UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-10507

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

ARTHUR J. BROWN, ESQ.

Kirkpatrick & Lockhart Nicholson Graham LLP

1601 K. Street, N.W.

Washington, D.C. 20006

Telephone: (202) 778-9046

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2005 – January 31, 2006

Item 1. Schedule of Investments.

The following are schedules of investments of the registrant as of January 31, 2006. The schedules have not been audited.

AXA Enterprise

Multimanager Funds Trust

Quarterly Report

January 31, 2006

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE CONSERVATIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Enterprise Capital Appreciation Fund*‡	967	$	36,768
AXA Enterprise Deep Value Fund‡	6,961		73,580
AXA Enterprise Equity Income Fund‡	2,809		75,859
AXA Enterprise Government Securities Fund‡	53,188		660,591
AXA Enterprise Growth Fund*‡	4,503		83,792
AXA Enterprise High Yield Bond Fund‡	23,538		226,433
AXA Enterprise Money Market Fund‡	5,054		5,054
AXA Enterprise Multimanager Core Bond Fund‡	57,703		568,952
AXA Enterprise Multimanager Mid Cap Value Fund*‡	890		11,095
AXA Enterprise Multimanager Value Fund‡	40,184		494,267
AXA Enterprise Short Duration Bond Fund‡	138,609		1,361,144
Total Investments (99.8%) (Cost $3,607,593)			3,597,535
Other Assets Less Liabilities (0.2%)			7,310
Net Assets (100%)		$	3,604,845

* Non-income producing.

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

The holdings in Investment Companies are all Class Y shares.

Investments in companies which were affiliates for the three months ended January 31, 2006, were as follows:

Securities	Market Value October 31, 2005		Purchases at Cost		Sales at Cost		Market Value January 31, 2006		Dividend Income		Realized Gain (Loss)
AXA Enterprise Capital Appreciation Fund	$	29,441	$	5,105	$	205	$	36,768	$	—	$	(1	)
AXA Enterprise Deep Value Fund		50,823		26,970		901		73,580		928		5,536
AXA Enterprise Equity Income Fund		50,939		25,796		881		75,859		1,022		4,290
AXA Enterprise Government Securities Fund		467,472		198,713		7,925		660,591		7,027		(186	)
AXA Enterprise Growth Fund		70,599		12,761		3,023		83,792		—		(14	)
AXA Enterprise High Yield Bond Fund		163,190		63,469		2,508		226,433		3,558		(64	)
AXA Enterprise Money Market Fund		5,013		29		—		5,054		45		—
AXA Enterprise Multimanager Core Bond Fund		410,625		163,274		6,473		568,952		5,033		(160	)
AXA Enterprise Multimanager Mid Cap Value Fund		9,801		1,059		—		11,095		—		1,059
AXA Enterprise Multimanager Value Fund		317,256		173,733		6,476		494,267		2,497		15,282
AXA Enterprise Short Duration Bond Fund		975,677		399,800		15,849		1,361,144		11,081		(168	)
	$	2,550,836	$	1,070,709	$	44,241	$	3,597,535	$	31,191	$	25,574

1

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE CONSERVATIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2006 (Unaudited)

Investment security transactions for the three months ended January 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,070,709
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	69,815
As of January 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	20,133
Aggregate gross unrealized depreciation		(30,876	)
Net unrealized depreciation	$	(10,743	)
Federal income tax cost of investments	$	3,608,278

See Notes to Financial Statements.

2

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS

January 31, 2006 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Enterprise Capital Appreciation Fund*‡		15,894	$	604,289
AXA Enterprise Deep Value Fund‡		57,736		610,275
AXA Enterprise Equity Fund*‡		31,864		222,731
AXA Enterprise Equity Income Fund‡		27,204		734,774
AXA Enterprise Government Securities Fund‡		101,684		1,262,920
AXA Enterprise Growth Fund*‡		38,124		709,493
AXA Enterprise High Yield Bond Fund‡		53,847		518,005
AXA Enterprise Money Market Fund‡		5,054		5,054
AXA Enterprise Multimanager Core Bond Fund‡		157,484		1,562,414
AXA Enterprise Multimanager Mid Cap Growth Fund*‡		1,234		14,209
AXA Enterprise Multimanager Mid Cap Value Fund*‡		1,335		16,645
AXA Enterprise Multimanager Value Fund‡		219,730		2,702,683
AXA Enterprise Short Duration Bond Fund‡		261,087		2,563,871
AXA Enterprise Small Company Growth Fund*‡		10,817		348,428
AXA Enterprise Small Company Value Fund*‡		52,391		663,272
Total Investment Companies (99.8%) (Cost $12,403,752)				12,539,063
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (3.3%)
JPMorgan Chase Nassau
3.98%, 2/1/06 (Amortized Cost $419,560)	$	419,560		419,560
Total Investments (103.1%) (Cost/Amortized Cost $12,823,312)				12,958,623
Other Assets Less Liabilities (-3.1%)				(392,951	)
Net Assets (100%)			$	12,565,672

* Non-income producing.

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

The holdings in Investment Companies are all Class Y shares.

Investments in companies which were affiliates for the three months ended January 31, 2006 were as follows:

Securities	Market Value October 31, 2005		Purchases at Cost		Sales at Cost		Market Value January 31, 2006		Dividend Income		Realized Gain (Loss)
AXA Enterprise Capital Appreciation Fund	$	458,241	$	143,962	$	37,409	$	604,289	$	—	$	548
AXA Enterprise Deep Value Fund		440,122		209,736		10,603		610,275		8,042		48,445
AXA Enterprise Equity Fund		186,860		53,986		26,448		222,731		—		442
AXA Enterprise Equity Income Fund		449,230		304,278		17,434		734,774		9,947		41,951
AXA Enterprise Government Securities Fund		903,986		378,317		25,521		1,262,920		13,650		(646	)
AXA Enterprise Growth Fund		488,796		215,943		20,717		709,493		—		(156	)
AXA Enterprise High Yield Bond Fund		365,089		158,139		10,585		518,005		8,146		(271	)
AXA Enterprise Money Market Fund		5,013		29		—		5,054		45		—
AXA Enterprise Multimanager Core Bond Fund		1,116,297		472,816		31,812		1,562,414		13,936		(870	)
AXA Enterprise Multimanager Mid Cap Growth Fund		12,357		—		—		14,209		—		—
AXA Enterprise Multimanager Mid Cap Value Fund		14,703		1,589		—		16,645		—		1,589
AXA Enterprise Multimanager Value Fund		1,817,830		886,568		53,052		2,702,683		14,362		89,143
AXA Enterprise Short Duration Bond Fund		1,859,589		751,022		50,348		2,563,871		21,129		(598	)
AXA Enterprise Small Company Growth Fund		223,324		105,885		6,202		348,428		—		15,774
AXA Enterprise Small Company Value Fund		442,187		209,478		13,287		663,272		—		19,981
	$	8,783,624	$	3,891,748	$	303,418	$	12,539,063	$	89,257	$	215,332

3

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2006 (Unaudited)

Investment security transactions for the three months ended January 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	3,891,748
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	518,750
As of January 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	225,283
Aggregate gross unrealized depreciation		(92,489	)
Net unrealized appreciation	$	132,794
Federal income tax cost of investments	$	12,825,829

See Notes to Financial Statements.

4

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND

PORTFOLIO OF INVESTMENTS

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Enterprise Capital Appreciation Fund*‡	122,688	$	4,664,609
AXA Enterprise Deep Value Fund‡	273,730		2,893,325
AXA Enterprise Equity Fund*‡	602,527		4,211,666
AXA Enterprise Equity Income Fund‡	253,770		6,854,327
AXA Enterprise Government Securities Fund‡	745,981		9,265,086
AXA Enterprise Growth Fund*‡	374,338		6,966,438
AXA Enterprise Multimanager Core Bond Fund‡	1,152,936		11,367,952
AXA Enterprise Multimanager International Equity Fund‡	1,837,961		26,944,502
AXA Enterprise Multimanager Mid Cap Growth Fund*‡	2,066		23,781
AXA Enterprise Multimanager Mid Cap Value Fund*‡	1,814		22,623
AXA Enterprise Multimanager Value Fund‡	1,933,550		23,782,662
AXA Enterprise Short Duration Bond Fund‡	1,049,287		10,303,999
AXA Enterprise Small Company Growth Fund*‡	47,812		1,531,899
AXA Enterprise Small Company Value Fund*‡	795,863		10,075,627
Total Investments (100.0%) (Cost $112,326,154)			118,908,496
Other Assets Less Liabilities (0.0%)			24,864
Net Assets (100%)		$	118,933,360

* Non-income producing.

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

The holdings in Investment Companies are all Class Y shares.

Investments in companies which were affiliates for the three months ended January 31, 2006 were as follows:

Securities	Market Value October 31, 2005		Purchases at Cost		Sales at Cost		Market Value January 31, 2006		Dividend Income		Realized Gain (Loss)
AXA Enterprise Capital Appreciation Fund	$	4,336,944	$	86,717	$	96,893	$	4,664,609	$	—	$	4,153
AXA Enterprise Deep Value Fund		2,751,181		338,031		51,358		2,893,325		41,740		252,099
AXA Enterprise Equity Fund		4,035,434		32,519		36,044		4,211,666		—		1,848
AXA Enterprise Equity Income Fund		6,323,159		690,045		163,486		6,854,327		105,386		443,564
AXA Enterprise Government Securities Fund		9,160,215		259,478		213,218		9,265,086		113,937		(4,810	)
AXA Enterprise Growth Fund		6,680,104		178,853		201,043		6,966,438		—		7,365
AXA Enterprise Multimanager Core Bond Fund		11,254,417		338,122		265,341		11,367,952		115,911		(6,410	)
AXA Enterprise Multimanager International Equity Fund		23,958,398		1,736,516		1,450,046		26,944,502		258,491		1,071,419
AXA Enterprise Multimanager Mid Cap Growth Fund		20,682		—		—		23,781		—		—
AXA Enterprise Multimanager Mid Cap Value Fund		19,984		2,160		—		22,623		—		2,160
AXA Enterprise Multimanager Value Fund		22,265,912		1,454,344		511,617		23,782,662		140,518		874,753
AXA Enterprise Short Duration Bond Fund		9,657,855		848,812		223,658		10,303,999		93,187		(2,620	)
AXA Enterprise Small Company Growth Fund		1,329,459		104,072		30,602		1,531,899		—		77,948
AXA Enterprise Small Company Value Fund		9,334,353		536,070		216,351		10,075,627		—		351,065
	$	111,128,097	$	6,605,739	$	3,459,657	$	118,908,496	$	869,170	$	3,072,534

5

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2006 (Unaudited)

Investment security transactions for the three months ended January 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	6,605,739
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	6,532,191
As of January 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	7,320,495
Aggregate gross unrealized depreciation		(755,735	)
Net unrealized appreciation	$	6,564,760
Federal income tax cost of investments	$	112,343,736

The Fund has a net capital loss carryforward of $23,221,980 of which $1,824,193 expires in the year 2009 and $21,397,787 expires in the year 2010.

Included in the capital loss carryforward amounts are $2,230,460 of losses acquired from Enterprise Managed Fund as a result of a tax-free reorganization that occurred during the year ended 2005. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use in future years.

See Notes to Financial Statements.

6

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE AGGRESSIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS

January 31, 2006 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Enterprise Capital Appreciation Fund*‡		12,773	$	485,643
AXA Enterprise Deep Value Fund‡		35,972		380,227
AXA Enterprise Equity Fund*‡		34,539		241,431
AXA Enterprise Equity Income Fund‡		21,703		586,211
AXA Enterprise Government Securities Fund‡		15,857		196,945
AXA Enterprise Growth Fund*‡		35,708		684,652
AXA Enterprise Multimanager Core Bond Fund‡		32,057		316,077
AXA Enterprise Multimanager International Equity Fund‡		167,651		2,457,769
AXA Enterprise Multimanager Mid Cap Growth Fund*‡		1,272		14,641
AXA Enterprise Multimanager Mid Cap Value Fund*‡		1,041		12,987
AXA Enterprise Multimanger Value Fund‡		156,535		1,925,382
AXA Enterprise Small Company Growth Fund*‡		4,747		152,102
AXA Enterprise Small Company Value Fund*‡		69,479		879,606
Total Investment Companies (98.9%) (Cost $7,939,996)				8,333,673
	Principle Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.8%)
JPMorgan Chase Nassau
3.98%, 2/1/06 (Amortized Cost $71,675)	$	71,675	$	71,675
Total Investments (99.7%) (Cost/Amortized Cost $8,011,671)				8,405,348
Other Assets Less Liabilities (0.3%)				22,700
Net Assets (100%)			$	8,428,048

* Non-income producing.

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

The holdings in Investment Companies are all Class Y shares.

Investments in companies which were affiliates for the three months ended January 31, 2006 were as follows:

Securities	Market Value October 31, 2005		Purchases at Cost		Sales at Cost		Market Value January 31, 2006		Dividend Income		Realized Gain (Loss)
AXA Enterprise Capital Appreciation Fund	$	344,652	$	113,467	$	1,944	$	485,643	$	—	$	(12	)
AXA Enterprise Deep Value Fund		284,665		114,912		1,490		380,227		4,932		29,760
AXA Enterprise Equity Fund		169,535		66,745		1,151		241,431		—		(15	)
AXA Enterprise Equity Income Fund		313,824		278,235		4,331		586,211		7,212		30,500
AXA Enterprise Government Securities Fund		129,354		68,081		1,153		196,945		1,979		(17	)
AXA Enterprise Growth Fund		389,052		280,329		4,791		684,652		—		(20	)
AXA Enterprise Multimanager Core Bond Fund		207,883		109,414		1,844		316,077		2,621		(26	)
AXA Enterprise Multimanager International equity Fund		1,456,459		845,774		49,500		2,457,769		19,652		78,304
AXA Enterprise Multimanager Mid Cap Growth Fund		12,733		—		—		14,641		—		—
AXA Enterprise Multimanager Mid Cap Value Fund		11,472		1,240		—		12,987		—		1,240
AXA Enterprise Multimanager Value Fund		1,205,603		696,579		10,966		1,925,382		9,574		59,316
AXA Enterprise Small Company Growth Fund		107,427		33,679		472		152,102		—		6,964
AXA Enterprise Small Company Value Fund		516,591		338,650		5,564		879,606		—		24,725
	$	5,149,250	$	2,947,105	$	83,206	$	8,333,673	$	45,970	$	230,719

7

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AXA ENTERPRISE AGGRESSIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2006 (Unaudited)

Investment security transactions for the three months ended January 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,947,105
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	313,925
As of January 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	418,871
Aggregate gross unrealized depreciation		(27,946	)
Net unrealized appreciation	$	390,925
Federal income tax cost of investments	$	8,014,423

See Notes to Financial Statements.

8

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

PORTFOLIO OF INVESTMENTS

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note1)
COMMON STOCKS:
Consumer Discretionary (16.0%)
Hotels, Restaurants & Leisure (2.2%)
Carnival Corp.	800	$	41,408
Marriott International, Inc., Class A	550		36,652
Starbucks Corp.*	4,100		129,970
Starwood Hotels & Resorts Worldwide, Inc.	850		51,688
			259,718
Household Durables (0.7%)
Centex Corp.	400		28,556
D.R. Horton, Inc.	513		19,145
Lennar Corp., Class A	320		20,019
Pulte Homes, Inc.	470		18,753
			86,473
Internet & Catalog Retail (5.8%)
Amazon.com, Inc.*	5,450		244,269
eBay, Inc.*	10,150		437,465
			681,734
Media (2.3%)
Getty Images, Inc.*	210		17,146
Pixar*	3,070		177,385
XM Satellite Radio Holdings, Inc., Class A*	2,970		77,755
			272,286
Multiline Retail (1.6%)
J.C. Penney Corp., Inc.	900		50,220
Target Corp.	2,420		132,495
			182,715
Specialty Retail (2.0%)
Home Depot, Inc.	840		34,062
Lowe’s Cos., Inc.	1,680		106,764
Urban Outfitters, Inc.*	1,510		41,238
Williams-Sonoma, Inc.*	1,160		46,145
			228,209
Textiles, Apparel & Luxury Goods (1.4%)
Coach, Inc.*	3,480		125,106
NIKE, Inc., Class B	425		34,404
			159,510
Total Consumer Discretionary			1,870,645
Consumer Staples (4.3%)
Beverages (0.5%)
PepsiCo, Inc.	950		54,321
Food & Staples Retailing (1.6%)
Walgreen Co.	3,800		164,464
Whole Foods Market, Inc.	280		20,683
			185,147
Household Products (2.2%)
Procter & Gamble Co.	4,430		262,389
Total Consumer Staples			501,857
Energy (2.7%)
Energy Equipment & Services (1.6%)
Schlumberger Ltd.	710		90,489
Transocean, Inc.*	700		56,805
Weatherford International Ltd.*	1,050		47,019
			194,313
Oil & Gas (1.1%)
Canadian Natural Resources Ltd.	1,200		74,400
Valero Energy Corp.	825		51,505
			125,905
Total Energy			320,218
Financials (14.0%)
Capital Markets (4.6%)
Charles Schwab Corp.	2,320		34,313
Franklin Resources, Inc.	600		59,100
Goldman Sachs Group, Inc.	1,320		186,450
Legg Mason, Inc.	1,030		133,591
Merrill Lynch & Co., Inc.	1,300		97,591
State Street Corp.	500		30,230
			541,275
Commercial Banks (1.4%)
Commerce Bancorp, Inc./New Jersey	3,600		120,384
Zions Bancorp	450		35,582
			155,966
Diversified Financial Services (1.3%)
Citigroup, Inc.	2,405		112,025
JPMorgan Chase & Co.	1,038		41,260
			153,285
Insurance (5.7%)
Aflac, Inc.	540		25,353
American International Group, Inc.	2,820		184,597
Everest Reinsurance Group Ltd.	500		48,325
MetLife, Inc.	850		42,636
Progressive Corp.	3,520		369,741
			670,652
Thrifts & Mortgage Finance (1.0%)
Countrywide Financial Corp.	3,450		115,368
Total Financials			1,636,546
Health Care (20.3%)
Biotechnology (7.2%)
Amgen, Inc.*	2,510		182,954
Celgene Corp.*	700		49,805
Genentech, Inc.*	4,870		418,430
Gilead Sciences, Inc.*	3,040		185,045
			836,234
Health Care Equipment & Supplies (4.7%)
Alcon, Inc.	750		95,940
Bausch & Lomb, Inc.	240		16,212
Medtronic, Inc.	1,600		90,352
St. Jude Medical, Inc.*	3,180		156,233
Stryker Corp.	750		37,425
Varian Medical Systems, Inc.*	1,950		117,410
Zimmer Holdings, Inc.*	580		39,991
			553,563
Health Care Providers & Services (4.6%)
Aetna, Inc.	800		77,440
Caremark Rx, Inc.*	2,890		142,477
Health Net, Inc.*	750		37,028
UnitedHealth Group, Inc.	2,760		163,999
WellPoint, Inc.*	1,550		119,040
			539,984
Pharmaceuticals (3.8%)
Abbott Laboratories	1,650		71,198
Eli Lilly & Co.	360		20,383
Johnson & Johnson	1,600		92,064
Merck & Co., Inc.	250		8,625
Novartis AG (ADR)	1,450		79,982
Schering-Plough Corp.	2,600		49,790
Teva Pharmaceutical Industries Ltd. (ADR)	2,870		122,348
			444,390
Total Health Care			2,374,171
Industrials (5.4%)
Aerospace & Defense (2.3%)
Boeing Co.	1,580		107,930
United Technologies Corp.	2,730		159,350
			267,280

9

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Number of Shares		Value (Note1)
Air Freight & Logistics (0.1%)
Expeditors International of Washington, Inc.		130	$	9,560
Commercial Services & Supplies (0.5%)
Apollo Group, Inc., Class A*		1,185		65,969
Industrial Conglomerates (2.1%)
General Electric Co.		7,430		243,333
Machinery (0.4%)
Danaher Corp.		860		48,710
Total Industrials				634,852
Information Technology (34.8%)
Communications Equipment (6.5%)
Cisco Systems, Inc.*		2,900		53,853
Comverse Technology, Inc.*		1,400		38,346
Corning, Inc.*		3,130		76,216
Juniper Networks, Inc.*		5,110		92,644
Motorola, Inc.		2,050		46,556
QUALCOMM, Inc.		9,540		457,538
				765,153
Computers & Peripherals (6.3%)
Apple Computer, Inc.*		3,050		230,305
Dell, Inc.*		4,850		142,154
EMC Corp.*		6,730		90,182
Network Appliance, Inc.*		6,290		196,248
SanDisk Corp.*		850		57,256
Seagate Technology*		700		18,256
				734,401
Electronic Equipment & Instruments (0.2%)
Amphenol Corp., Class A		420		21,349
Internet Software & Services (7.8%)
Google, Inc., Class A*		1,180		511,235
Yahoo!, Inc.*		11,690		401,435
				912,670
IT Services (1.3%)
Automatic Data Processing, Inc.		900		39,546
Cognizant Technology Solutions Corp., Class A*		950		49,752
Infosys Technologies Ltd. (ADR)		420		32,033
Iron Mountain, Inc.*		730		30,426
				151,757
Semiconductors & Semiconductor Equipment (6.7%)
Advanced Micro Devices, Inc.*		2,550		106,743
Broadcom Corp., Class A*		4,220		287,804
Marvell Technology Group Ltd.*		3,750		256,575
Maxim Integrated Products, Inc.		2,100		86,184
Xilinx, Inc.		1,600		45,056
				782,362
Software (6.0%)
Adobe Systems, Inc.		2,845		113,003
Autodesk, Inc.		1,350		54,797
Business Objects S.A. (ADR)*		540		22,410
Electronic Arts, Inc.*		3,350		182,843
Microsoft Corp.		5,340		150,321
Salesforce.com, Inc.*		2,630		107,961
SAP AG (ADR)		1,410		72,432
				703,767
Total Information Technology				4,071,459
Total Common Stocks (97.5%) (Cost $8,297,135)				11,409,748
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (3.1%)
JPMorgan Chase Nassau
3.98%, 2/1/06 (Amortized Cost $367,530)	$	367,530		367,530
Total Investments (100.6%) (Cost/Amortized Cost $8,664,665)				11,777,278
Other Assets Less Liabilities (-0.6%)				(70,700	)
Net Assets (100%)			$	11,706,578

* Non-income producing.

Glossary:

ADR — American Depositary Receipt

10

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2006 (Unaudited)

Investment security transactions for the three months ended January 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,436,911
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,527,090
As of January 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for fed-eral income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	3,169,431
Aggregate gross unrealized depreciation		(127,920	)
Net unrealized appreciation	$	3,041,511
Federal income tax cost of investments	$	8,735,767

The Fund has a net capital loss carryforward of $1,838,936 of which $660,156 expires in the year 2010, $757,736 expires in the year 2011 and $421,044 expires in the year 2012. The Fund utilized $ 114,256 in capital loss carryforward during the fiscal year ended October 31, 2005.

See Notes to Financial Statements.

