UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-10507

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 Preston Gates Ellis LLP

1601 K Street, NW

Washington, D.C. 20006-1600

Telephone: (202) 778-9000

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2005 - October 31, 2006

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

AXA Enterprise

Multimanager Funds Trust

2006 Certified Annual Report

This report is certified under the Sarbanes-Oxley Act of 2002, which requires that public companies, including mutual funds, affirm that the information provided in their annual and semi-annual shareholder reports fully and fairly represents their financial position.

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

ANNUAL REPORT

October 31, 2006

Table of Contents

•      Performance Results and Commentary (Unaudited)
Notes on Performance	1
AXA Enterprise Conservative Allocation Fund	3
AXA Enterprise Moderate Allocation Fund	5
AXA Enterprise Moderate-Plus Allocation Fund	7
AXA Enterprise Aggressive Allocation Fund	9
AXA Enterprise Multimanager Growth Fund	11
AXA Enterprise Multimanager Core Equity Fund	13
AXA Enterprise Multimanager Value Fund	15
AXA Enterprise Multimanager Mid Cap Growth Fund	17
AXA Enterprise Multimanager Mid Cap Value Fund	19
AXA Enterprise Multimanager International Equity Fund	21
AXA Enterprise Multimanager Technology Fund	23
AXA Enterprise Multimanager Health Care Fund	25
AXA Enterprise Multimanager Core Bond Fund	27
•       Portfolio of Investments	29
•       Financial Statements	73
•       Notes to Financial Statements	131
•       Report of Registered Public Accounting Firm	147
•       Approvals of Investment Management and Investment Advisory Agreements (Unaudited)	148
•       Federal Income Tax Information (Unaudited)	155
•       Management of the Trust (Unaudited)	156
•       Proxy Voting Policies and Quarterly Portfolio Holdings Information (Unaudited)	160

NOTES ON PERFORMANCE

Total Returns

Performance of each of the funds of the AXA Multimanager Enterprise Funds Trust as shown on the following pages compares each fund’s performance to that of a broad-based securities index. Performance information is as of the date shown and represents past performance and is not indicative of future results. Investment return and principal value of an investment in each of the funds will fluctuate as the prices of the individual securities in which it invests fluctuate, so that shares may be worth more or less at redemption or withdrawal than at original purchase. The Funds’ results may have been achieved during market conditions or pursuing performance opportunities that may not continue to occur in the future. Also, market volatility and interest rate changes, among other factors, can significantly affect a fund’s short-term returns.

Fund performance reflects the deduction of management fees and other fund expenses. All results include reinvested dividends and capital gains distributions. Standardized returns also reflect the deduction of maximum sales charges that apply to each class of shares and that were in effect during the reporting period. The expenses of the funds are currently being waived or reimbursed so that the total fund expense does not exceed certain limits. Without these expense limits, the total return of each fund would have been lower.

For each of the equity funds of AXA Enterprise Multimanager Funds Trust, the maximum front-end sales charge for Classes A and P shares in effect during the reporting period were 4.75% and 5.50%. of offering price, respectively. Class B shares were subject to a maximum contingent deferred sales charge equal to 5% in year 1, 4% in year 2, 4% in year 3, 3% in year 4, 2% in year 5 and 1% in year 6. Class C shares were subject to a 1% contingent deferred sales charge if redeemed within 12 months of purchase. Class Y shares are sold at net asset value and do not have a front-end sales charge or a deferred sales charge.

Growth of $10,000 Investment

The Growth of $10,000 Charts shown for each fund illustrates the total value of an assumed investment in Class Y shares of each fund of AXA Enterprise Multimanager Funds Trust. The periods illustrated are from the inception dates shown through October 31, 2006. These results assume reinvestment of dividends and capital gains. The returns for the funds’ Class A, Class B, Class C and Class P shares are lower than the Class Y shares (which are shown in the chart) because these other shares have higher total expenses. In addition, unlike Class A, Class B, Class C and Class P shares, Class Y shares do not have any sales charges. Results should not be considered representative of future gains or losses.

The Benchmarks

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

Conservative Allocation Index

The Conservative Allocation Index is a hypothetical combination of unmanaged indices. The composite index combines the total return of the S&P 500 and the Lehman Brothers Aggregate Bond Index at a weighting of 20% and 80%, respectively.

Moderate Allocation Index

The Moderate Allocation Index is a hypothetical combination of unmanaged indices. The composite index combines the total return of the S&P 500 and the Lehman Brothers Aggregate Bond Index at a weighting of 50% and 50%, respectively.

Moderate-Plus Allocation Index

The Moderate-Plus Allocation Index is a hypothetical combination of unmanaged indices. The composite index combines the total return of the S&P 500, the Lehman Brothers Aggregate Bond Index and the Morgan Stanley Capital International EAFE Index at a weighting of 60%, 25% and 15%, respectively.

Aggressive Allocation Index

The Aggressive Allocation Index is a hypothetical combination of unmanaged indices. The composite index combines the total return of the S&P 500, the Morgan Stanley Capital International EAFE Index and the Lehman Brothers Aggregate Bond Index at a weighting of 75%, 15% and 10%, respectively.

Lehman Brothers Aggregate Bond Index

This index covers the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage passthrough securities, asset-backed securities, and commercial mortgage-based securities.

Morgan Stanley Capital International EAFE Index

This index contains a market capitalization weighted sampling of securities deemed by Morgan Stanley Capital International to be representative of the market structure of the developed equity markets in Europe, Australasia and the Far East.

Russell 1000® Index

An unmanaged index of common stocks that measures the performance of the 1,000 largest companies in the Russell 3000 Index, representing approximately 92% of the total market capitalization of the Russell 3000 Index.

Russell 1000® Growth Index

This index contains those Russell 1000 securities (1,000 largest securities in the Russell 3000 Index) with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values than the value universe.

Russell 1000® Health Care Index

This index contains those Russell 1000 securities (1,000 largest securities in the Russell 3000 Index) that are deemed healthcare companies by the Russell sector classification scheme.

Russell 1000® Technology Index

This index contains those Russell 1000 securities (1,000 largest securities in the Russell 3000 index) that are deemed technology companies by the Russell sector classification scheme. This sector includes securities in the following industries: computer hardware, computer software, communications technology, electrical & electronics, semiconductors, and scientific equipment & suppliers. The index is market value weighted.

Russell 1000® Value Index

This index contains those Russell 1000 securities (1,000 largest securities in the Russell 3000 Index) with a less-than-average growth orientation. It represents the universe of stocks from which value managers typically select. Securities in this index tend to exhibit lower price-to-book and price-to-earnings ratios, higher dividend yields and lower forecasted growth values than the growth universe.

Russell 2500™ Growth Index

This index contains those Russell 2500 securities (the bottom 500 securities in the Russell 1000 Index and all 2,000 securities in the Russell 2000 Index) with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values than the value universe.

Russell 2500™ Value Index

This index contains those Russell 2500 securities (the bottom 500 securities in the Russell 1000 Index and all 2,000 securities in the Russell

1

NOTES ON PERFORMANCE

2000 Index) with a less-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields and lower forecasted growth values than the growth universe.

Russell Mid Cap Growth Index

An unmanaged index that measures the performance of those companies among the smallest 800 securities in the Russell 1000 index with higher price-to-book ratios and higher forecasted growth values.

Russell Mid Cap Value Index

An unmanaged index that measures the performance of those companies among the smallest 800 securities in the Russell 1000 index with a less-than-average growth orientation.

Standard & Poor’s 500 Index

This index contains 500 of the largest U.S. industrial, transportation, utility and financial companies deemed by Standard and Poor’s to be representative of the larger capitalization portion of the U.S. stock market. The index is capitalization weighted, thereby giving greater weight to companies with the largest market capitalizations.

2

AXA ENTERPRISE CONSERVATIVE ALLOCATION FUND

FUND ADVISER

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying Fund allocations for the Fund. The team is also responsible for the ongoing evaluation and selection of underlying Funds and monitoring the overall investment process and performance for the Fund.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

1/10/05–10/31/06

Investment in Class Y Shares

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06

	1 Year		Since Inception*
Class A Shares	6.26	%	3.82	%
Class B Shares	5.58		3.28
Class C Shares	5.58		3.28
Class Y Shares	6.63		4.19
Conservative Allocation Index	7.37		4.91

* All share classes have an inception date of 1/10/2005.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06

	1 Year		Since Inception*
Class A Shares	1.23	%	1.05	%
Class B Shares	0.58		1.11
Class C Shares	4.58		3.28
Conservative Allocation Index	7.37		4.91

* All share classes have an inception date of 1/10/2005.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06

	1 Year		Since Inception*
Class A Shares	(0.76	)%	0.49	%
Class B Shares	(1.45	)	0.52
Class C Shares	2.65		2.82
Conservative Allocation Index	5.09		4.44

* All share classes have an inception date of 1/10/2005.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results. Performance information shown above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see “Notes on Performance.”

Performance information is as of the date shown. Most recent month-end performance results are available on-line at www.axaenterprise.com.

PERFORMANCE SUMMARY

The Fund’s Class A shares returned 6.26% for the year ended October 31, 2006. The Fund’s benchmark, the Conservative Allocation Index, returned 7.37% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

As of October 31, 2006, the Fund was invested in 9 equity and 5 fixed income underlying funds. The Fund’s fixed income allocation consisted of investment grade bonds (73.4%) and high yield bonds (6.2%). The Fund’s equity allocation consisted of large cap growth stocks (4.2%), large cap value stocks (6.8%), international stocks (5.4%) and small and mid cap stocks (4.0%).

The 12-month period that ended on October 31, 2006 continued to produce rewarding results for well diversified investors. All major investment benchmarks finished the period with positive returns. In 2006, the U.S. economy continued its expansion for the fifth straight year, and it also was a year in which several leading stock market indicators finally recovered from the 2000-02 bear market, achieving new all-time highs.

Through the first six months of 2006, the U.S. stock market was virtually flat. However, an impressive market rally carried the S&P 500 Index up by 8.5% during the July-October (four-month) period. For the 12 months ended October 31, 2006, that benchmark of large U.S. stocks, the S&P 500, returned 16.3%. Small-cap U.S. equities performed even better over the same period, as the Russell 2000 Index produced a 20.0% return. The past year has been especially rewarding for portfolios that have diversified into more asset classes. Developed markets abroad returned 27.5% for the 12 months, as measured by the MSCI EAFE Index.

For the year ended October 31st, the fixed income markets generated strong returns, as the Lehman Aggregate Index returned 5.2% over the year. Most of this return came in August-October 2006, as it appeared that a long cycle of sustained Fed rate increases was nearing an end.

The Fund’s performance over this same period was aided by strong performance in the fixed income and large cap value underlying holdings. The AXA Enterprise Multimanager Value underlying Fund was the largest

3

AXA ENTERPRISE CONSERVATIVE ALLOCATION FUND

equity contributor, while the AXA Enterprise Short Duration underlying Fund was the largest fixed income contributor.

Fund Allocation (as a percentage of Total Investment)

as of 10/31/06

AXA Enterprise Short Duration Bond Fund	38.1	%
AXA Enterprise Government Securities Fund	18.3
AXA Enterprise Multimanager Core Bond Fund	16.2
AXA Enterprise Multimanager Value Fund	7.9
AXA Enterprise High Yield Bond Fund	6.3
AXA Enterprise Equity Income Fund	4.2
AXA Enterprise Multimanager International Equity Fund	2.4
AXA Enterprise Deep Value Fund	2.3
AXA Enterprise International Growth Fund	2.3
AXA Enterprise Growth Fund	1.0
AXA Enterprise Capital Appreciation Fund	0.6
AXA Enterprise Equity Fund	0.2
AXA Enterprise Multimanager Mid Cap Value Fund	0.1
AXA Enterprise Money Market Fund	0.1

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs: (1)transaction costs, including applicable sales charges and redemption fees; and (2)ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class A, Class B and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended October 31, 2006 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,031.30	$	2.56
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.68		2.55
Class B
Actual		1,000.00		1,027.40		6.13
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.16		6.11
Class C
Actual		1,000.00		1,028.40		6.14
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.16		6.11
Class Y
Actual		1,000.00		1,032.30		1.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.20		1.02

* Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 0.50%, 1.20%, 1.20% and 0.20%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

4

AXA ENTERPRISE MODERATE ALLOCATION FUND

FUND ADVISER

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying Fund allocations for the Fund. The team is also responsible for the ongoing evaluation and selection of underlying Funds and monitoring the overall investment process and performance for the Fund.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

1/10/05–10/31/06

Investment in Class Y Shares

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06

	1 Year		Since Inception*
Class A Shares	9.52	%	6.15	%
Class B Shares	8.85		5.56
Class C Shares	8.74		5.56
Class Y Shares	9.99		6.63
Moderate Allocation Index	10.68		7.00

* All share classes have an inception date of 1/10/2005.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06

	1 Year		Since Inception*
Class A Shares	4.29	%	3.32	%
Class B Shares	3.85		3.42
Class C Shares	7.74		5.56
Moderate Allocation Index	10.68		7.00

* All share classes have an inception date of 1/10/2005.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06

	1 Year		Since Inception*
Class A Shares	0.58	%	2.16	%
Class B Shares	(0.01	)	2.26
Class C Shares	3.89		4.53
Moderate Allocation Index	7.22		6.15

* All share classes have an inception date of 1/10/2005.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results. Performance information shown above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see “Notes on Performance.”

Performance information is as of the date shown. Most recent month-end performance results are available on-line at www.axaenterprise.com.

PERFORMANCE SUMMARY

The Fund’s Class A shares returned 9.52% for the year ended October 31, 2006. The Fund’s benchmark, the Moderate Allocation Index, returned 10.68% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

As of October 31, 2006, the Fund was invested in 12 equity and 5 fixed income underlying funds. The Fund’s fixed income allocation consisted of investment grade bonds (44.9%) and high yield bonds (4.1%). The Fund’s equity allocation consisted of large cap growth stocks (9.8%), large cap value stocks (12.5%), international stocks (15.1%) and small and mid cap stocks (13.6%).

The 12-month period that ended on October 31, 2006 continued to produce rewarding results for well diversified investors. All major investment benchmarks finished the period with positive returns. In 2006, the U.S. economy continued its expansion for the fifth straight year, and it also was a year in which several leading stock market indicators finally recovered from the 2000-02 bear market, achieving new all-time highs.

Through the first six months of 2006, the U.S. stock market was virtually flat. However, an impressive market rally carried the S&P 500 Index up by 8.5% during the July-October (four-month) period. For the 12 months ended October 31, 2006, that benchmark of large U.S. stocks, the S&P 500, returned 16.3%. Small-cap U.S. equities performed even better over the same period, as the Russell 2000 Index produced a 20.0% return. The past year has been especially rewarding for portfolios that have diversified into more asset classes. Developed markets abroad returned 27.5% for the 12 months, as measured by the MSCI EAFE Index.

For the year ended October 31, 2006, the fixed income markets generated strong returns, as the Lehman Aggregate Index returned 5.2% over the year. Most of this return came in August-October 2006, as it appeared that a long cycle of sustained Fed rate increases was nearing an end.

The Fund’s performance over this same period was aided by strong performance in the large cap value underlying holdings. The international, small/mid cap and fixed income asset classes also added notably to

5

AXA ENTERPRISE MODERATE ALLOCATION FUND

performance. The AXA Enterprise Multimanager Value underlying Fund was the largest equity contributor, with the AXA Enterprise Small Company Value and AXA Enterprise Multimanager International Equity underlying Funds also making meaningful contributions. The AXA Enterprise Short Duration underlying Fund was the largest fixed income contributor.

Fund Allocation (as a percentage of Total Investment Companies)

as of 10/31/06

AXA Enterprise Short Duration Bond Fund	21.0	%
AXA Enterprise Multimanager Value Fund	14.4
AXA Enterprise Multimanager Core Bond Fund	12.3
AXA Enterprise Government Securities Fund	10.0
AXA Enterprise Multimanager International Equity Fund	7.8
AXA Enterprise International Growth Fund	7.3
AXA Enterprise Equity Income Fund	5.6
AXA Enterprise High Yield Bond Fund	4.2
AXA Enterprise Small Company Value Fund	4.1
AXA Enterprise Deep Value Fund	3.9
AXA Enterprise Capital Appreciation Fund	2.7
AXA Enterprise Growth Fund	2.7
AXA Enterprise Small Company Growth Fund	2.2
AXA Enterprise Equity Fund	1.6
AXA Enterprise Multimanager Mid Cap Growth Fund	0.1
AXA Enterprise Multimanager Mid Cap Value Fund	0.1
AXA Enterprise Money Market Fund	0.0	*

* Less than 0.1%.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs: (1)transaction costs, including applicable sales charges and redemption fees; and (2)ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class A, Class B and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended October 31, 2006 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,026.30	$	2.55
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.68		2.55
Class B
Actual		1,000.00		1,023.50		6.12
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.16		6.11
Class C
Actual		1,000.00		1,022.60		6.12
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.16		6.11
Class Y
Actual		1,000.00		1,029.10		1.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.20		1.02

* Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 0.50%, 1.20%, 1.20% and 0.20%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

6

AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND

FUND ADVISER

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying Fund allocations for the Fund. The team is also responsible for the ongoing evaluation and selection of underlying Funds and monitoring the overall investment process and performance for the Fund.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

10/31/96–10/31/06

Investment in Class Y Shares

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06

	1 Year		5 Years		10 Years		Since Incept.
Class A Shares	14.03	%	5.19	%	4.32	%	—
Class B Shares	13.29		4.62		3.87		—
Class C Shares	13.49		4.60		—		3.11	%*
Class Y Shares	14.57		5.63		4.75		—
Moderate-Plus Allocation Index	15.11		7.96		8.47		7.90	**

* Class C shares inception date of 5/1/97.

** Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 4/30/97, as daily index values for this time period are not available for all indexes.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06

	1 Year		5 Years		10 Years		Since Incept.
Class A Shares	8.63	%	4.15	%	3.82	%	—
Class B Shares	8.29		4.29		3.87		—
Class C Shares	12.49		4.60		—		3.11	%*
Moderate-Plus Allocation Index	15.11		7.96		8.47		7.90	**

* Class C shares inception date of 5/1/97.

** Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 4/30/97, as daily index values for this time period are not available for all indexes.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06

	1 Year		5 Years		10 Years		Since Incept.
Class A Shares	3.50	%	4.20	%	3.83	%	—
Class B Shares	2.98		4.32		3.87		—
Class C Shares	7.01		4.63		—		2.83	%*
Moderate-Plus Allocation Index	10.25		7.82		8.40		7.67	**

* Class C shares inception date of 5/1/97.

** Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 4/30/97, as daily index values for this time period are not available for all indexes.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results. Performance information shown above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see “Notes on Performance.”

Performance information is as of the date shown. Most recent month-end performance results are available on-line at www.axaenterprise.com.

PERFORMANCE SUMMARY

The Fund’s Class A shares returned 14.03% for the year ended October 31, 2006. The Fund’s benchmark, the Moderate-Plus Allocation Index, returned 15.11% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

As of October 31, 2006, the Fund was invested in 12 equity and 5 fixed income underlying funds. The Fund’s fixed income allocation consisted of investment grade bonds (28.6%). The Fund’s equity allocation consisted of large cap growth stocks (14.2%), large cap value stocks (17.7%), international stocks (21.8%) and small and mid cap stocks (17.7%).

The 12-month period that ended on October 31, 2006 continued to produce rewarding results for well diversified investors. All major investment benchmarks finished the period with positive returns. In 2006, the U.S. economy continued its expansion for the fifth straight year, and it also was a year in which several leading stock market indicators finally recovered from the 2000-02 bear market, achieving new all-time highs.

Through the first six months of 2006, the U.S. stock market was virtually flat. However, an impressive market rally carried the S&P 500 Index up by 8.5% during the July-October (four-month) period. For the 12 months ended October 31, 2006, that benchmark of large U.S. stocks, the S&P 500, returned 16.3%. Small-cap U.S. equities performed even better over the same period, as the Russell 2000 Index produced a 20.0% return. The past year has been especially rewarding for portfolios that have diversified into more asset classes. Developed markets abroad returned 27.5% for the 12 months, as measured by the MSCI EAFE Index.

For the year ended October 31st, the fixed income markets generated strong returns, as the Lehman Aggregate Index returned 5.2% over the year. Most of this return came in August-October 2006, as it appeared that a long cycle of sustained Fed rate increases was nearing an end.

The Fund’s performance over this same period was aided by strong performance in the international and large cap value underlying holdings.

7

AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND

The AXA Enterprise Multimanager International Equity and AXA Enterprise Multimanager Value underlying Funds were the largest contributors.

Fund Allocation (as a percentage of Total Investment Companies)

as of 10/31/06

AXA Enterprise Multimanager Value Fund	21.3	%
AXA Enterprise Multimanager International Equity Fund	13.9
AXA Enterprise Multimanager Core Bond Fund	9.7
AXA Enterprise Short Duration Bond Fund	9.1
AXA Enterprise Equity Income Fund	8.0
AXA Enterprise Government Securities Fund	7.8
AXA Enterprise International Growth Fund	6.6
AXA Enterprise Small Company Value Fund	6.4
AXA Enterprise Deep Value Fund	4.3
AXA Enterprise Growth Fund	4.1
AXA Enterprise Capital Appreciation Fund	3.7
AXA Enterprise Equity Fund	2.8
AXA Enterprise Small Company Growth Fund	2.2
AXA Enterprise Multimanager Mid Cap Growth Fund	0.0	*
AXA Enterprise Multimanager Mid Cap Value Fund	0.0	*

* Less than 0.1%.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs: (1)transaction costs, including applicable sales charges and redemption fees; and (2)ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class A, Class B and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended October 31, 2006 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,026.60	$	2.55
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.68		2.55
Class B
Actual		1,000.00		1,022.00		6.12
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.16		6.11
Class C
Actual		1,000.00		1,023.40		6.12
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.16		6.11
Class Y
Actual		1,000.00		1,028.90		1.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.20		1.02

* Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 0.50%, 1.20%, 1.20% and 0.20%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

8

AXA ENTERPRISE AGGRESSIVE ALLOCATION FUND

FUND ADVISER

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying Fund allocations for the Fund. The team is also responsible for the ongoing evaluation and selection of underlying Funds and monitoring the overall investment process and performance for the Fund.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

1/10/05–10/31/06

Investment in Class Y Shares

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	16.90	%	11.78	%
Class B Shares	16.21		11.18
Class C Shares	16.13		11.08
Class Y Shares	17.39		12.22
Aggressive Allocation Index	16.84		11.13

* All share classes have an inception date of 1/10/2005.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	11.36	%	8.80	%
Class B Shares	11.21		9.13
Class C Shares	15.13		11.08
Aggressive Allocation Index	16.84		11.13

* All share classes have an inception date of 1/10/2005.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06

	1 Year		Since Incept.*
Class A Shares	4.96	%	7.06	%
Class B Shares	4.48		7.32
Class C Shares	8.49		9.46
Aggressive Allocation Index	11.33		9.75

* All share classes have an inception date of 1/10/2005.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results. Performance information shown above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see “Notes on Performance.”

