & Western Reinsurance Ltd. | ||||||||||||||||||||
Series B | ||||||||||||||||||||
7.685%, 1/9/09(b)(l)§ | $ | 300,000 | 300,000 | 299,389 | 299,389 | |||||||||||||||
Atlas Reinsurance plc | ||||||||||||||||||||
6.928%, 1/10/10(b)(l)§ | EUR | 3,400,000 | 3,400,000 | 4,643,935 | 4,643,935 | |||||||||||||||
Bank of America Corp. | ||||||||||||||||||||
5.375%, 8/15/11 | 8,385,000 | 8,385,000 | 8,538,035 | 8,538,035 | ||||||||||||||||
8.125%, 12/29/49(l) | $ | 14,500,000 | 14,500,000 | 10,846,000 | 10,846,000 | |||||||||||||||
Bank of America N.A. | ||||||||||||||||||||
2.099%, 6/12/09(l) | 2,400,000 | 2,400,000 | 2,392,106 | 2,392,106 | ||||||||||||||||
C10 Capital SPV Ltd. | ||||||||||||||||||||
6.722%, 12/31/49(l)§ | 200,000 | 200,000 | 95,166 | 95,166 | ||||||||||||||||
Caterpillar Financial Services Corp. | ||||||||||||||||||||
2.216%, 6/24/11(l) | 18,900,000 | 18,900,000 | 16,895,750 | 16,895,750 | ||||||||||||||||
Citigroup Funding, Inc. | ||||||||||||||||||||
0.474%, 4/23/09(l) | 2,100,000 | 2,100,000 | 2,075,661 | 2,075,661 | ||||||||||||||||
3.556%, 5/7/10(l) | 22,100,000 | 22,100,000 | 20,952,347 | 20,952,347 | ||||||||||||||||
Citigroup, Inc. | ||||||||||||||||||||
3.505%, 1/30/09(l) | 200,000 | 200,000 | 199,593 | 199,593 | ||||||||||||||||
1.496%, 12/28/09(l) | 2,400,000 | 2,400,000 | 2,263,922 | 2,263,922 | ||||||||||||||||
5.250%, 2/27/12^ | 11,950,000 | 11,950,000 | 11,580,028 | 11,580,028 | ||||||||||||||||
Credit Suisse USA, Inc. | ||||||||||||||||||||
2.298%, 11/20/09(l) | 1,224,000 | 1,224,000 | 1,179,303 | 1,179,303 | ||||||||||||||||
General Electric Capital Corp. | ||||||||||||||||||||
3.565%, 10/26/09(l) | 300,000 | 300,000 | 292,043 | 292,043 | ||||||||||||||||
4.800%, 5/1/13 | 9,085,000 | 9,085,000 | 8,938,659 | 8,938,659 | ||||||||||||||||
3.053%, 5/22/13(l) | 10,800,000 | 10,800,000 | 9,090,338 | 9,090,338 | ||||||||||||||||
6.375%, 11/15/67(l) | 10,900,000 | 10,900,000 | 6,851,402 | 6,851,402 | ||||||||||||||||
Green Valley Ltd. | ||||||||||||||||||||
8.993%, 1/10/12(b)(l)§ | EUR | 1,500,000 | 1,500,000 | 1,999,170 | 1,999,170 | |||||||||||||||
John Deere Capital Corp. | ||||||||||||||||||||
2.939%, 6/10/11(l) | $ | 29,600,000 | 29,600,000 | 27,009,793 | 27,009,793 | |||||||||||||||
JPMorgan Chase & Co. | ||||||||||||||||||||
0.521%, 6/26/09(l) | 200,000 | 200,000 | 198,247 | 198,247 | ||||||||||||||||
4.500%, 11/15/10^ | 9,770,000 | 9,770,000 | 9,898,896 | 9,898,896 | ||||||||||||||||
5.600%, 6/1/11 | 14,741,000 | 14,741,000 | 14,810,577 | 14,810,577 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||||
4.750%, 5/1/13 | 10,000,000 | 10,000,000 | 9,867,690 | 9,867,690 | ||||||||||||||||
National Rural Utilities Cooperative Finance Corp. | ||||||||||||||||||||
2.210%, 7/1/10(l) | 19,000,000 | 19,000,000 | 17,336,284 | 17,336,284 | ||||||||||||||||
Petroleum Export Ltd./Cayman Island | ||||||||||||||||||||
5.265%, 6/15/11§ | 60,460 | 60,460 | 56,121 | 56,121 | ||||||||||||||||
Vita Capital III Ltd., | ||||||||||||||||||||
Series B-II | ||||||||||||||||||||
2.545%, 1/1/12(b)(l)§ | 300,000 | 300,000 | 270,555 | 270,555 | ||||||||||||||||
— | 124,947,125 | 63,633,885 | 188,581,010 | 4.7 | % | |||||||||||||||
Insurance | ||||||||||||||||||||
Allstate Life Global Funding II | ||||||||||||||||||||
2.823%, 5/21/10(l) | 19,300,000 | 19,300,000 | 17,243,759 | 17,243,759 | ||||||||||||||||
American International Group, Inc. | ||||||||||||||||||||
4.700%, 10/1/10 | 2,670,000 | 2,670,000 | 2,358,889 | 2,358,889 | ||||||||||||||||
5.375%, 10/18/11 | 1,000,000 | 1,000,000 | 822,594 | 822,594 | ||||||||||||||||
8.625%, 5/22/38(b)(l)(m) | GBP | 1,900,000 | 1,900,000 | 819,518 | 819,518 | |||||||||||||||
Metropolitan Life Global Funding I | ||||||||||||||||||||
5.194%, 4/13/09(l)§ | $ | 8,300,000 | 8,300,000 | 8,214,568 | 8,214,568 | |||||||||||||||
2.216%, 6/25/10(l)§ | 19,700,000 | 19,700,000 | 17,696,490 | 17,696,490 | ||||||||||||||||
5.125%, 4/10/13§ | 13,225,000 | 13,225,000 | 12,322,513 | 12,322,513 | ||||||||||||||||
Pacific Life Global Funding | ||||||||||||||||||||
5.150%, 4/15/13§ | 1,200,000 | 1,200,000 | 1,127,470 | 1,127,470 | ||||||||||||||||
Pricoa Global Funding I | ||||||||||||||||||||
3.010%, 6/4/10(l)§ | 38,800,000 | 38,800,000 | 37,100,253 | 37,100,253 | ||||||||||||||||
3.565%, 1/30/12(l)§ | 9,800,000 | 9,800,000 | 7,384,427 | 7,384,427 | ||||||||||||||||
— | 90,409,079 | 14,681,402 | 105,090,481 | 2.6 | % | |||||||||||||||
Thrifts & Mortgage Finance | ||||||||||||||||||||
Sovereign Bancorp, Inc. | ||||||||||||||||||||
1.728%, 3/23/10(l) | 10,345,000 | 10,345,000 | 9,185,677 | 9,185,677 | ||||||||||||||||
Total Financials | — | 374,603,177 | 92,843,538 | 467,446,715 | 11.7 | % | ||||||||||||||
Health Care | ||||||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||
GlaxoSmithKline Capital, Inc. | ||||||||||||||||||||
2.800%, 5/13/10(l) | 9,700,000 | 9,700,000 | 9,380,647 | 9,380,647 | ||||||||||||||||
Wyeth | ||||||||||||||||||||
6.950%, 3/15/11 | 5,600,000 | 5,600,000 | 5,831,750 | 5,831,750 | ||||||||||||||||
Total Health Care | — | 9,380,647 | 5,831,750 | 15,212,397 | 0.4 | % | ||||||||||||||
Industrials | ||||||||||||||||||||
Airlines | ||||||||||||||||||||
UAL Pass Through Trust | ||||||||||||||||||||
Series 2001-1 | ||||||||||||||||||||
6.602%, 9/1/13 | 7,996 | 7,996 | — | 7,437 | — | 7,437 | ||||||||||||||
Industrial Conglomerates | ||||||||||||||||||||
Ingersoll-Rand Global Holding Co., Ltd. | ||||||||||||||||||||
3.675%, 8/13/10(l) | 8,575,000 | 8,575,000 | 7,940,639 | 7,940,639 | ||||||||||||||||
Total Industrials | — | 7,437 | 7,940,639 | 7,948,076 | 0.2 | % | ||||||||||||||
Materials | ||||||||||||||||||||
Chemicals | ||||||||||||||||||||
Nalco Co. | ||||||||||||||||||||
8.875%, 11/15/13 | 200,000 | 200,000 | 169,000 | 169,000 | ||||||||||||||||
Total Materials | — | 169,000 | — | 169,000 | 0.0 | % | ||||||||||||||
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||||
Telecommunication Services | ||||||||||||||||||||
Diversified Telecommunication Services | ||||||||||||||||||||
AT&T, Inc. | ||||||||||||||||||||
2.959%, 2/5/10(l) | 3,600,000 | 3,600,000 | 3,477,247 | 3,477,247 | ||||||||||||||||
Deutsche Telekom International Finance B.V. | ||||||||||||||||||||
8.125%, 5/29/12 | EUR | 76,000 | 76,000 | 113,483 | 113,483 | |||||||||||||||
Telefonica Europe B.V. | ||||||||||||||||||||
7.750%, 9/15/10 | 3,975,000 | 3,975,000 | 4,036,064 | 4,036,064 | ||||||||||||||||
Qwest Capital Funding, Inc. | ||||||||||||||||||||
7.000%, 8/3/09 | 1,000,000 | 1,000,000 | 980,000 | 980,000 | ||||||||||||||||
Verizon Communications, Inc. | ||||||||||||||||||||
7.250%, 12/1/10 | 9,617,000 | 9,617,000 | 10,082,088 | 10,082,088 | ||||||||||||||||
— | 4,570,730 | 14,118,152 | 18,688,882 | 0.5 | % | |||||||||||||||
Wireless Telecommunication Services | ||||||||||||||||||||
Cellco Partnership | ||||||||||||||||||||
7.375%, 11/15/13§ | 6,840,000 | 6,840,000 | 7,216,747 | 7,216,747 | ||||||||||||||||
New Cingular Wireless Services, Inc. | ||||||||||||||||||||
7.875%, 3/1/11 | 9,425,000 | 9,425,000 | 9,757,165 | 9,757,165 | ||||||||||||||||
Vodafone Group plc | ||||||||||||||||||||
7.750%, 2/15/10 | 4,875,000 | 4,875,000 | 4,982,323 | 4,982,323 | ||||||||||||||||
— | — | 21,956,235 | 21,956,235 | 0.5 | % | |||||||||||||||
Total Telecommunication Services | — | 4,570,730 | 36,074,387 | 40,645,117 | 1.0 | % | ||||||||||||||
Utilities | ||||||||||||||||||||
Electric Utilities | ||||||||||||||||||||
Duke Energy Ohio, Inc. | ||||||||||||||||||||
5.700%, 9/15/12 | 10,010,000 | 10,010,000 | 9,847,027 | 9,847,027 | ||||||||||||||||
Florida Power Corp. | ||||||||||||||||||||
6.650%, 7/15/11 | 5,225,000 | 5,225,000 | 5,484,254 | 5,484,254 | ||||||||||||||||
FPL Group Capital, Inc. | ||||||||||||||||||||
5.625%, 9/1/11 | 8,250,000 | 8,250,000 | 8,366,408 | 8,366,408 | ||||||||||||||||
Midamerican Funding LLC | ||||||||||||||||||||
6.750%, 3/1/11 | 4,380,000 | 4,380,000 | 4,406,963 | 4,406,963 | ||||||||||||||||
Nevada Power Co., | ||||||||||||||||||||
Series L | ||||||||||||||||||||
5.875%, 1/15/15 | 150,000 | 150,000 | 143,586 | 143,586 | ||||||||||||||||
Progress Energy, Inc. | ||||||||||||||||||||
7.100%, 3/1/11 | 9,000,000 | 9,000,000 | 8,920,161 | 8,920,161 | ||||||||||||||||
— | 143,586 | 37,024,813 | 37,168,399 | 0.9 | % | |||||||||||||||
Multi-Utilities | ||||||||||||||||||||
Energy East Corp. | ||||||||||||||||||||
6.750%, 6/15/12 | 7,641,000 | 7,641,000 | 7,657,466 | 7,657,466 | ||||||||||||||||
NiSource Finance Corp. | ||||||||||||||||||||
2.723%, 11/23/09(l) | 100,000 | 100,000 | 90,105 | 90,105 | ||||||||||||||||
— | 90,105 | 7,657,466 | 7,747,571 | 0.2 | % | |||||||||||||||
Total Utilities | — | 233,691 | 44,682,279 | 44,915,970 | 1.1 | % | ||||||||||||||
Total Corporate Bonds | — | 397,397,724 | 222,957,449 | 620,355,173 | 15.5 | % | ||||||||||||||
Government Securities | ||||||||||||||||||||
Agency ABS | ||||||||||||||||||||
Federal Home Loan Mortgage Corp. | ||||||||||||||||||||
0.731%, 8/25/31(b)(l) | 14,820 | 14,820 | 13,254 | 13,254 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
Small Business Administration | — | — | |||||||||||||||||
Series 2008-P10A | — | — | |||||||||||||||||
5.902%, 2/10/18 | 990,059 | 990,059 | 1,009,732 | 1,009,732 | |||||||||||||||
Small Business Administration Participation Certificates | — | — | |||||||||||||||||
Series 2003-20I 1 | — | — | |||||||||||||||||
5.130%, 9/1/23 | 30,726 | 30,726 | 31,464 | 31,464 | |||||||||||||||
Series 2004-20C 1 | — | — | |||||||||||||||||
4.340%, 3/1/24 | 198,286 | 198,286 | 195,831 | 195,831 | |||||||||||||||
Series 2005-20B 1 | — | — | |||||||||||||||||
4.625%, 2/1/25 | 216,423 | 216,423 | 216,497 | 216,497 | |||||||||||||||
Series 2008-20A 1 | — | — | |||||||||||||||||
5.170%, 1/1/28 | 6,478,109 | 6,478,109 | 6,443,199 | 6,443,199 | |||||||||||||||
Series 2008-20D 1 | — | — | |||||||||||||||||
5.370%, 4/1/28 | 8,571,250 | 8,571,250 | 8,784,926 | 8,784,926 | |||||||||||||||
Series 2008-20G 1 | — | — | |||||||||||||||||
5.870%, 7/1/28 | 13,725,723 | 13,725,723 | 14,293,288 | 14,293,288 | |||||||||||||||
Series 2008-20H 1 | — | — | |||||||||||||||||
6.020%, 8/1/28 | 13,700,000 | 13,700,000 | 14,416,739 | 14,416,739 | |||||||||||||||
— | 45,404,930 | — | 45,404,930 | 1.1 | % | ||||||||||||||
Agency CMO | |||||||||||||||||||
Federal Home Loan Mortgage Corp. | |||||||||||||||||||
4.500%, 11/15/13 | 169,310 | 169,310 | 169,321 | 169,321 | |||||||||||||||
5.500%, 5/15/16 | 1,332,047 | 1,332,047 | 1,353,570 | 1,353,570 | |||||||||||||||
4.500%, 5/15/17 | 95,264 | 95,264 | 96,690 | 96,690 | |||||||||||||||
5.000%, 1/15/18 | 184,324 | 184,324 | 187,654 | 187,654 | |||||||||||||||
1.425%, 2/15/19(l) | 8,135,073 | 8,135,073 | 7,814,505 | 7,814,505 | |||||||||||||||
1.345%, 7/15/19(l) | 4,145,986 | 4,145,986 | 4,025,528 | 4,025,528 | |||||||||||||||
5.000%, 2/15/20 | 1,713,983 | 1,713,983 | 1,745,479 | 1,745,479 | |||||||||||||||
5.000%, 8/15/20 | 1,245,357 | 1,245,357 | 1,262,822 | 1,262,822 | |||||||||||||||
1.345%, 10/15/20(l) | 3,757,122 | 3,757,122 | 3,637,801 | 3,637,801 | |||||||||||||||
4.000%, 3/15/23 | 29,071 | 29,071 | 29,075 | 29,075 | |||||||||||||||
4.000%, 10/15/23 | 100,348 | 100,348 | 100,435 | 100,435 | |||||||||||||||
5.500%, 6/15/26 | 29,699,563 | 29,699,563 | 30,235,230 | 30,235,230 | |||||||||||||||
5.000%, 5/15/27 | 2,622,663 | 2,622,663 | 2,674,454 | 2,674,454 | |||||||||||||||
5.500%, 6/15/27 | 12,160,528 | 12,160,528 | 12,437,414 | 12,437,414 | |||||||||||||||
5.500%, 10/15/27 | 13,165,011 | 13,165,011 | 13,480,044 | 13,480,044 | |||||||||||||||
6.500%, 4/15/29 | 53,905 | 53,905 | 56,325 | 56,325 | |||||||||||||||
5.500%, 11/15/29 | 10,256,814 | 10,256,814 | 10,544,200 | 10,544,200 | |||||||||||||||
1.545%, 12/15/29(l) | 6,709 | 6,709 | 6,496 | 6,496 | |||||||||||||||
1.545%, 12/15/30(l) | 72,933 | 72,933 | 71,679 | 71,679 | |||||||||||||||
5.455%, 12/15/36 IO(l) | 30,309,850 | 30,309,850 | 2,375,080 | 2,375,080 | |||||||||||||||
6.500%, 7/25/43 | 15,682 | 15,682 | 16,285 | 16,285 | |||||||||||||||
3.678%, 10/25/44(l) | 1,465,760 | 1,465,760 | 1,404,783 | 1,404,783 | |||||||||||||||
3.679%, 2/25/45(l) | 1,844,080 | 1,844,080 | 1,658,986 | 1,658,986 | |||||||||||||||
Federal National Mortgage Association | |||||||||||||||||||
5.500%, 7/25/33 | 20,893,433 | 20,893,433 | 21,233,530 | 21,233,530 | |||||||||||||||
4.665%, 5/25/35(l) | 1,028,005 | 1,028,005 | 1,057,240 | 1,057,240 | |||||||||||||||
0.531%, 12/25/36(l) | 190,713 | 190,713 | 168,078 | 168,078 | |||||||||||||||
6.679%, 7/25/37 IO(l) | 38,574,625 | 38,574,625 | 3,187,811 | 3,187,811 | |||||||||||||||
0.671%, 10/27/37(l) | 6,700,000 | 6,700,000 | 5,694,899 | 5,694,899 | |||||||||||||||
5.529%, 4/25/38 IO(l) | 122,029,489 | 122,029,489 | 8,088,944 | 8,088,944 | |||||||||||||||
0.821%, 5/25/42(l) | 117,418 | 117,418 | 111,964 | 111,964 | |||||||||||||||
5.950%, 2/25/44 | 262,465 | 262,465 | 266,238 | 266,238 | |||||||||||||||
— | 33,610,307 | 101,582,253 | 135,192,560 | 3.4 | % | ||||||||||||||
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||||
Foreign Governments | ||||||||||||||||||||
Export-Import Bank of China | ||||||||||||||||||||
5.250%, 7/29/14§ | 150,000 | 150,000 | 155,128 | 155,128 | ||||||||||||||||
Export-Import Bank of Korea | — | |||||||||||||||||||
2.293%, 6/1/09(l) | 2,300,000 | 2,300,000 | 2,293,611 | 2,293,611 | ||||||||||||||||
Hong Kong Government International Bond | — | |||||||||||||||||||
5.125%, 8/1/14§ | 250,000 | 250,000 | 267,425 | 267,425 | ||||||||||||||||
Republic of Panama | — | |||||||||||||||||||
9.375%, 4/1/29 | 64,000 | 64,000 | 70,944 | 70,944 | ||||||||||||||||
Republic of South Africa | — | |||||||||||||||||||
5.250%, 5/16/13 | EUR | 50,000 | 50,000 | 60,598 | 60,598 | |||||||||||||||
6.500%, 6/2/14 | $ | 100,000 | 100,000 | 94,500 | 94,500 | |||||||||||||||
— | 2,942,206 | — | 2,942,206 | 0.1 | % | |||||||||||||||
Municipal Bonds | ||||||||||||||||||||
Buckeye Tobacco Settlement Financing Authority | ||||||||||||||||||||
5.750%, 6/1/34 | 500,000 | 500,000 | 279,315 | 279,315 | ||||||||||||||||
6.000%, 6/1/42 | 800,000 | 800,000 | 454,688 | 454,688 | ||||||||||||||||
5.875%, 6/1/47 | 400,000 | 400,000 | 217,164 | 217,164 | ||||||||||||||||
Golden State Tobacco Securitization Corp. | — | — | ||||||||||||||||||
5.125%, 6/1/47 | 300,000 | 300,000 | 149,514 | 149,514 | ||||||||||||||||
5.750%, 6/1/47 | 2,100,000 | 2,100,000 | 1,168,419 | 1,168,419 | ||||||||||||||||
New York City Municipal Water Finance Authority | — | — | ||||||||||||||||||
4.750%, 6/15/38 | 100,000 | 100,000 | 86,229 | 86,229 | ||||||||||||||||
5.000%, 6/15/38 | 1,300,000 | 1,300,000 | 1,214,655 | 1,214,655 | ||||||||||||||||
State of Texas | — | — | ||||||||||||||||||
5.000%, 4/1/33 | 4,100,000 | 4,100,000 | 3,949,161 | 3,949,161 | ||||||||||||||||
4.750%, 4/1/37 | 5,900,000 | 5,900,000 | 5,421,510 | 5,421,510 | ||||||||||||||||
Tobacco Settlement Finance Authority of West Virginia | — | — | ||||||||||||||||||
7.467%, 6/1/47 | 1,380,000 | 1,380,000 | 789,167 | 789,167 | ||||||||||||||||
— | 13,729,822 | — | 13,729,822 | 0.3 | % | |||||||||||||||
U.S. Government Agencies | ||||||||||||||||||||
Federal Home Loan Bank | ||||||||||||||||||||
3.500%, 7/16/10^ | 23,750,000 | 23,750,000 | 24,496,059 | 24,496,059 | ||||||||||||||||
3.625%, 10/18/13 | 22,910,000 | 22,910,000 | 24,101,045 | 24,101,045 | ||||||||||||||||
5.000%, 3/14/14 | 3,725,000 | 3,725,000 | 4,176,727 | 4,176,727 | ||||||||||||||||
5.375%, 6/13/14 | 8,465,000 | 8,465,000 | 9,681,878 | 9,681,878 | ||||||||||||||||
5.250%, 9/12/14 | 8,465,000 | 8,465,000 | 9,660,453 | 9,660,453 | ||||||||||||||||
Federal Home Loan Mortgage Corp. | — | — | ||||||||||||||||||
5.750%, 1/15/12^ | 43,858,000 | 43,858,000 | 49,021,271 | 49,021,271 | ||||||||||||||||
5.000%, 12/14/18 | 2,800,000 | 2,800,000 | 2,902,242 | 2,902,242 | ||||||||||||||||
4.990%, 11/1/23(l) | 21,311 | 21,311 | 21,106 | 21,106 | ||||||||||||||||
4.899%, 3/1/35(l) | 645,907 | 645,907 | 650,337 | 650,337 | ||||||||||||||||
4.884%, 10/1/35(l) | 346,167 | 346,167 | 343,139 | 343,139 | ||||||||||||||||
5.099%, 10/1/35(l) | 434,904 | 434,904 | 441,034 | 441,034 | ||||||||||||||||
4.887%, 11/1/35(l) | 370,945 | 370,945 | 374,845 | 374,845 | ||||||||||||||||
6.720%, 7/1/36(l) | 5,214,257 | 5,214,257 | 5,271,664 | 5,271,664 | ||||||||||||||||
6.671%, 9/1/36(l) | 5,584,107 | 5,584,107 | 5,672,021 | 5,672,021 | ||||||||||||||||
6.594%, 10/1/36(l) | 6,332,658 | 6,332,658 | 6,441,590 | 6,441,590 | ||||||||||||||||
5.500%, 12/1/37 | 1,820,094 | 1,820,094 | 1,865,003 | 1,865,003 | ||||||||||||||||
5.500%, 2/1/38 | 27,792,289 | 27,792,289 | 28,478,032 | 28,478,032 | ||||||||||||||||
5.500%, 4/1/38 | 1,744,414 | 1,744,414 | 1,787,456 | 1,787,456 | ||||||||||||||||
Federal National Mortgage Association | — | — | ||||||||||||||||||
3.000%, 4/28/10 | 69,725,000 | 69,725,000 | 70,205,754 | 70,205,754 | ||||||||||||||||
6.250%, 2/1/11 | 25,000,000 | 25,000,000 | 26,491,075 | 26,491,075 | ||||||||||||||||
6.125%, 3/15/12^ | 10,210,000 | 10,210,000 | 11,596,201 | 11,596,201 | ||||||||||||||||
5.250%, 8/1/12 | 13,825,000 | 13,825,000 | 14,571,826 | 14,571,826 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | ||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | ||||||||||
4.625%, 5/1/13 | 6,375,000 | 6,375,000 | 6,604,564 | 6,604,564 | ||||||||||||||
3.875%, 7/12/13^ | 34,125,000 | 34,125,000 | 36,213,348 | 36,213,348 | ||||||||||||||
2.875%, 12/11/13 | 26,425,000 | 26,425,000 | 27,053,294 | 27,053,294 | ||||||||||||||
5.000%, 1/1/17 | 32,603 | 32,603 | 33,820 | 33,820 | ||||||||||||||
5.000%, 2/1/18 | 195,771 | 195,771 | 202,099 | 202,099 | ||||||||||||||
5.500%, 12/1/18 | 37,982,479 | 37,982,479 | 39,394,614 | 39,394,614 | ||||||||||||||
5.500%, 1/1/21 | 16,964,186 | 16,964,186 | 17,563,082 | 17,563,082 | ||||||||||||||
6.500%, 4/1/21 | 9,440,428 | 9,440,428 | 9,817,342 | 9,817,342 | ||||||||||||||
5.000%, 7/1/23 | 391,700 | 391,700 | 402,646 | 402,646 | ||||||||||||||
6.000%, 2/1/32 | 32,879 | 32,879 | 34,006 | 34,006 | ||||||||||||||
4.485%, 5/1/33(l) | 246,056 | 246,056 | 242,041 | 242,041 | ||||||||||||||
4.589%, 6/1/34(l) | 35,410 | 35,410 | 35,594 | 35,594 | ||||||||||||||
4.263%, 7/1/34(l) | 144,061 | 144,061 | 144,964 | 144,964 | ||||||||||||||
4.521%, 11/1/34(l) | 468,618 | 468,618 | 460,723 | 460,723 | ||||||||||||||
4.565%, 12/1/34(l) | 5,514,315 | 5,514,315 | 5,566,755 | 5,566,755 | ||||||||||||||
4.500%, 1/1/35(l) | 5,655,879 | 5,655,879 | 5,658,687 | 5,658,687 | ||||||||||||||
4.649%, 1/1/35(l) | 90,500 | 90,500 | 91,026 | 91,026 | ||||||||||||||
5.000%, 1/1/35 | 75,813 | 75,813 | 77,558 | 77,558 | ||||||||||||||
5.000%, 3/1/35 | 79,284 | 79,284 | 81,109 | 81,109 | ||||||||||||||
4.519%, 4/1/35(l) | 6,982,517 | 6,982,517 | 6,980,421 | 6,980,421 | ||||||||||||||
4.671%, 5/1/35(l) | 5,081,072 | 5,081,072 | 5,097,287 | 5,097,287 | ||||||||||||||
5.000%, 5/1/35 | 36,852 | 36,852 | 37,677 | 37,677 | ||||||||||||||
4.401%, 7/1/35(l) | 438,827 | 438,827 | 442,366 | 442,366 | ||||||||||||||
4.716%, 7/1/35(l) | 7,112,250 | 7,112,250 | 7,131,749 | 7,131,749 | ||||||||||||||
5.000%, 10/1/35 | 354,826 | 354,826 | 362,770 | 362,770 | ||||||||||||||
5.600%, 12/1/35(l) | 1,008,707 | 1,008,707 | 1,027,734 | 1,027,734 | ||||||||||||||
6.000%, 12/1/35 | 4,230,547 | 4,230,547 | 4,360,948 | 4,360,948 | ||||||||||||||
5.000%, 2/1/36 | 2,060,859 | 2,060,859 | 2,106,994 | 2,106,994 | ||||||||||||||
5.000%, 3/1/36 | 902,560 | 902,560 | 922,765 | 922,765 | ||||||||||||||
5.723%, 3/1/36(l) | 1,294,225 | 1,294,225 | 1,316,706 | 1,316,706 | ||||||||||||||
5.765%, 3/1/36(l) | 1,336,350 | 1,336,350 | 1,360,622 | 1,360,622 | ||||||||||||||
5.000%, 5/1/36 | 3,443,973 | 3,443,973 | 3,521,071 | 3,521,071 | ||||||||||||||
5.000%, 6/1/36 | 873,381 | 873,381 | 892,797 | 892,797 | ||||||||||||||
5.000%, 8/1/36 | 53,954 | 53,954 | 55,153 | 55,153 | ||||||||||||||
5.500%, 9/1/36 | 312,679 | 312,679 | 321,291 | 321,291 | ||||||||||||||
5.000%, 10/1/36 | 237,111 | 237,111 | 242,382 | 242,382 | ||||||||||||||
5.000%, 12/1/36 | 250,032 | 250,032 | 255,591 | 255,591 | ||||||||||||||
5.000%, 1/1/37 | 959,071 | 959,071 | 980,355 | 980,355 | ||||||||||||||
5.000%, 2/1/37 | 859,417 | 859,417 | 878,486 | 878,486 | ||||||||||||||
5.000%, 3/1/37 | 1,396,727 | 1,396,727 | 1,427,703 | 1,427,703 | ||||||||||||||
5.000%, 4/1/37 | 2,195,719 | 2,195,719 | 2,244,410 | 2,244,410 | ||||||||||||||
5.000%, 5/1/37 | 5,622,918 | 5,622,918 | 5,747,600 | 5,747,600 | ||||||||||||||
5.500%, 8/1/37 | 132,298 | 132,298 | 135,776 | 135,776 | ||||||||||||||
5.500%, 2/1/38 | 111,963 | 111,963 | 114,907 | 114,907 | ||||||||||||||
5.500%, 6/1/38 | 96,149,386 | 96,149,386 | 98,731,637 | 98,731,637 | ||||||||||||||
5.500%, 8/1/38 | 687,811 | 687,811 | 705,857 | 705,857 | ||||||||||||||
5.500%, 9/1/38 | 3,297,165 | 3,297,165 | 3,383,670 | 3,383,670 | ||||||||||||||
3.678%, 3/1/44(l) | 835,110 | 835,110 | 823,740 | 823,740 | ||||||||||||||
3.678%, 7/1/44(l) | 20,485 | 20,485 | 20,205 | 20,205 | ||||||||||||||
3.678%, 10/1/44(l) | 98,100 | 98,100 | 96,756 | 96,756 | ||||||||||||||
5.500%, 1/25/24 TBA | 10,000,000 | 10,000,000 | 10,296,880 | 10,296,880 | ||||||||||||||
Government National Mortgage Association | ||||||||||||||||||
6.500%, 10/15/31 | 1,540 | 1,540 | 1,618 | 1,618 | ||||||||||||||
6.000%, 8/15/32 | 111,984 | 111,984 | 115,955 | 115,955 | ||||||||||||||
6.000%, 2/15/33 | 129,988 | 129,988 | 134,516 | 134,516 |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
6.000%, 10/15/33 | 14,302 | 14,302 | 14,800 | 14,800 | |||||||||||||||
6.000%, 1/15/34 | 50,643 | 50,643 | 52,367 | 52,367 | |||||||||||||||
Small Business Administration | — | — | |||||||||||||||||
Series P10A | — | — | |||||||||||||||||
4.504%, 2/1/14 | 62,578 | 62,578 | 61,542 | 61,542 | |||||||||||||||
— | 188,530,223 | 421,802,911 | 610,333,134 | 15.3 | % | ||||||||||||||
U.S. Treasuries | |||||||||||||||||||
U.S. Treasury Bonds | |||||||||||||||||||
2.375%, 1/15/25 TIPS | 246,132,913 | 246,132,913 | 241,902,381 | 241,902,381 | |||||||||||||||
2.000%, 1/15/26 TIPS | 9,308,726 | 9,308,726 | 8,768,382 | 8,768,382 | |||||||||||||||
2.375%, 1/15/27 TIPS | 131,309,802 | 131,309,802 | 131,915,009 | 131,915,009 | |||||||||||||||
1.750%, 1/15/28 TIPS | 82,567,093 | 82,567,093 | 76,284,233 | 76,284,233 | |||||||||||||||
3.625%, 4/15/28 TIPS | 91,251,462 | 91,251,462 | 108,710,422 | 108,710,422 | |||||||||||||||
3.875%, 4/15/29 TIPS | 116,930,942 | 116,930,942 | 144,418,834 | 144,418,834 | |||||||||||||||
U.S. Treasury Notes | — | — | |||||||||||||||||
3.500%, 12/15/09^ | 30,000,000 | 30,000,000 | 30,895,320 | 30,895,320 | |||||||||||||||
2.750%, 7/31/10 | 9,180,000 | 9,180,000 | 9,509,911 | 9,509,911 | |||||||||||||||
2.375%, 8/31/10^ | 6,910,000 | 6,910,000 | 7,119,732 | 7,119,732 | |||||||||||||||
0.875%, 12/31/10 | 40,000,000 | 40,000,000 | 40,087,520 | 40,087,520 | |||||||||||||||
1.750%, 11/15/11^ | 62,680,000 | 62,680,000 | 64,109,731 | 64,109,731 | |||||||||||||||
2.750%, 10/31/13^ | 6,688,000 | 6,688,000 | 7,110,180 | 7,110,180 | |||||||||||||||
2.000%, 11/30/13^ | 30,155,000 | 30,155,000 | 30,937,160 | 30,937,160 | |||||||||||||||
4.250%, 1/15/10 TIPS | 8,306 | 8,306 | 8,157 | 8,157 | |||||||||||||||
3.500%, 1/15/11 TIPS | 113,925,519 | 113,925,519 | 111,816,074 | 111,816,074 | |||||||||||||||
2.375%, 4/15/11 TIPS | 31,682,616 | 31,682,616 | 30,942,542 | 30,942,542 | |||||||||||||||
3.375%, 1/15/12 TIPS | 3,447,724 | 3,447,724 | 3,410,554 | 3,410,554 | |||||||||||||||
2.000%, 4/15/12 TIPS | 72,891,988 | 72,891,988 | 71,081,060 | 71,081,060 | |||||||||||||||
3.000%, 7/15/12 TIPS | 243,370,351 | 243,370,351 | 238,521,926 | 238,521,926 | |||||||||||||||
1.875%, 7/15/13 TIPS | 124,263,887 | 124,263,887 | 116,992,461 | 116,992,461 | |||||||||||||||
2.000%, 1/15/14 TIPS | 100,955,013 | 100,955,013 | 95,654,875 | 95,654,875 | |||||||||||||||
2.000%, 7/15/14 TIPS | 121,569,088 | 121,569,088 | 114,968,251 | 114,968,251 | |||||||||||||||
1.625%, 1/15/15 TIPS | 48,211,590 | 48,211,590 | 44,708,729 | 44,708,729 | |||||||||||||||
1.875%, 7/15/15 TIPS | 75,508,301 | 75,508,301 | 71,325,821 | 71,325,821 | |||||||||||||||
2.000%, 1/15/16 TIPS | 70,915,826 | 70,915,826 | 67,912,966 | 67,912,966 | |||||||||||||||
2.500%, 7/15/16 TIPS | 14,748,294 | 14,748,294 | 14,631,915 | 14,631,915 | |||||||||||||||
2.375%, 1/15/17 TIPS | 63,061,159 | 63,061,159 | 62,563,543 | 62,563,543 | |||||||||||||||
2.625%, 7/15/17 TIPS | 121,282,495 | 121,282,495 | 124,286,177 | 124,286,177 | |||||||||||||||
1.375%, 7/15/18 TIPS | 45,372,864 | 45,372,864 | 42,434,245 | 42,434,245 | |||||||||||||||
— | 1,923,258,557 | 189,769,554 | 2,113,028,111 | 52.8 | % | ||||||||||||||
Total Government Securities | — | 2,207,476,045 | 713,154,718 | 2,920,630,763 | 73.0 | % | |||||||||||||
Total Long-Term Debt Securities | — | 2,891,134,674 | 1,680,929,234 | 4,572,063,908 | 114.2 | % | |||||||||||||
(Cost 4,704,538,614) | |||||||||||||||||||
CONVERTIBLE PREFERRED STOCK: | |||||||||||||||||||
Financials | |||||||||||||||||||
Commercial Banks | |||||||||||||||||||
Wells Fargo & Co. | |||||||||||||||||||
Series L | |||||||||||||||||||
7.50% | 1,100 | 1,100 | — | 825,000 | — | 825,000 | 0.0 | % | |||||||||||
(Cost $1,100,000) | |||||||||||||||||||
SHORT-TERM INVESTMENTS: | |||||||||||||||||||
Commercial Paper | |||||||||||||||||||
ING (U.S.) Funding LLC |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||
1.19%, 2/18/09 (p) | 24,200,000 | 24,200,000 | 24,160,732 | 24,160,732 | |||||||||||||||
Royal Bank of Scotland Group plc | — | — | |||||||||||||||||
1.32%, 2/17/09 (p) | 10,000,000 | 10,000,000 | 9,982,374 | 9,982,374 | |||||||||||||||
Total Commercial Paper | 34,143,106 | 34,143,106 | 0.9 | % | |||||||||||||||
Government Securities | |||||||||||||||||||
Federal Home Loan Bank | |||||||||||||||||||
0.07%, 1/2/09 (o)(p) | 400,000 | 400,000 | 399,998 | 399,998 | |||||||||||||||
0.10%, 1/21/09 (o)(p) | 58,800,000 | 58,800,000 | 58,796,571 | 58,796,571 | |||||||||||||||
0.08%, 1/22/09 (o)(p) | 3,500,000 | 3,500,000 | 3,499,829 | 3,499,829 | |||||||||||||||
0.12%, 1/26/09 (o)(p) | 10,400,000 | 10,400,000 | 10,399,098 | 10,399,098 | |||||||||||||||
0.14%, 1/26/09 (o)(p) | 36,200,000 | 36,200,000 | 36,196,340 | 36,196,340 | |||||||||||||||
0.12%, 1/27/09 (o)(p) | 25,000,000 | 25,000,000 | 24,997,749 | 24,997,749 | |||||||||||||||
0.34%, 1/29/09 (o)(p) | 11,190,000 | 11,190,000 | 11,186,947 | 11,186,947 | |||||||||||||||
0.10%, 1/30/09 (o)(p) | 140,900,000 | 140,900,000 | 140,888,263 | 140,888,263 | |||||||||||||||
0.17%, 2/4/09 (o)(p) | 126,000,000 | 126,000,000 | 125,979,174 | 125,979,174 | |||||||||||||||
0.07%, 3/4/09 (o)(p) | 2,300,000 | 2,300,000 | 2,299,726 | 2,299,726 | |||||||||||||||
0.07%, 3/6/09 (o)(p) | 5,000,000 | 5,000,000 | 4,999,385 | 4,999,385 | |||||||||||||||
0.07%, 3/16/09 (o)(p) | 8,000,000 | 8,000,000 | 7,998,880 | 7,998,880 | |||||||||||||||
0.07%, 3/30/09 (o)(p) | 19,300,000 | 19,300,000 | 19,296,738 | 19,296,738 | |||||||||||||||
Federal National Mortgage Association | — | — | |||||||||||||||||
0.30%, 2/3/09 (o)(p) | 40,500,000 | 40,500,000 | 40,488,716 | 40,488,716 | |||||||||||||||
0.20%, 2/23/09 (o)(p) | 2,700,000 | 2,700,000 | 2,699,190 | 2,699,190 | |||||||||||||||
0.15%, 4/1/09 (o)(p) | 74,700,000 | 74,700,000 | 74,672,286 | 74,672,286 | |||||||||||||||
U.S. Treasury Bills | — | — | |||||||||||||||||
0.00%, 1/15/09 (p) | 390,000 | 390,000 | 390,000 | 390,000 | |||||||||||||||
0.03%, 1/22/09 (p) | 1,260,000 | 1,260,000 | 1,259,977 | 1,259,977 | |||||||||||||||
0.05%, 3/26/09 (p) | 250,000 | 250,000 | 249,972 | 249,972 | |||||||||||||||
0.09%, 5/15/09 (p) | 550,000 | 550,000 | 549,819 | 549,819 | |||||||||||||||
— | — | ||||||||||||||||||
Total Government Securities | — | 567,248,658 | — | 567,248,658 | 14.2 | % | |||||||||||||
Short-Term Investments of Cash Collateral for Securities Loaned | |||||||||||||||||||
Banco de Sabadell S.A. | |||||||||||||||||||
3.87%, 4/23/09 (l) | 3,000,000 | 3,000,000 | 2,985,651 | 2,985,651 | |||||||||||||||
Bear Stearns Cos., Inc. | — | — | |||||||||||||||||
0.17%, 3/23/09 (l) | 10,000,000 | 10,000,000 | 9,964,010 | 9,964,010 | |||||||||||||||
Goldman Sachs & Co., Repurchase Agreement | — | — | |||||||||||||||||
0.06%, 1/2/09 (r)(v) | 70,615,900 | 70,615,900 | 70,615,900 | 70,615,900 | |||||||||||||||
MassMutual Global Funding II | — | — | |||||||||||||||||
0.40%, 3/26/10 (l) | 13,000,000 | 13,000,000 | 12,882,350 | 12,882,350 | |||||||||||||||
Monumental Global Funding Ltd. | — | — | |||||||||||||||||
2.20%, 5/24/10 (l) | 13,000,000 | 13,000,000 | 12,067,471 | 12,067,471 | |||||||||||||||
Principal Life Income Fund Trust 29 | — | — | |||||||||||||||||
0.40%, 3/22/10 (l) | 4,000,000 | 4,000,000 | 3,784,588 | 3,784,588 | |||||||||||||||
Tango Finance Corp. | — | — | |||||||||||||||||
0.37%, 6/25/09 (l) | 9,998,205 | 9,998,205 | 9,939,005 | 9,939,005 | |||||||||||||||
— | — | 122,238,975 | 122,238,975 | 3.1 | % | ||||||||||||||
Time Deposit | |||||||||||||||||||
JP Morgan Chase Nassau | |||||||||||||||||||
0.001%, 1/2/09 | 8,518,338 | 109,950,080 | 118,468,418 | 8,518,338 | 109,950,080 | 118,468,418 | |||||||||||||
Total Short-Term Investments | — | 609,910,102 | 232,189,055 | 842,099,157 | 21.0 | % | |||||||||||||
(Cost/Amortized Cost $ 843,405,299) |
See notes to pro-forma financial statements.