11

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

PORTFOLIO OF INVESTMENTS

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.8%)
Auto Components (0.4%)
Autoliv, Inc.	100	$	4,899
BorgWarner, Inc.	250		13,782
Cooper Tire & Rubber Co.	600		8,994
Lear Corp.	425		10,774
Magna International, Inc., Class A	150		11,100
			49,549
Automobiles (0.8%)
Harley-Davidson, Inc.	1,420		76,013
Toyota Motor Corp. (ADR)	200		20,742
			96,755
Hotels, Restaurants & Leisure (1.7%)
Las Vegas Sands Corp.*	1,400		71,890
McDonald’s Corp.	1,400		49,014
Starbucks Corp.*	3,105		98,428
			219,332
Household Durables (0.5%)
American Greetings Corp., Class A	3,275		66,843
Internet & Catalog Retail (1.1%)
Expedia, Inc.*	2,570		66,871
IAC/InterActiveCorp*	2,660		77,193
			144,064
Leisure Equipment & Products (0.1%)
Mattel, Inc.	700		11,550
Media (3.7%)
CBS Corp., Class B	463		12,085
Comcast Corp., Class A*	1,650		45,903
Comcast Corp., Special Class A*	3,700		102,564
DIRECTV Group, Inc.*	8,491		117,431
Interpublic Group of Cos., Inc.*	2,000		20,200
Sirius Satellite Radio, Inc.*	3,440		19,505
Time Warner, Inc.	2,600		45,578
Viacom , Inc., Class B*	463		19,184
Walt Disney Co.	200		5,062
XM Satellite Radio Holdings, Inc., Class A*	3,815		99,877
			487,389
Multiline Retail (1.1%)
Nordstrom, Inc.	500		20,860
Target Corp.	2,325		127,294
			148,154
Specialty Retail (4.5%)
Foot Locker, Inc.	3,000		68,160
Gap, Inc.	1,000		18,090
Home Depot, Inc.	5,600		227,080
Limited Brands	1,200		28,392
Linens ‘N Things, Inc.*	2,869		79,213
Office Depot, Inc.*	1,300		43,095
Staples, Inc.	3,277		77,698
Under Armor , Inc., Class A*	1,300		51,987
			593,715
Textiles, Apparel & Luxury Goods (0.9%)
Jones Apparel Group, Inc.	650		20,332
NIKE, Inc., Class B	1,200		97,140
			117,472
Total Consumer Discretionary			1,934,823
Consumer Staples (5.2%)
Beverages (1.9%)
Coca-Cola Co.	1,300		53,794
PepsiCo, Inc.	3,400		194,412
			248,206
Food & Staples Retailing (0.6%)
Kroger Co.*	1,500		27,600
Safeway, Inc.	1,200		28,128
Wal-Mart Stores, Inc.	500		23,055
			78,783
Food Products (0.4%)
Bunge Ltd.	175		10,318
ConAgra Foods, Inc.	1,200		24,876
Unilever N.V. (N.Y. Shares)	375		26,325
			61,519
Household Products (1.5%)
Clorox Co.	400		23,940
Kimberly-Clark Corp.	225		12,852
Procter & Gamble Co.	2,665		157,848
			194,640
Tobacco (0.8%)
Altria Group, Inc.	1,325		95,850
UST, Inc.	250		9,735
			105,585
Total Consumer Staples			688,733
Energy (10.3%)
Energy Equipment & Services (2.6%)
Diamond Offshore Drilling, Inc.	500		42,435
GlobalSantaFe Corp.	600		36,630
Halliburton Co.	850		67,618
Noble Corp.	400		32,176
Rowan Cos., Inc.	700		31,381
Schlumberger Ltd.	1,050		133,822
			344,062
Oil & Gas (7.7%)
BP plc (ADR)	425		30,732
Canadian Natural Resources Ltd.	1,450		89,539
Chevron Corp.	3,217		191,025
ConocoPhillips	500		32,350
Exxon Mobil Corp.	6,445		404,424
Marathon Oil Corp.	600		46,122
Occidental Petroleum Corp.	2,205		215,450
			1,009,642
Total Energy			1,353,704
Financials (17.7%)
Capital Markets (4.2%)
Bank of New York Co., Inc.	4,230		134,556
Charles Schwab Corp.	7,900		116,841
Goldman Sachs Group, Inc.	1,125		158,906
Lehman Brothers Holdings, Inc.	250		35,113
Merrill Lynch & Co., Inc.	700		52,549
Morgan Stanley	800		49,160
			547,125
Commercial Banks (4.1%)
Bank of America Corp.	4,600		203,458
Comerica, Inc.	500		27,735
Huntington Bancshares, Inc./Ohio	1,000		23,200
KeyCorp.	825		29,197
Lloyds TSB Group plc	11,900		107,762
National City Corp.	875		29,907
PNC Financial Services Group, Inc.	125		8,107
U.S. Bancorp.	1,100		32,901
Wachovia Corp.	1,025		56,201
Wells Fargo & Co.	375		23,385
			541,853
Consumer Finance (1.2%)
American Express Co.	3,055		160,235
Diversified Financial Services (2.2%)
Citigroup, Inc.	5,100		237,558

12

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
JPMorgan Chase & Co.	1,400	$	55,650
			293,208
Insurance (3.5%)
ACE Ltd.	400		21,900
Allstate Corp.	275		14,314
American International Group, Inc.	550		36,003
Chubb Corp.	375		35,381
Genworth Financial, Inc., Class A	1,100		36,036
Hartford Financial Services Group, Inc.	475		39,059
MBIA, Inc.	1,917		118,011
MetLife, Inc.	750		37,620
Prudential Financial, Inc.	400		30,136
St. Paul Travelers Cos., Inc.	777		35,260
UnumProvident Corp.	1,100		22,363
XL Capital Ltd., Class A	400		27,064
			453,147
Thrifts & Mortgage Finance (2.5%)
Fannie Mae	2,970		172,082
Freddie Mac	1,748		118,619
Washington Mutual, Inc.	875		37,030
			327,731
Total Financials			2,323,299
Health Care (17.0%)
Biotechnology (1.4%)
Amgen, Inc.*	1,570		114,437
Genentech, Inc.*	755		64,870
			179,307
Health Care Equipment & Supplies (3.9%)
Biomet, Inc.	1,425		53,879
Cytyc Corp.*	2,400		72,240
Fisher Scientific International, Inc.*	1,770		118,360
Medtronic, Inc.	3,535		199,621
Zimmer Holdings, Inc.*	1,070		73,777
			517,877
Health Care Providers & Services (5.5%)
AmerisourceBergen Corp.	400		17,456
Caremark Rx, Inc.*	3,265		160,965
Coventry Health Care, Inc.*	1,035		61,655
Eclipsys Corp.*	4,000		88,240
Health Management Associates, Inc., Class A	3,390		71,258
Medco Health Solutions, Inc.*	250		13,525
Tenet Healthcare Corp.*	1,100		7,997
UnitedHealth Group, Inc.	3,170		188,361
WellPoint, Inc.*	1,400		107,520
			716,977
Pharmaceuticals (6.2%)
Abbott Laboratories	700		30,205
Bristol-Myers Squibb Co.	650		14,813
Eli Lilly & Co.	1,695		95,971
GlaxoSmithKline plc (ADR)	525		26,901
Johnson & Johnson	2,774		159,616
Merck & Co., Inc.	1,575		54,337
Pfizer, Inc.	8,990		230,863
Sanofi-Aventis	1,100		100,781
Sanofi-Aventis (ADR)	1,940		89,240
Wyeth	150		6,938
			809,665
Total Health Care			2,223,826
Industrials (7.8%)
Aerospace & Defense (1.0%)
Boeing Co.	900		61,479
Goodrich Corp.	850		33,464
Northrop Grumman Corp.	500		31,065
			126,008
Air Freight & Logistics (0.5%)
FedEx Corp.	535		54,115
United Parcel Service, Inc., Class B	125		9,364
			63,479
Commercial Services & Supplies (0.4%)
Apollo Group, Inc., Class A*	845		47,041
Electrical Equipment (0.2%)
Cooper Industries Ltd., Class A	225		18,371
Hubbell, Inc., Class B	150		6,743
			25,114
Industrial Conglomerates (4.7%)
General Electric Co.	15,595		510,736
Textron, Inc.	400		33,784
Tyco International Ltd.	2,840		73,982
			618,502
Machinery (0.5%)
Eaton Corp.	500		33,100
Ingersoll-Rand Co., Ltd., Class A	250		9,818
SPX Corp.	500		23,855
			66,773
Road & Rail (0.5%)
CSX Corp.	650		34,795
Norfolk Southern Corp.	700		34,888
			69,683
Total Industrials			1,016,600
Information Technology (18.4%)
Communications Equipment (5.4%)
ADC Telecommunications, Inc.*	978		24,802
Cisco Systems, Inc.*	5,735		106,499
Corning, Inc.*	2,300		56,005
Motorola, Inc.	9,425		214,042
Nokia Oyj (ADR)	1,300		23,894
QUALCOMM, Inc.	2,080		99,757
Research In Motion Ltd.*	2,505		169,087
Tellabs, Inc.*	1,000		12,790
			706,876
Computers & Peripherals (1.6%)
Dell, Inc.*	1,880		55,103
EMC Corp.*	1,800		24,120
Hewlett-Packard Co.	2,335		72,805
International Business Machines Corp.	750		60,975
			213,003
Electronic Equipment & Instruments (0.7%)
Arrow Electronics, Inc.*	300		10,308
Avnet, Inc.*	500		12,225
Celestica, Inc.*	1,100		10,978
Flextronics International Ltd.*	1,700		17,782
Sanmina-SCI Corp.*	3,200		13,472
Solectron Corp.*	4,400		16,808
Tech Data Corp.*	250		10,308
			91,881
Internet Software & Services (2.4%)
Google, Inc., Class A*	363		157,270
Yahoo!, Inc.*	4,680		160,711
			317,981
IT Services (0.9%)
BearingPoint, Inc.*	9,200		75,624
Electronic Data Systems Corp.	1,350		34,007
			109,631
Semiconductors & Semiconductor Equipment (3.2%)
Advanced Micro Devices, Inc.*	3,055		127,882

13

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2006 (Unaudited)

	Number of Shares		Value (Note 1)
Agere Systems, Inc.*		1,110	$	13,775
Intel Corp.		3,200		68,064
Samsung Electronics Co., Ltd. (GDR)§		348		133,478
Texas Instruments, Inc.		2,630		76,875
				420,074
Software (4.2%)
Microsoft Corp.		14,620		411,553
Oracle Corp.*		5,800		72,906
SAP AG (ADR)		1,285		66,010
				550,469
Total Information Technology				2,409,915
Materials (2.4%)
Chemicals (1.0%)
Dow Chemical Co.		2,600		109,980
Lubrizol Corp.		500		22,870
				132,850
Containers & Packaging (0.3%)
Owens-Illinois, Inc.*		1,050		23,090
Smurfit-Stone Container Corp.*		1,000		12,790
				35,880
Metals & Mining (1.1%)
Rio Tinto plc (ADR)		410		84,054
Southern Copper Corp.		700		60,970
				145,024
Total Materials				313,754
Telecommunication Services (5.2%)
Diversified Telecommunication Services (1.6%)
ALLTEL Corp.		1,700		102,051
AT&T, Inc.		300		7,785
BellSouth Corp.		1,500		43,155
Verizon Communications, Inc.		1,650		52,239
				205,230
Wireless Telecommunication Services (3.6%)
American Tower Corp., Class A*		3,500		108,290
Crown Castle International Corp.*		900		28,467
Leap Wireless International, Inc.*		2,300		85,100
NII Holdings, Inc.*		4,065		201,055
Sprint Nextel Corp.		2,200		50,358
				473,270
Total Telecommunication Services				678,500
Utilities (0.7%)
Electric Utilities (0.5%)
American Electric Power Co., Inc.		850		31,722
Entergy Corp.		500		34,755
				66,477
Multi-Utilities & Unregulated Power (0.2%)
Constellation Energy Group, Inc.		500		29,135
Total Utilities				95,612
Total Common Stocks (99.5%) (Cost $11,146,381)				13,038,766
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.1%)
JPMorgan Chase Nassau
3.98%, 2/1/06 (Amortized Cost $143,601)	$	143,601		143,601
Total Investments (100.6%) (Cost/Amortized Cost $11,289,982)				13,182,367
Other Assets Less Liabilities (-0.6%)				(82,768	)
Net Assets (100%)			$	13,099,599

* Non-income producing.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At January 31, 2006, the market value of these securities amounted to $133,478 or 1.02% 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.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Investment security transactions for the three months ended January 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,262,000
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,470,158
As of January 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	2,195,953
Aggregate gross unrealized depreciation		(392,559	)
Net unrealized appreciation	$	1,803,394
Federal income tax cost of investments	$	11,378,973

For the three months ended January 31, 2006, the Fund incurred approximately $91 as brokerage commissions with Sanford C. Bernstein & Co., Inc. an affiliated broker/dealer.

See Notes to Financial Statements.

14

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER VALUE FUND

PORTFOLIO OF INVESTMENTS

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.6%)
Auto Components (0.0%)
Johnson Controls, Inc.	300	$	20,772
Hotels, Restaurants & Leisure (3.1%)
Carnival Corp.	6,500		336,440
Hilton Hotels Corp.	4,650		115,925
McDonald’s Corp.	23,450		820,984
Royal Caribbean Cruises Ltd.	1,000		40,900
			1,314,249
Household Durables (0.5%)
Fortune Brands, Inc.	1,700		127,432
Pulte Homes, Inc.	2,400		95,760
			223,192
Leisure Equipment & Products (0.1%)
Hasbro, Inc.	2,660		56,392
Media (4.1%)
CBS Corp., Class B*	4,559		119,127
Comcast Corp., Special Class A*	10,650		295,218
News Corp., Class A	23,900		376,664
Reed Elsevier plc	9,942		93,653
Time Warner, Inc.	21,450		376,019
Tribune Co.	1,838		53,320
Viacom, Inc., Class B	7,809		323,917
Walt Disney Co.	3,215		81,372
			1,719,290
Multiline Retail (0.5%)
Federated Department Stores, Inc.	400		26,652
Sears Holdings Corp.*	1,375		166,980
			193,632
Specialty Retail (2.3%)
Bed Bath & Beyond, Inc.*	900		33,669
Gap, Inc.	7,970		144,177
Home Depot, Inc.	13,450		545,397
Lowe’s Cos., Inc.	2,550		162,053
Sherwin-Williams Co.	910		48,139
TJX Cos., Inc.	1,095		27,955
			961,390
Total Consumer Discretionary			4,488,917
Consumer Staples (8.5%)
Beverages (0.5%)
Coca-Cola Co.	720		29,794
Diageo plc.	7,309		108,667
PepsiCo, Inc.	1,142		65,299
			203,760
Food & Staples Retailing (1.5%)
Wal-Mart Stores, Inc.	13,950		643,235
Food Products (2.7%)
Archer-Daniels-Midland Co.	3,037		95,665
Bunge Ltd.	8,050		474,628
Cadbury Schweppes plc (ADR)	3,700		147,371
H.J. Heinz Co.	2,809		95,337
Kellogg Co.	4,453		191,034
Nestle S.A. (Registered)	265		77,570
Sara Lee Corp.	3,570		65,260
			1,146,865
Household Products (0.5%)
Kimberly-Clark Corp.	1,326		75,741
Procter & Gamble Co.	2,250		133,268
			209,009
Tobacco (3.3%)
Altria Group, Inc.	18,430		1,333,226
Loews Corp.- Carolina Group	1,400		64,568
			1,397,794
Total Consumer Staples			3,600,663
Energy (13.4%)
Energy Equipment & Services (3.0%)
Baker Hughes, Inc.	1,800		139,392
Halliburton Co.	9,700		771,635
Nabors Industries Ltd.*	3,450		280,312
Noble Corp.	933		75,051
			1,266,390
Oil & Gas (10.4%)
Amerada Hess Corp.	3,730		577,404
BP plc (ADR)	5,310		383,966
Chevron Corp.	3,046		180,872
ConocoPhillips	8,620		557,714
Devon Energy Corp.	1,675		114,252
EOG Resources, Inc.	1,495		126,387
Exxon Mobil Corp.	20,311		1,274,515
Marathon Oil Corp.	6,216		477,824
Noble Energy, Inc.	7,596		351,543
Total S.A. (ADR)	2,460		340,292
			4,384,769
Total Energy			5,651,159
Financials (23.7%)
Capital Markets (3.6%)
Franklin Resources, Inc.	750		73,875
Goldman Sachs Group, Inc.	4,321		610,341
Lehman Brothers Holdings, Inc.	800		112,360
Mellon Financial Corp.	3,784		133,462
Merrill Lynch & Co., Inc.	4,425		332,185
Northern Trust Corp.	1,900		99,199
UBS AG (Registered)	1,303		141,376
			1,502,798
Commercial Banks (5.0%)
Bank of America Corp.	28,833		1,275,283
North Fork Bancorp, Inc.	750		19,290
PNC Financial Services Group, Inc.	4,250		275,655
SunTrust Banks, Inc.	4,127		294,874
Wachovia Corp.	1,900		104,177
Wells Fargo & Co.	2,185		136,257
			2,105,536
Consumer Finance (0.3%)
American Express Co.	2,402		125,985
Diversified Financial Services (5.1%)
Ameriprise Financial, Inc.	352		14,323
Citigroup, Inc.	20,850		971,193
JPMorgan Chase & Co.	29,462		1,171,115
			2,156,631
Insurance (7.6%)
ACE Ltd.	5,250		287,437
Allstate Corp.	5,257		273,627
American International Group, Inc.	8,800		576,048
Aon Corp.	16,250		556,075
Axis Capital Holdings Ltd.	4,350		130,065
Chubb Corp.	859		81,047
Hartford Financial Services Group, Inc.	2,073		170,463
Lincoln National Corp.	830		45,260
MetLife, Inc.	8,164		409,506
St. Paul Travelers Cos., Inc.	15,119		686,100
			3,215,628
Thrifts & Mortgage Finance (2.1%)
Fannie Mae	13,731		795,574

15

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
Freddie Mac	1,135	$	77,021
			872,595
Total Financials			9,979,173
Health Care (8.2%)
Health Care Equipment & Supplies (0.2%)
Baxter International, Inc.	668		24,616
Boston Scientific Corp.*	2,850		62,329
			86,945
Health Care Providers & Services (0.8%)
CIGNA Corp.	500		60,800
Health Management Associates, Inc., Class A	2,300		48,346
WellPoint, Inc.*	2,750		211,200
			320,346
Pharmaceuticals (7.2%)
Abbott Laboratories	19,886		858,081
Eli Lilly & Co.	3,756		212,665
Forest Laboratories, Inc.*	3,900		180,492
Johnson & Johnson	6,198		356,633
Merck & Co., Inc.	8,681		299,494
Novartis AG (ADR)	7,200		397,152
Pfizer, Inc.	2,900		74,472
Sanofi-Aventis (ADR)	10,623		488,658
Wyeth	3,675		169,969
			3,037,616
Total Health Care			3,444,907
Industrials (13.4%)
Aerospace & Defense (4.6%)
Honeywell International, Inc.	17,850		685,797
Lockheed Martin Corp.	5,864		396,700
Northrop Grumman Corp.	4,889		303,753
United Technologies Corp.	9,080		530,000
			1,916,250
Air Freight & Logistics (0.8%)
CNF, Inc.	620		31,775
United Parcel Service, Inc., Class B	3,850		288,403
			320,178
Building Products (0.8%)
American Standard Cos., Inc.	1,850		66,600
Masco Corp.	9,320		276,338
			342,938
Electrical Equipment (0.6%)
Cooper Industries Ltd., Class A	1,495		122,067
Emerson Electric Co.	1,700		131,665
			253,732
Industrial Conglomerates (1.1%)
General Electric Co.	12,950		424,113
Tyco International Ltd.	1,225		31,911
			456,024
Machinery (2.0%)
Caterpillar, Inc.	6,300		427,770
Deere & Co.	3,856		276,706
Illinois Tool Works, Inc.	1,375		115,899
Ingersoll-Rand Co., Ltd., Class A	700		27,489
			847,864
Road & Rail (3.3%)
Burlington Northern Santa Fe Corp.	2,399		192,208
CSX Corp.	7,350		393,446
Norfolk Southern Corp.	15,310		763,050
Union Pacific Corp.	600		53,076
			1,401,780
Trading Companies & Distributors (0.2%)
Finning International, Inc.	506		17,216
Grainger (W.W.), Inc.	1,100		78,023
			95,239
Total Industrials			5,634,005
Information Technology (6.9%)
Communications Equipment (0.2%)
Cisco Systems, Inc.*	3,700		68,709
Juniper Networks, Inc.*	1,600		29,008
			97,717
Computers & Peripherals (2.2%)
EMC Corp.*	6,450		86,430
Hewlett-Packard Co.	14,150		441,197
International Business Machines Corp.	4,900		398,370
			925,997
IT Services (0.6%)
Accenture Ltd., Class A	6,620		208,728
Fiserv, Inc.*	800		35,184
			243,912
Semiconductors & Semiconductor Equipment (0.2%)
Analog Devices, Inc.	1,645		65,422
Intel Corp.	2,400		51,048
			116,470
Software (3.7%)
Microsoft Corp.	40,100		1,128,815
Oracle Corp.*	27,520		345,926
Symantec Corp.*	4,220		77,564
			1,552,305
Total Information Technology			2,936,401
Materials (4.3%)
Chemicals (2.9%)
Air Products & Chemicals, Inc.	7,842		483,773
Dow Chemical Co.	2,840		120,132
DuPont (E.I.) de Nemours & Co.	5,646		221,041
Nalco Holding Co.*	1,725		31,826
PPG Industries, Inc.	3,206		190,757
Praxair, Inc.	928		48,887
Syngenta AG*	1,098		139,275
			1,235,691
Containers & Packaging (0.1%)
Smurfit-Stone Container Corp.*	2,921		37,360
Metals & Mining (1.0%)
Alcoa, Inc.	1,350		42,525
United States Steel Corp.	6,300		376,425
			418,950
Paper & Forest Products (0.3%)
Bowater, Inc.	382		10,444
International Paper Co.	4,018		131,107
			141,551
Total Materials			1,833,552
Telecommunication Services (4.2%)
Diversified Telecommunication Services (1.6%)
AT&T, Inc.	9,900		256,905
BellSouth Corp.	3,300		94,941
Verizon Communications, Inc.	10,521		333,095
			684,941
Wireless Telecommunication Services (2.6%)
Motorola, Inc.	3,000		68,130
Sprint Nextel Corp.	37,010		847,159
Vodafone Group plc	76,952		161,389
			1,076,678
Total Telecommunication Services			1,761,619

16

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER VALUE FUND

PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2006 (Unaudited)

	Number of Shares		Value (Note 1)
Utilities (4.3%)
Electric Utilities (2.2%)
Allegheny Energy, Inc.*		600	$	20,874
Entergy Corp.		8,265		574,500
Exelon Corp.		939		53,917
FPL Group, Inc.		2,100		87,759
PPL Corp.		3,262		98,284
TXU Corp.		1,470		74,441
				909,775
Multi-Utilities & Unregulated Power (2.1%)
Dominion Resources, Inc.		10,900		823,277
Public Service Enterprise Group, Inc.		1,025		71,361
				894,638
Total Utilities				1,804,413
Total Common Stocks (97.5%) (Cost $37,496,263)				41,134,809
	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (0.9%)
Jupiter Securization Corp.
4.47%, 2/1/06 (m)	$	378,000		377,953
Time Deposit (2.0%)
JPMorgan Chase Nassau
3.98%, 2/1/06		852,932		852,932
Total Short-Term Investments (2.9%) (Amortized Cost $1,230,932)				1,230,885
Total Investments (100.4%) (Cost/Amortized Cost $38,727,195)				42,365,694
Other Assets Less Liabilities (-0.4%)				(175,977	)
Net Assets (100%)			$	42,189,717

* Non-income producing.