Performance information is as of the date shown. Most recent month-end performance results are available on-line at www.axaenterprise.com.

PERFORMANCE SUMMARY

The Fund’s Class A shares returned 16.90% for the year ended October 31, 2006. The Fund’s benchmark, the Aggressive Allocation Index, returned 16.84% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

As of October 31, 2006, the Fund was invested in 12 equity and 2 fixed income underlying funds. The Fund’s fixed income allocation consisted of investment grade bonds (9.3%). The Fund’s equity allocation consisted of large cap growth stocks (18.1%), large cap value stocks (21.6%), international stocks (27.0%) and small and mid cap stocks (24.0%).

The 12-month period that ended on October 31, 2006 continued to produce rewarding results for well diversified investors. All major investment benchmarks finished the period with positive returns. In 2006, the U.S. economy continued its expansion for the fifth straight year, and it also was a year in which several leading stock market indicators finally recovered from the 2000-02 bear market, achieving new all-time highs.

Through the first six months of 2006, the U.S. stock market was virtually flat. However, an impressive market rally carried the S&P 500 Index up by 8.5% during the July-October (four-month) period. For the 12 months ended October 31, 2006, that benchmark of large U.S. stocks, the S&P 500, returned 16.3%. Small-cap U.S. equities performed even better over the same period, as the Russell 2000 Index produced a 20.0% return. The past year has been especially rewarding for portfolios that have diversified into more asset classes. Developed markets abroad returned 27.5% for the 12 months, as measured by the MSCI EAFE Index.

For the year ended October 31st, the fixed income markets generated strong returns, as the Lehman Aggregate Index returned 5.2% over the year. Most of this return came in August-October 2006, as it appeared that a long cycle of sustained Fed rate increases was nearing an end.

The Fund’s performance over this same period was aided by strong performance in the international and large cap value underlying holdings. The AXA Enterprise Multimanager International Equity and AXA Enterprise Multimanager Value underlying Funds were the largest contributors.

9

AXA ENTERPRISE AGGRESSIVE ALLOCATION FUND

Fund Allocation (as a percentage of Total Investment Companies)

as of 10/31/06

AXA Enterprise Multimanager Value Fund	23.2	%
AXA Enterprise Multimanager International Equity Fund	14.0
AXA Enterprise International Growth Fund	13.2
AXA Enterprise Equity Income Fund	10.2
AXA Enterprise Small Company Value Fund	7.8
AXA Enterprise Deep Value Fund	7.1
AXA Enterprise Growth Fund	7.1
AXA Enterprise Capital Appreciation Fund	5.1
AXA Enterprise Multimanager Core Bond Fund	3.9
AXA Enterprise Small Company Growth Fund	3.6
AXA Enterprise Government Securities Fund	2.8
AXA Enterprise Equity Fund	1.9
AXA Enterprise Multimanager Mid Cap Growth Fund	0.0	*
AXA Enterprise Multimanager Mid Cap Value Fund	0.0	*

* Less than 0.1%.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs: (1)transaction costs, including applicable sales charges and redemption fees; and (2)ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class A, Class B and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended October 31, 2006 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,023.10	$	2.55
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.68		2.55
Class B
Actual		1,000.00		1,019.70		6.11
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.16		6.11
Class C
Actual		1,000.00		1,018.90		6.11
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.16		6.11
Class Y
Actual		1,000.00		1,024.80		1.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.20		1.02

* Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 0.50%, 1.20%, 1.20% and 0.20%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

10

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

FUND ADVISERS

• AllianceBernstein L.P.

• RCM Capital Management LLC

• TCW Investment Management Company

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/06

Investment in Class Y Shares

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	2.66	%	2.70	%
Class B Shares	2.09		(0.49	)
Class C Shares	2.09		(0.51	)
Class P Shares	2.86		0.26
Class Y Shares	3.16		0.50
Russell 1000 Growth Index	10.84		2.30

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	(2.24	)%	0.05	%
Class B Shares	(2.91	)	(0.90	)
Class C Shares	1.09		(0.51	)
Class P Shares	(2.80	)	(0.90	)
Russell 1000 Growth Index	10.84		2.30

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06

	1 Year		Since Incept.*
Class A Shares	(3.85	)%	(1.51	)%
Class B Shares	(4.68	)	(1.50	)
Class C Shares	(0.68	)	(1.10	)
Class P Shares	(4.50	)	(1.53	)
Russell 1000 Growth Index	6.04		1.60

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results. Performance information shown above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see “Notes on Performance.”

Performance information is as of the date shown. Most recent month-end performance results are available on-line at www.axaenterprise.com.

PERFORMANCE SUMMARY

The Fund’s Class P shares returned 2.86% for the year ended October 31, 2006. The Fund’s benchmark, the Russell 1000 Growth Index, returned 10.84% over the same period.

The following commentary describes key factors (such as stock selection and sector allocation decisions) which helped or hurt the Fund’s performance relative to its benchmark, the Russell 1000 Growth Index. Performance quoted refers to the absolute performance of specific stocks for the year ended October 31, 2006 and should not be considered a measure of the stock’s actual performance contribution to this Fund. Factors that will determine how much a stock contributes to the Fund’s overall return will depend upon when the manager purchased the stock, how long it was held and its weighting in the Fund.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

• Positions in Google and Apple Computer contributed the most to overall performance. An underweight position relative to the benchmark in Intel Corp. and an overweight in Network Appliance Inc. also contributed in the Information Technology sector.

• Overweighting the outperforming Financial Services sector contributed. Goldman Sachs was a major contributor to returns from the sector.

• Better stock selection relative to the benchmark in the Energy and Industrials sectors added to performance.

• Gilead Sciences Inc. was also a top contributor. Gilead provides treatments for infectious diseases and receives royalties for Tamiflu, the leading treatment for flu (including avian flu).

• An overweight position in Pixar and an underweight position in Home Depot were notable relative contributors in the Consumer Discretionary sector.

11

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

What hurt performance over the year

• Adverse stock selection in the Information Technology sector was the largest detractor, with positions in Yahoo Inc., eBay Inc., Qualcom Inc., and Juniper Networks Inc. detracting the most. An overweight position in the sector relative to the benchmark also detracted.

• Stock selection hurt performance in the Financials, Consumer Discretionary and Health Care sectors. Progressive Corp. was a notable detractor in Financials, Genentech in Health Care.

• Underweighting the Industrials sector also detracted from performance.

Sector Weightings as of 10/31/06	% of Net Assets
Information Technology	29.7	%
Health Care	22.6
Financials	17.7
Consumer Discretionary	9.2
Industrials	8.1
Consumer Staples	5.7
Energy	5.2
Cash and Other	1.8
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs: (1)transaction costs, including applicable sales charges and redemption fees; and (2)ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class A, Class B and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended October 31, 2006 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	982.40	$	8.24
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.89		8.39
Class B
Actual		1,000.00		979.90		10.98
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.12		11.17
Class C
Actual		1,000.00		979.90		10.98
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.12		11.17
Class P
Actual		1,000.00		983.40		7.25
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.90		7.37
Class Y
Actual		1,000.00		984.50		6.00
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.16		6.11

* Expenses are equal to the Fund’s Class A, Class B, Class C, Class P, and Class Y shares annualized expense ratios of 1.65%, 2.20%, 2.20%, 1.45% and 1.20%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

12

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

FUND ADVISERS

• AllianceBernstein L.P.

• Janus Capital Management LLC

• Thornburg Investment Management, Inc.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/06

Investment in Class Y Shares

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	14.21	%	9.35	%
Class B Shares	13.54		4.29
Class C Shares	13.54		4.29
Class P Shares	14.42		5.08
Class Y Shares	14.67		5.33
S&P 500 Index	16.34		5.69

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	8.74	%	6.54	%
Class B Shares	8.54		3.93
Class C Shares	12.54		4.29
Class P Shares	8.09		3.86
S&P 500 Index	16.34		5.69

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06

	1 Year		Since Incept.*
Class A Shares	3.59	%	5.02	%
Class B Shares	3.14		3.31
Class C Shares	7.14		3.68
Class P Shares	2.99		3.25
S&P 500 Index	10.79		5.09

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results. Performance information shown above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see “Notes on Performance.”

Performance information is as of the date shown. Most recent month-end performance results are available on-line at www.axaenterprise.com.

PERFORMANCE SUMMARY

The Fund’s Class P shares returned 14.42% for the year ended October 31, 2006. The Fund’s benchmark, the S&P 500 Index, returned 16.34% over the same period.

The following commentary describes key factors (such as stock selection and sector allocation decisions) which helped or hurt the Fund’s performance relative to its benchmark, the S&P 500 Index. Performance quoted refers to the absolute performance of specific stocks for the year ended October 31, 2006 and should not be considered a measure of the stock’s actual performance contribution to this Fund. Factors that will determine how much a stock contributes to the Fund’s overall return will depend upon when the manager purchased the stock, how long it was held and its weighting in the Fund.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

• Research in Motion (RIM) was the largest single contributor to positive performance in the period. After trading down in the second quarter, the maker of the BlackBerry portable email device rebounded after reporting higher-than-expected earnings on the last day of the quarter.

• NII Holdings Inc., which provides mobile telecommunications service primarily in Mexico, Brazil, and other Latin American countries, was a top contributor.

• A number of consumer-related stocks did very well. Among these were Las Vegas Sands, which is being recognized for the potential value of its gaming property developments in Macau and Singapore; Comcast Corp. and DIRECTV Group, after rebounding from modest valuations in prior periods for their attractive annuity-like subscription revenue streams; and Abercrombie & Fitch Co., an apparel retailer.

• An overweight relative to the benchmark in the Telecommunications Sector was a notable sector contributor.

• Other notable individual contributors were Materials holdings Southern Copper Corp. and Rio Tinto, Energy holding Occidental Petroleum, Health Care holding Fisher Scientific, and Telecommunications Services holding Leap Wireless International.

13

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

What hurt performance over the year

• Health Care stock selection and an overweight in the sector both detracted from performance. Notable detractors in this sector included Coventry Health Care Inc., Caremark RX Inc., UnitedHealth Group Inc. and Medtronic Inc.

• Consumer Discretionary sector holding XM Satellite Radio Holdings Inc. disappointed as it was unable to sustain subscriber growth at anticipated levels.

• Yahoo! was a significant detractor from Fund performance during the 12-month period. The stock recently declined upon announcement of another delay in Project Panama, its highly anticipated new search engine algorithm. Another Information Technology holding, Advanced Micro Devices, also disappointed. Performance was also hurt by an overweight in this sector.

• An underweight in benchmark holding AT&T hurt relative performance.

• American Greetings Corp. also fell during the year.

Sector Weightings as of 10/31/06	% of Net Assets
Information Technology	19.2	%
Financials	17.6
Health Care	15.1
Consumer Discretionary	13.2
Energy	9.1
Industrials	7.5
Consumer Staples	7.3
Telecommunication Services	5.9
Materials	2.3
Utilities	1.5
Cash and Other	1.3
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs: (1)transaction costs, including applicable sales charges and redemption fees; and (2)ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class A, Class B and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended October 31, 2006 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,045.10	$	8.51
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.89		8.39
Class B
Actual		1,000.00		1,041.80		11.32
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.12		11.17
Class C
Actual		1,000.00		1,041.80		11.32
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.12		11.17
Class P
Actual		1,000.00		1,046.00		7.48
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.90		7.37
Class Y
Actual		1,000.00		1,047.70		6.19
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.16		6.11

* Expenses are equal to the Fund’s Class A, Class B, Class C, Class P, and Class Y shares annualized expense ratios of 1.65%, 2.20%, 2.20%, 1.45% and 1.20%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

14

AXA ENTERPRISE MULTIMANAGER VALUE FUND

FUND ADVISERS

• AllianceBernstein L.P.

• Institutional Capital LLC

• MFS Investment Management

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/06

Investment in Class Y Shares

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	17.40	%	11.87	%
Class B Shares	16.72		7.58
Class C Shares	16.62		7.58
Class P Shares	17.56		8.35
Class Y Shares	17.88		8.67
Russell 1000 Value Index	21.46		10.23

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	11.80	%	9.01	%
Class B Shares	11.72		7.26
Class C Shares	15.62		7.58
Class P Shares	11.06		7.09
Russell 1000 Value Index	21.46		10.23

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06

	1 Year		Since Incept.*
Class A Shares	6.70	%	7.45	%
Class B Shares	6.36		6.65
Class C Shares	10.27		6.98
Class P Shares	5.93		6.48
Russell 1000 Value Index	14.62		9.68

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results. Performance information shown above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see “Notes on Performance.”

Performance information is as of the date shown. Most recent month-end performance results are available on-line at www.axaenterprise.com.

PERFORMANCE SUMMARY

The Fund’s Class P shares returned 17.56% for the year ended October 31, 2006. The Fund’s benchmark, the Russell 1000 Value Index, returned 21.46% over the same period.

The following commentary describes key factors (such as stock selection and sector allocation decisions) which helped or hurt the Fund’s performance relative to its benchmark, the Russell 1000 Value Index. Performance quoted refers to the absolute performance of specific stocks for the year ended October 31, 2006 and should not be considered a measure of the stock’s actual performance contribution to this Fund. Factors that will determine how much a stock contributes to the Fund’s overall return will depend upon when the manager purchased the stock, how long it was held and its weighting in the Fund.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

• Stock selection in the Industrials sector was the strongest contributor to relative performance., Two holdings within the sector that performed particularly well were CSX Corp. and defense contractor Lockheed Martin.

• Stock selection within the Financials sector also contributed to results during the period. Investment banking firm Goldman Sachs Group in the Financial Services sector was one of the largest relative contributors in the Fund.

• Halliburton Co. and Baxter International Inc. were other notable individual contributors.

• An underweight relative to the benchmark in the Utilities sector was the largest sector contribution.

What hurt performance over the year

• Stock selection and an underweight in the Telecommunication Services sector detracted from relative returns. The leading detractor was global communications company Sprint Nextel. Additionally, underweight positions in strong-performing Telecommunications companies Bellsouth and AT&T had a negative impact on relative performance.

15

AXA ENTERPRISE MULTIMANAGER VALUE FUND

• During the period, Information Technology holdings detracted from returns. Microsoft detracted after the company reported disappointing fiscal third quarter results. Microsoft also had higher-than-expected operating expenses as management cited increased spending to market new products.

• Stock selection and an overweight in the Consumer Staples sector also detracted, led by Wal Mart Stores Inc.

• In the Consumer Discretionary sector, shares of Home Depot declined on fears of the impact of a slowing housing market. In addition, the company’s stock option grant practices and procedures became the focus of an informal investigation by the US Securities and Exchange Commission.

Sector Weightings as of 10/31/06	% of Net Assets
Financials	28.3	%
Energy	11.6
Industrials	11.5
Health Care	10.2
Consumer Discretionary	9.7
Consumer Staples	7.7
Information Technology	7.7
Materials	4.6
Utilities	4.1
Telecommunication Services	2.4
Cash and Other	2.2
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs: (1)transaction costs, including applicable sales charges and redemption fees; and (2)ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class A, Class B and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended October 31, 2006 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,058.10	$	8.56
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.89		8.39
Class B
Actual		1,000.00		1,055.40		11.40
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.12		11.17
Class C
Actual		1,000.00		1,054.60		11.39
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.12		11.17
Class P
Actual		1,000.00		1,059.80		7.53
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.90		7.37
Class Y
Actual		1,000.00		1,060.30		6.23
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.16		6.11

* Expenses are equal to the Fund’s Class A, Class B, Class C, Class P, and Class Y shares annualized expense ratios of 1.65%, 2.20%, 2.20%, 1.45% and 1.20%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

16

AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

FUND ADVISERS

• AllianceBernstein L.P.

• Franklin Advisers, Inc.

• Provident Investment Counsel, Inc.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/06

Investment in Class Y Shares

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	12.92	%	8.85	%
Class B Shares	12.24		1.64
Class C Shares	12.37		1.62
Class P Shares	13.10		2.41
Class Y Shares	13.49		2.67
Russell Mid Cap Growth Index	14.51		7.85
Russell 2500 Growth Index†	16.56		7.20

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

† In 2006, the Investment Manager revised the Fund’s market index to be the Russell Mid Cap Growrth Index, which more closely reflects the securities in which the Fund invests.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	7.60	%	6.04	%
Class B Shares	7.24		1.25
Class C Shares	11.37		1.62
Class P Shares	6.86		1.22
Russell Mid Cap Growth Index	14.51		7.85
Russell 2500 Growth Index†	16.56		7.20

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

† In 2006, the Investment Manager revised the Fund’s market index to be the Russell Mid Cap Growrth Index, which more closely reflects the securities in which the Fund invests.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06

	1 Year		Since Incept.*
Class A Shares	(0.37	)%	3.99	%
Class B Shares	(1.00	)	0.42
Class C Shares	3.11		0.81
Class P Shares	(1.01	)	0.40
Russell Mid Cap Growth Index	7.03		7.14
Russell 2500 Growth Index†	6.53		6.25

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

† In 2006, the Investment Manager revised the Fund’s market index to be the Russell Mid Cap Growrth Index, which more closely reflects the securities in which the Fund invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results. Performance information shown above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see “Notes on Performance.”

Performance information is as of the date shown. Most recent month-end performance results are available on-line at www.axaenterprise.com.

PERFORMANCE SUMMARY

The Fund’s Class P shares returned 13.10% for the year ended October 31, 2006. The Fund’s benchmark, the Russell Mid Cap Growth Index, returned 14.51% over the same period.

The following commentary describes key factors (such as stock selection and sector allocation decisions) which helped or hurt the Fund’s performance relative to its benchmark, the Russell Mid Cap Growth Index. Performance quoted refers to the absolute performance of specific stocks for the year ended October 31, 2006 and should not be considered a measure of the stock’s actual performance contribution to this Fund. Factors that will determine how much a stock contributes to the Fund’s overall return will depend upon when the manager purchased the stock, how long it was held and its weighting in the Fund.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

• Stock selection within the Information Technology, Financials, and Energy sectors was the largest contributor to and relative performance for the year.

• Financials holding CB Richard Ellis Group was the leading individual contributor to performance on a relative basis.

• In Technology Services, an overweight position in Alliance Data Systems (Data Processing Services) produced positive results.

• Allocation to the Telecommunications Services sector, where the Fund was overweight, and to the Consumer Discretionary sector, where the Fund was underweight, was a contributor to relative performance versus the benchmark.

17

AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

• Individual stock performances that led to strong absolute and relative return comparisons for the year include: NII Holdings Inc., American Reprographics, and Wellcare Health Plans.

What hurt performance over the year

• Stock selection in Health Care hurt performance, specifically holdings in Dexcom Inc., United Surgical Partners and PDL Biopharma Inc.

• Weak stock selection in the Consumer Discretionary area was led by fundamental operating and earnings disappointments on the part of Chico’s FAS Inc., and Getty Images Inc.

• Stock selection in Industrials was also weak, led by UTI Worldwide Inc.

• Information Technology holding PMC-Sierra Inc. detracted from performance.

Sector Weightings as of 10/31/06	% of Net Assets
Information Technology	23.0	%
Consumer Discretionary	17.2
Health Care	15.3
Industrials	15.1
Financials	10.7
Energy	8.4
Telecommunication Services	4.8
Materials	2.7
Consumer Staples	1.2
Utilities	0.2
Cash and Other	1.4
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs: (1)transaction costs, including applicable sales charges and redemption fees; and (2)ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class A, Class B and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended October 31, 2006 and held for the entire six-month period.

Actual Expenses

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

“Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	934.10	$	9.26
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.63		9.65
Class B
Actual		1,000.00		931.20		11.93
Hypothetical (5% average annual return before expenses)		1,000.00		1,012.85		12.43
Class C
Actual		1,000.00		931.10		11.93
Hypothetical (5% average annual return before expenses)		1,000.00		1,012.85		12.43
Class P
Actual		1,000.00		935.00		8.29
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.64		8.64
Class Y
Actual		1,000.00		936.50		7.08
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.90		7.37

* Expenses are equal to the Fund’s Class A, Class B, Class C, Class P, and Class Y shares annualized expense ratios of 1.90%, 2.45%, 2.45%, 1.70% and 1.45%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

18

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

FUND ADVISERS

• AXA Rosenberg Investment Management LLC

• TCW Investment Management Company

• Wellington Management Company, LLP

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/06

Investment in Class Y Shares

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	18.25	%	11.27	%
Class B Shares	17.54		7.30
Class C Shares	17.58		7.27
Class P Shares	18.50		8.09
Class Y Shares	18.66		8.33
Russell Mid Cap Value Index	20.51		15.47
Russell 2500 Value Index†	19.87		15.09

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

† In 2006, the Investment Manager revised the Fund’s market index to be the Russell Mid Cap Value Index, which more closely reflects the securities in which the Fund invests.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	12.61	%	8.42	%
Class B Shares	12.54		6.98
Class C Shares	16.58		7.27
Class P Shares	11.98		6.84
Russell Mid Cap Value Index	20.51		15.47
Russell 2500 Value Index†	19.87		15.09

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

† In 2006, the Investment Manager revised the Fund’s market index to be the Russell Mid Cap Value Index, which more closely reflects the securities in which the Fund invests.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06

	1 Year		Since Incept.*
Class A Shares	4.35	%	6.52	%
Class B Shares	4.08		6.26
Class C Shares	8.00		6.56
Class P Shares	3.73		6.10
Russell Mid Cap Value Index	12.27		14.80
Russell 2500 Value Index†	11.13		14.27

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

† In 2006, the Investment Manager revised the Fund’s market index to be the Russell Mid Cap Value Index, which more closely reflects the securities in which the Fund invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results. Performance information shown above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see “Notes on Performance.”

Performance information is as of the date shown. Most recent month-end performance results are available on-line at www.axaenterprise.com.

PERFORMANCE SUMMARY

The Fund’s Class P shares returned 18.50% for the year ended October 31, 2006. The Fund’s benchmark, the Russell Mid Cap Value Index, returned 20.51% over the same period.