Portfolio of Investments
As of December 31, 2008 (unaudited)
EQ/AXA Rosenberg Value Long/Short Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | EQ/AXA Rosenberg Value L/S Equity Portfolio | EQ/PIMCO Ultra Short Bond | EQ/Short Duration Bond Portfolio | Pro Forma | % of Net Asset | |||||||||||||||
Security Description | Shares | Principal ($) | Principal ($) | Shares/ Principal ($) | Value | Value | Value | Value | |||||||||||||||
OPTIONS PURCHASED: | |||||||||||||||||||||||
Call Options Purchased | |||||||||||||||||||||||
3 Month EURO EURIBOR | |||||||||||||||||||||||
March 2009 @ $93.25* | 150 | 150 | — | ||||||||||||||||||||
Federal National Mortgage Association | — | — | |||||||||||||||||||||
January 2009 @ $110.00* | 96,600,000 | 96,600,000 | — | ||||||||||||||||||||
U.S. Treasury Bonds | — | — | |||||||||||||||||||||
January 2009 @ $173.00* | 2,089 | 2,089 | 32,641 | 32,641 | |||||||||||||||||||
February 2009 @ $70.00* | 500 | 500 | 7,812 | 7,812 | |||||||||||||||||||
U.S. Treasury Notes | — | — | |||||||||||||||||||||
February 2009 @ $90.00* | 108 | 108 | 1,687 | 1,687 | |||||||||||||||||||
— | — | ||||||||||||||||||||||
Total Options Purchased | — | — | |||||||||||||||||||||
(Cost $258,569) | — | 42,140 | — | 42,140 | 0.0 | % | |||||||||||||||||
Total Investments Before Options Written and Securities Sold Short | |||||||||||||||||||||||
(Cost/Amortized Cost $5,898,969,857) | 3,501,911,916 | 1,913,118,289 | 5,415,030,205 | 135.3 | % | ||||||||||||||||||
OPTION WRITTEN: | |||||||||||||||||||||||
Put Option Written | |||||||||||||||||||||||
90 Day EURODollar Futures | |||||||||||||||||||||||
March 2009 @ $98.50* | (145 | ) | (145 | ) | — | (20,844 | ) | — | (20,844 | ) | |||||||||||||
Total Options Written | |||||||||||||||||||||||
(Premiums Received $24,190 ) | — | (20,844 | ) | — | (20,844 | ) | |||||||||||||||||
Total Investments Before Securities Sold Short | |||||||||||||||||||||||
(Cost/Amortized Cost $ 5,898,945,667) | — | 3,501,891,072 | 1,913,118,289 | 5,415,009,361 | 135.3 | % | |||||||||||||||||
SECURITIES SOLD SHORT: | |||||||||||||||||||||||
U.S. Government Agency | |||||||||||||||||||||||
Federal National Mortgage Association | |||||||||||||||||||||||
5.000%, 1/25/39 TBA | (18,000,000 | ) | (18,000,000 | ) | (18,376,884 | ) | (18,376,884 | ) | |||||||||||||||
5.500%, 1/25/39 TBA | (100,500,000 | ) | (100,500,000 | ) | (103,012,500 | ) | (103,012,500 | ) | |||||||||||||||
6.000%, 1/25/39 TBA | (4,200,000 | ) | (4,200,000 | ) | (4,323,375 | ) | (4,323,375 | ) | |||||||||||||||
Total Securities Sold Short | — | (125,712,759 | ) | — | (125,712,759 | ) | -3.1 | % | |||||||||||||||
(Proceeds Received $ 310,579,894 ) | |||||||||||||||||||||||
Total Investments after Options Writtenand Securities Sold Short | 176,247,822 | 3,376,178,313 | 1,913,118,289 | 5,465,544,424 | 136.6 | % | |||||||||||||||||
(Cost/Amortized Cost $5,588,365,773) | |||||||||||||||||||||||
Other Assets Less Liabilities | 1,299,646 | -1,303,233,678 | -161,797,152 | (1,463,731,184 | ) | -36.6 | % | ||||||||||||||||
Net Assets (100%) | 177,547,468 | 2,072,944,635 | 1,751,321,137 | 4,001,813,240 | 100.0 | % | |||||||||||||||||
See notes to pro-forma financial statements.
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
* | Non-income producing. |
(A) | All long positions for the EQ/AXA Rosenberg Value Long/Short Equity Portfolio are pledged as collateral for securities sold short. |
^ | All, or a portion of security out on loan (See Note 1). |
† | Securities (totaling $15,930,103 or 0.4% of net assets) at fair value. |
§ | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2008, the market value of these securities amounted to $180,156,589 or 4.5% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity. |
(b) | Illiquid Security. |
(h) | Security in default. |
(l) | Floating Rate Security. Rate disclosed is as of December 31, 2008. |
(m) | Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. |
(o) | Discount Note Security. Effective rate calculated as of December 31, 2008. |
(p) | Yield to maturity. |
(r) | The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments. |
(v) | Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.500% - 6.000%, maturing 11/1/19 - 12/1/38; Federal National Mortgage Association, 4.000% - 7.000%, maturing 9/1/18 - 1/1/39; Government National Mortgage Association, 4.500% - 11.500%, maturing 2/15/13 - 12/20/38.> |
Glossary: | ||||
ABS | — | Asset-Backed Security | ||
CMO | — | Collateralized Mortgage Obligation | ||
EUR | — | European Currency Unit | ||
GBP | — | British Pound | ||
IO | — | Interest Only | ||
REIT | — | Real Estate Investment Trust | ||
TBA | — | Security is subject to delayed delivery. | ||
TIPS | — | delayed settlement |
At December 31, 2008 the Portfolio had the following futures contracts open: (Note 1)
EQ/PIMCO Ultra Short Bond | PRO FORMA | |||||||||||||||||||
Number of Contracts | Expiration Date | Original Value | Value at 12/31/2008 | Unrealized Appreciation | Number of Contracts | Expiration Date | Original Value | Value at 12/31/2008 | Unrealized Appreciation | |||||||||||
Purchases | ||||||||||||||||||||
3 Month EURO EURIBOR | 126 | March-09 | 41,786,198 | 42,810,134 | 1,023,936 | 126 | March-09 | 41,786,198 | 42,810,134 | 1,023,936 | ||||||||||
3 Month EURO EURIBOR | 563 | June-09 | 187,983,027 | 191,785,460 | 3,802,433 | 563 | June-09 | 187,983,027 | 191,785,460 | 3,802,433 | ||||||||||
3 Month EURO EURIBOR | 225 | September-09 | 75,090,805 | 76,622,597 | 1,531,792 | 225 | September-09 | 75,090,805 | 76,622,597 | 1,531,792 | ||||||||||
3 Month EURO EURIBOR | 100 | December-09 | 33,306,807 | 33,971,085 | 664,278 | 100 | December-09 | 33,306,807 | 33,971,085 | 664,278 | ||||||||||
90 Day Sterling | 151 | March-09 | 25,682,080 | 26,658,554 | 976,474 | 151 | March-09 | 25,682,080 | 26,658,554 | 976,474 | ||||||||||
90 Day Sterling | 435 | June-09 | 73,527,211 | 76,903,361 | 3,376,150 | 435 | June-09 | 73,527,211 | 76,903,361 | 3,376,150 | ||||||||||
90 Day Sterling | 33 | September-09 | 5,635,945 | 5,827,228 | 191,283 | 33 | September-09 | 5,635,945 | 5,827,228 | 191,283 | ||||||||||
90 Day Sterling | 180 | December-09 | 30,810,003 | 31,665,186 | 855,183 | 180 | December-09 | 30,810,003 | 31,665,186 | 855,183 | ||||||||||
EURODollar | 167 | March-09 | 40,505,850 | 41,307,450 | 801,600 | 167 | March-09 | 40,505,850 | 41,307,450 | 801,600 | ||||||||||
EURODollar | 829 | June-09 | 200,877,513 | 204,908,075 | 4,030,562 | 829 | June-09 | 200,877,513 | 204,908,075 | 4,030,562 | ||||||||||
EURODollar | 883 | September-09 | 213,078,712 | 217,979,587 | 4,900,875 | 883 | September-09 | 213,078,712 | 217,979,587 | 4,900,875 | ||||||||||
EURODollar | 607 | December-09 | 146,726,999 | 149,602,737 | 2,875,738 | 607 | December-09 | 146,726,999 | 149,602,737 | 2,875,738 | ||||||||||
EURODollar | 386 | March-09 | 93,473,400 | 95,023,550 | 1,550,150 | 386 | March-09 | 93,473,400 | 95,023,550 | 1,550,150 | ||||||||||
EURODollar | 37 | June-09 | 9,015,975 | 9,089,050 | 73,075 | 37 | June-09 | 9,015,975 | 9,089,050 | 73,075 | ||||||||||
26,653,529 | 26,653,529 | |||||||||||||||||||
At December 31, 2008 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)
EQ/PIMCO Ultra Short Bond | PRO FORMA | |||||||||||||||||||
Local Contract Buy Amount (000’s) | Local Contract Sell Amount (000’s) | U.S. $ Current Buy Value | U.S. $ Current Sell Value | Unrealized Appreciation/ (Depreciation) | Local Contract Buy Amount (000’s) | Local Contract Sell Amount (000’s) | U.S. $ Current Buy Value | U.S. $ Current Sell Value | Unrealized Appreciation/ (Depreciation) | |||||||||||
Foreign Currency Buy Contracts | ||||||||||||||||||||
British Pound vs. U.S. Dollar, expiring 1/13/09 | 999 | 1,495 | 1,435,992 | 1,495,213 | -59,221 | 999 | 1,495 | 1,435,992 | 1,495,213 | -59,221 | ||||||||||
Malaysian Ringgit vs. U.S. Dollar, expiring 2/12/09 | 28,767 | 9,001 | 8,303,164 | 9,001,000 | -697,836 | 28,767 | 9,001 | 8,303,164 | 9,001,000 | -697,836 | ||||||||||
Mexican Peso vs. U.S. Dollar, expiring 5/19/09 | 565 | 52 | 39,375 | 51,753 | -12,378 | 565 | 52 | 39,375 | 51,753 | -12,378 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 11,800 | 261 | 247,167 | 261,409 | -14,242 | 11,800 | 261 | 247,167 | 261,409 | -14,242 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 23,000 | 510 | 481,767 | 509,639 | -27,872 | 23,000 | 510 | 481,767 | 509,639 | -27,872 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 11,800 | 263 | 247,167 | 263,275 | -16,108 | 11,800 | 263 | 247,167 | 263,275 | -16,108 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 11,800 | 262 | 247,168 | 262,339 | -15,171 | 11,800 | 262 | 247,168 | 262,339 | -15,171 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 11,400 | 250 | 238,789 | 249,726 | -10,937 | 11,400 | 250 | 238,789 | 249,726 | -10,937 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 22,563 | 492 | 472,614 | 492,428 | -19,814 | 22,563 | 492 | 472,614 | 492,428 | -19,814 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 11,700 | 259 | 245,073 | 259,079 | -14,006 | 11,700 | 259 | 245,073 | 259,079 | -14,006 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 11,600 | 257 | 242,978 | 256,722 | -13,744 | 11,600 | 257 | 242,978 | 256,722 | -13,744 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 22,900 | 512 | 479,672 | 511,961 | -32,289 | 22,900 | 512 | 479,672 | 511,961 | -32,289 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 11,600 | 258 | 242,978 | 257,778 | -14,800 | 11,600 | 258 | 242,978 | 257,778 | -14,800 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 44,030 | 985 | 922,269 | 984,791 | -62,522 | 44,030 | 985 | 922,269 | 984,791 | -62,522 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 13,100 | 291 | 274,398 | 290,530 | -16,132 | 13,100 | 291 | 274,398 | 290,530 | -16,132 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 13,300 | 295 | 278,587 | 295,097 | -16,510 | 13,300 | 295 | 278,587 | 295,097 | -16,510 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 29,200 | 659 | 611,635 | 658,845 | -47,210 | 29,200 | 659 | 611,635 | 658,845 | -47,210 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 23,200 | 524 | 485,956 | 523,939 | -37,983 | 23,200 | 524 | 485,956 | 523,939 | -37,983 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 18,100 | 408 | 379,130 | 408,301 | -29,171 | 18,100 | 408 | 379,130 | 408,301 | -29,171 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 17,700 | 400 | 370,751 | 399,549 | -28,798 | 17,700 | 400 | 370,751 | 399,549 | -28,798 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 12/24/10 | 12,100 | 270 | 247,847 | 270,331 | -22,484 | 12,100 | 270 | 247,847 | 270,331 | -22,484 | ||||||||||
Singapore Dollar vs. U.S. Dollar, expiring 4/14/09 | 3,716 | 2,528 | 2,575,264 | 2,528,115 | 47,149 | 3,716 | 2,528 | 2,575,264 | 2,528,115 | 47,149 | ||||||||||
Singapore Dollar vs. U.S. Dollar, expiring 4/14/09 | 2,781 | 1,880 | 1,927,473 | 1,880,000 | 47,473 | 2,781 | 1,880 | 1,927,473 | 1,880,000 | 47,473 | ||||||||||
Singapore Dollar vs. U.S. Dollar, expiring 4/14/09 | 3,314 | 2,280 | 2,296,924 | 2,280,000 | 16,924 | 3,314 | 2,280 | 2,296,924 | 2,280,000 | 16,924 | ||||||||||
Singapore Dollar vs. U.S. Dollar, expiring 4/14/09 | 3,352 | 2,290 | 2,323,186 | 2,290,000 | 33,186 | 3,352 | 2,290 | 2,323,186 | 2,290,000 | 33,186 | ||||||||||
Singapore Dollar vs. U.S. Dollar, expiring 4/14/09 | 2,163 | 1,480 | 1,499,294 | 1,480,000 | 19,294 | 2,163 | 1,480 | 1,499,294 | 1,480,000 | 19,294 | ||||||||||
Singapore Dollar vs. U.S. Dollar, expiring 4/14/09 | 3,410 | 2,300 | 2,363,617 | 2,300,000 | 63,617 | 3,410 | 2,300 | 2,363,617 | 2,300,000 | 63,617 | ||||||||||
Singapore Dollar vs. U.S. Dollar, expiring 4/14/09 | 2,179 | 1,490 | 1,510,457 | 1,490,000 | 20,457 | 2,179 | 1,490 | 1,510,457 | 1,490,000 | 20,457 | ||||||||||
Singapore Dollar vs. U.S. Dollar, expiring 4/14/09 | 2,197 | 1,500 | 1,522,465 | 1,500,000 | 22,465 | 2,197 | 1,500 | 1,522,465 | 1,500,000 | 22,465 | ||||||||||
Singapore Dollar vs. U.S. Dollar, expiring 7/30/09 | 3,112 | 2,120 | 2,156,062 | 2,120,000 | 36,062 | 3,112 | 2,120 | 2,156,062 | 2,120,000 | 36,062 | ||||||||||
Singapore Dollar vs. U.S. Dollar, expiring 7/30/09 | 2,714 | 1,802 | 1,880,423 | 1,801,713 | 78,710 | 2,714 | 1,802 | 1,880,423 | 1,801,713 | 78,710 | ||||||||||
Singapore Dollar vs. U.S. Dollar, expiring 7/30/09 | 3,327 | 2,300 | 2,305,020 | 2,300,000 | 5,020 | 3,327 | 2,300 | 2,305,020 | 2,300,000 | 5,020 | ||||||||||
Singapore Dollar vs. U.S. Dollar, expiring 12/24/10 | 4,577 | 3,317 | 3,187,544 | 3,316,912 | -129,368 | 4,577 | 3,317 | 3,187,544 | 3,316,912 | -129,368 | ||||||||||
-948,239 | -948,239 | |||||||||||||||||||
Foreign Currency Sell Contracts | ||||||||||||||||||||
British Pound vs. U.S. Dollar, expiring 1/13/09 | 2,479 | 1,672 | 2,479,375 | 2,403,383 | 75,992 | 2,479 | 1,672 | 2,479,375 | 2,403,383 | 75,992 | ||||||||||
British Pound vs. U.S. Dollar, expiring 1/13/09 | 2,578 | 1,740 | 2,577,791 | 2,501,616 | 76,175 | 2,578 | 1,740 | 2,577,791 | 2,501,616 | 76,175 | ||||||||||
British Pound vs. U.S. Dollar, expiring 1/13/09 | 2,796 | 1,886 | 2,795,731 | 2,710,993 | 84,738 | 2,796 | 1,886 | 2,795,731 | 2,710,993 | 84,738 | ||||||||||
European Union vs. U.S. Dollar, expiring 1/13/09 | 718 | 561 | 717,631 | 779,534 | -61,903 | 718 | 561 | 717,631 | 779,534 | -61,903 | ||||||||||
European Union vs. U.S. Dollar, expiring 1/13/09 | 10,856 | 8,577 | 10,855,995 | 11,918,113 | -1,062,118 | 10,856 | 8,577 | 10,855,995 | 11,918,113 | -1,062,118 | ||||||||||
Malaysian Ringgit vs. U.S. Dollar, expiring 2/12/09 | 7,968 | 27,797 | 7,968,076 | 8,023,027 | -54,951 | 7,968 | 27,797 | 7,968,076 | 8,023,027 | -54,951 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 2/6/09 | 7,092 | 341,811 | 7,091,518 | 7,159,706 | -68,188 | 7,092 | 341,811 | 7,091,518 | 7,159,706 | -68,188 | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 12/24/10 | 270 | 12,100 | 270,331 | 270,331 | — | 270 | 12,100 | 270,331 | 270,331 | — | ||||||||||
Philippine Peso vs. U.S. Dollar, expiring 12/24/10 | 250 | 12,100 | 250,362 | 247,847 | 2,515 | 250 | 12,100 | 250,362 | 247,847 | 2,515 | ||||||||||
Singapore Dollar vs. U.S. Dollar, expiring 12/24/10 | 3,209 | 4,577 | 3,209,224 | 3,187,544 | 21,680 | 3,209 | 4,577 | 3,209,224 | 3,187,544 | 21,680 | ||||||||||
Swiss Franc vs. U.S. Dollar, expiring 3/5/09 | 358 | 427 | 358,477 | 401,443 | -42,966 | 358 | 427 | 358,477 | 401,443 | -42,966 | ||||||||||
-1,029,026 | -1,029,026 | |||||||||||||||||||
-1,977,265 | -1,977,265 | |||||||||||||||||||
Options Written:
Options written through the year ended December 31, 2008 were as follows:
PIMCO | PRO FORMA | |||||||||
Total Number of Contracts | Total Premiums Received | Total Number of Contracts | Total Premiums Received | |||||||
Options Outstanding - January 1, 2008 | 2,253 | $ | 1,104,966 | 2,253 | $ | 1,104,966 | ||||
Options Written | 11,866 | 10,057,139 | 11,866 | 10,057,139 | ||||||
Options Terminated in Closing Purchase Transactions | -6,530 | -4,918,964 | -6,530 | -4,918,964 | ||||||
Options Expired | -7,444 | -6,218,951 | -7,444 | -6,218,951 | ||||||
Options Exercised | — | — | — | — | ||||||
Options Outstanding - December 31, 2008 | 145 | $ | 24,190 | 145 | $ | 24,190 | ||||
Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:
• | Level 1 - Quoted prices in active markets for identical securities |
• | Level 2 - Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 - Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2008:
Description | Quoted Prices in Active Markets for Identical Securities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||||||||||
AXA ROSEN- BERG | PIMCO | SHORT DURA- TION | PRO FORMA | AXA ROSEN- BERG | PIMCO | SHORT DURATION | PRO FORMA | AXA ROSEN- BERG | PIM- CO | SHORT DURA- TION | PRO FORMA | AXA ROSEN- BERG | PIMCO | SHORT DURATION | PRO FORMA | |||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Investments in Securities | 170,473,176 | 867,140 | — | 171,340,316 | 170,820,240 | 3,501,044,776 | 1,897,188,186 | 5,569,053,202 | — | — | 15,930,103 | 15,930,103 | 341,293,416 | 3,501,911,916 | 1,913,118,289 | 5,756,323,621 | ||||||||||||||||
Other Investments* | — | 26,653,529 | — | 26,653,529 | — | 651,457 | — | 651,457 | — | — | — | — | — | 27,304,986 | — | 27,304,986 | ||||||||||||||||
Total | 170,473,176 | 27,520,669 | — | 197,993,845 | 170,820,240 | 3,501,696,233 | 1,897,188,186 | 5,569,704,659 | — | — | 15,930,103 | 15,930,103 | 341,293,416 | 3,529,216,902 | 1,913,118,289 | 5,783,628,607 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Investments in Securities | 165,045,594 | — | — | 165,045,594 | — | 125,712,759 | — | 125,712,759 | — | — | — | — | 165,045,594 | 125,712,759 | — | 290,758,353 | ||||||||||||||||
Other Investments* | — | 20,844 | — | 20,844 | — | 2,628,722 | — | 2,628,722 | — | — | — | — | — | 2,649,566 | — | 2,649,566 | ||||||||||||||||
Total | 165,045,594 | 20,844 | — | 165,066,438 | — | 128,341,481 | — | 128,341,481 | — | — | — | — | 165,045,594 | 128,362,325 | — | 293,407,919 | ||||||||||||||||
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
PIMCO | SHORT DURATION | PRO FORMA | PIMCO | SHORT DURATION | PRO FORMA | |||||||||||||||
Investments in Securities | Investments in Securities | Investments in Securities | Other Investments* | Other Investments* | Other Investments* | |||||||||||||||
Balance as of 12/31/07 | $ | 11,585,886 | $ | 418,627 | $ | 12,004,513 | $ | — | $ | — | $ | — | ||||||||
Total gains or losses (realized/unrealized) included in earnings | — | -112,706 | — | — | — | — | ||||||||||||||
Purchases, sales, issuances, and settlements (net) | — | -231,236 | — | — | — | — | ||||||||||||||
Transfers in and/or out of Level 3 | -11,585,886 | 15,855,418 | 4,269,532 | — | — | — | ||||||||||||||
Balance as of 12/31/08 | $ | — | $ | 15,930,103 | $ | — | $ | — | $ | — | $ | — | ||||||||
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at year ending 12/31/08. | $ | — | $ | (1,108,764 | ) | $ | (1,108,764 | ) | $ | — | $ | — | $ | — |
The components of the short-term pooled securities referenced above are as follows:
SHORT DURATION | ||||
Securities | Coupon Range | Date Range | ||
Federal Home Loan Bank | 2.270% to 5.375% | 1/23/09 to 6/10/16 | ||
Federal Home Loan Mortgage Corp. | 0.000% to 10.378% | 1/28/14 to 12/1/28 | ||
Federal National Mortgage Association | 0.000% to 7.500% | 1/1/17 to 5/1/48 | ||
Government National Mortgage Association | 3.625% to 8.500% | 11/15/21 to 2/15/38 | ||
U.S. Treasury Bonds | 0.000% to 8.875% | 5/15/18 to 2/15/36 |
PRO FORMA | ||||
Securities | Coupon Range | Date Range | ||
Federal Home Loan Bank | 2.270% to 5.375% | 1/23/09 to 6/10/16 | ||
Federal Home Loan Mortgage Corp. | 0.000% to 10.378% | 1/28/14 to 12/1/28 | ||
Federal National Mortgage Association | 0.000% to 7.500% | 1/1/17 to 5/1/48 | ||
Government National Mortgage Association | 3.625% to 8.500% | 11/15/21 to 2/15/38 | ||
U.S. Treasury Bonds | 0.000% to 8.875% | 5/15/18 to 2/15/36 |
PRO FORMA
The Portfolio has a net capital loss carryforward of $29,697,626 of which $9,816,989 expires in the year 2014, $12,000,051 expires in the year 2015 and $7,880,586 expires in the year 2016.
The Portfolio utilized net capital loss carryforward of $12,905,384 during 2008.
EQ/AXA Rosenberg Value Long/Short Equity | EQ/Short Duration Bond | EQ/PIMCO Ultra Short Bond | Pro Forma Adjustment | Pro-Forma Combined | |||||||||||
Investments at Cost | 178,847,135 | 2,026,399,642 | 3,522,902,840 | 5,728,149,617 | |||||||||||
Repurchase Agreements at Amortized Cost | 11,034,648 | 11,034,648 | |||||||||||||
Deposits with broker and custodian bank for securities sold short at Cost | 159,785,592 | 159,785,592 | |||||||||||||
Foreign Cash at Cost | — | — | 10,770,517 | 10,770,517 | |||||||||||
Securities on loan at market value | 123,049,902 | 123,049,902 | |||||||||||||
ASSETS | |||||||||||||||
Investments at Value | 170,473,176 | 1,913,118,289 | 3,501,911,916 | 5,585,503,381 | |||||||||||
Repurchase Agreements | 11,034,648 | 11,034,648 | |||||||||||||
Cash | 362,466 | (54,605 | )(g) | 307,861 | |||||||||||
Cash Held as Collateral at Broker | 6,445,800 | 6,445,800 | |||||||||||||
Foreign Cash | 10,840,776 | 10,840,776 | |||||||||||||
Foreign Cash Held as Collateral at Broker | 71,007 | 71,007 | |||||||||||||
Deposits with broker and custodian bank for securities sold short | 159,785,592 | 159,785,592 | |||||||||||||
Receivable for securities sold | 3,273,048 | 499,778,233 | 503,051,281 | ||||||||||||
Receivable for forward commitments | 136,960,567 | 136,960,567 | |||||||||||||
Dividends, interest, and other receivables | 149,885 | 12,726,109 | 18,968,094 | 31,844,088 | |||||||||||
Receivable from Separate Accounts for Trust shares sold | 52,739 | 943,911 | 1,220,625 | 2,217,275 | |||||||||||
Unrealized appreciation of forward foreign currency contracts | 651,457 | 651,457 | |||||||||||||
Other assets | 2,652 | 6,813 | 4,063 | 13,528 | |||||||||||
Total assets | 344,771,740 | 1,926,795,122 | 4,177,215,004 | (54,605 | ) | 6,448,727,261 | |||||||||
Securities sold short proceeds received | 186,440,578 | — | 124,139,316 | 310,579,894 | |||||||||||
Options written premiums received | — | — | 24,190 | 24,190 | |||||||||||
LIABILITIES | |||||||||||||||
Overdraft payable | 54,605 | (54,605 | )(g) | 0 | |||||||||||
Payable for securities purchased | 1,577,063 | 40,100,371 | 1,960,641,955 | 2,002,319,389 | |||||||||||
Securities sold short | 165,045,594 | 125,712,759 | 290,758,353 | ||||||||||||
Payable for return of cash collateral on securities loaned | 123,614,105 | 123,614,105 | |||||||||||||
Payable for forward commitments | 10,213,281 | 13,290,195 | 23,503,476 | ||||||||||||
Unrealized depreciation of forward foreign currency contracts | 2,628,722 | 2,628,722 | |||||||||||||
Investment management fees payable | 204,049 | 669,785 | 900,340 | 1,774,174 | |||||||||||
Payable to Separate Accounts for Trust shares redeemed | 25,775 | 426,679 | 151,596 | 604,050 | |||||||||||
Administrative fees payable | 26,905 | 160,254 | 177,959 | 365,118 | |||||||||||
Distribution fees payable- Class IB | 32,856 | 34,862 | 234,795 | 302,513 | |||||||||||
Dividends payable for securities sold short | 210,204 | 210,204 | |||||||||||||
Variation margin payable on futures contracts | 123,079 | 123,079 | |||||||||||||
Options Written, at Value | 20,844 | 20,844 | |||||||||||||
Trustees’ fees payable | 1,377 | 5,523 | 1,656 | 8,556 | |||||||||||
Accrued expenses | 100,449 | 194,520 | 386,469 | 681,438 | |||||||||||
Total liabilities | 167,224,272 | 175,473,985 | 2,104,270,369 | (54,605 | ) | 2,446,914,021 | |||||||||
NET ASSETS | 177,547,468 | 1,751,321,137 | 2,072,944,635 | 0 | 4,001,813,240 | ||||||||||
Net assets were comprised of: | |||||||||||||||
Paid in capital | 183,393,159 | 1,901,069,486 | 2,338,423,093 | 4,422,885,738 | |||||||||||
Accumulated undistributed net investment income (loss) | 2 | (78,169 | ) | (8,249,037 | ) | (8,327,204 | ) | ||||||||
Accumulated undistributed net realized gain (loss) | (18,866,718 | ) | (36,388,827 | ) | (259,422,640 | ) | (314,678,185 | ) | |||||||
Unrealized appreciation (depreciation) on investments | 13,021,025 | (113,281,353 | ) | 2,193,219 | (98,067,109 | ) | |||||||||
177,547,468 | 1,751,321,137 | 2,072,944,635 | 0 | 4,001,813,240 | |||||||||||
Class IA Shares: | |||||||||||||||
Net Assets | 10,839,805 | 1,585,229,146 | 952,328,285 | 2,548,397,236 | |||||||||||
Shares outstanding | 1,071,520 | 170,411,696 | 102,675,352 | 597,089 | * | 274,755,657 | |||||||||
Net asset value, offering and redemption price per share | 10.12 | 9.30 | 9.28 | 9.28 | |||||||||||
Class IB Shares: | |||||||||||||||
Net Assets | 166,707,663 | 166,091,991 | 1,120,616,350 | 1,453,416,004 | |||||||||||
Shares outstanding | 16,520,284 | 17,839,727 | 120,696,193 | 1,484,238 | * | 156,540,442 | |||||||||
Net asset value, offering and redemption price per share | 10.09 | 9.31 | 9.28 | 9.28 | |||||||||||
STATEMENT OF OPERATIONS | |||||||||||||||
Dividend Withholding Tax | 322 | — | — | 322 | |||||||||||
INVESTMENT INCOME | |||||||||||||||
Interest | 2,611,841 | 116,075,091 | 74,697,459 | 193,384,391 | |||||||||||
Dividends | 2,476,897 | 102,820 | 2,579,717 | ||||||||||||
Securities lending (net) | 1,144,554 | 30,751 | 1,175,305 | ||||||||||||
Total income | 5,088,738 | 117,219,645 | 74,831,030 | 0 | 197,139,413 | ||||||||||
EXPENSES | |||||||||||||||
Investment management fees | 2,482,627 | 10,335,762 | 10,317,786 | (2,400,834 | )(b) | 20,735,341 | |||||||||
Administrative fees | 206,802 | 2,489,904 | 1,991,483 | (83,110 | )(b) | 4,605,079 | |||||||||
Distribution fees- Class IB | 406,065 | 344,639 | 2,476,161 | 3,226,865 | |||||||||||
Dividend expense for securities sold short | 3,177,849 | (3,177,849 | )(e) | 0 | |||||||||||
Printing and mailing expenses | 617,226 | 540,907 | 1,158,133 | ||||||||||||
Custodian fees | 18,252 | 40,499 | 187,500 | (58,751 | )(a)(b) | 187,500 | |||||||||
Professional fees | 40,102 | 84,912 | 77,778 | (38,000 | )(a) | 164,792 | |||||||||
Trustees’ fees | 3,085 | 46,727 | 33,761 | 83,573 | |||||||||||
Transfer agent fees | 48,538 | (48,538 | )(c) | 0 | |||||||||||
Fund accounting fees | 35,000 | (35,000 | )(d) | 0 | |||||||||||
Miscellaneous | 3,889 | 69,577 | 78,454 | (11,920 | )(a) | 140,000 | |||||||||
Gross expenses | 6,422,209 | 14,029,246 | 15,703,830 | (5,854,002 | ) | 30,301,283 | |||||||||
Less: Waiver from investment advisor | (387,421 | ) | 387,421 | (f) | 0 | ||||||||||
Net expenses | 6,422,209 | 14,029,246 | 15,316,409 | (5,466,581 | ) | 30,301,283 | |||||||||
NET INVESTMENT INCOME | (1,333,471 | ) | 103,190,399 | 59,514,621 | 5,466,581 | 166,838,130 | |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||||||||||||
Realized gain (loss) on: | |||||||||||||||
Securities | (54,843,343 | ) | (27,312,851 | ) | (154,463,184 | ) | (236,619,378 | ) | |||||||
Futures | (145,959 | ) | (145,959 | ) | |||||||||||
Foreign currency transactions | 406,628 | 406,628 | |||||||||||||
Options Written | 10,174,516 | 10,174,516 | |||||||||||||
Securities sold short | 71,131,328 | (1,892,251 | ) | (14,186,567 | ) | 55,052,510 | |||||||||
Net realized gain (loss) | 16,287,985 | (29,205,102 | ) | (158,214,566 | ) | 0 | (171,131,683 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||
Securities | (26,496,410 | ) | (127,807,148 | ) | (38,451,579 | ) | (192,755,137 | ) | |||||||
Futures | 17,165,871 | 17,165,871 | |||||||||||||
Foreign currency translations | (4,735,033 | ) | (4,735,033 | ) | |||||||||||
Options Written | 839,958 | 839,958 | |||||||||||||
Securities sold short | (1,841,110 | ) | (1,841,110 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | (26,496,410 | ) | (127,807,148 | ) | (27,021,893 | ) | — | (181,325,451 | ) | ||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | (10,208,425 | ) | (157,012,250 | ) | (185,236,459 | ) | — | (352,457,134 | ) | ||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (11,541,896 | ) | (53,821,851 | ) | (125,721,838 | ) | 5,466,581 | (185,619,004 | ) | ||||||
* | Reflects new shares issued of the Acquiring Portfolio |
(a) | Reflects adjustment in expenses due to elimination of duplicative expenses. |
(b) | Reflects adjustment in expenses due to effects of new contract rate. |
(c) | Reflects adjustment to eliminate EQ/AXA Rosenberg Value Long/Short Equity Portfolio’s Transfer Agency Fees. |
(d) | Reflects adjustment to eliminate EQ/AXA Rosenberg Value Long/Short Equity Portfolio’s Fund Accounting Fees. |
(e) | Reflects adjustment to eliminate EQ/AXA Rosenberg Value Long/Short Equity Portfolio’s Dividend expense for securities sold short. |
(f) | Reflects decrease in waiver due to expense adjustments. |
(g) | Reflects reclass of EQ/Short Duration Bond’s overdraft |
NOTES TO PRO FORMA FINANCIAL STATEMENTS
(UNAUDITED - As of December 31, 2008)
NOTE 1 – BASIS OF COMBINATION:
On May 21, 2009 the Board of Trustees of EQ Advisors Trust (the “Trust”) approved a proposed Plan of Reorganization and Termination and a proposed Plan of Asset/Stock Exchange that provide for the transfer of all assets of the EQ/AXA Rosenberg Value Long/Short Equity Portfolio (“Long/Short Portfolio”) and EQ/Short Duration Bond Portfolio (“Short Duration Bond Portfolio”) to the EQ/PIMCO Ultra Short Bond Portfolio (“Ultra Short Portfolio”), each a series of the Trust, and the assumption by the Ultra Short Portfolio of all of the liabilities of the Long/Short Portfolio and Short Duration Bond Portfolio in exchange for shares of the Ultra Short Portfolio having an aggregate value equal to the net assets of the Long/Short Portfolio and the Short Duration Bond Portfolio, the distribution of the Ultra Short Portfolio shares to the Long/Short Portfolio and the Short Duration Bond Portfolio shareholders of record determined immediately after the close of business on the closing date, and the subsequent liquidation of the Long/Short Portfolio and the Short Duration Bond Portfolio.
The Long/Short Portfolio’s annual contractual management fee equals 1.40% of average daily net assets for the first $1 billion, 1.35% of average daily net assets for the next $1 billion, 1.325% for the next $3 billion, 1.300% for the next $5 billion, and 1.275% of average daily net assets thereafter. The Short Duration Bond Portfolio’s annual contractual management fee equals 0.45% of average daily net assets for the first $750 million, 0.425% of average daily net assets for the next $750 million, 0.400% for the next $1 billion, 0.380% for the next $2.5 billion, and 0.370% of average daily net assets thereafter. The Ultra Short Portfolio’s annual contractual management fee rate equals 0.50% of average daily net assets for the first $750 million, 0.475% of average daily net assets for the next $750 million, 0.450% for the next $1 billion, 0.430% for the next $2.5 billion, and 0.420% of average daily net assets thereafter. The Transaction is subject to the approval of the Long/Short Portfolio’s and Short Duration Bond Portfolio’s shareholders, respectively. A special meeting of shareholders of the Long/Short Portfolio and Short Duration Bond Portfolio will be held on or about August 26, 2009.
The Transaction will be accounted for as a taxable reorganization of investment companies. The unaudited pro forma combined financial statements are presented for the information of the reader and may not necessarily be representative of what the actual combined financial statements would have been had the Transaction occurred at December 31, 2008. The unaudited pro forma portfolio of investments and statement of assets and liabilities reflect the financial position of the Long/Short Portfolio, Short Duration Bond Portfolio and the Ultra Short Portfolio at December 31, 2008. The unaudited pro forma statement of operations reflects the results of operations of the Ultra Short Portfolio as if it had acquired both of the Long/Short Portfolio and the Short Duration Bond Portfolio at the beginning of the period ended December 31, 2008. These statements have been derived from the Portfolios’ respective books and records utilized in calculating daily net asset value at the dates indicated above for each Portfolio under accounting principles generally accepted in the United States of America. The
results of operations of the Ultra Short Portfolio for pre-combination periods will not be restated.
The unaudited pro forma portfolio of investments, and statements of assets and liabilities and operations should be read in conjunction with the historical financial statements of the Portfolios included in the Trust’s Statement of Additional Information.
Following the Transaction, the Ultra Short Portfolio will be the “accounting survivor.” The general criteria that are applied to determine the proper accounting survivor are outlined in the “AICPA Accounting and Audit Guide for Investment Companies,” and include:
a.) | Portfolio Management— Although the portfolio management styles are not identical, AXA Equitable believes that the Portfolios share similar characteristics, e.g., preservation of capital while potentially seeking returns above a short-term benchmark. |
b.) | Portfolio Composition—Although the portfolio compositions are not identical, AXA Equitable believes that the Portfolios share similar characteristics, e.g., preservation of capital while potentially seeking returns above a short-term benchmark. |
c.) | Investment Objectives, Policies and Restrictions – Although the investment objective, strategy and risk profile are not identical, AXA Equitable believes that the Portfolios share similar characteristics, e.g., preservation of capital while potentially seeking returns above a short-term benchmark. |
d.) | Expense Structure and Expense Ratios – The merged entity will have a similar, or lower expense structure and expense ratios than the Short Duration Bond Portfolio and the Long/Short Portfolio respectively. |
e.) | Asset Size |
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
Each of the Portfolios have substantially the same significant accounting policies, which are detailed in the historical financial statements referenced above in Note 1.
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.
NOTE 3 – SHARES:
The unaudited pro forma net asset value per share assumes additional common shares of beneficial interest issued in connection with the proposed acquisition of the Long/Short Portfolio and the Short Duration Bond Portfolio by the Ultra Short Portfolio as of December 31, 2008. The number of additional shares issued was calculated based on the net assets of the Long/Short Portfolio and the Short Duration Bond Portfolio and net asset value per respective class of the Ultra Short Portfolio at December 31, 2008.
NOTE 4 – UNAUDITED PRO FORMA ADJUSTMENTS:
The accompanying unaudited pro forma financial statements reflect changes in the Ultra Short Portfolio’s shares as if the merger had taken place on December 31, 2008. AXA Equitable will bear the expenses of the Transaction, which are estimated at $105,000.