(m) Section 4(2) Commercial Paper. Private Placement for non- current transaction. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the three months ended January 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	8,539,744
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	7,779,127
As of January 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	4,115,166
Aggregate gross unrealized depreciation		(637,571	)
Net unrealized appreciation	$	3,477,595
Federal income tax cost of investments	$	38,888,099

For the three months ended January 31, 2006, the Fund incurred approximately $366 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

17

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.1%)
Auto Components (0.5%)
BorgWarner, Inc.	1,000	$	55,130
Gentex Corp.	100		1,670
Tenneco Automotive, Inc.*	700		15,365
			72,165
Automobiles (0.2%)
Winnebago Industries, Inc.	900		28,179
Distributors (0.5%)
Beacon Roofing Supply, Inc.*	800		26,568
LKQ Corp.*	2,500		56,225
			82,793
Hotels, Restaurants & Leisure (4.9%)
BJ’s Restaurants, Inc.*	1,200		30,336
Chipotle Mexican Grill, Inc.*	200		9,504
Four Seasons Hotels, Inc.	500		28,810
Gaylord Entertainment Co.*	2,200		94,600
Hilton Hotels Corp.	100		2,493
Marriott International, Inc., Class A	1,650		109,956
Orient Express Hotels Ltd.	3,700		119,436
P.F. Chang’s China Bistro, Inc.*	1,650		84,579
Panera Bread Co., Class A*	400		27,240
Royal Caribbean Cruises Ltd.	1,900		77,710
Scientific Games Corp., Class A*	3,450		110,572
Station Casinos, Inc.	800		53,480
			748,716
Household Durables (0.1%)
Hovnanian Enterprises, Inc., Class A*	200		9,684
Internet & Catalog Retail (0.3%)
Coldwater Creek, Inc.*	2,100		42,840
Leisure Equipment & Products (0.5%)
MarineMax, Inc.*	2,200		69,234
Media (0.8%)
Entravision Communications Corp.*	800		5,680
Getty Images, Inc.*	1,350		110,228
XM Satellite Radio Holdings, Inc., Class A*	300		7,854
			123,762
Multiline Retail (0.2%)
Dollar General Corp.	300		5,070
Tuesday Morning Corp.	1,000		21,280
			26,350
Specialty Retail (2.9%)
Chico’s FAS, Inc.*	2,650		115,434
Cost Plus, Inc.*	1,200		23,460
GameStop Corp., Class A*	2,475		99,767
Hibbett Sporting Goods, Inc.*	1,900		58,235
HOT Topic, Inc.*	1,900		27,284
Regis Corp.	700		27,125
Tractor Supply Co.*	600		30,648
Urban Outfitters, Inc.*	1,900		51,889
			433,842
Textiles, Apparel & Luxury Goods (1.2%)
Carter’s, Inc.*	1,400		95,186
Polo Ralph Lauren Corp.	1,650		93,456
			188,642
Total Consumer Discretionary			1,826,207
Consumer Staples (0.3%)
Food Products (0.3%)
Bunge Ltd.	100		5,896
Hain Celestial Group, Inc.*	1,900		44,289
Total Consumer Staples			50,185
Energy (9.8%)
Energy Equipment & Services (6.3%)
Cal Dive International, Inc.*	1,900		79,762
Carbo Ceramics, Inc.	300		20,211
Cooper Cameron Corp.*	1,400		67,746
Diamond Offshore Drilling, Inc.	1,100		93,357
ENSCO International, Inc.	1,250		63,900
FMC Technologies, Inc.*	1,100		57,002
Global Industries Ltd.*	4,300		60,200
Grant Prideco, Inc.*	3,475		174,063
Nabors Industries Ltd.*	625		50,781
National Oilwell Varco, Inc.*	1,725		131,221
Oil States International, Inc.*	600		24,540
Patterson-UTI Energy, Inc.	1,500		56,430
Rowan Cos., Inc.	200		8,966
Superior Energy Services, Inc.*	2,400		65,160
			953,339
Oil & Gas (3.5%)
Bill Barrett Corp.*	2,100		80,640
Bronco Drilling Co., Inc.*	100		3,163
Chesapeake Energy Corp.	300		10,512
Denbury Resources, Inc.*	2,000		59,540
Dresser-Rand Group, Inc.*	1,800		48,474
Murphy Oil Corp.	100		5,700
Newfield Exploration Co.*	1,600		83,840
Noble Energy, Inc.	1,000		46,280
Peabody Energy Corp.	1,150		114,436
Southwestern Energy Co.*	1,250		53,925
Western Refining, Inc.*	1,300		24,375
			530,885
Total Energy			1,484,224
Financials (9.6%)
Capital Markets (1.8%)
Affiliated Managers Group, Inc.*	600		55,680
Ameritrade Holding Corp.*	100		2,024
BlackRock, Inc., Class A	600		79,680
E*Trade Financial Corp.*	200		4,758
Federated Investors, Inc., Class B	200		7,722
Legg Mason, Inc.	675		87,548
National Financial Partners Corp.	800		42,808
			280,220
Commercial Banks (1.2%)
Capitol Bancorp Ltd.	300		13,320
Cullen/Frost Bankers, Inc.	300		16,122
East-West Bancorp, Inc.	700		25,837
First State Bancorp/New Mexico	1,400		36,554
Greater Bay Bancorp	800		20,752
Hancock Holding Co.	600		24,600
Signature Bank*	500		15,225
Western Alliance Bancorp*	1,000		31,600
			184,010
Diversified Financial Services (2.2%)
Advance America Cash Advance Centers, Inc.	1,500		21,375
CBOT Holdings, Inc.*	775		82,072
Financial Federal Corp.	800		35,800
GFI Group, Inc.*	500		27,295
Lazard Ltd., Class A	2,000		71,720
optionsXpress Holdings, Inc.	1,800		52,560
Primus Guaranty Ltd.*	3,200		41,440
			332,262
Insurance (1.2%)
Ambac Financial Group, Inc.	900		69,129

18

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
Aspen Insurance Holdings Ltd.	100	$	2,318
Brown & Brown, Inc.	400		11,492
HCC Insurance Holdings, Inc.	2,325		72,215
Max Reinsurance Capital Ltd.	800		21,208
			176,362
Investment Company (0.2%)
Ares Capital Corp.	1,767		29,332
Real Estate (2.8%)
CapitalSource, Inc. (REIT)	2,200		48,312
CB Richard Ellis Group, Inc., Class A*	3,775		238,278
FelCor Lodging Trust, Inc. (REIT)	600		11,916
Innkeepers USA Trust (REIT)	2,300		40,848
Jones Lang LaSalle, Inc.	800		47,096
LaSalle Hotel Properties (REIT)	200		7,644
Meristar Hospitality Corp. (REIT)*	3,000		30,780
			424,874
Thrifts & Mortgage Finance (0.2%)
Doral Financial Corp.	1,700		18,479
Franklin Bank Corp./Texas*	800		13,808
			32,287
Total Financials			1,459,347
Health Care (16.1%)
Biotechnology (5.1%)
Affymetrix, Inc.*	2,525		96,405
Biogen Idec, Inc.*	1,000		44,750
Celgene Corp.*	675		48,026
Coley Pharmaceutical Group, Inc.*	2,200		33,682
Cubist Pharmaceuticals, Inc.*	1,200		25,968
CV Therapeutics, Inc.*	500		12,305
Digene Corp.*	1,100		36,520
Gen-Probe, Inc.*	1,400		70,602
Momenta Pharmaceuticals, Inc.*	500		10,200
Neurocrine Biosciences, Inc.*	200		12,154
OraSure Technologies, Inc.*	3,700		40,367
Panacos Pharmaceuticals, Inc.*	900		8,325
PDL Biopharma, Inc.*	4,850		141,377
Senomyx, Inc.*	2,600		42,250
Serologicals Corp.*	1,500		33,540
Telik, Inc.*	3,500		67,165
Trimeris, Inc.*	2,200		27,632
Zymogenetics, Inc.*	600		13,386
			764,654
Health Care Equipment & Supplies (5.2%)
American Medical Systems Holdings, Inc.*	2,200		49,852
ArthroCare Corp.*	1,300		58,227
Bard (C.R.), Inc.	675		42,809
Biomet, Inc.	100		3,781
Cynosure, Inc.*	100		2,045
Cytyc Corp.*	3,175		95,567
Dade Behring Holdings, Inc.	1,700		66,521
Greatbatch, Inc.*	1,700		44,268
Kyphon, Inc.*	1,331		55,330
Meridian Bioscience, Inc.	1,500		37,410
Merit Medical Systems, Inc.*	1,867		26,343
Molecular Devices Corp.*	800		22,872
Nektar Therapeutics*	700		13,860
ResMed, Inc.*	2,150		84,796
Respironics, Inc.*	1,300		46,839
Stereotaxis, Inc.*	100		1,288
Steris Corp.	1,200		32,400
Symmetry Medical, Inc.*	600		12,768
Thermo Electron Corp.*	100		3,364
Varian, Inc.*	900		34,533
Ventana Medical Systems, Inc.*	1,200		48,408
Waters Corp.*	100		4,195
			787,476
Health Care Providers & Services (4.5%)
Caremark Rx, Inc.*	950		46,835
Community Health Systems, Inc.*	200		7,278
Coventry Health Care, Inc.*	450		26,806
Express Scripts, Inc.*	100		9,129
LifePoint Hospitals, Inc.*	100		3,085
Omnicare, Inc.	100		4,970
Parexel International Corp.*	1,800		43,884
Pharmaceutical Product Development, Inc.	100		6,918
Psychiatric Solutions, Inc.*	4,400		145,156
RehabCare Group, Inc.*	1,100		21,098
Sierra Health Services, Inc.*	800		31,696
Symbion, Inc.*	900		20,790
United Surgical Partners International, Inc.*	2,500		96,900
VCA Antech, Inc.*	4,700		130,049
WellCare Health Plans, Inc.*	1,992		80,537
			675,131
Pharmaceuticals (1.3%)
Adams Respiratory Therapeutics, Inc.*	500		21,590
Angiotech Pharmaceuticals, Inc.*	3,000		37,740
Endo Pharmaceuticals Holdings, Inc.*	100		2,870
Herbalife Ltd.*	2,250		77,850
Impax Laboratories, Inc.*	2,300		23,115
Medicines Co.*	2,100		40,425
			203,590
Total Health Care			2,430,851
Industrials (15.6%)
Aerospace & Defense (2.1%)
ARGON ST, Inc.*	1,100		31,493
Empresa Brasileira de Aeronautica S.A. (ADR)	100		4,065
Essex Corp.*	2,100		42,945
Hexcel Corp.*	4,800		100,176
K&F Industries Holdings, Inc.*	1,400		23,954
Orbital Sciences Corp.*	1,800		23,220
Precision Castparts Corp.	1,700		84,915
Rockwell Collins, Inc.	100		4,692
			315,460
Air Freight & Logistics (1.5%)
Expeditors International of Washington, Inc.	800		58,832
Forward Air Corp.	1,700		66,300
UTI Worldwide, Inc.	1,000		104,730
			229,862
Airlines (0.8%)
JetBlue Airways Corp.*	1,600		20,864
Republic Airways Holdings, Inc.*	2,600		38,558
Southwest Airlines Co.	4,125		67,898
			127,320
Commercial Services & Supplies (6.8%)
Administaff, Inc.	2,000		86,080
American Reprographics Co.*	2,400		65,520
CDI Corp.	1,500		40,905
Chemed Corp.	1,400		74,424
Corporate Executive Board Co.	900		75,726
Global Cash Access, Inc.*	6,600		102,036
Jackson Hewitt Tax Service, Inc.	800		20,208
Laureate Education, Inc.*	1,500		78,150
LECG Corp.*	1,400		23,492
Lincoln Educational Services Corp.*	1,300		20,046
Monster Worldwide, Inc.*	3,375		143,977

19

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
Resources Connection, Inc.*	3,600	$	97,884
Robert Half International, Inc.	300		10,959
Stericycle, Inc.*	1,810		108,184
Strayer Education, Inc.	800		70,848
Waste Connections, Inc.*	450		15,723
			1,034,162
Electrical Equipment (0.9%)
Ametek, Inc.	900		37,026
Rockwell Automation, Inc.	1,450		95,801
			132,827
Machinery (2.4%)
Clarcor, Inc.	400		13,632
Flowserve Corp.*	1,300		59,774
Idex Corp.	1,250		57,500
Joy Global, Inc.	2,100		113,484
Kennametal, Inc.	100		5,850
Manitowoc Co., Inc.	600		39,900
Oshkosh Truck Corp.	600		29,586
Pentair, Inc.	100		3,840
Terex Corp.*	100		7,050
Wabash National Corp.	1,400		29,862
			360,478
Road & Rail (0.7%)
Hunt (J.B.) Transport Services, Inc.	300		7,140
Knight Transportation, Inc.	2,775		56,444
Landstar System, Inc.	900		38,070
			101,654
Trading Companies & Distributors (0.4%)
MSC Industrial Direct Co.	1,200		53,916
Total Industrials			2,355,679
Information Technology (28.2%)
Communications Equipment (2.2%)
Arris Group, Inc.*	3,500		41,160
Atheros Communications, Inc.*	1,500		29,475
Avocent Corp.*	1,000		33,270
Comverse Technology, Inc.*	4,150		113,669
Harris Corp.	100		4,643
Ixia*	500		6,300
Scientific-Atlanta, Inc.	1,425		60,933
ViaSat, Inc.*	1,700		42,840
			332,290
Computers & Peripherals (1.1%)
Electronics for Imaging, Inc.*	3,500		96,775
Network Appliance, Inc.*	2,200		68,640
			165,415
Electronic Equipment & Instruments (2.1%)
Amphenol Corp., Class A	950		48,289
Coherent, Inc.*	900		27,864
Electro Scientific Industries, Inc.*	1,400		35,658
Flir Systems, Inc.*	2,000		47,400
Mettler-Toledo International, Inc.*	300		17,367
National Instruments Corp.	1,200		39,708
Tektronix, Inc.	1,800		53,100
Trimble Navigation Ltd.*	1,200		48,024
			317,410
Internet Software & Services (1.3%)
aQuantive, Inc.*	2,900		75,429
CNET Networks, Inc.*	300		4,506
Entrust, Inc.*	6,600		26,598
Marchex, Inc., Class B*	2,200		53,504
ValueClick, Inc.*	1,800		33,876
VeriSign, Inc.*	200		4,750
			198,663
IT Services (4.6%)
Alliance Data Systems Corp.*	4,090		172,802
BearingPoint, Inc.*	4,000		32,880
Cognizant Technology Solutions Corp., Class A*	1,950		102,122
Global Payments, Inc.	1,900		96,767
Hewitt Associates, Inc., Class A*	100		2,670
Iron Mountain, Inc.*	2,200		91,696
MAXIMUS, Inc	500		19,560
Paychex, Inc	2,950		107,232
RightNow Technologies, Inc.*	1,000		15,940
Sapient Corp.*	5,200		34,320
TNS, Inc.*	1,200		24,648
			700,637
Semiconductors & Semiconductor Equipment (9.3%)
Actel Corp.*	2,100		31,878
Altera Corp.*	200		3,862
Broadcom Corp., Class A*	1,900		129,580
Exar Corp.*	2,600		35,022
Formfactor, Inc.*	2,000		59,640
Integrated Device Technology, Inc.*	200		2,778
Intersil Corp., Class A	3,700		107,522
Lam Research Corp.*	1,800		83,574
Marvell Technology Group Ltd.*	950		64,999
MEMC Electronic Materials, Inc.*	2,500		71,450
Microchip Technology, Inc.	200		7,502
Microsemi Corp.*	5,000		152,200
Microtune, Inc.*	3,900		18,642
Netlogic Microsystems, Inc.*	400		14,524
NVIDIA Corp.*	2,450		110,152
PMC-Sierra, Inc.*	2,900		27,434
Power Integrations, Inc.*	2,000		52,980
Semtech Corp.*	5,800		111,824
Silicon Laboratories, Inc.*	2,750		135,382
SiRF Technology Holdings, Inc.*	3,000		101,070
Varian Semiconductor Equipment Associates, Inc.*	1,600		79,248
Zilog, Inc.*	800		1,808
			1,403,071
Software (7.6%)
Activision, Inc.*	13,154		188,628
Adobe Systems, Inc.	4,196		166,665
Amdocs Ltd.*	2,325		74,865
Business Objects S.A. (ADR)*	2,500		103,750
Cognos, Inc.*	1,650		62,865
Filenet Corp.*	1,600		44,896
Hyperion Solutions Corp.*	550		18,926
Jack Henry & Associates, Inc.	1,300		26,611
Micros Systems, Inc.*	700		32,305
NAVTEQ Corp.*	2,025		90,943
NetIQ Corp.*	1,900		24,966
Quest Software, Inc.*	7,800		123,552
THQ, Inc.*	1,250		32,812
Trident Microsystems, Inc.*	1,400		36,568
Ultimate Software Group, Inc.*	300		6,555
VeriFone Holdings, Inc.*	1,800		45,936
Wind River Systems, Inc.*	2,700		36,126
Witness Systems, Inc.*	1,400		27,916
			1,144,885
Total Information Technology			4,262,371
Materials (2.5%)
Chemicals (1.1%)
Cabot Corp.	900		35,298
FMC Corp.*	700		39,494
Headwaters, Inc.*	1,000		34,500

20

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2006 (Unaudited)

	Number of Shares		Value (Note 1)
Minerals Technologies, Inc.		600	$	33,522
Westlake Chemical Corp.		800		25,120
				167,934
Construction Materials (0.8%)
Martin Marietta Materials, Inc.		1,450		122,931
Metals & Mining (0.6%)
Allegheny Technologies, Inc.		1,260		65,331
Alpha Natural Resources, Inc.*		1,000		23,530
				88,861
Total Materials				379,726
Telecommunication Services (2.2%)
Diversified Telecommunication Services (0.5%)
NeuStar, Inc. Class A*		2,500		72,525
Wireless Telecommunication Services (1.7%)
American Tower Corp., Class A*		2,525		78,124
NII Holdings, Inc.*		3,700		183,002
				261,126
Total Telecommunication Services				333,651
Total Common Stocks (96.4%) (Cost $11,226,190)				14,582,241
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (3.9%)
JPMorgan Chase Nassau
3.98%, 2/1/06 (Amortized Cost $588,981)	$	588,981	$	588,981
Total Investments (100.3%) (Cost/Amortized Cost $11,815,171)				15,171,222
Other Assets Less Liabilities (-0.3%)		.		(51,200	)
Net Assets (100%)			$	15,120,022

* Non-income producing.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

Investment security transactions for the three months ended January 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,572,351
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	2,687,404

As of January 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for

Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	3,499,683
Aggregate gross unrealized depreciation		(208,987	)
Net unrealized appreciation	$	3,290,696
Federal income tax cost of investments	$	11,880,526

The Fund has a net capital loss carryforward of $491,278 which expires in the year 2010. The Fund utilized $1,405,065 in capital loss carry-forward during the fiscal year ended October 31, 2005.

See Notes to Financial Statements.

21

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.3%)
Auto Components (1.8%)
Aftermarket Technology Corp.*	10	$	211
American Axle & Manufacturing Holdings, Inc.	2,100		39,039
Autoliv, Inc.	1,540		75,445
BorgWarner, Inc.	1,000		55,130
Compagnie Generale des Etablissements Michelin, Class B (Registered)	1,662		99,193
TRW Automotive Holdings Corp.*	2,490		63,993
			333,011
Distributors (0.1%)
Andersons, Inc.	240		11,748
BlueLinx Holdings, Inc.	300		4,530
Source Interlink Cos., Inc.*	900		10,035
			26,313
Hotels, Restaurants & Leisure (1.3%)
Bob Evans Farms, Inc.	500		13,350
CBRL Group, Inc.	2,794		122,657
Denny’s Corp.*	186		764
Frisch’s Restaurants, Inc.	200		4,590
Interstate Hotels & Resorts, Inc.*	500		2,150
J Alexander’s Corp.*	200		1,602
Lodgian, Inc.*	700		9,065
Nathan’s Famous, Inc.*	200		2,050
Ruby Tuesday, Inc.	2,600		74,386
Sands Regent*	200		2,151
Trump Entertainment Resorts, Inc.*	280		5,488
			238,253
Household Durables (2.4%)
American Biltrite, Inc.*	10		91
American Greetings Corp., Class A	700		14,287
Basset Furniture Industries, Inc.	400		7,800
Beazer Homes USA, Inc.	1,000		72,840
Cobra Electronics Corp.*	300		3,630
Ethan Allen Interiors, Inc.	90		3,826
Leggett & Platt, Inc.	4,300		105,866
Libbey, Inc.	400		4,376
Mestek, Inc.*	200		2,760
Newell Rubbermaid, Inc.	2,500		59,100
QEP Co., Inc.*	200		2,124
Ryland Group, Inc.	700		50,652
Stanley Works	800		39,232
Technical Olympic USA, Inc.	400		9,080
Whirlpool Corp.	800		64,544
			440,208
Internet & Catalog Retail (0.1%)
1-800-Flowers.com, Inc., Class A*	600		3,942
Blair Corp.	200		8,314
GSI Commerce, Inc.*	700		11,809
Systemax, Inc.*	200		1,448
			25,513
Leisure Equipment & Products (0.1%)
Aldila, Inc.	200		6,028
JAKKS Pacific, Inc.*	800		18,168
			24,196
Media (2.9%)
Cinram International, Inc.	6,000		152,191
Dow Jones & Co., Inc.	2,300		87,423
Entercom Communications Corp.*	1,050		31,700
R.H. Donnelley Corp.*	1,918		125,849
Reader’s Digest Association, Inc.	400		6,356
Regent Communications, Inc.*	500		2,485
Scholastic Corp.*	776		23,319
Univision Communications, Inc., Class A*	2,200		70,048
Westwood One, Inc.	3,090		46,319
			545,690
Multiline Retail (1.3%)
Family Dollar Stores, Inc.	3,700		88,615
Federated Department Stores, Inc.	2,083		138,790
Gottschalks, Inc.*	300		2,928
Retail Ventures, Inc.*	90		1,164
			231,497
Specialty Retail (3.8%)
AnnTaylor Stores Corp.*	1,360		45,315
Asbury Automotive Group, Inc.*	400		7,200
Autonation, Inc.*	2,500		55,725
Books-A-Million, Inc.	100		1,145
Burlington Coat Factory Warehouse Corp.	220		9,829
Cato Corp., Class A	230		4,966
Charming Shoppes, Inc.*	2,920		35,507
Foot Locker, Inc.	4,600		104,512
Gap, Inc.	5,150		93,163
Group 1 Automotive, Inc.*	10		345
Gymboree Corp.*	287		7,072
Hastings Entertainment, Inc.*	300		1,605
Lithia Motors, Inc.	500		15,215
Movie Gallery, Inc.	600		3,270
O’Reilly Automotive, Inc.*	133		4,365
Office Depot, Inc.*	3,000		99,450
OfficeMax, Inc.	3,475		99,281
Pomeroy IT Solutions, Inc.*	400		4,044
Sports Authority, Inc.*	490		17,993
Steiner Leisure Ltd.*	200		7,764
Tiffany & Co.	2,050		77,285
United Retail Group, Inc.*	100		1,549
			696,600
Textiles, Apparel & Luxury Goods (1.5%)
Brown Shoe Co., Inc.	70		3,151
Culp, Inc.*	80		369
Fossil, Inc.*	1,700		40,290
G-III Apparel Group, Ltd.*	100		1,430
Jones Apparel Group, Inc.	2,660		83,205
Lazare Kaplan International, Inc.*	220		1,954
Phillips-Van Heusen Corp.	1,000		36,130
Polo Ralph Lauren Corp.	1,100		62,304
V.F. Corp.	850		47,158
			275,991
Total Consumer Discretionary			2,837,272
Consumer Staples (2.5%)
Beverages (0.7%)
Molson Coors Brewing Co.	1,430		89,375
PepsiAmericas, Inc.	1,900		46,531
			135,906
Food & Staples Retailing (0.3%)
Longs Drug Stores Corp.	700		24,493
Village Super Market, Inc., Class A	100		5,850
Weis Markets, Inc.	500		20,975
			51,318
Food Products (1.4%)
Bunge Ltd.	1,200		70,752
Flowers Foods, Inc.	2,025		55,708
Ralcorp Holdings, Inc.*	700		27,510
Smithfield Foods, Inc.*	2,500		67,100
Tyson Foods, Inc., Class A	2,100		30,093
			251,163
Household Products (0.1%)
Central Garden & Pet Co.*	500		24,790