The following commentary describes key factors (such as stock selection and sector allocation decisions) which helped or hurt the Fund’s performance relative to its benchmark, the Russell Mid Cap Value Index. Performance quoted refers to the absolute performance of specific stocks for the year ended October 31, 2006 and should not be considered a measure of the stock’s actual performance contribution to this Fund. Factors that will determine how much a stock contributes to the Fund’s overall return will depend upon when the manager purchased the stock, how long it was held and its weighting in the Fund.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

• Strong stock selection in Information Technology was the leading contributor to relative performance, with contributions from Seagate Technology, LAM Research Corp., and MEMC Electrical Materials Inc. Not holding benchmark component Lucent Technologies Inc. also contributed to performance.

• An overweight relative to the benchmark in the Industrials sector was a positive, with notable contributions coming from Emcor Group Inc. and Acuity Brands Inc.

• Stock selection in Materials was additive, including Allegheny Technologies and Inco Ltd.

• An underweight in the Utilities sector was also a relative contributor.

19

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

What hurt performance over the year

• In stock selection, the Information Technology sector subtracted value with the largest negative contribution from holding Analog Devices.

• Not holding benchmark component Archer Daniels Midland was the largest relative detractor from performance on an individual holding basis. Not holding Nucor Corp., Kerr McGee Corp. and Qwest Communications Inc. also dragged on performance.

• Stock selection in Financials was also a detractor.

• An overweight in the Health Care Sector relative to benchmark and an underweight in the Consumer Staples sector detracted from relative performance.

Sector Weightings as of 10/31/06	% of Net Assets
Financials	21.7	%
Information Technology	18.9
Industrials	15.0
Consumer Discretionary	13.3
Health Care	9.4
Materials	7.2
Utilities	5.8
Energy	3.7
Consumer Staples	3.2
Telecommunication Services	0.8
Cash and Other	1.0
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs: (1)transaction costs, including applicable sales charges and redemption fees; and (2)ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class A, Class B and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended October 31, 2006 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,004.70	$	9.60
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.63		9.65
Class B
Actual		1,000.00		1,001.60		12.36
Hypothetical (5% average annual return before expenses)		1,000.00		1,012.85		12.43
Class C
Actual		1,000.00		1,001.60		12.36
Hypothetical (5% average annual return before expenses)		1,000.00		1,012.85		12.43
Class P
Actual		1,000.00		1,005.40		8.59
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.64		8.64
Class Y
Actual		1,000.00		1,006.20		7.33
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.90		7.37

* Expenses are equal to the Fund’s Class A, Class B, Class C, Class P, and Class Y shares annualized expense ratios of 1.90%, 2.45%, 2.45%, 1.70% and 1.45%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

20

AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

FUND ADVISERS

• AllianceBernstein L.P.

• J.P. Morgan Investment Management Inc.

• Marsico Capital Management, LLC

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/06

Investment in Class Y Shares

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	28.41	%	19.53	%
Class B Shares	27.61		11.32
Class C Shares	27.61		11.32
Class P Shares	28.54		12.13
Class Y Shares	28.87		12.44
MSCI EAFE Index	27.52		14.10

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	22.27	%	16.47	%
Class B Shares	22.61		11.04
Class C Shares	26.61		11.32
Class P Shares	21.51		10.83
MSCI EAFE Index	27.52		14.10

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06

	1 Year		Since Incept.*
Class A Shares	13.99	%	14.99	%
Class B Shares	13.94		10.41
Class C Shares	17.93		10.71
Class P Shares	13.30		10.20
MSCI EAFE Index	19.16		13.45

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results. Performance information shown above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see “Notes on Performance.”

Performance information is as of the date shown. Most recent month-end performance results are available on-line at www.axaenterprise.com.

PERFORMANCE SUMMARY

The Fund’s Class P shares returned 28.54% for the year ended October 31, 2006. The Fund’s benchmark, the MSCI EAFE Index, returned 27.52% over the same period.

The following commentary describes key factors (such as stock selection and sector allocation decisions) which helped or hurt the Fund’s performance relative to its benchmark, the MSCI EAFE Index. Performance quoted refers to the absolute performance of specific stocks for the year ended October 31, 2006 and should not be considered a measure of the stock’s actual performance contribution to this Fund. Factors that will determine how much a stock contributes to the Fund’s overall return will depend upon when the manager purchased the stock, how long it was held and its weighting in the Fund.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

• Strong stock selection in several sectors helped performance for the year. The Consumer Discretionary contribution was led by an overweight in German holding Continental AG, Financials by Japan’s Sumitomo Realty and Development, and Energy by an underweight position in United Kingdom holding British Petroleum.

• A position in France-based manufacturer of carbon steel and alloy tubes Vallourec SA was the largest individual contributor to the Fund’s relative performance results in the period.

• The Fund’s position in Latin America’s mobile communications provider America Movil was another area of strength. In addition, an underweighted posture in this relatively weak-performing industry group for the benchmark also helped performance.

• Stock selection in Industrials added to performance.

• Strong commodity prices and consolidation activity helped metal & mining stocks, particularly Arcelor and Xstrata PLC. During the period,

21

AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

Xstrata completed the purchase of Falconbridge, while Mittal Steel completed its merger with Arcelor.

What hurt performance over the year

• Overweight positions relative to the benchmark in several individual holdings were the largest detractor from performance. These included Japanese holdings Credit Saison Co., Sega Sammy Holdings Inc., and Seiyu, Swedish holding Ericsson L M Tel Co, and French company EADS. Underweight positions in UBS AG and Anglo American also detracted.

• Underweight positions in the Financials, Industrials and Utilities sector all detracted for the year.

• An overweight in the Energy sector detracted from relative returns as well.

Sector Weightings as of 10/31/06	% of Net Assets
Financials	31.3	%
Consumer Discretionary	13.6
Materials	9.4
Industrials	9.3
Consumer Staples	7.7
Energy	7.1
Information Technology	6.3
Health Care	6.1
Utilities	3.1
Telecommunication Services	2.8
Cash and Other	3.3
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs: (1)transaction costs, including applicable sales charges and redemption fees; and (2)ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class A, Class B and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended October 31, 2006 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,019.00	$	10.18
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.12		10.16
Class B
Actual		1,000.00		1,015.30		12.95
Hypothetical (5% average annual return before expenses)		1,000.00		1,012.35		12.93
Class C
Actual		1,000.00		1,014.60		12.95
Hypothetical (5% average annual return before expenses)		1,000.00		1,012.35		12.93
Class P
Actual		1,000.00		1,019.00		9.16
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.13		9.15
Class Y
Actual		1,000.00		1,020.20		7.89
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.39		7.88

* Expenses are equal to the Fund’s Class A, Class B, Class C, Class P, and Class Y shares annualized expense ratios of 2.00%, 2.55%, 2.55%, 1.80% and 1.55%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

22

AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

FUND ADVISERS

• Firsthand Capital Management, Inc.

• RCM Capital Management LLC

• Wellington Management Company, LLP

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/06

Investment in Class Y Shares

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	8.51	%	6.63	%
Class B Shares	7.98		0.92
Class C Shares	7.86		0.89
Class P Shares	8.82		1.68
Class Y Shares	9.08		1.92
Russell 1000 Index	16.02		6.32
Russell 1000 Technology Index	11.64		0.49

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	3.40	%	3.88	%
Class B Shares	2.98		0.52
Class C Shares	6.86		0.89
Class P Shares	2.82		0.50
Russell 1000 Index	16.02		6.32
Russell 1000 Technology Index	11.64		0.49

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06

	1 Year		Since Incept.*
Class A Shares	(0.19	)%	2.97	%
Class B Shares	(0.50	)	0.14
Class C Shares	3.16		0.51
Class P Shares	(0.74	)	0.09
Russell 1000 Index	10.25		5.69
Russell 1000 Technology Index	5.71		(0.56	)

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results. Performance information shown above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see “Notes on Performance.”

Performance information is as of the date shown. Most recent month-end performance results are available on-line at www.axaenterprise.com.

PERFORMANCE SUMMARY

The Fund’s Class P shares returned 8.82% for the year ended October 31, 2006. The Fund’s benchmark, the Russell 1000 Technology Index, returned 11.64% over the same period.

The following commentary describes key factors (such as stock selection and sector allocation decisions) which helped or hurt the Fund’s performance relative to its benchmark, the Russell 1000 Technology Index. Performance quoted refers to the absolute performance of specific stocks for the year ended October 31, 2006 and should not be considered a measure of the stock’s actual performance contribution to this Fund. Factors that will determine how much a stock contributes to the Fund’s overall return will depend upon when the manager purchased the stock, how long it was held and its weighting in the Fund.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

• An overweight position relative to the benchmark in the Internet Software & Services sector was the leading contributor to performance. Google Inc. was a notable holding in this area.

• Stock selection in Semiconductors & Semiconductor Equipment was additive, including an underweight position in Intel Corp.

• An underweight position in Dell Inc. was also additive.

• Software holdings Amdocs Ltd. and Mercury Interactive Co. contributed to performance for the year.

• Stock selection in Communications Equipment, especially Research in Motion Ltd. and the Commercial Services & Supplies sector helped performance.

23

AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

What hurt performance over the year

• Offsetting the sector contribution was poor stock selection in the Internet Software & Services sector. Verisign Inc. Yahoo Inc. and eBay Inc. all detracted from performance.

• The Fund suffered by being underweight several of the large benchmark stocks that did extremely well during the last year. These included Oracle Corp, Cisco Systems Inc., Hewlett Packard Co., and Apple Computer Inc.

Sector Weightings as of 10/31/06	% of Net Assets
Information Technology	87.2	%
Industrials	3.3
Telecommunication Services	3.0
Consumer Discretionary	1.4
Health Care	1.3
Materials	0.2
Cash and Other	3.6
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs: (1)transaction costs, including applicable sales charges and redemption fees; and (2)ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class A, Class B and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended October 31, 2006 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	957.90	$	10.61
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.37		10.92
Class B
Actual		1,000.00		954.80		13.30
Hypothetical (5% average annual return before expenses)		1,000.00		1,011.59		13.69
Class C
Actual		1,000.00		953.80		13.30
Hypothetical (5% average annual return before expenses)		1,000.00		1,011.59		13.69
Class P
Actual		1,000.00		958.10		9.62
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.38		9.91
Class Y
Actual		1,000.00		960.30		8.40
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.64		8.64

* Expenses are equal to the Fund’s Class A, Class B, Class C, Class P, and Class Y shares annualized expense ratios of 2.15%, 2.70%, 2.70%, 1.95% and 1.70%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

24

AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

FUND ADVISERS

• A I M Capital Management, Inc.

• RCM Capital Management LLC

• Wellington Management Company, LLP

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/06

Investment in Class Y Shares

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	8.98	%	7.36	%
Class B Shares	8.32		4.39
Class C Shares	8.42		4.41
Class P Shares	9.26		5.15
Class Y Shares	9.47		5.43
Russell 1000 Index	16.02		6.32
Russell 1000 Health Care Index	10.34		2.20

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	3.78	%	4.63	%
Class B Shares	3.32		4.04
Class C Shares	7.42		4.41
Class P Shares	3.25		3.93
Russell 1000 Index	16.02		6.32
Russell 1000 Health Care Index	10.34		2.20

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06

	1 Year		Since Incept.*
Class A Shares	(0.74	)%	3.72	%
Class B Shares	(1.16	)	3.70
Class C Shares	2.66		4.07
Class P Shares	(1.31	)	3.57
Russell 1000 Index	10.25		5.69
Russell 1000 Health Care Index	6.89		1.44

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results. Performance information shown above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see “Notes on Performance.”

Performance information is as of the date shown. Most recent month-end performance results are available on-line at www.axaenterprise.com.

PERFORMANCE SUMMARY

The Fund’s Class P shares returned 9.26% for the year ended October 31, 2006. The Fund’s benchmark, the Russell 1000 Health Care Index, returned 10.34% over the same period.

The following commentary describes key factors (such as stock selection and sector allocation decisions) which helped or hurt the Fund’s performance relative to its benchmark, the Russell 1000 Health Care Index. Performance quoted refers to the absolute performance of specific stocks for the year ended October 31, 2006 and should not be considered a measure of the stock’s actual performance contribution to this Fund. Factors that will determine how much a stock contributes to the Fund’s overall return will depend upon when the manager purchased the stock, how long it was held and its weighting in the Fund.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

• Stock selection in Biotechnology was the leading contributor to performance. Notable holdings included Vertex Pharmaceuticals, Abgenix Inc., Human Genome Sciences, and Amylin Pharmaceuticals.

• An underweight in the Health Care Providers & Services sector relative to the benchmark added to performance.

• Pharmaceutical stock selection was strong, including contributions from Shire PLC, Astrazeneca PLC, and Elan PLC. Shire PLC, a specialty pharmaceutical company focused in the areas of the central nervous system, gastrointestinal and human genetic therapies, was the largest individual contributor on a relative basis.

• Stock selection in Healthcare Equipment & Supplies was additive.

What hurt performance over the year

• During the reporting period, large cap pharmaceutical companies outperformed all other Health Care sectors. Throughout the period, the Fund maintained an underweight position in large cap pharmaceutical

25

AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

companies relative to the benchmark, which detracted from performance somewhat. Underweights in pharmaceutical holdings Merck & Company Inc., Pfizer Inc. and Bristol Myers Squibb were notable detractors in the sector.

• An overweight in the Biotechnology sector hurt performance, including overweight positions in Medimmune Inc., Neurocrine Biosciences, Nabi Biopharmaceutical, CV Therapeutis Inc., and PDL Biopharma Inc.

• Stock selection in Health Care Providers & Services hurt performance, led by an overweight position in Aetna Inc.

Sector Weightings as of 10/31/06	% of Net Assets
Health Care	94.3	%
Consumer Staples	0.7
Industrials	0.6
Financials	0.3
Materials	0.3
Cash and Other	3.8
Total	100.0	%

UNDERSTANDING YOUR EXPENSES :

As a shareholder of the Fund, you incur two types of costs: (1)transaction costs, including applicable sales charges and redemption fees; and (2)ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class A, Class B and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended October 31, 2006 and held for the entire six - month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,034.80	$	11.03
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.37		10.92
Class B
Actual		1,000.00		1,031.10		13.82
Hypothetical (5% average annual return before expenses)		1,000.00		1,011.59		13.69
Class C
Actual		1,000.00		1,032.00		13.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,011.59		13.69
Class P
Actual		1,000.00		1,035.70		10.01
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.38		9.91
Class Y
Actual		1,000.00		1,037.20		8.73
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.64		8.64

* Expenses are equal to the Fund’s Class A, Class B, Class C, Class P, and Class Y shares annualized expense ratios of 2.15%, 2.70%, 2.70%, 1.95% and 1.70%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

26

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

FUND ADVISERS

• BlackRock Financial Management, Inc.

• Pacific Investment Management Company, LLC

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/06

Investment in Class Y Shares

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	4.25	%	2.48	%
Class B Shares	3.67		3.57
Class C Shares	3.67		3.55
Class P Shares	4.46		4.33
Class Y Shares	4.71		4.60
Lehman Brothers Aggregate Bond Index	5.19		5.11

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06

	1 Year		Since Incept.*
Class A Shares	(0.70	)%	(0.14	)%
Class B Shares	(1.33	)	3.21
Class C Shares	2.67		3.55
Class P Shares	(0.22	)	3.34
Lehman Brothers Aggregate Bond Index	5.19		5.11

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06

	1 Year		Since Incept.*
Class A Shares	(2.08	)%	(0.41	)%
Class B Shares	(2.78	)	3.15
Class C Shares	1.27		3.52
Class P Shares	(1.71	)	3.28
Lehman Brothers Aggregate Bond Index	3.67		5.06

* Inception for Class A is 12/13/04. All other share classes have an inception date of 12/31/01.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results. Performance information shown above does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see “Notes on Performance.”

Performance information is as of the date shown. Most recent month-end performance results are available on-line at www.axaenterprise.com.

PERFORMANCE SUMMARY

The Fund’s Class P shares returned 4.46% for the year ended October 31, 2006. The Fund’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 5.19% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

• The Fund’s corporate security selection lifted performance.

• The average credit rating of securities in the Fund was held at the AAA level during the reporting period.

• For the first part of the year, the Fund’s above-benchmark duration was negative for performance, but this was more than offset with interest rates falling in the latter part of the period.

• An overweight to mortgage-backed securities and mortgage security selection added to returns.

• Holdings of municipal bonds helped performance, as these lower volatility assets typically outperform Treasuries when interest rates are rising.

• Exposure to emerging market issues was positive as these markets benefited from improving economic fundamentals; continued credit quality upgrades, and spreads tightening to historic lows.

What hurt performance over the year

• The Fund’s underweight to Agencies contributed negatively to performance, as that sector outperformed Treasuries during the year.

• The Fund’s mortgage security selection also detracted from performance.

• Underweighting corporate bonds hurt returns, as investors seeking to boost yield were drawn to those assets.

27

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

• Diversification of interest rate exposure via an allocation to European and United Kingdom bonds hurt returns; their yields rose on prospects of stronger economic growth than in the U.S.

• A modest tactical allocation to Treasury Inflation Protected Securities (TIPS) hurt performance as TIPS underperformed U.S. Treasury issues over the period.

Sector Weightings as of 10/31/06	% of Net Assets
U.S. Government and Agency	56.5	%
Asset-Backed and Mortgage-Backed Securities	20.8
Corporate Bonds	15.5
Foreign Government Securities	3.2
Municipal Securities	1.1
Cash and Other	2.9
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs: (1)transaction costs, including applicable sales charges and redemption fees; and (2)ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class A, Class B and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended October 31, 2006 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,038.50	$	6.42
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.90		6.36
Class B
Actual		1,000.00		1,036.60		9.24
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.13		9.15
Class C
Actual		1,000.00		1,035.60		9.24
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.13		9.15
Class P
Actual		1,000.00		1,039.50		5.40
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35
Class Y
Actual		1,000.00		1,040.70		4.11
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08

* Expenses are equal to the Fund’s Class A, Class B, Class C, Class P, and Class Y shares annualized expense ratios of 1.25%, 1.80%, 1.80%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

28

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE CONSERVATIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Enterprise Capital Appreciation Fund*‡		1,228	$	46,134
AXA Enterprise Deep Value Fund‡		15,021		174,394
AXA Enterprise Equity Fund*‡		2,323		15,379
AXA Enterprise Equity Income Fund ‡		11,083		317,408
AXA Enterprise Government Securities Fund ‡		111,611		1,381,742
AXA Enterprise Growth Fund*‡		3,350		64,320
AXA Enterprise High Yield Bond Fund ‡		49,840		477,961
AXA Enterprise International Growth Fund ‡		9,157		177,093
AXA Enterprise Money Market Fund ‡		5,243		5,243
AXA Enterprise Multimanager Core Bond Fund ‡		124,209		1,225,938
AXA Enterprise Multimanager International Equity Fund ‡		11,369		183,488
AXA Enterprise Multimanager Mid Cap Value Fund ‡		890		11,629
AXA Enterprise Multimanager Value Fund ‡		43,862		593,455
AXA Enterprise Short Duration Bond Fund ‡		292,241		2,872,726
Total Investment Companies (100.1%) (Cost $7,384,392)				7,546,910
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.6%)
JPMorgan Chase Nassau
4.77%, 11/1/06 (Amortized Cost $45,110)	$	45,110		45,110
Total Investments (100.7%) (Cost/Amortized Cost $7,429,502)				7,592,020
Other Assets Less Liabilities (-0.7%)				(51,072	)
Net Assets (100%)			$	7,540,948

* Non-income producing.

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

The holdings in Investment Companies are all Class Y shares.

29

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE CONSERVATIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

Investments in companies which were affiliates for the year ended October 31, 2006 were as follows:

Securities	Market Value October 31, 2005		Purchases at Cost		Sales at Cost		Market Value October 31, 2006		Dividend Income		Realized Gain (Loss)
AXA Enterprise Capital Appreciation Fund	$	29,441	$	24,761	$	10,405	$	46,134	$	—	$	(472	)
AXA Enterprise Deep Value Fund		50,823		154,339		43,328		174,394		928		3,311
AXA Enterprise Equity Fund		—		25,630		10,491		15,379		—		(673	)
AXA Enterprise Equity Income Fund		50,939		347,186		97,093		317,408		1,022		1,832
AXA Enterprise Government Securities Fund		467,472		1,220,174		323,682		1,381,742		45,920		(12,105	)
AXA Enterprise Growth Fund		70,599		61,273		72,381		64,320		—		362
AXA Enterprise High Yield Bond Fund		163,190		441,513		131,794		477,961		25,412		(4,288	)
AXA Enterprise International Growth Fund		—		214,542		46,110		177,093		—		(2,675	)
AXA Enterprise Money Market Fund		5,013		230		—		5,243		217		—
AXA Enterprise Multimanager Core Bond Fund		410,625		1,175,058		382,598		1,225,938		37,802		(12,575	)
AXA Enterprise Multimanager International Equity Fund		—		214,542		45,353		183,488		—		(1,917	)
AXA Enterprise Multimanager Mid Cap Value Fund		9,801		1,059		—		11,629		—		1,059
AXA Enterprise Multimanager Value Fund		317,256		536,322		322,813		593,455		2,497		13,674
AXA Enterprise Short Duration Bond Fund		975,677		2,709,787		831,789		2,872,726		88,675		(12,550	)
	$	2,550,836	$	7,126,416	$	2,317,837	$	7,546,910	$	202,473	$	(27,017	)

Investment security transactions for the year ended October 31, 2006 were as follows:

Cost of Purchases:
Investment Companies	$	7,126,416
Net Proceeds of Sales and Redemptions:
Investment Companies	$	2,264,235

As of October 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	$	109,028
Aggregate gross unrealized depreciation		(1,525	)
Net unrealized appreciation	$	107,503
Federal income tax cost of investments	$	7,484,517

See Notes to Financial Statements.

30

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Enterprise Capital Appreciation Fund*‡		18,364	$	689,926
AXA Enterprise Deep Value Fund ‡		83,727		972,076
AXA Enterprise Equity Fund*‡		58,170		385,084
AXA Enterprise Equity Income Fund ‡		48,618		1,392,425
AXA Enterprise Government Securities Fund ‡		202,379		2,505,450
AXA Enterprise Growth Fund*‡		35,270		677,191
AXA Enterprise High Yield Bond Fund ‡		109,908		1,054,015
AXA Enterprise International Growth Fund ‡		94,040		1,818,743
AXA Enterprise Money Market Fund ‡		5,243		5,243
AXA Enterprise Multimanager Core Bond Fund ‡		310,766		3,067,259
AXA Enterprise Multimanager International Equity Fund ‡		120,949		1,952,116
AXA Enterprise Multimanager Mid Cap Growth Fund*‡		1,234		14,023
AXA Enterprise Multimanager Mid Cap Value Fund ‡		1,335		17,446
AXA Enterprise Multimanager Value Fund ‡		265,650		3,594,249
AXA Enterprise Short Duration Bond Fund ‡		535,122		5,260,250
AXA Enterprise Small Company Growth Fund ‡		16,688		572,059
AXA Enterprise Small Company Value Fund ‡		73,744		1,033,896
Total Investment Companies (99.3%) (Cost $23,963,357)				25,011,451
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.4%)
JPMorgan Chase Nassau
4.77%, 11/1/06 (Amortized Cost $360,039)	$	360,039		360,039
Total Investments (100.7%) (Cost/Amortized Cost $24,323,396)				25,371,490
Other Assets Less Liabilities (-0.7%)				(171,958	)
Net Assets (100%)			$	25,199,532

* Non-income producing.