Portfolio of Investments
As of December 31, 2008
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
LONG-TERM DEBT SECURITIES: | |||||||||||||||||||||
Asset-Backed and Mortgage-Backed Securities | |||||||||||||||||||||
Asset-Backed Securities | |||||||||||||||||||||
Bayview Financial Acquisition Trust, | |||||||||||||||||||||
Series 2005-D AF2 | |||||||||||||||||||||
5.402%, 12/28/35(l) | 1,277,254 | 1,277,254 | 1,088,859 | 1,088,859 | |||||||||||||||||
Citifinancial Mortgage Securities, Inc., | |||||||||||||||||||||
Series 2003-1 AFPT | |||||||||||||||||||||
3.360%, 1/25/33(e) | 568,245 | 568,245 | 407,587 | 407,587 | |||||||||||||||||
Credit-Based Asset Servicing and Securitization LLC, | |||||||||||||||||||||
Series 2005-CB7 AF2 | |||||||||||||||||||||
5.147%, 11/25/35(e) | 528,027 | 528,027 | 512,124 | 512,124 | |||||||||||||||||
DB Master Finance LLC, | |||||||||||||||||||||
Series 2006-1 A2 | |||||||||||||||||||||
5.779%, 6/20/31§ | 600,000 | 600,000 | 445,140 | 445,140 | |||||||||||||||||
Home Equity Mortgage Trust, | |||||||||||||||||||||
Series 2005-4 A3 | |||||||||||||||||||||
4.742%, 1/25/36(e) | 191,043 | 191,043 | 185,280 | 185,280 | |||||||||||||||||
IXIS Real Estate Capital Trust, | |||||||||||||||||||||
Series 2006-HE3 A2 | |||||||||||||||||||||
0.571%, 1/25/37(l) | 7,575,000 | 7,575,000 | 6,813,298 | 6,813,298 | |||||||||||||||||
Option One Mortgage Loan Trust, | |||||||||||||||||||||
Series 2006-3 M1 | |||||||||||||||||||||
0.701%, 2/25/37(l) | 2,915,000 | 2,915,000 | 203,078 | 203,078 | |||||||||||||||||
Petra CRE CDO Ltd., | |||||||||||||||||||||
Series 2007-1A C | |||||||||||||||||||||
1.571%, 2/25/47(l)§† | 990,000 | 990,000 | 19,800 | 19,800 | |||||||||||||||||
Residential Asset Securities Corp., | |||||||||||||||||||||
Series 2003-KS3 A2 | |||||||||||||||||||||
1.071%, 5/25/33(l) | 221,758 | 221,758 | 161,479 | 161,479 | |||||||||||||||||
Residential Funding Mortgage Securities II, Inc., | |||||||||||||||||||||
Series 2005-HI2 A3 | |||||||||||||||||||||
4.460%, 5/25/35 | 632,150 | 632,150 | 628,004 | 628,004 | |||||||||||||||||
— | 10,464,649 | 10,464,649 | 0.7 | % | |||||||||||||||||
Non-Agency CMO | |||||||||||||||||||||
Banc of America Commercial Mortgage, Inc., | |||||||||||||||||||||
Series 2001-PB1 A2 | |||||||||||||||||||||
5.787%, 5/11/35 | 1,479,578 | 1,479,578 | 1,420,661 | 1,420,661 | |||||||||||||||||
Series 2004-3 A5 | |||||||||||||||||||||
5.319%, 6/10/39(l) | 2,090,000 | 2,090,000 | 1,833,530 | 1,833,530 | |||||||||||||||||
Series 2004-4 A3 | |||||||||||||||||||||
4.128%, 7/10/42 | 1,855,000 | 1,855,000 | 1,820,201 | 1,820,201 | |||||||||||||||||
Series 2004-6 A2 | |||||||||||||||||||||
4.161%, 12/10/42 | 2,405,686 | 2,405,686 | 2,327,989 | 2,327,989 | |||||||||||||||||
Bear Stearns Alt-A Trust, | |||||||||||||||||||||
Series 2006-1 22A1 | |||||||||||||||||||||
5.319%, 2/25/36(l) | 2,283,381 | 2,283,381 | 1,188,710 | 1,188,710 | |||||||||||||||||
Series 2006-3 22A1 | |||||||||||||||||||||
6.064%, 5/25/36(l) | 954,233 | 954,233 | 564,743 | 564,743 | |||||||||||||||||
Bear Stearns Commercial Mortgage Securities, Inc., | |||||||||||||||||||||
Series 2002-TOP6 A2 | |||||||||||||||||||||
6.460%, 10/15/36 | 3,955,000 | 3,955,000 | 3,797,342 | 3,797,342 | |||||||||||||||||
Series 2006-PW11 A4 | |||||||||||||||||||||
5.456%, 3/11/39(l) | 2,030,000 | 2,030,000 | 1,732,279 | 1,732,279 | |||||||||||||||||
Series 2006-PW12 A4 | |||||||||||||||||||||
5.718%, 9/11/38(l) | 1,240,000 | 1,240,000 | 1,008,731 | 1,008,731 | |||||||||||||||||
Citigroup Mortgage Loan Trust, Inc., | |||||||||||||||||||||
Series 2005-2 1A4 | |||||||||||||||||||||
5.117%, 5/25/35(l) | 2,155,623 | 2,155,623 | 1,575,911 | 1,575,911 | |||||||||||||||||
Series 2006-AR1 3A1 | |||||||||||||||||||||
5.500%, 3/25/36(l) | 3,040,943 | 3,040,943 | 1,631,620 | 1,631,620 | |||||||||||||||||
Credit Suisse Mortgage Capital Certificates, | |||||||||||||||||||||
Series 2006-C4 A3 | |||||||||||||||||||||
5.467%, 9/15/39 | 3,520,000 | 3,520,000 | 2,589,890 | 2,589,890 | |||||||||||||||||
CS First Boston Mortgage Securities Corp., | |||||||||||||||||||||
Series 2003-CK2 A2 | |||||||||||||||||||||
3.861%, 3/15/36 | 144,716 | 144,716 | 141,794 | 141,794 | |||||||||||||||||
Series 2004-C1 A4 | |||||||||||||||||||||
4.750%, 1/15/37(l) | 985,000 | 985,000 | 847,011 | 847,011 | |||||||||||||||||
Deutsche Mortgage Securities, Inc., | |||||||||||||||||||||
Series 2005-WF1 1A1 | |||||||||||||||||||||
5.098%, 6/26/35(b)(l)§ | 999,118 | 999,118 | 972,043 | 972,043 | |||||||||||||||||
GE Capital Commercial Mortgage Corp., | |||||||||||||||||||||
Series 2005-C3 A3FX | |||||||||||||||||||||
4.863%, 7/10/45 | 7,710,000 | 7,710,000 | 7,080,153 | 7,080,153 | |||||||||||||||||
Greenwich Capital Commercial Funding Corp., | |||||||||||||||||||||
Series 2003-C1 A4 | |||||||||||||||||||||
4.111%, 7/5/35 | 1,915,000 | 1,915,000 | 1,663,813 | 1,663,813 | |||||||||||||||||
Series 2003-C2 A3 | |||||||||||||||||||||
4.533%, 1/5/36 | 8,390,000 | 8,390,000 | 7,837,190 | 7,837,190 | |||||||||||||||||
Series 2005-GG3 A2 | |||||||||||||||||||||
4.305%, 8/10/42 | 2,709,232 | 2,709,232 | 2,563,648 | 2,563,648 | |||||||||||||||||
Indymac Index Mortgage Loan Trust, | |||||||||||||||||||||
Series 2006-AR7 4A1 | |||||||||||||||||||||
6.143%, 5/25/36(l) | 1,285,593 | 1,285,593 | 710,730 | 710,730 | |||||||||||||||||
JP Morgan Chase Commercial Mortgage Securities Corp., | |||||||||||||||||||||
Series 2005-CB11 A4 | |||||||||||||||||||||
5.335%, 8/12/37(l) | 5,860,000 | 5,860,000 | 4,794,910 | 4,794,910 | |||||||||||||||||
Series 2005-LDP3 A2 | |||||||||||||||||||||
4.851%, 8/15/42 | 2,035,000 | 2,035,000 | 1,852,261 | 1,852,261 | |||||||||||||||||
Series 2005-LDP4 A2 | |||||||||||||||||||||
4.790%, 10/15/42 | 5,156,042 | 5,156,042 | 4,706,065 | 4,706,065 | |||||||||||||||||
Series 2006-CB14 A4 | |||||||||||||||||||||
5.481%, 12/12/44(l) | 3,790,000 | 3,790,000 | 3,047,050 | 3,047,050 | |||||||||||||||||
Series 2006-CB15 A4 | |||||||||||||||||||||
5.814%, 6/12/43(l) | 2,640,000 | 2,640,000 | 2,031,169 | 2,031,169 | |||||||||||||||||
Series 2007-LDPX A3 | |||||||||||||||||||||
5.420%, 1/15/49 | 2,580,000 | 2,580,000 | 1,823,976 | 1,823,976 |
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
LB-UBS Commercial Mortgage Trust, | |||||||||||||||||||||
Series 2003-C3 A4 | |||||||||||||||||||||
4.166%, 5/15/32 | 2,810,000 | 2,810,000 | 2,407,356 | 2,407,356 | |||||||||||||||||
Series 2004-C2 A4 | |||||||||||||||||||||
4.367%, 3/15/36 | 865,000 | 865,000 | 695,317 | 695,317 | |||||||||||||||||
Series 2004-C4 A4 | |||||||||||||||||||||
5.226%, 6/15/29(l) | 2,985,000 | 2,985,000 | 2,520,631 | 2,520,631 | |||||||||||||||||
Series 2004-C8 A2 | |||||||||||||||||||||
4.201%, 12/15/29 | 1,955,410 | 1,955,410 | 1,902,953 | 1,902,953 | |||||||||||||||||
Series 2005-C1 A4 | |||||||||||||||||||||
4.742%, 2/15/30 | 5,930,000 | 5,930,000 | 4,867,155 | 4,867,155 | |||||||||||||||||
Series 2005-C7 A4 | |||||||||||||||||||||
5.197%, 11/15/30(l) | 6,090,000 | 6,090,000 | 5,027,972 | 5,027,972 | |||||||||||||||||
Lehman XS Trust, | |||||||||||||||||||||
Series 2007-4N M1 | |||||||||||||||||||||
0.921%, 3/25/47(l) | 10,887,195 | 10,887,195 | 1,559,892 | 1,559,892 | |||||||||||||||||
Merrill Lynch Mortgage Investors, Inc., | |||||||||||||||||||||
Series 2005-A8 A1C1 | |||||||||||||||||||||
5.250%, 8/25/36(l) | 1,364,436 | 1,364,436 | 1,245,899 | 1,245,899 | |||||||||||||||||
Merrill Lynch Mortgage Trust, | |||||||||||||||||||||
Series 2005-CKI1 A6 | |||||||||||||||||||||
5.242%, 11/12/37(l) | 2,575,000 | 2,575,000 | 2,125,355 | 2,125,355 | |||||||||||||||||
Series 2005-MKB2 A2 | |||||||||||||||||||||
4.806%, 9/12/42 | 3,305,000 | 3,305,000 | 3,133,974 | 3,133,974 | |||||||||||||||||
Merrill Lynch/Countrywide Commercial Mortgage Trust, | |||||||||||||||||||||
Series 2006-2 A4 | |||||||||||||||||||||
5.909%, 6/12/46(l) | 805,000 | 805,000 | 644,978 | 644,978 | |||||||||||||||||
Morgan Stanley Capital I, Inc., | |||||||||||||||||||||
Series 2005-T17 A5 | |||||||||||||||||||||
4.780%, 12/13/41 | 9,300,000 | 9,300,000 | 7,670,407 | 7,670,407 | |||||||||||||||||
Residential Funding Mortgage Securities I, Inc., | |||||||||||||||||||||
Series 2005-SA3 3A | |||||||||||||||||||||
5.239%, 8/25/35(l) | 5,408,076 | 5,408,076 | 3,849,213 | 3,849,213 | |||||||||||||||||
Wachovia Bank Commercial Mortgage Trust, | |||||||||||||||||||||
Series 2006-C27 A3 | |||||||||||||||||||||
5.765%, 7/15/45(l) | 8,786,372 | 8,786,372 | 7,017,777 | 7,017,777 | |||||||||||||||||
WaMu Mortgage Pass-Through Certificates, | |||||||||||||||||||||
Series 2007-OA1 A1A | |||||||||||||||||||||
2.956%, 2/25/47(l) | 2,360,914 | 2,360,914 | 879,573 | 879,573 | |||||||||||||||||
— | 107,111,872 | 107,111,872 | 7.2 | % | |||||||||||||||||
Total Asset-Backed and Mortgage-Backed Securities | — | 117,576,521 | 117,576,521 | 7.9 | % | ||||||||||||||||
Convertible Bonds | |||||||||||||||||||||
Consumer Discretionary | |||||||||||||||||||||
Automobiles | |||||||||||||||||||||
Ford Motor Co. | |||||||||||||||||||||
4.250%, 12/15/36 | 1,970,000 | 1,970,000 | 507,275 | 507,275 | |||||||||||||||||
Total Consumer Discretionary | 507,275 | — | 507,275 | 0.0 | % | ||||||||||||||||
Energy | |||||||||||||||||||||
Oil, Gas & Consumable Fuels | |||||||||||||||||||||
Peabody Energy Corp. | |||||||||||||||||||||
4.750%, 12/15/41 | 680,000 | 680,000 | 408,000 | 408,000 | |||||||||||||||||
Total Energy | 408,000 | — | 408,000 | 0.0 | % | ||||||||||||||||
Total Convertible Bonds | 915,275 | — | 915,275 | 0.1 | % | ||||||||||||||||
Corporate Bonds | |||||||||||||||||||||
Consumer Discretionary | |||||||||||||||||||||
Auto Components | |||||||||||||||||||||
ArvinMeritor, Inc. | |||||||||||||||||||||
8.125%, 9/15/15^ | 615,000 | 615,000 | 276,750 | 276,750 | |||||||||||||||||
TRW Automotive, Inc. | |||||||||||||||||||||
7.250%, 3/15/17§ | 700,000 | 700,000 | 357,000 | 357,000 | |||||||||||||||||
633,750 | — | 633,750 | 0.0 | % | |||||||||||||||||
Automobiles | |||||||||||||||||||||
Daimler Finance N.A. LLC | |||||||||||||||||||||
4.875%, 6/15/10 | 590,000 | 590,000 | 535,052 | 535,052 | |||||||||||||||||
7.750%, 1/18/11 | 1,190,000 | 1,190,000 | 1,076,770 | 1,076,770 | |||||||||||||||||
6.500%, 11/15/13^ | 300,000 | 300,000 | 234,004 | 234,004 | |||||||||||||||||
— | 1,845,826 | 1,845,826 | 0.1 | % | |||||||||||||||||
Diversified Consumer Services | |||||||||||||||||||||
Carriage Services, Inc. | |||||||||||||||||||||
7.875%, 1/15/15 | 915,000 | 915,000 | 722,850 | 722,850 | |||||||||||||||||
Service Corp. International | |||||||||||||||||||||
7.375%, 10/1/14 | 250,000 | 250,000 | 212,500 | 212,500 | |||||||||||||||||
6.750%, 4/1/16 | 1,435,000 | 1,435,000 | 1,090,600 | 1,090,600 | |||||||||||||||||
2,025,950 | — | 2,025,950 | 0.1 | % | |||||||||||||||||
Hotels, Restaurants & Leisure | |||||||||||||||||||||
Landry’s Restaurants, Inc. | |||||||||||||||||||||
9.500%, 12/15/14 | 785,000 | 785,000 | 785,000 | 785,000 | |||||||||||||||||
Las Vegas Sands Corp. | |||||||||||||||||||||
6.375%, 2/15/15^ | 665,000 | 665,000 | 385,700 | 385,700 | |||||||||||||||||
Marriott International, Inc. | |||||||||||||||||||||
Series J | |||||||||||||||||||||
5.625%, 2/15/13^ | 3,418,000 | 3,418,000 | 2,597,680 | 2,597,680 | |||||||||||||||||
McDonald’s Corp. | |||||||||||||||||||||
4.300%, 3/1/13 | 300,000 | 300,000 | 306,316 | 306,316 | |||||||||||||||||
MGM MIRAGE | |||||||||||||||||||||
6.750%, 9/1/12 | 400,000 | 400,000 | 280,000 | 280,000 | |||||||||||||||||
7.625%, 1/15/17^ | 2,370,000 | 2,370,000 | 1,528,650 | 1,528,650 | |||||||||||||||||
Royal Caribbean Cruises Ltd. | |||||||||||||||||||||
7.000%, 6/15/13 | 42,000 | 42,000 | 23,940 | 23,940 | |||||||||||||||||
6.875%, 12/1/13 | 1,765,000 | 1,765,000 | 988,400 | 988,400 | |||||||||||||||||
San Pasqual Casino | |||||||||||||||||||||
8.000%, 9/15/13§ | 68,000 | 68,000 | 49,300 | 49,300 | |||||||||||||||||
Seneca Gaming Corp. | |||||||||||||||||||||
7.250%, 5/1/12 | 285,000 | 285,000 | 229,425 | 229,425 | |||||||||||||||||
Speedway Motorsports, Inc. | |||||||||||||||||||||
6.750%, 6/1/13 | 1,035,000 | 1,035,000 | 745,200 | 745,200 | |||||||||||||||||
Starwood Hotels & Resorts Worldwide, Inc. | |||||||||||||||||||||
7.875%, 5/1/12^ | 1,189,000 | 1,189,000 | 885,805 | 885,805 | |||||||||||||||||
6.250%, 2/15/13 | 1,450,000 | 1,450,000 | 1,000,500 | 1,000,500 | |||||||||||||||||
7.375%, 11/15/15 | 1,299,000 | 1,299,000 | 779,400 | 779,400 | |||||||||||||||||
Venetian Macau | |||||||||||||||||||||
Bank Loan |
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
6.020%, 4/6/13(l) | 1,850,000 | 1,850,000 | 867,187 | 867,187 | |||||||||||||||||
Wyndham Worldwide Corp. | |||||||||||||||||||||
6.000%, 12/1/16 | 2,355,000 | 2,355,000 | 949,272 | 949,272 | |||||||||||||||||
5,882,802.00 | 6,518,973 | 12,401,775 | 0.8 | % | |||||||||||||||||
Household Durables | |||||||||||||||||||||
American Greetings Corp. | |||||||||||||||||||||
7.375%, 6/1/16 | 150,000 | 150,000 | 100,500 | 100,500 | |||||||||||||||||
Jarden Corp. | |||||||||||||||||||||
7.500%, 5/1/17 | 1,400,000 | 1,400,000 | 955,500 | 955,500 | |||||||||||||||||
Fortune Brands, Inc. | |||||||||||||||||||||
4.875%, 12/1/13 | 642,000 | 642,000 | 565,450 | 565,450 | |||||||||||||||||
MDC Holdings, Inc. | |||||||||||||||||||||
5.500%, 5/15/13 | 1,650,000 | 1,650,000 | 1,291,438 | 1,291,438 | |||||||||||||||||
Mohawk Industries, Inc. | |||||||||||||||||||||
6.125%, 1/15/16 | 3,300,000 | 3,300,000 | 2,499,793 | 2,499,793 | |||||||||||||||||
Whirlpool Corp. | |||||||||||||||||||||
5.500%, 3/1/13 | 300,000 | 300,000 | 237,355 | 237,355 | |||||||||||||||||
1,056,000 | 4,594,036 | 5,650,036 | 0.4 | % | |||||||||||||||||
Leisure Equipment & Products | |||||||||||||||||||||
Steinway Musical Instruments, Inc. | |||||||||||||||||||||
7.000%, 3/1/14§ | 1,145,000 | 1,145,000 | 795,775 | — | 795,775 | 0.1 | % | ||||||||||||||
Media | |||||||||||||||||||||
Allbritton Communications Co. | |||||||||||||||||||||
7.750%, 12/15/12 | 1,750,000 | 1,750,000 | 859,687 | 859,687 | |||||||||||||||||
BSkyB Finance UK plc | |||||||||||||||||||||
5.625%, 10/15/15§ | 1,175,000 | 1,175,000 | 989,026 | 989,026 | |||||||||||||||||
CBS Corp. | |||||||||||||||||||||
6.625%, 5/15/11 | 300,000 | 300,000 | 265,855 | 265,855 | |||||||||||||||||
5.625%, 8/15/12 | 300,000 | 300,000 | 246,903 | 246,903 | |||||||||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | |||||||||||||||||||||
8.750%, 11/15/13^ | 3,450,000 | 3,450,000 | 2,173,500 | 2,173,500 | |||||||||||||||||
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp. | |||||||||||||||||||||
8.375%, 4/30/14§ | 1,665,000 | 1,665,000 | 1,273,725 | 1,273,725 | |||||||||||||||||
Citadel Communications Corp. | |||||||||||||||||||||
3.650%, 6/12/14 | 169,964 | 169,964 | 67,986 | 67,986 | |||||||||||||||||
5.395%, 6/12/14 | 190,688 | 190,688 | 76,275 | 76,275 | |||||||||||||||||
Comcast Cable Communications Holdings, Inc. | |||||||||||||||||||||
9.455%, 11/15/22 | 870,000 | 870,000 | 974,711 | 974,711 | |||||||||||||||||
Comcast Cable Communications LLC | |||||||||||||||||||||
6.875%, 6/15/09 | 1,180,000 | 1,180,000 | 1,185,530 | 1,185,530 | |||||||||||||||||
Comcast Corp. | |||||||||||||||||||||
5.500%, 3/15/11 | 1,585,000 | 1,585,000 | 1,551,458 | 1,551,458 | |||||||||||||||||
5.900%, 3/15/16 | 600,000 | 600,000 | 572,889 | 572,889 | |||||||||||||||||
6.500%, 1/15/17 | 600,000 | 600,000 | 592,628 | 592,628 | |||||||||||||||||
6.950%, 8/15/37 | 600,000 | 600,000 | 631,831 | 631,831 | |||||||||||||||||
COX Communications, Inc. | |||||||||||||||||||||
7.125%, 10/1/12 | 300,000 | 300,000 | 287,105 | 287,105 | |||||||||||||||||
9.375%, 1/15/19§ | 1,630,000 | 1,630,000 | 1,705,471 | 1,705,471 | |||||||||||||||||
CSC Holdings, Inc., | |||||||||||||||||||||
Series B | |||||||||||||||||||||
8.125%, 7/15/09 | 210,000 | 210,000 | 208,950 | 208,950 | |||||||||||||||||
Dex Media West LLC/Dex Media Finance Co. | |||||||||||||||||||||
Series B | |||||||||||||||||||||
8.500%, 8/15/10 | 470,000 | 470,000 | 284,350 | 284,350 | |||||||||||||||||
Echostar DBS Corp. | |||||||||||||||||||||
6.375%, 10/1/11 | 250,000 | 250,000 | 232,500 | 232,500 | |||||||||||||||||
7.125%, 2/1/16 | 1,750,000 | 1,750,000 | 1,461,250 | 1,461,250 | |||||||||||||||||
Inmarsat Finance plc | |||||||||||||||||||||
7.625%, 6/30/12 | 575,000 | 575,000 | 500,969 | 500,969 | |||||||||||||||||
Intelsat Jackson Holdings Ltd. | |||||||||||||||||||||
11.250%, 6/15/16 | 3,626,000 | 3,626,000 | 3,299,660 | 3,299,660 | |||||||||||||||||
Intelsat Subsidiary Holding Co., Ltd. | |||||||||||||||||||||
8.500%, 1/15/13§ | 4,300,000 | 4,300,000 | 3,977,500 | 3,977,500 | |||||||||||||||||
8.875%, 1/15/15§ | 2,600,000 | 2,600,000 | 2,366,000 | 2,366,000 | |||||||||||||||||
Liberty Media LLC | |||||||||||||||||||||
8.250%, 2/1/30 | 500,000 | 500,000 | 286,829 | 286,829 | |||||||||||||||||
Mediacom Broadband LLC/ Mediacom Broadband Corp. | |||||||||||||||||||||
8.500%, 10/15/15 | 2,207,000 | 2,207,000 | 1,437,309 | 1,437,309 | |||||||||||||||||
Mediacom LLC/Mediacom Capital Corp. | |||||||||||||||||||||
9.500%, 1/15/13 | 190,000 | 190,000 | 143,450 | 143,450 | |||||||||||||||||
News America, Inc. | |||||||||||||||||||||
5.300%, 12/15/14 | 100,000 | 100,000 | 92,099 | 92,099 | |||||||||||||||||
6.550%, 3/15/33 | 695,000 | 695,000 | 623,113 | 623,113 | |||||||||||||||||
6.150%, 3/1/37 | 200,000 | 200,000 | 186,606 | 186,606 | |||||||||||||||||
6.650%, 11/15/37 | 300,000 | 300,000 | 296,928 | 296,928 | |||||||||||||||||
Nielsen Finance LLC/Nielsen Finance Co. | |||||||||||||||||||||
10.000%, 8/1/14 | 1,730,000 | 1,730,000 | 1,384,000 | 1,384,000 | |||||||||||||||||
Quebecor Media, Inc. | |||||||||||||||||||||
7.750%, 3/15/16 | 1,900,000 | 1,900,000 | 1,282,500 | 1,282,500 | |||||||||||||||||
Spanish Broadcasting Systems, Inc. | |||||||||||||||||||||
4.940%, 5/3/13 | 100,000 | 100,000 | 52,844 | 52,844 | |||||||||||||||||
Series A | |||||||||||||||||||||
7.710%, 5/3/13(l) | 2,000,000 | 2,000,000 | 1,056,876 | 1,056,876 | |||||||||||||||||
Thomson Reuters Corp. | |||||||||||||||||||||
6.500%, 7/15/18 | 300,000 | 300,000 | 272,803 | 272,803 | |||||||||||||||||
Time Warner Cable, Inc. | |||||||||||||||||||||
6.200%, 7/1/13 | 300,000 | 300,000 | 283,769 | 283,769 | |||||||||||||||||
5.850%, 5/1/17^ | 600,000 | 600,000 | 548,132 | 548,132 | |||||||||||||||||
6.550%, 5/1/37 | 300,000 | 300,000 | 287,439 | 287,439 | |||||||||||||||||
Time Warner Entertainment Co. LP | |||||||||||||||||||||
8.375%, 3/15/23 | 1,250,000 | 1,250,000 | 1,258,829 | 1,258,829 | |||||||||||||||||
Time Warner, Inc. | |||||||||||||||||||||
5.875%, 11/15/16 | 300,000 | 300,000 | 268,946 | 268,946 | |||||||||||||||||
7.700%, 5/1/32 | 400,000 | 400,000 | 400,493 | 400,493 | |||||||||||||||||
Valassis Communications, Inc. | |||||||||||||||||||||
8.250%, 3/1/15 | 1,145,000 | 1,145,000 | 297,700 | 297,700 | |||||||||||||||||
Viacom, Inc. | |||||||||||||||||||||
5.750%, 4/30/11 | 300,000 | 300,000 | 272,456 | 272,456 | |||||||||||||||||
6.875%, 4/30/36 | 300,000 | 300,000 | 237,083 | 237,083 | |||||||||||||||||
Videotron Ltd. | |||||||||||||||||||||
6.875%, 1/15/14 | 350,000 | 350,000 | 309,750 | 309,750 | |||||||||||||||||
9.125%, 4/15/18§ | 95,000 | 95,000 | 88,350 | 88,350 | |||||||||||||||||
Walt Disney Co. | |||||||||||||||||||||
6.000%, 7/17/17 | 500,000 | 500,000 | 529,932 | 529,932 | |||||||||||||||||
WPP Finance UK Corp. | |||||||||||||||||||||
5.875%, 6/15/14 | 2,445,000 | 2,445,000 | 2,569,583 | 2,569,583 | |||||||||||||||||
24,827,431 | 15,426,147 | 40,253,578 | 2.7 | % | |||||||||||||||||
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/ Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
Multiline Retail | |||||||||||||||||||||
Kohl’s Corp. | |||||||||||||||||||||
6.250%, 12/15/17 | 300,000 | 300,000 | 240,248 | 240,248 | |||||||||||||||||
Macy’s, Inc. | |||||||||||||||||||||
5.350%, 3/15/12 | 300,000 | 300,000 | 222,832 | 222,832 | |||||||||||||||||
Target Corp. | |||||||||||||||||||||
5.125%, 1/15/13^ | 600,000 | 600,000 | 592,418 | 592,418 | |||||||||||||||||
6.000%, 1/15/18 | 300,000 | 300,000 | 290,467 | 290,467 | |||||||||||||||||
7.000%, 1/15/38 | 300,000 | 300,000 | 278,039 | 278,039 | |||||||||||||||||
— | 1,624,004 | 1,624,004 | 0.1 | % | |||||||||||||||||
Specialty Retail | |||||||||||||||||||||
AutoNation, Inc. | |||||||||||||||||||||
7.000%, 4/15/14^ | 2,080,000 | 2,080,000 | 1,518,400 | 1,518,400 | |||||||||||||||||
Home Depot, Inc. | |||||||||||||||||||||
4.625%, 8/15/10 | 300,000 | 300,000 | 297,072 | 297,072 | |||||||||||||||||
5.400%, 3/1/16 | 300,000 | 300,000 | 268,476 | 268,476 | |||||||||||||||||
Lowe’s Cos., Inc. | |||||||||||||||||||||
5.600%, 9/15/12 | 300,000 | 300,000 | 304,512 | 304,512 | |||||||||||||||||
1,518,400 | 870,060 | 2,388,460 | 0.2 | % | |||||||||||||||||
Textiles, Apparel & Luxury Goods | |||||||||||||||||||||
Invista | |||||||||||||||||||||
9.250%, 5/1/12§ | 450,000 | 450,000 | 315,000 | 315,000 | |||||||||||||||||
Levi Strauss & Co. | |||||||||||||||||||||
3.445%, 3/27/14(l) | 1,225,000 | 1,225,000 | 698,250 | 698,250 | |||||||||||||||||
Perry Ellis International, Inc. | |||||||||||||||||||||
Series B | |||||||||||||||||||||
8.875%, 9/15/13 | 680,000 | 680,000 | 408,000 | 408,000 | |||||||||||||||||
Phillips-Van Heusen Corp. | |||||||||||||||||||||
7.250%, 2/15/11 | 450,000 | 450,000 | 393,750 | 393,750 | |||||||||||||||||
8.125%, 5/1/13 | 125,000 | 125,000 | 103,125 | 103,125 | |||||||||||||||||
1,918,125 | — | 1,918,125 | 0.1 | % | |||||||||||||||||
Total Consumer Discretionary | 38,658,233 | 30,879,046 | 69,537,279 | 4.7 | % | ||||||||||||||||
Consumer Staples | |||||||||||||||||||||
Beverages | |||||||||||||||||||||
Anheuser-Busch Cos., Inc. | |||||||||||||||||||||
6.000%, 4/15/11 | 300,000 | 300,000 | 299,770 | 299,770 | |||||||||||||||||
4.950%, 1/15/14 | 300,000 | 300,000 | 275,314 | 275,314 | |||||||||||||||||
Bottling Group LLC | |||||||||||||||||||||
6.950%, 3/15/14 | 500,000 | 500,000 | 542,903 | 542,903 | |||||||||||||||||
Coca-Cola Co. | |||||||||||||||||||||
5.350%, 11/15/17 | 600,000 | 600,000 | 647,345 | 647,345 | |||||||||||||||||
Coca-Cola Enterprises, Inc. | |||||||||||||||||||||
8.500%, 2/1/12 | 300,000 | 300,000 | 326,204 | 326,204 | |||||||||||||||||
7.375%, 3/3/14 | 500,000 | 500,000 | 549,053 | 549,053 | |||||||||||||||||
Constellation Brands, Inc. | |||||||||||||||||||||
7.250%, 9/1/16 | 395,000 | 395,000 | 373,275 | 373,275 | |||||||||||||||||
Series B | |||||||||||||||||||||
8.125%, 1/15/12 | 2,060,000 | 2,060,000 | 1,946,700 | 1,946,700 | |||||||||||||||||
Diageo Capital plc | |||||||||||||||||||||
5.750%, 10/23/17^ | 300,000 | 300,000 | 290,280 | 290,280 | |||||||||||||||||
Diageo Finance B.V. | |||||||||||||||||||||
5.500%, 4/1/13 | 600,000 | 600,000 | 596,539 | 596,539 | |||||||||||||||||
PepsiCo, Inc. | |||||||||||||||||||||
5.000%, 6/1/18 | 300,000 | 300,000 | 310,958 | 310,958 | |||||||||||||||||
7.900%, 11/1/18 | 600,000 | 600,000 | 735,388 | 735,388 | |||||||||||||||||
2,319,975 | 4,573,754 | 6,893,729 | 0.5 | % | |||||||||||||||||
Food & Staples Retailing | |||||||||||||||||||||
Costco Wholesale Corp. | |||||||||||||||||||||
5.500%, 3/15/17 | 300,000 | 300,000 | 318,865 | 318,865 | |||||||||||||||||
CVS Caremark Corp. | |||||||||||||||||||||
5.750%, 6/1/17 | 300,000 | 300,000 | 282,441 | 282,441 | |||||||||||||||||
6.250%, 6/1/27 | 200,000 | 200,000 | 185,960 | 185,960 | |||||||||||||||||
Delhaize America, Inc. | |||||||||||||||||||||
9.000%, 4/15/31 | 100,000 | 100,000 | 101,132 | 101,132 | |||||||||||||||||
Ingles Markets, Inc. | |||||||||||||||||||||
8.875%, 12/1/11 | 2,250,000 | 2,250,000 | 1,957,500 | 1,957,500 | |||||||||||||||||
Kroger Co. | |||||||||||||||||||||
5.000%, 4/15/13 | 300,000 | 300,000 | 288,807 | 288,807 | |||||||||||||||||
6.800%, 12/15/18 | 609,000 | 609,000 | 629,396 | 629,396 | |||||||||||||||||
New Albertsons, Inc. | |||||||||||||||||||||
7.450%, 8/1/29 | 215,000 | 215,000 | 126,850 | 126,850 | |||||||||||||||||
Pantry, Inc. | |||||||||||||||||||||
7.750%, 2/15/14 | 715,000 | 715,000 | 493,350 | 493,350 | |||||||||||||||||
Safeway, Inc. | |||||||||||||||||||||
6.350%, 8/15/17 | 300,000 | 300,000 | 296,607 | 296,607 | |||||||||||||||||
Stater Brothers Holdings, Inc. | |||||||||||||||||||||
8.125%, 6/15/12 | 1,200,000 | 1,200,000 | 1,086,000 | 1,086,000 | |||||||||||||||||
SUPERVALU, Inc. | |||||||||||||||||||||
7.500%, 11/15/14 | 2,515,000 | 2,515,000 | 2,062,300 | 2,062,300 | |||||||||||||||||
Walgreen Co. | |||||||||||||||||||||
4.875%, 8/1/13 | 300,000 | 300,000 | 308,958 | 308,958 | |||||||||||||||||
Wal-Mart Stores, Inc. | |||||||||||||||||||||
4.125%, 2/15/11^ | 600,000 | 600,000 | 613,891 | 613,891 | |||||||||||||||||
4.550%, 5/1/13 | 600,000 | 600,000 | 621,199 | 621,199 | |||||||||||||||||
6.500%, 8/15/37 | 800,000 | 800,000 | 949,851 | 949,851 | |||||||||||||||||
5,726,000 | 4,597,107 | 10,323,107 | 0.7 | % | |||||||||||||||||
Food Products | |||||||||||||||||||||
Archer-Daniels-Midland Co. | |||||||||||||||||||||
7.000%, 2/1/31 | 300,000 | 300,000 | 318,161 | 318,161 | |||||||||||||||||
Bunge Ltd. Finance Corp. | |||||||||||||||||||||
5.875%, 5/15/13 | 2,210,000 | 2,210,000 | 1,500,555 | 1,500,555 | |||||||||||||||||
5.100%, 7/15/15 | 705,000 | 705,000 | 512,837 | 512,837 | |||||||||||||||||
Cadbury Schweppes U.S. Finance LLC | |||||||||||||||||||||
5.125%, 10/1/13§ | 1,705,000 | 1,705,000 | 1,600,650 | 1,600,650 | |||||||||||||||||
ConAgra Foods, Inc. | |||||||||||||||||||||
8.250%, 9/15/30 | 100,000 | 100,000 | 109,669 | 109,669 | |||||||||||||||||
General Mills, Inc. | |||||||||||||||||||||
5.650%, 9/10/12 | 300,000 | 300,000 | 306,220 | 306,220 | |||||||||||||||||
H.J. Heinz Co. | |||||||||||||||||||||
5.350%, 7/15/13 | 600,000 | 600,000 | 595,246 | 595,246 | |||||||||||||||||
Kellogg Co. | |||||||||||||||||||||
4.250%, 3/6/13 | 300,000 | 300,000 | 290,518 | 290,518 | |||||||||||||||||
Kraft Foods, Inc. | |||||||||||||||||||||
4.125%, 11/12/09 | 1,270,000 | 1,270,000 | 1,271,942 | 1,271,942 | |||||||||||||||||
6.250%, 6/1/12 | 1,800,000 | 1,800,000 | 1,861,630 | 1,861,630 | |||||||||||||||||
5.250%, 10/1/13 | 755,000 | 755,000 | 736,424 | 736,424 |
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/ Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
6.125%, 2/1/18 | 300,000 | 300,000 | 293,969 | 293,969 | |||||||||||||||||
6.875%, 2/1/38 | 300,000 | 300,000 | 299,791 | 299,791 | |||||||||||||||||
Sara Lee Corp. | |||||||||||||||||||||
6.125%, 11/1/32 | 100,000 | 100,000 | 82,168 | 82,168 | |||||||||||||||||
Smithfield Foods, Inc. | |||||||||||||||||||||
7.750%, 7/1/17 | 946,000 | 946,000 | 539,220 | 539,220 | |||||||||||||||||
Series B | |||||||||||||||||||||
7.750%, 5/15/13 | 1,095,000 | 1,095,000 | 703,538 | 703,538 | |||||||||||||||||
1,242,758 | 9,779,780 | 11,022,538 | 0.7 | % | |||||||||||||||||
Household Products | |||||||||||||||||||||
Central Garden & Pet Co. | |||||||||||||||||||||
9.125%, 2/1/13^ | 1,735,000 | 1,735,000 | 1,023,650 | 1,023,650 | |||||||||||||||||
Kimberly-Clark Corp. | |||||||||||||||||||||
6.125%, 8/1/17 | 300,000 | 300,000 | 319,619 | 319,619 | |||||||||||||||||
Procter & Gamble Co. | |||||||||||||||||||||
4.850%, 12/15/15 | 300,000 | 300,000 | 326,799 | 326,799 | |||||||||||||||||
5.550%, 3/5/37 | 200,000 | 200,000 | 222,025 | 222,025 | |||||||||||||||||
1,023,650 | 868,443 | 1,892,093 | 0.1 | % | |||||||||||||||||
Personal Products | |||||||||||||||||||||
Elizabeth Arden, Inc. | |||||||||||||||||||||
7.750%, 1/15/14 | 215,000 | 215,000 | 139,750 | 139,750 | 0.0 | % | |||||||||||||||
Tobacco | |||||||||||||||||||||
Altria Group, Inc. | |||||||||||||||||||||
9.950%, 11/10/38 | 350,000 | 350,000 | 381,084 | 381,084 | |||||||||||||||||
Philip Morris International, Inc. | |||||||||||||||||||||
5.650%, 5/16/18 | 300,000 | 300,000 | 297,400 | 297,400 | |||||||||||||||||
Reynolds American, Inc. | |||||||||||||||||||||
7.250%, 6/1/13 | 1,840,000 | 1,840,000 | 1,651,595 | 1,651,595 | |||||||||||||||||
7.625%, 6/1/16 | 755,000 | 755,000 | 628,774 | 628,774 | |||||||||||||||||
2,958,853 | 2,958,853 | 0.2 | % | ||||||||||||||||||
Total Consumer Staples | 10,452,133 | 22,777,937 | 33,230,070 | 2.2 | % | ||||||||||||||||
Energy | |||||||||||||||||||||
Energy Equipment & Services | |||||||||||||||||||||
Ashmore Energy | |||||||||||||||||||||
3.409%, 3/30/14† | 229,984 | 229,984 | 129,941 | 129,941 | |||||||||||||||||
Ashmore Energy International Ltd. | |||||||||||||||||||||
6.762%, 3/30/ 14(l)† | 2,073,143 | 2,073,143 | 1,171,326 | 1,171,326 | |||||||||||||||||
Baker Hughes, Inc. | |||||||||||||||||||||
6.500%, 11/15/13 | 300,000 | 300,000 | 316,513 | 316,513 | |||||||||||||||||
Complete Production Services, Inc. | |||||||||||||||||||||
8.000%, 12/15/16 | 2,210,000 | 2,210,000 | 1,392,300 | 1,392,300 | |||||||||||||||||
Dresser-Rand Group, Inc. | |||||||||||||||||||||
7.986%, 5/14/15(l)† | 850,000 | 850,000 | 382,500 | 382,500 | |||||||||||||||||
Key Energy Services, Inc. | |||||||||||||||||||||
8.375%, 12/1/14 | 1,930,000 | 1,930,000 | 1,273,800 | 1,273,800 | |||||||||||||||||
Transocean, Inc. | |||||||||||||||||||||
6.000%, 3/15/18 | 100,000 | 100,000 | 91,080 | 91,080 | |||||||||||||||||
6.800%, 3/15/38 | 250,000 | 250,000 | 222,987 | 222,987 | |||||||||||||||||
Weatherford International Ltd. | |||||||||||||||||||||
5.150%, 3/15/13 | 520,000 | 520,000 | 457,897 | 457,897 | |||||||||||||||||
6.000%, 3/15/18 | 300,000 | 300,000 | 251,927 | 251,927 | |||||||||||||||||
4,349,867 | 1,340,404 | 5,690,271 | 0.4 | % | |||||||||||||||||
Oil, Gas & Consumable Fuels | |||||||||||||||||||||
Atlas Pipeline Partners LP | |||||||||||||||||||||
8.125%, 12/15/15 | 882,000 | 882,000 | 595,350 | 595,350 | |||||||||||||||||
8.750%, 6/15/18§ | 1,030,000 | 1,030,000 | 674,650 | 674,650 | |||||||||||||||||
Anadarko Petroleum Corp. | |||||||||||||||||||||
5.950%, 9/15/16 | 600,000 | 600,000 | 529,985 | 529,985 | |||||||||||||||||
Apache Corp. | |||||||||||||||||||||
5.250%, 4/15/13 | 100,000 | 100,000 | 101,327 | 101,327 | |||||||||||||||||
6.000%, 1/15/37 | 300,000 | 300,000 | 290,903 | 290,903 | |||||||||||||||||
Canadian Natural Resources Ltd. | |||||||||||||||||||||
5.150%, 2/1/13 | 435,000 | 435,000 | 403,174 | 403,174 | |||||||||||||||||
6.250%, 3/15/38 | 300,000 | 300,000 | 235,799 | 235,799 | |||||||||||||||||
Chesapeake Energy Corp. | |||||||||||||||||||||
6.375%, 6/15/15 | 300,000 | 300,000 | 237,000 | 237,000 | |||||||||||||||||
6.625%, 1/15/16 | 1,180,000 | 1,180,000 | 932,200 | 932,200 | |||||||||||||||||
Compton Petroleum Finance Corp. | |||||||||||||||||||||
7.625%, 12/1/13 | 2,120,000 | 2,120,000 | 636,000 | 636,000 | |||||||||||||||||
Conoco Funding Co. | |||||||||||||||||||||
6.350%, 10/15/11 | 300,000 | 300,000 | 315,610 | 315,610 | |||||||||||||||||
ConocoPhillips | |||||||||||||||||||||
5.900%, 5/15/38 | 100,000 | 100,000 | 98,212 | 98,212 | |||||||||||||||||
ConocoPhillips Canada Funding Co. I | |||||||||||||||||||||
5.625%, 10/15/16^ | 600,000 | 600,000 | 612,085 | 612,085 | |||||||||||||||||
Denbury Resources, Inc. | |||||||||||||||||||||
7.500%, 12/15/15 | 1,955,000 | 1,955,000 | 1,388,050 | 1,388,050 | |||||||||||||||||