22

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
Oil-Dri Corp. of America	200	$	3,524
			28,314
Personal Products (0.0%)
Natures Sunshine Products, Inc.	100		1,766
Parlux Fragrances, Inc.*	19		636
			2,402
Total Consumer Staples			469,103
Energy (5.5%)
Energy Equipment & Services (2.9%)
Cooper Cameron Corp.*	2,350		113,716
Dawson Geophysical Co.*	200		6,450
ENSCO International, Inc.	1,400		71,568
Grant Prideco, Inc.*	200		10,018
Lone Star Technologies, Inc.*	660		37,554
Lufkin Industries, Inc.	600		40,440
NATCO Group, Inc.*	300		8,676
NS Group, Inc.*	500		22,600
Oil States International, Inc.*	500		20,450
Pride International, Inc.*	2,450		86,510
Rowan Cos., Inc.	290		13,001
SBM Offshore N.V.	222		22,496
Tetra Technologies, Inc.*	500		19,840
Veritas DGC, Inc.*	300		13,518
Weatherford International Ltd.*	1,200		53,736
			540,573
Oil & Gas (2.6%)
Adams Resources & Energy, Inc.	200		5,350
Arch Coal, Inc.	700		60,704
ATP Oil & Gas Corp.*	131		5,574
Callon Petroleum Co.*	400		7,568
Cimarex Energy Co.*	1,038		47,291
Consol Energy, Inc.	60		4,374
Frontier Oil Corp.	600		28,434
Maritrans, Inc.	100		2,627
Murphy Oil Corp.	1,400		79,800
Newfield Exploration Co.*	1,100		57,640
Noble Energy, Inc.	1,200		55,536
Pogo Producing Co.	320		19,197
Range Resources Corp.	1,650		49,285
St. Mary Land & Exploration Co.	100		4,364
Swift Energy Co.*	400		19,768
Tesoro Corp.	300		21,741
Teton Energy Corp.*	500		4,365
			473,618
Total Energy			1,014,191
Financials (20.1%)
Capital Markets (2.0%)
A.G. Edwards, Inc.	1,590		75,636
Affiliated Managers Group, Inc.*	1,600		148,480
American Capital Strategies Ltd.	700		24,885
American Physicians Service Group	200		2,596
Apollo Investment Corp.	4,500		82,035
MCG Capital Corp.	1,139		17,769
Raymond James Financial, Inc.	200		8,512
SWS Group, Inc.	330		7,666
			367,579
Commercial Banks (3.2%)
Amcore Financial, Inc.	400		12,132
Bank of Hawaii Corp.	1,300		67,873
Beverly Hills Bancorp, Inc.	30		320
Britton & Koontz Capital Corp.	200		4,260
Brunswick Bancorp*.	20		237
Central Pacific Financial Corp.	700		25,760
City National Corp.	100		7,497
Codorus Valley Bancorp, Inc.	96		1,848
Commerce Bancorp, Inc./New Jersey	1,690		56,514
Community Bank Shares of Indiana, Inc.	10		233
Community West Bancshares	200		2,838
Cowlitz Bancorp*	200		2,760
Desert Community Bank/California	20		774
Farmers Capital Bank Corp.	200		6,628
Financial Institutions, Inc.	259		5,418
First Citizens BancShares, Inc./ North Carolina, Class A	100		19,206
First Indiana Corp.	400		13,372
FNB Corp./North Carolina	200		4,050
FNB Corp./Virginia	13		448
Habersham Bancorp	110		2,660
HF Financial Corp.	220		4,301
Integra Bank Corp.	30		663
Intervest Bancshares Corp.*	200		5,770
Leesport Financial Corp.	200		4,832
National Mercantile Bancorp*	200		3,702
North Fork Bancorp, Inc.	5,150		132,458
Peoples Banctrust Co., Inc.	110		2,035
Renasant Corp.	220		7,447
Republic First Bancorp, Inc.*	336		4,670
SVB Financial Group*	440		21,771
TD Banknorth, Inc.	1,700		49,266
UnionBanCal Corp.	800		53,672
UnionBancorp, Inc.	200		4,180
United Bancorp Inc/ Martins Ferry Ohio	38		456
United Bancshares, Inc.	100		1,556
United Security Bancshares/Alabama	50		1,482
Zions Bancorp.	800		63,256
			596,345
Consumer Finance (0.3%)
Advanta Corp., Class A	700		22,750
CompuCredit Corp.*	409		16,425
Consumer Portfolio Services*	600		3,750
EZCORP, Inc., Class A*	300		6,147
			49,072
Diversified Financial Services (0.6%)
California First National Bancorp.	100		1,350
CIT Group, Inc.	2,100		112,014
Delta Financial Corp.	300		2,793
			116,157
Insurance (7.6%)
Ambac Financial Group, Inc.	1,600		122,896
American National Insurance Co.	300		35,550
AmerUs Group Co.	1,200		73,644
Assurant, Inc.	2,840		130,413
CNA Financial Corp.*	200		6,324
Everest Reinsurance Group Ltd.	700		67,655
FBL Financial Group, Inc., Class A	400		13,340
First America Corp.	442		20,694
Gallagher (Arthur J.) & Co.	2,950		86,022
Great American Financial Resources, Inc.	510		11,654
Harleysville Group, Inc.	400		11,024
HCC Insurance Holdings, Inc.	150		4,659
Horace Mann Educators Corp.	900		17,631
Independence Holding Co.	340		7,667
Kansas City Life Insurance Co.	200		10,082
KMG America Corp.*	500		4,500
Max Reinsurance Capital Ltd.	1,081		28,657
Mercer Insurance Group, Inc.*	200		3,296
Merchants Group, Inc.	200		5,980
Midland Co.	300		11,190
National Western Life Insurance Co., Class A*	140		30,240

23

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
Old Republic International Corp.	7,859	$	168,576
Platinum Underwriters Holdings Ltd.	2,200		67,430
Presidential Life Corp.	600		12,882
Reinsurance Group of America, Inc.	3,100		150,350
Scottish Annuity & Life Holdings Ltd.	1,000		24,620
Selective Insurance Group, Inc.	700		40,600
Stancorp Financial Group, Inc.	1,200		59,700
Stewart Information Services Corp.	10		535
Unico American Corp.*	200		1,880
United America Indemnity Ltd.*	610		12,901
UnumProvident Corp.	2,600		52,858
Willis Group Holdings Ltd.	3,100		107,601
			1,403,051
Real Estate (3.7%)
AMLI Residential Properties Trust (REIT)	690		26,137
Ashford Hospitality Trust, Inc. (REIT)	1,000		12,240
Avatar Holdings, Inc.*	50		2,858
Boykin Lodging Co., (REIT)*	420		5,460
CB Richard Ellis Group, Inc., Class A*	800		50,496
Commercial Net Lease Realty (REIT)	310		7,108
Crescent Real Estate EQT Co. (REIT)	1,900		40,261
Eagle Hospitality Properties Trust, Inc. (REIT)	100		852
Entertainment Properties Trust (REIT)	300		13,038
Equity Inns, Inc. (REIT)	1,000		15,800
Gladstone Commercial Corp. (REIT)	50		900
Highland Hospitality Corp. (REIT)	1,400		16,884
HRPT Properties Trust (REIT)	5,300		56,869
ILX Resorts, Inc.	200		2,018
Investors Real Estate Trust (REIT)	728		7,047
KKR Financial Corp. (REIT)	2,600		58,214
LTC Properties, Inc. (REIT)	600		13,542
Mission West Properties, Inc. (REIT)	600		6,324
Monmouth (REIT)	20		164
National Health Investors, Inc. (REIT)	1,300		35,620
National Health Realty, Inc. (REIT).	200		4,028
New Plan Excel Realty Trust (REIT)	2,460		60,639
PS Business Parks, Inc., Class A (REIT)	500		27,425
Reckson Associates Realty Corp. (REIT)	500		19,965
SL Green Realty Corp. (REIT)	1,000		84,040
Strategic Hotel Capital, Inc. (REIT).	910		19,474
Sunstone Hotel Investors, Inc. (REIT)	800		23,600
Tarragon Corp.*	100		2,040
Trizec Properties, Inc. (REIT)	2,800		65,212
Urstadt Biddle Properties, Inc. (REIT)	400		6,708
Wellsford Real Properties, Inc.	200		1,130
Windrose Medical Properties Trust (REIT)	50		735
Winthrop Realty Trust (REIT)*	580		3,248
			690,076
Thrifts & Mortgage Finance (2.7%)
Accredited Home Lenders Holding Co.*	490		25,740
Berkshire Hills Bancorp, Inc.	186		6,160
Capital Crossing Bank*	100		3,496
Capital Title Group, Inc.	168		959
CFS Bancorp, Inc.	10		149
CORUS Bankshares, Inc.	493		31,655
First Defiance Financial Corp.	300		8,106
First Financial Holdings, Inc.	25		777
First Niagara Financial Group, Inc.	2,327		32,113
First Place Financial Corp./Ohio	39		938
FirstFed Financial Corp.*	410		25,707
Franklin Bank Corp.*	115		1,985
IndyMac Bancorp, Inc.	1,000		40,860
ITLA Capital Corp.*	102		4,753
New Hampshire Thrift Bancshares, Inc.	200		3,043
Northeast Bancorp.	200		4,760
Park Bancorp, Inc.	200		6,567
Peoples Bank/Connecticut	1,865		57,237
PFF Bancorp, Inc.	500		15,825
Provident Financial Holdings, Inc.	167		4,821
Radian Group, Inc.	2,700		154,521
TF Financial Corp.	200		5,670
United Community Financial Corp./Ohio	117		1,502
Washington Savings Bank F.S.B/Maryland	40		336
Webster Financial Corp.	1,400		65,940
			503,620
Total Financials			3,725,900
Health Care (8.4%)
Biotechnology (0.7%)
Charles River Laboratories International, Inc.*	1,590		73,347
Kendle International, Inc.*	400		9,988
United Therapeutics Corp.*	494		31,947
Viropharma, Inc.*	610		14,158
			129,440
Health Care Equipment & Supplies (3.7%)
Allied Healthcare Products*	200		1,118
Beckman Coulter, Inc.	1,450		86,348
Bio-Rad Laboratories, Inc., Class A*	500		33,700
Cooper Cos., Inc.	700		38,801
Dade Behring Holdings, Inc.	1,300		50,869
Datascope Corp.	290		10,179
DJ Orthopedics, Inc.*	500		16,415
Edwards Lifesciences Corp.*	1,900		81,586
Hillenbrand Industries, Inc.	1,600		78,752
Span-America Medical Systems, Inc.	200		2,674
Thermo Electron Corp.*	3,750		126,150
Thoratec Corp.*	280		7,084
Varian, Inc.*	3,550		136,213
Viasys Healthcare, Inc.*	800		22,656
			692,545
Health Care Providers & Services (1.0%)
Alderwoods Group, Inc.*	1,100		19,008
Allied Healthcare International, Inc.*	90		604
Almost Family , Inc.*	200		2,972
American Shared Hospital Services	120		834
Carriage Services, Inc.*	500		2,500
Coventry Health Care, Inc.*	650		38,720
Health Net, Inc.*	200		9,874
Horizon Health Corp.*	20		466
IMS Health, Inc.	2,400		59,040
Manor Care, Inc.	400		15,640
Matria Healthcare, Inc.*	221		9,430
Medcath Corp.*	100		1,932
Merge Technologies, Inc.*	183		4,831

24

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
NWH, Inc.	200	$	2,312
Pediatrix Medical Group, Inc.*	160		14,029
RehabCare Group, Inc.*	200		3,836
Trizetto Group*	30		551
			186,579
Pharmaceuticals (3.0%)
Alpharma, Inc., Class A	100		3,345
Barr Pharmaceuticals, Inc.*	1,500		98,370
Endo Pharmaceuticals Holdings, Inc.*	5,100		146,370
Impax Laboratories, Inc.*	5,900		59,295
Par Pharmaceutical Cos., Inc.*	2,250		74,430
Schiff Nutrition International, Inc.*	300		1,320
Theravance, Inc.*	2,800		76,692
Valeant Pharmaceuticals International	4,850		87,106
			546,928
Total Health Care			1,555,492
Industrials (14.8%)
Aerospace & Defense (1.7%)
Alliant Techsystems, Inc.*	1,650		127,875
BE Aerospace, Inc.*	480		10,089
Esterline Technologies Corp.*	700		28,959
Goodrich Corp.	3,200		125,984
Ladish Co., Inc.*	10		243
Sequa Corp., Class A*	300		24,465
Triumph Group, Inc.*	130		5,494
			323,109
Air Freight & Logistics (0.1%)
CNF, Inc.	240		12,300
Airlines (0.3%)
Alaska Air Group, Inc.*	800		25,544
Continental Airlines, Inc., Class B*	1,500		31,365
Republic Airways Holdings, Inc.*	233		3,455
			60,364
Building Products (0.6%)
Griffon Corp.*	740		17,464
International Aluminum Corp.	200		7,856
Lennox International, Inc.	1,400		44,730
Universal Forest Products, Inc.	600		34,362
			104,412
Commercial Services & Supplies (1.9%)
ABM Industries, Inc.	40		764
Adesa, Inc.	700		17,920
Amrep Corp.*	200		5,714
Banta Corp.	120		6,135
CBIZ, Inc.*	2,100		12,579
CDI Corp.	220		5,999
Corrections Corp. of America*	600		25,470
CPI Corp.	60		1,194
Ecology And Environment, Inc.	200		1,910
Electro Rent Corp.*	40		679
IKON Office Solutions, Inc.	500		5,910
Kelly Services, Inc., Class A	500		13,390
Layne Christensen Co.*	400		12,060
Mac-Gray Corp.*	400		4,960
Manpower, Inc.	20		1,077
Monster Worldwide, Inc.*	400		17,064
Nashua Corp.*	200		1,478
Nobel Learning Communities, Inc.*	300		2,835
R.R. Donnelley & Sons Co. (New York Exchange)	2,400		78,240
RCM Technologies, Inc.*	300		1,716
SOURCECORP, Inc.*	400		10,528
Steelcase, Inc., Class A	1,600		26,960
TeleTech Holdings, Inc.*	800		9,328
United Stationers, Inc.*	1,400		70,042
Vertrue, Inc.*	200		8,652
Waste Industries USA, Inc.	400		6,016
West Corp.*	87		3,552
Willis Lease Finance Corp.*	230		2,141
			354,313
Construction & Engineering (1.4%)
EMCOR Group, Inc.*	1,305		107,036
Granite Construction, Inc.	600		24,288
McDermott International, Inc.*	400		20,800
Michael Baker Corp.*	300		8,040
Shaw Group, Inc.*	1,380		49,156
URS Corp.*	1,200		51,336
			260,656
Electrical Equipment (1.0%)
Acuity Brands, Inc.	2,100		79,569
Channell Commercial Corp.*	300		1,155
Espey Manufacturing & Electronics Corp.	400		6,800
Genlyte Group, Inc.*	1,000		57,840
Preformed Line Products Co.	200		8,678
Regal Beloit Corp.	500		18,445
SL Industries, Inc.*	200		3,150
Thomas & Betts Corp.*	130		5,804
			181,441
Industrial Conglomerates (1.1%)
Carlisle Cos., Inc.	750		52,058
Standex International Corp.	500		15,460
United Capital Corp.*	400		10,400
Walter Industries, Inc.	2,000		126,500
			204,418
Machinery (5.4%)
Albany International Corp.	620		22,940
Ampco-Pittsburgh Corp.	10		194
Astec Industries, Inc.*	500		19,225
Baldwin Technology Co.*	300		1,485
Cummins, Inc.	600		58,380
Dover Corp.	3,115		143,072
Hardinge, Inc.	300		5,385
Harsco Corp.	100		7,922
Intermec, Inc.*	200		6,974
JLG Industries, Inc.	200		10,896
Joy Global, Inc.	310		16,752
Kennametal, Inc.	2,000		117,000
Lydall, Inc.*	100		900
Nacco Industries, Inc., Class A	100		13,684
Oshkosh Truck Corp.	400		19,724
Parker-Hannifin Corp.	1,200		90,924
Pentair, Inc.	3,550		136,320
Robbins & Myers, Inc.	300		7,074
SPX Corp.	1,850		88,264
Terex Corp.*	900		63,450
Timken Co.	1,700		61,489
Trinity Industries, Inc.	1,800		91,890
Twin Disc, Inc.	200		11,410
			995,354
Marine (0.0%)
B&H Ocean Carriers Ltd.*	300		5,685
Road & Rail (0.7%)
Arkansas Best Corp.	700		29,967
Swift Transportation Co., Inc.*	200		4,726
Werner Enterprises, Inc.	216		4,655
YRC Worldwide, Inc.*	1,700		84,728
			124,076

25

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
Trading Companies & Distributors (0.5%)
Grainger (W.W.), Inc.	1,220	$	86,535
Huttig Building Products, Inc.*	100		896
Industrial Distribution Group, Inc.*	300		2,355
Interline Brands, Inc.*	280		7,112
			96,898
Transportation Infrastructure (0.1%)
Macquarie Infrastructure Co. Trust	490		16,023
Total Industrials			2,739,049
Information Technology (21.1%)
Communications Equipment (1.4%)
Andrew Corp.*	8,250		107,002
Applied Innovation, Inc.*	400		1,468
Arris Group, Inc.*	6,862		80,697
Black Box Corp.	477		24,151
CommScope, Inc.*	400		8,844
Communications Systems, Inc.	10		114
SafeNet, Inc.*	650		20,423
Superior Essex, Inc.*	248		5,677
			248,376
Computers & Peripherals (2.8%)
Advanced Digital Information Corp.*	1,551		15,526
Avid Technology, Inc.*	2,720		135,102
Dataram Corp.	10		53
Diebold, Inc.	3,790		148,227
Hypercom Corp.*	150		1,006
Imation Corp.	500		22,665
M-Systems Flash Disk Pioneers Ltd.*	300		8,694
NCR Corp.*	1,300		48,295
Printronix, Inc.	300		4,488
QLogic Corp.*	900		35,703
Seagate Technology*	3,800		99,104
			518,863
Electronic Equipment & Instruments (5.2%)
Anixter International, Inc.	1,600		74,064
Arrow Electronics, Inc.*	6,130		210,627
Avnet, Inc.*	1,600		39,120
Bonso Electronic International, Inc.	200		1,076
Celestica, Inc.*	7,435		74,201
CTS Corp.	490		6,032
Flextronics International Ltd.*	5,600		58,576
Gerber Scientific, Inc.*	350		3,892
LeCroy Corp.*	32		454
O.I. Corp.*	200		2,548
Perceptron, Inc.*	300		2,100
Spectrum Control, Inc.*	100		719
Sypris Solutions, Inc.	226		2,258
Tektronix, Inc.	6,035		178,033
Vishay Intertechnology, Inc.*	19,630		310,743
			964,443
Internet Software & Services (0.1%)
Digital Insight Corp.*	50		1,794
EarthLink, Inc.*	120		1,370
Interwoven, Inc.*	100		951
SonicWALL, Inc.*	1,362		11,223
Vignette Corp.*	200		3,388
			18,726
IT Services (0.8%)
BearingPoint, Inc.*	5,900		48,498
CheckFree Corp.*	120		6,218
Computer Task Group, Inc.*	385		1,598
Convergys Corp.*	700		12,040
EdgewaterTechnology, Inc.*	300		1,941
Inforte Corp.*	30		124
Intrado, Inc.*	220		5,597
Lightbridge, Inc.*	100		975
MPS Group, Inc.*	2,100		29,841
SYKES Enterprises, Inc.*	629		8,177
Tier Technologies, Inc., Class B*	100		742
Unisys Corp.*	5,100		34,119
			149,870
Semiconductors & Semiconductor Equipment (9.6%)
Advanced Power Technology, Inc.*	10		151
Analog Devices, Inc.	3,800		151,126
Cypress Semiconductor Corp.*	7,550		127,821
DSP Group, Inc.*	400		11,740
Exar Corp.*	570		7,678
Fairchild Semiconductor International, Inc.*	6,800		135,660
Freescale Semiconductor, Inc., Class B*	4,750		119,938
International Rectifier Corp.*	1,200		43,644
Intersil Corp., Class A	485		14,094
IXYS Corp.*	40		430
Lam Research Corp.*	4,750		220,542
LSI Logic Corp.*	10,650		97,448
MEMC Electronic Materials, Inc.*	1,770		50,587
Micron Technology, Inc.*	8,300		121,844
Microsemi Corp.*	1,053		32,053
National Semiconductor Corp.	5,350		150,923
Novellus Systems, Inc.*	5,050		143,167
ON Semiconductor Corp.*	3,100		23,281
Portalplayer, Inc.*	400		11,796
Semitool, Inc.*	190		2,594
Teradyne, Inc.*	11,800		205,556
Varian Semiconductor Equipment Associates, Inc.*	2,200		108,966
			1,781,039
Software (1.2%)
BMC Software, Inc.*	3,100		68,510
ePlus, Inc.*	300		4,242
Pervasive Software, Inc.*	190		817
Reynolds & Reynolds Co.	1,900		53,960
SPSS, Inc.*	400		12,896
Sybase, Inc.*	2,500		53,975
Trident Microsystems, Inc.*	1,047		27,348
			221,748
Total Information Technology			3,903,065
Materials (6.1%)
Chemicals (2.8%)
Albemarle Corp.	1,100		48,147
American Pacific Corp.*	100		682
Arch Chemicals, Inc.	500		15,500
Atlantis Plastics, Inc.*	100		893
Cambrex Corp.	100		2,211
Cytec Industries, Inc.	3,310		164,176
Engelhard Corp.	1,700		68,510
Huntsman Corp.*	3,600		77,832
International Flavors & Fragrances, Inc.	2,550		84,048
LESCO, Inc.*	124		1,771
Material Sciences Corp.*	100		1,390
RPM International, Inc.	1,070		20,223
Schulman (A.), Inc.	1,000		24,650
Scotts Miracle-Gro Co., Class A	100		4,950
Westlake Chemical Corp.	100		3,140
			518,123
Construction Materials (0.5%)
Ameron International Corp.	300		16,170
Eagle Materials, Inc.	400		65,156
Rinker Group Ltd.	508		6,448

26

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Number of Shares		Value (Note 1)
U.S. Concrete, Inc.*		280	$	3,394
				91,168
Containers & Packaging (1.2%)
Greif, Inc., Class A		100		6,512
Mod-Pac Corp.*		10		120
Pactiv Corp.*		5,000		111,200
Smurfit-Stone Container Corp.*		3,900		49,881
Sonoco Products Co.		40		1,239
Temple-Inland, Inc.		1,400		65,660
				234,612
Metals & Mining (1.6%)
A.M. Castle & Co.		10		301
Allegheny Technologies, Inc.		1,700		88,145
Foundation Coal Holdings, Inc.		400		17,784
Gibraltar Industries, Inc.		400		10,812
GrafTech International Ltd.*		7,682		57,385
Grupo Imsa S.A. de C.V.		6,900		23,820
Inco Ltd.		1,500		76,920
Ryerson Tull, Inc.		400		12,352
Titanium Metals Corp.*		60		4,541
				292,060
Total Materials				1,135,963
Telecommunication Services (0.6%)
Diversified Telecommunication Services (0.2%)
Citizens Communications Co.		1,500		18,405
CT Communications, Inc.		559		7,647
D&E Communications, Inc.		336		3,431
General Communication, Inc., Class A*		500		5,425
Golden Telecom, Inc.		300		8,694
Valor Communications Group, Inc.		610		7,192
				50,794
Wireless Telecommunication Services (0.4%)
EMS Technologies, Inc.*		335		5,755
Syniverse Holdings, Inc.*		380		9,124
Telephone & Data Systems, Inc.		1,560		55,774
				70,653
Total Telecommunication Services				121,447
Utilities (4.4%)
Electric Utilities (3.3%)
Alliant Energy Corp.		2,500		74,150
CH Energy Group, Inc.		500		23,450
Cleco Corp.		320		7,018
Duquesne Light Holdings, Inc.		2,400		43,152
Northeast Utilities		1,600		31,808
Pepco Holdings, Inc.		3,500		80,535
Pinnacle West Capital Corp.		1,700		72,437
PPL Corp.		3,800		114,494
UIL Holdings Corp.		340		16,435
Unitil Corp.		100		2,459
Westar Energy, Inc.		2,500		51,500
Wisconsin Energy Corp.		2,100		87,171
				604,609
Gas Utilities (0.6%)
Chesapeake Utilities Corp.		70		2,209
Nicor, Inc.		1,000		40,900
South Jersey Industries, Inc.		1,000		29,400
UGI Corp.		1,800		38,646
				111,155
Multi-Utilities & Unregulated Power (0.4%)
MDU Resources Group, Inc.		900		32,580
Vectren Corp.		1,800		49,248
				81,828
Water Utilities (0.1%)
SJW Corp.		300		15,300
Southwest Water Co.		426		6,629
				21,929
Total Utilities				819,521
Total Common Stocks (98.8%) (Cost $14,780,373)				18,321,003
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.6%)
JPMorgan Chase Nassau
3.98%, 2/1/06 (Amortized Cost $286,757)	$	286,757		286,757
Total Investments (100.4%) (Cost/Amortized Cost $15,067,130)				18,607,760
Other Assets Less Liabilities (-0.4%)				(72,964	)
Net Assets (100%)			$	18,534,796

* Non-income producing.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

27

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2006 (Unaudited)

Investment security transactions for the three months ended January 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	3,056,835
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	3,712,298
As of January 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	3,743,549
Aggregate gross unrealized depreciation		(280,658	)
Net unrealized appreciation	$	3,462,891
Federal income tax cost of investments	$	15,144,869

For the three months ended January 31, 2006, the Fund incurred approximately $4 as brokerage commissions with Advest, Inc., and $2 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

See Notes to Financial Statements.