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

The holdings in Investment Companies are all Class Y shares.

31

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

Investments in companies which were affiliates for the year ended October 31, 2006 were as follows:

Securities	Market Value October 31, 2005		Purchases at Cost		Sales at Cost		Market Value October 31, 2006		Dividend Income		Realized Gain (Loss)
AXA Enterprise Capital Appreciation Fund	$	458,241	$	589,766	$	392,063	$	689,926	$	—	$	7,633
AXA Enterprise Deep Value Fund		440,122		717,774		249,264		972,076		8,042		33,160
AXA Enterprise Equity Fund		186,860		257,584		59,763		385,084		—		(1,719	)
AXA Enterprise Equity Income Fund		449,230		1,202,576		341,889		1,392,425		9,947		30,259
AXA Enterprise Government Securities Fund		903,986		1,827,608		242,159		2,505,450		77,097		(8,136	)
AXA Enterprise Growth Fund		488,796		618,846		477,133		677,191		—		713
AXA Enterprise High Yield Bond Fund		365,089		782,902		101,719		1,054,015		51,047		(3,136	)
AXA Enterprise International Growth Fund		—		1,903,520		178,684		1,818,743		—		(9,415	)
AXA Enterprise Money Market Fund		5,013		230		—		5,243		217		—
AXA Enterprise Multimanager Core Bond Fund		1,116,297		2,212,659		293,207		3,067,259		88,159		(9,911	)
AXA Enterprise Multimanager International Equity Fund		—		2,001,224		194,876		1,952,116		—		(7,963	)
AXA Enterprise Multimanager Mid Cap Growth Fund		12,357		—		—		14,023		—		—
AXA Enterprise Multimanager Mid Cap Value Fund		14,703		1,589		—		17,446		—		1,589
AXA Enterprise Multimanager Value Fund		1,817,830		2,751,248		1,317,774		3,594,249		14,362		92,533
AXA Enterprise Short Duration Bond Fund		1,859,589		3,901,647		519,481		5,260,250		146,650		(7,638	)
AXA Enterprise Small Company Growth Fund		223,324		381,692		95,509		572,059		—		12,327
AXA Enterprise Small Company Value Fund		442,187		646,082		174,901		1,033,896		—		16,957
	$	8,783,624	$	19,796,947	$	4,638,422	$	25,011,451	$	395,521	$	147,253

Investment security transactions for the year ended October 31, 2006 were as follows:

Cost of Purchases:
Investment Companies	$	19,796,947
Net Proceeds of Sales and Redemptions:
Investment Companies	$	4,567,107

As of October 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	$	987,109
Aggregate gross unrealized depreciation		(2,606	)
Net unrealized appreciation	$	984,503
Federal income tax cost of investments	$	24,386,987

See Notes to Financial Statements.

32

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Enterprise Capital Appreciation Fund*‡		132,107	$	4,963,262
AXA Enterprise Deep Value Fund ‡		493,274		5,726,909
AXA Enterprise Equity Fund*‡		572,719		3,791,403
AXA Enterprise Equity Income Fund ‡		372,389		10,665,208
AXA Enterprise Government Securities Fund ‡		840,210		10,401,797
AXA Enterprise Growth Fund*‡		286,182		5,494,698
AXA Enterprise International Growth Fund ‡		458,489		8,867,182
AXA Enterprise Multimanager Core Bond Fund ‡		1,305,175		12,882,073
AXA Enterprise Multimanager International Equity Fund ‡		1,148,965		18,544,293
AXA Enterprise Multimanager Mid Cap Growth Fund*‡		2,066		23,471
AXA Enterprise Multimanager Mid Cap Value Fund ‡		1,814		23,712
AXA Enterprise Multimanager Value Fund ‡		2,098,884		28,397,903
AXA Enterprise Short Duration Bond Fund ‡		1,240,515		12,194,262
AXA Enterprise Small Company Growth Fund ‡		85,880		2,943,954
AXA Enterprise Small Company Value Fund ‡		612,883		8,592,621
Total Investment Companies (99.9%) (Cost $122,027,998)				133,512,748
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.2%)
JPMorgan Chase Nassau
4.77%, 11/1/06 (Amortized Cost $265,966)	$	265,966		265,966
Total Investments (100.1%) (Cost/Amortized Cost $122,293,964)				133,778,714
Other Assets Less Liabilities (-0.1%)				(196,751	)
Net Assets (100%)			$	133,581,963

* Non-income producing.

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

The holdings in Investment Companies are all Class Y shares.

33

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

Investments in companies which were affiliates for the year ended October 31, 2006 were as follows:

Securities	Market Value October 31, 2005		Purchases at Cost		Sales at Cost		Market Value October 31, 2006		Dividend Income		Realized Gain (Loss)
AXA Enterprise Capital Appreciation Fund	$	4,336,944	$	691,095	$	360,616	$	4,963,262	$	—	$	(4,850	)
AXA Enterprise Deep Value Fund		2,751,181		3,023,543		403,802		5,726,909		41,739		242,279
AXA Enterprise Equity Fund		4,035,434		219,398		417,491		3,791,403		—		6,143
AXA Enterprise Equity Income Fund		6,323,159		4,434,945		740,322		10,665,208		105,386		424,678
AXA Enterprise Government Securities Fund		9,160,215		1,922,105		704,091		10,401,797		438,782		(22,263	)
AXA Enterprise Growth Fund		6,680,104		575,073		2,116,203		5,494,698		—		99,480
AXA Enterprise International Growth Fund		—		9,324,337		938,331		8,867,182		—		(31,233	)
AXA Enterprise Multimanager Core Bond Fund		11,254,417		2,426,609		889,117		12,882,073		499,979		(27,718	)
AXA Enterprise Multimanager International Equity Fund		23,958,398		2,404,557		10,531,192		18,544,293		258,491		2,997,848
AXA Enterprise Multimanager Mid Cap Growth Fund		20,682		—		—		23,471		—		—
AXA Enterprise Multimanager Mid Cap Value Fund		19,984		2,160		—		23,712		—		2,160
AXA Enterprise Multimanager Value Fund		22,265,912		5,419,801		2,360,618		28,397,903		140,518		857,429
AXA Enterprise Short Duration Bond Fund		9,657,855		3,358,853		842,214		12,194,262		455,842		(12,923	)
AXA Enterprise Small Company Growth Fund		1,329,459		1,605,380		349,142		2,943,954		—		77,780
AXA Enterprise Small Company Value Fund		9,334,353		972,474		2,818,078		8,592,621		—		476,166
	$	111,128,097	$	36,380,330	$	23,471,217	$	133,512,748	$	1,940,737	$	5,084,976

Investment security transactions for the year ended October 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	36,380,330
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	25,520,508

As of October 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	$	11,826,597
Aggregate gross unrealized depreciation		(530,057	)
Net unrealized appreciation	$	11,296,540
Federal income tax cost of investments	$	122,482,174

The Fund has a net capital loss carryforward of $18,787,906, of which $1,378,101 expires in the year 2009 and $17,409,805 expires in the year 2010.

Included in the capital loss carryforward amounts are $1,784,368 of losses acquired from the Enterprise Mid Cap Growth Fund as a result of a tax-free reorganization that occurred during the year ended 2003. 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.

The Fund utilized $4,434,074 in capital loss carryforward during the fiscal year ended October 31, 2006.

See Notes to Financial Statements.

34

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE AGGRESSIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Enterprise Capital Appreciation Fund*‡		28,375	$	1,066,045
AXA Enterprise Deep Value Fund ‡		127,294		1,477,886
AXA Enterprise Equity Fund*‡		59,571		394,359
AXA Enterprise Equity Income Fund ‡		73,467		2,104,086
AXA Enterprise Government Securities Fund ‡		46,549		576,279
AXA Enterprise Growth Fund*‡		77,011		1,478,613
AXA Enterprise International Growth Fund ‡		141,575		2,738,056
AXA Enterprise Multimanager Core Bond Fund ‡		82,062		809,954
AXA Enterprise Multimanager International Equity Fund ‡		179,224		2,892,668
AXA Enterprise Multimanager Mid Cap Growth Fund*‡		1,272		14,450
AXA Enterprise Multimanager Mid Cap Value Fund ‡		1,041		13,612
AXA Enterprise Multimanager Value Fund ‡		355,067		4,804,060
AXA Enterprise Small Company Growth Fund ‡		21,639		741,797
AXA Enterprise Small Company Value Fund ‡		115,115		1,613,914
Total Investment Companies (98.0%) (Cost $19,123,683)				20,725,779
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.3%)
JPMorgan Chase Nassau
4.77%, 11/1/06 (Amortized Cost $269,823)	$	269,823		269,823
Total Investments (99.3%) (Cost/Amortized Cost $19,393,506)				20,995,602
Other Assets Less Liabilities (0.7%)				154,105
Net Assets (100%)			$	21,149,707

* Non-income producing.

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

The holdings in Investment Companies are all Class Y shares.

35

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE AGGRESSIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

Investments in companies which were affiliates for the year ended October 31, 2006 were as follows:

Securities	Market Value October 31, 2005		Purchases at Cost		Sales at Cost		Market Value October 31, 2006		Dividend Income		Realized Gain (Loss)
AXA Enterprise Capital Appreciation Fund	$	344,652	$	788,987	$	109,314	$	1,066,045	$	—	$	(4,608	)
AXA Enterprise Deep Value Fund		284,665		1,201,370		106,026		1,477,886		4,932		23,820
AXA Enterprise Equity Fund		169,535		240,523		7,180		394,359		—		(683	)
AXA Enterprise Equity Income Fund. .		313,824		1,776,845		91,027		2,104,086		7,212		28,251
AXA Enterprise Government Securities Fund		129,354		467,262		24,122		576,279		15,490		(641	)
AXA Enterprise Growth Fund		389,052		1,153,660		143,035		1,478,613		—		(3,204	)
AXA Enterprise International Growth Fund		—		2,770,953		199,206		2,738,056		—		(8,625	)
AXA Enterprise Multimanager Core Bond Fund		207,883		627,095		32,650		809,954		21,079		(765	)
AXA Enterprise Multimanager International Equity Fund		1,456,459		2,307,448		1,267,474		2,892,668		19,652		100,879
AXA Enterprise Multimanager Mid Cap Growth Fund		12,733		—		—		14,450		—		—
AXA Enterprise Multimanager Mid Cap Value Fund		11,472		1,240		—		13,612		—		1,240
AXA Enterprise Multimanager Value Fund		1,205,603		3,386,907		196,470		4,804,060		9,574		56,765
AXA Enterprise Small Company Growth Fund		107,427		621,987		40,832		741,797		—		4,394
AXA Enterprise Small Company Value Fund		516,591		1,108,333		187,270		1,613,914		—		19,061
	$	5,149,250	$	16,452,610	$	2,404,606	$	20,725,779	$	77,939	$	215,884

Investment security transactions for the year ended October 31, 2006 were as follows:

Cost of Purchases:
Investment Companies	$	16,452,610
Net Proceeds of Sales and Redemptions:
Investment Companies	$	2,388,511

As of October 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	$	1,557,596
Aggregate gross unrealized depreciation		(3,038	)
Net unrealized appreciation	$	1,554,558
Federal income tax cost of investments	$	19,441,044

See Notes to Financial Statements.

36

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.2%)
Hotels, Restaurants & Leisure (1.1%)
Marriott International, Inc., Class A	1,325	$	55,345
Starbucks Corp.*	253		9,551
Starwood Hotels & Resorts Worldwide, Inc.	930		55,558
			120,454
Household Durables (0.8%)
Pulte Homes, Inc.	2,750		85,223
Internet & Catalog Retail (1.7%)
Amazon.com, Inc.*	4,700		179,023
Coldwater Creek, Inc.*	320		9,757
			188,780
Media (1.8%)
Comcast Corp., Class A*	3,555		144,582
Walt Disney Co.	1,650		51,909
			196,491
Multiline Retail (1.5%)
J.C. Penney Co., Inc.	910		68,459
Kohl’s Corp.*	1,090		76,954
Target Corp.	300		17,754
			163,167
Specialty Retail (0.8%)
Best Buy Co., Inc.	530		29,283
Dick’s Sporting Goods, Inc.*	380		18,909
Lowe’s Cos., Inc.	1,080		32,551
			80,743
Textiles, Apparel & Luxury Goods (1.5%)
Coach, Inc.*	2,435		96,523
Polo Ralph Lauren Corp.	620		44,020
Under Armour, Inc., Class A*	460		21,321
			161,864
Total Consumer Discretionary			996,722
Consumer Staples (5.7%)
Beverages (0.9%)
PepsiCo, Inc.	1,525		96,746
Food & Staples Retailing (1.9%)
Wal-Mart Stores, Inc.	1,080		53,223
Walgreen Co.	3,025		132,132
Whole Foods Market, Inc.	360		22,982
			208,337
Household Products (2.9%)
Clorox Co.	580		37,444
Colgate-Palmolive Co.	705		45,099
Procter & Gamble Co.	3,595		227,887
			310,430
Total Consumer Staples			615,513
Energy (5.2%)
Energy Equipment & Services (4.5%)
Baker Hughes, Inc.	460		31,763
Schlumberger Ltd.	5,830		367,757
Transocean, Inc.*	710		51,503
Weatherford International Ltd.*	980		40,258
			491,281
Oil, Gas & Consumable Fuels (0.7%)
Canadian Natural Resources Ltd.	1,350		70,403
Total Energy			561,684
Financials (17.7%)
Capital Markets (4.8%)
Charles Schwab Corp.	2,900		52,838
Franklin Resources, Inc.	590		67,236
Goldman Sachs Group, Inc.	1,150		218,259
Legg Mason, Inc.	1,160		104,423
Merrill Lynch & Co., Inc.	730		63,817
State Street Corp.	290		18,627
			525,200
Commercial Banks (1.9%)
Commerce Bancorp, Inc./New Jersey	3,600		125,712
U.S. Bancorp	1,125		38,070
Zions Bancorp	570		45,828
			209,610
Consumer Finance (1.4%)
SLM Corp.	3,130		152,368
Diversified Financial Services (2.5%)
Chicago Mercantile Exchange Holdings, Inc.	205		102,705
Citigroup, Inc.	1,365		68,468
JPMorgan Chase & Co.	1,868		88,618
NYSE Group, Inc.*	120		8,879
			268,670
Insurance (4.9%)
American International Group, Inc.	3,050		204,869
Everest Reinsurance Group Ltd.	400		39,672
MetLife, Inc.	830		47,418
Progressive Corp.	9,850		238,074
			530,033
Real Estate Management & Development (0.7%)
CB Richard Ellis Group, Inc., Class A*	2,380		71,471
Thrifts & Mortgage Finance (1.5%)
Countrywide Financial Corp.	4,300		163,916
Total Financials			1,921,268
Health Care (22.6%)
Biotechnology (8.5%)
Amgen, Inc.*	2,290		173,834
Celgene Corp.*	1,525		81,496
Genentech, Inc.*	4,825		401,922
Genzyme Corp.*	1,750		118,143
Gilead Sciences, Inc.*	2,195		151,235
			926,630
Health Care Equipment & Supplies (3.8%)
Alcon, Inc.	690		73,195
Medtronic, Inc.	750		36,510
St. Jude Medical, Inc.*	1,010		34,694
Stryker Corp.	800		41,832
Varian Medical Systems, Inc.*	2,250		123,435
Zimmer Holdings, Inc.*	1,400		100,814
			410,480
Health Care Providers & Services (4.6%)
Caremark Rx, Inc.	2,660		130,952
Medco Health Solutions, Inc.*	610		32,635
UnitedHealth Group, Inc.	2,290		111,706
WellPoint, Inc.*	2,940		224,381
			499,674
Health Care Technology (0.6%)
Cerner Corp.*	1,350		65,218
Pharmaceuticals (5.1%)
Abbott Laboratories	1,425		67,702
Eli Lilly & Co.	620		34,726
Johnson & Johnson	1,275		85,935
Merck & Co., Inc.	2,730		123,997
Novartis AG (ADR)	1,450		88,058
Schering-Plough Corp.	2,000		44,280

37

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

	Number of Shares		Value (Note 1)
Teva Pharmaceutical Industries Ltd. (ADR)		3,440	$	113,417
				558,115
Total Health Care				2,460,117
Industrials (8.1%)
Aerospace & Defense (3.0%)
Boeing Co.		2,060		164,511
United Technologies Corp.		2,480		162,986
				327,497
Air Freight & Logistics (1.3%)
Expeditors International of Washington, Inc.		2,100		99,561
FedEx Corp.		390		44,671
				144,232
Commercial Services & Supplies (0.2%)
Corporate Executive Board Co.		220		19,760
Electrical Equipment (0.4%)
Emerson Electric Co.		480		40,512
Industrial Conglomerates (2.6%)
General Electric Co.		8,195		287,727
Machinery (0.6%)
Danaher Corp.		860		61,722
Total Industrials				881,450
Information Technology (29.7%)
Communications Equipment (5.1%)
Cisco Systems, Inc.*		1,850		44,640
Motorola, Inc.		4,680		107,921
QUALCOMM, Inc.		11,020		401,018
				553,579
Computers & Peripherals (7.2%)
Apple Computer, Inc.*		3,475		281,753
Dell, Inc.*		2,400		58,392
Hewlett-Packard Co.		2,325		90,071
Network Appliance, Inc.*		8,200		299,300
Sun Microsystems, Inc.*		9,910		53,811
				783,327
Electronic Equipment & Instruments (0.4%)
Amphenol Corp., Class A		690		46,851
Internet Software & Services (8.1%)
eBay, Inc.*		6,270		201,455
Google, Inc., Class A*		1,139		542,608
Yahoo!, Inc.*		5,055		133,149
				877,212
IT Services (1.2%)
Cognizant Technology Solutions Corp., Class A*		940		70,763
Infosys Technologies Ltd. (ADR)		840		43,764
Iron Mountain, Inc.*		390		16,915
				131,442
Semiconductors & Semiconductor Equipment (3.9%)
Advanced Micro Devices, Inc.*		4,370		92,950
Broadcom Corp., Class A*		5,205		157,555
Intel Corp.		2,575		54,950
Marvell Technology Group Ltd.*		3,300		60,324
NVIDIA Corp.*		1,580		55,095
				420,874
Software (3.8%)
Autodesk, Inc.*		1,105		40,609
Electronic Arts, Inc.*		745		39,403
Microsoft Corp.		3,225		92,590
Salesforce.com, Inc.*		4,750		185,345
SAP AG (Sponsored ADR)		1,180		58,575
				416,522
Total Information Technology				3,229,807
Total Common Stocks (98.2%) (Cost $8,550,403)				10,666,561
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (2.4%)
JPMorgan Chase Nassau
4.77%, 11/1/06 (Amortized Cost $264,829)	$	264,829		264,829
Total Investments (100.6%) (Cost/Amortized Cost $8,815,232)				10,931,390
Other Assets Less Liabilities (-0.6%)				(67,679	)
Net Assets (100%)			$	10,863,711

* Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended October 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	5,298,871
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	5,712,701

As of October 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	$	2,205,484
Aggregate gross unrealized depreciation		(160,965	)
Net unrealized appreciation	$	2,044,519
Federal income tax cost of investments	$	8,886,871

For the year ended October 31, 2006, the Fund incurred approximately $11 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Fund has a net capital loss carryforward of $1,076,238 of which $655,194 expires in the year 2011 and $421,044 expires in the year 2012. The Fund utilized $762,698 in capital loss carryforward during the fiscal year ended October 31, 2006.

See Notes to Financial Statements.