Devon Financing Corp. ULC | |||||||||||||||||||||
7.875%, 9/30/31 | 100,000 | 100,000 | 110,110 | 110,110 | |||||||||||||||||
El Paso Corp. | |||||||||||||||||||||
7.000%, 6/15/17 | 590,000 | 590,000 | 461,737 | 461,737 | |||||||||||||||||
7.250%, 6/1/18 | 1,435,000 | 1,435,000 | 1,138,919 | 1,138,919 | |||||||||||||||||
EnCana Corp. | |||||||||||||||||||||
5.900%, 12/1/17 | 100,000 | 100,000 | 83,431 | 83,431 | |||||||||||||||||
6.625%, 8/15/37 | 100,000 | 100,000 | 80,531 | 80,531 | |||||||||||||||||
Energy Transfer Partners LP | |||||||||||||||||||||
6.700%, 7/1/18^ | 1,860,000 | 1,860,000 | 1,567,779 | 1,567,779 | |||||||||||||||||
7.500%, 7/1/38 | 740,000 | 740,000 | 577,797 | 577,797 | |||||||||||||||||
Enterprise Products Operating LLC | |||||||||||||||||||||
Series B | |||||||||||||||||||||
5.600%, 10/15/14 | 505,000 | 505,000 | 428,461 | 428,461 | |||||||||||||||||
EOG Resources, Inc. | |||||||||||||||||||||
6.875%, 10/1/18 | 100,000 | 100,000 | 109,066 | 109,066 | |||||||||||||||||
Forest Oil Corp. | |||||||||||||||||||||
7.250%, 6/15/19 | 135,000 | 135,000 | 98,550 | 98,550 | |||||||||||||||||
Foundation PA Coal Co. | |||||||||||||||||||||
7.250%, 8/1/14 | 1,265,000 | 1,265,000 | 1,037,300 | 1,037,300 | |||||||||||||||||
Gaz Capital S.A. | |||||||||||||||||||||
6.212%, 11/22/16(m) | 2,525,000 | 2,525,000 | 1,640,581 | 1,640,581 | |||||||||||||||||
Hess Corp. | |||||||||||||||||||||
6.650%, 8/15/11 | 300,000 | 300,000 | 299,881 | 299,881 | |||||||||||||||||
7.875%, 10/1/29^ | 895,000 | 895,000 | 859,184 | 859,184 | |||||||||||||||||
Inergy LP/Inergy Finance Corp. | |||||||||||||||||||||
6.875%, 12/15/14 | 1,220,000 | 1,220,000 | 951,600 | 951,600 | |||||||||||||||||
8.250%, 3/1/16 | 335,000 | 335,000 | 261,300 | 261,300 | |||||||||||||||||
Kinder Morgan Energy Partners LP |
EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/ Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | ||||||||||||
Security Description | Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | |||||||||||||
5.950%, 2/15/18^ | 300,000 | 300,000 | 256,040 | 256,040 | |||||||||||||||||
5.800%, 3/15/35 | 300,000 | 300,000 | 208,859 | 208,859 | |||||||||||||||||
Kinder Morgan Finance Co. ULC | — | ||||||||||||||||||||
5.700%, 1/5/16 | 2,235,000 | 2,235,000 | 1,665,075 | 1,665,075 | |||||||||||||||||
Marathon Oil Corp. | |||||||||||||||||||||
6.600%, 10/1/37 | 100,000 | 100,000 | 75,602 | 75,602 | |||||||||||||||||
Nexen, Inc. | |||||||||||||||||||||
6.400%, 5/15/37 | 300,000 | 300,000 | 234,745 | 234,745 | |||||||||||||||||
OPTI Canada, Inc. | |||||||||||||||||||||
7.875%, 12/15/14 | 1,410,000 | 1,410,000 | 719,100 | 719,100 | |||||||||||||||||
8.250%, 12/15/14 | 735,000 | 735,000 | 396,900 | 396,900 | |||||||||||||||||
Pemex Project Funding Master Trust | |||||||||||||||||||||
6.625%, 6/15/35 | 300,000 | 300,000 | 253,950 | 253,950 | |||||||||||||||||
Petrobras International Finance Co. | |||||||||||||||||||||
5.875%, 3/1/18 | 300,000 | 300,000 | 269,700 | 269,700 | |||||||||||||||||
Petro-Canada | |||||||||||||||||||||
9.250%, 10/15/21 | 300,000 | 300,000 | 306,924 | 306,924 | |||||||||||||||||
Plains All American Pipeline LP/ PAA Finance Corp. | |||||||||||||||||||||
6.650%, 1/15/37 | 100,000 | 100,000 | 68,807 | 68,807 | |||||||||||||||||
Plains Exploration & Production Co. | |||||||||||||||||||||
7.000%, 3/15/17 | 580,000 | 580,000 | 397,300 | 397,300 | |||||||||||||||||
Premcor Refining Group, Inc. | |||||||||||||||||||||
7.500%, 6/15/15 | 751,000 | 751,000 | 676,212 | 676,212 | |||||||||||||||||
Sabine Pass LNG LP | |||||||||||||||||||||
7.250%, 11/30/13 | 350,000 | 350,000 | 255,500 | 255,500 | |||||||||||||||||
7.500%, 11/30/16 | 1,075,000 | 1,075,000 | 774,000 | 774,000 | |||||||||||||||||
Shell International Finance B.V. | |||||||||||||||||||||
4.950%, 3/22/12 | 100,000 | 100,000 | 103,083 | 103,083 | |||||||||||||||||
Spectra Energy Capital LLC | |||||||||||||||||||||
6.200%, 4/15/18 | 500,000 | 500,000 | 433,875 | 433,875 | |||||||||||||||||
StatoilHydro ASA | |||||||||||||||||||||
6.360%, 1/15/09 | 459,000 | 459,000 | 459,534 | 459,534 | |||||||||||||||||
7.150%, 1/15/29 | 100,000 | 100,000 | 108,552 | 108,552 | |||||||||||||||||
Suncor Energy, Inc. | |||||||||||||||||||||
7.150%, 2/1/32 | 100,000 | 100,000 | 83,497 | 83,497 | |||||||||||||||||
6.500%, 6/15/38 | 250,000 | 250,000 | 189,051 | 189,051 | |||||||||||||||||
Targa Resources Partners LP | |||||||||||||||||||||
8.250%, 7/1/16§ | 1,035,000 | 1,035,000 | 641,700 | 641,700 | |||||||||||||||||
Targa Resources, Inc. | |||||||||||||||||||||
8.500%, 11/1/13 | 2,015,000 | 2,015,000 | 1,088,100 | 1,088,100 | |||||||||||||||||
Teekay Corp. | |||||||||||||||||||||
8.875%, 7/15/11 | 525,000 | 525,000 | 443,625 | 443,625 | |||||||||||||||||
Trans-Canada Pipelines Ltd. | |||||||||||||||||||||
7.250%, 8/15/38 | 600,000 | 600,000 | 597,253 | 597,253 | |||||||||||||||||
6.350%, 5/15/67(l) | 1,690,000 | 1,690,000 | 755,418 | 755,418 | |||||||||||||||||
Transcontinental Gas Pipe Line Corp. | |||||||||||||||||||||
Series B | |||||||||||||||||||||
7.000%, 8/15/11 | 650,000 | 650,000 | 637,909 | 637,909 | |||||||||||||||||
Valero Energy Corp. | |||||||||||||||||||||
6.875%, 4/15/12 | 3,230,000 | 3,230,000 | 3,248,185 | 3,248,185 | |||||||||||||||||
4.750%, 6/15/13 | 100,000 | 100,000 | 91,883 | 91,883 | |||||||||||||||||
6.625%, 6/15/37 | 100,000 | 100,000 | 73,550 | 73,550 | |||||||||||||||||
Williams Cos., Inc. | |||||||||||||||||||||
7.125%, 9/1/11 | 825,000 | 825,000 | 759,000 | 759,000 | |||||||||||||||||
7.750%, 6/15/31 | 1,240,000 | 1,240,000 | 849,400 | 849,400 | |||||||||||||||||
8.750%, 3/15/32 | 100,000 | 100,000 | 74,500 | 74,500 | |||||||||||||||||
Williams Partners LP/Williams Partners Finance Corp. | |||||||||||||||||||||
7.250%, 2/1/17 | 475,000 | 475,000 | 375,250 | 375,250 | |||||||||||||||||
XTO Energy, Inc. | |||||||||||||||||||||
7.500%, 4/15/12 | 300,000 | 300,000 | 296,507 | 296,507 | |||||||||||||||||
6.500%, 12/15/18 | 600,000 | 600,000 | 580,814 | 580,814 | |||||||||||||||||
6.750%, 8/1/37 | 100,000 | 100,000 | 93,656 | 93,656 | |||||||||||||||||
16,656,515 | 18,643,113 | 35,299,628 | 2.4 | % | |||||||||||||||||
Total Energy | 21,006,382 | 19,983,517 | 40,989,899 | 2.8 | % | ||||||||||||||||
Financials | |||||||||||||||||||||
Capital Markets | |||||||||||||||||||||
Bank of New York Mellon Corp. | |||||||||||||||||||||
4.950%, 11/1/12 | 600,000 | 600,000 | 609,160 | 609,160 | |||||||||||||||||
Bear Stearns Cos., Inc. | |||||||||||||||||||||
5.350%, 2/1/12^ | 600,000 | 600,000 | 588,680 | 588,680 | |||||||||||||||||
5.700%, 11/15/14 | 300,000 | 300,000 | 292,891 | 292,891 | |||||||||||||||||
5.550%, 1/22/17 | 1,705,000 | 1,705,000 | 1,623,136 | 1,623,136 | |||||||||||||||||
Deutsche Bank AG/London | |||||||||||||||||||||
5.000%, 10/12/10 | 1,190,000 | 1,190,000 | 1,203,059 | 1,203,059 | |||||||||||||||||
5.375%, 10/12/12^ | 100,000 | 100,000 | 102,343 | 102,343 | |||||||||||||||||
4.875%, 5/20/13^ | 600,000 | 600,000 | 589,074 | 589,074 | |||||||||||||||||
Goldman Sachs Group, Inc. | |||||||||||||||||||||
3.875%, 1/15/09^ | 1,003,000 | 1,003,000 | 1,001,869 | 1,001,869 | |||||||||||||||||
6.600%, 1/15/12^ | 600,000 | 600,000 | 591,999 | 591,999 | |||||||||||||||||
4.750%, 7/15/13 | 835,000 | 835,000 | 750,374 | 750,374 | |||||||||||||||||
5.150%, 1/15/14 | 1,300,000 | 1,300,000 | 1,170,818 | 1,170,818 | |||||||||||||||||
5.125%, 1/15/15 | 1,115,000 | 325,000 | 1,440,000 | 1,022,972 | 298,176 | 1,321,148 | |||||||||||||||
5.350%, 1/15/16 | 1,000,000 | 1,000,000 | 913,227 | 913,227 | |||||||||||||||||
6.250%, 9/1/17 | 1,075,000 | 1,075,000 | 1,042,359 | 1,042,359 | |||||||||||||||||
5.950%, 1/18/18 | 1,300,000 | 1,300,000 | 1,232,624 | 1,232,624 | |||||||||||||||||
6.125%, 2/15/33 | 300,000 | 300,000 | 273,497 | 273,497 | |||||||||||||||||
6.750%, 10/1/37 | 600,000 | 600,000 | 487,121 | 487,121 | |||||||||||||||||
Merrill Lynch & Co., Inc. | |||||||||||||||||||||
6.000%, 2/17/09 | 1,142,000 | 1,142,000 | 1,140,795 | 1,140,795 | |||||||||||||||||
4.125%, 9/10/09 | 445,000 | 445,000 | 441,142 | 441,142 | |||||||||||||||||
4.790%, 8/4/10 | 600,000 | 600,000 | 583,339 | 583,339 | |||||||||||||||||
6.150%, 4/25/13 | 600,000 | 600,000 | 594,533 | 594,533 | |||||||||||||||||
6.050%, 5/16/16 | 448,000 | 448,000 | 419,091 | 419,091 | |||||||||||||||||
6.400%, 8/28/17 | 1,215,000 | 1,215,000 | 1,217,269 | 1,217,269 | |||||||||||||||||
6.875%, 4/25/18 | 900,000 | 900,000 | 941,423 | 941,423 | |||||||||||||||||
7.750%, 5/14/38 | 600,000 | 600,000 | 661,009 | 661,009 | |||||||||||||||||
Morgan Stanley | |||||||||||||||||||||
5.050%, 1/21/11 | 1,580,000 | 1,580,000 | 1,517,580 | 1,517,580 | |||||||||||||||||
6.750%, 4/15/11 | 2,095,000 | 2,095,000 | 2,061,325 | 2,061,325 | |||||||||||||||||
5.625%, 1/9/12 | 1,260,000 | 1,260,000 | 1,194,867 | 1,194,867 | |||||||||||||||||
5.300%, 3/1/13 | 600,000 | 600,000 | 544,135 | 544,135 | |||||||||||||||||
4.750%, 4/1/14^ | 600,000 | 600,000 | 457,133 | 457,133 | |||||||||||||||||
5.450%, 1/9/17 | 600,000 | 600,000 | 494,569 | 494,569 | |||||||||||||||||
5.950%, 12/28/17 | 600,000 | 600,000 | 497,989 | 497,989 | |||||||||||||||||
Nuveen Investments, Inc. | |||||||||||||||||||||
10.500%, 11/15/15§ | 1,625,000 | 1,625,000 | 359,531 | 359,531 | |||||||||||||||||
UBS Preferred Funding Trust I | |||||||||||||||||||||
8.622%, 12/31/49(l) | 3,535,000 | 3,535,000 | 2,135,656 | 2,135,656 | |||||||||||||||||
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
3,642,131 | 25,412,634 | 29,054,765 | 1.9 | % | |||||||||||||||||
Commercial Banks | |||||||||||||||||||||
American Express Centurion Bank | |||||||||||||||||||||
4.375%, 7/30/09^ | 484,000 | 484,000 | 476,474 | 476,474 | |||||||||||||||||
ANZ National International Ltd./New Zealand | |||||||||||||||||||||
6.200%, 7/19/13§ | 600,000 | 600,000 | 580,536 | 580,536 | |||||||||||||||||
BAC Capital Trust VI | |||||||||||||||||||||
5.625%, 3/8/35 | 600,000 | 600,000 | 504,052 | 504,052 | |||||||||||||||||
Bank of Scotland plc | |||||||||||||||||||||
4.625%, 11/4/11 | GBP | 1,984,000 | 1,984,000 | 3,009,122 | 3,009,122 | ||||||||||||||||
Bank of Tokyo-Mitsubishi UFJ Ltd./New York | |||||||||||||||||||||
7.400%, 6/15/11 | $ | 295,000 | 295,000 | 285,599 | 285,599 | ||||||||||||||||
BankAmerica Capital II | |||||||||||||||||||||
8.000%, 12/15/26 | 691,000 | 691,000 | 564,774 | 564,774 | |||||||||||||||||
Barclays Bank plc | |||||||||||||||||||||
5.450%, 9/12/12 | 600,000 | 600,000 | 607,627 | 607,627 | |||||||||||||||||
8.550%, 9/29/49(l)§ | 4,180,000 | 4,180,000 | 2,052,029 | 2,052,029 | |||||||||||||||||
Compass Bank | |||||||||||||||||||||
5.500%, 4/1/20 | 1,769,000 | 1,769,000 | 1,086,592 | 1,086,592 | |||||||||||||||||
Credit Suisse/New York | |||||||||||||||||||||
6.000%, 2/15/18 | 600,000 | 600,000 | 550,995 | 550,995 | |||||||||||||||||
HSBC Holdings plc | |||||||||||||||||||||
6.500%, 5/2/36 | 600,000 | 600,000 | 609,186 | 609,186 | |||||||||||||||||
Huntington National Bank | |||||||||||||||||||||
4.375%, 1/15/10 | 940,000 | 940,000 | 899,243 | 899,243 | |||||||||||||||||
JP Morgan Chase Bank N.A. | |||||||||||||||||||||
6.000%, 10/1/17 | 600,000 | 600,000 | 605,207 | 605,207 | |||||||||||||||||
Key Bank N.A. | |||||||||||||||||||||
7.000%, 2/1/11 | 1,135,000 | 1,135,000 | 1,100,839 | 1,100,839 | |||||||||||||||||
5.800%, 7/1/14 | 300,000 | 300,000 | 264,042 | 264,042 | |||||||||||||||||
Korea Development Bank | |||||||||||||||||||||
4.625%, 9/16/10 | 900,000 | 900,000 | 873,333 | 873,333 | |||||||||||||||||
5.300%, 1/17/13 | 600,000 | 600,000 | 545,340 | 545,340 | |||||||||||||||||
Kreditanstalt fuer Wiederaufbau | |||||||||||||||||||||
3.750%, 6/27/11 | 2,000,000 | 2,000,000 | 2,080,940 | 2,080,940 | |||||||||||||||||
3.250%, 10/14/11^ | 600,000 | 600,000 | 621,839 | 621,839 | |||||||||||||||||
4.000%, 10/15/13 | 600,000 | 600,000 | 630,662 | 630,662 | |||||||||||||||||
5.125%, 3/14/16^ | 1,030,000 | 1,030,000 | 1,149,377 | 1,149,377 | |||||||||||||||||
4.500%, 7/16/18 | 600,000 | 600,000 | 657,930 | 657,930 | |||||||||||||||||
Landwirtschaftliche Rentenbank | |||||||||||||||||||||
4.125%, 7/15/13 | 600,000 | 600,000 | 629,734 | 629,734 | |||||||||||||||||
5.125%, 2/1/17 | 995,000 | 995,000 | 1,130,246 | 1,130,246 | |||||||||||||||||
Lloyds TSB Bank plc | |||||||||||||||||||||
4.000%, 11/17/11 | GBP | 324,000 | 324,000 | 483,912 | 483,912 | ||||||||||||||||
M&I Marshall & Ilsley Bank | |||||||||||||||||||||
5.000%, 1/17/17 | $ | 1,310,000 | 1,310,000 | 931,850 | 931,850 | ||||||||||||||||
Marshall & Ilsley Corp. | |||||||||||||||||||||
4.375%, 8/1/09 | 1,233,000 | 1,233,000 | 1,210,849 | 1,210,849 | |||||||||||||||||
5.626%, 8/17/09 | 269,000 | 269,000 | 253,068 | 253,068 | |||||||||||||||||
National City Bank/Ohio | |||||||||||||||||||||
6.250%, 3/15/11 | 1,535,000 | 1,535,000 | 1,474,395 | 1,474,395 | |||||||||||||||||
6.200%, 12/15/11 | 755,000 | 755,000 | 708,762 | 708,762 | |||||||||||||||||
Regions Financial Corp. | |||||||||||||||||||||
6.375%, 5/15/12 | 915,000 | 915,000 | 804,365 | 804,365 | |||||||||||||||||
Resona Bank Ltd. | |||||||||||||||||||||
5.850%, 9/29/49(l)§ | 260,000 | 260,000 | 147,388 | 147,388 | |||||||||||||||||
Royal Bank of Scotland Group plc | |||||||||||||||||||||
6.400%, 4/1/09 | 1,021,000 | 1,021,000 | 1,022,445 | 1,022,445 | |||||||||||||||||
4.125%, 11/14/11 | GBP | 629,000 | 629,000 | 940,905 | 940,905 | ||||||||||||||||
5.000%, 10/1/14 | 600,000 | 600,000 | 514,310 | 514,310 | |||||||||||||||||
RSHB Capital S.A. (Russian Agricultural Bank OJSC) | |||||||||||||||||||||
6.299%, 5/15/17(m) | $ | 1,455,000 | 1,455,000 | 773,171 | 773,171 | ||||||||||||||||
7.750%, 5/29/18§ | 2,600,000 | 2,600,000 | 1,677,000 | 1,677,000 | |||||||||||||||||
SouthTrust Corp. | |||||||||||||||||||||
5.800%, 6/15/14 | 1,195,000 | 1,195,000 | 1,070,020 | 1,070,020 | |||||||||||||||||
Standard Chartered plc | |||||||||||||||||||||
6.409%, 12/31/49(l)§ | 1,710,000 | 1,710,000 | 629,906 | 629,906 | |||||||||||||||||
SunTrust Banks, Inc./Georgia | |||||||||||||||||||||
5.450%, 12/1/17 | 300,000 | 300,000 | 278,939 | 278,939 | |||||||||||||||||
U.S. Bancorp | |||||||||||||||||||||
5.300%, 4/28/09 | 1,200,000 | 1,200,000 | 1,203,734 | 1,203,734 | |||||||||||||||||
U.S. Bank N.A./Ohio | |||||||||||||||||||||
6.375%, 8/1/11 | 1,600,000 | 1,600,000 | 1,664,453 | 1,664,453 | |||||||||||||||||
UBS AG/Connecticut | |||||||||||||||||||||
5.750%, 4/25/18 | 600,000 | 600,000 | 544,557 | 544,557 | |||||||||||||||||
Union Planters Corp. | |||||||||||||||||||||
7.750%, 3/1/11 | 778,000 | 778,000 | 745,054 | 745,054 | |||||||||||||||||
Wachovia Bank N.A. | |||||||||||||||||||||
4.875%, 2/1/15 | 600,000 | 600,000 | 574,441 | 574,441 | |||||||||||||||||
Wachovia Corp. | |||||||||||||||||||||
5.300%, 10/15/11 | 100,000 | 100,000 | 96,442 | 96,442 | |||||||||||||||||
5.500%, 5/1/13^ | 840,000 | 840,000 | 830,626 | 830,626 | |||||||||||||||||
5.750%, 2/1/18 | 1,000,000 | 1,000,000 | 1,001,990 | 1,001,990 | |||||||||||||||||
Wells Fargo & Co. | |||||||||||||||||||||
4.200%, 1/15/10 | 300,000 | 300,000 | 300,931 | 300,931 | |||||||||||||||||
4.875%, 1/12/11 | 600,000 | 600,000 | 600,023 | 600,023 | |||||||||||||||||
4.375%, 1/31/13^ | 1,000,000 | 1,000,000 | 979,216 | 979,216 | |||||||||||||||||
5.625%, 12/11/17 | 500,000 | 500,000 | 521,638 | 521,638 | |||||||||||||||||
Wells Fargo Bank N.A. | |||||||||||||||||||||
7.550%, 6/21/10^ | 1,700,000 | 1,700,000 | 1,768,918 | 1,768,918 | |||||||||||||||||
45,269,026 | 45,269,026 | 3.0 | % | ||||||||||||||||||
Consumer Finance | |||||||||||||||||||||
American Express Co. | |||||||||||||||||||||
4.750%, 6/17/09 | 698,000 | 698,000 | 694,405 | 694,405 | |||||||||||||||||
6.150%, 8/28/17^ | 800,000 | 800,000 | 771,246 | 771,246 | |||||||||||||||||
American Express Credit Corp. | |||||||||||||||||||||
5.875%, 5/2/13 | 300,000 | 300,000 | 287,992 | 287,992 | |||||||||||||||||
American General Finance Corp. | |||||||||||||||||||||
5.375%, 9/1/09 | 615,000 | 615,000 | 439,827 | 439,827 | |||||||||||||||||
4.875%, 7/15/12 | 600,000 | 600,000 | 253,540 | 253,540 | |||||||||||||||||
American Express Credit Corp. | |||||||||||||||||||||
Series C | |||||||||||||||||||||
7.300%, 8/20/13 | 465,000 | 465,000 | 475,971 | 475,971 | |||||||||||||||||
Capital One Bank USA N.A. | |||||||||||||||||||||
5.000%, 6/15/09^ | 1,575,000 | 1,575,000 | 1,551,928 | 1,551,928 | |||||||||||||||||
6.500%, 6/13/13^ | 950,000 | 950,000 | 846,553 | 846,553 | |||||||||||||||||
Capital One Financial Corp. | |||||||||||||||||||||
5.500%, 6/1/15 | 196,000 | 196,000 | 171,018 | 171,018 | |||||||||||||||||
6.150%, 9/1/16 | 100,000 | 100,000 | 70,370 | 70,370 |
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/ Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
Ford Motor Credit Co. LLC | |||||||||||||||||||||
7.875%, 6/15/10 | 7,940,000 | 7,940,000 | 6,353,429 | 6,353,429 | |||||||||||||||||
9.875%, 8/10/11 | 2,367,000 | 2,367,000 | 1,746,183 | 1,746,183 | |||||||||||||||||
HSBC Bank USA/New York | |||||||||||||||||||||
4.625%, 4/1/14 | 600,000 | 600,000 | 555,901 | 555,901 | |||||||||||||||||
HSBC Finance Corp. | |||||||||||||||||||||
5.250%, 1/14/11 | 600,000 | 600,000 | 581,709 | 581,709 | |||||||||||||||||
7.000%, 5/15/12 | 660,000 | 660,000 | 661,002 | 661,002 | |||||||||||||||||
6.375%, 11/27/12 | 600,000 | 600,000 | 587,028 | 587,028 | |||||||||||||||||
5.000%, 6/30/15 | 600,000 | 600,000 | 532,583 | 532,583 | |||||||||||||||||
International Lease Finance Corp. | |||||||||||||||||||||
6.375%, 3/15/09 | 1,545,000 | 1,545,000 | 1,483,305 | 1,483,305 | |||||||||||||||||
5.750%, 6/15/11 | 300,000 | 300,000 | 218,785 | 218,785 | |||||||||||||||||
6.625%, 11/15/13 | 600,000 | 600,000 | 404,273 | 404,273 | |||||||||||||||||
5.650%, 6/1/14 | 168,000 | 168,000 | 109,747 | 109,747 | |||||||||||||||||
SLM Corp. | |||||||||||||||||||||
5.400%, 10/25/11 | 1,061,000 | 1,061,000 | 802,576 | 802,576 | |||||||||||||||||
5.375%, 1/15/13^ | 1,565,000 | 1,565,000 | 1,147,341 | 1,147,341 | |||||||||||||||||
5.375%, 5/15/14 | 1,260,000 | 1,260,000 | 850,341 | 850,341 | |||||||||||||||||
8.450%, 6/15/18^ | 100,000 | 100,000 | 79,062 | 79,062 | |||||||||||||||||
8,575,583 | 13,100,532 | 21,676,115 | 1.5 | % | |||||||||||||||||
Diversified Financial Services | |||||||||||||||||||||
Allstate Life Global Funding Trusts | |||||||||||||||||||||
5.375%, 4/30/13^ | 600,000 | 600,000 | 590,639 | 590,639 | |||||||||||||||||
Series 04-1 | |||||||||||||||||||||
4.500%, 5/29/09^ | 528,000 | 528,000 | 527,544 | 527,544 | |||||||||||||||||
Bank of America Corp. | |||||||||||||||||||||
3.375%, 2/17/09 | 560,000 | 560,000 | 558,081 | 558,081 | |||||||||||||||||
4.500%, 8/1/10 | 1,300,000 | 1,300,000 | 1,299,553 | 1,299,553 | |||||||||||||||||
5.375%, 9/11/12 | 2,020,000 | 2,020,000 | 2,031,148 | 2,031,148 | |||||||||||||||||
4.900%, 5/1/13^ | 2,200,000 | 2,200,000 | 2,179,107 | 2,179,107 | |||||||||||||||||
5.625%, 10/14/16 | 1,300,000 | 1,300,000 | 1,276,904 | 1,276,904 | |||||||||||||||||
7.250%, 10/15/25 | 100,000 | 100,000 | 96,788 | 96,788 | |||||||||||||||||
Bank of America N.A. | |||||||||||||||||||||
5.300%, 3/15/17 | 300,000 | 300,000 | 284,858 | 284,858 | |||||||||||||||||
Caterpillar Financial Services Corp. | |||||||||||||||||||||
4.500%, 6/15/09 | 637,000 | 637,000 | 635,148 | 635,148 | |||||||||||||||||
5.050%, 12/1/10 | 300,000 | 300,000 | 294,465 | 294,465 | |||||||||||||||||
4.900%, 8/15/13 | 300,000 | 300,000 | 281,169 | 281,169 | |||||||||||||||||
CIT Group, Inc. | |||||||||||||||||||||
7.625%, 11/30/12 | 300,000 | 300,000 | 253,251 | 253,251 | |||||||||||||||||
5.850%, 9/15/16 | 1,565,000 | 1,565,000 | 1,101,963 | 1,101,963 | |||||||||||||||||
5.650%, 2/13/17 | 300,000 | 300,000 | 208,605 | 208,605 | |||||||||||||||||
Citigroup Capital XXI | |||||||||||||||||||||
8.300%, 12/21/57(l) | 300,000 | 300,000 | 231,371 | 231,371 | |||||||||||||||||
Citigroup, Inc. | |||||||||||||||||||||
5.125%, 2/14/11 | 600,000 | 600,000 | 585,595 | 585,595 | |||||||||||||||||
5.500%, 4/11/13 | 2,250,000 | 2,250,000 | 2,190,789 | 2,190,789 | |||||||||||||||||
6.500%, 8/19/13^ | 490,000 | 490,000 | 494,452 | 494,452 | |||||||||||||||||
5.000%, 9/15/14 | 300,000 | 300,000 | 263,875 | 263,875 | |||||||||||||||||
5.850%, 8/2/16 | 600,000 | 600,000 | 581,071 | 581,071 | |||||||||||||||||
6.125%, 11/21/17 | 1,115,000 | 1,115,000 | 1,126,752 | 1,126,752 | |||||||||||||||||
6.125%, 5/15/18^ | 1,025,000 | 1,025,000 | 1,036,400 | 1,036,400 | |||||||||||||||||
6.875%, 3/5/38 | 1,000,000 | 1,000,000 | 1,137,887 | 1,137,887 | |||||||||||||||||
Countrywide Home Loans, Inc. | |||||||||||||||||||||
4.000%, 3/22/11 | 24,000 | 24,000 | 22,848 | 22,848 | |||||||||||||||||
Credit Suisse First Boston USA, Inc. | |||||||||||||||||||||
4.125%, 1/15/10 | 600,000 | 600,000 | 596,205 | 596,205 | |||||||||||||||||
6.500%, 1/15/12 | 300,000 | 300,000 | 306,844 | 306,844 | |||||||||||||||||
Eksportfinans A/S | |||||||||||||||||||||
5.500%, 5/25/16 | 4,910,000 | 4,910,000 | 5,350,540 | 5,350,540 | |||||||||||||||||
General Electric Capital Corp. | |||||||||||||||||||||
7.375%, 1/19/10 | 600,000 | 600,000 | 616,768 | 616,768 | |||||||||||||||||
4.375%, 11/21/11 | 1,140,000 | 1,140,000 | 1,113,485 | 1,113,485 | |||||||||||||||||
5.875%, 2/15/12^ | 1,300,000 | 1,300,000 | 1,336,546 | 1,336,546 | |||||||||||||||||
5.250%, 10/19/12 | 1,300,000 | 1,300,000 | 1,309,374 | 1,309,374 | |||||||||||||||||
4.800%, 5/1/13 | 600,000 | 600,000 | 590,335 | 590,335 | |||||||||||||||||
5.625%, 5/1/18^ | 1,100,000 | 1,100,000 | 1,107,974 | 1,107,974 | |||||||||||||||||
6.750%, 3/15/32 | 200,000 | 200,000 | 212,645 | 212,645 | |||||||||||||||||
5.875%, 1/14/38 | 1,000,000 | 1,000,000 | 978,860 | 978,860 | |||||||||||||||||
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Notes Co. | |||||||||||||||||||||
8.875%, 4/1/15 PIK | 825,000 | 825,000 | 280,500 | 280,500 | |||||||||||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | |||||||||||||||||||||
7.125%, 2/15/13 | 200,000 | 200,000 | 138,000 | 138,000 | |||||||||||||||||
John Deere Capital Corp. | |||||||||||||||||||||
7.000%, 3/15/12 | 100,000 | 100,000 | 103,713 | 103,713 | |||||||||||||||||
5.500%, 4/13/17 | 300,000 | 300,000 | 286,225 | 286,225 | |||||||||||||||||
JP Morgan & Co., Inc. | |||||||||||||||||||||
6.250%, 1/15/09^ | 1,385,000 | 1,385,000 | 1,385,125 | 1,385,125 | |||||||||||||||||
JPMorgan Chase & Co. | |||||||||||||||||||||
6.750%, 2/1/11 | 2,675,000 | 2,675,000 | 2,742,338 | 2,742,338 | |||||||||||||||||
6.625%, 3/15/12 | 1,300,000 | 1,300,000 | 1,331,716 | 1,331,716 | |||||||||||||||||
4.750%, 5/1/13 | 600,000 | 600,000 | 592,061 | 592,061 | |||||||||||||||||
6.000%, 1/15/18 | 1,000,000 | 1,000,000 | 1,055,524 | 1,055,524 | |||||||||||||||||
6.400%, 5/15/38 | 600,000 | 600,000 | 709,776 | 709,776 | |||||||||||||||||
7.900%, 4/29/49(l) | 705,000 | 705,000 | 586,440 | 586,440 | |||||||||||||||||
KAR Holdings, Inc. | |||||||||||||||||||||
8.750%, 5/1/14 | 1,490,000 | 1,490,000 | 655,600 | 655,600 | |||||||||||||||||
MUFG Capital Finance 1 Ltd. | |||||||||||||||||||||
6.346%, 7/29/49(l) | 505,000 | 505,000 | 351,845 | 351,845 | |||||||||||||||||
National Rural Utilities Cooperative Finance Corp. | |||||||||||||||||||||
5.450%, 2/1/18 | 100,000 | 100,000 | 88,791 | 88,791 | |||||||||||||||||
8.000%, 3/1/32 | 600,000 | 600,000 | 591,390 | 591,390 | |||||||||||||||||
NSG Holdings LLC/NSG Holdings, Inc. | |||||||||||||||||||||
7.750%, 12/15/25§ | 635,000 | 635,000 | 495,300 | 495,300 | |||||||||||||||||
Rainbow National Services LLC | |||||||||||||||||||||
8.750%, 9/1/12§ | 1,305,000 | 1,305,000 | 1,174,500 | 1,174,500 | |||||||||||||||||
10.375%, 9/1/14§ | 680,000 | 680,000 | 605,200 | 605,200 | |||||||||||||||||
Regency Energy Partners LP/ Regency Energy Finance Corp. | |||||||||||||||||||||
8.375%, 12/15/13 | 2,192,000 | 2,192,000 | 1,501,520 | 1,501,520 | |||||||||||||||||
Resona Preferred Global Securities Cayman Ltd. | |||||||||||||||||||||
7.191%, 12/29/49(l)§ | 475,000 | 475,000 | 226,142 | 226,142 | |||||||||||||||||
UFJ Finance Aruba AEC | |||||||||||||||||||||
6.750%, 7/15/13 | 755,000 | 755,000 | 737,935 | 737,935 | |||||||||||||||||
Unilever Capital Corp. | |||||||||||||||||||||
7.125%, 11/1/10 | 300,000 | 300,000 | 320,831 | 320,831 | |||||||||||||||||
6,563,812 | 42,206,499 | 48,770,311 | 3.3 | % | |||||||||||||||||
Insurance | |||||||||||||||||||||
Allied World Assurance Co. Holdings Ltd. | |||||||||||||||||||||
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
7.500%, 8/1/16 | 2,145,000 | 2,145,000 | 1,512,193 | 1,512,193 | |||||||||||||||||
American International Group, Inc. | |||||||||||||||||||||
8.250%, 8/15/18§ | 900,000 | 900,000 | 658,727 | 658,727 | |||||||||||||||||
Assurant, Inc. | |||||||||||||||||||||
5.625%, 2/15/14 | 495,000 | 495,000 | 376,178 | 376,178 | |||||||||||||||||
Chubb Corp. | |||||||||||||||||||||
5.750%, 5/15/18 | 600,000 | 600,000 | 576,100 | 576,100 | |||||||||||||||||
General Electric Global | |||||||||||||||||||||
Insurance Holdings Corp. | |||||||||||||||||||||
7.000%, 2/15/26 | 3,435,000 | 3,435,000 | 3,253,629 | 3,253,629 | |||||||||||||||||
Genworth Financial, Inc. | |||||||||||||||||||||
5.231%, 5/16/09^ | 520,000 | 520,000 | 509,353 | 509,353 | |||||||||||||||||
4.750%, 6/15/09^ | 585,000 | 585,000 | 574,744 | 574,744 | |||||||||||||||||
6.515%, 5/22/18 | 1,840,000 | 1,840,000 | 638,029 | 638,029 | |||||||||||||||||
Liberty Mutual Group, Inc. | |||||||||||||||||||||
5.750%, 3/15/14§ | 840,000 | 840,000 | 543,009 | 543,009 | |||||||||||||||||
Marsh & McLennan Cos., Inc. | |||||||||||||||||||||
5.375%, 7/15/14 | 600,000 | 600,000 | 532,307 | 532,307 | |||||||||||||||||
MetLife, Inc. | |||||||||||||||||||||
5.000%, 6/15/15 | 600,000 | 600,000 | 562,015 | 562,015 | |||||||||||||||||
5.700%, 6/15/35 | 300,000 | 300,000 | 244,298 | 244,298 | |||||||||||||||||
Principal Life Income Funding Trusts | |||||||||||||||||||||
5.300%, 4/24/13 | 300,000 | 300,000 | 281,018 | 281,018 | |||||||||||||||||
Prudential Financial, Inc. | |||||||||||||||||||||
5.150%, 1/15/13 | 710,000 | 710,000 | 576,699 | 576,699 | |||||||||||||||||
5.100%, 9/20/14 | 300,000 | 300,000 | 250,927 | 250,927 | |||||||||||||||||
5.700%, 12/14/36 | 200,000 | 200,000 | 124,652 | 124,652 | |||||||||||||||||
Travelers Cos., Inc. | |||||||||||||||||||||
6.750%, 6/20/36 | 700,000 | 700,000 | 728,735 | 728,735 | |||||||||||||||||
XL Capital Ltd. | |||||||||||||||||||||
5.250%, 9/15/14 | 1,250,000 | 1,250,000 | 694,181 | 694,181 | |||||||||||||||||
— | 12,636,794 | 12,636,794 | 0.9 | % | |||||||||||||||||
Real Estate Investment Trusts (REITs) | |||||||||||||||||||||
ERP Operating LP | |||||||||||||||||||||
5.250%, 9/15/14^ | 1,615,000 | 1,615,000 | 1,079,001 | 1,079,001 | |||||||||||||||||
5.125%, 3/15/16 | 600,000 | 600,000 | 424,506 | 424,506 | |||||||||||||||||
Felcor Lodging LP | |||||||||||||||||||||
8.500%, 6/1/11 | 349,000 | 349,000 | 258,260 | 258,260 | |||||||||||||||||
HCP, Inc. | |||||||||||||||||||||
5.650%, 12/15/13 | 300,000 | 300,000 | 179,268 | 179,268 | |||||||||||||||||
6.000%, 1/30/17 | 1,965,000 | 1,965,000 | 947,020 | 947,020 | |||||||||||||||||
Health Care REIT, Inc. | |||||||||||||||||||||
6.200%, 6/1/16 | 4,700,000 | 4,700,000 | 2,683,310 | 2,683,310 | |||||||||||||||||
Healthcare Realty Trust, Inc. | |||||||||||||||||||||
5.125%, 4/1/14 | 2,802,000 | 2,802,000 | 1,688,174 | 1,688,174 | |||||||||||||||||
ProLogis | |||||||||||||||||||||
5.625%, 11/15/15 | 800,000 | 800,000 | 398,132 | 398,132 | |||||||||||||||||
Simon Property Group LP | |||||||||||||||||||||
5.000%, 3/1/12 | 2,620,000 | 2,620,000 | 2,070,046 | 2,070,046 | |||||||||||||||||
5.625%, 8/15/14 | 1,520,000 | 1,520,000 | 1,013,807 | 1,013,807 | |||||||||||||||||
5.250%, 12/1/16 | 300,000 | 300,000 | 191,695 | 191,695 | |||||||||||||||||
Ventas Realty LP/Ventas Capital Corp. | |||||||||||||||||||||
7.125%, 6/1/15 | 520,000 | 520,000 | 406,900 | 406,900 | |||||||||||||||||
665,160 | 10,674,959 | 11,340,119 | 0.8 | % | |||||||||||||||||
Specialized Finance | |||||||||||||||||||||
Toll Brothers Finance Corp. | |||||||||||||||||||||
6.875%, 11/15/12 | 600,000 | 600,000 | 502,422 | 502,422 | |||||||||||||||||
5.150%, 5/15/15 | 165,000 | 165,000 | 118,542 | 118,542 | |||||||||||||||||
— | 620,964 | 620,964 | 0.0 | % | |||||||||||||||||
Thrifts & Mortgage Finance | |||||||||||||||||||||
Countrywide Financial Corp. | |||||||||||||||||||||
6.250%, 5/15/16^ | 756,000 | 756,000 | 717,828 | 717,828 | 0.0 | % | |||||||||||||||
Total Financials | 19,446,686 | 150,639,236 | 170,085,922 | 11.4 | % | ||||||||||||||||
Health Care | |||||||||||||||||||||
Biotechnology | |||||||||||||||||||||
Amgen, Inc. | |||||||||||||||||||||
4.850%, 11/18/14 | 300,000 | 300,000 | 295,744 | 295,744 | |||||||||||||||||
Genentech, Inc. | |||||||||||||||||||||
5.250%, 7/15/35 | 300,000 | 300,000 | 284,389 | 284,389 | |||||||||||||||||
— | 580,133 | 580,133 | 0.0 | % | |||||||||||||||||
Health Care Equipment & Supplies | |||||||||||||||||||||
Advanced Medical Optics, Inc. | |||||||||||||||||||||
7.500%, 5/1/17 | 755,000 | 755,000 | 385,050 | 385,050 | |||||||||||||||||
Bausch & Lomb, Inc. | |||||||||||||||||||||
9.875%, 11/1/15^§ | 3,045,000 | 3,045,000 | 2,283,750 | 2,283,750 | |||||||||||||||||
Baxter FinCo B.V. | |||||||||||||||||||||
4.750%, 10/15/10 | 1,066,000 | 1,066,000 | 1,062,986 | 1,062,986 | |||||||||||||||||
Baxter International, Inc. | |||||||||||||||||||||
4.625%, 3/15/15 | 300,000 | 300,000 | 301,438 | 301,438 | |||||||||||||||||
6.250%, 12/1/37 | 100,000 | 100,000 | 115,111 | 115,111 | |||||||||||||||||
Boston Scientific Corp. | |||||||||||||||||||||
6.400%, 6/15/16 | 2,020,000 | 2,020,000 | 1,727,100 | 1,727,100 | |||||||||||||||||
Covidien International Finance S.A. | |||||||||||||||||||||
6.000%, 10/15/17 | 100,000 | 100,000 | 98,650 | 98,650 | |||||||||||||||||
4,395,900 | 1,578,185 | 5,974,085 | 0.4 | % | |||||||||||||||||
Health Care Providers & Services | |||||||||||||||||||||
Aetna, Inc. | |||||||||||||||||||||
6.000%, 6/15/16 | 300,000 | 300,000 | 275,920 | 275,920 | |||||||||||||||||
Cardinal Health, Inc. | |||||||||||||||||||||
5.500%, 6/15/13 | 300,000 | 300,000 | 283,603 | 283,603 | |||||||||||||||||
CIGNA Corp. | |||||||||||||||||||||
7.875%, 5/15/27 | 100,000 | 100,000 | 92,626 | 92,626 | |||||||||||||||||
Community Health Systems, Inc. | |||||||||||||||||||||
8.875%, 7/15/15^ | 2,005,000 | 2,005,000 | 1,844,600 | 1,844,600 | |||||||||||||||||
Term Loan | |||||||||||||||||||||
0.000%, 12/31/49(l)(t) | 66,792 | 66,792 | 51,780 | 51,780 | |||||||||||||||||
4.439%, 12/31/49(l) | 159,278 | 159,278 | 123,480 | 123,480 | |||||||||||||||||
4.446%, 12/31/49(l) | 1,145,857 | 1,145,857 | 888,325 | 888,325 | |||||||||||||||||
HCA, Inc. | |||||||||||||||||||||
6.950%, 5/1/12 | 1,179,000 | 1,179,000 | 966,780 | 966,780 | |||||||||||||||||
6.300%, 10/1/12 | 850,000 | 850,000 | 599,250 | 599,250 | |||||||||||||||||
6.750%, 7/15/13 | 4,000,000 | 4,000,000 | 2,520,000 | 2,520,000 | |||||||||||||||||
9.625%, 11/15/16 PIK | 1,640,000 | 1,640,000 | 1,279,200 | 1,279,200 | |||||||||||||||||