28

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (1.5%)
BHP Billiton Ltd.	10,132	$	197,740
BlueScope Steel Ltd.	16,800		99,507
CSL Ltd.	7,422		244,225
Macquarie Airports	35,200		82,810
Macquarie Infrastructure Group	34,200		91,323
Promina Group Ltd.	3,200		12,418
			728,023
Austria (1.1%)
Erste Bank der oesterreichischen Sparkassen AG	4,184		233,201
Erste Bank der oesterreichischen Sparkassen AG §	315		17,557
Erste Bank der oesterreichischen Sparkassen AG (Rights Issue)*	1,429		78,571
OMV AG	3,000		211,834
			541,163
Belgium (1.5%)
Delhaize Group	3,500		240,128
Dexia	6,873		168,837
Fortis	6,683		233,392
KBC Groep N.V.	700		70,253
			712,610
Brazil (2.2%)
Cia Vale do Rio Doce (ADR)	8,574		439,589
Petroleo Brasileiro S.A. (ADR)	3,728		352,296
Unibanco-Uniao de Bancos Brasileiros S.A. (ADR)	3,061		257,797
			1,049,682
Canada (4.2%)
Canadian National Railway Co.	4,662		421,398
Canadian Natural Resources Ltd.	5,000		308,755
EnCana Corp.	2,200		109,202
Shoppers Drug Mart Corp.	13,433		500,521
Talisman Energy, Inc.	8,247		499,884
Teck Cominco Ltd. Class B	2,800		179,932
			2,019,692
Finland (0.4%)
Nokia Oyj	11,310		206,693
France (9.1%)
Assurances Generales de France	2,300		237,954
BNP Paribas	2,753		245,374
Cie De Saint-Gobain	3,555		232,893
Credit Agricole S.A.	5,972		210,665
Imerys S.A.	1,556		128,105
JC Decaux S.A.*	6,634		164,658
Lafarge S.A	1,761		185,184
LVMH Moet Hennessy Louis Vuitton S.A.	2,774		250,109
Renault S.A.	3,300		311,358
Sanofi-Aventis	3,335		305,549
Societe Generale	1,800		237,590
Total S.A.	3,472		957,886
Vallourec	236		165,354
Veolia Environnement	8,350		422,407
Vinci S.A.	3,630		337,425
			4,392,511
Germany (7.0%)
BASF AG*	1,291		101,679
Bayerische Motoren Werke (BMW) AG	3,797		171,656
Continental AG	9,284		903,012
Deutsche Post AG	5,962		167,888
E.ON AG	2,500		279,076
Hypo Real Estate Holding AG	6,716		437,936
MAN AG	3,100		178,015
Metro AG	4,122		209,223
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)	1,800		244,213
RWE AG	2,710		223,179
SAP AG	850		173,918
Schering AG	1,772		121,143
Siemens AG	2,260		205,988
			3,416,926
Hong Kong (1.4%)
CNOOC Ltd. (ADR)	1,991		171,405
Esprit Holdings Ltd.	29,500		256,507
Shangri-La Asia Ltd.	141,040		229,091
			657,003
India (0.7%)
ICICI Bank Ltd. (ADR)	10,607		333,272
Ireland (0.6%)
Anglo Irish Bank Corp. plc	10,637		167,785
Bank of Ireland	6,560		112,477
			280,262
Italy (2.4%)
Buzzi Unicem S.p.A.	3,900		72,789
ENI S.p.A.	24,126		728,889
Mediaset S.p.A.	8,800		102,904
Recordati S.p.A.	9,100		65,196
UniCredito Italiano S.p.A.	24,600		175,497
			1,145,275
Japan (23.0%)
Advantest Corp.	2,100		258,318
Astellas Pharma, Inc.	4,300		178,149
Canon, Inc.	9,100		550,361
Circle K Sunkus Co., Ltd.	2,000		47,751
Credit Saison Co., Ltd.	6,400		287,567
Daikin Industries Ltd.	4,500		147,995
East Japan Railway Co.	25		174,049
Fanuc Ltd.	3,156		278,490
Hirose Electric Co., Ltd.	600		91,283
Hitachi Ltd.	13,000		91,838
Honda Motor Co., Ltd.	8,300		472,199
Hoya Corp.	4,800		192,713
Itochu Corp.	21,000		178,670
Japan Tobacco, Inc.	16		248,751
JFE Holdings, Inc.	7,400		266,126
Kao Corp.	4,000		115,491
Kobe Steel Ltd.	58,000		199,171
Kyocera Corp.	1,500		133,900
Leopalace21 Corp.	6,569		239,607
Matsushita Electric Industrial Co., Ltd.	4,000		87,131
Misawa Homes Holdings, Inc.*	2,900		166,224
Mitsubishi Corp.	9,600		224,696
Mitsubishi UFJ Financial Group, Inc.	50		721,821
Mitsui Chemicals, Inc.	17,000		128,809
Mitsui Fudosan Co., Ltd.	2,000		42,199
Mitsui O.S.K. Lines Ltd.	8,000		72,643
Murata Manufacturing Co., Ltd.	3,600		261,393
Nidec Corp.	1,100		101,012
Nikko Cordial Corp.	9,000		143,305
Nintendo Co., Ltd.	600		82,467
Nippon Electric Glass Co., Ltd.	13,000		343,143

29

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
Nippon Mining Holdings, Inc.	14,500	$	119,280
Nippon Telegraph & Telephone Corp.	15		69,705
Nissan Motor Co., Ltd.	7,200		81,186
Nitto Denko Corp.	2,300		195,097
Oji Paper Co., Ltd.	2,000		11,703
ORIX Corp.	1,600		414,812
Rengo Co. Ltd.	6,000		35,570
Sanyo Shinpan Finance Co., Ltd.	1,400		87,541
Secom Co., Ltd.	2,000		103,703
Sega Sammy Holdings, Inc.	9,290		334,096
Seiyu Ltd.*	73,000		231,350
Sharp Corp.	2,000		36,646
Shin-Etsu Chemical Co., Ltd.	2,500		142,442
SMC Corp.	800		122,804
Sony Corp.	500		24,345
Sumitomo Corp.	17,000		233,076
Sumitomo Heavy Industries Ltd.	20,000		178,704
Sumitomo Metal Industries Ltd.	43,000		174,843
Sumitomo Mitsui Financial Group, Inc.	36		421,304
Sumitomo Realty & Development Co., Ltd.	12,000		272,669
Takefuji Corp.	1,020		61,515
Tokyo Electric Power Co., Inc.	5,800		146,158
Tokyo Gas Co., Ltd.	29,000		135,010
Toyota Motor Corp.	14,000		727,117
Yamada Denki Co., Ltd.	2,000		258,318
			11,146,266
Luxembourg (1.0%)
Arcelor	11,580		406,380
SES Global S.A.	5,600		103,361
			509,741
Mexico (3.5%)
America Movil S.A. de C.V. (ADR)	19,665		663,301
Cemex S.A. de C.V. (ADR)	10,128		668,245
Fomento Economico Mexicano S.A.de C.V. (ADR)	1,400		109,676
Grupo Televisa S.A. (ADR)	3,113		260,091
			1,701,313
Netherlands (4.2%)
ABN AMRO Holding N.V.	13,826		383,626
European Aeronautic Defence & Space Co.	4,740		185,624
ING Groep N.V. (CVA)	18,131		646,624
Koninklijke (Royal) Philips Electronics N.V.	9,149		308,625
Reed Elsevier N.V.	11,401		160,178
Royal Dutch Shell plc, Class A	2,800		95,269
Royal Dutch Shell plc, Class B	3,993		143,075
Wolters Kluwer N.V., Class C (CVA)	5,373		118,875
			2,041,896
Singapore (1.0%)
CapitaLand Ltd.	100,000		244,023
Flextronics International Ltd.*	3,300		34,518
Singapore Telecommunications Ltd.	141,928		222,145
			500,686
South Korea (1.0%)
Samsung Electronics Co., Ltd.	645		494,791
Spain (2.1%)
Altadis S.A.	5,833		242,310
Banco Bilbao Vizcaya Argentaria S.A.	3,482		70,273
Banco Popular Espanol S.A.	13,660		170,849
Endesa S.A.	8,700		250,376
Repsol YPF S.A.	7,700		208,601
Union Fenosa S.A.	1,700		63,994
			1,006,403
Sweden (1.9%)
Nordea Bank AB	2,200		23,618
Telefonaktiebolaget LM Ericsson (ADR)*	18,936		690,785
Telefonaktiebolaget LM Ericsson, Class B	55,600		200,055
			914,458
Switzerland (8.9%)
ABB Ltd.*	30,489		330,807
Adecco S.A.	3,164		176,340
Credit Suisse Group	5,000		291,351
Holcim Ltd. (Registered)	2,470		186,537
Lonza Group AG (Registered)	5,951		373,941
Micronas Semiconductor Holding AG (Registered)*	1,100		37,351
Nestle S.A. (Registered)	932		272,813
Novartis AG (Registered)	5,684		311,464
Roche Holding AG	5,972		941,647
UBS AG (Registered)	8,715		945,582
Xstrata plc	7,360		206,292
Zurich Financial Services AG*	1,090		238,233
			4,312,358
United Kingdom (19.0%)
ARM Holdings plc	70,613		166,293
Aviva plc	17,208		220,362
BAE Systems plc	26,300		194,924
Barclays plc	48,482		517,879
BG Group plc	22,870		258,115
BHP Billiton plc	2,200		40,607
BP plc	27,100		325,604
British American Tobacco plc	9,400		211,679
British Land Co. plc	6,199		126,594
Carphone Warehouse Group plc	36,504		162,201
Centrica plc	28,860		136,828
Corus Group plc	77,300		95,829
Diageo plc	16,312		242,519
Enterprise Inns plc	25,176		413,459
Friends Provident plc	43,460		155,260
George Wimpey plc	4,700		42,958
GlaxoSmithKline plc	23,322		596,071
HBOS plc	14,750		259,144
HSBC Holdings plc	25,600		428,031
Intercontinental Hotels Group plc	6,642		102,233
International Power plc*	29,800		143,668
J Sainsbury plc	29,512		157,884
Kingfisher plc	30,661		129,426
Lloyds TSB Group plc	16,800		152,134
Mitchells & Butlers plc	17,200		124,422
National Grid plc	10,312		105,478
Persimmon plc	3,300		73,726
Punch Taverns plc	8,120		124,982
Reckitt Benckiser plc	12,957		425,118
Royal & Sun Alliance Insurance Group plc	53,200		118,667
Royal Bank of Scotland Group plc	17,576		543,554
SABMiller plc	5,500		111,831
Schroders plc	4,934		96,289

30

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2006 (Unaudited)

	Number of Shares		Value (Note 1)
Smith & Nephew plc		15,271	$	151,452
Standard Chartered plc		7,845		194,509
Stolt Offshore S.A.*		15,360		193,801
Tate & Lyle plc		5,000		51,188
Tesco plc		51,042		288,488
Trinity Mirror plc		6,600		71,791
Vodafone Group plc		280,130		587,509
Whitbread plc		3,085		58,258
William Morrison Supermarkets plc		51,483		171,111
Wolseley plc		11,001		264,743
WPP Group plc		14,679		162,800
				9,199,419
Total Common Stocks (97.7%) (Cost $37,560,831)				47,310,443
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.7%)
JPMorgan Chase Nassau
3.98%, 2/1/06 (Amortized Cost $ 842,898)	$	842,898		842,898
Total Investments (99.4%) (Cost/Amortized Cost $38,403,729)				48,153,341
Other Assets Less Liabilities (0.6%)				294,677
Net Assets (100.0%)			$	48,448,018

Market Sector Diversification
As A Percentage of Total Net Assets
Consumer Discretionary	14.5	%
Consumer Staples	7.9
Energy	9.9
Financials	24.8
Health Care	6.0
Industrials	9.8
Information Technology	8.5
Materials	9.4
Telecommunications Services	3.2
Utilities	3.7
Cash and Other	2.3
	100.0	%

* Non-income producing.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At January 31, 2006, the market value of these securities amounted to $17,557 or 0.04% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

Glossary:

ADR — American Depositary Receipt

CVA — Dutch Certification

At January 31, 2006 the Portfolio had the following futures contracts open:

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 1/31/06		Unrealized Appreciation
Dow Jones Euro Stock 50 Index	2	March-06	$	89,024	$	89,980	$	956

Investment security transactions for the three months ended January 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	6,639,740
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	6,536,482
As of January 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	9,789,636
Aggregate gross unrealized depreciation		(217,869	)
Net unrealized appreciation	$	9,571,767
Federal income tax cost of investments	$	38,581,574

See Notes to Financial Statements.

31

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

PORTFOLIO OF INVESTMENTS

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (5.7%)
Auto Components (0.1%)
Toyota Industries Corp.	1,800	$	65,348
Hotels, Restaurants & Leisure (0.3%)
Ctrip.com International Ltd. (ADR)*	3,220		199,382
Household Durables (0.6%)
Matsushita Electric Industrial Co., Ltd.	3,000		65,349
Sony Corp.	8,100		394,396
			459,745
Internet & Catalog Retail (2.8%)
Amazon.com, Inc.*	30		1,345
eBay, Inc.*	37,505		1,616,465
Emdeon Corp.*	18,400		171,856
Rakuten, Inc.*	110		93,965
Shanda Interactive Entertainment Ltd. (ADR)*	11,900		199,325
			2,082,956
Media (1.9%)
DreamWorks Animation SKG, Inc., Class A*	3,250		87,100
Pixar*	16,855		973,882
Usen Corp.	3,330		91,026
XM Satellite Radio Holdings, Inc., Class A*	9,010		235,882
			1,387,890
Total Consumer Discretionary			4,195,321
Energy (2.4%)
Energy Equipment & Services (2.1%)
Baker Hughes, Inc.	1,720		133,197
Cooper Cameron Corp.*	3,340		161,623
Diamond Offshore Drilling, Inc.	1,700		144,279
ENSCO International, Inc.	2,250		115,020
GlobalSantaFe Corp.	1,820		111,111
Grant Prideco, Inc.*	2,930		146,764
Halliburton Co.	550		43,752
Nabors Industries Ltd.*	1,270		103,187
National Oilwell Varco, Inc.*	880		66,942
Patterson-UTI Energy, Inc.	2,770		104,207
Schlumberger Ltd.	2,060		262,547
Smith International, Inc.	1,770		79,650
Weatherford International Ltd.*	2,400		107,472
			1,579,751
Oil & Gas (0.3%)
Valero Energy Corp.	2,900		181,047
Total Energy			1,760,798
Health Care (0.6%)
Biotechnology (0.1%)
Neurocrine Biosciences, Inc.*	1,040		63,201
Health Care Providers & Services (0.5%)
Cerner Corp.*	7,800		351,000
WellPoint, Inc.*	670		51,456
			402,456
Total Health Care			465,657
Industrials (3.7%)
Aerospace & Defense (0.0%)
United Technologies Corp.	30		1,751
Commercial Services & Supplies (2.6%)
ChoicePoint, Inc.*	6,400		263,168
Manpower, Inc.	3,450		185,714
Monster Worldwide, Inc.*	35,200		1,501,632
			1,950,514
Electrical Equipment (0.8%)
Energy Conversion Devices, Inc.*	4,160		209,498
Evergreen Solar, Inc.*	22,400		345,632
			555,130
Machinery (0.3%)
Intermec, Inc.*	4,260		148,546
Mitsubishi Heavy Industries Ltd.	14,000		63,503
			212,049
Total Industrials			2,719,444
Information Technology (83.6%)
Communications Equipment (13.1%)
ADC Telecommunications, Inc.*	4,410		111,838
Alcatel S.A.*	13,610		179,314
Arris Group, Inc.*	13,800		162,288
Ciena Corp.*	43,690		174,760
Cisco Systems, Inc.*	139,595		2,592,279
Comverse Technology, Inc.*	60		1,643
Corning, Inc.*	121,600		2,960,960
F5 Networks, Inc.*	1,300		84,110
Nokia Oyj (ADR)	54,290		997,850
QUALCOMM, Inc.	50,700		2,431,572
			9,696,614
Computers & Peripherals (9.4%)
Apple Computer, Inc.*	16,580		1,251,956
Dell, Inc.*	30,500		893,955
EMC Corp.*	140,330		1,880,422
Hewlett-Packard Co.	13,020		405,964
International Business Machines Corp.	7,500		609,750
NCR Corp.*	310		11,516
Network Appliance, Inc.*	17,700		552,240
QLogic Corp.*	6,180		245,161
SanDisk Corp.*	4,020		270,787
Sun Microsystems, Inc.*	65,420		294,390
Telvent GIT S.A.*	4,600		50,876
Western Digital Corp.*	21,900		478,734
			6,945,751
Electronic Equipment & Instruments (4.1%)
Agilent Technologies, Inc.*	19,755		669,892
Flextronics International Ltd.*	96,005		1,004,212
Hitachi Ltd.	9,000		63,580
Hon Hai Precision Industry Co., Ltd.	91,206		613,155
Jabil Circuit, Inc.*	13,500		545,400
Murata Manufacturing Co., Ltd.	1,000		72,609
Nidec Corp .	1,100		101,012
SunPower Corp., Class A*	110		4,397
			3,074,257
Internet Software & Services (8.3%)
Google, Inc., Class A*	6,305		2,731,641
Netease.com (ADR)*	4,280		305,592
SINA Corp.*	840		19,547
Tencent Holdings Ltd.	159,000		204,971
VeriSign, Inc.*	41,465		984,794
Yahoo! Japan Corp.	40		54,329
Yahoo!, Inc.*	52,800		1,813,152
			6,114,026
IT Services (3.7%)
Accenture Ltd., Class A	12,800		403,584
Automatic Data Processing, Inc.	4,550		199,927
BISYS Group, Inc.*	12,300		178,227
CheckFree Corp.*	3,080		159,605
Cognizant Technology Solutions Corp., Class A*	6,100		319,457
DST Systems, Inc.*	8,630		488,976
First Data Corp.	15,500		699,050
Greenfield Online, Inc.*	3,900		27,612
Infosys Technologies Ltd. (ADR)	1,100		83,897

32

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
Iron Mountain, Inc.*	5,100	$	212,568
			2,772,903
Office Electronics (0.1%)
Canon, Inc.	1,000		60,479
Semiconductors & Semiconductor Equipment (25.3%)
Advanced Micro Devices, Inc.*	4,260		178,324
Altera Corp.*	45,555		879,667
Applied Materials, Inc.	92,865		1,769,078
ASML Holding N.V. (N.Y. Shares)*	70,830		1,600,050
Broadcom Corp., Class A*	10,630		724,966
Chartered Semiconductor Manufacturing Ltd.*	406,000		350,259
Cypress Semiconductor Corp.*	11,700		198,081
Fairchild Semiconductor International, Inc.*	24,200		482,790
Intel Corp.	111,590		2,373,519
Lam Research Corp.*	10,850		503,765
Marvell Technology Group Ltd.*	26,500		1,813,130
Maxim Integrated Products, Inc.	3,900		160,056
Micron Technology, Inc.*	10,540		154,727
National Semiconductor Corp.	24,930		703,275
ON Semiconductor Corp.*	32,800		246,328
Samsung Electronics Co., Ltd.	1,096		840,761
Samsung Electronics Co., Ltd §	680		521,640
Samsung Electronics Co., Ltd. (GDR) §	3,135		1,202,457
STMicroelectronics N.V.	10,243		189,059
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	149,476		1,614,341
Teradyne, Inc.*	15,540		270,707
Texas Instruments, Inc.	33,085		967,075
Varian Semiconductor Equipment Associates, Inc.*	5,500		272,415
Xilinx, Inc.	25,415		715,686
			18,732,156
Software (19.6%)
Activision, Inc.*	11,930		171,076
Adobe Systems, Inc.	31,560		1,253,563
Amdocs Ltd.*	36,745		1,183,189
Autodesk, Inc.	17,450		708,295
Citrix Systems, Inc.*	10,990		338,932
Cognos, Inc.*	6,140		233,934
Compuware Corp.*	10,500		86,520
Electronic Arts, Inc.*	13,600		742,288
Mercury Interactive Corp.*	11,850		411,787
Microsoft Corp.	150,740		4,243,331
NAVTEQ Corp.*	15,870		712,722
Nintendo Co., Ltd.	590		81,093
Oracle Corp.*	101,360		1,274,095
Red Hat, Inc.*	43,070		1,246,876
Salesforce.com, Inc.*	6,770		277,909
Serena Software, Inc.*	3,600		84,996
Symantec Corp.*	57,700		1,060,526
THQ, Inc.*	5,410		142,013
TIBCO Software, Inc.*	30,500		243,695
			14,496,840
Total Information Technology			61,893,026
Telecommunication Services (0.4%)
Wireless Telecommunication Services (0.4%)
Nextel Partners, Inc., Class A*	9,700		271,503
NTT DoCoMo, Inc.	30		48,691
			320,194
Total Telecommunication Services			320,194
Utilities (0.1%)
Independent Power Producers & Energy Traders (0.1%)
Suntech Power Holdings Co. Ltd. (ADR)*	1,360		57,786
Total Utilities			57,786
Total Common Stocks (96.5%) (Cost $63,240,946)			71,412,226

	Number of Warrants
WARRANTS:
Financials (0.0%)
Diversified Financial Services (0.0%)
Merrill Lynch & Co., Inc,
$0.0001, expiring 8/02/10 *		12,100		27,619
Information Technology (0.2%)
Electronic Equipment & Instruments (0.1%)
Hon Hai Precision Industry Co., Ltd.
$0.0001, expiring 11/17/10*		5,800		38,992
Software (0.1%)
Tata Consultancy Services Ltd.
$0.0001, expiring 9/12/09 *§		2,925		110,684
Total Information Technology				149,676
Total Warrants (0.2%) (Cost $156,606)				177,295
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (2.6%)
JPMorgan Chase Nassau
3.98%, 2/1/06 (Cost/Amortized Cost $1,950,700)	$	1,950,700		1,950,700
	Number of Contracts
OPTIONS PURCHASED:
Call Options (0.6%)
Hewlett Packard Co.
January-07 @ $25.00*		290		232,000
January-07 @ $30.00*		110		51,700
Microsoft Corp.
January-07 @ $27.00*		220		64,900
January-08 @ $25.00*		220		125,400
(Cost $369,476)				474,000
Put Options (0.1%)
Nasdaq-100 Index Tracking Stock
February-06 @ $41.00*		1,194		47,760
(Cost $95,884)				47,760
Total Options Purchased (0.7%)
(Cost $465,360)				521,760
Total Investments (100.0%)
(Cost/Amortized Cost $ 65,813,612)				74,061,981
Other Assets Less Liabilities (0.0%)				16,543
Net Assets (100%)			$	74,078,524

33

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2006 (Unaudited)

* Non-income producing.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At January 31, 2006, the market value of these securities amounted to $1,834,781 or 2.48% 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.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Options written for the three months ended January 31, 2006, were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding—November 1, 2005	14		$	9,924
Options Written	—			—
Options Terminated in Closing Purchase Transactions	(14	)		(9,924	)
Options Expired	—			—
Options Exercised	—			—
Options Outstanding—January 31, 2006	—		$	—

Investment security transactions for the three months ended January 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	16,415,933
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	21,536,115

As of January 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	9,897,833
Aggregate gross unrealized depreciation		(2,263,904	)
Net unrealized appreciation	$	7,633,929
Federal income tax cost of investments	$	66,428,052

For the three months ended January 31, 2006, the Fund incurred approximately $95 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Fund has a net capital loss carryforward of $262,559,228 of which $7,945,180 expires in the year 2007, $206,262,599 expires in the year 2008, $48,249,389 expires in the year 2009 and $102,060 expires in the year 2010.