38

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.2%)
Auto Components (0.3%)
Autoliv, Inc.	375	$	21,326
BorgWarner, Inc.	150		8,625
Magna International, Inc., Class A	150		11,220
			41,171
Automobiles (1.0%)
DaimlerChrysler AG	225		12,809
Peugeot S.A.	1,500		86,173
Toyota Motor Corp. (ADR)	200		23,600
			122,582
Hotels, Restaurants & Leisure (2.9%)
Las Vegas Sands Corp.*	1,600		121,920
McDonald’s Corp.	1,400		58,688
MGM MIRAGE*	2,115		90,987
Starbucks Corp.*	2,610		98,528
			370,123
Internet & Catalog Retail (0.6%)
IAC/InterActiveCorp*	2,585		80,083
Leisure Equipment & Products (0.1%)
Mattel, Inc.	700		15,841
Media (3.9%)
CBS Corp., Class B	1,262		36,522
Comcast Corp., Class A*	1,650		67,106
Comcast Corp., Special Class A*	4,965		200,983
DIRECTV Group, Inc.*	4,491		100,060
Interpublic Group of Cos., Inc.*	1,300		14,183
Time Warner, Inc.	2,600		52,026
Viacom, Inc., Class B*	462		17,981
Walt Disney Co.	200		6,292
			495,153
Multiline Retail (2.0%)
Family Dollar Stores, Inc.	275		8,099
Nordstrom, Inc.	1,545		73,156
Saks, Inc.	650		12,571
Target Corp.	2,700		159,786
			253,612
Specialty Retail (2.2%)
Abercrombie & Fitch Co.	1,200		91,980
Gap, Inc.	750		15,765
Home Depot, Inc.	1,005		37,516
Limited Brands, Inc.	1,200		35,364
Office Depot, Inc.*	1,100		46,189
Staples, Inc.	1,787		46,087
			272,901
Textiles, Apparel & Luxury Goods (0.2%)
Jones Apparel Group, Inc.	650		21,710
Total Consumer Discretionary			1,673,176
Consumer Staples (7.3%)
Beverages (1.3%)
Coca-Cola Co.	1,200		56,064
PepsiCo, Inc.	1,755		111,337
			167,401
Food & Staples Retailing (2.4%)
Kroger Co.	1,500		33,735
Rite Aid Corp.*	18,800		87,984
Safeway, Inc.	450		13,212
Sysco Corp.	2,475		86,575
Wal-Mart Stores, Inc.	500		24,640
Whole Foods Market, Inc.	970		61,925
			308,071
Food Products (1.1%)
Bunge Ltd.	175		11,220
Cadbury Schweppes plc (ADR)	980		39,778
ConAgra Foods, Inc.	1,200		31,380
Kellogg Co.	600		30,186
Sara Lee Corp.	1,500		25,650
			138,214
Household Products (1.8%)
Colgate-Palmolive Co.	575		36,783
Kimberly-Clark Corp.	500		33,260
Procter & Gamble Co.	2,530		160,377
			230,420
Tobacco (0.7%)
Altria Group, Inc.	1,025		83,363
Total Consumer Staples			927,469
Energy (9.1%)
Energy Equipment & Services (0.7%)
GlobalSantaFe Corp.	600		31,140
Halliburton Co.	1,210		39,144
Rowan Cos., Inc.	500		16,690
			86,974
Oil, Gas & Consumable Fuels (8.4%)
Apache Corp.	1,700		111,044
BP plc (Sponsored ADR)	425		28,518
Chevron Corp.	3,042		204,422
ConocoPhillips	2,125		128,010
EOG Resources, Inc.	1,415		94,140
Exxon Mobil Corp.	4,575		326,746
Marathon Oil Corp.	400		34,560
Occidental Petroleum Corp.	935		43,889
Royal Dutch Shell plc (ADR)	150		10,443
Total S.A. (Sponsored ADR)	300		20,442
Valero Energy Corp.	1,270		66,459
			1,068,673
Total Energy			1,155,647
Financials (17.6%)
Capital Markets (3.5%)
Charles Schwab Corp.	6,300		114,786
Goldman Sachs Group, Inc.	50		9,490
Merrill Lynch & Co., Inc.	2,195		191,887
Morgan Stanley	75		5,732
optionsXpress Holdings, Inc.	1,900		59,052
UBS AG (Registered)	880		52,659
Waddell & Reed Financial, Inc.	475		12,112
			445,718
Commercial Banks (1.9%)
Comerica, Inc.	400		23,276
HSBC Holdings plc	4,700		88,681
KeyCorp	825		30,640
National City Corp.	775		28,869
U.S. Bancorp	1,100		37,224
Wachovia Corp.	200		11,100
Wells Fargo & Co.	750		27,218
			247,008
Consumer Finance (1.2%)
American Express Co.	2,550		147,415
Diversified Financial Services (4.0%)
Bank of America Corp.	2,000		107,740
Citigroup, Inc.	4,600		230,736
JPMorgan Chase & Co.	1,675		79,462
NYSE Group, Inc.*	1,200		88,788
			506,726
Insurance (4.0%)
ACE Ltd.	400		22,900
Allstate Corp.	150		9,204
American International Group, Inc.	3,200		214,944
Chubb Corp.	650		34,548

39

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Number of Shares	Value (Note 1)
Genworth Financial, Inc., Class A	1,000	$	33,440
Hartford Financial Services Group, Inc.	275		23,972
MBIA, Inc.	300		18,606
MetLife, Inc.	650		37,134
Old Republic International Corp.	325		7,322
Prudential Financial, Inc.	150		11,540
St. Paul Travelers Cos., Inc.	777		39,728
UnumProvident Corp.	1,100		21,758
XL Capital Ltd., Class A	400		28,220
			503,316
Thrifts & Mortgage Finance (3.0%)
Fannie Mae	2,895		171,558
Freddie Mac	2,248		155,090
MGIC Investment Corp.	200		11,752
Washington Mutual, Inc.	875		37,012
			375,412
Total Financials			2,225,595
Health Care (15.1%)
Biotechnology (3.4%)
Amgen, Inc.*	2,195		166,622
Celgene Corp.*	1,300		69,472
Genentech, Inc.*	965		80,385
Gilead Sciences, Inc.*	1,565		107,829
			424,308
Health Care Equipment & Supplies (0.9%)
Alcon, Inc.	300		31,824
Cytyc Corp.*	1,000		26,420
Zimmer Holdings, Inc.*	775		55,808
			114,052
Health Care Providers & Services (3.7%)
AmerisourceBergen Corp.	400		18,880
Caremark Rx, Inc.	3,155		155,321
Coventry Health Care, Inc.*	2,295		107,750
McKesson Corp.	250		12,523
UnitedHealth Group, Inc.	1,185		57,804
WellPoint, Inc.*	1,600		122,112
			474,390
Health Care Technology (0.6%)
Eclipsys Corp.*	3,796		80,437
Life Sciences Tools & Services (1.0%)
Fisher Scientific International, Inc.*	1,470		125,861
Pharmaceuticals (5.5%)
Abbott Laboratories	100		4,751
Eli Lilly & Co.	750		42,007
Johnson & Johnson	3,284		221,342
Merck & Co., Inc.	1,375		62,452
Pfizer, Inc.	10,830		288,619
Sanofi-Aventis (ADR)	1,485		63,395
Wyeth	150		7,655
			690,221
Total Health Care			1,909,269
Industrials (7.5%)
Aerospace & Defense (0.6%)
Boeing Co.	600		47,916
Northrop Grumman Corp.	500		33,195
			81,111
Air Freight & Logistics (0.5%)
FedEx Corp.	510		58,415
United Parcel Service, Inc., Class B	125		9,419
			67,834
Airlines (0.9%)
JetBlue Airways Corp.*	8,700		109,272
Commercial Services & Supplies (0.2%)
Avery Dennison Corp.	400		25,256
Electrical Equipment (0.2%)
Cooper Industries Ltd., Class A	225		20,126
Industrial Conglomerates (3.9%)
General Electric Co.	12,630		443,439
Textron, Inc.	325		29,552
Tyco International Ltd.	550		16,187
			489,178
Machinery (0.6%)
Eaton Corp.	500		36,215
Ingersoll-Rand Co., Ltd., Class A	250		9,178
SPX Corp.	500		28,760
			74,153
Road & Rail (0.6%)
CSX Corp.	1,300		46,371
Norfolk Southern Corp.	700		36,799
			83,170
Total Industrials			950,100
Information Technology (19.2%)
Communications Equipment (3.7%)
ADC Telecommunications, Inc.*	700		10,017
Cisco Systems, Inc.*	2,500		60,325
Corning, Inc.*	2,600		53,118
Motorola, Inc.	4,775		110,112
Nokia Oyj (ADR)	1,300		25,844
QUALCOMM, Inc.	4,755		173,034
Research In Motion Ltd.*	245		28,783
Tellabs, Inc.*	1,000		10,540
			471,773
Computers & Peripherals (4.8%)
Apple Computer, Inc.*	2,175		176,349
Dell, Inc.*	3,700		90,021
EMC Corp.*	5,120		62,720
Hewlett-Packard Co.	3,145		121,837
International Business Machines Corp.	850		78,480
Lexmark International, Inc., Class A*	350		22,257
SanDisk Corp.*	1,180		56,758
			608,422
Electronic Equipment & Instruments (0.4%)
Arrow Electronics, Inc.*	300		8,955
Flextronics International Ltd.*	900		10,440
Sanmina-SCI Corp.*	3,200		12,640
Solectron Corp.*	4,400		14,696
Tech Data Corp.*	250		9,837
			56,568
Internet Software & Services (2.7%)
Google, Inc., Class A*	378		180,075
Yahoo!, Inc.*	6,385		168,181
			348,256
IT Services (1.3%)
Accenture Ltd., Class A	700		23,037
BearingPoint, Inc.*	11,960		99,627
Ceridian Corp.*	250		5,893
Electronic Data Systems Corp.	1,350		34,195
			162,752
Semiconductors & Semiconductor Equipment (2.5%)
Advanced Micro Devices, Inc.*	2,600		55,302
Agere Systems, Inc.*	1,110		18,848
Intel Corp.	750		16,005
Samsung Electronics Co., Ltd. (GDR)§	348		112,836
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	1,400		13,580

40

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

	Number of Shares		Value (Note 1)
Texas Instruments, Inc.		3,275	$	98,839
				315,410
Software (3.8%)
Adobe Systems, Inc.*		1,525		58,331
Microsoft Corp.		9,300		267,003
Oracle Corp.*		6,300		116,361
SAP AG (Sponsored ADR)		710		35,245
				476,940
Total Information Technology				2,440,121
Materials (2.3%)
Chemicals (1.0%)
Air Products & Chemicals, Inc.		1,400		97,538
Ashland, Inc.		125		7,387
Lubrizol Corp.		500		22,500
				127,425
Containers & Packaging (0.3%)
Crown Holdings, Inc.*		675		13,122
Owens-Illinois, Inc.*		1,050		17,430
Smurfit-Stone Container Corp.*		1,000		10,660
				41,212
Metals & Mining (1.0%)
Southern Copper Corp.		2,400		123,312
Total Materials				291,949
Telecommunication Services (5.9%)
Diversified Telecommunication Services (2.7%)
AT&T, Inc.		700		23,975
BellSouth Corp.		1,500		67,650
Chunghwa Telecom Co., Ltd. (ADR)		4,878		89,219
Embarq Corp.		110		5,318
Level 3 Communications, Inc.*		17,900		94,691
Verizon Communications, Inc.		1,650		61,050
				341,903
Wireless Telecommunication Services (3.2%)
American Tower Corp., Class A*		4,000		144,080
Crown Castle International Corp.*		900		30,285
Leap Wireless International, Inc.*		720		39,931
NII Holdings, Inc.*		2,365		153,796
Sprint Nextel Corp.		2,200		41,118
				409,210
Total Telecommunication Services .				751,113
Utilities (1.5%)
Electric Utilities (0.7%)
Entergy Corp.		1,000		85,830
Independent Power Producers & Energy Traders (0.7%)
Constellation Energy Group, Inc.		500		31,200
TXU Corp.		890		56,185
				87,385
Multi-Utilities (0.1%)
Dominion Resources, Inc.		225		18,223
Total Utilities				191,438
Total Common Stocks (98.7%) (Cost $10,528,052)				12,515,877
	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (0.8%)
Prudential Funding LLC
5.28%, 11/1/06 (p)	$	100,000		99,985
Time Deposit (1.0%)
JPMorgan Chase Nassau
4.77%, 11/1/06		122,967		122,967
Total Short-Term Investments (1.8%) (Cost/Amortized Cost $222,967)				222,952
Total Investments (100.5%) (Cost/Amortized Cost $10,751,019)				12,738,829
Other Assets Less Liabilities (-0.5%)				(62,037	)
Net Assets (100%)			$	12,676,792

* 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 October 31, 2006, the market value of these securities amounted to $112,836 or 0.89% 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.

(p) Yield to maturity.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Investment security transactions for the year ended October 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	6,347,622
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	7,794,771

As of October 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	$	2,151,282
Aggregate gross unrealized depreciation		(250,275	)
Net unrealized appreciation	$	1,901,007
Federal income tax cost of investments	$	10,837,822

For the year ended October 31, 2006, the Fund incurred approximately $216 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

41

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER VALUE FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.7%)
Auto Components (0.1%)
Johnson Controls, Inc.	950	$	77,463
Hotels, Restaurants & Leisure (3.1%)
Hilton Hotels Corp.	5,700		164,844
Intercontinental Hotels Group plc (ADR)	23,450		456,337
McDonald’s Corp.	24,550		1,029,136
			1,650,317
Household Durables (0.8%)
Fortune Brands, Inc.	3,500		269,325
Pulte Homes, Inc.	2,100		65,079
Toll Brothers, Inc.*	2,900		83,839
			418,243
Leisure Equipment & Products (0.1%)
Hasbro, Inc.	3,070		79,574
Media (2.9%)
New York Times Co., Class A	1,870		45,198
News Corp., Class A	17,800		371,130
Time Warner, Inc.	33,000		660,330
Viacom, Inc., Class B*	8,659		337,008
Walt Disney Co.	1,995		62,763
WPP Group plc	4,940		63,267
			1,539,696
Multiline Retail (0.8%)
Federated Department Stores, Inc.	2,440		107,141
Target Corp.	5,250		310,695
			417,836
Specialty Retail (1.5%)
Bed Bath & Beyond, Inc.*	1,600		64,464
Best Buy Co., Inc.	900		49,725
Home Depot, Inc.	11,130		415,483
Lowe’s Cos., Inc.	4,500		135,630
Sherwin-Williams Co.	1,890		111,945
			777,247
Textiles, Apparel & Luxury Goods (0.4%)
Hanesbrands, Inc.*	477		11,257
NIKE, Inc., Class B	2,470		226,944
			238,201
Total Consumer Discretionary			5,198,577
Consumer Staples (7.7%)
Beverages (0.5%)
Diageo plc	10,499		194,235
PepsiCo, Inc.	1,382		87,674
			281,909
Food & Staples Retailing (1.4%)
Wal-Mart Stores, Inc.	15,650		771,232
Food Products (0.7%)
Kellogg Co.	4,063		204,410
Nestle S.A. (Registered)	425		145,214
Tyson Foods, Inc., Class A	2,310		33,379
			383,003
Household Products (1.1%)
Procter & Gamble Co.	8,800		557,832
Tobacco (4.0%)
Altria Group, Inc.	25,030		2,035,690
Loews Corp.- Carolina Group	1,500		86,730
			2,122,420
Total Consumer Staples			4,116,396
Energy (11.6%)
Energy Equipment & Services (1.6%)
BJ Services Co.	4,300		129,688
GlobalSantaFe Corp	1,400		72,660
Halliburton Co.	12,450		402,758
Nabors Industries Ltd.*	5,700		176,016
Noble Corp.	923		64,702
			845,824
Oil, Gas & Consumable Fuels (10.0%)
Apache Corp.	2,010		131,293
BP plc (ADR)	2,600		174,460
Chevron Corp.	4,926		331,027
ConocoPhillips	9,440		568,666
Devon Energy Corp.	2,635		176,123
EOG Resources, Inc.	1,735		115,430
Exxon Mobil Corp.	26,271		1,876,275
Hess Corp.	16,600		703,840
Noble Energy, Inc.	7,596		369,393
Royal Dutch Shell plc (ADR)	1,300		90,506
Total S.A. (Sponsored ADR)	12,270		836,078
			5,373,091
Total Energy			6,218,915
Financials (28.3%)
Capital Markets (4.1%)
Bank of New York Co., Inc.	6,440		221,343
Franklin Resources, Inc.	865		98,575
Goldman Sachs Group, Inc.	3,901		740,371
Lehman Brothers Holdings, Inc.	1,920		149,453
Mellon Financial Corp.	3,944		153,027
Merrill Lynch & Co., Inc.	4,595		401,695
Northern Trust Corp.	3,300		193,776
UBS AG (Registered)	4,069		243,057
			2,201,297
Commercial Banks (1.8%)
PNC Financial Services Group, Inc.	3,450		241,603
SunTrust Banks, Inc.	4,737		374,176
Wachovia Corp.	3,000		166,500
Wells Fargo & Co.	4,700		170,563
			952,842
Consumer Finance (0.4%)
American Express Co.	3,082		178,170
Diversified Financial Services (10.9%)
Bank of America Corp.	42,803		2,305,798
Citigroup, Inc.	41,660		2,089,665
JPMorgan Chase & Co.	30,462		1,445,117
			5,840,580
Insurance (9.4%)
ACE Ltd.	5,000		286,250
Aflac, Inc.	780		35,038
Allstate Corp.	9,717		596,235
American International Group, Inc.	22,400		1,504,608
Aon Corp.	14,850		516,631
Axis Capital Holdings Ltd.	4,350		142,898
Chubb Corp.	2,158		114,698
Genworth Financial, Inc., Class A	5,520		184,589
Hartford Financial Services Group, Inc.	1,973		171,986
MetLife, Inc.	10,124		578,384
St. Paul Travelers Cos., Inc.	17,369		888,077
			5,019,394
Thrifts & Mortgage Finance (1.7%)
Fannie Mae	13,861		821,403
Freddie Mac	1,335		92,102
			913,505
Total Financials			15,105,788
Health Care (10.2%)
Health Care Equipment & Supplies (1.4%)
Baxter International, Inc.	15,850		728,625

42

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AXA ENTERPRISE MULTIMANAGER VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Number of Shares	Value (Note 1)
Health Care Providers & Services (1.5%)
CIGNA Corp.	750	$	87,735
UnitedHealth Group, Inc.	600		29,268
WellPoint, Inc.*	9,410		718,171
			835,174
Pharmaceuticals (7.3%)
Abbott Laboratories	1,986		94,355
Bristol-Myers Squibb Co.	12,800		316,800
Eli Lilly & Co.	6,896		386,245
Johnson & Johnson	7,778		524,237
Merck & Co., Inc.	11,041		501,482
Novartis AG (ADR)	16,500		1,002,045
Pfizer, Inc.	6,000		159,900
Sanofi-Aventis (ADR)	7,150		305,233
Wyeth	12,055		615,167
			3,905,464
Total Health Care			5,469,263
Industrials (11.5%)
Aerospace & Defense (4.3%)
Honeywell International, Inc.	14,000		589,680
Lockheed Martin Corp.	7,514		653,192
Northrop Grumman Corp.	5,869		389,643
United Technologies Corp.	9,750		640,770
			2,273,285
Air Freight & Logistics (0.3%)
United Parcel Service, Inc., Class B	1,850		139,398
Building Products (0.6%)
Masco Corp.	12,000		331,800
Electrical Equipment (0.9%)
Cooper Industries Ltd., Class A	785		70,218
Emerson Electric Co.	3,800		320,720
Rockwell Automation, Inc.	1,230		76,260
			467,198
Industrial Conglomerates (2.5%)
General Electric Co.	35,550		1,248,160
Textron, Inc.	1,250		113,663
			1,361,823
Machinery (0.8%)
Deere & Co.	4,926		419,351
Illinois Tool Works, Inc.	670		32,113
			451,464
Road & Rail (1.8%)
Burlington Northern Santa Fe Corp.	3,009		233,288
Con-way, Inc.	270		12,736
CSX Corp.	14,550		518,998
Norfolk Southern Corp.	2,700		141,939
Union Pacific Corp.	600		54,378
			961,339
Trading Companies & Distributors (0.3%)
Finning International, Inc.	506		17,951
W.W. Grainger, Inc.	1,640		119,359
			137,310
Total Industrials			6,123,617
Information Technology (7.7%)
Communications Equipment (2.1%)
Cisco Systems, Inc.*	11,220		270,739
Juniper Networks, Inc.*	1,000		17,220
Motorola, Inc.	22,250		513,085
QUALCOMM, Inc.	9,100		331,149
			1,132,193
Computers & Peripherals (2.3%)
Hewlett-Packard Co.	18,520		717,465
International Business Machines Corp.	3,900		360,087
Sun Microsystems, Inc.*	25,900		140,637
			1,218,189
Electronic Equipment & Instruments (0.4%)
Agilent Technologies, Inc.*	5,500		195,800
IT Services (0.5%)
Accenture Ltd., Class A	6,950		228,725
Fiserv, Inc.*	800		39,520
			268,245
Semiconductors & Semiconductor Equipment (0.9%)
Analog Devices, Inc.	1,655		52,662
Applied Materials, Inc.	16,300		283,457
Intel Corp.	6,680		142,551
			478,670
Software (1.5%)
BEA Systems, Inc.*	1,050		17,083
Microsoft Corp.	21,000		602,910
Oracle Corp.*	9,540		176,204
			796,197
Total Information Technology			4,089,294
Materials (4.6%)
Chemicals (3.6%)
Air Products & Chemicals, Inc.	8,592		598,605
Dow Chemical Co.	3,380		137,870
E.I. du Pont de Nemours & Co.	5,000		229,000
Imperial Chemical Industries plc (ADR)	12,450		388,191
Nalco Holding Co.*	2,145		43,393
PPG Industries, Inc.	3,406		232,970
Praxair, Inc.	1,928		116,162
Syngenta AG (Registered)*	1,258		203,186
			1,949,377
Containers & Packaging (0.7%)
Smurfit-Stone Container Corp.*	2,931		31,244
Temple-Inland, Inc.	9,000		354,960
			386,204
Metals & Mining (0.1%)
Alcoa, Inc.	1,500		43,365
Paper & Forest Products (0.2%)
Bowater, Inc.	382		7,988
International Paper Co.	2,418		80,640
			88,628
Total Materials			2,467,574
Telecommunication Services (2.4%)
Diversified Telecommunication Services (1.6%)
AT&T, Inc.	8,200		280,850
BellSouth Corp.	2,300		103,730
Embarq Corp.	1,741		84,177
TELUS Corp. (Non-Voting)	710		40,809
Verizon Communications, Inc.	8,551		316,387
			825,953
Wireless Telecommunication Services (0.8%)
Sprint Nextel Corp.	13,760		257,174
Vodafone Group plc	67,480		173,747
			430,921
Total Telecommunication Services			1,256,874
Utilities (4.1%)
Electric Utilities (1.8%)
Entergy Corp.	7,235		620,980
FPL Group, Inc.	5,360		273,360
PPL Corp.	1,702		58,753
			953,093

43

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AXA ENTERPRISE MULTIMANAGER VALUE FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

	Number of Shares		Value (Note 1)
Independent Power Producers & Energy Traders (0.2%)
TXU Corp.		1,550	$	97,851
Multi-Utilities (2.1%)
Dominion Resources, Inc.		13,970		1,131,431
Public Service Enterprise Group, Inc.		565		34,493
				1,165,924
Total Utilities				2,216,868
Total Common Stocks (97.8%) (Cost $46,077,816)				52,263,166
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (2.6%)
JPMorgan Chase Nassau
4.77%, 11/1/06 (Amortized Cost $1,411,054)	$	1,411,054		1,411,054
Total Investments (100.4%) (Cost/Amortized Cost $47,488,870)				53,674,220
Other Assets Less Liabilities (-0.4%)				(206,537	)
Net Assets (100%)			$	53,467,683

* Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended October 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	38,811,140
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	31,245,967

As of October 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	$	6,423,000
Aggregate gross unrealized depreciation		(371,629	)
Net unrealized appreciation	$	6,051,371
Federal income tax cost of investments	$	47,622,849

For the year ended October 31, 2006, the Fund incurred approximately $1,429 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