Medco Health Solutions, Inc. | |||||||||||||||||||||
7.125%, 3/15/18 | 100,000 | 100,000 | 92,409 | 92,409 | |||||||||||||||||
Tenet Healthcare Corp. |
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/ Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
9.250%, 2/1/15^ | 3,400,000 | 3,400,000 | 2,737,000 | 2,737,000 | |||||||||||||||||
UnitedHealth Group, Inc. | |||||||||||||||||||||
4.125%, 8/15/09 | 580,000 | 580,000 | 570,977 | 570,977 | |||||||||||||||||
5.250%, 3/15/11 | 2,165,000 | 2,165,000 | 2,035,672 | 2,035,672 | |||||||||||||||||
WellPoint, Inc. | |||||||||||||||||||||
4.250%, 12/15/09 | 1,581,000 | 1,581,000 | 1,520,396 | 1,520,396 | |||||||||||||||||
5.850%, 1/15/36 | 100,000 | 100,000 | 81,693 | 81,693 | |||||||||||||||||
11,010,415 | 4,953,296 | 15,963,711 | 1.1 | % | |||||||||||||||||
Life Sciences Tools & Services | |||||||||||||||||||||
Fisher Scientific International, Inc. | |||||||||||||||||||||
6.750%, 8/15/14 | 522,000 | 522,000 | 493,290 | 493,290 | |||||||||||||||||
6.125%, 7/1/15 | 75,000 | 1,606,000 | 1,681,000 | 66,094 | 1,415,288 | 1,481,382 | |||||||||||||||
66,094 | 1,908,578 | 1,974,672 | 0.1 | % | |||||||||||||||||
Pharmaceuticals | |||||||||||||||||||||
Abbott Laboratories, Inc. | |||||||||||||||||||||
3.500%, 2/17/09 | 597,000 | 597,000 | 597,850 | 597,850 | |||||||||||||||||
5.600%, 5/15/11 | 300,000 | 300,000 | 316,755 | 316,755 | |||||||||||||||||
5.875%, 5/15/16 | 300,000 | 300,000 | 324,920 | 324,920 | |||||||||||||||||
AstraZeneca plc | |||||||||||||||||||||
5.400%, 9/15/12 | 300,000 | 300,000 | 316,826 | 316,826 | |||||||||||||||||
6.450%, 9/15/37 | 300,000 | 300,000 | 341,004 | 341,004 | |||||||||||||||||
Bristol-Myers Squibb Co. | |||||||||||||||||||||
5.450%, 5/1/18 | 300,000 | 300,000 | 310,615 | 310,615 | |||||||||||||||||
Eli Lilly & Co. | |||||||||||||||||||||
5.200%, 3/15/17 | 200,000 | 200,000 | 203,102 | 203,102 | |||||||||||||||||
GlaxoSmithKline Capital, Inc. | |||||||||||||||||||||
4.850%, 5/15/13^ | 300,000 | 300,000 | 300,917 | 300,917 | |||||||||||||||||
5.650%, 5/15/18 | 100,000 | 100,000 | 105,033 | 105,033 | |||||||||||||||||
6.375%, 5/15/38 | 300,000 | 300,000 | 338,950 | 338,950 | |||||||||||||||||
Johnson & Johnson | |||||||||||||||||||||
5.150%, 7/15/18 | 300,000 | 300,000 | 330,345 | 330,345 | |||||||||||||||||
5.850%, 7/15/38 | 100,000 | 100,000 | 120,815 | 120,815 | |||||||||||||||||
Merck & Co., Inc. | |||||||||||||||||||||
6.400%, 3/1/28 | 300,000 | 300,000 | 331,075 | 331,075 | |||||||||||||||||
Schering-Plough Corp. | |||||||||||||||||||||
6.000%, 9/15/17 | 300,000 | 300,000 | 296,973 | 296,973 | |||||||||||||||||
Wyeth | |||||||||||||||||||||
5.500%, 3/15/13 | 300,000 | 300,000 | 305,585 | 305,585 | |||||||||||||||||
5.500%, 2/1/14^ | 747,000 | 747,000 | 758,794 | 758,794 | |||||||||||||||||
6.000%, 2/15/36 | 100,000 | 100,000 | 107,291 | 107,291 | |||||||||||||||||
5.950%, 4/1/37 | 250,000 | 250,000 | 277,572 | 277,572 | |||||||||||||||||
5,684,422 | 5,684,422 | 0.4 | % | ||||||||||||||||||
Total Health Care | 15,472,409 | 14,704,614 | 30,177,023 | 2.0 | % | ||||||||||||||||
Industrials | |||||||||||||||||||||
Aerospace & Defense | |||||||||||||||||||||
Boeing Capital Corp. | |||||||||||||||||||||
6.500%, 2/15/12 | 300,000 | 300,000 | 306,623 | 306,623 | |||||||||||||||||
Boeing Co. | |||||||||||||||||||||
6.125%, 2/15/33 | 100,000 | 100,000 | 104,184 | 104,184 | |||||||||||||||||
Bombardier, Inc. | |||||||||||||||||||||
6.750%, 5/1/12§ | 520,000 | 520,000 | 461,500 | 461,500 | |||||||||||||||||
DRS Technologies, Inc. | |||||||||||||||||||||
6.625%, 2/1/16 | 750,000 | 750,000 | 750,000 | 750,000 | |||||||||||||||||
Esterline Technologies Corp. | |||||||||||||||||||||
7.750%, 6/15/13 | 1,365,000 | 1,365,000 | 1,187,550 | 1,187,550 | |||||||||||||||||
General Dynamics Corp. | |||||||||||||||||||||
4.250%, 5/15/13 | 300,000 | 300,000 | 299,986 | 299,986 | |||||||||||||||||
Honeywell International, Inc. | |||||||||||||||||||||
4.250%, 3/1/13 | 300,000 | 300,000 | 299,421 | 299,421 | |||||||||||||||||
L-3 Communications Corp. | |||||||||||||||||||||
6.125%, 7/15/13 | 75,000 | 75,000 | 69,000 | 69,000 | |||||||||||||||||
Series B 3 | |||||||||||||||||||||
6.375%, 10/15/15 | 430,000 | 430,000 | 402,050 | 402,050 | |||||||||||||||||
Lockheed Martin Corp. | |||||||||||||||||||||
Series B | |||||||||||||||||||||
6.150%, 9/1/36 | 350,000 | 350,000 | 379,480 | 379,480 | |||||||||||||||||
Moog, Inc. | |||||||||||||||||||||
6.250%, 1/15/15 | 450,000 | 450,000 | 360,000 | 360,000 | |||||||||||||||||
Northrop Grumman Systems Corp. | |||||||||||||||||||||
7.125%, 2/15/11 | 100,000 | 100,000 | 103,976 | 103,976 | |||||||||||||||||
Raytheon Co. | |||||||||||||||||||||
6.400%, 12/15/18 | 300,000 | 300,000 | 324,754 | 324,754 | |||||||||||||||||
TransDigm, Inc. | |||||||||||||||||||||
7.750%, 7/15/14 | 665,000 | 665,000 | 545,300 | 545,300 | |||||||||||||||||
United Technologies Corp. | |||||||||||||||||||||
5.375%, 12/15/17^ | 300,000 | 300,000 | 303,269 | 303,269 | |||||||||||||||||
6.125%, 7/15/38 | 100,000 | 100,000 | 108,678 | 108,678 | |||||||||||||||||
3,775,400 | 2,230,371 | 6,005,771 | 0.4 | % | |||||||||||||||||
Air Freight & Logistics | |||||||||||||||||||||
United Parcel Service, Inc. | |||||||||||||||||||||
4.500%, 1/15/13 | 300,000 | 300,000 | 309,463 | 309,463 | |||||||||||||||||
6.200%, 1/15/38^ | 200,000 | 200,000 | 220,491 | 220,491 | |||||||||||||||||
529,954 | 529,954 | 0.0 | % | ||||||||||||||||||
Airlines | |||||||||||||||||||||
UAL Pass Through Trust | |||||||||||||||||||||
Series 2007-1 | |||||||||||||||||||||
6.636%, 7/2/22 | 627,963 | 627,963 | 368,928 | 368,928 | 0.0 | % | |||||||||||||||
Building Products | |||||||||||||||||||||
CRH America, Inc. | |||||||||||||||||||||
8.125%, 7/15/18 | 100,000 | 100,000 | 72,200 | 72,200 | |||||||||||||||||
Masco Corp. | |||||||||||||||||||||
4.800%, 6/15/15 | 4,160,000 | 4,160,000 | 2,812,114 | 2,812,114 | |||||||||||||||||
6.125%, 10/3/16 | 1,590,000 | 1,590,000 | 1,091,298 | 1,091,298 | |||||||||||||||||
3,975,612 | 3,975,612 | 0.3 | % | ||||||||||||||||||
Commercial Services & Supplies | |||||||||||||||||||||
Allied Waste North America, Inc. | |||||||||||||||||||||
7.250%, 3/15/15 | 625,000 | 625,000 | 581,250 | 581,250 | |||||||||||||||||
ARAMARK Corp. | |||||||||||||||||||||
8.500%, 2/1/15 | 2,430,000 | 2,430,000 | 2,199,150 | 2,199,150 | |||||||||||||||||
Browing-Ferris Industries, Inc. | |||||||||||||||||||||
7.400%, 9/15/35 | 723,000 | 723,000 | 596,452 | 596,452 | |||||||||||||||||
Corrections Corp. of America | |||||||||||||||||||||
7.500%, 5/1/11 | 195,000 | 195,000 | 193,050 | 193,050 | |||||||||||||||||
6.750%, 1/31/14 | 375,000 | 375,000 | 349,687 | 349,687 | |||||||||||||||||
DI Finance/DynCorp International | |||||||||||||||||||||
Series B |
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
9.500%, 2/15/13 | 1,451,000 | 1,451,000 | 1,264,184 | 1,264,184 | |||||||||||||||||
Pitney Bowes, Inc. | |||||||||||||||||||||
4.750%, 1/15/16 | 100,000 | 100,000 | 92,639 | 92,639 | |||||||||||||||||
R.R. Donnelley & Sons Co. | |||||||||||||||||||||
4.950%, 4/1/14 | 1,315,000 | 1,315,000 | 996,773 | 996,773 | |||||||||||||||||
Waste Management, Inc. | |||||||||||||||||||||
6.875%, 5/15/09^ | 825,000 | 825,000 | 821,170 | 821,170 | |||||||||||||||||
5.000%, 3/15/14 | 100,000 | 100,000 | 85,803 | 85,803 | |||||||||||||||||
7.000%, 7/15/28 | 100,000 | 100,000 | 82,946 | 82,946 | |||||||||||||||||
5,183,773 | 2,079,331 | 7,263,104 | 0.5 | % | |||||||||||||||||
Electrical Equipment | |||||||||||||||||||||
Baldor Electric Co. | |||||||||||||||||||||
8.625%, 2/15/17 | 1,125,000 | 1,125,000 | 838,125 | 838,125 | |||||||||||||||||
Emerson Electric Co. | |||||||||||||||||||||
5.250%, 10/15/18 | 100,000 | 100,000 | 102,139 | 102,139 | |||||||||||||||||
General Cable Corp. | |||||||||||||||||||||
7.125%, 4/1/17 | 1,195,000 | 1,195,000 | 788,700 | 788,700 | |||||||||||||||||
Thomas & Betts Corp. | |||||||||||||||||||||
7.250%, 6/1/13 | 120,000 | 120,000 | 123,946 | 123,946 | |||||||||||||||||
1,750,771 | 102,139 | 1,852,910 | 0.1 | % | |||||||||||||||||
Industrial Conglomerates | |||||||||||||||||||||
3M Co. | |||||||||||||||||||||
4.375%, 8/15/13 | 100,000 | 100,000 | 105,016 | 105,016 | |||||||||||||||||
6.375%, 2/15/28 | 100,000 | 100,000 | 115,143 | 115,143 | |||||||||||||||||
General Electric Co. | |||||||||||||||||||||
5.000%, 2/1/13 | 300,000 | 300,000 | 303,387 | 303,387 | |||||||||||||||||
Hutchison Whampoa International Ltd. | |||||||||||||||||||||
7.450%, 11/24/33§ | 1,035,000 | 1,035,000 | 924,379 | 924,379 | |||||||||||||||||
Philips Electronics N.V. | |||||||||||||||||||||
6.875%, 3/11/38 | 300,000 | 300,000 | 284,751 | 284,751 | |||||||||||||||||
Textron Financial Corp. | |||||||||||||||||||||
4.600%, 5/3/10 | 600,000 | 600,000 | 520,058 | 520,058 | |||||||||||||||||
Tyco International Finance S.A. | |||||||||||||||||||||
6.000%, 11/15/13 | 1,160,000 | 1,160,000 | 1,088,446 | 1,088,446 | |||||||||||||||||
— | 3,341,180 | 3,341,180 | 0.3 | % | |||||||||||||||||
Machinery | |||||||||||||||||||||
Caterpillar, Inc. | |||||||||||||||||||||
6.050%, 8/15/36 | 100,000 | 100,000 | 97,377 | 97,377 | |||||||||||||||||
Danaher Corp. | |||||||||||||||||||||
5.625%, 1/15/18 | 600,000 | 600,000 | 617,302 | 617,302 | |||||||||||||||||
Douglas Dynamics LLC | |||||||||||||||||||||
7.750%, 1/15/12§ | 350,000 | 350,000 | 182,000 | 182,000 | |||||||||||||||||
Dover Corp. | |||||||||||||||||||||
6.600%, 3/15/38 | 100,000 | 100,000 | 113,029 | 113,029 | |||||||||||||||||
Terex Corp. | |||||||||||||||||||||
8.000%, 11/15/17 | 790,000 | 790,000 | 671,500 | 671,500 | |||||||||||||||||
853,500 | 827,708 | 1,681,208 | 0.1 | % | |||||||||||||||||
Road & Rail | |||||||||||||||||||||
Burlington Northern Santa Fe Corp. | |||||||||||||||||||||
6.150%, 5/1/37 | 100,000 | 100,000 | 92,102 | 92,102 | |||||||||||||||||
Burlington Resources Finance Co. | |||||||||||||||||||||
7.200%, 8/15/31 | 100,000 | 100,000 | 106,987 | 106,987 | |||||||||||||||||
Canadian National Railway Co. | |||||||||||||||||||||
6.200%, 6/1/36 | 350,000 | 350,000 | 376,800 | 376,800 | |||||||||||||||||
Canadian Pacific Railway Co. | |||||||||||||||||||||
6.500%, 5/15/18 | 300,000 | 300,000 | 264,583 | 264,583 | |||||||||||||||||
CSX Corp. | |||||||||||||||||||||
6.250%, 4/1/15^ | 100,000 | 100,000 | 98,161 | 98,161 | |||||||||||||||||
6.150%, 5/1/37 | 100,000 | 100,000 | 80,021 | 80,021 | |||||||||||||||||
Hertz Corp. | |||||||||||||||||||||
8.875%, 1/1/14 | 1,795,000 | 1,795,000 | 1,103,925 | 1,103,925 | |||||||||||||||||
Norfolk Southern Corp. | |||||||||||||||||||||
6.200%, 4/15/09 | 640,000 | 640,000 | 640,817 | 640,817 | |||||||||||||||||
7.700%, 5/15/17 | 200,000 | 200,000 | 214,383 | 214,383 | |||||||||||||||||
5.750%, 4/1/18 | 500,000 | 500,000 | 486,524 | 486,524 | |||||||||||||||||
Union Pacific Corp. | |||||||||||||||||||||
6.500%, 4/15/12 | 300,000 | 300,000 | 308,000 | 308,000 | |||||||||||||||||
6.150%, 5/1/37 | 100,000 | 100,000 | 92,692 | 92,692 | |||||||||||||||||
United Rentals North America, Inc. | |||||||||||||||||||||
6.500%, 2/15/12 | 2,475,000 | 2,475,000 | 1,955,250 | 1,955,250 | |||||||||||||||||
3,059,175 | 2,761,070 | 5,820,245 | 0.4 | % | |||||||||||||||||
Total Industrials | 14,622,619 | 16,216,293 | 30,838,912 | 2.1 | % | ||||||||||||||||
Information Technology | |||||||||||||||||||||
Communications Equipment | |||||||||||||||||||||
Cisco Systems, Inc. | |||||||||||||||||||||
5.250%, 2/22/11 | 300,000 | 300,000 | 311,440 | 311,440 | |||||||||||||||||
5.500%, 2/22/16 | 200,000 | 200,000 | 211,835 | 211,835 | |||||||||||||||||
Motorola, Inc. | |||||||||||||||||||||
7.625%, 11/15/10^ | 122,000 | 122,000 | 108,122 | 108,122 | |||||||||||||||||
6.000%, 11/15/17 | 300,000 | 300,000 | 161,770 | 161,770 | |||||||||||||||||
7.500%, 5/15/25 | 145,000 | 145,000 | 79,443 | 79,443 | |||||||||||||||||
6.500%, 9/1/25 | 895,000 | 895,000 | 442,977 | 442,977 | |||||||||||||||||
— | 1,315,587 | 1,315,587 | 0.1 | % | |||||||||||||||||
Computers & Peripherals | |||||||||||||||||||||
Dell, Inc. | |||||||||||||||||||||
6.500%, 4/15/38 | 300,000 | 300,000 | 249,944 | 249,944 | |||||||||||||||||
Hewlett-Packard Co. | |||||||||||||||||||||
4.500%, 3/1/13^ | 600,000 | 600,000 | 609,050 | 609,050 | |||||||||||||||||
International Business Machines Corp. | |||||||||||||||||||||
4.750%, 11/29/12 | 300,000 | 300,000 | 309,837 | 309,837 | |||||||||||||||||
5.700%, 9/14/17 | 600,000 | 600,000 | 641,469 | 641,469 | |||||||||||||||||
5.875%, 11/29/32 | 100,000 | 100,000 | 105,221 | 105,221 | |||||||||||||||||
— | 1,915,521 | 1,915,521 | 0.1 | % | |||||||||||||||||
IT Services | |||||||||||||||||||||
Computer Sciences Corp. | |||||||||||||||||||||
5.500%, 3/15/13§ | 760,000 | 760,000 | 680,886 | 680,886 | |||||||||||||||||
Electronic Data Systems Corp. | |||||||||||||||||||||
7.450%, 10/15/29 | 765,000 | 765,000 | 828,739 | 828,739 | |||||||||||||||||
Series B | |||||||||||||||||||||
6.000%, 8/1/13 | 1,219,000 | 1,219,000 | 1,263,165 | 1,263,165 | |||||||||||||||||
SunGard Data Systems, Inc. | |||||||||||||||||||||
9.125%, 8/15/13 | 2,041,000 | 2,041,000 | 1,765,465 | 1,765,465 | |||||||||||||||||
4.875%, 1/15/14 | 495,000 | 495,000 | 341,550 | 341,550 | |||||||||||||||||
2,107,015 | 2,772,790 | 4,879,805 | 0.3 | % | |||||||||||||||||
Office Electronics | |||||||||||||||||||||
Xerox Capital Trust I |
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
8.000%, 2/1/27 | 5,205,000 | 5,205,000 | 3,554,442 | 3,554,442 | |||||||||||||||||
Xerox Corp. | |||||||||||||||||||||
9.750%, 1/15/09 | 1,062,000 | 1,062,000 | 1,059,632 | 1,059,632 | |||||||||||||||||
7.625%, 6/15/13 | 295,000 | 295,000 | 246,206 | 246,206 | |||||||||||||||||
6.350%, 5/15/18 | 300,000 | 300,000 | 234,628 | 234,628 | |||||||||||||||||
5,094,908 | 5,094,908 | 0.4 | % | ||||||||||||||||||
Semiconductors & Semiconductor Equipment | |||||||||||||||||||||
Sensata Technologies B.V. | |||||||||||||||||||||
8.000%, 5/1/14 | 455,000 | 455,000 | 204,750 | 204,750 | 0.0 | % | |||||||||||||||
Software | |||||||||||||||||||||
Oracle Corp. | |||||||||||||||||||||
5.000%, 1/15/11 | 600,000 | 600,000 | 616,186 | 616,186 | |||||||||||||||||
5.750%, 4/15/18 | 800,000 | 800,000 | 836,775 | 836,775 | |||||||||||||||||
1,452,961 | 1,452,961 | 0.1 | % | ||||||||||||||||||
Total Information Technology | 2,311,765 | 12,551,767 | 14,863,532 | 1.0 | % | ||||||||||||||||
Materials | |||||||||||||||||||||
Chemicals | |||||||||||||||||||||
Airgas, Inc. | |||||||||||||||||||||
6.250%, 7/15/14 | 340,000 | 340,000 | 289,000 | 289,000 | |||||||||||||||||
Dow Chemical Co. | |||||||||||||||||||||
7.375%, 11/1/29 | 100,000 | 100,000 | 94,178 | 94,178 | |||||||||||||||||
E.I. du Pont de Nemours & Co. | |||||||||||||||||||||
5.000%, 7/15/13 | 300,000 | 300,000 | 301,805 | 301,805 | |||||||||||||||||
5.250%, 12/15/16^ | 100,000 | 100,000 | 99,382 | 99,382 | |||||||||||||||||
Lubrizol Corp. | |||||||||||||||||||||
4.625%, 10/1/09 | 585,000 | 585,000 | 574,610 | 574,610 | |||||||||||||||||
Monsanto Co. | |||||||||||||||||||||
7.375%, 8/15/12 | 300,000 | 300,000 | 333,791 | 333,791 | |||||||||||||||||
5.125%, 4/15/18^ | 100,000 | 100,000 | 104,922 | 104,922 | |||||||||||||||||
5.875%, 4/15/38 | 300,000 | 300,000 | 321,739 | 321,739 | |||||||||||||||||
Mosaic Co. | |||||||||||||||||||||
7.625%, 12/1/16§ | 1,200,000 | 1,200,000 | 960,000 | 960,000 | |||||||||||||||||
Nalco Co. | |||||||||||||||||||||
7.750%, 11/15/11 | 1,005,000 | 1,005,000 | 964,800 | 964,800 | |||||||||||||||||
PPG Industries, Inc. | |||||||||||||||||||||
5.750%, 3/15/13 | 960,000 | 960,000 | 949,379 | 949,379 | |||||||||||||||||
Rohm & Haas Co. | |||||||||||||||||||||
5.600%, 3/15/13 | 800,000 | 800,000 | 772,446 | 772,446 | |||||||||||||||||
2,213,800 | 3,552,252 | 5,766,052 | 0.4 | % | |||||||||||||||||
Construction Materials | |||||||||||||||||||||
Lafarge S.A. | |||||||||||||||||||||
6.150%, 7/15/11 | 783,000 | 783,000 | 681,743 | 681,743 | |||||||||||||||||
Texas Industries, Inc. | |||||||||||||||||||||
7.250%, 7/15/13§ | 345,000 | 345,000 | 266,512 | 266,512 | |||||||||||||||||
7.250%, 7/15/13 | 1,275,000 | 1,275,000 | 984,938 | 984,938 | |||||||||||||||||
U.S. Concrete, Inc. | |||||||||||||||||||||
8.375%, 4/1/14 | 560,000 | 560,000 | 302,400 | 302,400 | |||||||||||||||||
1,553,850 | 681,743 | 2,235,593 | 0.2 | % | |||||||||||||||||
Containers & Packaging | |||||||||||||||||||||
Crown Americas LLC/Crown Americas Capital Corp. | |||||||||||||||||||||
7.750%, 11/15/15 | 1,690,000 | 1,690,000 | 1,681,550 | 1,681,550 | |||||||||||||||||
Packaging Corp. of America | |||||||||||||||||||||
5.750%, 8/1/13 | 1,675,000 | 1,675,000 | 1,482,562 | 1,482,562 | |||||||||||||||||
1,681,550 | 1,482,562 | 3,164,112 | 0.2 | % | |||||||||||||||||
Metals & Mining | |||||||||||||||||||||
Alcoa, Inc. | |||||||||||||||||||||
6.000%, 7/15/13 | 300,000 | 300,000 | 271,255 | 271,255 | |||||||||||||||||
6.750%, 7/15/18 | 295,000 | 295,000 | 241,350 | 241,350 | |||||||||||||||||
5.900%, 2/1/27 | 300,000 | 300,000 | 197,338 | 197,338 | |||||||||||||||||
ArcelorMittal S.A. | |||||||||||||||||||||
5.375%, 6/1/13 | 300,000 | 300,000 | 226,244 | 226,244 | |||||||||||||||||
6.125%, 6/1/18^ | 1,930,000 | 1,930,000 | 1,321,583 | 1,321,583 | |||||||||||||||||
Arch Western Finance LLC | |||||||||||||||||||||
6.750%, 7/1/13 | 1,610,000 | 1,610,000 | 1,400,700 | 1,400,700 | |||||||||||||||||
Barrick N.A. Finance LLC | |||||||||||||||||||||
7.500%, 9/15/38 | 100,000 | 100,000 | 87,437 | 87,437 | |||||||||||||||||
BHP Billiton Finance USA Ltd. | |||||||||||||||||||||
4.800%, 4/15/13 | 300,000 | 300,000 | 278,464 | 278,464 | |||||||||||||||||
7.250%, 3/1/16 | 862,000 | 862,000 | 872,225 | 872,225 | |||||||||||||||||
California Steel Industries, Inc. | |||||||||||||||||||||
6.125%, 3/15/14 | 1,750,000 | 1,750,000 | 1,050,000 | 1,050,000 | |||||||||||||||||
Freeport-McMoRan Copper & Gold, Inc. | |||||||||||||||||||||
8.250%, 4/1/15 | 195,000 | 605,000 | 800,000 | 165,750 | 514,250 | 680,000 | |||||||||||||||
8.375%, 4/1/17 | 3,180,000 | 500,000 | 3,680,000 | 2,607,600 | 410,000 | 3,017,600 | |||||||||||||||
Ispat Inland ULC | |||||||||||||||||||||
9.750%, 4/1/14 | 510,000 | 510,000 | 436,520 | 436,520 | |||||||||||||||||
Novelis, Inc. | |||||||||||||||||||||
7.250%, 2/15/15 | 1,595,000 | 1,595,000 | 925,100 | 925,100 | |||||||||||||||||
Nucor Corp. | |||||||||||||||||||||
5.750%, 12/1/17 | 300,000 | 300,000 | 296,490 | 296,490 | |||||||||||||||||
Rio Tinto Finance USA Ltd. | |||||||||||||||||||||
5.875%, 7/15/13 | 300,000 | 300,000 | 238,954 | 238,954 | |||||||||||||||||
6.500%, 7/15/18 | 300,000 | 300,000 | 219,951 | 219,951 | |||||||||||||||||
7.125%, 7/15/28 | 100,000 | 100,000 | 70,597 | 70,597 | |||||||||||||||||
Steel Dynamics, Inc. | |||||||||||||||||||||
7.375%, 11/1/12 | 805,000 | 805,000 | 587,650 | 587,650 | |||||||||||||||||
6.750%, 4/1/15 | 1,080,000 | 1,080,000 | 745,200 | 745,200 | |||||||||||||||||
United States Steel Corp. | |||||||||||||||||||||
5.650%, 6/1/13 | 1,364,000 | 1,364,000 | 1,020,219 | 1,020,219 | |||||||||||||||||
Vale Overseas Ltd. | |||||||||||||||||||||
6.875%, 11/21/36 | 600,000 | 600,000 | 544,620 | 544,620 | |||||||||||||||||
7,482,000 | 7,247,497 | 14,729,497 | 1.0 | % | |||||||||||||||||
Paper & Forest Products | |||||||||||||||||||||
Celulosa Arauco y Constitucion S.A. | |||||||||||||||||||||
8.625%, 8/15/10 | 359,000 | 359,000 | 372,962 | 372,962 | |||||||||||||||||
Domtar Corp. | |||||||||||||||||||||
7.875%, 10/15/11 | 1,650,000 | 1,650,000 | 1,402,500 | 1,402,500 | |||||||||||||||||
Georgia-Pacific LLC | |||||||||||||||||||||
8.125%, 5/15/11 | 1,375,000 | 1,375,000 | 1,292,500 | 1,292,500 | |||||||||||||||||
9.500%, 12/1/11 | 455,000 | 455,000 | 429,975 | 429,975 | |||||||||||||||||
International Paper Co. | |||||||||||||||||||||
4.250%, 1/15/09 | 627,000 | 627,000 | 626,274 | 626,274 | |||||||||||||||||
7.400%, 6/15/14 | 1,670,000 | 1,670,000 | 1,368,914 | 1,368,914 |
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
5.300%, 4/1/15 | 1,915,000 | 1,915,000 | 1,331,245 | 1,331,245 | |||||||||||||||||
Newark Group, Inc. | |||||||||||||||||||||
9.750%, 3/15/14 | 1,150,000 | 1,150,000 | 109,250 | 109,250 | |||||||||||||||||
Westvaco Corp. | |||||||||||||||||||||
8.200%, 1/15/30 | 1,130,000 | 1,130,000 | 860,025 | 860,025 | |||||||||||||||||
Weyerhaeuser Co. | |||||||||||||||||||||
6.950%, 10/1/27 | 100,000 | 100,000 | 64,266 | 64,266 | |||||||||||||||||
7.375%, 3/15/32 | 300,000 | 300,000 | 194,775 | 194,775 | |||||||||||||||||
3,234,225 | 4,818,461 | 8,052,686 | 0.5 | % | |||||||||||||||||
Total Materials | 16,165,425 | 17,782,515 | 33,947,940 | 2.3 | % | ||||||||||||||||
Telecommunication Services | |||||||||||||||||||||
Diversified Telecommunication Services | |||||||||||||||||||||
AT&T Corp. | |||||||||||||||||||||
7.300%, 11/15/11 | 600,000 | 600,000 | 623,380 | 623,380 | |||||||||||||||||
8.000%, 11/15/31 | 400,000 | 400,000 | 502,454 | 502,454 | |||||||||||||||||
AT&T, Inc. | |||||||||||||||||||||
4.125%, 9/15/09 | 770,000 | 770,000 | 773,155 | 773,155 | |||||||||||||||||
4.950%, 1/15/13^ | 300,000 | 300,000 | 301,658 | 301,658 | |||||||||||||||||
5.100%, 9/15/14 | 300,000 | 300,000 | 294,896 | 294,896 | |||||||||||||||||
5.625%, 6/15/16 | 600,000 | 600,000 | 602,689 | 602,689 | |||||||||||||||||
6.300%, 1/15/38 | 700,000 | 700,000 | 739,977 | 739,977 | |||||||||||||||||
6.400%, 5/15/38^ | 300,000 | 300,000 | 321,354 | 321,354 | |||||||||||||||||
BellSouth Capital Funding Corp. | |||||||||||||||||||||
7.750%, 2/15/10 | 300,000 | 300,000 | 310,524 | 310,524 | |||||||||||||||||
British Telecommunications plc | |||||||||||||||||||||
8.625%, 12/15/10 | 1,700,000 | 1,700,000 | 1,748,788 | 1,748,788 | |||||||||||||||||
Deutsche Telekom International Finance B.V. | |||||||||||||||||||||
8.750%, 6/15/30 | 700,000 | 700,000 | 863,199 | 863,199 | |||||||||||||||||
Embarq Corp. | |||||||||||||||||||||
6.738%, 6/1/13 | 420,000 | 420,000 | 354,900 | 354,900 | |||||||||||||||||
7.082%, 6/1/16 | 1,665,000 | 1,665,000 | 1,282,050 | 1,282,050 | |||||||||||||||||
7.995%, 6/1/36 | 100,000 | 100,000 | 67,500 | 67,500 | |||||||||||||||||
France Telecom S.A. | |||||||||||||||||||||
7.750%, 3/1/11 | 600,000 | 600,000 | 631,382 | 631,382 | |||||||||||||||||
Frontier Communications Corp. | |||||||||||||||||||||
6.250%, 1/15/13 | 1,460,000 | 1,460,000 | 1,241,000 | 1,241,000 | |||||||||||||||||
9.000%, 8/15/31 | 1,755,000 | 1,755,000 | 1,105,650 | 1,105,650 | |||||||||||||||||
Level 3 Financing, Inc. | |||||||||||||||||||||
9.250%, 11/1/14 | 710,000 | 710,000 | 411,800 | 411,800 | |||||||||||||||||
Pacific Bell Telephone Co. | |||||||||||||||||||||
6.625%, 10/15/34 | 1,970,000 | 1,970,000 | 1,581,778 | 1,581,778 | |||||||||||||||||
Qwest Corp. | |||||||||||||||||||||
7.875%, 9/1/11^ | 1,540,000 | 1,540,000 | 1,416,800 | 1,416,800 | |||||||||||||||||
8.875%, 3/15/12 | 1,275,000 | 1,145,000 | 2,420,000 | 1,179,375 | 1,059,125 | 2,238,500 | |||||||||||||||
7.500%, 10/1/14 | 285,000 | 285,000 | 236,550 | 236,550 | |||||||||||||||||
Sprint Capital Corp. | |||||||||||||||||||||
8.375%, 3/15/12 | 4,535,000 | 4,535,000 | 3,628,000 | 3,628,000 | |||||||||||||||||
6.900%, 5/1/19 | 2,365,000 | 2,365,000 | 1,679,150 | 1,679,150 | |||||||||||||||||
Telecom Italia Capital S.A. | |||||||||||||||||||||
4.000%, 1/15/10 | 2,405,000 | 2,405,000 | 2,212,600 | 2,212,600 | |||||||||||||||||
5.250%, 11/15/13 | 300,000 | 300,000 | 228,750 | 228,750 | |||||||||||||||||
5.250%, 10/1/15 | 600,000 | 600,000 | 456,750 | 456,750 | |||||||||||||||||
Telefonica Emisiones S.A.U. | |||||||||||||||||||||
6.421%, 6/20/16 | 1,200,000 | 1,200,000 | 1,197,917 | 1,197,917 | |||||||||||||||||
7.045%, 6/20/36 | 500,000 | 500,000 | 545,766 | 545,766 | |||||||||||||||||
Telesat Canada Corp. | |||||||||||||||||||||
Bank Loan | |||||||||||||||||||||
5.200%, 10/15/14(l) | 250,407 | 250,407 | 170,545 | 170,545 | |||||||||||||||||
5.670%, 10/15/14(l) | 15,909 | 15,909 | 10,835 | 10,835 | |||||||||||||||||
6.280%, 10/15/14(l) | 125,092 | 125,092 | 85,196 | 85,196 | |||||||||||||||||
6.420%, 10/15/14(l) | 1,093,340 | 1,093,340 | 744,642 | 744,642 | |||||||||||||||||
6.520%, 10/15/14(l) | 348,176 | 348,176 | 237,132 | 237,132 | |||||||||||||||||
6.770%, 10/15/14(l) | 53,547 | 53,547 | 36,470 | 36,470 | |||||||||||||||||
Time Warner Telecom Holdings, Inc. | |||||||||||||||||||||
9.250%, 2/15/14 | 2,225,000 | 2,225,000 | 1,824,500 | 1,824,500 | |||||||||||||||||
Verizon Communications, Inc. | |||||||||||||||||||||
7.250%, 12/1/10 | 600,000 | 600,000 | 629,017 | 629,017 | |||||||||||||||||
7.375%, 9/1/12 | 600,000 | 600,000 | 627,694 | 627,694 | |||||||||||||||||
4.350%, 2/15/13 | 20,000 | 20,000 | 19,344 | 19,344 | |||||||||||||||||
5.250%, 4/15/13 | 755,000 | 755,000 | 757,888 | 757,888 | |||||||||||||||||
5.500%, 2/15/18 | 1,000,000 | 1,000,000 | 961,846 | 961,846 | |||||||||||||||||
7.750%, 12/1/30^ | 700,000 | 700,000 | 776,229 | 776,229 | |||||||||||||||||
6.900%, 4/15/38 | 100,000 | 100,000 | 112,525 | 112,525 | |||||||||||||||||
Verizon New Jersey, Inc. | |||||||||||||||||||||
Series A | |||||||||||||||||||||
5.875%, 1/17/12 | 545,000 | 545,000 | 536,526 | 536,526 | |||||||||||||||||
West Corp. | |||||||||||||||||||||
11.000%, 10/15/16^ | 460,000 | 460,000 | 213,900 | 213,900 | |||||||||||||||||
Windstream Corp. | |||||||||||||||||||||
8.625%, 8/1/16 | 725,000 | 725,000 | 641,625 | 641,625 | |||||||||||||||||
13,229,164 | 22,755,667 | 35,984,831 | 2.4 | % | |||||||||||||||||
Wireless Telecommunication Services | |||||||||||||||||||||
America Movil S.A.B. de C.V. | |||||||||||||||||||||
6.375%, 3/1/35 | 100,000 | 100,000 | 84,801 | 84,801 | |||||||||||||||||
Cricket Communications, Inc. | |||||||||||||||||||||
9.375%, 11/1/14 | 2,120,000 | 2,120,000 | 1,908,000 | 1,908,000 | |||||||||||||||||
MetroPCS Wireless, Inc. | |||||||||||||||||||||
9.250%, 11/1/14 | 1,535,000 | 1,535,000 | 1,373,825 | 1,373,825 | |||||||||||||||||
Nextel Communications, Inc. | |||||||||||||||||||||
Series D | |||||||||||||||||||||
7.375%, 8/1/15 | 630,000 | 630,000 | 264,600 | 264,600 | |||||||||||||||||
Series E | |||||||||||||||||||||
6.875%, 10/31/13 | 1,195,000 | 1,195,000 | 507,875 | 507,875 | |||||||||||||||||
New Cingular Wireless Services, Inc. | |||||||||||||||||||||
7.875%, 3/1/11 | 660,000 | 660,000 | 683,260 | 683,260 | |||||||||||||||||
8.125%, 5/1/12 | 300,000 | 300,000 | 321,711 | 321,711 | |||||||||||||||||
8.750%, 3/1/31 | 660,000 | 660,000 | 825,057 | 825,057 | |||||||||||||||||
Rogers Communications, Inc. | |||||||||||||||||||||
6.800%, 8/15/18 | 100,000 | 100,000 | 101,043 | 101,043 | |||||||||||||||||
7.500%, 8/15/38 | 100,000 | 100,000 | 108,362 | 108,362 | |||||||||||||||||
U.S. Cellular Corp. | |||||||||||||||||||||
6.700%, 12/15/33 | 905,000 | 905,000 | 652,233 | 652,233 | |||||||||||||||||
Vodafone Group plc | |||||||||||||||||||||
7.750%, 2/15/10 | 1,475,000 | 1,475,000 | 1,507,472 | 1,507,472 | |||||||||||||||||
5.000%, 12/16/13 | 300,000 | 300,000 | 288,592 | 288,592 | |||||||||||||||||
5.625%, 2/27/17^ | 600,000 | 600,000 | 565,349 | 565,349 | |||||||||||||||||
4,054,300 | 5,137,880 | 9,192,180 | 0.6 | % | |||||||||||||||||
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
Total Telecommunication Services | 17,283,464 | 27,893,547 | 45,177,011 | 3.0 | % | ||||||||||||||||
Utilities | |||||||||||||||||||||
Electric Utilities | |||||||||||||||||||||
Appalachian Power Co. | |||||||||||||||||||||
7.000%, 4/1/38 | 250,000 | 250,000 | 247,294 | 247,294 | |||||||||||||||||
Baltimore Gas & Electric Co. | |||||||||||||||||||||
6.125%, 7/1/13 | 500,000 | 500,000 | 462,628 | 462,628 | |||||||||||||||||
Carolina Power & Light Co. | |||||||||||||||||||||
6.500%, 7/15/12 | 1,480,000 | 1,480,000 | 1,457,329 | 1,457,329 | |||||||||||||||||
6.300%, 4/1/38 | 500,000 | 500,000 | 551,013 | 551,013 | |||||||||||||||||
Columbus Southern Power Co. | |||||||||||||||||||||
Series C | |||||||||||||||||||||
5.500%, 3/1/13 | 300,000 | 300,000 | 288,710 | 288,710 | |||||||||||||||||
Commonwealth Edison Co. | |||||||||||||||||||||
6.450%, 1/15/38 | 600,000 | 600,000 | 536,406 | 536,406 | |||||||||||||||||
Consolidated Edison Co. of New York, Inc. | |||||||||||||||||||||
Series 07-A | |||||||||||||||||||||
6.300%, 8/15/37 | 100,000 | 100,000 | 100,163 | 100,163 | |||||||||||||||||
Series 08-B | |||||||||||||||||||||
6.750%, 4/1/38 | 100,000 | 100,000 | 106,847 | 106,847 | |||||||||||||||||
Cooper U.S., Inc. | |||||||||||||||||||||
5.250%, 11/15/12 | 100,000 | 100,000 | 101,012 | 101,012 | |||||||||||||||||
Duke Energy Carolinas LLC | |||||||||||||||||||||
Series C | |||||||||||||||||||||
7.000%, 11/15/18 | 150,000 | 150,000 | 173,113 | 173,113 | |||||||||||||||||
Duke Energy Corp. | |||||||||||||||||||||
5.650%, 6/15/13 | 600,000 | 600,000 | 588,535 | 588,535 | |||||||||||||||||
Duke Energy Ohio, Inc. | |||||||||||||||||||||
5.700%, 9/15/12 | 300,000 | 300,000 | 295,116 | 295,116 | |||||||||||||||||
Edison Mission Energy | |||||||||||||||||||||
7.500%, 6/15/13 | 200,000 | 200,000 | 183,000 | 183,000 | |||||||||||||||||
7.750%, 6/15/16 | 300,000 | 300,000 | 267,000 | 267,000 | |||||||||||||||||
7.000%, 5/15/17 | 755,000 | 755,000 | 656,850 | 656,850 | |||||||||||||||||
Exelon Corp. | |||||||||||||||||||||
6.750%, 5/1/11 | 655,000 | 655,000 | 639,258 | 639,258 | |||||||||||||||||
4.900%, 6/15/15 | 300,000 | 300,000 | 245,949 | 245,949 | |||||||||||||||||
Exelon Generation Co. LLC | |||||||||||||||||||||
6.200%, 10/1/17 | 100,000 | 100,000 | 86,001 | 86,001 | |||||||||||||||||
FirstEnergy Corp. | |||||||||||||||||||||
Series B | |||||||||||||||||||||
6.450%, 11/15/11 | 585,000 | 585,000 | 552,975 | 552,975 | |||||||||||||||||
Series C | |||||||||||||||||||||
7.375%, 11/15/31 | 975,000 | 975,000 | 922,366 | 922,366 | |||||||||||||||||
Florida Power & Light Co. | |||||||||||||||||||||
5.950%, 2/1/38 | 350,000 | 350,000 | 389,847 | 389,847 | |||||||||||||||||
FPL Group Capital, Inc. | |||||||||||||||||||||
5.625%, 9/1/11 | 905,000 | 905,000 | 917,770 | 917,770 | |||||||||||||||||
Intergen N.V. | |||||||||||||||||||||
9.000%, 6/30/17§ | 3,910,000 | 3,910,000 | 3,206,200 | 3,206,200 | |||||||||||||||||
MidAmerican Energy Co. | |||||||||||||||||||||
5.750%, 11/1/35 | 100,000 | 100,000 | 88,378 | 88,378 | |||||||||||||||||
MidAmerican Energy Holdings Co. | |||||||||||||||||||||
5.875%, 10/1/12 | 1,430,000 | 1,430,000 | 1,426,442 | 1,426,442 | |||||||||||||||||
6.125%, 4/1/36 | 300,000 | 300,000 | 278,953 | 278,953 | |||||||||||||||||
5.950%, 5/15/37 | 100,000 | 100,000 | 90,675 | 90,675 | |||||||||||||||||
6.500%, 9/15/37 | 300,000 | 300,000 | 292,843 | 292,843 | |||||||||||||||||
Mirant North America LLC | |||||||||||||||||||||
7.375%, 12/31/13 | 1,020,000 | 1,020,000 | 979,200 | 979,200 | |||||||||||||||||
Nevada Power Co. | |||||||||||||||||||||
6.500%, 8/1/18 | 300,000 | 300,000 | 288,635 | 288,635 | |||||||||||||||||
Northern States Power Co. | |||||||||||||||||||||
5.250%, 3/1/18 | 300,000 | 300,000 | 298,901 | 298,901 | |||||||||||||||||
Oncor Electric Delivery Co. | |||||||||||||||||||||
6.375%, 5/1/12 | 100,000 | 100,000 | 96,178 | 96,178 | |||||||||||||||||