Included in the capital loss carryforward amounts are $262,505,280 of losses acquired from Enterprise Technology Fund as a result of a tax-free reorganization that occurred during the year ended 2005. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Financial Statements.

34

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

PORTFOLIO OF INVESTMENTS

January 31, 2006 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Staples (1.0%)
Food & Staples Retailing (1.0%)
CVS Corp.	3,349	$	92,968
Total Consumer Staples			92,968
Financials (0.2%)
Insurance (0.2%)
Universal American Financial Corp.*	1,059		17,442
Total Financials			17,442
Health Care (95.4%)
Biotechnology (20.0%)
Abgenix, Inc.*	1,420		31,339
Affymetrix, Inc.*	165		6,300
Alexion Pharmaceuticals, Inc.*	1,120		32,278
Amgen, Inc.*	3,875		282,449
Amylin Pharmaceuticals, Inc.*	1,675		71,020
Applera Corp.- Celera Genomics Group*	2,800		32,928
Arena Pharmaceuticals, Inc.*	594		10,080
Ariad Pharmaceuticals, Inc.*	1,252		7,737
Biogen Idec, Inc.*	1,460		65,335
Celgene Corp.*	830		59,054
Cephalon, Inc.*	800		56,712
Charles River Laboratories International, Inc.*	667		30,769
Ciphergen Biosystems, Inc.*	5,506		10,131
Coley Pharmaceutical Group, Inc.*	490		7,502
Cubist Pharmaceuticals, Inc.*	800		17,312
CV Therapeutics, Inc.*	1,700		41,837
Cytokinetics, Inc.*	4,046		28,929
Dov Pharmaceutical, Inc.*	2,132		32,918
Encysive Pharmaceuticals, Inc.*	2,670		25,285
Exelixis, Inc.*	1,450		15,631
Genentech, Inc.*	590		50,693
Genmab A/S*	200		5,238
Genmab A/S*	600		15,276
Genzyme Corp.*	1,663		117,973
Gilead Sciences, Inc.*	1,970		119,914
Human Genome Sciences, Inc.*	6,034		66,374
ICOS Corp.*	600		14,910
Idenix Pharmaceuticals, Inc.*	415		9,441
Incyte Corp.*	2,000		10,180
InterMune, Inc.*	422		8,537
Invitrogen Corp.*	300		20,664
Keryx Biopharmaceuticals, Inc.*	278		4,456
Mannkind Corp.*	649		11,747
Medarex Inc.*	271		3,789
MedImmune, Inc.*	3,116		106,318
Millennium Pharmaceuticals, Inc.*	7,762		80,259
Myogen, Inc.*	36		1,344
Nabi Biopharmaceuticals*	1,350		5,090
NPS Pharmaceuticals, Inc.*	1,668		23,686
OSI Pharmaceuticals, Inc.*	371		10,447
Panacos Pharmaceuticals Inc.*	4,346		40,201
PDL BioPharma, Inc.*	3,808		111,003
Regeneron Pharmaceuticals, Inc.*	1,600		24,368
Rigel Pharmaceuticals, Inc.*	399		3,108
Serologicals Corp.*	1,106		24,730
Serono S.A., Class B	22		16,615
Telik, Inc.*	1,070		20,533
Tercica, Inc.*	503		3,461
United Therapeutics Corp.*	300		19,401
Vertex Pharmaceuticals, Inc.*	1,762		62,939
Vion Pharmaceuticals, Inc.*	5,800		10,846
Zymogenetics, Inc.*	1,950		43,504
			1,932,591
Health Care Distributors (4.1%)
Cardinal Health, Inc.	2,603		187,520
McKesson Corp.	2,835		150,255
Omnicare, Inc.	634		31,510
PSS World Medical, Inc.*	1,464		25,986
			395,271
Health Care Equipment (16.1%)
ATS Medical, Inc.*	1,631		4,518
Baxter International, Inc.	3,700		136,345
Beckman Coulter, Inc.	234		13,935
Biomet, Inc.	2,176		82,275
Boston Scientific Corp.*	1,295		28,322
Bruker BioSciences Corp.*	2,900		14,268
Cytyc Corp.*	1,945		58,544
EPIX Pharmaceuticals, Inc.*	400		1,820
Fisher Scientific International, Inc.*	881		58,912
Guidant Corp.	1,390		102,304
Hospira, Inc.*	930		41,617
Inamed Corp.*	850		78,293
Kinetic Concepts, Inc.*	410		14,838
Kyphon, Inc.*	550		22,864
Medtronic, Inc.	5,620		317,361
Mentor Corp.	864		38,880
Olympus Corp.	1,700		45,018
ResMed, Inc.*	650		25,636
SonoSite, Inc.*	1,023		40,245
St. Jude Medical, Inc.*	2,486		122,137
Stryker Corp.	1,886		94,111
Terumo Corp.	1,300		37,202
Thermo Electron Corp.*	1,002		33,707
Varian Medical Systems, Inc.*	470		28,299
Varian, Inc.*	497		19,070
Wright Medical Group, Inc.*	812		18,124
Zimmer Holdings, Inc.*	1,140		78,603
			1,557,248
Health Care Facilities (1.1%)
HCA, Inc.	276		13,546
Kindred Healthcare, Inc.*	1,086		24,869
LifePoint Hospitals, Inc.*	1,030		31,776
Triad Hospitals, Inc.*	800		32,848
			103,039
Health Care Services (4.3%)
Caremark Rx, Inc.*	2,453		120,933
DaVita, Inc.*	264		14,454
Eclipsys Corp.*	1,948		42,973
Gen-Probe, Inc.*	149		7,514
HMS Holdings Corp.*	3,629		29,939
IMS Health, Inc.	1,900		46,740
Medco Health Solutions, Inc.*	2,177		117,776
Pharmaceutical Product Development, Inc.	591		40,885
			421,214
Health Care Supplies (1.1%)
Advanced Medical Optics, Inc.*	666		29,690
Cooper Cos., Inc.	506		28,048
Dade Behring Holdings, Inc.	400		15,652
Foxhollow Technologies, Inc.*	130		3,493
Immucor, Inc.*	969		29,118
Vnus Medical Technologies, Inc.*	219		1,989
			107,990
Managed Health Care (7.9%)
Aetna, Inc.	2,314		223,995

35

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Number of Shares			Value (Note1)
CIGNA Corp.		279		$	33,926
Coventry Health Care, Inc.*		692			41,223
Health Net, Inc.*		1,210			59,738
UnitedHealth Group, Inc.		5,101			303,101
WellPoint, Inc.*		1,316			101,069
					763,052
Pharmaceuticals (40.8%)
Abbott Laboratories		7,875			339,806
Array Biopharma, Inc.*		2,076			16,131
Astellas Pharma, Inc.		3,000			124,290
AstraZeneca plc (ADR)		2,975			144,704
AtheroGenics, Inc.*		1,100			19,525
Barr Pharmaceuticals, Inc.*		770			50,497
Biovail Corp.*		1,216			27,542
Bristol-Myers Squibb Co.		3,990			90,932
Conor Medsystems, Inc.*		1,460			34,295
Daiichi Sankyo Co., Ltd.*		4,600			95,485
Eisai Co., Ltd.		3,900			166,907
Elan Corp. plc (ADR)*		3,400			54,094
Eli Lilly & Co.		2,470			139,851
Endo Pharmaceuticals Holdings, Inc.*		726			20,836
Forest Laboratories, Inc.*		2,387			110,470
GlaxoSmithKline plc		3,800			97,122
Impax Laboratories, Inc.*		794			7,980
Ipsen*		1,772			54,654
Johnson & Johnson		669			38,494
Medicines Co.*		2,337			44,987
Medicis Pharmaceutical Corp., Class A		481			14,868
Merck & Co., Inc.		2,500			86,250
Merck KGaA		275			28,772
MGI Pharma, Inc.*		882			14,703
Mylan Laboratories, Inc.		740			14,578
Novartis AG (ADR)		1,937			106,845
Novartis AG (Registered)		2,700			147,951
Novo-Nordisk A/S, Class B		350			19,587
Pfizer, Inc.		11,767			302,177
Roche Holding AG		2,052			323,553
Salix Pharmaceuticals Ltd.*		157			2,730
Sanofi-Aventis		1,634			149,705
Sanofi-Aventis (ADR)		1,720			79,120
Schering-Plough Corp.		6,900			132,135
Schwarz Pharma AG		402			25,501
Sepracor, Inc.*		588			33,463
Shionogi & Co., Ltd.		9,000			136,155
Shire plc (ADR)		4,089			199,339
Takeda Pharmaceutical Co., Ltd.		600			34,032
Taro Pharmaceuticals Industries Ltd.*		615			9,139
Teva Pharmaceutical Industries Ltd. (ADR)		1,601			68,251
Theravance, Inc.*		1,428			39,113
UCB S.A.		1,150			56,752
Watson Pharmaceuticals, Inc.*		700			23,163
Wyeth		4,830			223,388
Xenoport, Inc.*		403			6,045
					3,955,917
Total Health Care					9,236,322
Industrials (0.3%)
Industrial Conglomerates (0.3%)
Tyco International Ltd.		1,186		$	30,895
Total Industrials					30,895
Information Technology (0.3%)
Electronic Equipment & Instruments (0.3%)
Dionex Corp.*		550			29,166
Total Information Technology					29,166
Materials (0.3%)
Diversified Chemicals (0.3%)
Bayer AG		828			34,517
Total Materials					34,517
Total Common Stocks (97.5%) (Cost $8,304,729)					9,441,310
	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (1.0%)
Federal Home Loan Mortgage Corp.
4.34%, 2/1/06 (p)	$	100,000			99,988
Time Deposit (3.6%)
JPMorgan Chase Nassau
3.98%, 2/1/06		344,763			344,763
Total Short-Term Investments (4.6%) (Cost/Amortized Cost $444,763)					444,751
	Number of Contracts(c)
OPTIONS PURCHASED
Call Options (0.1%)
Pfizer, Inc.
February-06 @ $22.50		30			9,300
Put Options (0.0%)
Alexion Pharmaceuticals, Inc.
May-06 @ $10.00		24			120
Total Options Purchased (0.1%) (Cost $9,097)					9,420
Total Investments Before Written Options (102.2%) (Cost/Amortized Cost $8,758,589)					9,895,481
OPTIONS WRITTEN
Call Options Written (-0.0%)
Caremark Rx, Inc.
March-06 @ $55.00 (d)		(4	)		(180	)
Total Options Written (-0.0%) (Premiums Received $528)					(180	)
Total Investments (102.2%) (Cost/Amortized Cost $8,758,061)					9,895,301
Other Assets Less Liabilities (-2.2%)					(192,876	)
Net Assets (100%)				$	9,702,425

* Non-income producing.

(c) One contract relates to 100 shares.

(d) Covered call option contracts written in connection with securities held.

(p) Yield to maturity.

Glossary:

ADR — American Depositary Receipt

36

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2006 (Unaudited)

Options written for the three months ended January 31, 2006, were as follows:

	Total Number of Contracts	Total Premiums Received
Options Outstanding—November 1, 2005	—	$	—
Options Written	4		528
Options Terminated in Closing Purchase Transactions	—		—
Options Expired	—		—
Options Exercised	—		—
Options Outstanding—January 31, 2006	4	$	528

Investment security transactions for the three months ended January 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	4,449,848
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	4,482,501

As of January 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,175,026
Aggregate gross unrealized depreciation		(237,251	)
Net unrealized appreciation	$	937,775
Federal income tax cost of investments	$	8,957,706

See Notes to Financial Statements.

37

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS

January 31, 2006 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (14.5%)
Asset-Backed Securities (6.3%)
Ameriquest Mortgage Securities, Inc.,
Series 03-2 A
4.940%, 3/25/33 (l)	$	530	$	530
Amortizing Residential Collateral Trust,
Series 02-BC3M A
4.800%, 6/25/32 (l)		30,231		30,267
Series 02-BC4 A
4.820%, 7/25/32 (l)		5,075		5,050
Argent Securities, Inc.,
Series 03-W3 AV1B
4.980%, 9/25/33 (l)		6,804		6,808
Bank One Issuance Trust,
Series 03-A9 A9
3.860%, 6/15/11		500,000		487,088
Bear Stearns Asset Backed Securities, Inc.,
Series 01-3 A2
4.930%, 10/27/32 (l)		37,272		37,425
Series 02-2 A1
4.860%, 10/25/32 (l)		16,483		16,504
Series 03-2 A2
4.980%, 3/25/43 (l)		15,233		15,256
Capital Auto Receivables Asset Trust,
Series 04-2 A3
3.580%, 1/15/09		525,000		514,684
Cendant Mortgage Corp.,
Series 03-A A1
6.000%, 7/25/43 §(l)		13,391		13,447
Centex Home Equity,
Series 04-A AV2
4.810%, 1/25/34 (l)		3,482		3,482
Chase Credit Card Master Trust,
Series 03-6 A
4.580%, 2/15/11 (l)		625,000		626,741
Chase Issuance Trust,
Series 04-A9 A9
3.220%, 6/15/10		150,000		145,904
Chase Manhattan Auto Owner Trust,
Series 05-A A3
3.870%, 6/15/09		200,000		197,066
Citibank Credit Card Issuance Trust,
Series 03-A6 A6
2.900%, 5/17/10		250,000		239,197
Series 04-A1 A1
2.550%, 1/20/09		200,000		195,492
Series 04-A4 A4
3.200%, 8/24/09		175,000		170,447
Series 06-A2
4.850%, 2/10/11		475,000		474,867
Citibank Credit Card Master Trust
I, Series 98-2 A
6.050%, 1/15/10		600,000		614,001
Countrywide Asset-Backed Certificates,
Series 04-13 AV4
4.820%, 6/25/35 (l)		245,303		245,443
Series 05-BC5 3A1
4.630%, 1/25/36		431,679		431,665
Series 05-IM2 A1
4.180%, 11/25/35 (l)		420,639		420,656
Series 05-SD1 A1A
4.680%, 5/25/35 §(l)		39,453		39,456
Credit Suisse First Boston Mortgage
Securities Corp.,
Series 01-HE17 A1
4.840%, 1/25/32 (l)		4,265		4,271
Series 02-9 2X
1.727%, 3/25/32 †§		57,774		57,876
Series 02-P3 A
4.360%, 8/25/33 †§(l)		144,917		145,737
Daimler Chrysler Auto Trust,
Series 05-A A3
3.490%, 12/8/08		365,000		360,181
First Alliance Mortgage Loan Trust,
Series 99-4 A2
5.250%, 3/20/31 (l)		13,041		13,045
First Franklin Mortgage Loan
Asset Backed Certificates,
Series 03-FF5 A2
5.029%, 3/25/34 (l)		5,109		5,101
Goldman Sachs AMP Trust,
Series 02-NC1 A2
4.850%, 7/25/32 (l)		274		276
Home Equity Asset Trust,
Series 02-1 A4
4.830%, 11/25/32 (l)		257		257
Irwin Home Equity,
Series 03-C 2A
5.050%, 6/25/28 (l)		1,559		1,559
MBNA Credit Card Master Note Trust,
Series 04-A4 A4
2.700%, 9/15/09		175,000		170,471
Series 00-L A
6.500%, 4/15/10		220,000		226,439
Morgan Stanley ABS Capital I,
Series 03-HE2 A2
4.870%, 8/25/33 (l)		45,086		45,110
Morgan Stanley Dean Witter Capital I,
Series 02-HE1 A2
4.860%, 7/25/32 (l)		487		491
Nissan Auto Receivables Owner Trust,
Series 5-C A3
4.190%, 7/15/09		525,000		518,785
Quest Trust,
Series 04-X2 A1
5.090%, 6/25/34 §(l)		49,193		49,299
Renaissance Home Equity Loan Trust,
Series 03-2A
4.970%, 8/25/33 (l)		7,051		7,073
Series 03-3 A
5.030%, 12/25/33 (l)		18,677		18,788
Residential Asset Mortgage Products, Inc.,
Series 03-RS11 AIIB
4.860%, 12/25/33 (l)		6,561		6,568
Series 05-RZ4 A1
4.650%, 11/25/35 (l)		464,819		464,804
Residential Asset Securities Corp.,
Series 05-KS12 A1
4.620%, 1/25/26 (l)		470,502		470,529
Salomon Brothers Mortgage Securities VII,
Series 02-CIT1 A
4.830%, 3/25/32 (l)		6,733		6,750
Saxon Asset Securities Trust,
Series 02-1 AV2
4.800%, 1/25/32 (l)		1,138		1,139
SLM Student Loan Trust,
Series 05-6 A5B
4.633%, 7/27/26 (l)		500,000		500,065
Structured Asset Securities Corp.,
Series 02-HF1 A
4.820%, 1/25/33 (l)		19,390		19,462
Series 03-AL2 A
3.357%, 1/25/31 §		100,488		91,119
				8,116,671

38

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Principal Amount		Value (Note 1)
Non-Agency (8.2%)
Banc of America Alternative Loan Trust,
Series 04-5 4A1
5.000%, 6/25/19	$	72,422	$	71,598
Series 04-6 4A1
5.000%, 7/25/19		77,262		75,745
Banc of America Commercial Mortgage, Inc.,
Series 02-2 A3
5.118%, 7/11/43		530,000		528,491
Series 04-5 A3
4.561%, 11/10/41		100,000		96,785
Series 04-6 A3
4.512%, 12/10/42		100,000		96,416
Series 05-3 A3A
4.621%, 7/10/43		325,000		313,537
Banc of America Funding Corporation,
Series 06-A
4.627%, 2/20/36 †		100,000		98,155
Bank of America Mortgage Securities,
Series 02-K 2A1
5.478%, 10/20/32 (l)		16,475		16,483
Bear Stearns Adjustable Rate Mortgage Trust,
Series 02-2 IIIA
6.784%, 6/25/31 (l)		6,787		6,741
Series 02-5 6A
5.931%, 6/25/32 (l)		8,028		8,000
Series 03-8 1A1
4.193%, 1/25/34 (l)		195,837		194,498
Series 03-8 2A1
4.818%, 1/25/34 (l)		71,814		71,043
Series 03-8 4A1
4.684%, 1/25/34 (l)		119,458		118,103
Series 05-10 A2
4.750%, 10/25/35		100,000		97,815
Bear Stearns Alt-A Trust,
Series 03-7 IIA2
4.810%, 2/25/34 (l)		15,291		15,298
Chase Commercial Mortgage Securities Corp.,
Series 99-2 A2
7.198%, 1/15/32		75,000		80,019
Citigroup Commercial Mortgage Trust,
Series 05-EMG A4
4.518%, 9/20/51 §		350,000		335,923
Countrywide Alternative Loan Trust,
Series 03-J1 4A1
6.000%, 10/25/32		16,593		16,228
Series 03-J3 2A1
6.250%, 12/25/33		20,220		20,225
Countrywide Home Loan Mortgage Pass Through Trust,
Series 02-30 M
3.865%, 10/19/32 (l)		31,204		30,913
Series 04-7 5A2
4.800%, 5/25/34 (l)		13,218		13,193
First Horizon Asset Securities, Inc.,
Series 00-H 1A
7.000%, 9/25/30		1,406		1,401
First Union - Lehman Brothers - Bank of America,
Series 98-C2 A2
6.560%, 11/18/35		80,210		82,265
First Union National Bank Commercial Mortgage,
Series 00-C1 A2
7.841%, 5/17/32		425,000		464,582
Series 00-C2 A2
7.202%, 10/15/32		355,000		383,132
GE Capital Commercial Mortgage Corp.
Series 02-3A A1
4.229%, 12/10/37		88,966		87,016
Series 02-3A A2
4.996%, 12/10/37		430,000		425,783
Series 05-C1 A3
4.578%, 6/10/48		90,000		87,182
GMAC Commercial Mortgage Securities, Inc.,
Series 99-C1 A2
6.175%, 5/15/33		60,000		61,447
Series 99-C3 A2
7.179%, 8/15/36		83,911		88,613
Series 00-C2 A2
7.455%, 8/16/33		90,000		97,199
Series 00-C3 A2
6.957%, 9/15/35		745,000		798,105
Greenwich Capital Commercial Funding Corp.,
Series 05-GG3 AAB
4.619%, 8/10/42 (l)		105,000		101,856
GS Mortgage Securities Corp. II,
Series 98-C1 A3
6.140%, 10/18/30		108,700		110,940
Series 05-GG4 A4
4.761%, 7/10/39		150,000		144,433
GSR Mortgage Loan Trust,
Series 04-9 4A1
4.064%, 8/25/34 (l)		170,387		165,737
Series 05-AR6 2A1
4.541%, 9/25/35 (l)		186,151		182,953
Homebanc Mortgage Trust,
Series 05-4 A1
4.800%, 10/25/35 (l)		306,236		306,585
Impac CMB Trust,
Series 03-8 2A1
4.980%, 10/25/33 (l)		71,760		71,828
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 01-C1 A3
5.857%, 10/12/35		360,000		370,829
Series 01-CIB2 A3
6.429%, 4/15/35		100,000		105,391
Series 01-CIBC A3
6.260%, 3/15/33		130,000		136,063
Series 05-CB12 A4
4.895%, 9/12/37		325,000		315,871
Series 05-LDP2 AM
4.780%, 7/15/42 (l)		125,000		120,008
LB Commercial Conduit Mortgage Trust,
Series 98-C4 A1B
6.210%, 10/15/35		125,000		128,163
LB-UBS Commercial Mortgage Trust,
Series 01-C2 A2
6.653%, 11/15/27		325,000		345,767
MASTR Alternative Loans Trust,
Series 04-4 1A1
5.500%, 5/25/34		74,033		72,599
Merrill Lynch Mortgage Investors, Inc.,
Series 03-A1 3A
4.910%, 12/25/32 (l)		22,806		22,216
Nationslink Funding Corp.,
Series 99-1 A2
6.320%, 1/20/31		135,775		139,421
Salomon Brothers Mortgage Securities VII,
Series 00-C1 A2
7.520%, 12/18/09		75,000		80,625
Sequoia Mortgage Trust,
Series 10-2A1
4.870%, 10/20/27 (l)		193,785		194,194