44

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AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (17.2%)
Auto Components (0.9%)
Drew Industries, Inc.*	1,000	$	27,150
LKQ Corp.*	3,300		76,362
Tenneco, Inc.*	1,800		40,860
			144,372
Diversified Consumer Services (1.6%)
ITT Educational Services, Inc.*	1,550		106,872
Jackson Hewitt Tax Service, Inc.	1,100		38,060
Strayer Education, Inc.	900		101,808
			246,740
Hotels, Restaurants & Leisure (5.8%)
BJ’s Restaurants, Inc.*	1,200		25,836
Four Seasons Hotels, Inc.	500		32,070
Gaylord Entertainment Co.*	2,100		97,734
Hilton Hotels Corp.	200		5,784
International Game Technology	3,600		153,036
Marriott International, Inc., Class A	3,400		142,018
MGM MIRAGE*	1,950		83,889
Orient-Express Hotels Ltd.	4,800		189,360
Panera Bread Co., Class A*	1,700		105,060
Penn National Gaming, Inc.*	1,800		65,826
Scientific Games Corp., Class A*	200		5,606
Station Casinos, Inc.	100		6,030
			912,249
Household Durables (0.9%)
Harman International Industries, Inc.	1,400		143,290
Internet & Catalog Retail (1.4%)
Coldwater Creek, Inc.*	2,600		79,274
Nutri/System, Inc.*	400		24,672
VistaPrint Ltd.*	3,600		112,608
			216,554
Leisure Equipment & Products (1.0%)
MarineMax, Inc.*	1,700		48,467
Pool Corp.	2,675		109,622
			158,089
Media (0.1%)
XM Satellite Radio Holdings, Inc., Class A*	900		10,494
Specialty Retail (4.8%)
Advance Auto Parts, Inc.	200		7,004
Christopher & Banks Corp.	1,900		51,281
Cost Plus, Inc.*	1,600		19,120
Dick’s Sporting Goods, Inc.*	3,650		181,624
GameStop Corp., Class A*	4,375		223,387
Guitar Center, Inc.*	800		34,696
J. Crew Group, Inc.*	1,300		40,092
Select Comfort Corp.*	2,700		57,726
Tractor Supply Co.*	1,100		53,262
Urban Outfitters, Inc.*	4,525		79,188
			747,380
Textiles, Apparel & Luxury Goods (0.7%)
Carter’s, Inc.*	1,600		45,168
CROCS, Inc.*	300		11,886
Under Armour, Inc., Class A*	1,000		46,350
			103,404
Total Consumer Discretionary			2,682,572
Consumer Staples (1.2%)
Food Products (0.5%)
Bunge Ltd.	200		12,822
Hain Celestial Group, Inc.*	2,200		62,106
			74,928
Personal Products (0.7%)
Bare Escentuals, Inc.*	500		15,315
Herbalife Ltd.*	2,725		99,735
			115,050
Total Consumer Staples			189,978
Energy (8.4%)
Energy Equipment & Services (4.0%)
Cameron International Corp.*	1,400		70,140
Complete Production Services, Inc.*	1,700		32,793
Diamond Offshore Drilling, Inc.	675		46,730
FMC Technologies, Inc.*	700		42,315
Global Industries Ltd.*	3,100		51,460
Grant Prideco, Inc.*	3,550		134,084
Hydril Co.*	300		18,015
National Oilwell Varco, Inc.*	1,700		102,680
Rowan Cos., Inc.	200		6,676
Seitel, Inc.*	2,100		7,266
Superior Energy Services, Inc.*	3,200		100,160
			612,319
Oil, Gas & Consumable Fuels (4.4%)
Aventine Renewable Energy Holdings, Inc.*	1,100		27,060
Bill Barrett Corp.*	3,400		97,002
Denbury Resources, Inc.*	3,525		101,309
EXCO Resources, Inc.*	1,700		24,616
Helix Energy Solutions Group, Inc.*	2,600		83,980
Mariner Energy, Inc.*	2,200		43,604
Murphy Oil Corp.	200		9,432
Newfield Exploration Co.*	2,100		85,659
Range Resources Corp.	1,200		32,580
Southwestern Energy Co.*	3,025		107,629
Ultra Petroleum Corp.*	1,425		76,052
			688,923
Total Energy			1,301,242
Financials (10.7%)
Capital Markets (3.4%)
Affiliated Managers Group, Inc.*	800		80,112
Ares Capital Corp.	967		17,919
E*Trade Financial Corp.*	400		9,312
Federated Investors, Inc., Class B	300		10,287
GFI Group, Inc.*	1,800		103,806
Lazard Ltd., Class A	2,000		84,800
Legg Mason, Inc.	1,000		90,020
Nuveen Investments, Inc., Class A	200		9,860
optionsXpress Holdings, Inc.	2,300		71,484
TD Ameritrade Holding Corp.	3,175		52,292
			529,892
Commercial Banks (1.5%)
East West Bancorp, Inc.	700		25,557
First Republic Bank/California	900		35,046
First State Bancorp/New Mexico	690		17,188
Hancock Holding Co.	132		6,772
Signature Bank/New York*	500		15,165
UCBH Holdings, Inc.	2,100		35,994
UMB Financial Corp.	400		14,344
Western Alliance Bancorp*	1,000		33,980
Whitney Holding Corp.	1,500		48,990
			233,036
Diversified Financial Services (1.8%)
CBOT Holdings, Inc., Class A*	650		96,460
Financial Federal Corp.	700		19,264
Nasdaq Stock Market, Inc.*	3,550		126,841
Primus Guaranty Ltd.*	3,300		37,719
			280,284

45

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Number of Shares	Value (Note 1)
Insurance (1.0%)
Ambac Financial Group, Inc.	1,400	$	116,886
National Financial Partners Corp.	900		35,460
			152,346
Real Estate Investment Trusts (REITs) (1.1%)
CapitalSource, Inc. (REIT)	1,717		47,630
FelCor Lodging Trust, Inc. (REIT)	2,400		49,824
Innkeepers USA Trust (REIT)	2,200		37,730
LaSalle Hotel Properties (REIT)	1,000		42,250
			177,434
Real Estate Management & Development (1.4%)
CB Richard Ellis Group, Inc., Class A*	6,675		200,450
Jones Lang LaSalle, Inc.	100		9,200
			209,650
Thrifts & Mortgage Finance (0.5%)
Clayton Holdings, Inc.*	3,660		51,496
Doral Financial Corp.	1,100		5,060
Franklin Bank Corp./Texas*	1,200		24,252
			80,808
Total Financials			1,663,450
Health Care (15.3%)
Biotechnology (4.3%)
Alexion Pharmaceuticals, Inc.*	500		18,680
Angiotech Pharmaceuticals, Inc.*	2,300		21,850
BioMarin Pharmaceuticals, Inc.*	2,600		41,678
Celgene Corp.*	2,750		146,960
Coley Pharmaceutical Group, Inc.*	1,700		19,601
Cubist Pharmaceuticals, Inc.*	1,100		24,497
Digene Corp.*	900		41,787
Keryx Biopharmaceuticals, Inc.*	1,300		18,252
Myogen, Inc.*	700		36,610
Myriad Genetics, Inc.*	2,100		56,469
Panacos Pharmaceuticals, Inc.*	1,000		6,860
PDL BioPharma, Inc.*	4,425		93,500
Senomyx, Inc.*	2,800		43,176
Telik, Inc.*	2,000		37,900
Trimeris, Inc.*	1,500		11,430
United Therapeutics Corp.*	500		29,925
Vanda Pharmaceuticals, Inc.*	1,100		14,344
ZymoGenetics, Inc.*	300		4,815
			668,334
Health Care Equipment & Supplies (3.0%)
American Medical Systems Holdings, Inc.*	3,400		60,554
ArthroCare Corp.*	2,200		88,902
C.R. Bard, Inc.	700		57,372
Cynosure, Inc., Class A*	200		3,680
Cytyc Corp.*	500		13,210
DexCom, Inc.*	2,800		24,640
Gen-Probe, Inc.*	1,100		52,657
Kyphon, Inc.*	1,600		63,200
Meridian Bioscience, Inc.	2,400		55,320
Resmed, Inc.*	700		30,793
Stereotaxis, Inc.*	200		2,396
Varian Medical Systems, Inc.*	200		10,972
			463,696
Health Care Providers & Services (3.8%)
Community Health Systems, Inc.*	200		6,490
Coventry Health Care, Inc.*	150		7,043
Express Scripts, Inc.*	200		12,744
HealthExtras, Inc.*	1,100		25,333
Healthways, Inc.*	400		16,940
Henry Schein, Inc.*	2,350		116,771
Psychiatric Solutions, Inc.*	6,550		217,460
RehabCare Group, Inc.*	800		10,288
VCA Antech, Inc.*	4,025	$	130,289
WellCare Health Plans, Inc.*	792		46,530
			589,888
Health Care Technology (0.7%)
Allscripts Healthcare Solutions, Inc.*	2,000		47,180
TriZetto Group, Inc.*	4,000		68,360
			115,540
Life Sciences Tools & Services (2.4%)
Covance, Inc.*	1,625		95,063
ICON plc (ADR)*	1,600		57,408
Molecular Devices Corp.*	800		16,112
Nektar Therapeutics*	2,300		33,189
Parexel International Corp.*	1,900		56,240
Pharmaceutical Product Development, Inc.	200		6,330
Varian, Inc.*	1,300		60,957
Ventana Medical Systems, Inc.*	1,300		52,507
Waters Corp.*	100		4,980
			382,786
Pharmaceuticals (1.1%)
Adams Respiratory Therapeutics, Inc.*	1,300		56,030
Endo Pharmaceuticals Holdings, Inc.*	400		11,416
Impax Laboratories, Inc.*	2,100		14,700
Medicines Co.*	2,700		70,092
Penwest Pharmaceuticals Co.*	1,100		19,492
			171,730
Total Health Care			2,391,974
Industrials (15.1%)
Aerospace & Defense (1.9%)
Argon ST, Inc.*	1,800		42,516
Empresa Brasileira de Aeronautica S.A. (ADR)	200		8,326
Hexcel Corp.*	4,200		67,998
Precision Castparts Corp.	2,425		165,045
Rockwell Collins, Inc.	187		10,861
			294,746
Air Freight & Logistics (1.5%)
Expeditors International of Washington, Inc.	200		9,482
Forward Air Corp.	1,300		42,211
UTI Worldwide, Inc.	7,200		186,120
			237,813
Airlines (0.5%)
JetBlue Airways Corp.*	3,500		43,960
Republic Airways Holdings, Inc.*	2,000		35,740
			79,700
Commercial Services & Supplies (5.5%)
Administaff, Inc.	2,100		72,345
American Reprographics Co.*	2,800		99,400
Corporate Executive Board Co.	800		71,856
Global Cash Access Holdings, Inc.*	2,900		46,255
Herman Miller, Inc.	300		10,284
Knoll, Inc.	3,400		67,320
LECG Corp.*	1,500		29,535
Monster Worldwide, Inc.*	3,000		121,530
Resources Connection, Inc.*	3,900		112,866
Robert Half International, Inc.	300		10,965
Stericycle, Inc.*	2,950		208,594
			850,950
Construction & Engineering (0.9%)
Fluor Corp.	1,350		105,881
Granite Construction, Inc.	700		36,470
			142,351
Electrical Equipment (0.5%)
Ametek, Inc.	1,700		79,356

46

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Number of Shares	Value (Note 1)
Machinery (2.3%)
Flowserve Corp.*	700	$	37,100
IDEX Corp.	1,550		72,695
Joy Global, Inc.	2,100		82,131
Kennametal, Inc.	100		6,171
Lincoln Electric Holdings, Inc.	1,300		79,937
Manitowoc Co., Inc.	900		49,392
Oshkosh Truck Corp.	200		9,042
Terex Corp.*	400		20,704
			357,172
Marine (0.1%)
American Commercial Lines, Inc.*	200		12,830
Road & Rail (0.5%)
J.B. Hunt Transport Services, Inc.	700		15,148
Knight Transportation, Inc.	3,875		70,603
			85,751
Trading Companies & Distributors (1.4%)
Beacon Roofing Supply, Inc.*	1,500		29,700
Fastenal Co.	2,775		111,666
MSC Industrial Direct Co.	1,700		69,564
WESCO International, Inc.*	100		6,527
			217,457
Total Industrials			2,358,126
Information Technology (23.0%)
Communications Equipment (3.1%)
Arris Group, Inc.*	4,900		65,660
Ciena Corp.*	1,700		39,967
Comverse Technology, Inc.*	5,550		120,824
F5 Networks, Inc.*	2,050		135,689
Harris Corp.	400		17,040
Ixia*	3,000		27,450
Redback Networks, Inc.*	1,800		28,476
ViaSat, Inc.*	1,700		46,138
			481,244
Computers & Peripherals (1.3%)
Electronics for Imaging, Inc.*	2,300		54,372
Network Appliance, Inc.*	2,825		103,112
Synaptics, Inc.*	1,700		48,212
			205,696
Electronic Equipment & Instruments (2.6%)
Amphenol Corp., Class A	1,650		112,035
Flir Systems, Inc.*	3,000		95,820
Jabil Circuit, Inc.	300		8,613
National Instruments Corp.	1,500		46,770
Tektronix, Inc.	2,500		75,925
Trimble Navigation Ltd.*	1,400		64,708
			403,871
Internet Software & Services (1.7%)
aQuantive, Inc.*	4,700		127,746
Ariba, Inc.*	3,500		26,425
Entrust, Inc.*	7,400		27,824
Marchex, Inc., Class B*	1,900		26,942
ValueClick, Inc.*	2,300		43,240
VeriSign, Inc.*	300		6,204
			258,381
IT Services (3.5%)
Alliance Data Systems Corp.*	1,740		105,653
BearingPoint, Inc.*	5,200		43,316
CheckFree Corp.*	1,250		49,350
Cognizant Technology Solutions Corp., Class A*	1,325		99,746
Global Payments, Inc.	200		8,742
Heartland Payment Systems, Inc.	1,200		32,064
Iron Mountain, Inc.*	1,700		73,729
RightNow Technologies, Inc.*	2,000		33,040
Sapient Corp.*	6,800		37,060
VeriFone Holdings, Inc.*	2,100		61,341
			544,041
Semiconductors & Semiconductor Equipment (6.5%)
Atheros Communications, Inc.*	1,400		30,422
Exar Corp.*	3,200		41,504
FormFactor, Inc.*	1,360		51,925
Hittite Microwave Corp.*	1,000		34,290
Integrated Device Technology, Inc.*	11,575		183,464
Intersil Corp., Class A	800		18,760
Lam Research Corp.*	700		34,615
Microchip Technology, Inc.	400		13,172
Microsemi Corp.*	3,670		71,932
Microtune, Inc.*	2,500		12,850
NVIDIA Corp.*	3,425		119,430
Power Integrations, Inc.*	2,200		48,268
Semtech Corp.*	500		6,515
Silicon Laboratories, Inc.*	5,425		177,018
Sirf Technology Holdings, Inc.*	1,600		44,992
Trident Microsystems, Inc.*	1,200		25,368
Varian Semiconductor Equipment Associates, Inc.*	2,850		103,996
			1,018,521
Software (4.3%)
Activision, Inc.*	9,438		145,534
Altiris, Inc.*	800		18,008
Amdocs Ltd.*	3,425		132,753
Blackbaud, Inc.	400		10,000
Commvault Systems, Inc.*	2,400		42,888
Hyperion Solutions Corp.*	250		9,350
Micros Systems, Inc.*	900		44,712
Nuance Communications, Inc.*	5,900		68,086
Quest Software, Inc.*	4,060		59,804
Salesforce.com, Inc.*	200		7,804
THQ, Inc.*	1,350		40,594
TIBCO Software, Inc.*	7,800		72,150
Witness Systems, Inc.*	1,500		26,610
			678,293
Total Information Technology			3,590,047
Materials (2.7%)
Chemicals (0.6%)
Cabot Corp.	900		35,595
FMC Corp.	500		34,275
Minerals Technologies, Inc.	500		27,580
			97,450
Construction Materials (1.0%)
Headwaters, Inc.*	1,600		39,600
Martin Marietta Materials, Inc.	1,250		110,000
			149,600
Metals & Mining (1.1%)
Allegheny Technologies, Inc.	960		75,581
RTI International Metals, Inc.*	1,600		98,112
			173,693
Total Materials			420,743
Telecommunication Services (4.8%)
Diversified Telecommunication Services (1.9%)
NeuStar, Inc., Class A*	2,300		67,206
Time Warner Telecom, Inc., Class A*	10,975		218,841
			286,047
Wireless Telecommunication Services (2.9%)
American Tower Corp., Class A*	4,925		177,398
Crown Castle International Corp.*	200		6,730
NII Holdings, Inc.*	3,125		203,219

47

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

	Number of Shares		Value (Note 1)
SBA Communications Corp., Class A*		2,600	$	69,446
				456,793
Total Telecommunication Services				742,840
Utilities (0.2%)
Electric Utilities (0.2%)
ITC Holdings Corp.		700		24,864
Independent Power Producers & Energy Traders (0.0%)
Constellation Energy Group, Inc.		100		6,240
Total Utilities				31,104
Total Common Stocks (98.6%) (Cost $13,480,920)				15,372,076
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.7%)
JPMorgan Chase Nassau
4.77%, 11/1/06 (Amortized Cost $260,826)	$	260,826		260,826
Total Investments (100.3%) (Cost/Amortized Cost $13,741,746)				15,632,902
Other Assets Less Liabilities (-0.3%)				(50,081	)
Net Assets (100%)			$	15,582,821

* Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended October 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	13,048,589
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	12,200,859

As of October 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	$	2,341,029
Aggregate gross unrealized depreciation		(527,244	)
Net unrealized appreciation	$	1,813,785
Federal income tax cost of investments	$	13,819,117

For the year ended October 31, 2006, the Fund incurred approximately $35 as brokerage commissions with Sanford C. Bernstein & Co. Inc., an affiliated broker/dealer.

The Fund utilized $ 491,278 in capital loss carryforward during the fiscal year ended October 31, 2006.

See Notes to Financial Statements.

48

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.3%)
Auto Components (1.3%)
Aftermarket Technology Corp.*	400	$	7,516
American Axle & Manufacturing Holdings, Inc.	2,700		50,625
Autoliv, Inc.	1,230		69,950
BorgWarner, Inc.	1,300		74,750
Compagnie Generale des Etablissements Michelin, Class B	215		17,535
TRW Automotive Holdings Corp.*	1,400		35,910
			256,286
Distributors (0.0%)
Coast Distribution System	100		993
Keystone Automotive Industries, Inc.*	100		3,846
			4,839
Diversified Consumer Services (0.9%)
CPI Corp.	60		2,833
Jackson Hewitt Tax Service, Inc.	430		14,878
Nobel Learning Communities, Inc.*	300		3,090
Regis Corp.	3,650		137,057
Service Corp. International	1,320		12,038
Stewart Enterprises, Inc., Class A	200		1,236
Vertrue, Inc.*	100		4,497
			175,629
Hotels, Restaurants & Leisure (1.7%)
Bob Evans Farms, Inc.	500		16,955
Brinker International, Inc.	30		1,393
CBRL Group, Inc.	903		39,651
Cheesecake Factory, Inc.*	5,050		142,662
Frisch’s Restaurants, Inc.	200		5,040
IHOP Corp.	100		5,217
ILX Resorts, Inc.	200		1,904
Interstate Hotels & Resorts, Inc.*	700		6,279
J. Alexander’s Corp.	200		1,720
Lodgian, Inc.*	70		998
Marcus Corp.	100		2,499
Nathan’s Famous, Inc.*	200		2,870
Papa John’s International, Inc.*	337		12,368
Ruby Tuesday, Inc.	2,600		72,150
Speedway Motorsports, Inc.	300		11,301
			323,007
Household Durables (1.9%)
American Biltrite, Inc.*	10		105
Avatar Holdings, Inc.*	50		3,250
Basset Furniture Industries, Inc.	400		6,608
Black & Decker Corp.	500		41,940
Cobra Electronics Corp.	40		366
Ethan Allen Interiors, Inc.	900		32,058
Furniture Brands International, Inc.	1,260		23,436
Hooker Furniture Corp.	311		4,398
La-Z-Boy, Inc.	1,100		13,475
Leggett & Platt, Inc.	3,900		91,065
National Presto Industries, Inc.	100		6,123
Newell Rubbermaid, Inc.	1,600		46,048
Skyline Corp.	100		3,949
Stanley Works	2,050		97,682
			370,503
Internet & Catalog Retail (0.1%)
1-800-FLOWERS.COM, Inc., Class A*	600		3,312
Nutri/System, Inc.*	100		6,168
Systemax, Inc.*	200		2,174
			11,654
Leisure Equipment & Products (0.2%)
Callaway Golf Co.	2,010		26,994
Cybex International, Inc.*	500		3,700
JAKKS Pacific, Inc.*	800		17,352
			48,046
Media (2.1%)
Cinram International Income Fund	6,300		124,600
Entercom Communications Corp.	3,000		83,010
Media General, Inc., Class A	100		3,710
R.H. Donnelley Corp.	3,117		187,706
RCN Corp.*	115		3,321
Regent Communications, Inc.*	1,000		3,690
			406,037
Multiline Retail (1.3%)
Big Lots, Inc.*	2,920		61,554
Dillards, Inc., Class A	1,700		51,289
Federated Department Stores, Inc.	3,366		147,801
			260,644
Specialty Retail (2.5%)
AnnTaylor Stores Corp.*	1,700		74,834
Asbury Automotive Group, Inc.	400		9,600
Barnes & Noble, Inc.	200		8,262
Books-A-Million, Inc.	100		1,999
Cato Corp., Class A	230		5,265
Charming Shoppes, Inc.*	2,920		43,216
Foot Locker, Inc.	4,800		111,312
Gap, Inc.	7,750		162,905
Gymboree Corp.*	287		13,334
Hastings Entertainment, Inc.*	300		2,340
Haverty Furniture Cos., Inc.	200		3,160
Jennifer Convertibles, Inc.*	100		722
Office Depot, Inc.*	800		33,592
Rex Stores Corp.*	200		3,358
Stage Stores, Inc.	300		9,723
			483,622
Textiles, Apparel & Luxury Goods (1.3%)
Brown Shoe Co., Inc.	105		4,091
Culp, Inc.*	280		1,456
Cutter & Buck, Inc.	100		1,130
Jones Apparel Group, Inc.	4,120		137,608
Movado Group, Inc.	150		3,863
Phillips-Van Heusen Corp.	1,000		45,760
Steven Madden Ltd.	291		12,554
Stride Rite Corp.	400		5,900
V.F. Corp.	350		26,603
Wolverine World Wide, Inc.	200		5,672
			244,637
Total Consumer Discretionary			2,584,904
Consumer Staples (3.2%)
Beverages (0.4%)
Molson Coors Brewing Co., Class B	1,080		76,874
Food & Staples Retailing (0.3%)
Longs Drug Stores Corp.	500		21,520
Ruddick Corp.	200		5,640
Smart & Final, Inc.*	250		4,503
Spartan Stores, Inc.	100		2,068
Village Super Market, Inc., Class A	100		6,900
Weis Markets, Inc.	500		20,300
			60,931
Food Products (2.5%)
Bunge Ltd.	1,900		121,809
Corn Products International, Inc.	1,800		65,142
Flowers Foods, Inc.	2,025		55,019
J & J Snack Foods Corp.	100		3,341
Lance, Inc.	300		5,856
Pilgrim’s Pride Corp.	3,600		89,928
Ralcorp Holdings, Inc.*	800		39,560
Reddy Ice Holdings, Inc.	360		8,640