Pacific Gas & Electric Co. | |||||||||||||||||||||
4.800%, 3/1/14 | 1,270,000 | 1,270,000 | 1,247,211 | 1,247,211 | |||||||||||||||||
6.050%, 3/1/34 | 300,000 | 300,000 | 318,618 | 318,618 | |||||||||||||||||
PPL Energy Supply LLC | |||||||||||||||||||||
6.500%, 5/1/18 | 100,000 | 100,000 | 81,167 | 81,167 | |||||||||||||||||
Progress Energy, Inc. | |||||||||||||||||||||
7.100%, 3/1/11 | 571,000 | 571,000 | 565,935 | 565,935 | |||||||||||||||||
Public Service Co. of Colorado | |||||||||||||||||||||
7.875%, 10/1/12 | 450,000 | 450,000 | 473,248 | 473,248 | |||||||||||||||||
Public Service Electric & Gas Co. | |||||||||||||||||||||
5.375%, 9/1/13 | 300,000 | 300,000 | 295,476 | 295,476 | |||||||||||||||||
South Carolina Electric & Gas Co. | |||||||||||||||||||||
6.050%, 1/15/38 | 100,000 | 100,000 | 104,397 | 104,397 | |||||||||||||||||
Southern California Edison Co. | |||||||||||||||||||||
5.750%, 3/15/14 | 600,000 | 600,000 | 628,763 | 628,763 | |||||||||||||||||
Series 08-A | |||||||||||||||||||||
5.950%, 2/1/38 | 100,000 | 100,000 | 111,385 | 111,385 | |||||||||||||||||
Southern Co. | |||||||||||||||||||||
Series A | |||||||||||||||||||||
5.300%, 1/15/12 | 600,000 | 600,000 | 605,874 | 605,874 | |||||||||||||||||
Southern Natural Gas Co. | |||||||||||||||||||||
5.900%, 4/1/17§ | 500,000 | 500,000 | 396,229 | 396,229 | |||||||||||||||||
SPI Electricity & Gas Australia Holdings Pty Ltd. | |||||||||||||||||||||
6.150%, 11/15/13§ | 3,950,000 | 3,950,000 | 3,958,319 | 3,958,319 | |||||||||||||||||
Tenaska Alabama Partners LP | |||||||||||||||||||||
7.000%, 6/30/21§ | 599,429 | 599,429 | 470,155 | 470,155 | |||||||||||||||||
Texas Competitive Electric Holdings Co. LLC | |||||||||||||||||||||
5.368%, 10/31/14(l) | 2,146,450 | 2,146,450 | 1,483,734 | 1,483,734 | |||||||||||||||||
5.888%, 10/31/14(l) | 368,750 | 368,750 | 254,898 | 254,898 | |||||||||||||||||
7.262%, 10/31/14(l) | 19,200 | 19,200 | 13,272 | 13,272 | |||||||||||||||||
Union Electric Co. | |||||||||||||||||||||
6.700%, 2/1/19 | 300,000 | 300,000 | 273,354 | 273,354 | |||||||||||||||||
Virginia Electric & Power Co. | |||||||||||||||||||||
Series A | |||||||||||||||||||||
4.750%, 3/1/13 | 300,000 | 300,000 | 288,532 | 288,532 | |||||||||||||||||
6.000%, 5/15/37 | 100,000 | 100,000 | 96,857 | 96,857 | |||||||||||||||||
7,514,309 | 20,968,702 | 28,483,011 | 1.9 | % | |||||||||||||||||
Gas Utilities | |||||||||||||||||||||
AmeriGas Partners LP | |||||||||||||||||||||
7.250%, 5/20/15 | 690,000 | 690,000 | 562,350 | 562,350 | |||||||||||||||||
AmeriGas Partners LP/ AmeriGas Eagle Finance Corp. | |||||||||||||||||||||
7.125%, 5/20/16 | 1,150,000 | 1,150,000 | 920,000 | 920,000 | |||||||||||||||||
Knight, Inc. |
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
5.150%, 3/1/15 | 610,000 | 610,000 | 454,450 | 454,450 | |||||||||||||||||
Suburban Propane Partners LP/ Suburban Energy Finance Corp. | |||||||||||||||||||||
6.875%, 12/15/13 | 980,000 | 980,000 | 803,600 | 803,600 | |||||||||||||||||
Oneok, Inc. | |||||||||||||||||||||
6.000%, 6/15/35 | 100,000 | 100,000 | 68,529 | 68,529 | |||||||||||||||||
2,740,400 | 68,529 | 2,808,929 | 0.2 | % | |||||||||||||||||
Independent Power Producers & Energy Traders | |||||||||||||||||||||
AES Corp. | |||||||||||||||||||||
8.750%, 5/15/13§ | 125,000 | 125,000 | 120,000 | 120,000 | |||||||||||||||||
8.000%, 10/15/17 | 2,430,000 | 2,430,000 | 1,992,600 | 1,992,600 | |||||||||||||||||
Dynegy Holdings, Inc. | |||||||||||||||||||||
8.375%, 5/1/16 | 1,955,000 | 1,955,000 | 1,388,050 | 1,388,050 | |||||||||||||||||
7.750%, 6/1/19 | 2,555,000 | 2,555,000 | 1,762,950 | 1,762,950 | |||||||||||||||||
Energy Future Holdings Corp. | |||||||||||||||||||||
10.875%, 11/1/17§ | 4,615,000 | 4,615,000 | 3,276,650 | 3,276,650 | |||||||||||||||||
NRG Energy, Inc. | |||||||||||||||||||||
7.375%, 2/1/16 | 35,000 | 35,000 | 32,550 | 32,550 | |||||||||||||||||
7.375%, 1/15/17 | 1,940,000 | 1,940,000 | 1,784,800 | 1,784,800 | |||||||||||||||||
Reliant Energy, Inc. | |||||||||||||||||||||
7.875%, 6/15/17 | 1,710,000 | 1,710,000 | 1,385,100 | 1,385,100 | |||||||||||||||||
Tennessee Valley Authority | |||||||||||||||||||||
5.500%, 7/18/17 | 600,000 | 600,000 | 704,780 | 704,780 | |||||||||||||||||
11,742,700 | 704,780 | 12,447,480 | 0.8 | % | |||||||||||||||||
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | ||||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | |||||||||||||||
Multi-Utilities | ||||||||||||||||||||||
CenterPoint Energy Resources Corp. | ||||||||||||||||||||||
Series B | ||||||||||||||||||||||
7.875%, 4/1/13 | 300,000 | 300,000 | 277,888 | 277,888 | ||||||||||||||||||
DCP Midstream LLC | ||||||||||||||||||||||
7.875%, 8/16/10 | 400,000 | 400,000 | 393,247 | 393,247 | ||||||||||||||||||
Dominion Resources, Inc. | ||||||||||||||||||||||
Series A | ||||||||||||||||||||||
5.000%, 12/1/14 | 300,000 | 300,000 | 275,450 | 275,450 | ||||||||||||||||||
Series B | ||||||||||||||||||||||
5.950%, 6/15/35 | 100,000 | 100,000 | 85,444 | 85,444 | ||||||||||||||||||
DTE Energy Co. | ||||||||||||||||||||||
6.350%, 6/1/16 | 300,000 | 300,000 | 268,855 | 268,855 | ||||||||||||||||||
NiSource Finance Corp. | ||||||||||||||||||||||
7.875%, 11/15/10 | 660,000 | 660,000 | 603,960 | 603,960 | ||||||||||||||||||
6.800%, 1/15/19 | 1,385,000 | 1,385,000 | 870,823 | 870,823 | ||||||||||||||||||
5.450%, 9/15/20 | 100,000 | 100,000 | 53,559 | 53,559 | ||||||||||||||||||
Sempra Energy | ||||||||||||||||||||||
6.000%, 2/1/13 | 300,000 | 300,000 | 288,015 | 288,015 | ||||||||||||||||||
Veolia Environnement | ||||||||||||||||||||||
6.000%, 6/1/18^ | 885,000 | 885,000 | 784,469 | 784,469 | ||||||||||||||||||
Wisconsin Energy Corp. | ||||||||||||||||||||||
6.250%, 5/15/67(l) | 765,000 | 765,000 | 378,675 | 378,675 | ||||||||||||||||||
4,280,385 | 4,280,385 | 0.3 | % | |||||||||||||||||||
Total Utilities | 21,997,409 | 26,022,396 | 48,019,805 | 3.2 | % | |||||||||||||||||
Total Corporate Bonds | 177,416,525 | 339,450,868 | 516,867,393 | 34.7 | % | |||||||||||||||||
Government Securities | ||||||||||||||||||||||
Foreign Governments | ||||||||||||||||||||||
Export Development Canada | ||||||||||||||||||||||
3.500%, 5/16/13 | 600,000 | 600,000 | 635,412 | 635,412 | ||||||||||||||||||
Federative Republic of Brazil | ||||||||||||||||||||||
10.250%, 6/17/13 | 1,000,000 | 1,000,000 | 1,225,000 | 1,225,000 | ||||||||||||||||||
8.875%, 10/14/19 | 300,000 | 300,000 | 366,000 | 366,000 | ||||||||||||||||||
8.875%, 4/15/24 | 600,000 | 600,000 | 744,000 | 744,000 | ||||||||||||||||||
10.125%, 5/15/27 | 100,000 | 100,000 | 138,000 | 138,000 | ||||||||||||||||||
8.250%, 1/20/34 | 1,630,000 | 1,630,000 | 1,985,584 | 1,985,584 | ||||||||||||||||||
Oesterreichische Kontrollbank AG | ||||||||||||||||||||||
2.875%, 3/15/11 | 600,000 | 600,000 | 609,073 | 609,073 | ||||||||||||||||||
4.750%, 10/16/12 | 300,000 | 300,000 | 325,340 | 325,340 | ||||||||||||||||||
Province of Manitoba | ||||||||||||||||||||||
5.000%, 2/15/12 | 600,000 | 600,000 | 644,632 | 644,632 | ||||||||||||||||||
Province of Nova Scotia | ||||||||||||||||||||||
5.125%, 1/26/17 | 300,000 | 300,000 | 339,580 | 339,580 | ||||||||||||||||||
Province of Ontario | ||||||||||||||||||||||
4.950%, 6/1/12 | 500,000 | 500,000 | 528,861 | 528,861 | ||||||||||||||||||
4.950%, 11/28/16 | 600,000 | 600,000 | 650,918 | 650,918 | ||||||||||||||||||
Province of Quebec | ||||||||||||||||||||||
4.875%, 5/5/14 | 600,000 | 600,000 | 623,575 | 623,575 | ||||||||||||||||||
4.625%, 5/14/18^ | 600,000 | 600,000 | 615,325 | 615,325 | ||||||||||||||||||
7.500%, 9/15/29 | 500,000 | 500,000 | 710,201 | 710,201 | ||||||||||||||||||
Republic of Italy | ||||||||||||||||||||||
3.500%, 7/15/11 | 1,600,000 | 1,600,000 | 1,650,004 | 1,650,004 | ||||||||||||||||||
5.250%, 9/20/16 | 1,300,000 | 1,300,000 | 1,406,769 | 1,406,769 | ||||||||||||||||||
Republic of Peru | ||||||||||||||||||||||
6.550%, 3/14/37 | 300,000 | 300,000 | 267,750 | 267,750 | ||||||||||||||||||
Republic of South Africa | ||||||||||||||||||||||
5.875%, 5/30/22 | 700,000 | 700,000 | 588,000 | 588,000 | ||||||||||||||||||
Russian Federation | ||||||||||||||||||||||
7.500%, 3/31/30(e)(m) | 4,218,900 | 4,218,900 | 3,679,556 | 3,679,556 | ||||||||||||||||||
State of Israel | ||||||||||||||||||||||
5.125%, 3/1/14 | 100,000 | 100,000 | 104,476 | 104,476 | ||||||||||||||||||
Svensk Exportkredit AB | ||||||||||||||||||||||
5.125%, 3/1/17 | 300,000 | 300,000 | 328,731 | 328,731 | ||||||||||||||||||
United Kingdom Gilt | ||||||||||||||||||||||
4.250%, 3/7/11 | GBP | 1,240,186 | 1,240,186 | 1,876,172 | 1,876,172 | |||||||||||||||||
5.000%, 3/7/12 | GBP | 3,420,000 | 3,420,000 | 5,326,405 | 5,326,405 | |||||||||||||||||
United Mexican States | ||||||||||||||||||||||
6.375%, 1/16/13 | $ | 300,000 | 300,000 | 315,000 | 315,000 | |||||||||||||||||
5.625%, 1/15/17^ | 600,000 | 600,000 | 600,000 | 600,000 | ||||||||||||||||||
8.300%, 8/15/31 | 300,000 | 300,000 | 367,500 | 367,500 | ||||||||||||||||||
6.050%, 1/11/40 | 100,000 | 100,000 | 97,000 | 97,000 | ||||||||||||||||||
— | 26,748,864 | 26,748,864 | 1.8 | % | ||||||||||||||||||
Municipal Bond | ||||||||||||||||||||||
Illinois State | ||||||||||||||||||||||
5.100%, 6/1/33 | 1,200,000 | 1,200,000 | — | 1,054,128 | 1,054,128 | 0.1 | % | |||||||||||||||
Supranational | ||||||||||||||||||||||
Asian Development Bank | ||||||||||||||||||||||
3.000%, 2/15/11 | 600,000 | 600,000 | 609,467 | 609,467 | ||||||||||||||||||
4.250%, 10/20/14 | 600,000 | 600,000 | 668,223 | 668,223 | ||||||||||||||||||
5.500%, 6/27/16 | 1,375,000 | 1,375,000 | 1,637,094 | 1,637,094 | ||||||||||||||||||
European Investment Bank | ||||||||||||||||||||||
5.000%, 2/8/10 | 1,000,000 | 1,000,000 | 1,032,530 | 1,032,530 | ||||||||||||||||||
3.125%, 7/15/11 | 2,300,000 | 2,300,000 | 2,364,308 | 2,364,308 | ||||||||||||||||||
4.250%, 7/15/13^ | 1,600,000 | 1,600,000 | 1,708,690 | 1,708,690 | ||||||||||||||||||
4.875%, 1/17/17 | 600,000 | 600,000 | 672,926 | 672,926 | ||||||||||||||||||
4.875%, 2/15/36 | 725,000 | 725,000 | 799,102 | 799,102 | ||||||||||||||||||
Inter-American Development Bank | ||||||||||||||||||||||
4.375%, 9/20/12 | 600,000 | 600,000 | 646,491 | 646,491 | ||||||||||||||||||
5.125%, 9/13/16 | 1,840,000 | 1,840,000 | 2,066,206 | 2,066,206 | ||||||||||||||||||
International Bank for Reconstruction & Development | ||||||||||||||||||||||
5.000%, 4/1/16 | 600,000 | 600,000 | 671,602 | 671,602 | ||||||||||||||||||
9.250%, 7/15/17 | 865,000 | 865,000 | 1,268,196 | 1,268,196 | ||||||||||||||||||
4.750%, 2/15/35 | 100,000 | 100,000 | 116,535 | 116,535 | ||||||||||||||||||
Japan Bank for International Cooperation | ||||||||||||||||||||||
4.250%, 6/18/13 | 600,000 | 600,000 | 620,202 | 620,202 | ||||||||||||||||||
Nordic Investment Bank | ||||||||||||||||||||||
3.625%, 6/17/13 | 600,000 | 600,000 | 624,460 | 624,460 | ||||||||||||||||||
5.000%, 2/1/17 | 1,540,000 | 1,540,000 | 1,801,341 | 1,801,341 | ||||||||||||||||||
— | 17,307,373 | 17,307,373 | 1.2 | % | ||||||||||||||||||
U.S. Government Agencies | ||||||||||||||||||||||
Federal Farm Credit Bank | ||||||||||||||||||||||
3.875%, 8/25/11^ | 100,000 | 100,000 | 106,253 | 106,253 | ||||||||||||||||||
4.100%, 5/15/13 | 100,000 | 100,000 | 100,895 | 100,895 |
EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | ||||||||||||
Security Description | Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | |||||||||||||
Federal Home Loan Bank | |||||||||||||||||||||
3.750%, 1/8/10 | 3,300,000 | 3,300,000 | 3,401,495 | �� | 3,401,495 | ||||||||||||||||
2.375%, 4/30/10^ | 3,200,000 | 3,200,000 | 3,265,085 | 3,265,085 | |||||||||||||||||
3.375%, 8/13/10 | 4,000,000 | 4,000,000 | 4,152,636 | 4,152,636 | |||||||||||||||||
4.375%, 10/22/10 | 3,200,000 | 3,200,000 | 3,379,872 | 3,379,872 | |||||||||||||||||
5.375%, 8/19/11 | 2,300,000 | 2,300,000 | 2,527,337 | 2,527,337 | |||||||||||||||||
5.125%, 8/14/13^ | 1,300,000 | 1,300,000 | 1,449,916 | 1,449,916 | |||||||||||||||||
4.000%, 9/6/13^ | 1,600,000 | 1,600,000 | 1,707,707 | 1,707,707 | |||||||||||||||||
5.500%, 8/13/14 | 1,300,000 | 1,300,000 | 1,498,921 | 1,498,921 | |||||||||||||||||
5.000%, 11/17/17^ | 2,000,000 | 2,000,000 | 2,292,998 | 2,292,998 | |||||||||||||||||
5.500%, 7/15/36 | 300,000 | 300,000 | 384,459 | 384,459 | |||||||||||||||||
Federal Home Loan Mortgage Corp. | |||||||||||||||||||||
4.875%, 2/9/10 | 3,300,000 | 3,300,000 | 3,436,303 | 3,436,303 | |||||||||||||||||
4.125%, 7/12/10 | 8,400,000 | 8,400,000 | 8,732,069 | 8,732,069 | |||||||||||||||||
3.600%, 5/20/11 | 100,000 | 100,000 | 101,051 | 101,051 | |||||||||||||||||
3.875%, 6/29/11^ | 6,700,000 | 6,700,000 | 7,130,227 | 7,130,227 | |||||||||||||||||
4.500%, 7/15/13 | 3,300,000 | 3,300,000 | 3,590,248 | 3,590,248 | |||||||||||||||||
5.000%, 7/15/14 | 2,000,000 | 2,000,000 | 2,253,164 | 2,253,164 | |||||||||||||||||
5.000%, 4/18/17 | 400,000 | 400,000 | 457,301 | 457,301 | |||||||||||||||||
5.000%, 4/30/18 | 100,000 | 100,000 | 99,517 | 99,517 | |||||||||||||||||
4.875%, 6/13/18^ | 2,500,000 | 2,500,000 | 2,873,225 | 2,873,225 | |||||||||||||||||
6.750%, 3/15/31^ | 600,000 | 600,000 | 879,863 | 879,863 | |||||||||||||||||
6.250%, 7/15/32^ | 300,000 | 300,000 | 418,965 | 418,965 | |||||||||||||||||
5.500%, 1/1/35 | 3,174,732 | 3,174,732 | 3,255,724 | 3,255,724 | |||||||||||||||||
5.500%, 7/1/35 | 7,378,525 | 7,378,525 | 7,585,508 | 7,585,508 | |||||||||||||||||
4.500%, 8/1/35 | 2,529,073 | 2,529,073 | 2,567,368 | 2,567,368 | |||||||||||||||||
4.500%, 9/1/35 | 2,235,302 | 2,235,302 | 2,269,148 | 2,269,148 | |||||||||||||||||
4.500%, 10/1/35 | 4,876,057 | 4,876,057 | 4,949,890 | 4,949,890 | |||||||||||||||||
5.758%, 12/1/36(l) | 7,703,232 | 7,703,232 | 7,885,916 | 7,885,916 | |||||||||||||||||
7.000%, 2/1/37 | 18,731,828 | 18,731,828 | 19,541,705 | 19,541,705 | |||||||||||||||||
4.500%, 1/15/24 TBA | 8,000,000 | �� | 8,000,000 | 8,177,504 | 8,177,504 | ||||||||||||||||
5.000%, 1/15/24 TBA | 7,000,000 | 7,000,000 | 7,183,750 | 7,183,750 | |||||||||||||||||
5.500%, 1/15/24 TBA | 4,000,000 | 4,000,000 | 4,117,500 | 4,117,500 | |||||||||||||||||
6.000%, 1/15/24 TBA | 1,000,000 | 1,000,000 | 1,035,000 | 1,035,000 | |||||||||||||||||
4.500%, 1/15/39 TBA | 2,500,000 | 2,500,000 | 2,532,813 | 2,532,813 | |||||||||||||||||
5.000%, 1/15/39 TBA | 30,000,000 | 30,000,000 | 30,656,250 | 30,656,250 | |||||||||||||||||
5.500%, 1/15/39 TBA | 30,000,000 | 30,000,000 | 30,703,140 | 30,703,140 | |||||||||||||||||
6.000%, 1/15/39 TBA | 25,000,000 | 25,000,000 | 25,750,000 | 25,750,000 | |||||||||||||||||
6.500%, 1/15/39 TBA | 6,000,000 | 6,000,000 | 6,230,628 | 6,230,628 | |||||||||||||||||
Federal National Mortgage Association | |||||||||||||||||||||
3.250%, 2/10/10 | 3,300,000 | 3,300,000 | 3,384,892 | 3,384,892 | |||||||||||||||||
4.750%, 3/12/10 | 2,600,000 | 2,600,000 | 2,708,550 | 2,708,550 | |||||||||||||||||
3.000%, 4/28/10 | 100,000 | 100,000 | 100,689 | 100,689 | |||||||||||||||||
2.375%, 5/20/10^ | 1,600,000 | 1,600,000 | 1,631,395 | 1,631,395 | |||||||||||||||||
3.250%, 8/12/10^ | 3,300,000 | 3,300,000 | 3,417,836 | 3,417,836 | |||||||||||||||||
6.000%, 5/15/11 | 1,300,000 | 1,300,000 | 1,436,868 | 1,436,868 | |||||||||||||||||
5.000%, 2/16/12 | 2,600,000 | 2,600,000 | 2,852,795 | 2,852,795 | |||||||||||||||||
4.625%, 10/15/13^ | 5,200,000 | 5,200,000 | 5,723,874 | 5,723,874 | |||||||||||||||||
5.000%, 2/13/17^ | 3,300,000 | 3,300,000 | 3,743,814 | 3,743,814 | |||||||||||||||||
5.000%, 5/11/17^ | 1,600,000 | 1,600,000 | 1,824,350 | 1,824,350 | |||||||||||||||||
9.000%, 8/1/26 | 4,752 | 4,752 | 5,199 | 5,199 | |||||||||||||||||
6.250%, 5/15/29 | 1,000,000 | 1,000,000 | 1,365,390 | 1,365,390 | |||||||||||||||||
7.125%, 1/15/30 | 600,000 | 600,000 | 899,650 | 899,650 | |||||||||||||||||
5.500%, 4/1/33 | 11,394,898 | 11,394,898 | 11,708,744 | 11,708,744 | |||||||||||||||||
5.500%, 7/1/33 | 4,219,687 | 4,219,687 | 4,335,908 | 4,335,908 | |||||||||||||||||
5.000%, 11/1/33 | 3,261,743 | 3,261,743 | 3,338,839 | 3,338,839 | |||||||||||||||||
5.500%, 4/1/34 | 1,889,650 | 1,889,650 | 1,941,696 | 1,941,696 | |||||||||||||||||
5.500%, 5/1/34 | 1,128,010 | 1,128,010 | 1,159,078 | 1,159,078 | |||||||||||||||||
5.500%, 11/1/34 | 5,602,932 | 5,602,932 | 5,753,750 | 5,753,750 | |||||||||||||||||
5.500%, 2/1/35 | 9,194,692 | 9,194,692 | 9,447,938 | 9,447,938 | |||||||||||||||||
6.000%, 4/1/35 | 12,210,033 | 12,210,033 | 12,609,287 | 12,609,287 | |||||||||||||||||
4.500%, 9/1/35 | 6,305,724 | 6,305,724 | 6,409,140 | 6,409,140 | |||||||||||||||||
5.000%, 2/1/36 | 21,822,907 | 21,822,907 | 22,311,443 | 22,311,443 | |||||||||||||||||
5.000%, 7/1/36 | 8,153,937 | 8,153,937 | 8,341,570 | 8,341,570 | |||||||||||||||||
6.500%, 9/1/36 | 10,475,897 | 10,475,897 | 10,893,296 | 10,893,296 | |||||||||||||||||
5.933%, 2/1/37(l) | 3,938,720 | 3,938,720 | 4,037,158 | 4,037,158 | |||||||||||||||||
4.500%, 1/25/24 TBA | 12,000,000 | 12,000,000 | 12,262,500 | 12,262,500 | |||||||||||||||||
5.000%, 1/25/24 TBA | 8,000,000 | 8,000,000 | 8,210,000 | 8,210,000 | |||||||||||||||||
5.500%, 1/25/24 TBA | 6,000,000 | 6,000,000 | 6,178,128 | 6,178,128 | |||||||||||||||||
6.000%, 1/25/24 TBA | 2,000,000 | 2,000,000 | 2,073,750 | 2,073,750 | |||||||||||||||||
4.500%, 1/25/39 TBA | 2,500,000 | 2,500,000 | 2,533,595 | 2,533,595 | |||||||||||||||||
5.000%, 1/25/39 TBA | 10,000,000 | 10,000,000 | 10,209,380 | 10,209,380 | |||||||||||||||||
5.500%, 1/25/39 TBA | 50,000,000 | 50,000,000 | 51,250,000 | 51,250,000 | |||||||||||||||||
6.000%, 1/25/39 TBA | 25,000,000 | 25,000,000 | 25,734,375 | 25,734,375 | |||||||||||||||||
6.500%, 1/25/39 TBA | 9,000,000 | 9,000,000 | 9,345,942 | 9,345,942 | |||||||||||||||||
Government National Mortgage Association | |||||||||||||||||||||
8.500%, 10/15/17 | 2,357 | 2,357 | 2,516 | 2,516 | |||||||||||||||||
8.500%, 11/15/17 | 8,320 | 8,320 | 8,880 | 8,880 | |||||||||||||||||
8.000%, 7/15/26 | 682 | 682 | 726 | 726 | |||||||||||||||||
5.000%, 1/15/39 TBA | 6,000,000 | 6,000,000 | 6,150,000 | 6,150,000 | |||||||||||||||||
5.500%, 1/15/39 TBA | 15,000,000 | 15,000,000 | 15,445,320 | 15,445,320 | |||||||||||||||||
6.000%, 1/15/39 TBA | 10,000,000 | 10,000,000 | 10,315,620 | 10,315,620 | |||||||||||||||||
6.500%, 1/15/39 TBA | 5,000,000 | 5,000,000 | 5,198,440 | 5,198,440 | |||||||||||||||||
— | 514,983,672 | 514,983,672 | 34.5 | % | |||||||||||||||||
U.S. Treasuries | |||||||||||||||||||||
U.S. Treasury Bonds | |||||||||||||||||||||
11.250%, 2/15/15 | 1,700,000 | 1,700,000 | 2,582,008 | 2,582,008 | |||||||||||||||||
7.250%, 5/15/16^ | 3,300,000 | 3,300,000 | 4,418,647 | 4,418,647 | |||||||||||||||||
8.750%, 5/15/17 | 2,000,000 | 2,000,000 | 2,943,124 | 2,943,124 | |||||||||||||||||
8.125%, 8/15/19 | 3,300,000 | 3,300,000 | 4,877,298 | 4,877,298 | |||||||||||||||||
8.750%, 8/15/20^ | 3,300,000 | 3,300,000 | 5,151,610 | 5,151,610 | |||||||||||||||||
0.000%, 2/15/21 PO STRIPS | 11,120,000 | 11,120,000 | 7,461,153 | 7,461,153 | |||||||||||||||||
7.875%, 2/15/21 | 1,000,000 | 1,000,000 | 1,486,250 | 1,486,250 | |||||||||||||||||
6.750%, 8/15/26^ | 2,700,000 | 2,700,000 | 4,072,359 | 4,072,359 | |||||||||||||||||
0.000%, 2/15/27 PO STRIPS | 15,380,000 | 15,380,000 | 8,749,405 | 8,749,405 | |||||||||||||||||
6.625%, 2/15/27 | 1,900,000 | 1,900,000 | 2,841,391 | 2,841,391 | |||||||||||||||||
5.500%, 8/15/28 | 6,400,000 | 6,400,000 | 8,649,997 | 8,649,997 | |||||||||||||||||
5.250%, 2/15/29 | 1,500,000 | 1,500,000 | 1,989,141 | 1,989,141 | |||||||||||||||||
6.250%, 5/15/30 | 1,000,000 | 1,000,000 | 1,503,750 | 1,503,750 | |||||||||||||||||
4.500%, 2/15/36 | 5,650,000 | 5,650,000 | 7,506,556 | 7,506,556 | |||||||||||||||||
4.750%, 2/15/37^ | 1,300,000 | 1,300,000 | 1,811,469 | 1,811,469 | |||||||||||||||||
4.375%, 2/15/38^ | 2,200,000 | 2,200,000 | 2,946,625 | 2,946,625 | |||||||||||||||||
4.500%, 5/15/38^ | 1,900,000 | 1,900,000 | 2,593,204 | 2,593,204 | |||||||||||||||||
U.S. Treasury Notes | |||||||||||||||||||||
3.625%, 1/15/10^ | 6,000,000 | 6,000,000 | 6,209,766 | 6,209,766 | |||||||||||||||||
4.750%, 2/15/10^ | 10,000,000 | 10,000,000 | 10,476,170 | 10,476,170 | |||||||||||||||||
2.125%, 4/30/10^ | 13,000,000 | 13,000,000 | 13,310,778 | 13,310,778 | |||||||||||||||||
3.875%, 7/15/10 | 3,300,000 | 3,300,000 | 3,480,856 | 3,480,856 | |||||||||||||||||
2.375%, 8/31/10 | 16,000,000 | 16,000,000 | 16,485,632 | 16,485,632 |
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | |||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | ||||||||||||||
2.000%, 9/30/10^ | 3,200,000 | 3,200,000 | 3,280,499 | 3,280,499 | |||||||||||||||||
1.500%, 10/31/10^ | 2,600,000 | 2,600,000 | 2,638,797 | 2,638,797 | |||||||||||||||||
0.875%, 12/31/10 | 10,000,000 | 10,000,000 | 10,021,880 | 10,021,880 | |||||||||||||||||
4.500%, 2/28/11^ | 8,000,000 | 8,000,000 | 8,650,000 | 8,650,000 | |||||||||||||||||
5.125%, 6/30/11 | 3,300,000 | 3,300,000 | 3,652,430 | 3,652,430 | |||||||||||||||||
4.500%, 9/30/11 | 3,300,000 | 3,300,000 | 3,620,978 | 3,620,978 | |||||||||||||||||
4.500%, 11/30/11^ | 1,600,000 | 1,600,000 | 1,762,374 | 1,762,374 | |||||||||||||||||
4.625%, 12/31/11 | 3,300,000 | 3,300,000 | 3,654,493 | 3,654,493 | |||||||||||||||||
4.875%, 2/15/12 | 3,300,000 | 3,300,000 | 3,692,647 | 3,692,647 | |||||||||||||||||
4.500%, 3/31/12 | 3,300,000 | 3,300,000 | 3,646,757 | 3,646,757 | |||||||||||||||||
4.625%, 7/31/12 | 600,000 | 600,000 | 672,610 | 672,610 | |||||||||||||||||
4.000%, 11/15/12 | 3,300,000 | 3,300,000 | 3,663,257 | 3,663,257 | |||||||||||||||||
3.875%, 2/15/13^ | 5,300,000 | 5,300,000 | 5,904,529 | 5,904,529 | |||||||||||||||||
2.750%, 2/28/13^ | 4,000,000 | 4,000,000 | 4,273,752 | 4,273,752 | |||||||||||||||||
3.500%, 5/31/13^ | 2,000,000 | 2,000,000 | 2,190,624 | 2,190,624 | |||||||||||||||||
3.375%, 7/31/13 | 3,000,000 | 3,000,000 | 3,276,798 | 3,276,798 | |||||||||||||||||
3.125%, 9/30/13 | 4,300,000 | 4,300,000 | 4,639,631 | 4,639,631 | |||||||||||||||||
2.750%, 10/31/13^ | 3,000,000 | 3,000,000 | 3,189,375 | 3,189,375 | |||||||||||||||||
2.000%, 11/30/13^ | 2,000,000 | 2,000,000 | 2,051,876 | 2,051,876 | |||||||||||||||||
1.500%, 12/31/13 | 3,500,000 | 3,500,000 | 3,492,069 | 3,492,069 | |||||||||||||||||
4.250%, 8/15/14^ | 600,000 | 600,000 | 689,625 | 689,625 | |||||||||||||||||
4.250%, 8/15/15 | 3,300,000 | 3,300,000 | 3,832,125 | 3,832,125 | |||||||||||||||||
4.875%, 8/15/16 | 1,600,000 | 1,600,000 | 1,911,875 | 1,911,875 | |||||||||||||||||
4.625%, 2/15/17 | 1,600,000 | 1,600,000 | 1,892,250 | 1,892,250 | |||||||||||||||||
4.750%, 8/15/17 | 2,800,000 | 2,800,000 | 3,347,750 | 3,347,750 | |||||||||||||||||
4.250%, 11/15/17^ | 17,400,000 | 17,400,000 | 20,269,643 | 20,269,643 | |||||||||||||||||
3.500%, 2/15/18^ | 2,000,000 | 2,000,000 | 2,213,750 | 2,213,750 | |||||||||||||||||
3.875%, 5/15/18 | 3,300,000 | 3,300,000 | 3,763,030 | 3,763,030 | |||||||||||||||||
4.000%, 8/15/18 | 1,700,000 | 1,700,000 | 1,963,102 | 1,963,102 | |||||||||||||||||
3.750%, 11/15/18^ | 3,400,000 | 3,400,000 | 3,848,902 | 3,848,902 | |||||||||||||||||
— | 243,254,617 | 243,254,617 | 16.3 | % | |||||||||||||||||
Total Government Securities | — | 803,348,654 | 803,348,654 | 53.9 | % | ||||||||||||||||
Total Long-Term Debt Securities | |||||||||||||||||||||
(Cost $1,536,213,461) | 178,331,800.00 | 1,260,376,043 | 1,438,707,843 | 96.5 | % | ||||||||||||||||
COMMON STOCKS: | |||||||||||||||||||||
Financials | |||||||||||||||||||||
Diversified Financial Services | |||||||||||||||||||||
Leucadia National Corp.* | 7,818 | 7,818 | 154,796 | 154,796 | 0.0 | % | |||||||||||||||
Total Financials | 154,796 | — | 154,796 | 0.0 | % | ||||||||||||||||
Security Description | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Caywood- Scholl High Yield Bond Portfolio | CUR | EQ/Quality Bond PLUS Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | % of NET ASSET | ||||||||||||||
Principal ($) | Shares | Principal ($) | Shares | Principal ($) | Value ($) | Value ($) | Value ($) | |||||||||||||||||
Information Technology | ||||||||||||||||||||||||
Computers & Peripherals | ||||||||||||||||||||||||
Axiohm Transaction Solutions, Inc.*† | 4,056 | 4,056 | — | 0.0 | % | |||||||||||||||||||
Total Information Technology | — | 0.0 | % | |||||||||||||||||||||
Total Common Stocks | ||||||||||||||||||||||||
(Cost $1,114,532) | 154,796 | — | 154,796 | 0.0 | % | |||||||||||||||||||
PREFERRED STOCKS: | ||||||||||||||||||||||||
Financials | ||||||||||||||||||||||||
Thrifts & Mortgage Finance | ||||||||||||||||||||||||
Fannie Mae | ||||||||||||||||||||||||
Series S | ||||||||||||||||||||||||
8.250%(l) | 32,375 | 32,375 | 26,871 | 26,871 | ||||||||||||||||||||
Freddie Mac | ||||||||||||||||||||||||
Series Z | ||||||||||||||||||||||||
0.000%(l) | 24,725 | 24,725 | 9,643 | 9,643 | ||||||||||||||||||||
Total Preferred Stocks | ||||||||||||||||||||||||
(Cost $ 1,427,500) | — | 36,514 | 36,514 | 0.0 | % | |||||||||||||||||||
WARRANT: | ||||||||||||||||||||||||
Health Care (0.0%) | ||||||||||||||||||||||||
Life Sciences Tools & Services (0.0%) | ||||||||||||||||||||||||
Charles River Laboratories International, Inc., expiring 10/1/09*† | 250 | 250 | 39,898 | — | 39,898 | 0.0 | % | |||||||||||||||||
(Cost $—) | ||||||||||||||||||||||||
SHORT-TERM INVESTMENTS: | ||||||||||||||||||||||||
Short-Term Investments of Cash Collateral for Securities Loaned | ||||||||||||||||||||||||
Banco de Sabadell S.A. | ||||||||||||||||||||||||
3.87%, 4/23/09 (l) | 10,000,000 | 10,000,000 | 9,952,170 | 9,952,170 | ||||||||||||||||||||
BBVA Senior Finance S.A. | ||||||||||||||||||||||||
2.15%, 3/12/10 (l) | 1,000,000 | 1,000,000 | 978,338 | 978,338 | ||||||||||||||||||||
Beta Finance, Inc. | ||||||||||||||||||||||||
0.37%, 5/11/09 (l) | 10,001,824 | 10,001,824 | 9,846,375 | 9,846,375 | ||||||||||||||||||||
0.38%, 2/17/09 (l) | 1,999,820 | 1,999,820 | 1,999,820 | 1,999,820 | ||||||||||||||||||||
Calyon/New York | ||||||||||||||||||||||||
0.41%, 7/2/10 (l) | 4,998,368 | 4,998,368 | 4,791,036 | 4,791,036 | ||||||||||||||||||||
Comerica Bank | ||||||||||||||||||||||||
4.77%, 1/12/09 (l) | 9,000,503 | 9,000,503 | 9,000,503 | 9,000,503 | ||||||||||||||||||||
General Electric Capital Corp. | ||||||||||||||||||||||||
0.40%, 3/12/10 (l) | 2,000,000 | 2,000,000 | 1,909,152 | 1,909,152 | ||||||||||||||||||||
Goldman Sachs & Co., Repurchase Agreement | ||||||||||||||||||||||||
0.06%, 1/2/09 (r)(v) | 2,765,897 | 77,127,898 | 79,893,795 | 2,765,897 | 77,127,898 | 79,893,795 | ||||||||||||||||||
Goldman Sachs Group, Inc. | ||||||||||||||||||||||||
0.41%, 3/27/09 (l) | 2,000,000 | 5,000,000 | 7,000,000 | 1,989,766 | 4,974,415 | 6,964,181 | ||||||||||||||||||
Merrill Lynch & Co., Inc. | ||||||||||||||||||||||||
1.94%, 5/8/09 (l) | 7,000,000 | 7,000,000 | 6,873,328 | 6,873,328 | ||||||||||||||||||||
Monumental Global Funding II | ||||||||||||||||||||||||
0.40%, 3/26/10 (l) | 1,000,000 | 1,000,000 | 903,937 | 903,937 | ||||||||||||||||||||
New York Life Global Funding | ||||||||||||||||||||||||
0.50%, 3/30/09 (l) | 5,000,000 | 5,000,000 | 4,969,650 | 4,969,650 | ||||||||||||||||||||
Pricoa Global Funding I | ||||||||||||||||||||||||
0.40%, 6/25/10 (l) | 4,999,252 | 4,999,252 | 4,421,548 | 4,421,548 | ||||||||||||||||||||
Tango Finance Corp. | ||||||||||||||||||||||||
0.37%, 6/25/09 (l) | 4,999,102 | 4,999,102 | 4,969,503 | 4,969,503 | ||||||||||||||||||||
Wells Fargo & Co. | ||||||||||||||||||||||||
0.17%, 8/3/09 (l) | 5,000,000 | 5,000,000 | 4,871,030 | 4,871,030 | ||||||||||||||||||||
Total Short-Term Investments of Cash Collateral for Securities Loaned | 10,546,910 | 141,797,456 | 152,344,366 | 10.2 | % | |||||||||||||||||||
Time Deposit | ||||||||||||||||||||||||
JP Morgan Chase Nassau | ||||||||||||||||||||||||
0.001%, 1/2/09 | 13,649,260 | 312,789,890 | 326,439,150 | 13,649,260 | 312,789,890 | 326,439,150 | 21.9 | % | ||||||||||||||||
Total Short-Term Investments | ||||||||||||||||||||||||
(Cost/Amortized Cost $ 480,331,814) | 24,196,170 | 454,587,346 | 478,783,516 | 32.1 | % | |||||||||||||||||||
Total Investments | ||||||||||||||||||||||||
(Cost/Amortized Cost $ 2,019,087,307) | 202,722,664 | 1,714,999,903 | 1,917,722,567 | 128.6 | % | |||||||||||||||||||
Other Assets Less Liabilities | (6,196,577 | ) | (420,436,727 | ) | (426,633,304 | ) | -28.6 | % | ||||||||||||||||
Net Assets (100%) | 196,526,087 | 1,294,563,176 | 1,491,089,263 | 100.0 | % | |||||||||||||||||||
Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:
• | Level 1 - Quoted prices in active markets for identical securities |
• | Level 2 - Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 - Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2008:
Description | Quoted Prices in Active Markets for Identical Securities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
Assets | ||||||||||||||||||||||||
EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | |||||||||||||
Investments in Securities | 154,796 | 36,514 | 191,310 | 200,844,203 | 1,714,943,589 | 1,915,787,792 | 1,723,665 | 19,800 | 1,743,465 | 202,722,664 | 1,714,999,903 | 1,917,722,567 | ||||||||||||
Other Investments* | — | — | — | — | 725,671 | 725,671 | — | — | — | — | 725,671 | 725,671 | ||||||||||||
Total | 154,796 | 36,514 | 191,310 | 200,844,203 | 1,715,669,260 | 1,916,513,463 | 1,723,665 | 19,800 | 1,743,465 | 202,722,664 | 1,715,725,574 | 1,918,448,238 | ||||||||||||
Liabilities | ||||||||||||||||||||||||
Investments in Securities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other Investments* | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Total | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | EQ/Caywood- Scholl High Yield Bond Portfolio | EQ/Quality Bond PLUS Portfolio | Combined Pro Forma | ||||||||||||||||
Investments in Securities | Investments in Securities | Investments in Securities | Other Investments* | Other Investments* | Other Investments* | ||||||||||||||||
Balance as of 12/31/07 | $ | 115,174 | $ | 4,325,427 | $ | 4,440,601 | $ | — | $ | — | $ | — | |||||||||
Total gains or losses (realized/unrealized) included in earnings | (75,276 | ) | (1,605,169 | ) | (1,680,445 | ) | — | — | — | ||||||||||||
Purchases, sales, issuances, and settlements (net) | — | (2,700,458 | ) | (2,700,458 | ) | — | — | — | |||||||||||||
Transfers in and/or out of Level 3 | $ | 1,683,767 | $ | — | $ | 1,683,767 | — | — | — | ||||||||||||
Balance as of 12/31/08 | $ | 1,723,665 | $ | 19,800 | $ | 1,743,465 | $ | — | $ | — | $ | — | |||||||||
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or lossesrelating to assets and liabilities still held at year ending 12/31/08. | $ | (1,313,863 | ) | $ | (608,932 | ) | $ | (1,922,795 | ) | $ | — | $ | — | $ | — |
At December 31, 2008 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)
EQ/Quality Bond PLUS Portfolio | |||||||||||||
Local Contract Buy Amount (000’s) | Local Contract Sell Amount (000’s) | U.S. $ Current Buy Value | U.S. $ Current Sell Value | Unrealized Appreciation | |||||||||
Foreign Currency Sell Contracts | |||||||||||||
British Pound vs. U.S. Dollar, expiring 2/26/09 | 20 | 14 | $ | 20,192 | $ | 19,585 | $ | 607 | |||||
British Pound vs. U.S. Dollar, expiring 2/26/09 | 12,256 | 8,031 | 12,256,193 | 11,531,545 | 724,648 | ||||||||