39

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Principal Amount		Value (Note 1)
Structured Adjustable Rate Mortgage Loan Trust,
Series 05-19XS 1A1
4.850%, 10/25/35 (l)	$	387,201	$	388,136
Structured Asset Securities Corp.,
Series 01-21A 1A1
6.250%, 1/25/32 (l)		15,918		15,888
Wachovia Bank Commercial Mortgage Trust,
Series 05-C18 A4
4.935%, 4/15/42		90,000		87,742
Series 05-C19 A2
4.516%, 5/15/44		375,000		364,675
Washington Mutual, Inc.,
Series 00-3A
4.826%, 12/25/40 (l)		204,164		203,468
Series 02-AR10 A6
4.816%, 10/25/32 (l)		12,788		12,708
Series 02-AR2 A
4.440%, 2/27/34 (l)		46,334		46,147
Series 02-AR6 A
4.878%, 6/25/42 (l)		17,598		17,639
Series 03-R1 A1
4.800%, 12/25/27 (l)		1,120,934		1,120,023
Wells Fargo Mortgage Backed Securities Trust,
Series 04-K 1A2
4.476%, 7/25/34 (l)		190,044		185,427
				10,439,266
Total Asset-Backed and Mortgage-Backed Securities				18,555,937
Consumer Discretionary (1.9%)
Automobiles (1.2%)
DaimlerChrysler AG
7.450%, 3/1/27		15,000		16,241
DaimlerChrysler NA Holdings Corp.
4.990%, 5/24/06 (l)		50,000		50,052
4.700%, 3/7/07 (l)		500,000		500,129
4.960%, 9/10/07 (l)		150,000		150,424
6.500%, 11/15/13		170,000		176,488
Ford Motor Credit Co.
6.875%, 2/1/06		300,000		299,980
4.680%, 3/13/07 (l)		400,000		374,320
				1,567,634
Hotels, Restaurants & Leisure (0.1%)
Caesars Entertainment, Inc.
7.500%, 9/1/09		46,000		49,081
Media (0.6%)
Comcast Cable Communications, Inc.
6.750%, 1/30/11		15,000		15,799
Comcast Corp.
7.050%, 3/15/33		180,000		190,949
6.500%, 11/15/35		75,000		75,128
Historic TW, Inc.
9.150%, 2/1/23		10,000		12,270
6.625%, 5/15/29		82,000		82,076
News America Holdings, Inc.
7.750%, 1/20/24		10,000		11,108
News America, Inc.
7.280%, 6/30/28		25,000		26,886
6.200%, 12/15/34		125,000		122,037
6.400%, 12/15/35§		25,000		24,895
TCI Communications, Inc.
7.125%, 2/15/28		10,000		10,533
Time Warner Cos., Inc.
7.570%, 2/1/24		20,000		21,835
Time Warner, Inc.
6.750%, 4/15/11		5,000		5,243
6.875%, 5/1/12		100,000		106,203
7.625%, 4/15/31		80,000		88,872
				793,834
Multiline Retail (0.0%)
Federated Department Stores, Inc.
6.790%, 7/15/27		10,000		10,392
May Department Stores Co.
6.650%, 7/15/24		5,000		5,211
7.875%, 3/1/30		5,000		5,844
8.125%, 8/15/35		25,000		27,461
				48,908
Total Consumer Discretionary				2,459,457
Consumer Staples (0.1%)
Food & Staples Retailing (0.1%)
Delhaize America, Inc.
7.375%, 4/15/06		95,000		95,375
Total Consumer Staples				95,375
Energy (0.3%)
Energy Equipment & Services (0.0%)
Halliburton Co.
7.600%, 8/15/96		25,000		29,488
Oil & Gas (0.3%)
Conoco, Inc.
8.350%, 8/1/06		20,000		20,256
ConocoPhillips
7.000%, 3/30/29		20,000		23,635
Devon Financing Corp.
7.875%, 9/30/31		60,000		75,372
El Paso Corp.
7.750%, 1/15/32		500		529
EnCana Holdings Finance Corp.
5.800%, 5/1/14		50,000		51,617
Pemex Project Funding Master Trust
8.000%, 11/15/11		50,000		55,900
Petro-Canada
5.950%, 5/15/35		25,000		25,046
Ras Laffan Liquefied Natural Gas Co., Ltd.
3.440%, 9/15/09§		65,560		63,167
				315,522
Total Energy				345,010
Financials (6.2%)
Capital Markets (0.3%)
Goldman Sachs Group, Inc.
5.350%, 1/15/16		100,000		99,041
Morgan Stanley
5.050%, 1/21/11		325,000		322,834
5.300%, 3/1/13		20,000		19,934
				441,809
Commercial Banks (1.7%)
Bank of America Corp.
6.250%, 4/1/08		15,000		15,376
4.500%, 8/1/10		235,000		230,186
Bank of New York Co., Inc.
3.750%, 2/15/08		75,000		73,225
Depfa ACS Bank
3.625%, 10/29/08		100,000		97,015
HBOS Treasury Services plc
3.600%, 8/15/07 §		20,000		19,622
3.500%, 11/30/07 §		40,000		39,045
HSBC Bank USA N.A.
3.870%, 6/7/07		125,000		123,287
4.630%, 4/1/14		60,000		57,189
HSBC Capital Funding LP
10.176%, 6/30/30 §(l)		150,000		225,636

40

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Principal Amount		Value (Note 1)
HSBC Holdings plc
3.240%, 12/20/12	EUR	90,000	$	120,640
L-Bank Landeskreditbank Baden-Wuerttemberg Foerderbank
4.250%, 9/15/10	$	275,000		268,969
Landwirtschaftliche Rentenbank
0.650%, 9/30/08	JPY	14,000,000		120,495
National Westminster Bank plc/ United Kingdom
7.375%, 10/1/09	$	25,000		27,002
Rabobank Capital Funding II
5.260%, 12/29/49 §(l)		110,000		108,061
Rabobank Capital Funding Trust III
5.254%, 12/29/49 §(l)		80,000		77,610
RBS Capital Trust I
4.709%, 12/29/49 (l)		75,000		70,775
SunTrust Banks, Inc.
3.625%, 10/15/07		80,000		78,159
4.000%, 10/15/08		15,000		14,630
U.S. Bancorp
3.950%, 8/23/07		15,000		14,785
Wells Fargo & Co.
4.625%, 8/9/10		310,000		305,039
4.875%, 1/12/11		60,000		59,631
				2,146,377
Consumer Finance (0.6%)
General Motors Acceptance Corp.
6.125%, 9/15/06		50,000		49,470
5.500%, 1/16/07 (l)		200,000		195,238
5.220%, 3/20/07 (l)		550,000		533,151
Household Finance Corp.
4.750%, 5/15/09		50,000		49,463
				827,322
Diversified Financial Services (2.9%)
BAE Systems Holdings, Inc.
5.200%, 8/15/15§		65,000		63,098
Bank One Corp.
2.625%, 6/30/08		25,000		23,661
CIT Group, Inc.
7.750%, 4/2/12		125,000		140,607
Citigroup, Inc.
3.500%, 2/1/08		45,000		43,792
3.625%, 2/9/09		40,000		38,487
6.200%, 3/15/09		25,000		25,829
4.125%, 2/22/10		675,000		653,733
6.875%, 2/15/98		25,000		28,163
Eksportfinans A/S
3.375%, 1/15/08		100,000		97,370
General Electric Capital Corp.
3.450%, 7/16/07		15,000		14,699
3.450%, 1/15/08 (l)		250,000		248,310
4.125%, 9/1/09		955,000		926,537
5.000%, 11/15/11		475,000		472,804
JPMorgan Chase & Co.
6.375%, 2/15/08		25,000		25,613
3.625%, 5/1/08		205,000		198,968
MassMutual Global Funding II
2.550%, 7/15/08 §		30,000		28,302
Nationwide Building Society
3.500%, 7/31/07 §		50,000		48,940
4.250%, 2/1/10 §		90,000		87,361
Pemex Finance Ltd.
9.030%, 2/15/11		100,000		108,903
Principal Life Global Funding I
4.922%, 4/19/06 §(l)		220,000		220,147
Racers, Series 97-R-8-3
4.640%, 8/15/07 †§(b)(l)		100,000		96,048
TIAA Global Markets, Inc.
3.875%, 1/22/08 §		25,000		24,481
UFJ Finance Aruba AEC
6.750%, 7/15/13		30,000		32,456
				3,648,309
Insurance (0.6%)
Allstate Financial Global Funding
6.150%, 2/1/06 §		25,000		25,001
ASIF Global Financing
3.900%, 10/22/08 §		45,000		43,695
Berkshire Hathaway Finance Corp.
3.400%, 7/2/07		20,000		19,557
3.375%, 10/15/08		25,000		24,050
4.125%, 1/15/10		150,000		145,204
MetLife, Inc.
5.700%, 6/15/35		95,000		93,910
Metropolitan Life Global Funding I
4.480%, 5/22/06 §(l)		160,000		160,061
3.375%, 10/5/07 §		25,000		24,313
Prudential Financial, Inc.
4.100%, 11/15/06 (e)		122,000		121,212
Travelers Property Casualty Corp.
5.000%, 3/15/13		65,000		63,364
				720,367
Real Estate (0.1%)
AvalonBay Communities, Inc. (REIT)
4.950%, 3/15/13		10,000		9,707
EOP Operating LP
7.500%, 4/19/29		30,000		33,295
ERP Operating LP
6.625%, 3/15/12		75,000		80,108
				123,110
Total Financials				7,907,294
Government Securities (86.0%)
Agency CMO (4.0%)
Federal Home Loan Mortgage Corp.
5.000%, 6/15/13		30,894		30,851
5.000%, 12/15/17		60,000		58,994
5.000%, 2/15/18		390,000		378,492
6.500%, 3/15/29		4,420		4,427
6.500%, 4/15/29		181,674		186,700
4.820%, 12/15/29 (l)		49,423		49,507
5.500%, 1/15/31		96,196		96,769
5.500%, 4/15/35		99,990		100,734
5.500%, 5/15/35		480,527		483,872
6.500%, 7/25/43		96,574		98,676
Inflation Indexed
5.500%, 8/1/35 IO		649,574		155,173
Federal National Mortgage Association
3.000%, 8/25/09		80,753		80,143
5.000%, 3/25/18		30,000		29,295
5.500%, 5/25/27		531,626		534,397
6.000%, 8/25/28		90,287		91,132
5.310%, 8/25/33		100,000		97,531
5.500%, 12/25/33		77,470		77,666
5.500%, 1/25/34		91,838		92,101
6.500%, 7/25/34		51,216		52,588
5.500%, 2/25/35		80,000		80,482
4.780%, 7/25/35 (l)		233,519		232,806
5.500%, 8/25/35		790,301		792,298
Government National Mortgage Association
6.500%, 6/20/32		125,469		129,316

41

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Principal Amount		Value (Note 1)
Small Business Administration Participation Certificates
5.130%, 9/1/23	$	88,691	$	88,888
4.340%, 3/1/24		634,030		606,154
4.625%, 2/1/25		488,386		473,681
				5,102,673
Foreign Governments (3.5%)
Export-Import Bank of China
5.250%, 7/29/14 §		300,000		299,409
Federative Republic of Brazil
5.187%, 4/15/06 (l)		38,000		38,046
11.500%, 3/12/08		266,000		299,191
5.187%, 4/15/09 (l)		26,923		26,889
5.250%, 4/15/09 (l)		93,889		93,955
10.270%, 6/29/09 (l)		125,000		145,250
5.250%, 4/15/12 (l)		78,001		77,658
8.000%, 1/15/18		79,000		86,347
12.250%, 3/6/30		113,000		170,523
11.000%, 8/17/40		195,000		252,866
Hong Kong Government International Bond
5.125%, 8/1/14 §		350,000		348,713
Israel Government AID Bond
5.500%, 4/26/24		50,000		53,050
5.500%, 9/18/33		40,000		42,812
Kingdom of Spain
3.100%, 9/20/06	JPY	11,000,000		95,779
Republic of Italy
3.800%, 3/27/08		38,000,000		348,404
Republic of Panama
9.625%, 2/8/11	$	113,000		133,622
Republic of Peru
9.125%, 1/15/08		230,000		246,675
9.125%, 2/21/12		242,000		279,510
Republic of South Africa
5.250%, 5/16/13	EUR	40,000		52,215
Russian Federation
10.000%, 6/26/07	$	120,000		127,704
5.000%, 3/31/30		602,000		672,675
Swedish Export Credit AB
2.875%, 1/26/07		25,000		24,587
Ukraine Government International Bond
11.000%, 3/15/07		56,004		57,774
United Mexican States
8.625%, 3/12/08		45,000		48,433
5.280%, 1/13/09 (l)		30,000		30,450
10.375%, 2/17/09		100,000		115,195
8.375%, 1/14/11		13,000		14,853
6.375%, 1/16/13		25,000		26,624
8.125%, 12/30/19		10,000		12,200
8.000%, 9/24/22		55,000		67,100
8.300%, 8/15/31		37,000		46,620
6.750%, 9/27/34		130,000		139,100
				4,474,229
Municipal Bonds (1.7%)
California State Economic Recovery, Series A
6.740%, 7/1/11 §(l)		25,000		28,697
Cook County, Illinois, Series B
5.000%, 11/15/12		130,000		139,807
Energy NorthWest Washington Electricity Revenue
7.720%, 7/1/14 §(l)		60,000		73,834
Fairfax County, Virginia, Series A
5.250%, 4/1/13 (l)		80,000		88,104
Florida State Board of Education
5.000%, 6/1/33		10,000		10,365
Golden State Tobacco Securitization Corp./CA
6.750%, 6/1/39		110,000		123,769
7.900%, 6/1/42		50,000		59,960
Michigan State Building Authority
5.250%, 10/15/12		150,000		163,584
New Jersey State Transportation Trust Fund Authority
6.630%, 6/15/11 §(l)		75,000		84,031
New York City Municipal Water Finance Authority
5.000%, 6/15/29		30,000		31,056
6.980%, 6/15/34 §(l)		10,000		10,955
5.000%, 6/15/35		150,000		154,461
New York State Environmental Facilities Corp.
5.000%, 6/15/32		10,000		10,386
Rhode Island Clean Water Finance Agency, Series A
5.000%, 10/1/28		100,000		103,992
San Antonio, Texas Water Revenue, Series A
5.000%, 5/15/32		300,000		307,779
South Carolina State Public Service Authority, Series A
5.000%, 1/1/13		160,000		173,186
South Carolina Transportation Infrastructure
5.000%, 10/1/33		10,000		10,347
Tobacco Settlement Authority of Iowa, Series B
5.600%, 6/1/35		50,000		55,168
Tobacco Settlement Financing Corp./NJ
6.375%, 6/1/32		255,000		279,225
6.000%, 6/1/37		130,000		135,373
6.250%, 6/1/43		90,000		97,631
				2,141,710
U.S. Government Agencies (57.7%)
Federal Home Loan Bank
2.300%, 7/24/07		1,050,000		1,012,438
4.625%, 9/11/20		2,400,000		2,263,855
Federal Home Loan Mortgage Corp.
3.300%, 9/14/07		700,000		683,607
3.250%, 11/2/07		1,200,000		1,165,020
4.625%, 5/28/13		75,000		71,777
5.500%, 2/1/14		74,305		74,883
6.000%, 1/1/17		40,577		41,346
6.500%, 1/1/17		147,588		151,438
6.000%, 2/1/17		37,404		38,113
4.500%, 3/1/20		94,689		91,897
4.500%, 4/1/20		96,463		93,618
4.500%, 5/1/20		94,848		92,051
4.500%, 8/1/20		187,786		182,667
5.000%, 9/1/20		766,502		757,338
5.000%, 10/1/20		199,196		196,815
5.000%, 12/1/20		99,631		98,440
5.000%, 12/21/20		1,900,000		1,877,284
6.500%, 7/1/29		48,613		49,979
5.635%, 11/1/31 (l)		11,344		11,450
5.500%, 5/1/33		450,390		446,796
5.000%, 4/1/34		373,032		360,963
5.500%, 7/1/35		81,716		80,919
4.816%, 9/1/35 (l)		971,756		962,930
5.000%, 9/1/35		393,784		380,340

42

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Principal Amount		Value (Note 1)
Federal National Mortgage Association
2.350%, 4/29/06	$	25,000	$	24,861
4.268%, 5/22/06 (l)		1,900,000		1,899,744
1.750%, 6/16/06		45,000		44,521
4.325%, 9/7/06 (l)		300,000		299,952
2.710%, 1/30/07		300,000		293,797
3.000%, 3/2/07		195,000		191,214
2.350%, 4/5/07		55,000		53,444
3.125%, 3/16/09		75,000		71,227
5.390%, 12/1/11		89,931		90,778
5.500%, 6/1/17		5,445		5,479
7.000%, 11/1/17		34,261		35,349
5.000%, 1/1/18		526,072		520,917
5.000%, 5/1/18		870,233		861,209
5.000%, 8/1/18		80,287		79,454
4.500%, 10/1/18		57,999		56,461
5.000%, 11/1/18		193,526		191,519
6.000%, 12/1/18		59,517		60,831
5.000%, 2/1/19		25,391		25,128
5.000%, 5/1/19		966,230		956,762
5.000%, 8/1/19		680,398		672,658
5.000%, 11/1/19		642,940		635,626
5.500%, 11/1/19		42,768		43,037
5.000%, 1/1/20		255,785		252,875
7.000%, 9/1/31		26,560		27,614
7.000%, 1/1/32		1,333		1,386
6.500%, 2/1/32		60,601		62,257
7.000%, 4/1/32		13,790		14,334
4.120%, 3/1/33 (l)		280,017		281,253
5.109%, 4/1/33 (l)		16,404		16,448
5.500%, 4/1/33		149,202		147,924
5.000%, 11/1/33		681,057		660,482
5.500%, 12/1/33		1,074,005		1,064,802
5.500%, 2/1/34		1,422,848		1,409,903
6.000%, 2/1/34		561,228		567,327
5.500%, 3/1/34		610,212		604,242
5.500%, 4/1/34		1,496,286		1,483,152
5.500%, 5/1/34		456,933		452,463
6.500%, 5/1/34		170,390		175,045
5.500%, 6/1/34		64,868		64,191
5.500%, 7/1/34		412,483		408,395
5.500%, 8/1/34		920,312		911,308
5.500%, 9/1/34		1,523,781		1,508,036
5.500%, 11/1/34		5,259,172		5,207,719
5.500%, 1/1/35		1,722,124		1,705,276
5.500%, 2/1/35		16,525,404		16,366,905
5.500%, 5/1/35		317,224		313,931
5.000%, 7/1/35		438,774		424,067
4.500%, 9/1/35		98,353		92,258
4.500%, 10/1/35		99,635		93,460
5.000%, 11/1/35		993,190		959,900
5.000%, 12/1/35		396,995		383,688
5.960%, 12/1/40 (l)		18,097		18,576
5.500%, 2/25/21 TBA		2,900,000		2,917,220
5.000%, 2/25/36 TBA		500,000		482,969
5.500%, 2/25/36 TBA		9,200,000		9,099,370
5.000%, 3/25/36 TBA		2,000,000		1,930,000
Government National Mortgage Association
4.125%, 1/20/16 (l)		25,231		24,922
4.750%, 9/20/21 (l)		39,670		39,883
4.125%, 11/20/22 (l)		9,710		9,811
4.375%, 4/20/27 (l)		22,772		22,780
4.750%, 7/20/27 (l)		26,439		26,586
5.500%, 12/15/28		5,411		5,442
6.000%, 2/15/29		144,408		148,071
7.500%, 5/15/30		33,656		35,447
7.500%, 7/15/30		23,338		24,580
7.000%, 9/15/31		18,545		19,483
7.500%, 9/15/31		9,771		10,288
5.500%, 1/15/32		190,884		192,020
6.000%, 2/15/32		36,272		37,192
7.000%, 5/15/32		29,531		31,020
6.000%, 9/15/32		146,616		150,485
5.500%, 1/15/33		187,830		188,915
5.500%, 2/15/33		60,200		60,547
5.500%, 7/15/33		70,544		70,951
5.500%, 12/15/33		336,356		338,299
5.500%, 1/15/34		1,136,333		1,141,773
6.000%, 1/15/34		85,097		87,256
5.500%, 2/15/34		445,255		447,387
5.500%, 2/15/36 TBA		1,500,000		1,506,093
Housing Urban Development
5.380%, 8/1/18		130,000		129,860
Resolution Funding Corp.
(Zero Coupon), 7/15/18		25,000		13,674
(Zero Coupon), 10/15/18		25,000		13,498
Small Business Administration
4.524%, 2/10/13		132,709		128,722
4.504%, 2/1/14		304,751		296,138
				73,609,831
U.S. Treasuries (19.1%)
U.S. Treasury Bonds
8.750%, 5/15/17		362,000		491,401
8.500%, 2/15/20		140,000		193,905
7.125%, 2/15/23		225,000		287,016
5.375%, 2/15/31		190,000		209,163
Inflation Indexed
2.375%, 1/15/25		209,932		221,880
U.S. Treasury Notes
2.500%, 10/31/06		2,050,000		2,018,930
3.000%, 12/31/06		5,550,000		5,470,219
3.875%, 7/31/07		370,000		366,415
4.000%, 9/30/07		1,055,000		1,045,645
4.125%, 8/15/08		210,000		208,368
4.375%, 11/15/08		175,000		174,480
4.125%, 8/15/10		800,000		787,531
3.875%, 9/15/10		60,000		58,427
4.250%, 1/15/11		2,855,000		2,828,012
5.000%, 2/15/11		1,050,000		1,073,953
4.875%, 2/15/12		2,650,000		2,698,548
4.250%, 8/15/13		1,900,000		1,864,968
4.500%, 11/15/15		3,270,000		3,262,463
Inflation Indexed
3.625%, 1/15/08		183,731		190,004
0.875%, 4/15/10		630,515		604,284
2.000%, 7/15/14		367,381		368,027
				24,423,639
Total Government Securities				109,752,082
Health Care (0.3%)
Health Care Providers & Services (0.1%)
WellPoint , Inc.
5.950%, 12/15/34		65,000		65,623
5.850%, 1/15/36		50,000		49,787
				115,410
Pharmaceuticals (0.2%)
Merck & Co., Inc.
6.400%, 3/1/28		25,000		26,269
Wyeth
5.500%, 2/15/16§		125,000		125,382
6.000%, 2/15/36§		50,000		50,841
				202,492
Total Health Care				317,902
Industrials (0.5%)
Aerospace & Defense (0.1%)
Lockheed Martin Corp.
8.500%, 12/1/29		55,000		73,776

43

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Principal Amount		Value (Note 1)
Northrop Grumman Corp.
4.079%, 11/16/06	$	80,000	$	79,478
				153,254
Airlines (0.3%)
Continental Airlines, Inc.
7.056%, 9/15/09		340,000		347,695
United Air Lines, Inc.
7.730%, 7/1/10 (h)		25		25
6.602%, 9/1/13 (h)		2,711		2,669
7.186%, 4/1/11 (h)		2,647		2,647
				353,036
Industrial Conglomerates (0.1%)
Tyco International Group S.A
6.375%, 10/15/11		100,000		104,678
Total Industrials				610,968
Information Technology (0.2%)
Software (0.2%)
Oracle Corp and Ozark Holding, Inc.
5.250%, 1/15/16§		225,000		221,570
Total Information Technology				221,570
Materials (0.4%)
Containers & Packaging (0.1%)
Packaging Corp. of America
4.380%, 8/1/08		129,000		125,894
Metals & Mining (0.0%)
Teck Cominco Ltd.
6.125%, 10/1/35		50,000		48,787
Paper & Forest Products (0.3%)
Georgia-Pacific Corp.
7.500%, 5/15/06		10,000		10,025
GP Canada Finance Co.
7.200%, 12/15/06§		300,000		303,000
				313,025
Total Materials				487,706
Telecommunication Services (1.1%)
Diversified Telecommunication Services (0.9%)
AT&T Corp.
9.750%, 11/15/31		22,000		27,201
Deutsche Telekom International Finance BV
8.125%, 5/29/12	EUR	81,000		120,959
8.250%, 6/15/30	$	70,000		87,329
France Telecom S.A.
7.000%, 3/14/08	EUR	120,000		155,826
MCI, Inc.
7.688%, 5/1/09	$	150,000		154,688
New England Telephone & Telegraph
7.880%, 11/15/29		5,000		5,542
Qwest Corp.
7.630%, 6/15/15 §		110,000		115,638
SBC Communications
4.125%, 9/15/09		174,000		167,580
4.389%, 6/5/21 §		50,000		49,896
6.450%, 6/15/34		10,000		10,162
6.150%, 9/15/34		5,000		4,923
Sprint Capital Corp.
8.750%, 3/15/32		50,000		65,386
Telecom Italia Capital S.A.
6.000%, 9/30/34		80,000		75,754
Verizon Global Funding Corp.
7.750%, 12/1/30		110,000		127,783
Verizon New Jersey, Inc.
7.850%, 11/15/29		10,000		11,119
				1,179,786
Wireless Telecommunication Services (0.2%)
Cingular Wireless LLC
6.500%, 12/15/11		60,000		63,852
Nextel Communications, Inc.
7.375%, 8/1/15		50,000		52,842
Vodafone Group plc
7.750%, 2/15/10		140,000		152,761
				269,455
Total Telecommunication Services				1,449,241
Utilities (1.1%)
Electric Utilities (0.8%)
AEP Texas Central Co.
6.650%, 2/15/33		230,000		247,413
Appalachian Power Co.
3.600%, 5/15/08		65,000		62,814
Dayton Power & Light Co.
5.125%, 10/1/13		50,000		49,423
Florida Power & Light
4.950%, 6/1/35		75,000		67,161
Nevada Power Co. Series L
5.875%, 1/15/15		100,000		99,420
Niagara Mohawk Power Corp.
7.750%, 5/15/06		100,000		100,813
7.750%, 10/1/08		100,000		106,284
Pepco Holdings, Inc.
6.450%, 8/15/12		90,000		94,341
Progress Energy, Inc.
7.100%, 3/1/11		65,000		69,686
7.750%, 3/1/31		25,000		29,730
Public Service Electric & Gas
5.250%, 7/1/35		25,000		23,282
Scottish Power plc
4.910%, 3/15/10		125,000		123,283
5.375%, 3/15/15		30,000		29,734
				1,103,384
Multi-Utilities & Unregulated Power (0.3%)
Consolidated Natural Gas Co.
5.000%, 3/1/14		25,000		24,178
Dominion Resources, Inc.
4.819%, 9/28/07 (l)		200,000		200,079
5.125%, 12/15/09		25,000		24,859
PSEG Energy Holdings, Inc.
8.500%, 6/15/11		50,000		54,500
Texas Eastern Transmission LP
5.250%, 7/15/07		40,000		39,985
				343,601
Total Utilities				1,446,985
Total Long-Term Debt Securities (112.6%) (Cost $144,743,796)				143,649,527
SHORT-TERM INVESTMENTS:
Commercial Paper (7.5%)
ANZ Delaware, Inc.
4.06%, 2/22/06 (o) (p)		800,000		798,021
Barclays U.S. Funding Corp.
4.29%, 2/27/06 (o) (p)		700,000		697,754
DNB NORBank ASA
4.57%, 4/21/06 (o) (p)		1,700,000		1,682,898
General Electric Capital Corp.
4.15%, 3/15/06 (o) (p)		1,400,000		1,393,102
HBOS Treasury Services PLC
4.06%, 3/1/06 (o) (p)		700,000		697,717
ING U.S. Funding LLC
4.21%, 3/3/06 (o) (p)		1,400,000		1,394,941
Societe Generale Northern America, Inc.
4.40%, 3/20/06 (o) (p)		1,700,000		1,690,074