49

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Number of Shares	Value (Note 1)
Smithfield Foods, Inc.*	2,200	$	59,136
Tasty Baking Co.	100		896
Tyson Foods, Inc., Class A	1,800		26,010
			475,337
Household Products (0.0%)
Oil-Dri Corp. of America	250		4,048
Personal Products (0.0%)
CCA Industries, Inc.	100		1,030
Natural Alternatives International, Inc.*	100		866
Schiff Nutrition International, Inc.*	300		1,890
			3,786
Total Consumer Staples			620,976
Energy (3.7%)
Energy Equipment & Services (1.5%)
Cameron International Corp.*	1,200		60,120
Dawson Geophysical Co.*	200		6,008
Input/Output, Inc.*	520		5,829
Lufkin Industries, Inc.	600		36,204
SBM Offshore N.V.	902		26,698
SEACOR Holdings, Inc.*	200		17,896
Tetra Technologies, Inc.*	1,000		25,900
Tidewater, Inc.	1,300		64,649
Weatherford International Ltd.*	1,200		49,296
			292,600
Oil, Gas & Consumable Fuels (2.2%)
Adams Resources & Energy, Inc.	200		7,510
Arch Coal, Inc.	1,500		51,945
Callon Petroleum Co.*	400		6,152
Forest Oil Corp.*	130		4,243
Mariner Energy, Inc.*	1,625		32,207
Murphy Oil Corp.	1,260		59,422
Newfield Exploration Co.*	1,700		69,343
Noble Energy, Inc.	1,700		82,671
Overseas Shipholding Group	560		35,028
Swift Energy Co.*	400		18,688
Tesoro Corp.	650		41,561
Teton Energy Corp.*	500		2,200
Western Refining, Inc.	800		18,848
			429,818
Total Energy			722,418
Financials (21.7%)
Capital Markets (2.8%)
A.G. Edwards, Inc.	1,690		96,414
Affiliated Managers Group, Inc.*	700		70,098
American Physicians Service Group	200		3,202
Apollo Investment Corp.	4,900		105,644
E*Trade Financial Corp.*	3,000		69,840
Federated Investors, Inc., Class B	4,000		137,160
Knight Capital Group, Inc., Class A*	2,352		43,865
Raymond James Financial, Inc.	400		12,744
SWS Group, Inc.	330		9,171
			548,138
Commercial Banks (3.2%)
Amcore Financial, Inc.	400		12,524
Banco Latinoamericano de Exportaciones S.A.	100		1,634
Britton & Koontz Capital Corp.	200		3,960
Brunswick Bancorp*	20		274
City National Corp./California	300		19,968
Codorus Valley Bancorp, Inc.	105		2,122
Commerce Bancorp, Inc./New Jersey	1,740		60,761
Community Bank Shares of Indiana, Inc.	10		222
Community Capital Corp.	100		2,077
Community West Bancshares	200		3,140
Cowlitz Bancorp*	200		3,358
Desert Community Bank/California	40		704
Exchange National Bancshares, Inc.	100		3,135
Farmers Capital Bank Corp.	200		7,212
First Citizens BancShares, Inc./North Carolina, Class A	100		18,780
First Indiana Corp.	500		12,760
First Mariner Bancorp, Inc.*	200		3,820
FirstMerit Corp.	1,940		45,047
FNB Corp./Virginia	13		479
FNB Financial Services Corp.	96		1,499
FNB United Corp.	200		3,730
Habersham Bancorp.	110		2,684
HF Financial Corp.	242		4,155
Horizon Bancorp/Indiana	100		2,640
Huntington Bancshares, Inc./Ohio	3,200		78,112
Integra Bank Corp.	30		793
Intervest Bancshares Corp.*	200		7,148
Leesport Financial Corp.	210		5,218
Marshall & Ilsley Corp.	2,650		127,041
MidWestOne Financial Group, Inc.	200		3,888
National Mercantile Bancorp*	250		3,267
Peoples Bancorp of North Carolina, Inc.	110		3,254
Peoples Banctrust Co., Inc.	110		2,090
Renasant Corp.	330		10,557
Republic First Bancorp, Inc.*	369		4,830
SVB Financial Group*	2,267		104,327
UnionBanCal Corp.	700		40,306
UnionBancorp, Inc.	200		3,792
United Bancorp, Inc./Ohio	200		2,138
United Bancshares, Inc./Ohio	100		1,585
United Security Bancshares/Alabama	50		1,417
			616,448
Consumer Finance (0.4%)
Advanta Corp., Class A	700		25,130
Advanta Corp., Class B	50		1,962
Cash America International, Inc.	200		8,266
Consumer Portfolio Services, Inc.*	600		4,266
Dollar Financial Corp.*	300		6,966
EZCORP, Inc., Class A*	300		13,551
First Marblehead Corp.	380		25,631
			85,772
Diversified Financial Services (0.5%)
Ampal American Israel, Class A*	100		455
California First National Bancorp	100		1,424
CIT Group, Inc.	2,000		104,100
			105,979
Insurance (8.5%)
Ambac Financial Group, Inc.	1,600		133,584
American Equity Investment Life Holding Co.	1,800		22,968
American Financial Group, Inc./Ohio	1,420		67,961
American National Insurance Co.	300		34,800
American Safety Insurance Holdings Ltd.*	280		5,292
Arch Capital Group Ltd.*	920		59,147
Arthur J. Gallagher & Co.	4,350		121,147
Assurant, Inc.	1,720		90,575
Conseco, Inc.*	700		14,238
Everest Reinsurance Group Ltd.	850		84,303
FBL Financial Group, Inc., Class A	400		14,140
First American Corp.	1,442		58,877
Great American Financial Resources, Inc.	510		11,786
Harleysville Group, Inc.	400		14,432

50

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Number of Shares	Value (Note 1)
HCC Insurance Holdings, Inc.	2,070	$	69,676
Horace Mann Educators Corp.	900		18,126
Kansas City Life Insurance Co.	200		11,190
LandAmerica Financial Group, Inc.	100		6,309
Max Reinsurance Capital Ltd.	981		22,838
Mercer Insurance Group, Inc.	200		4,816
Merchants Group, Inc.	200		6,052
Midland Co.	300		14,022
National Western Life Insurance Co., Class A	140		33,579
Odyssey Re Holdings Corp.	290		10,281
Old Republic International Corp.	7,159		161,292
PartnerReinsurance Ltd.	200		13,984
Platinum Underwriters Holdings Ltd.	2,200		65,692
Presidential Life Corp.	600		14,160
Reinsurance Group of America, Inc.	2,600		146,640
Selective Insurance Group, Inc.	700		38,675
Stancorp Financial Group, Inc.	830		37,923
Unico American Corp.*	200		2,050
United America Indemnity Ltd., Class A*	610		14,006
UnumProvident Corp.	2,800		55,384
Wesco Financial Corp.	100		47,941
Willis Group Holdings Ltd.	3,350		127,400
			1,655,286
Real Estate Investment Trusts (REITs) (4.0%)
Ashford Hospitality Trust, Inc. (REIT)	1,340		17,259
Associated Estates Realty Corp. (REIT)	500		8,225
Colonial Properties Trust (REIT)	1,076		54,220
Douglas Emmett, Inc. (REIT)*	200		4,770
Eagle Hospitality Properties Trust, Inc. (REIT)	500		4,690
Entertainment Properties Trust (REIT)	200		11,000
Equity One, Inc. (REIT)	100		2,512
Franklin Street Properties Corp. (REIT)	500		10,275
Gladstone Commercial Corp. (REIT)	50		1,094
Highland Hospitality Corp. (REIT)	1,600		22,112
Home Properties, Inc. (REIT)	310		19,583
HRPT Properties Trust (REIT)	5,820		69,258
Innkeepers USA Trust (REIT)	700		12,005
iStar Financial, Inc. (REIT)	1,930		89,417
KKR Financial Corp. (REIT)	3,900		104,637
LaSalle Hotel Properties (REIT)	420		17,745
LTC Properties, Inc. (REIT)	600		16,260
Medical Properties Trust, Inc. (REIT)	1,200		16,296
Mission West Properties, Inc. (REIT)	600		7,476
Monmouth, Class A (REIT)	20		165
National Health Investors, Inc. (REIT)	1,300		41,782
National Health Realty, Inc. (REIT)	200		4,120
National Retail Properties, Inc. (REIT)	1,120		25,166
Omega Healthcare Investors, Inc. (REIT)	1,100		18,568
Republic Property Trust (REIT)	800		9,952
Senior Housing Properties Trust (REIT)	790		18,115
Spirit Finance Corp. (REIT)	1,340		15,959
Sunstone Hotel Investors, Inc. (REIT)	1,880		55,385
Supertel Hospitality, Inc. (REIT)	300		2,040
Urstadt Biddle Properties, Inc. (REIT)	400		7,320
Weingarten Realty Investors (REIT)	1,450		67,425
Winston Hotels, Inc. (REIT)	900		10,890
Winthrop Realty Trust (REIT)	1,030		6,396
			772,117
Real Estate Management & Development (0.1%)
United Capital Corp.*	400		10,864
Wellsford Real Properties, Inc.	300		1,947
			12,811
Thrifts & Mortgage Finance (2.2%)
Anchor Bancorp Wisconsin, Inc.	100		2,904
BankUnited Financial Corp., Class A	1,064		28,696
Berkshire Hills Bancorp, Inc.	186		6,726
Beverly Hills Bancorp, Inc.	372		3,121
Camco Financial Corp.	200		2,780
CFS Bancorp, Inc.	110		1,618
Corus Bankshares, Inc.	916		18,805
Delta Financial Corp.	600		5,760
Farmer Mac, Class C	400		10,520
First Defiance Financial Corp.	300		8,676
First Place Financial Corp./Ohio	209		4,868
FirstFed Financial Corp.*	410		25,326
Franklin Bank Corp./Texas*	800		16,168
IndyMac Bancorp, Inc.	480		21,816
ITLA Capital Corp.	102		5,826
New Hampshire Thrift Bancshares, Inc.	200		3,300
New York Community Bancorp, Inc.	1,773		28,989
Northeast Bancorp	200		3,800
OceanFirst Financial Corp.	230		5,394
Park Bancorp, Inc.	200		6,530
Parkvale Financial Corp.	100		3,350
People’s Bank/Connecticut	3,145		128,001
Provident Financial Holdings, Inc.	167		5,055
Radian Group, Inc.	80		4,264
TF Financial Corp.	200		6,296
United Community Financial Corp./Ohio	367		4,716
Washington Savings Bank FSB/Maryland*	40		362
Webster Financial Corp.	1,400		67,648
Willow Financial Bancorp, Inc.	330		5,270
			436,585
Total Financials			4,233,136
Health Care (9.4%)
Biotechnology (1.0%)
Cephalon, Inc.*	900		63,162
Digene Corp.*	500		23,215
Theravance, Inc.*	3,300		103,818
			190,195
Health Care Equipment & Supplies (3.4%)
Allied Healthcare Products, Inc.*	300		1,599
Bausch & Lomb, Inc.	2,700		144,558
Beckman Coulter, Inc.	1,400		80,598
Cooper Cos., Inc.	1,800		103,734
Datascope Corp.	390		13,989
Edwards Lifesciences Corp.*	1,700		72,981
Hillenbrand Industries, Inc.	1,850		108,558
Hospira, Inc.*	3,330		121,046
Span-America Medical Systems, Inc.	200		2,760
Viasys Healthcare, Inc.*	800		22,920
			672,743
Health Care Providers & Services (1.3%)
Almost Family, Inc.*	200		4,302
American Shared Hospital Services	120		828
Genesis HealthCare Corp.*	527		25,523
Gentiva Health Services, Inc.*	290		5,380
HEALTHSOUTH Corp.*	4,060		98,455
Manor Care, Inc.	480		23,035
Res-Care, Inc.*	400		7,736
Triad Hospitals, Inc.*	2,350		87,020
			252,279
Health Care Technology (0.6%)
Emdeon Corp.*	1,930		22,484
IMS Health, Inc.	3,300		91,905
			114,389

51

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Number of Shares	Value (Note 1)
Life Sciences Tools & Services (1.4%)
Parexel International Corp.*	200	$	5,920
Thermo Electron Corp.*	3,650		156,475
Varian, Inc.*	2,440		114,412
			276,807
Pharmaceuticals (1.7%)
Barr Pharmaceuticals, Inc.*	2,400		125,688
Endo Pharmaceuticals Holdings, Inc.*	3,700		105,598
Impax Laboratories, Inc.*	7,000		49,000
Valeant Pharmaceuticals International	2,269		42,385
			322,671
Total Health Care			1,829,084
Industrials (15.0%)
Aerospace & Defense (2.0%)
Alliant Techsystems, Inc.*	2,400		185,304
Armor Holdings, Inc.*	417		21,459
Goodrich Corp.	3,600		158,724
Ladish Co., Inc.*	10		312
Sypris Solutions, Inc.	226		1,704
Triumph Group, Inc.	370		17,815
			385,318
Airlines (0.7%)
Alaska Air Group, Inc.*	900		36,135
Republic Airways Holdings, Inc.*	533		9,525
SkyWest, Inc.	200		5,332
UAL Corp.*	2,500		89,850
			140,842
Building Products (0.7%)
American Standard Cos., Inc.	1,700		75,293
American Woodmark Corp.	72		2,663
Ameron International Corp.	300		21,975
Griffon Corp.*	640		15,738
International Aluminum Corp.	200		7,922
Patrick Industries, Inc.*	200		2,472
			126,063
Commercial Services & Supplies (1.8%)
Adesa, Inc.	600		15,084
Amrep Corp.	200		14,320
CBIZ, Inc.*	2,100		14,784
CDI Corp.	120		2,837
Corrections Corp. of America*	750		34,267
Ecology And Environment, Inc.	200		2,050
IKON Office Solutions, Inc.	500		7,455
Kelly Services, Inc., Class A	600		17,268
Layne Christensen Co.*	300		8,841
Nashua Corp.*	200		1,250
North American Galvanizing & Coating, Inc.*	100		585
R.R. Donnelley & Sons Co.	2,400		81,264
RCM Technologies, Inc.*	300		1,650
SAIC, Inc.*	2,100		42,000
Spherion Corp.*	580		4,205
Taleo Corp., Class A*	400		4,496
TeleTech Holdings, Inc.*	800		15,528
United Stationers, Inc.*	1,400		66,850
UTEK Corp.	300		4,260
Waste Industries USA, Inc.	400		11,528
WCA Waste Corp.*	500		3,225
			353,747
Construction & Engineering (1.1%)
Foster Wheeler Ltd.*	300		13,485
Granite Construction, Inc.	600		31,260
Insituform Technologies, Inc.*	700		16,359
Meadow Valley Corp.*	38		407
Perini Corp.*	600		14,832
Quanta Services, Inc.*	370		6,771
Shaw Group, Inc.*	2,200		58,432
URS Corp.*	1,800		72,738
			214,284
Electrical Equipment (1.1%)
Acuity Brands, Inc.	1,500		74,310
Channell Commercial Corp.*	77		212
Encore Wire Corp.*	210		5,645
Espey Manufacturing & Electronics Corp.	400		6,900
Genlyte Group, Inc.*	1,000		77,260
Preformed Line Products Co.	200		6,750
Regal-Beloit Corp.	500		24,725
SL Industries, Inc.*	200		3,728
Superior Essex, Inc.*	248		9,297
Thomas & Betts Corp.*	130		6,699
			215,526
Industrial Conglomerates (1.5%)
Carlisle Cos., Inc.	750		62,767
McDermott International, Inc.*	600		26,820
Sequa Corp., Class A*	300		31,833
Standex International Corp.	500		14,560
Teleflex, Inc.	1,408		87,578
Tredegar Corp.	100		1,744
Walter Industries, Inc.	1,400		65,086
			290,388
Machinery (5.6%)
AGCO Corp.*	1,910		51,093
Albany International Corp., Class A	620		20,838
Ampco-Pittsburgh Corp.	10		332
Baldwin Technology Co.*	300		1,536
Dover Corp.	2,265		107,587
Freightcar America, Inc.	243		12,920
Gardner Denver, Inc.*	920		31,271
Hardinge, Inc.	300		4,452
Harsco Corp	100		8,163
Kadant, Inc.*	310		8,463
Kennametal, Inc.	1,760		108,610
Lydall, Inc.*	400		3,628
Mueller Industries, Inc.	1,120		41,070
NACCO Industries, Inc., Class A	100		15,060
Parker Hannifin Corp.	1,200		100,356
Pentair, Inc.	4,200		138,348
Robbins & Myers, Inc.	300		11,547
SPX Corp.	2,460		141,499
Terex Corp.*	1,600		82,816
Timken Co.	1,660		49,883
Toro Co.	1,500		64,740
Trinity Industries, Inc.	1,900		68,514
Twin Disc, Inc.	400		13,940
			1,086,666
Marine (0.0%)
B&H Ocean Carriers Ltd.*	300		4,650
Road & Rail (0.2%)
Arkansas Best Corp.	570		23,358
Covenant Transport, Inc., Class A*	30		375
Laidlaw International, Inc.	200		5,802
Werner Enterprises, Inc.	516		9,469
			39,004
Trading Companies & Distributors (0.3%)
Electro Rent Corp.*	40		661
Huttig Building Products, Inc.*	400		2,144
Industrial Distribution Group, Inc.*	300		2,445
Rush Enterprises, Inc., Class A*	270		5,065
UAP Holding Corp.	2,100		52,563

52

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PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Number of Shares	Value (Note 1)
Willis Lease Finance Corp.*	230	$	2,464
			65,342
Total Industrials			2,921,830
Information Technology (18.9%)
Communications Equipment (1.4%)
ADC Telecommunications, Inc.*	8,150		116,626
Applied Innovation, Inc.*	400		1,276
Arris Group, Inc.*	3,700		49,580
Black Box Corp.	477		21,269
CommScope, Inc.*	1,400		44,674
Communications Systems, Inc.	10		100
EMS Technologies, Inc.*	335		6,114
Powerwave Technologies, Inc.*	5,900		38,409
			278,048
Computers & Peripherals (2.4%)
Avid Technology, Inc.*	1,400		50,568
Diebold, Inc.	2,740		119,683
Hypercom Corp.*	1,300		8,437
Imation Corp.	500		22,885
KEY Tronic Corp.*	300		1,728
NCR Corp.*	1,800		74,736
QLogic Corp.*	2,800		57,624
SimpleTech, Inc.*	500		4,330
Sun Microsystems, Inc.*	23,450		127,334
			467,325
Electronic Equipment & Instruments (4.2%)
Arrow Electronics, Inc.*	6,700		199,995
Avnet, Inc.*	3,310		78,381
AVX Corp.	700		11,032
Coherent, Inc.*	142		4,577
CTS Corp.	490		6,919
Flextronics International Ltd.*	7,100		82,360
Gerber Scientific, Inc.*	350		5,113
Insight Enterprises, Inc.*	1,240		26,648
LeCroy Corp.*	32		396
O.I. Corp.	200		1,980
OSI Systems, Inc.*	123		2,546
Perceptron, Inc.*	300		2,415
Spectrum Control, Inc.*	100		890
Technitrol, Inc.	400		10,088
Tektronix, Inc.	5,535		168,098
Vishay Intertechnology, Inc.*	16,040		216,380
			817,818
Internet Software & Services (0.2%)
SonicWALL, Inc.*	1,362		14,301
United Online, Inc.	1,940		26,229
Vignette Corp.*	95		1,548
			42,078
IT Services (1.0%)
BearingPoint, Inc.*	5,800		48,314
Computer Task Group, Inc.*	485		2,056
Convergys Corp.*	700		14,847
Edgewater Technology, Inc.*	300		1,944
Inforte Corp.*	30		124
Lightbridge, Inc.*	100		1,156
MPS Group, Inc.*	2,100		32,025
Sabre Holdings Corp., Class A	967		24,581
SYKES Enterprises, Inc.*	629		12,763
Unisys Corp.*	7,400		48,396
			186,206
Semiconductors & Semiconductor Equipment (8.0%)
Analog Devices, Inc.	5,600		178,192
ASML Holding N.V. (N.Y. Shares)*	3,950		90,218
Cypress Semiconductor Corp.*	4,300		72,197
DSP Group, Inc.*	400		8,688
Exar Corp.*	670		8,690
Fairchild Semiconductor International, Inc.*	5,400		86,994
Integrated Device Technology, Inc.*	2,200		34,870
International Rectifier Corp.*	2,650		95,321
Intersil Corp., Class A	645		15,125
IXYS Corp.*	400		4,044
KLA-Tencor Corp.	1,950		95,882
Lam Research Corp.*	500		24,725
LSI Logic Corp.*	18,280		183,714
Micron Technology, Inc.*	8,250		119,212
National Semiconductor Corp.	4,050		98,374
Novellus Systems, Inc.*	5,450		150,692
ON Semiconductor Corp.*	558		3,471
Pericom Semiconductor Corp.*	530		5,093
Semitool, Inc.*	190		2,309
Teradyne, Inc.*	11,150		156,323
Varian Semiconductor Equipment Associates, Inc.*	3,200		116,768
Veeco Instruments, Inc.*	336		6,280
			1,557,182
Software (1.7%)
Activision, Inc.*	5,522		85,149
BMC Software, Inc.*	3,230		97,901
ePlus, Inc.*	300		3,294
McAfee, Inc.*	3,050		88,237
Moldflow Corp.*	300		3,765
Sybase, Inc.*	2,500		60,875
			339,221
Total Information Technology			3,687,878
Materials (7.2%)
Chemicals (4.4%)
Albemarle Corp.	300		19,509
Arch Chemicals, Inc.	600		20,076
Ashland, Inc.	500		29,550
Celanese Corp., Class A	2,300		47,403
CF Industries Holdings, Inc.	520		10,306
Chemtura Corp.	7,800		66,924
Cytec Industries, Inc.	4,110		227,653
FMC Corp.	2,170		148,754
Hercules, Inc.*	1,400		25,480
Innospec, Inc.	340		11,383
International Flavors & Fragrances, Inc.	3,200		135,936
LSB Industries, Inc.*	400		3,760
Material Sciences Corp.*	300		3,564
OM Group, Inc.*	90		5,130
PolyOne Corp.*	2,770		22,714
Schulman (A.), Inc.	1,000		24,210
Scotts Miracle-Gro Co., Class A	100		4,946
Sensient Technologies Corp.	1,450		33,423
Stepan Co.	100		3,146
Westlake Chemical Corp.	100		3,155
			847,022
Construction Materials (0.3%)
Martin Marietta Materials, Inc.	700		61,600
Containers & Packaging (1.2%)
Mod-Pac Corp.*	10		112
Owens-Illinois, Inc.*	1,900		31,540
Pactiv Corp.*	1,600		49,344
Temple-Inland, Inc.	3,580		141,195
			222,191
Metals & Mining (1.3%)
Carpenter Technology Corp.	50		5,350
Century Aluminum Co.*	1,400		54,488
Chaparral Steel Co.	670		27,865