British Pound vs. U.S. Dollar, expiring 2/26/09 | 6 | 4 | 6,488 | 6,072 | 416 | ||||||||
$ | 725,671 | ||||||||||||
Combined PRO FORMA | |||||||||||||
Local Contract Buy Amount (000’s) | Local Contract Sell Amount (000’s) | U.S. $ Current Buy Value | U.S. $ Current Sell Value | Unrealized Appreciation | |||||||||
Foreign Currency Sell Contracts | |||||||||||||
British Pound vs. U.S. Dollar, expiring 2/26/09 | 20 | 14 | $ | 20,192 | $ | 19,585 | $ | 607 | |||||
British Pound vs. U.S. Dollar, expiring 2/26/09 | 12,256 | 8,031 | 12,256,193 | 11,531,545 | 724,648 | ||||||||
British Pound vs. U.S. Dollar, expiring 2/26/09 | 6 | 4 | 6,488 | 6,072 | 416 | ||||||||
$ | 725,671 | ||||||||||||
EQ/Caywood-Scholl High Yield Bond Portfolio
At December 31, 2008, the Portfolio had loaned securities with a total value of $10,490,137. This was secured by collateral of $10,765,718 which was received as cash and subsequently invested in short-term investments currently valued at $10,546,910, as reported in the portfolio of investments.
The Portfolio has a net capital loss carryforward of $32,953,108 of which $6,348,144 expires in the year 2009, $10,736,475 expires in the year 2010, $2,157,878 expires in the year 2011, $35,502 expires in the year 2014, $1,048,369 expires in the year 2015, and $12,626,740 expires in the year 2016.
EQ/Quality Bond PLUS Portfolio
At December 31, 2008, the Portfolio had loaned securities with a total value of $139,546,321. This was secured by collateral of $143,126,948 which was received as cash and subsequently invested in short-term investments currently valued at $141,797,456, as reported in the portfolio of investments.
The Portfolio has a net capital loss carryforward of $71,453,227 of which $395,663 expires in the year 2013, $20,191,378 expires in the year 2014, and $50,866,186 expires in the year 2016.
Combined PRO FORMA
At December 31, 2008, the Portfolio had loaned securities with a total value of $150,312,039. This was secured by collateral of $153,892,666 which was received as cash and subsequently invested in short-term investments currently valued at $152,344,366, as reported in the portfolio of investments.
The Portfolio has a net capital loss carryforward of $104,406,335 of which $6,348,144 expires in the year 2009, $10,736,475 expires in the year 2010, $2,157,878 expires in the year 2011, $395,663 expires in the year 2013, $20,226,880 expires in the year 2014, $1,048,369 expires in the year 2015, and $63,492,926 expires in the year 2016.
* | Non-income producing |
^ | All, or a portion of security out on loan (See Note 1). |
† | Securities (totaling $1,743,465 or 0.1% of net assets) at fair value. |
§ | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2008, the market value of these securities amounted to $42,606,978 or 2.9% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity. |
(b) | Illiquid Security. |
(e) | Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2008. Maturity date disclosed is the ultimate maturity date. |
(l) | Floating Rate Security. Rate disclosed is as of December 31, 2008. |
(m) | Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. |
(r) | The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments. |
(t) | Position represents an unfunded loan commitment. The coupon rate will be determined at the time of settlement. |
(v) | Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.500% - 6.000%, maturing 11/1/19 – 12/1/38; Federal National Mortgage Association, 4.000% - 7.000%, maturing 9/1/18 – 1/1/39; Government National Mortgage Association, 4.500% - 11.500%, maturing 2/15/13 – 12/20/38.> |
Glossary: | ||||
CMO | — | Collateralized Mortgage Obligation | ||
GBP | — | British Pound | ||
PIK | — | Payment-in Kind Security | ||
PO | — | Principal Only | ||
STRIPS | — | Separate Trading of Registered Interest and Principal Securities | ||
TBA | — | Security is subject to delayed delivery. |
EQ/Caywood-Scholl High Yield Bond | EQ/Quality Bond PLUS | Pro Forma Adjustment | Pro-Forma Combined | |||||||||||
Investments at Cost | 257,399,860 | 1,761,687,447 | 2,019,087,307 | |||||||||||
Securities on loan at market value | 10,490,137 | 139,546,321 | 150,036,458 | |||||||||||
ASSETS | ||||||||||||||
Investments at Value | 202,722,664 | 1,714,999,903 | 1,917,722,567 | |||||||||||
Cash | 4,230,501 | (59,686 | ) | (d) | 4,170,815 | |||||||||
Dividends, interest, and other receivables | 4,303,944 | 11,087,690 | 15,391,634 | |||||||||||
Receivable for securities sold | 4,299,239 | 4,299,239 | ||||||||||||
Receivable from Separate Accounts for Trust shares sold | 935,098 | 313,850 | 1,248,948 | |||||||||||
Unrealized appreciation of forward foreign currency contracts | 725,671 | 725,671 | ||||||||||||
Other assets | 1,047 | 10,224 | 11,271 | |||||||||||
Total assets | 207,962,753 | 1,735,667,078 | (59,686 | ) | 1,943,570,145 | |||||||||
LIABILITIES | ||||||||||||||
Overdraft payable | 59,686 | (59,686 | ) | (d) | 0 | |||||||||
Payable for forward commitments | 280,675,586 | 280,675,586 | ||||||||||||
Payable for return of cash collateral on securities loaned | 10,765,718 | 143,126,948 | 153,892,666 | |||||||||||
Payable for securities purchased | 284,954 | 13,509,232 | 13,794,186 | |||||||||||
Payable to Separate Accounts for Trust shares redeemed | 97,749 | 2,780,326 | 2,878,075 | |||||||||||
Investment management fees payable | 78,185 | 408,394 | 486,579 | |||||||||||
Administrative fees payable | 17,479 | 172,568 | 190,047 | |||||||||||
Distribution fees payable- Class IB | 36,828 | 87,037 | 123,865 | |||||||||||
Trustees’ fees payable | 773 | 19,782 | 20,555 | |||||||||||
Accrued expenses | 95,294 | 324,029 | 419,323 | |||||||||||
Total liabilities | 11,436,666 | 441,103,902 | (59,686 | ) | 452,480,882 | |||||||||
NET ASSETS | 196,526,087 | 1,294,563,176 | 0 | 1,491,089,263 | ||||||||||
Net assets were comprised of: | ||||||||||||||
Paid in capital | 287,106,310 | 1,514,056,458 | 1,801,162,768 | |||||||||||
Accumulated undistributed net investment income (loss) | (427 | ) | 7,779,660 | 7,779,233 | ||||||||||
Accumulated undistributed net realized gain (loss) | (35,902,600 | ) | (181,306,382 | ) | (217,208,982 | ) | ||||||||
Unrealized appreciation (depreciation) on investments | (54,677,196 | ) | (45,966,560 | ) | (100,643,756 | ) | ||||||||
196,526,087 | 1,294,563,176 | 0 | 1,491,089,263 | |||||||||||
Class IA Shares: | ||||||||||||||
Net Assets | N/A | 883,978,902 | 883,978,902 | |||||||||||
Shares outstanding | N/A | 100,972,858 | 0 | 100,972,858 | ||||||||||
Net asset value, offering and redemption price per share | N/A | 8.75 | 8.75 | |||||||||||
Class IB Shares: | ||||||||||||||
Net Assets | 196,526,087 | 410,584,274 | 607,110,361 | |||||||||||
Shares outstanding | 60,715,871 | 47,140,381 | (38,152,136 | ) | * | 69,704,116 | ||||||||
Net asset value, offering and redemption price per share | 3.24 | 8.71 | 8.71 | |||||||||||
STATEMENT OF OPERATIONS INVESTMENT INCOME | ||||||||||||||
Interest | 19,437,145 | 93,568,687 | 113,005,832 | |||||||||||
Dividends | 276,227 | 276,227 | ||||||||||||
Securities lending (net) | 93,083 | 1,173,031 | 1,266,114 | |||||||||||
Total income | 19,530,228 | 95,017,945 | 0 | 114,548,173 | ||||||||||
EXPENSES | ||||||||||||||
Investment management fees | 1,329,327 | 8,723,962 | (2,184,084 | ) | (b) | 7,869,205 | ||||||||
Administrative fees | 252,677 | 1,844,689 | 958,586 | (b) | 3,055,952 | |||||||||
Distribution fees- Class IB | 553,888 | 1,174,389 | 1,728,277 | |||||||||||
Printing and mailing expenses | 57,201 | 385,079 | 442,280 | |||||||||||
Custodian fees | 49,000 | 208,000 | (157,000 | ) | (a)(b) | 100,000 | ||||||||
Professional fees | 48,460 | 84,593 | (45,000 | ) | (a) | 88,053 | ||||||||
Trustees’ fees | 4,546 | 34,906 | 39,452 | |||||||||||
Miscellaneous | 19,131 | 50,722 | (4,853 | ) | (a) | 65,000 | ||||||||
Gross expenses | 2,314,230 | 12,506,340 | (1,432,351 | ) | 13,388,219 | |||||||||
Less: Waiver from investment advisor | (86,040 | ) | 0 | 86,040 | (c) | 0 | ||||||||
Net expenses | 2,228,190 | 12,506,340 | (1,346,311 | ) | 13,388,219 | |||||||||
NET INVESTMENT INCOME | 17,302,038 | 82,511,605 | 1,346,311 | 101,159,954 | ||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||
Realized gain (loss) on: | ||||||||||||||
Securities | (13,568,972 | ) | (159,108,130 | ) | (172,677,102 | ) | ||||||||
Foreign currency transactions | 5,614,879 | 5,614,879 | ||||||||||||
Net realized gain (loss) | (13,568,972 | ) | (153,493,251 | ) | 0 | (167,062,223 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||
Securities | (48,993,484 | ) | (43,078,060 | ) | (92,071,544 | ) | ||||||||
Foreign currency translations | (1,805,785 | ) | (1,805,785 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (48,993,484 | ) | (44,883,845 | ) | 0 | (93,877,329 | ) | |||||||
NET REALIZED AND UNREALIZED LOSS | (62,562,456 | ) | (198,377,096 | ) | 0 | (260,939,552 | ) | |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(45,260,418 |
) | (115,865,491 | ) | 1,346,311 | (159,779,598 | ) | |||||||
* | Reflects retired shares of the acquired portfolio. |
(a) | Reflects adjustment in expenses due to elimination of duplicative expenses. |
(b) | Reflects adjustment in expenses due to effects of new contract rate. |
(c) | Reflects decrease in waiver due to expense adjustment. |
(d) | Reflects reclass of EQ/Caywood Scholl High Yield Bond Portfolio’s overdraft |
NOTES TO PRO FORMA FINANCIAL STATEMENTS
(UNAUDITED - As of December 31, 2008)
NOTE 1 – BASIS OF COMBINATION:
On May 21, 2009 the Board of Trustees of EQ Advisors Trust (the “Trust”) approved a proposed Plan of Reorganization and Termination (“Reorganization Plan”) that provides for the transfer of all assets of the EQ/Caywood-Scholl High Yield Bond Portfolio (“High Yield Portfolio”) to the EQ/Quality Bond PLUS Portfolio (“Quality Bond Portfolio”), each a series of the Trust, and the assumption by the Quality Bond Portfolio of all of the liabilities of the High Yield Portfolio in exchange for shares of the Quality Bond Portfolio having an aggregate value equal to the net assets of the High Yield Portfolio, the distribution of the Quality Bond Portfolio shares to the High Yield Portfolio shareholders of record determined immediately after the close of business on the closing date, and the subsequent liquidation of the High Yield Portfolio.
The High Yield Portfolio’s annual contractual management fee equals 0.60% of average daily net assets for the first $750 million, 0.575% of average daily net assets for the next $750 million, 0.550% for the next $1 billion, 0.530% for the next $2.5 billion, and 0.520% of average daily net assets thereafter. The Quality Bond Portfolio’s annual contractual management fee rate equals 0.40% of average daily net assets for the first $4 billion, 0.380% of average daily net assets for the next $4 billion, 0.360% of average daily net assets thereafter. The Reorganization is subject to the approval of the High Yield Portfolio’s shareholders. A special meeting of shareholders of the High Yield Portfolio will be held on or about August 26, 2009.
The Reorganization will be accounted for as a tax-free reorganization of investment companies. The unaudited pro forma combined financial statements are presented for the information of the reader and may not necessarily be representative of what the actual combined financial statements would have been had the Reorganization occurred at December 31, 2008. The unaudited pro forma portfolio of investments and statement of assets and liabilities reflect the financial position of the High Yield Portfolio and the Quality Bond Portfolio at December 31, 2008. The unaudited pro forma statement of operations reflects the results of operations of the Quality Bond Portfolio as if it had acquired the High Yield Portfolio at the beginning of the period ended December 31, 2008. These statements have been derived from the Portfolios’ respective books and records utilized in calculating daily net asset value at the dates indicated above for each Portfolio under accounting principles generally accepted in the United States of America. The historical cost of investment securities will be carried forward to the surviving entity and results of operations of the Quality Bond Portfolio for pre-combination periods will not be restated.
The unaudited pro forma portfolio of investments, and statements of assets and liabilities and operations should be read in conjunction with the historical financial statements of the Portfolios included in the Trust’s Statement of Additional Information.
Following the Reorganization, the Quality Bond Portfolio will be the “accounting survivor.” The general criteria that are applied to determine the proper accounting survivor are outlined in the “AICPA Accounting and Audit Guide for Investment Companies,” and include:
a.) | Portfolio Management—Each of the Portfolios has a similar investment objective focused on current income. |
b.) | Portfolio Composition—The Quality Bond Portfolio currently utilizes a hybrid strategy that combines active and passive management. |
c.) | Investment Objectives, Policies and Restrictions – Each Portfolios’ fundamental and non-fundamental investment restrictions are similar. |
d.) | Expense Structure and Expense Ratios – The merged entity will have a lower expense structure and expense ratios than the High Yield Portfolio. |
e.) | Asset Size |
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
Each of the Portfolios have substantially the same significant accounting policies, which are detailed in the historical financial statements referenced above in Note 1.
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.
NOTE 3 – SHARES:
The unaudited pro forma net asset value per share assumes additional common shares of beneficial interest issued in connection with the proposed acquisition of the High Yield Portfolio by the Quality Bond Portfolio as of December 31, 2008. The number of additional shares issued was calculated based on the net assets of the High Yield Portfolio and net asset value per respective class of the Quality Bond Portfolio at December 31, 2008.
NOTE 4 – UNAUDITED PRO FORMA ADJUSTMENTS:
The accompanying unaudited pro forma financial statements reflect changes in the Quality Bond Portfolio’s shares as if the merger had taken place on December 31, 2008. AXA Equitable will bear the expenses of the Reorganization, which are estimated at approximately $125,000.
PART C
OTHER INFORMATION
Item 15. | Indemnification |
Registrant’s Amended and Restated Agreement and Declaration of Trust (“Declaration of Trust”) and By-Laws.
Article VII, Section 2 of the Declaration of Trust of EQ Advisors Trust (“Trust”) states, in relevant part, that a “Trustee, when acting in such capacity, shall not be personally liable to any Person, other than the Trust or a Shareholder to the extent provided in this Article VII, for any act, omission or obligation of the Trust, of such Trustee or of any other Trustee. The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, Manager, or Principal Underwriter of the Trust. The Trust shall indemnify each Person who is serving or has served at the Trust’s request as a director, officer, trustee, employee, or agent of another organization in which the Trust has any interest as a shareholder, creditor, or otherwise to the extent and in the manner provided in the By-Laws.” Article VII, Section 4 of the Trust’s Declaration of Trust further states, in relevant part, that the “Trustees shall be entitled and empowered to the fullest extent permitted by law to purchase with Trust assets insurance for liability and for all expenses reasonably incurred or paid or expected to be paid by a Trustee, officer, employee, or agent of the Trust in connection with any claim, action, suit, or proceeding in which he or she may become involved by virtue of his or her capacity or former capacity as a Trustee of the Trust.”
Article VI, Section 2 of the Trust’s By-Laws states, in relevant part, that “[s]ubject to the exceptions and limitations contained in Section 3 of this Article VI, every [Trustee, officer, employee or other agent of the Trust] shall be indemnified by the Trust to the fullest extent permitted by law against all liabilities and against all expenses reasonably incurred or paid by him or her in connection with any proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been an agent.” Article VI, Section 3 of the Trust’s By-Laws further states, in relevant part, that “[n]o indemnification shall be provided hereunder to [a Trustee, officer, employee or other agent of the Trust]: (a) who shall have been adjudicated, by the court or other body before which the proceeding was brought, to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office (collectively, “disabling conduct”); or (b) with respect to any proceeding disposed of (whether by settlement, pursuant to a consent decree or otherwise) without an adjudication by the court or other body before which the proceeding was brought that such [Trustee, officer, employee or other agent of the Trust] was liable to the Trust or its Shareholders by reason of disabling conduct, unless there has been a determination that such [Trustee, officer, employee or other agent of the Trust] did not engage in disabling conduct: (i) by the court or other body before which the proceeding was brought; (ii) by at least a majority of those Trustees who are neither Interested Persons of the Trust nor are parties to the proceeding based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (iii) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry); provided, however, that indemnification shall be provided hereunder to [a Trustee, officer, employee or other agent of the Trust] with respect to any proceeding in the event of (1) a final decision on the merits by the court or other body before which the proceeding was brought that the [Trustee, officer, employee or other agent of the Trust] was not liable by reason of disabling conduct, or (2) the dismissal of the proceeding by the court or other body before which it was brought for insufficiency of evidence of any disabling conduct with which such [Trustee, officer, employee or other agent of the Trust] has been charged.” Article VI, Section 4 of the Trust’s By-Laws also states that the “rights of indemnification herein provided (i) may be insured against by policies maintained by the Trust on behalf of any [Trustee, officer, employee or other agent of the Trust], (ii) shall be severable, (iii) shall not be exclusive of or affect any other rights to which any [Trustee, officer, employee or other agent of the Trust] may now or hereafter be entitled and (iv) shall inure to the benefit of [such party’s] heirs, executors and administrators.”
Registrant’s Investment Management Agreements state:
Limitations on Liability. Manager will exercise its best judgment in rendering its services to the Trust, and the Trust agrees, as an inducement to Manager’s undertaking to do so, that the Manager will not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which this Agreement relates, but will be liable only for willful misconduct, bad faith, gross negligence, reckless disregard of its duties or its failure to exercise due care in rendering its services to the Trust as specified in this Agreement. Any
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person, even though an officer, director, employee or agent of Manager, who may be or become an officer, Trustee, employee or agent of the Trust, shall be deemed, when rendering services to the Trust or when acting on any business of the Trust, to be rendering such services to or to be acting solely for the Trust and not as an officer, director, employee or agent, or one under the control or direction of Manager, even though paid by it.
Sections 5(a) and 5(b) of the Registrant’s Investment Advisory Agreements generally state:
5. LIABILITY AND INDEMNIFICATION
(a) Except as may otherwise be provided by the Investment Company Act or any other federal securities law, neither the Adviser nor any of its officers, members or employees (its “Affiliates”) shall be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Manager or the Trust as a result of any error of judgment or mistake of law by the Adviser or its Affiliates with respect to the services provided to the Portfolio, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Adviser or its Affiliates for, and the Adviser shall indemnify and hold harmless the Trust, the Manager, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended (“1933 Act”)) (collectively, “Manager Indemnitees”) against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Manager Indemnitees may become subject under the 1933 Act, the Investment Company Act, the Advisers Act, or under any other statute, at common law or otherwise arising out of or based on (i) any willful misconduct, bad faith, reckless disregard or gross negligence of the Adviser in the performance of any of its duties or obligations hereunder or (ii) any untrue statement of a material fact contained in the Prospectus and SAI, proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Portfolio or the omission to state therein a material fact known to the Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Manager or the Trust by the Adviser Indemnitees (as defined below) for use therein.
(b) Except as may otherwise be provided by the Investment Company Act or any other federal securities law, the Manager and the Trust shall not be liable for any losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) incurred or suffered by the Adviser as a result of any error of judgment or mistake of law by the Manager with respect to the Portfolio, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Manager for, and the Manager shall indemnify and hold harmless the Adviser, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the 1933 Act) (collectively, “Adviser Indemnitees”) against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Adviser Indemnities may become subject under the 1933 Act, the Investment Company Act, the Advisers Act, or under any other statute, at common law or otherwise arising out of or based on (i) any willful misconduct, bad faith, reckless disregard or gross negligence of the Manager in the performance of any of its duties or obligations hereunder or (ii) any untrue statement of a material fact contained in the Prospectus and SAI, proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Portfolio or the omission to state therein a material fact known to the Manager which was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished to the Manager or the Trust by the Adviser Indemnitees for use therein.
Section 14 of each of the Registrant’s Distribution Agreements states:
The Trust shall indemnify and hold harmless [the Distributor] from any and all losses, claims, damages or liabilities (or actions in respect thereof) to which [the Distributor] may be subject, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or result from negligent, improper, fraudulent or unauthorized acts or omissions by the Trust or its officers, trustees, agents or representatives, other than acts or omissions caused directly or indirectly by [the Distributor].
[The Distributor] will indemnify and hold harmless the Trust, its officers, trustees, agents and representatives against any losses, claims, damages or liabilities, to which the Trust, its officers, trustees, agents and representatives may become subject, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
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based upon: (i) any untrue statement or alleged untrue statement of any material fact contained in the Trust Prospectus and/or SAI or any supplements thereto; (ii) the omission or alleged omission to state any material fact required to be stated in the Trust Prospectus and/or SAI or any supplements thereto or necessary to make the statements therein not misleading; or (iii) other misconduct or negligence of [the Distributor] in its capacity as a principal underwriter of the Trust’s Class [IA and/or IB] shares and will reimburse the Trust, its officers, Trustees, agents and representatives for any legal or other expenses reasonably incurred by any of them in connection with investigating or defending against such loss, claim, damage, liability or action; provided, however, that [the Distributor] shall not be liable in any such instance to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Trust Prospectus and/or SAI or any supplement in good faith reliance upon and in conformity with written information furnished by the Preparing Parties specifically for use in the preparation of the Trust Prospectus and/or SAI.
Section 6 of the Registrant’s Mutual Funds Service Agreement states:
(a) [AXA Equitable Life Insurance Company (for the purposes of this section, “Equitable”)] shall not be liable for any error of judgment or mistake of law or for any loss or expense suffered by the Trust, in connection with the matters to which this Agreement relates, except for a loss or expense caused by or resulting from or attributable to willful misfeasance, bad faith or negligence on Equitable’s part (or on the part of any third party to whom Equitable has delegated any of its duties and obligations pursuant to Section 4(c) hereunder) in the performance of its (or such third party’s) duties or from reckless disregard by Equitable (or by such third party) of its obligations and duties under this Agreement (in the case of Equitable) or under an agreement with Equitable (in the case of such third party) or, subject to Section 10 below, Equitable’s (or such third party’s) refusal or failure to comply with the terms of this Agreement (in the case of Equitable) or an agreement with Equitable (in the case of such third party) or its breach of any representation or warranty under this Agreement (in the case of Equitable) or under an agreement with Equitable (in the case of such third party). In no event shall Equitable (or such third party) be liable for any indirect, incidental special or consequential losses or damages of any kind whatsoever (including but not limited to lost profits), even if Equitable (or such third party) has been advised of the likelihood of such loss or damage and regardless of the form of action.
(b) Except to the extent that Equitable may be held liable pursuant to Section 6(a) above, Equitable shall not be responsible for, and the Trust shall indemnify and hold Equitable harmless from and against any and all losses, damages, costs, reasonable attorneys’ fees and expenses, payments, expenses and liabilities, including but not limited to those arising out of or attributable to:
(i) | any and all actions of Equitable or its officers or agents required to be taken pursuant to this Agreement; |
(ii) | the reliance on or use by Equitable or its officers or agents of information, records, or documents which are received by Equitable or its officers or agents and furnished to it or them by or on behalf of the Trust, and which have been prepared or maintained by the Trust or any third party on behalf of the Trust; |
(iii) | the Trust’s refusal or failure to comply with the terms of this Agreement or the Trust’s lack of good faith, or its actions, or lack thereof, involving negligence or willful misfeasance; |
(iv) | the breach of any representation or warranty of the Trust hereunder; |
(v) | the reliance on or the carrying out by Equitable or its officers or agents of any proper instructions reasonably believed to be duly authorized, or requests of the Trust; |
(vi) | any delays, inaccuracies, errors in or omissions from information or data provided to Equitable by data services, including data services providing information in connection with any third party computer system licensed to Equitable, and by any corporate action services, pricing services or securities brokers and dealers; |
(vii) | the offer or sale of shares by the Trust in violation of any requirement under the Federal securities laws or regulations or the securities laws or regulations of any state, or in violation of any stop order or other |
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determination or ruling by any Federal agency or any state agency with respect to the offer or sale of such shares in such state (1) resulting from activities, actions, or omissions by the Trust or its other service providers and agents, or (2) existing or arising out of activities, actions or omissions by or on behalf of the Trust prior to the effective date of this Agreement; |
(viii) | any failure of the Trust’s registration statement to comply with the 1933 Act and the 1940 Act (including the rules and regulations thereunder) and any other applicable laws, or any untrue statement of a material fact or omission of a material fact necessary to make any statement therein not misleading in a Trust’s prospectus; |
(ix) | except as provided for in Schedule B.III, the actions taken by the Trust, its Manager, its investment advisers, and its distributor in compliance with applicable securities, tax, commodities and other laws, rules and regulations, or the failure to so comply, and |
(x) | all actions, inactions, omissions, or errors caused by third parties to whom Equitable or the Trust has assigned any rights and/or delegated any duties under this Agreement at the specific request of or as required by the Trust, its Funds, investment advisers, or Trust distributors. |
The Trust shall not be liable for any indirect, incidental, special or consequential losses or damages of any kind whatsoever (including but not limited to lost profits) even if the Trust has been advised of the likelihood of such loss or damage and regardless of the form of action, except when the Trust is required to indemnify Equitable pursuant to this Agreement.
Section 12(a)(iv) of the Registrant’s Global Custody Agreement states:
(A) Customer shall indemnify and hold Bank and its directors, officers, agents and employees (collectively the “Indemnitees”) harmless from and against any and all claims, liabilities, losses, damages, fines, penalties, and expenses, including out-of-pocket and incidental expenses and legal fees (“Losses”) that may be incurred by, or asserted against, the Indemnitees or any of them for following any instructions or other directions upon which Bank is authorized to rely pursuant to the terms of this Agreement. (B) In addition to and not in limitation of the preceding subparagraph, Customer shall also indemnify and hold the Indemnitees and each of them harmless from and against any and all Losses that may be incurred by, or asserted against, the Indemnitees or any of them in connection with or arising out of Bank’s performance under this Agreement, provided the Indemnitees have not acted with negligence or engaged in willful misconduct. (C) In performing its obligations hereunder, Bank may rely on the genuineness of any document which it reasonably believes in good faith to have been validly executed.