44

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2006 (Unaudited)

	Principal Amount			Value (Note 1)
Spintab AB
4.59%, 4/26/06 (o) (p)	$	800,000		$	791,432
Swedbank AB
4.47%, 3/28/06 (o) (p)		500,000			496,544
Total Commercial Paper					9,642,483
Government Securities (1.0%)
France B.T.F.
2.44%, 5/24/06 (o)	EUR	170,000			204,862
German Treasury Bills
2.16%, 3/15/06 (o)		700,000			847,823
U.S. Treasury Bills
3.98%, 3/16/06 (o)	$	185,000			184,104
Total Government Securities					1,236,789
Time Deposit (0.9%)
JPMorgan Chase Nassau
3.98%, 2/1/06		1,159,776			1,159,776
Total Short-Term Investments (9.4%) (Amortized Cost $12,008,056)					12,039,048
	Number of Contracts(c)
OPTION PURCHASED:
Put Option (0.0%)
EURODollar Futures December-06 @ $91.75* (Cost $190)		20			125
Total Investments Before Written Options and Securities Sold Short(122.0%) (Cost/Amortized Cost $156,752,042)					155,688,700
OPTIONS WRITTEN:
Call Option (0.0%)
U.S. 10 Year Treasury Note Future June-06 @ $111.00*(d)		(6	)		(1,594	)
Put Option (0.0%)
U.S. 10 Year Treasury Note Future June-06 @ $107.00*		(6	)		(3,656	)
Total Options Written (0.0%) (Premiums Received $5,341)					(5,250	)
Total Investments Before Securities Sold Short (122.0%) (Cost/Amortized Cost $156,746,701)					155,683,450
	Principal Amount
SECURITIES SOLD SHORT:
U.S. Government Agencies (-11.3%)
Federal Home Loan Mortgage Corp.
5.000%, 2/15/21 TBA	$	(1,200,000	)		(1,185,000	)
5.000%, 2/15/36 TBA		(700,000	)		(675,719	)
Federal National Mortgage Association
4.500%, 2/25/36 TBA		(100,000	)		(93,750	)
5.000%, 2/25/21 TBA		(2,700,000	)		(2,666,250	)
5.500%, 2/25/36 TBA		(8,200,000	)		(8,110,308	)
6.000%, 2/25/36 TBA		(500,000	)		(504,844	)
Government National Mortgage Association
5.500%, 2/15/36 TBA		(1,200,000	)		(1,204,874	)
Total Securities Sold Short (-11.3%) (Proceeds $14,506,332)					(14,440,745	)
Total Investments (110.7%) (Cost/Amortized Cost $142,240,369)					141,242,705
Other Assets Less Liabilities (-10.7%)					(13,667,763	)
Net Assets (100%)				$	127,574,942

* Non-income producing.

† Securities (totaling $397,816 or 0.31% of net assets) valued at fair value.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At January 31, 2006, the market value of these securities amounted to $3,824,306 or 3.00% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

# All, or a portion of security held by broker as collateral for financial futures contracts.

(a) Fully or partially pledged as collateral on outstanding written call options.

(b) Illiquid security.

(c) One contract relates to 100 shares.

(d) Covered call option contracts written in connection with securities held.

(e) Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of January 31, 2006. Maturity date disclosed is the ultimate maturity date.

(l) Floating rate security. Rate disclosed is as of January 31, 2006.

(o) Discount Note Security. Effective rate calculated as of January 31, 2006.

(p) Yield to maturity.

Glossary:

CMO — Collaterized Mortgage Obligation

EUR — European Currency Unit

IO — Interest only

JPY — Japanese Yen

REIT — Real Estate Investment Trust

TBA — Security is subject to delayed delivery.

45

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2006 (Unaudited)

At January 31, 2006 the Portfolio had the following futures contracts open: (Note 1)

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 1/31/06		Unrealized Appreciation/ (Depreciation)
EURODollar	12	March-06		2,865,450		2,855,250		(10,200	)
EURODollar	8	June-06		1,904,000		1,901,500		(2,500	)
EURODollar	30	September-06		7,145,900		7,130,625		(15,275	)
EURODollar	143	December-06		34,046,513		34,001,825		(44,688	)
EURODollar	5	June-07		1,189,877		1,189,813		(64	)
EURODollar	5	September-07		1,189,760		1,189,938		178
U.S. 2 Year Treasury Notes	27	March-06		5,535,481		5,530,781		(4,700	)
U.S. Treasury Bond	54	March-06		6,037,464		6,093,563		56,099
							$	(21,150	)
Sales
U.S. 5 Year Treasury Notes	59	March-06	$	6,249,089	$	6,238,328	$	10,761
U.S. 10 Year Treasury Notes	30	March-06		3,253,996		3,253,125		871
							$	11,632
							$	(9,518	)

At January 31, 2006 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)

	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Foreign Currency Buy Contracts
Japanese Yen, expiring 2/14/06	350,037	$	350,037	$	345,260	$	(4,777	)
Foreign Currency Sell Contracts
European Union, expiring 3/31/06	3,217,016	$	3,217,016	$	3,241,843	$	(24,827	)
						$	(29,604	)

Options written for the three months ended January 31, 2006, were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding—November 1, 2005	32		$	15,444
Options Written	12			5,341
Options Terminated in Closing Purchase Transactions	(12	)		(6,502	)
Options Expired	(20	)		(8,942	)
Options Exercised	—			—
Options Outstanding—January 31, 2006	12		$	5,341

Investment security transactions for the three months ended January 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	65,203,103
U.S. Government securities		83,225,266
	$	148,428,369
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	65,236,462
U.S. Government securities		89,448,097
	$	154,684,559
As of January 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for fed-eral income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	728,235
Aggregate gross unrealized depreciation		(2,030,283	)
Net unrealized depreciation	$	(1,302,048	)
Federal income tax cost of investments	$	156,990,748

The Portfolio has a net capital loss carryforward of $162,423 which expires in the year 2013.

See Notes to Financial Statements.

46

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

January 31, 2006 (Unaudited)

Note 1 Organization Significant Accounting Policies

AXA Enterprise Multimanager Funds Trust (the “Trust”) was organized as a Delaware business trust on October 2, 2001 and is registered under the Investment Company Act of 1940, as (the “1940 Act”), as an open-end management investment company with seven diversified Funds and six non-diversified Funds (each a “Fund”). The non-diversified Funds are: AXA Enterprise Conservative Allocation Fund, AXA Enterprise Moderate Allocation Fund, AXA Enterprise Moderate-Plus Allocation Fund (formerly Enterprise Managed Fund), AXA Enterprise Aggressive Allocation Fund (collectively the “Allocation Funds”), AXA Enterprise Multimanager Technology Fund and AXA Enterprise Multimanager Health Care Fund. The investment manager to each Fund is AXA Equitable Life Insurance Company (“AXA Equitable” or the “Manager”). The day-to-day portfolio management of each Fund, other than the Allocation Funds, is provided by multiple investment sub-advisers (each an “Adviser”). On January 10, 2005, AXA Equitable contributed $10,000 per class in seed capital to each of the Allocation Funds, except the AXA Enterprise Moderate-Plus Allocation Fund.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with their vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust and management expect that risk of loss to be remote.

The Allocation Funds are types of mutual funds often described as “fund of funds.” Each Allocation Fund pursues its investment objective by investing exclusively in other mutual funds managed by AXA Equitable.

All of the Funds (except the Allocation Funds) employ multiple Advisers. Each of the Advisers independently chooses and maintains a portfolio of securities for the Fund and each is responsible for investing a specific allocated portion of the Fund’s assets. Because each Adviser will be managing its allocated portion of the Fund independently from the other Advisers, the same security may be held in different portions of the Fund, or may be acquired for one portion of the Fund at a time when the Adviser of another portion deems it appropriate to dispose of the security. Similarly, under some market conditions, one Adviser may believe that temporary defensive investments in short-term instruments or cash are appropriate when the other Adviser or Advisers believe continued exposure to the equity markets is appropriate for their portions of the Fund. Because each Adviser directs the trading for its own portion of the Fund, and does not aggregate its transactions with those of the other Advisers, the Fund may incur higher brokerage costs, and have higher portfolio turnover, than would be the case if a single Adviser were managing the entire Fund.

During the reporting period, each Fund had five classes of shares outstanding: Class A (new class during this period), Class B, Class C, Class P (formerly Class A), and Class Y (formerly Class Z) with the exception of the four Allocation Funds, which had four classes of shares outstanding: Class A, Class B, Class C, and Class Y. Each Fund is authorized to issue an unlimited number of shares with a par value of $0.001. Under the Trust’s multiple class distribution system, all classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution and service fees under the Distribution Plan.

The investment objectives of each Fund are as follows:

AXA Enterprise Conservative Allocation Fund — Seeks a high level of current income.

AXA Enterprise Moderate Allocation Fund — Seeks long-term capital appreciation and current income.

AXA Enterprise Moderate-Plus Allocation Fund — Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

47

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

January 31, 2006 (Unaudited)

AXA Enterprise Aggressive Allocation Fund — Long-term capital appreciation.

AXA Enterprise Multimanager Growth Fund (advised by AllianceBernstein L.P. (“AllianceBernstein”) (an affiliate of AXA Equitable), RCM Capital Management LLC (“RCM”) and TCW Investment Management Company (“TCW”)) — Long-term growth of capital.

AXA Enterprise Multimanager Core Equity Fund (advised by AllianceBernstein, Janus Capital Management LLC and Thornburg Investment Management, Inc.) — Long-term growth of capital.

AXA Enterprise Multimanager Value Fund (advised by AllianceBernstein, Institutional Capital Corporation and MFS Investment Management) — Long-term growth of capital.

AXA Enterprise Multimanager Mid Cap Growth Fund (advised by AllianceBernstein, Franklin Advisers, Inc. and Provident Investment Counsel, Inc.) — Long-term growth of capital.

AXA Enterprise Multimanager Mid Cap Value Fund (advised by AXA Rosenberg Investment Management LLC (an affiliate of AXA Equitable), TCW and Wellington Management Company, LLP (“Wellington”)) —Long-term growth of capital.

AXA Enterprise Multimanager International Equity Fund (advised by AllianceBernstein, J.P. Morgan Investment Management Inc. and Marsico Capital Management, LLC) — Long-term growth of capital.

AXA Enterprise Multimanager Technology Fund (advised by Firsthand Capital Management, Inc., RCM and Wellington) — Long-term growth of capital.

AXA Enterprise Multimanager Health Care Fund (advised by A I M Capital Management, Inc., RCM and Wellington) — Long-term growth of capital.

AXA Enterprise Multimanager Core Bond Fund (advised by BlackRock Advisors, Inc. and Pacific Investment Management Company LLC) — To seek a balance of a high current income and capital appreciation, consistent with a prudent level of risk.

The following is a summary of the significant accounting policies of the Trust:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

Valuation:

Stocks listed on national securities exchanges are valued at the last sale price or official closing price on the date of valuation or, if there is no sale or official closing price, at the latest available bid price. Other unlisted stocks are valued at their last sale price or official closing price or, if no reported sale occurs during the day, at a bid price estimated by a broker. Securities listed on the NASDAQ exchange will be valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the security is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price.

Convertible preferred stocks listed on national securities exchanges or included on the NASDAQ stock market are valued as of their last sale price or, if there is no sale, at the latest available bid price. Convertible bonds and unlisted convertible preferred stocks are valued at bid prices obtained from one or more of the major dealers in such securities. Where there is a discrepancy between dealers, values may be adjusted based on recent premium spreads to the underlying common stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

Mortgage-backed and asset-backed securities are valued at prices obtained from a bond pricing service where available, or at a bid price obtained from one or more of the major dealers in such securities. If a quoted price is unavailable, an equivalent yield or yield spread quote will be obtained from a broker and converted to a price.

48

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

January 31, 2006 (Unaudited)

Options, including options on futures that are traded on exchanges, are valued at their last sale price, and if the last sale price is not available then the previous day’s sale price is used. Options not traded on an exchange or actively traded are valued at fair value under the direction of the Board of Trustees (“Trustees”).

Long-term corporate bonds may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities. The prices provided by a pricing service take into account many factors, including institutional size, trading in similar groups of securities and any developments related to specific securities; however, when such prices are unavailable, such bonds will be valued using broker quotes.

U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are valued at representative quoted prices.

Foreign securities, including foreign government securities, not traded directly, or in American Depositary Receipt (ADR) or similar form in the United States, are valued at representative quoted prices from the primary exchange in the currency of the country of origin.

Short-term debt securities which mature in 60 days or less are valued at amortized cost, which approximates market value. Short-term debt securities which mature in more than 60 days are valued at representative quoted prices.

Futures contracts are valued at their last sale price or, if there is no sale, at the latest available bid price.

Forward foreign exchange contracts are valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date.

Other securities and assets for which market quotations are not readily available or for which valuation can not be provided, are valued at fair value under the direction of the Trustees.

Investments in the Allocation Funds are valued based on the net asset value per share of each underlying fund, which follow the policies as described above.

Pursuant to procedures approved by the Trustees, events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the net asset value is determined may be reflected, as by a method approved by the Trustees, in the Trust’s calculation of net asset values for each applicable Fund when the Trust’s Manager deems that the particular event or circumstance would materially affect such Fund’s net asset value.

Securities transactions are recorded on the trade date net of brokerage fees, commissions, and transfer fees. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income (including amortization of premium and accretion of discount on debt securities using the effective yield method) is accrued daily. The Trust records gains and losses realized on prepayments received on mortgage-backed securities in interest income.

Realized gains and losses on the sale of investments are computed on the basis of the specific identification method of the investments sold. Unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities is presented net of deferred taxes on unrealized gains in the Statement of Assets and Liabilities.

Foreign Currency Valuation:

The books and records of the Trust are kept in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at current exchange rates at the following dates:

(i) market value of investment securities, other assets and liabilities - at the valuation date.

49

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

January 31, 2006 (Unaudited)

(ii) purchases and sales of investment securities, income and expenses - at the date of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on securities.

Net currency gains or losses realized and unrealized as a result of differences between interest or dividends, withholding taxes, security payables/receivables, forward foreign currency exchange contracts and foreign cash recorded on the Fund’s books and the U.S. dollar equivalent amount actually received or paid are presented under foreign currency transactions and foreign currency translations in the realized and unrealized gains and losses section, respectively, of the Statements of Operations. Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from forward foreign currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of amounts actually received or paid.

Securities Lending:

For all Funds, the Trustees have approved the lending of portfolio securities, through its custodian bank, JPMorgan Chase Bank N.A. (“JPMorgan”), acting as lending agent, to certain approved broker-dealers in exchange for negotiated lenders’ fees. By lending investment securities, a Fund attempts to increase its net investment income through the receipt of interest on the cash equivalents held as collateral on the loan. Any gain or loss in the market price of the securities loaned that might occur and any interest earned or dividends declared during the term of the loan would be for the account of the Fund. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. Any such loan of Fund securities will be continuously secured by collateral in cash or high grade debt securities at least equal at all times to the market value of the security loaned. JPMorgan will indemnify each Fund from any loss resulting from a borrower’s failure to return a loaned security when due. JPMorgan invests the cash collateral on behalf of the Funds and retains a portion of the interest earned. The net amount of interest earned, after the interest rebate, is included in the Statements of Operations as securities lending income. For the three months ended January 31, 2006, the Funds did not lend any securities.

Repurchase Agreements:

Certain Funds may enter into repurchase agreements with qualified and Manager-approved banks, broker-dealers or other financial institutions as a means of earning a fixed rate of return on their cash reserves for periods as short as overnight. A repurchase agreement is a contract pursuant to which a Fund, against receipt of securities of at least equal value including accrued interest, agrees to advance a specified sum to the financial institution which agrees to reacquire the securities at a mutually agreed upon time (usually one business day) and price. Each repurchase agreement entered into by a Fund will provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest. A Fund’s right to liquidate such securities in the event of a default by the seller could involve certain costs, losses or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price, the Fund could suffer a loss.

Options Written:

Certain Funds may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the Fund or to enhance investment performance. Certain Funds may purchase and sell exchange traded options on foreign currencies. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted

50

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

January 31, 2006 (Unaudited)

on a daily basis to the current market price of the option written. Premiums received from writing options which expire unexercised are recognized as gains on the expiration date. Premiums received from writing options which are exercised or are cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Fund must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale or cost of purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. By writing a covered call option, a Fund, in exchange for the premium, foregoes the opportunity for capital appreciation above the exercise price should the market price of the underlying security increase. A Fund also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options. The Funds, however, are not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

Short Sales Against the Box:

Certain Funds may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Fund owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Fund to, for example, lock in a sale price for a security the Fund does not wish to sell immediately. The Fund will designate the segregation, either on its records or with the Trust’s custodian, of the securities sold short or convertible or exchangeable preferred stocks or debt securities sold in connection with short sales against the box. Not more than 10% of a Fund’s net assets may be held as collateral for short sales against the box at any one time. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Fund bears the risk of potential inability of the broker to meet their obligation to perform.

Futures Contracts, Options on Futures Contracts, Forward Commitments and Foreign Currency Exchange Contracts:

The futures contracts and options on futures contracts used by the Funds are agreements to buy or sell a financial instrument for a set price in the future. Certain Funds may buy or sell futures contracts and options on futures contracts for the purpose of protecting their portfolio securities against future changes in interest rates and indices which might adversely affect the value of the Funds’ securities or the price of securities that it intends to purchase at a later date. Initial margin deposits are made upon entering into futures contracts and options on futures contracts and can be in cash, certain money market instruments, treasury securities or other liquid, high grade debt securities. During the period the futures contracts and options on futures contracts are open, changes in the market price of the contracts are recognized as unrealized gains or losses by “marking-to-market” at the end of each trading day. Variation margin payments on futures contracts and options on futures contracts are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Should interest rates or indices move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may incur a loss. The use of futures contracts transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction, therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade.

51

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

January 31, 2006 (Unaudited)

Certain Funds may make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time (“forward commitments”) if they designate the segregation, either on their records or with the Trust’s custodian, of cash or other liquid securities in an amount sufficient to meet the purchase price, or if they enter into offsetting contracts for the forward sale of other securities they own. These commitments are reported at market value in the financial statements. Forward commitments may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines or if the value of the security to be sold increases prior to the settlement date, which is risk in addition to the risk of decline in value of the Fund’s other assets. Where such purchases or sales are made through dealers, a Fund relies on the dealer to consummate the sale. The dealer’s failure to do so may result in the loss to a Fund of an advantageous yield or price. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends.

Certain Funds may purchase foreign currency on a spot (or cash) basis. In addition, certain Funds may enter into contracts to purchase or sell foreign currencies at a future date (“forward contracts”). A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as unrealized appreciation or depreciation by “marking to market.” The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from foreign currency transactions in the Statement of Operations. The Advisers may engage in these forward contracts to protect against uncertainty in the level of future exchange rates in connection with the purchase and sale of Fund securities (“transaction hedging”) and to protect the value of specific Fund positions (“position hedging”). The Funds are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

Swaps:

Certain Funds may invest in swap contracts, which are derivatives in the form of a contract or other similar instrument which is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. A Fund will usually enter into swaps on a net basis, i.e., the two return streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two returns. A Fund’s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the Trust’s custodian, of cash or other liquid obligations. A Fund will not enter into any swap agreement unless the counterparty meets the rating requirements set forth in guidelines established by the Trust’s Board of Trustees. Swap agreements are stated at fair value on the Statement of Assets and Liabilities. Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized appreciation or depreciation in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or termination of swap agreements. Notional principal amounts are used to express the extent of involvement in these transactions, but the amount potentially subject to credit risk is much smaller. None of the Funds had swap contracts outstanding at January 31, 2006.

Inflation Indexed Bonds:

Certain Funds may purchase inflation-indexed bonds which are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. Over the life of the bond, interest will be paid based on a principal value adjusted for inflation. Any increase in the principal value is considered interest income, even though the Fund will not receive the principal until sold or until maturity.

52

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Concluded)

January 31, 2006 (Unaudited)

Dollar Roll Transactions:

Certain Funds may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the mortgage market. A dollar roll transaction involves a sale by a Fund of securities with a simultaneous agreement to repurchase substantially similar securities at an agreed-upon price at a future date. The securities repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. Dollar roll transactions involve the risk that the market value of the securities sold by the Fund may decline below the repurchase price of the similar securities. None of the Funds had dollar roll transactions outstanding at January 31, 2006.

Market and Credit Risk:

Written options, futures contracts, forward commitments, forward foreign currency exchange contracts and swaps involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The risk involved in writing an option on a security is that, if the option is exercised, the underlying security is then purchased or sold by the Fund at the contract price, which could be disadvantageous relative to the market price. The Fund bears the market risk, which arises from any changes in security values. The credit risk for futures contracts and exchange traded options is limited to failure of the exchange or board of trade which acts as the counterparty to the Fund’s futures transactions. Forward commitments, forward foreign currency exchange contracts, over-the-counter options and swaps are done directly with the counterparty and not through an exchange and can be terminated only by agreement of both parties to such contracts. With respect to such transactions there is no daily margin settlement and the Fund is exposed to the risk of default by the counterparty.

Special Valuation/Concentration Risks:

Foreign denominated assets, if any, held by the Funds, may involve risks not typically associated with domestic transactions including, but not limited to, unanticipated movements in exchange rates, the degree of government supervision and regulation of security markets and the possibility of economic instability.

Certain Funds invest a high percentage of their assets in specific sectors of the market in their pursuit of a greater investment return. Fluctuations in these sectors of concentration may have a greater impact to a Fund, positive or negative, than if such Fund did not concentrate its investments in such sectors.

Certain securities held by the Funds are valued on the basis of a price provided by a single market maker. The prices provided by the principal market makers may differ from the value that would be realized if the securities were sold.

53

Item 2. Controls and Disclosures.

(a) The registrant’s certifying officers have evaluated the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report and have determined such controls and procedures to be reasonably designed to achieve the purposes described in Rule 30a-3(c) under the Investment Company Act of 1940.

(b) The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications required by Item 3 are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AXA Enterprise Multimanager Funds Trust
By:	/s/ Steven M. Joenk
	Steven M. Joenk
	President and Chairman
	March 29, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Steven M. Joenk
	Steven M. Joenk
	Chief Executive Officer
	March 29, 2006
By:	/s/ Kenneth T. Kozlowski
	Kenneth T. Kozlowski
	Chief Financial Officer and Treasurer
	March 29, 2006