Article VIII of the Registrant’s Amended and Restated Participation Agreement states:
8.1(a). [AXA Equitable Life Insurance Company (for the purposes of this Article, “Equitable”] agrees to indemnify and hold harmless the Trust, each member of the Board, the Distributors, and the directors and officers and each person, if any, who controls any such person within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 8.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of Equitable), investigation of claims or litigation (including legal and other expenses), to which the Indemnified Parties may become subject under any statute, regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Trust’s shares or the Equitable Contracts or interests in the Accounts and:
(i) arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in the registration statement, prospectus, or Statement of Additional Information for the Equitable Contracts or contained in the Equitable Contracts or sales literature for the Equitable Contracts (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to Equitable by or on behalf of the Trust for use in the registration statement, prospectus, or Statement of Additional Information for the Equitable Contracts or in the Equitable Contracts or sales literature (or any amendment or supplement) or otherwise for use in connection with the sale of the Equitable Contracts or Trust shares; or
(ii) arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus or Statement of Additional Information, or sales literature of the Trust not supplied by Equitable or persons under its control) or wrongful conduct of Equitable or persons under its control, with respect to the sale or distribution of the Equitable Contracts or Trust shares; or
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(iii) arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, or Statement of Additional Information, or sales literature of the Trust or any amendment thereof or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such a statement or omission was made in reliance upon information furnished to the Trust by or on behalf of Equitable; or
(iv) arise as a result of any failure by Equitable to provide the services and furnish the materials required to be provided or furnished by it under the terms of this Agreement; or
(v) arise out of or result from any material breach of any representation and/or warranty made by Equitable in this Agreement or arise out of or result from any other material breach of this Agreement by Equitable;
as limited by and in accordance with the provisions of Sections 8.1(b) and 8.1(c) hereof…
8.2(a). Each of the Distributors agrees to indemnify and hold harmless Equitable, and the Trust and each of their directors and officers and each person, if any, who controls Equitable within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 8.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Distributors), investigation of claims or litigation (including legal and other expenses) to which the Indemnified Parties may become subject under any statute, regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Trust’s shares or the Equitable Contracts or interests in the Accounts and:
(i) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement, prospectus or Statement of Additional Information, or sales literature of the Trust (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Distributors or Trust by or on behalf of Equitable for use in the Registration Statement, prospectus, or Statement of Additional Information for the Trust, or in sales literature (or any amendment or supplement) or otherwise for use in connection with the sale of the Equitable Contracts or Trust shares; or
(ii) arise out of or as a result of statements or representations (other than statements or representations contained in the registration statement, prospectus or Statement of Additional Information, or sales literature for the Equitable Contracts not supplied by the Distributors or persons under their control) or wrongful conduct of the Distributors or persons under their control, with respect to the sale or distribution of the Equitable Contracts or Trust shares; or
(iii) arise out of any untrue statement or alleged untrue statement of a material fact contained in a registration statement, prospectus, or Statement of Additional Information or sales literature covering the Equitable Contracts, or any amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to Equitable by or on behalf of the Distributors or the Trust; or
(iv) arise as a result of any failure by the Distributors or the Trust to provide the services and furnish the materials required to be provided or furnished by the Distributors or the Trust under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the diversification or other qualification requirements specified in Article VI of this Agreement); or
(v) arise out of or result from any material breach of any representation and/or warranty made by the Distributors in this Agreement or arise out of or result from any other material breach of this Agreement by the Distributors;
as limited by and in accordance with the provisions of Sections 8.2(b) and 8.2(c) hereof…
8.3(a). The Trust agrees to indemnify and hold harmless Equitable and each of its directors and officers and each person, if any, who controls Equitable within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 8.3) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Trust), investigation of claims or litigation (including legal and other expenses) to which the Indemnified Parties may become
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subject under any statute, regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements result from the gross negligence, bad faith or willful misconduct of the Board or any member thereof, are related to the operations of the Trust and:
(i) arise as a result of any failure by the Trust to provide the services and furnish the materials required to be provided or furnished by it under the terms of this Agreement (including a failure to comply with the diversification and other qualification requirements specified in … this Agreement); or
(ii) arise out of or result from any material breach of any representation and/or warranty made by the Trust in this Agreement or arise out of or result from any other material breach of this Agreement by the Trust;
as limited by and in accordance with the provisions of Sections 8.3(b) and 8.3(c) hereof…
Article VII of the Registrant’s Amended and Restated Retirement Plan Participation Agreement states:
7.1. Indemnification By the Plan. Except as provided to the contrary in Section 7.4 or 7.5 hereof, [AXA Equitable Life Insurance Company (for the purposes of this Article, “Equitable”)] and the Plan shall jointly and severally indemnify and hold harmless the Trust, each member of the Board, the Distributor, the trustees, directors and officers thereof and each person, if any, who controls any such person within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of Equitable and the Plan), investigation of claims or litigation (including legal and other expenses), to which the Indemnified Parties may become subject under any statute, regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to, arise out of or are based upon:
(i) the failure (intentional or otherwise) of the Plan at any time to be or to continue to be a Qualified Plan…;
(ii) the sale or acquisition of the Class IA shares of the Designated Portfolios and (1) arise out of or are based upon any untrue statements or alleged untrue statements of any material fact made by Equitable or the Plan or any person under its control or the omission or the alleged omission to state a material fact required to be stated or necessary to make such statements not misleading, unless such statement or omission or alleged statement or omission was made in reliance upon and in conformity with information furnished by the Trust or the Distributor to Equitable or the Plan for use in connection with the sale or distribution of Class IA shares of the Designated Portfolios; or (2) arise out of or as a result of warranties or representations (other than warranties or representations contained in a Registration Statement, any SEC Disclosure Materials or sales literature of the Trust not supplied by the Plan or persons under its control) or wrongful conduct of Equitable or the Plan or any of such, with respect to the sale or distribution of Class IA shares of the Designated Portfolios; or (3) arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, any SEC Disclosure Materials or sales literature of the Trust or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading , but only if such a statement or omission was made in reliance upon information furnished to the Trust or the Distributor by Equitable or the Plan or persons under their control; or
(iii) arise as a result of any failure by the Plan to provide the services or furnish the materials required to be provided or furnished by it under the terms of this Agreement; or
(iv) arise out of or result from any material breach of any representation and/or warranty made by Equitable or the Plan in this Agreement or arise out of or result from any other material breach of this Agreement by Equitable or the Plan.
7.2. Indemnification by the Distributor. Except as provided to the contrary in Section 7.4 or 7.5 hereof, the Distributor shall indemnify and hold harmless the Plan, its trustees, the Trust, the Board and their officers and each person, if any, who controls the Plan within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnifed Parties” for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Distributor), investigation of claims or litigation (including legal and other expenses) to which the Indemnified Parties may become subject under any statute, regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to, arise out of or are based upon
(i) the sale or acquisition of Class IA shares of the Designated Portfolios by the Plan and (1) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in a Registration Statement, any SEC Disclosure Materials or sales literature of the Trust or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, but only if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished by the Distributor to the Trust for use in a Registration Statement, any SEC Disclosure Materials or sales literature of the Trust or otherwise for use in
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connection with the sale or acquisition of Class IA shares of the Delegated Portfolios by the Plan; or (2) arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, any SEC Disclosure Materials or sales literature of the Trust or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, but only if such statement or omission was made in reliance upon information furnished to the Plan or the Trust by the Distributor; or
(ii) any failure by the Distributor to provide the services and furnish the materials required to be provided or furnished by the Distributor under the terms of this Agreement; or
(iii) arise out of or result from any material breach of any representation and/or warranty made by the Distributor in this Agreement or arise out of or result from any other material breach of this Agreement by the Distributor.
7.3. Indemnification By the Trust. Except as provided to the contrary in Section 7.4 or 7.5 hereof, the Trust shall indemnify and hold harmless the Plan and each of its trustees and officers, the Distributor, the directors and officers thereof and each person, if any, who controls any such person within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.3) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Trust), investigation of claims or litigation (including legal and other expenses) to which the Indemnified Parties may become subject under any statute, regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements result from the gross negligence, bad faith or willful misconduct of the Board or any member thereof, are related to, arise out of or are based upon:
(i) any failure by the Trust to provide the services and furnish the materials required to be provided or furnished by it under the terms of this Agreement (including a failure to comply with the diversification and other qualification requirements specified in … this Agreement); or
(ii) arise out of or result from any material breach of any representation and/or warranty made by the Trust in this Agreement or arise out of or result from any other material breach of this Agreement by the Trust….
Item 16. | Exhibits |
(1)(a) | Agreement and Declaration of Trust.1 | |
(1)(b)(i) | Amended and Restated Agreement and Declaration of Trust.2 | |
(1)(b)(ii) | Amendment No. 1 to the Amended and Restated Agreement and Declaration of Trust.7 | |
(1)(b)(iii) | Amendment No. 2 to the Amended and Restated Agreement and Declaration of Trust.10 | |
(1)(c) | Certificate of Trust.1 | |
(1)(d) | Certificate of Amendment to the Certificate of Trust.2 | |
(2) | By-Laws.1 | |
(3) | None. | |
(4) | Plan of Reorganization and Termination and Plan of Asset/Stock Exchange; filed as Appendices A and B to the Combined Proxy Statement and Prospectus set forth as Part A to the Registration Statement on Form N-14. | |
(5) | Provisions of instruments defining the rights of holders of the securities being registered are contained in the Registrant’s Amended and Restated Agreement and Declaration of Trust and By-laws (Exhibits (1)(b)(i) and (2)). | |
(6) | Investment Advisory Contracts | |
(6)(a)(i) | Amended and Restated Investment Management Agreement dated May 1, 2000 between the Trust and AXA Equitable Life Insurance Co. (formerly known as The Equitable Life Assurance Society of the United States) (“AXA Equitable”).6 | |
(6)(a)(ii) | Revised Amendment No. 1 dated September 1, 2000 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.7 | |
(6)(a)(iii) | Amendment No. 2 dated September 1, 2001 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.8 |
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(6)(a)(iv) | Amendment No. 3 dated November 22, 2002 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.10 | |
(6)(a)(v) | Amendment No. 4 dated May 2, 2003 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.12 | |
(6)(a)(vi) | Amendment No. 5 dated July 8, 2004 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.16 | |
(6)(a)(vii) | Amendment No. 6 dated October 25, 2004 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.16 | |
(6)(a)(viii) | Amendment No. 7 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.17 | |
(6)(a)(ix) | Amendment No. 8 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.20 | |
(6)(a)(x) | Amendment No. 9 dated August 1, 2006 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.23 | |
(6)(a)(xi) | Amendment No. 10 dated May 1, 2007 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.25 | |
(6)(a)(xii) | Amendment No. 11 dated July 11, 2007 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.26 | |
(6)(a)(xiii) | Amendment No. 12 dated May 1, 2008 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.29 | |
(6)(a)(xiv) | Amendment No. 13 dated December 1, 2008 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.29 | |
(6)(a)(xv) | Amendment No. 14 dated January 1, 2009 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.29 | |
(6)(a)(xvi) | Amendment No. 15 dated May 1, 2009 to the Amended and Restated Investment Management Agreement between the Trust and AXA Equitable dated May 1, 2000.33 | |
(6)(b)(i) | Investment Management Agreement dated April 1, 2004 between the Trust and AXA Equitable with respect to certain series of the Trust including EQ/PIMCO Ultra Short Bond Portfolio (formerly, “EQ/Enterprise Total Return Portfolio”).18 | |
(6)(b)(ii) | Amendment No. 1 dated September 9, 2005 to the Investment Management Agreement between the Trust and AXA Equitable dated April 1, 2004.19 | |
(6)(b)(iii) | Amendment No. 2 dated January 1, 2006 to the Investment Management Agreement between the Trust and AXA Equitable dated April 1, 2004.21 | |
(6)(b)(iv) | Amendment No. 3 dated August 1, 2006 to the Investment Management Agreement between the Trust and AXA Equitable dated April 1, 2004.23 | |
(6)(b)(v) | Amendment No. 4 dated July 11, 2007 to the Investment Management Agreement between the Trust and AXA Equitable dated April 1, 2004.26 | |
(6)(b)(vi) | Amendment No. 5 dated May 1, 2009 to the Investment Management Agreement between the Trust and AXA Equitable dated April 1, 2004.33 | |
(6)(c)(i) | Second Amended and Restated Investment Advisory Agreement between AXA Equitable and AllianceBernstein L.P. (“AllianceBernstein”) dated August 1, 2006.24 | |
(6)(c)(ii) | Amendment No. 1 dated June 22, 2007 to the Second Amended and Restated Investment Advisory Agreement between AXA Equitable and AllianceBernstein dated August 1, 2006.28 |
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(6)(c)(iii) | Amendment No. 2 dated August 17, 2007 to the Second Amended and Restated Investment Advisory Agreement between AXA Equitable and AllianceBernstein dated August 1, 2006.28 | |
(6)(c)(iv) | Amendment No. 3 dated December 1, 2008 to the Second Amended and Restated Investment Advisory Agreement between AXA Equitable and AllianceBernstein, dated August 1, 2006.29 | |
(6)(c)(v) | Amendment No. 4 dated January 15, 2009 to the Second Amended and Restated Investment Advisory Agreement between AXA Equitable and AllianceBernstein, dated August 1, 2006.33 | |
(6)(d)(i) | Second Amended and Restated Investment Advisory Agreement between AXA Equitable and Pacific Investment Management Company LLC (“PIMCO”) dated August 1, 2006.24 | |
(6)(d)(ii) | Amendment No. 1 dated July 1, 2008 to the Second Amended and Restated Investment Advisory Agreement between AXA Equitable and PIMCO dated August 1, 2006.29 | |
(6)(d)(iii) | Amendment No. 2 dated May 1, 2009 to the Second Amended and Restated Investment Advisory Agreement between AXA Equitable and PIMCO dated August 1, 2006.33 | |
(6)(e)(i) | Investment Advisory Agreement between AXA Equitable and SSgA Funds Management, Inc. (“SSgA”) dated December 1, 2008.29 | |
(6)(e)(ii) | Amendment No. 1 effective as of January 1, 2009 to the Investment Advisory Agreement between AXA Equitable and SSgA dated December 1, 2008.29 | |
(6)(e)(iii) | Amendment No. 2 dated May 1, 2009 to the Investment Advisory Agreement between AXA Equitable and SSgA dated December 1, 2008.33 | |
(6)(f)(i) | Investment Advisory Agreement between AXA Equitable and Wellington Management Company, LLP (“Wellington”) dated December May 25, 2007.28 | |
(6)(f)(ii) | Amendment No. 1 dated May 1, 2008 to the Investment Advisory Agreement between AXA Equitable and Wellington dated May 25, 2007.29 | |
(7) | Underwriting or Distribution Contracts | |
(7)(a)(i) | Amended and Restated Distribution Agreement between the Trust and AXA Distributors, LLC (“AXA Distributors”) dated as July 15, 2002 with respect to Class IA shares.10 | |
(7)(a)(ii) | Amendment No. 1, dated May 2, 2003, to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors, dated as of July 15, 2002 with respect to Class IA shares.12 | |
(7)(a)(iii) | Amendment No. 2, dated July 8, 2004, to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors, dated as of July 15, 2002 with respect to Class IA shares.16 | |
(7)(a)(iv) | Amendment No. 3, dated October 1, 2004 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors, dated as of July 15, 2002 with respect to Class IA shares.16 | |
(7)(a)(v) | Amendment No. 4, dated May 1, 2005 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IA shares. 17 | |
(7)(a)(vi) | Amendment No. 5 dated September 30, 2005 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IA shares.20 | |
(7)(a)(vii) | Amendment No. 6 dated August 1, 2006 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IA shares.23 | |
(7)(a)(viii) | Amendment No. 7 dated May 1, 2007 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IA shares. 25 | |
(7)(a)(ix) | Amendment No. 8 dated July 11, 2007 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IA shares. 26 | |
(7)(a)(x) | Amendment No. 9 dated January 1, 2008 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IA shares.27 |
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(7)(a)(xi) | Amendment No. 10 dated May 1, 2008 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IA shares. 29 | |
(7)(a)(xii) | Amendment No. 11 dated January 1, 2009 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IA shares.31 | |
(7)(a)(xiii) | Amendment No. 12 dated May 1, 2009 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IA shares. 32 | |
(7)(b)(i) | Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as July 15, 2002 with respect to Class IB shares.10 | |
(7)(b)(ii) | Amendment No. 1, dated May 2, 2003, to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors, dated as of July 15, 2002 with respect to Class IB shares.12 | |
(7)(b)(iii) | Amendment No. 2, dated July 8, 2004, to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors, dated as of July 15, 2002 with respect to Class IB shares.16 | |
(7)(b)(iv) | Amendment No. 3, dated October 1, 2004 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors, dated as of July 15, 2002 with respect to Class IB shares.16 | |
(7)(b)(v) | Amendment No. 4 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IB shares.17 | |
(7)(b)(vi) | Amendment No. 5 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IB shares.20 | |
(7)(b)(vii) | Amendment No. 6 dated August 1, 2006 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IB shares.23 | |
(7)(b)(viii) | Amendment No. 7 dated May 1, 2007 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IB shares. 25 | |
(7)(b)(ix) | Amendment No. 8 dated July 11, 2007 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IB shares. 26 | |
(7)(b)(x) | Amendment No. 9 dated January 1, 2008 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IB shares.27 | |
(7)(b)(xi) | Amendment No. 10 dated May 1, 2008 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IB shares. 29 | |
(7)(b)(xii) | Amendment No. 11 dated January 1, 2009 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IB shares.31 | |
(7)(b)(xiii) | Amendment No. 12 dated May 1, 2009 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IB shares. 32 | |
(7)(c)(i) | Amended and Restated Distribution Agreement between the Trust and AXA Advisors, LLC (“AXA Advisors”) dated as July 15, 2002 with respect to Class IA shares.10 | |
(7)(c)(ii) | Amendment No. 1, dated May 2, 2003, to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors, dated as of July 15, 2002 with respect to Class IA shares. 12 |
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(7)(c)(iii) | Amendment No. 2, dated July 8, 2004, to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors, dated as of July 15, 2002 with respect to Class IA shares. 16 | |
(7)(c)(iv) | Amendment No. 3, dated October 1, 2004 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors, dated as of July 15, 2002 with respect to Class IA shares. 16 | |
(7)(c)(v) | Amendment No. 4, dated May 1, 2005 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IA shares.17 | |
(7)(c)(vi) | Amendment No. 5 dated September 30, 2005 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IA shares.20 | |
(7)(c)(vii) | Amendment No. 6 dated August 1, 2006 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IA shares. 23 | |
(7)(c)(viii) | Amendment No. 7 dated May 1, 2007 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IA shares.25 | |
(7)(c)(ix) | Amendment No. 8 dated July 11, 2007 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IA shares. 26 | |
(7)(c)(x) | Amendment No. 9 dated January 1, 2008 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IA shares. 27 | |
(7)(c)(xi) | Amendment No. 10 dated May 1, 2008 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IA shares.29 | |
(7)(c)(xii) | Amendment No. 11 dated January 1, 2009 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IA shares. 31 | |
(7)(c)(xiii) | Amendment No. 12 dated May 1, 2009 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IA shares.32 | |
(7)(d)(i) | Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as July 15, 2002 with respect to Class IB shares.10 | |
(7)(d)(ii) | Amendment No. 1, dated May 2, 2003, to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors, dated as of July 15, 2002 with respect to Class IB shares. 12 | |
(7)(d)(iii) | Amendment No. 2, dated July 8, 2004, to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors, dated as of July 15, 2002 with respect to Class IB shares. 16 | |
(7)(d)(iv) | Amendment No. 3, dated October 1, 2004 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors, dated as of July 15, 2002 with respect to Class IB shares. 16 | |
(7)(d)(v) | Amendment No. 4, dated May 1, 2005 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IA shares.17 | |
(7)(d)(vi) | Amendment No. 5 dated September 30, 2005 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IB shares.20 | |
(7)(d)(vii) | Amendment No. 6 dated August 1, 2006 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IB shares. 23 |
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(7)(d)(viii) | Amendment No. 7 dated May 1, 2007 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IB shares.25 | |
(7)(d)(ix) | Amendment No. 8 dated July 11, 2007 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IB shares. 26 | |
(7)(d)(x) | Amendment No. 9 dated January 1, 2008 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IB shares. 27 | |
(7)(d)(xi) | Amendment No. 10 dated May 1, 2008 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IB shares.29 | |
(7)(d)(xii) | Amendment No. 11 dated January 1, 2009 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IB shares. 31 | |
(7)(d)(xiii) | Amendment No. 12 dated May 1, 2009 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002 with respect to Class IB shares.32 | |
(7)(e)(i) | Distribution Agreement between the Trust and AXA Advisors dated July 1, 2004 with respect to the Class IA shares of certain series of the Trust including EQ/PIMCO Ultra Short Bond Portfolio (formerly, EQ/Enterprise Total Return Portfolio).16 | |
(7)(e)(ii) | Amendment No. 1 dated July 11, 2007 to the Distribution Agreement between the Trust and AXA Advisors dated July 1, 2004 with respect to Class IA shares.26 | |
(7)(e)(iii) | Amendment No. 2 dated May 1, 2009 to the Distribution Agreement between the Trust and AXA Advisors dated July 1, 2004 with respect to Class IA shares.33 | |
(7)(f)(i) | Distribution Agreement between the Trust and AXA Advisors dated July 1, 2004 with respect to the Class IB shares of certain series of the Trust including EQ/PIMCO Ultra Short Bond Portfolio (formerly, EQ/Enterprise Total Return Portfolio).16 | |
(7)(f)(ii) | Amendment No. 1 dated July 11, 2007 to the Distribution Agreement between the Trust and AXA Advisors dated July 1, 2004 with respect to Class IB shares.26 | |
(7)(f)(iii) | Amendment No. 2 dated May 1, 2009 to the Distribution Agreement between the Trust and AXA Advisors dated July 1, 2004 with respect to Class IB shares.33 | |
(7)(g)(i) | Distribution Agreement between the Trust and AXA Distributors dated July 1, 2004 with respect to the Class IA shares of certain series of the Trust including EQ/PIMCO Ultra Short Bond Portfolio (formerly, EQ/Enterprise Total Return Portfolio).16 | |
(7)(g)(ii) | Amendment No. 1 dated July 11, 2007 to the Distribution Agreement between the Trust and AXA Distributors dated July 1, 2004 with respect to Class IA shares.26 | |
(7)(g)(iii) | Amendment No. 2 dated May 1, 2009 to the Distribution Agreement between the Trust and AXA Distributors dated July 1, 2004 with respect to Class IA shares.33 | |
(7)(h)(i) | Distribution Agreement between the Trust and AXA Distributors dated July 1, 2004 with respect to the Class IB shares of certain series of the Trust including EQ/PIMCO Ultra Short Bond Portfolio (formerly, EQ/Enterprise Total Return Portfolio).16 | |
(7)(h)(ii) | Amendment No. 1 dated July 11, 2007 to the Distribution Agreement between the Trust and AXA Distributors dated July 1, 2004 with respect to Class IB shares.26 |
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(7)(h)(iii) | Amendment No. 2 dated May 1, 2009 to the Distribution Agreement between the Trust and AXA Distributors dated July 1, 2004 with respect to Class IB shares.33 | |
(8) | Form of Deferred Compensation Plan.3 | |
(9) | Custodian Agreements | |
(9)(a) | Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.9 | |
(9)(a)(i) | Amendment No. 1, dated May 2, 2003, to the Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.12 | |
(9)(a)(ii) | Amendment No. 2, dated July 8, 2004, to the Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.16 | |
(9)(a)(iii) | Amendment No. 3, dated September 13, 2004, to the Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.16 | |
(9)(a)(iv) | Amendment No. 4 dated May 1, 2005 to the Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.17 | |
(9)(a)(v) | Amendment No. 5 dated September 30, 2005 to the Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.20 | |
(9)(a)(vi) | Amendment No. 6 dated August 1, 2006 to the Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.24 | |
(9)(a)(vii) | Amendment No. 7 dated May 1, 2007 to the Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.25 | |
(9)(a)(viii) | Amendment No. 8 dated April 1, 2007 to the Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.26 | |
(9)(a)(ix) | Amendment No. 9 dated January 1, 2008 to the Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.27 | |
(9)(a)(x) | Amendment No. 10 dated May 1, 2008 to the Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.29 | |
(9)(a)(xi) | Amendment No. 11 dated July 1, 2008 to the Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.29 | |
(9)(a)(xii) | Amendment No. 12 dated January 1, 2009 to the Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.31 | |
(9)(a)(xiii) | Amendment No. 13 dated May 1, 2009 to the Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.32 | |
(10) | Distribution and Multiple Class Plans |
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(10)(a) | Distribution Plan Pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (“1940 Act”), for the Trust’s Class IB shares adopted March 31, 1997.4 | |
(10)(b) | Distribution Plan Pursuant to Rule 12b-1 for the Trust’s Class IB shares of certain Portfolios including EQ/PIMCO Ultra Short Bond Portfolio (formerly known as EQ/Enterprise Total Return Portfolio).14 | |
(10)(c) | Plan Pursuant to Rule 18f-3 under the 1940 Act.4 | |
(11) | Legal Opinion of K&L Gates LLP regarding the legality of the securities being registered. (filed herewith) | |
(12) | Opinions Relating to Tax Matters | |
(12)(a) | Opinion of K&L Gates LLP as to tax matters with respect to the Plan of Reorganization and Termination. (to be filed by amendment) | |
(12)(b) | Opinion of K&L Gates LLP as to tax matters with respect to the Plan of Asset/Stock Exchange. (to be filed by amendment) | |
(13) | Other Material Contracts | |
(13)(a)(i) | Form of Mutual Fund Services Agreement between the Trust and AXA Equitable dated May 1, 2000.5 | |
(13)(a)(ii) | Amendment No. 1 dated May 1, 2005 to the Mutual Fund Services Agreement between the Trust and AXA Equitable dated May 1, 2000.19 | |
(13)(a)(iii) | Amendment No. 2 dated as of May 1, 2006 to the Mutual Fund Services Agreement between the Trust and AXA Equitable dated May 1, 2000.21 | |
(13)(a)(iv) | Amendment No. 3 dated as of August 1, 2006 to the Mutual Fund Services Agreement between the Trust and AXA Equitable dated May 1, 2000.24 | |
(13)(a)(v) | Amendment No. 4 dated as of May 1, 2007 to the Mutual Fund Services Agreement between the Trust and AXA Equitable dated May 1, 2000.25 | |
(13)(a)(vi) | Amendment No. 5 dated as of July 11, 2007 to the Mutual Fund Services Agreement between the Trust and AXA Equitable dated May 1, 2000.26 | |
(13)(a)(vii) | Amendment No. 6 dated as of January 1, 2008 to the Mutual Fund Services Agreement between the Trust and AXA Equitable dated May 1, 2000.27 | |
(13)(a)(viii) | Amendment No. 7 dated as May 1, 2008 to the Mutual Fund Services Agreement between the Trust and AXA Equitable dated May 1, 2000.29 | |
(13)(a)(ix) | Amendment No. 8 dated as of December 1, 2008 to the Mutual Fund Services Agreement between the Trust and AXA Equitable dated May 1, 2000.29 | |
(13)(a)(x) | Amendment No. 9 dated as of January 1, 2009 to the Mutual Fund Services Agreement between the Trust and AXA Equitable dated May 1, 2000.31 | |
(13)(a)(xi) | Amendment No. 10 dated as of May 1, 2009 to the Mutual Fund Services Agreement between the Trust and AXA Equitable dated May 1, 2000.33 | |
(13)(b)(i) | Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust, dated as of May 1, 2002.10 |
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(13)(b)(ii) | Amendment No. 1, dated May 1, 2003 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated as of May 1, 2002.12 | |
(13)(b)(iii) | Amendment No. 2 dated May 1, 2004 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated as of May 1, 2002.13 | |
(13)(b)(iv) | Amendment No. 3 dated October 1, 2004 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated as of May 1, 2002.16 | |
(13)(b)(v) | Amendment No. 4 dated May 1, 2005 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated May 1, 2002.17 | |
(13)(b)(vi) | Amendment No. 5 dated September 30, 2005 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated May 1, 2002.20 | |
(13)(b)(vii) | Amendment No. 6 dated October 1, 2005 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated as of May 1, 2002.21 | |
(13)(b)(viii) | Amendment No. 7 dated May 1, 2006 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated as of May 1, 2002.22 | |
(13)(b)(ix) | Amendment No. 8 dated August 1, 2006 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated as of May 1, 2002.23 | |
(13)(b)(x) | Amendment No. 9 dated May 1, 2007 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated as of May 1, 2002.25 | |
(13)(b)(xi) | Amendment No. 10 dated May 25, 2007 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated as of May 1, 2002.26 | |
(13)(b)(xii) | Amendment No. 11 dated January 1, 2008 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated as of May 1, 2002.27 | |
(13)(b)(xiii) | Amendment No. 12 dated May 1, 2008 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated as of May 1, 2002.29 | |
(13)(b)(xiv) | Amendment No. 13 dated September 1, 2008 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated as of May 1, 2002.29 | |
(13)(b)(xv) | Amendment No. 14 dated January 1, 2009 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated as of May 1, 2002.30 | |
(13)(b)(xvi) | Amendment No. 15 dated May 1, 2009 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated as of May 1, 2002.32 | |
(13)(c)(i) | Expense Limitation Agreement between AXA Equitable and the Trust, dated as of July 9, 2004, with respect to certain Portfolios including EQ/PIMCO Ultra Short Bond Portfolio (formerly known as EQ/Enterprise Total Return Portfolio).21 | |
(13)(c)(ii) | Amendment No. 1 dated September 9, 2005 to the Expense Limitation Agreement between AXA Equitable and the Trust dated as of July 9, 2004.19 | |
(13)(c)(iii) | Amendment No. 2 dated May 1, 2006 to the Expense Limitation Agreement between AXA Equitable and the Trust dated as of July 9, 2004.22 |
C-15
(13)(c)(iv) | Amendment No. 3 dated August 1, 2006 to the Expense Limitation Agreement between AXA Equitable and the Trust dated as of July 9, 2004.24 | |
(13)(c)(v) | Amendment No. 4 dated May 1, 2007 to the Expense Limitation Agreement between AXA Equitable and the Trust dated as of July 9, 2004.25 | |
(13)(c)(vi) | Amendment No. 5 dated July 6, 2007 to the Expense Limitation Agreement between AXA Equitable and the Trust dated as of July 9, 2004.29 | |
(13)(c)(vii) | Amendment No. 6 dated September 1, 2008 to the Expense Limitation Agreement between AXA Equitable and the Trust dated as of July 9, 2004.29 | |
(13)(c)(viii) | Amendment No. 7 dated May 1, 2009 to the Expense Limitation Agreement between AXA Equitable and the Trust dated as of July 9, 2004.33 | |
(13)(d)(i) | Amended and Restated Participation Agreement among the Trust, AXA Equitable, AXA Distributors and AXA Advisors dated as of July 15, 2002.10 | |
(13)(d)(ii) | Amendment No. 1 dated May 2, 2003 to the Amended and Restated Participation Agreement among the Trust, AXA Equitable, AXA Distributors and AXA Advisors dated July 15, 2002.12 | |
(13)(d)(iii) | Amendment No. 2 dated July 9, 2004 to the Amended and Restated Participation Agreement among the Trust, AXA Equitable, AXA Distributors and AXA Advisors dated July 15, 2002.17 | |
(13)(d)(iv) | Amendment No. 3 dated October 1, 2004 to the Amended and Restated Participation Agreement among the Trust, AXA Equitable, AXA Distributors and AXA Advisors dated July 15, 2002.17 | |
(13)(d)(v) | Amendment No. 4 dated May 1, 2005 to the Amended and Restated Participation Agreement among the Trust, AXA Equitable, AXA Distributors and AXA Advisors dated July 15, 2002.17 | |
(13)(d)(vi) | Amendment No. 5 dated September 30, 2005 to the Amended and Restated Participation Agreement among the Trust, AXA Equitable, AXA Distributors and AXA Advisors dated July 15, 2002.22 | |
(13)(d)(vii) | Amendment No. 6 dated August 1, 2006 to the Amended and Restated Participation Agreement among the Trust, AXA Equitable, AXA Distributors and AXA Advisors dated July 15, 2002.24 | |
(13)(d)(viii) | Amendment No. 7 dated May 1, 2007 to the Amended and Restated Participation Agreement among the Trust, AXA Equitable, AXA Distributors and AXA Advisors dated July 15, 2002.25 | |
(13)(d)(ix) | Amendment No. 8 dated January 1, 2008 to the Amended and Restated Participation Agreement among the Trust, AXA Equitable, AXA Distributors and AXA Advisors dated July 15, 2002.27 | |
(13)(d)(x) | Amendment No. 9 dated May 1, 2008 to the Amended and Restated Participation Agreement among the Trust, AXA Equitable, AXA Distributors and AXA Advisors dated July 15, 2002.29 | |
(13)(d)(xi) | Amendment No. 10 dated January 1, 2009 to the Amended and Restated Participation Agreement among the Trust, AXA Equitable, AXA Distributors and AXA Advisors dated July 15, 2002.31 | |
(13)(d)(xii) | Amendment No. 11 dated May 1, 2009 to the Amended and Restated Participation Agreement among the Trust, AXA Equitable, AXA Distributors and AXA Advisors dated July 15, 2002.32 |
C-16
(13)(e) | Sub-Administration Agreement between AXA Equitable and JPMorgan Investor Services Co. (formerly, Chase Global Funds Services Company) dated May 1, 2000, as amended November 1, 2004. 22 | |
(13)(f) | Amended and Restated Retirement Plan Participation Agreement among the Trust, AXA Advisors, the Investment Plan for Employees, Managers and Agents, and AXA Equitable dated as of July 10, 2002. 10 | |
(14) | Consent of Independent Registered Public Accounting Firm. (filed herewith) | |
(15) | None. | |
(16) | Powers of Attorney. (filed herewith) | |
(17) | Additional Exhibits | |
(17)(a) | Voting Instruction and Proxy Cards. (filed herewith) | |
(17)(b) | Revised Code of Ethics of the Trust, AXA Equitable, AXA Advisors and AXA Distributors dated March 31, 1997, as amended July 2008.29. | |
(17)(c) | Revised Code of Ethics of AllianceBernstein, updated February 2008.29 | |
(17)(d) | Revised Code of Ethics of PIMCO, effective February 15, 2006.24 | |
(17)(e) | Code of Ethics of SSgA.11 | |
(17)(f) | Revised Code of Ethics of Wellington, effective October 1, 2008.29 |
1. | Incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on December 3, 1996 (File No. 333-17217). |
2. | Incorporated herein by reference to Pre-Effective Amendment No. 1 to Registrant’s Registration Statement on Form N-1A filed on January 23, 1997 (File No. 333-17217). |
3. | Incorporated herein by reference to Pre-Effective Amendment No. 2 to Registrant’s Registration Statement on Form N-1A filed on April 7, 1997 (File No. 333-17217). |
4. | Incorporated herein by reference to Post-Effective Amendment No. 1 to Registrant’s Registration Statement on Form N-1A filed on August 28, 1997 (File No. 333-17217). |
5. | Incorporated herein by reference to Post-Effective Amendment No. 15 to Registrant’s Registration Statement on Form N-1A filed on February 16, 2000 (File No. 333-17217). |
6. | Incorporated by reference to Post-Effective Amendment No. 16 to Registrant’s Registration Statement on Form N-1A filed on April 21, 2000 (File No. 333-17217). |
7. | Incorporated by reference to Post-Effective Amendment No. 18 to Registrant’s Registration Statement on Form N-1A filed on January 23, 2001 (File No. 333-17217). |
8. | Incorporated by reference to Post-Effective Amendment No. 22 to Registrant’s Registration Statement on Form N-1A filed on August 13, 2001 (File No. 333-17217). |
C-17
9. | Incorporated by reference to Post-Effective Amendment No. 24 to Registrant’s Registration Statement on Form N-1A filed on April 3, 2002 (File No. 333-17217). |
10. | Incorporated by reference to Post-Effective Amendment No. 25 to Registrant’s Registration Statement on Form N-1A filed on February 7, 2003 (File No. 333-17217). |
11. | Incorporated by reference to Post-Effective Amendment No. 27 to Registrant’s Registration Statement on Form N-1A filed on January 15, 2004 (File No. 333-17217). |
12. | Incorporated by reference to Post-Effective Amendment No. 28 to Registrant’s Registration Statement on Form N-1A filed on February 10, 2004 (File No. 333-17217). |
13. | Incorporated by reference to Post-Effective Amendment No. 30 to Registrant’s Registration Statement on Form N-1A filed on April 7, 2004 (File No. 333-17217). |
14. | Incorporated by reference to Post-Effective Amendment No. 31 to Registrant’s Registration Statement on Form N-1A filed on April 28, 2004 (File No. 333-17217). |
15. | Incorporated by reference to Post-Effective Amendment No. 32 to Registrant’s Registration Statement on Form N-1A filed on July 12, 2004 (File No. 333-17217). |
16. | Incorporated by reference to Post-Effective Amendment No. 35 to Registrant’s Registration Statement on Form N-1A filed on October 15, 2004 (File No. 333-17217). |
17. | Incorporated by reference to Post-Effective Amendment No. 37 to Registrant’s Registration Statement on Form N-1A filed on April 7, 2005 (File No. 333-17217). |
18. | Incorporated by reference to Post-Effective Amendment No. 39 to Registrant’s Registration Statement on Form N-1A filed on June 16, 2005 (File No. 333-17217). |
19. | Incorporated by reference to Post-Effective Amendment No. 41 to Registrant’s Registration Statement on Form N-1A filed on August 23, 2005 (File No. 333-17217). |
20. | Incorporated by reference to Post-Effective Amendment No. 42 to Registrant’s Registration Statement on Form N-1A filed on August 24, 2005 (File No. 333-17217). |
21. | Incorporated by reference to Post-Effective Amendment No. 43 to Registrant’s Registration Statement on Form N-1A filed on February 8, 2006 (File No. 333-17217). |
22. | Incorporated by reference to Post-Effective Amendment No. 44 to Registrant’s Registration Statement on Form N-1A filed on April 5, 2006 (File No. 333-17217). |
23. | Incorporated by reference to Post-Effective Amendment No. 46 to Registrant’s Registration Statement on Form N-1A filed on August 23, 2006 (File No. 333-17217). |
24. | Incorporated by reference to Post-Effective Amendment No. 51 to Registrant’s Registration Statement on Form N-1A filed on February 2, 2007 (File No. 333-17217). |
25. | Incorporated by reference to Post-Effective Amendment No. 53 to Registrant’s Registration Statement on Form N-1A filed on April 27, 2007 (File No. 333-17217). |
26. | Incorporated by reference to Post-Effective Amendment No. 54 to Registrant’s Registration Statement on Form N-1A filed on October 4, 2007 (File No. 333-17217). |
C-18
27. | Incorporated by reference to Post-Effective Amendment No. 56 to Registrant’s Registration Statement on Form N-1A filed on December 27, 2007 (File No. 333-17217). |
28. | Incorporated by reference to Post-Effective Amendment No. 57 to Registrant’s Registration Statement on Form N-1A filed on February 1, 2008 (File No. 333-17217). |
29. | Incorporated by reference to Post-Effective Amendment No. 61 to Registrant’s Registration Statement on Form N-1A filed on February 13, 2009 (File No. 333-17217). |
30. | Incorporated by reference to Post-Effective Amendment No. 63 to Registrant’s Registration Statement on Form N-1A filed on March 13, 2009 (File No. 333-17217). |
31. | Incorporated by reference to Post-Effective Amendment No. 64 to Registrant’s Registration Statement on Form N-1A filed on March 16, 2009 (File No. 333-17217). |
32. | Incorporated by reference to Post-Effective Amendment No. 67 to Registrant’s Registration Statement on Form N-1A filed on April 15, 2009 (File No. 333-17217). |
33. | Incorporated by reference to Post-Effective Amendment No. 68 to Registrant’s Registration Statement on Form N-1A filed on April 29, 2009 (File No. 333-17217). |
Item 17. | Undertakings |
(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) under the Securities Act of 1933, as amended (the “1933 Act”), the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.
(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.
(3) The Registrant agrees to file executed copies of the opinions of counsel supporting the tax consequences of the proposed reorganizations and asset/stock exchange as an amendment to this Registration Statement within a reasonable time after receipt of such opinions.
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SIGNATURES
As required by the Securities Act of 1933, as amended (the “1933 Act”), this Registration Statement has been signed on behalf of the Registrant, in the City of New York and the State of New York on the 27th day of May 2009.
EQ ADVISORS TRUST | ||
By: | /s/ Steven M. Joenk | |
Steven M. Joenk | ||
Trustee, Chairman, President and Chief Executive Officer |
As required by the 1933 Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signature | Title | Date | ||||
/s/ Steven M. Joenk Steven M. Joenk | Trustee, Chairman, President and Chief Executive Officer | May 27, 2009 | ||||
/s/ Jettie M. Edwards* Jettie M. Edwards | Trustee | May 27, 2009 | ||||
/s/ William M. Kearns, Jr.* William M. Kearns, Jr. | Trustee | May 27, 2009 | ||||
/s/ Christopher P.A. Komisarjevsky* Christopher P.A. Komisarjevsky | Trustee | May 27, 2009 | ||||
/s/ Theodossios Athanassiades* Theodossios (Ted) Athanassiades | Trustee | May 27, 2009 | ||||
/s/ David W. Fox* David W. Fox | Trustee | May 27, 2009 | ||||
/s/ Gary S. Schpero* Gary S. Schpero | Trustee | May 27, 2009 | ||||
/s/ Harvey Rosenthal* Harvey Rosenthal | Trustee | May 27, 2009 | ||||
/s/ Brian Walsh* Brian Walsh | Treasurer and Chief Financial Officer | May 27, 2009 | ||||
* By: | Steven M. Joenk | |||||
Steven M. Joenk | ||||||
(Attorney-in-fact) |
EXHIBIT INDEX
Exhibit | Description of Exhibit | |
(11) | Legal Opinion of K&L Gates LLP regarding the legality of the securities being registered. | |
(14) | Consent of Independent Registered Public Accounting Firm. | |
(16) | Powers of Attorney. | |
(17)(a) | Voting Instruction and Proxy Cards. |