53

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AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

	Number of Shares		Value (Note 1)
Cleveland-Cliffs, Inc.		1,500	$	63,435
Friedman Industries, Inc.		200		1,830
Gibraltar Industries, Inc.		400		8,444
Grupo Imsa S.A. de C.V.		8,300		35,787
Metal Management, Inc.		500		13,740
Northwest Pipe Co.*		300		8,964
Reliance Steel & Aluminum Co.		330		11,335
Schnitzer Steel Industries, Inc.		750		26,220
				257,458
Paper & Forest Products (0.0%)
Neenah Paper, Inc.		140		5,156
Total Materials				1,393,427
Telecommunication Services (0.8%)
Diversified Telecommunication Services (0.7%)
Alaska Communications Systems Group, Inc.		1,400		20,146
CenturyTel, Inc.		260		10,462
CT Communications, Inc.		559		13,030
D&E Communications, Inc.		336		4,654
Embarq Corp.		1,000		48,350
Golden Telecom, Inc.		300		11,103
Time Warner Telecom, Inc., Class A*		700		13,958
U.S. LEC Corp., Class A*		700		6,300
Windstream Corp.		1,100		15,092
				143,095
Wireless Telecommunication Services (0.1%)
Syniverse Holdings, Inc.*		900		13,275
USA Mobility, Inc.		100		2,538
				15,813
Total Telecommunication Services				158,908
Utilities (5.8%)
Electric Utilities (2.8%)
Cleco Corp.		220		5,654
Northeast Utilities		6,100		152,561
Pepco Holdings, Inc.		3,500		88,970
Pinnacle West Capital Corp.		1,390		66,456
PPL Corp.		4,100		141,532
UIL Holdings Corp.		566		22,498
Unisource Energy Corp.		400		14,232
Unitil Corp.		100		2,465
Westar Energy, Inc.		2,200		55,704
				550,072
Gas Utilities (0.7%)
Laclede Group, Inc.		200		7,126
Nicor, Inc.		1,000		45,960
Northwest Natural Gas Co.		70		2,896
UGI Corp.		2,900		76,850
				132,832
Multi-Utilities (2.1%)
Alliant Energy Corp.		2,150		82,452
CH Energy Group, Inc.		500		26,010
MDU Resources Group, Inc.		3,750		96,300
OGE Energy Corp.		2,140		82,561
Puget Energy, Inc.		1,400		33,432
Vectren Corp.		60		1,744
Wisconsin Energy Corp.		2,100		96,474
				418,973
Water Utilities (0.2%)
American States Water Co.		200		8,400
Artesian Resources Corp., Class A		150		2,765
SJW Corp.		600		20,172
				31,337
Total Utilities				1,133,214
Total Common Stocks (99.0%) (Cost $16,361,584)				19,285,775
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.6%)
JPMorgan Chase Nassau
4.77%, 11/1/06 (Amortized Cost $307,447)	$	307,447		307,447
Total Investments (100.6%) (Cost/Amortized Cost $16,669,031)				19,593,222
Other Assets Less Liabilities (-0.6%)				(119,053	)
Net Assets (100%)			$	19,474,169

* Non-income producing.

Investment security transactions for the year ended October 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	13,275,565
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	13,850,232

As of October 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	$	3,165,008
Aggregate gross unrealized depreciation		(295,801	)
Net unrealized appreciation	$	2,869,207
Federal income tax cost of investments	$	16,724,015

For the year ended October 31, 2006, the Fund incurred approximately $3 as brokerage commissions with Sanford C. Bernstein & Co., Inc., $4 with Advest and $20 with Williams Capital, affiliated broker/dealers.

See Notes to Financial Statements.

54

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (2.9%)
BHP Billiton Ltd.	9,232	$	194,893
Coles Myer Ltd.	8,700		91,427
CSL Ltd.	5,395		234,171
Macquarie Airports Management Ltd.	35,200		87,439
Macquarie Bank Ltd.	7,606		438,794
National Australia Bank Ltd.	5,100		150,683
QBE Insurance Group Ltd.	4,700		89,836
Zinifex Ltd.	13,500		158,481
			1,445,724
Austria (1.2%)
Erste Bank der Oesterreichischen Sparkassen AG	4,154		282,859
OMV AG	3,000		163,079
voestalpine AG	3,200		150,916
			596,854
Belgium (1.4%)
Dexia	5,403		145,922
Fortis (London Exchange)	4,683		196,468
Fortis (Brussels Exchange)	6,100		256,073
KBC Groep N.V.	700		76,479
			674,942
Brazil (1.4%)
Cia Vale do Rio Doce (ADR)	6,164		156,812
Gafisa S.A.*§	7,105		104,681
Petroleo Brasileiro S.A. (ADR)	1,332		118,228
Unibanco-Uniao de Bancos Brasileiros S.A. (GDR)	4,176		328,860
			708,581
Canada (2.5%)
Canadian National Railway Co.	5,865		279,409
Canadian Natural Resources Ltd.	500		26,083
Celestica, Inc.*	3,600		35,407
EnCana Corp.	2,200		104,713
Gerdau Ameristeel Corp.	4,000		40,876
ING Canada, Inc.	1,700		89,776
IPSCO, Inc.	1,302		119,899
Nexen, Inc.	1,301		69,552
Shoppers Drug Mart Corp.	6,264		255,715
Teck Cominco Ltd., Class B	2,800		206,567
			1,227,997
China (0.6%)
Industrial & Commercial Bank of China Ltd., Class H*	709,000		317,126
Finland (0.7%)
Nokia Oyj	16,480		327,083
France (10.3%)
Accor S.A.	1,500		104,150
Air France-KLM	1,400		49,872
Arkema*	217		10,594
BNP Paribas	5,478		602,347
Cie de Saint-Gobain	2,855		210,440
Compagnie Generale des Etablissements Michelin, Class B	1,900		154,961
Credit Agricole S.A.	5,972		253,901
Imerys S.A.	1,556		134,452
J.C. Decaux S.A.	5,975		152,524
Lafarge S.A.	1,561		209,798
LVMH Moet Hennessy Louis Vuitton S.A.	3,780		393,929
Renault S.A.	2,900		339,235
Sanofi-Aventis	5,935		504,504
Societe Generale	1,890		314,082
Total S.A.	14,088		953,904
Vallourec	963		239,679
Veolia Environnement	8,039		492,200
			5,120,572
Germany (5.8%)
Allianz SE (Registered)	300		55,682
BASF AG	891		78,537
Bayerische Motoren Werke (BMW) AG	2,297		131,930
Continental AG	6,946		776,797
Deutsche Lufthansa AG (Registered)	8,600		198,347
Deutsche Post AG (Registered)	4,962		137,431
E.ON AG	2,500		299,942
Hypo Real Estate Holding AG	2,600		163,437
Linde AG	57		5,650
Muenchener Rueckversicherungs AG (Registered)	2,300		373,350
RWE AG	2,710		267,823
SAP AG	710		141,260
Siemens AG (Registered)	1,760		158,370
TUI AG	4,000		87,507
			2,876,063
Hong Kong (2.3%)
CNOOC Ltd. (ADR)	2,007		168,227
Esprit Holdings Ltd.	65,000		629,093
Shangri-La Asia Ltd.	76,040		164,976
Sino Land Co.	94,000		163,588
			1,125,884
India (0.4%)
ICICI Bank Ltd. (ADR)	5,332		187,420
Ireland (0.2%)
Bank of Ireland	5,960		120,115
Italy (4.1%)
Banca Intesa S.p.A.	63,250		432,304
Buzzi Unicem S.p.A.	3,900		102,791
ENI S.p.A.	23,126		697,484
Fondiaria-Sai S.p.A.	2,900		129,105
Fondiaria-Sai S.p.A. (RNC)	1,300		43,207
Mediaset S.p.A.	8,800		98,728
San Paolo IMI S.p.A.	13,386		285,836
UniCredito Italiano S.p.A.	26,600		220,511
			2,009,966
Japan (20.7%)
Advantest Corp.	2,400		121,070
Astellas Pharma, Inc.	3,900		175,434
Bank of Yokohama Ltd.	14,000		108,028
Canon, Inc.	7,600		406,743
Credit Saison Co., Ltd.	6,900		249,132
Daikin Industries Ltd.	8,002		225,399
East Japan Railway Co.	25		174,555
EDION Corp.	4,700		67,598
Hirose Electric Co., Ltd.	500		66,578
Honda Motor Co., Ltd.	11,900		420,520
Hoya Corp.	4,500		173,616
Isuzu Motors Ltd.	34,000		117,537
Itochu Corp.	21,000		167,061
Japan Tobacco, Inc.	80		348,257
JFE Holdings, Inc.	7,400		296,872
Kobe Steel Ltd.	36,000		110,008
Leopalace21 Corp.	3,100		116,427
Marubeni Corp.	46,000		235,193
Mitsubishi Corp.	10,600		204,481

55

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Number of Shares	Value (Note 1)
Mitsubishi UFJ Financial Group, Inc.	27	$	338,782
Mitsui Chemicals, Inc.	17,000		116,521
Mitsui Fudosan Co., Ltd.	7,000		172,080
Mitsui O.S.K. Lines Ltd.	16,000		133,157
Mitsui Trust Holdings, Inc.	22,000		258,581
Mizuho Financial Group, Inc.	20		155,520
Nidec Corp.	1,900		145,150
Nikko Cordial Corp.	8,000		95,668
Nippon Electric Glass Co., Ltd.	11,000		236,610
Nippon Mining Holdings, Inc.	14,500		108,173
Nippon Telegraph & Telephone Corp.	38		191,046
Nissan Motor Co., Ltd.	14,100		168,615
Nitto Denko Corp.	2,300		130,946
Nomura Holdings, Inc.	9,500		167,449
OJI Paper Co., Ltd.	2,000		10,584
ORIX Corp.	930		261,564
Rengo Co., Ltd.	6,000		38,257
Secom Co., Ltd.	1,500		74,901
Sega Sammy Holdings, Inc.	7,590		190,471
Seiko Epson Corp.	4,100		103,414
Seven & I Holdings Co., Ltd.	4,200		134,437
Sharp Corp.	11,000		195,766
Shin-Etsu Chemical Co., Ltd.	2,200		144,031
SMC Corp.	900		122,760
Sony Corp.	5,600		231,830
Sumitomo Corp.	11,000		144,407
Sumitomo Heavy Industries Ltd.	20,000		171,055
Sumitomo Metal Industries Ltd.	26,000		97,648
Sumitomo Mitsui Financial Group, Inc.	56		611,839
Sumitomo Realty & Development Co., Ltd.	8,000		264,948
Tokyo Electric Power Co., Inc.	5,800		168,324
Tokyo Gas Co., Ltd.	29,000		147,779
Toyota Motor Corp.	11,900		703,914
Yamada Denki Co., Ltd.	2,400		238,453
			10,259,189
Mexico (2.1%)
America Movil S.A. de C.V. (ADR)	12,096		518,556
Cemex S.A.B. de C.V. (Sponsored ADR)*	14,426		443,455
Fomento Economico Mexicano S.A. de C.V. (ADR)	810		78,319
			1,040,330
Netherlands (5.2%)
ABN AMRO Holding N.V.	7,528		219,551
European Aeronautic Defence & Space Co. N.V.	6,170		167,345
ING Groep N.V. (CVA)	23,604		1,045,707
Koninklijke Philips Electronics N.V.	5,249		183,367
Mittal Steel Co. N.V.	5,823		250,093
Reed Elsevier N.V.	10,401		178,819
Royal Dutch Shell plc, Class A	7,800		270,293
Wolters Kluwer N.V. (CVA)	9,973		274,183
			2,589,358
Singapore (0.9%)
CapitaLand Ltd.	47,000		164,499
DBS Group Holdings Ltd.	18,000		235,816
Flextronics International Ltd.*	3,300		38,280
			438,595
South Korea (1.1%)
Samsung Electronics Co., Ltd.	810		525,271
Spain (1.4%)
Altadis S.A.	1,933		92,520
Banco Bilbao Vizcaya Argentaria S.A.	9,400		226,996
Banco Popular Espanol S.A.	4,770		82,678
Endesa S.A.	500		22,170
Repsol YPF S.A.	7,700		255,525
			679,889
Sweden (1.5%)
Svenska Cellulosa AB, Class B	2,900		133,125
Telefonaktiebolaget LM Ericsson (ADR)	10,964		414,659
Telefonaktiebolaget LM Ericsson, Class B	54,190		205,612
			753,396
Switzerland (10.6%)
ABB Ltd. (Registered)	20,210		300,587
Adecco S.A. (Registered)	1,814		112,076
Credit Suisse Group (Registered)	4,600		277,365
Holcim Ltd. (Registered)	2,070		178,234
Lonza Group AG (Registered)	5,917		456,672
Nestle S.A. (Registered)	2,141		731,539
Novartis AG (Registered)	5,744		348,653
Roche Holding AG	5,589		978,193
Syngenta AG (Registered)*	2,594		418,969
UBS AG (Registered)	17,885		1,068,341
Xstrata plc	5,030		214,894
Zurich Financial Services AG (Registered)	680		168,107
			5,253,630
Taiwan (0.4%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	19,764		191,711
United Kingdom (19.0%)
Acergy S.A.*	13,160		237,912
AstraZeneca plc	4,300		254,072
Aviva plc	17,208		254,355
BAE Systems plc	95,494		764,039
Barclays plc	44,992		607,113
BG Group plc	13,470		178,679
BHP Billiton plc	2,200		42,421
BP plc	15,700		174,573
British American Tobacco plc	4,000		109,018
British Land Co. plc	5,599		159,646
Centrica plc	21,860		138,106
Diageo plc	27,493		508,629
Friends Provident plc	43,460		171,580
George Wimpey plc	4,700		47,151
GlaxoSmithKline plc	12,832		342,634
HBOS plc	14,750		305,794
HSBC Holdings plc	27,200		513,217
J. Sainsbury plc	29,512		220,503
Kingfisher plc	29,399		147,608
Man Group plc	44,234		411,703
Northern Rock plc	866		19,771
Persimmon plc	3,300		84,024
Punch Taverns plc	8,120		159,360
Reckitt Benckiser plc	8,262		359,433
Royal & Sun Alliance Insurance Group	54,374		152,965
Royal Bank of Scotland Group plc	16,866		600,892
Schroders plc	4,934		93,257
Smith & Nephew plc	15,271		149,196
Standard Chartered plc	6,845		192,563
Tesco plc	93,886		704,617
Vodafone Group plc	266,413		685,957
Wm. Morrison Supermarkets plc	37,263		183,183
Wolseley plc	9,911		234,205

56

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

	Number of Shares		Value (Note 1)
WPP Group plc		14,679	$	187,997
				9,396,173
Total Common Stocks (96.7%) (Cost $38,908,577)				47,865,869
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.7%)
JPMorgan Chase Nassau
4.77%, 11/1/06 (Amortized Cost $844,510)	$	844,510		844,510
Total Investments (98.4%) (Cost/Amortized Cost $39,753,087)				48,710,379
Other Assets Less Liabilities (1.6%)				814,561
Net Assets (100.0%)			$	49,524,940

* 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 October 31, 2006, the market value of these securities amounted to $421,807 or 0.85% 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

GDR — Global Depositary Receipt

RNC — Risparmio Non-Convertible Savings Shares

At October 31, 2006 the Fund had the following futures contracts open: (Note 1)

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 10/31/06		Unrealized Appreciation
Dow Jones Euro Stoxx 50 Index	6	December-06	$	287,056	$	307,243	$	20,187

Investment security transactions for the year ended October 31, 2006 were as follows:
Cost of Purchases:
Stocks and long-term corporate debt securities	$	28,201,922
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	31,768,650
As of October 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	$	9,093,257
Aggregate gross unrealized depreciation		(389,528	)
Net unrealized appreciation	$	8,703,729
Federal income tax cost of investments	$	40,006,650

See Notes to Financial Statements.

57

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (1.4%)
Hotels, Restaurants & Leisure (0.5%)
Ctrip.com International Ltd. (ADR)	6,000	$	294,000
Household Durables (0.9%)
Garmin Ltd.	5,700		304,437
Sony Corp.	6,200		256,668
			561,105
Total Consumer Discretionary			855,105
Health Care (1.3%)
Biotechnology (0.6%)
Gilead Sciences, Inc.*	5,020		345,878
Health Care Technology (0.7%)
Cerner Corp.*	8,500		410,635
Total Health Care			756,513
Industrials (3.3%)
Aerospace & Defense (0.6%)
United Technologies Corp.	5,700		374,604
Commercial Services & Supplies (1.7%)
Manpower, Inc.	5,850		396,454
Monster Worldwide, Inc.*	9,725		393,960
Robert Half International, Inc.	2,800		102,340
SAIC, Inc.*	6,700		134,000
			1,026,754
Electrical Equipment (1.0%)
ABB Ltd. (Registered)	18,200		270,692
Energy Conversion Devices, Inc.*	7,900		290,641
			561,333
Total Industrials			1,962,691
Information Technology (87.2%)
Communications Equipment (15.5%)
Arris Group, Inc.*	17,100		229,140
Cisco Systems, Inc.*	74,905		1,807,458
Comverse Technology, Inc.*	29,600		644,392
Corning, Inc.*	87,820		1,794,162
Motorola, Inc.	30,500		703,330
Nokia Oyj (ADR)	24,925		495,509
QUALCOMM, Inc.	37,940		1,380,637
Redback Networks, Inc.*	9,900		156,618
Research In Motion Ltd.*	8,400		986,832
Sonus Networks, Inc.*	37,300		195,079
Telefonaktiebolaget LM Ericsson (ADR)	14,400		544,608
Telefonaktiebolaget LM Ericsson, Class B	101,000		383,222
			9,320,987
Computers & Peripherals (11.6%)
Apple Computer, Inc.*	16,548		1,341,712
EMC Corp.*	45,400		556,150
Hewlett-Packard Co.	63,600		2,463,864
Network Appliance, Inc.*	12,800		467,200
QLogic Corp.*	31,380		645,800
SanDisk Corp.*	6,300		303,030
Seagate Technology*	52,818		1,192,631
			6,970,387
Electronic Equipment & Instruments (2.7%)
Hon Hai Precision Industry Co., Ltd.	129,847		841,311
L-1 Identity Solutions, Inc.*	54,980		786,764
			1,628,075
Internet Software & Services (8.3%)
eBay, Inc.*	43,261		1,389,976
Google, Inc., Class A*	6,735		3,208,487
Tencent Holdings Ltd.	175,000		417,917
			5,016,380
IT Services (4.9%)
Accenture Ltd., Class A	13,600		447,576
Automatic Data Processing, Inc.	9,450		467,208
BISYS Group, Inc.*	16,200		178,848
Cognizant Technology Solutions Corp., Class A*	5,400		406,512
DST Systems, Inc.*	7,530		465,279
First Data Corp.	15,400		373,450
Iron Mountain, Inc.*	5,700		247,209
Western Union Co.*	15,400		339,570
			2,925,652
Semiconductors & Semiconductor Equipment (24.7%)
Altera Corp.*	38,771		714,937
Applied Materials, Inc.	76,094		1,323,275
ASML Holding N.V. (N.Y. Shares)*	55,969		1,278,332
Broadcom Corp., Class A*	44,082		1,334,362
Chartered Semiconductor Manufacturing Ltd.*	398,000		304,158
FormFactor, Inc.*	9,300		355,074
Infineon Technologies AG*	24,200		294,669
Integrated Device Technology, Inc.*	12,900		204,465
Intel Corp.	71,800		1,532,212
International Rectifier Corp.*	4,900		176,253
KLA-Tencor Corp.	7,900		388,443
Lam Research Corp.*	19,150		946,968
Marvell Technology Group Ltd.*	17,600		321,728
Maxim Integrated Products, Inc.	23,600		708,236
NVIDIA Corp.*	19,300		672,991
Samsung Electronics Co., Ltd.	941		610,222
Silicon-On-Insulator Technologies*	11,816		350,038
SiRF Technology Holdings, Inc.*	700		19,684
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	130,902		1,269,749
Texas Instruments, Inc.	36,035		1,087,536
Trident Microsystems, Inc.*	10,800		228,312
Xilinx, Inc.	26,749		682,367
			14,804,011
Software (19.5%)
Activision, Inc.*	20,100		309,942
Adobe Systems, Inc.*	40,823		1,561,480
Amdocs Ltd.*	40,181		1,557,415
Autodesk, Inc.*	16,500		606,375
Cognos, Inc.*	6,300		229,824
Electronic Arts, Inc.*	25,500		1,348,695
McAfee, Inc.*	8,500		245,905
Microsoft Corp.	91,160		2,617,203
Nintendo Co., Ltd.	4,920		1,004,536
Oracle Corp.*	44,100		814,527
Red Hat, Inc.*	42,470		695,659
Salesforce.com, Inc.*	8,500		331,670
THQ, Inc.*	12,400		372,868
			11,696,099
Total Information Technology			52,361,591
Materials (0.2%)
Chemicals (0.2%)
Monsanto Co.	3,130		138,409
Total Materials			138,409
Telecommunication Services (3.0%)
Diversified Telecommunication Services (0.3%)
Level 3 Communications, Inc.*	38,200		202,078
Wireless Telecommunication Services (2.7%)
China Mobile Ltd. (ADR)	22,455		915,715

58

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

	Number of Shares		Value (Note 1)
NII Holdings, Inc.*		10,600	$	689,318
				1,605,033
Total Telecommunication Services				1,807,111
Total Common Stocks (96.4%) (Cost $53,939,204)				57,881,420
	Number of Warrants
WARRANTS:
Information Technology (1.2%)
Electronic Equipment & Instruments (0.6%)
Hon Hai Precision Industry Co., Ltd., expiring 11/17/10*		50,820		329,253
Motech Industries, Inc., expiring 2/8/11*		1,594		21,549
				350,802
IT Services (0.6%)
Infosys Technologies Ltd., expiring 11/22/10*		4,400		205,052
Tata Consultancy Services Ltd., expiring 9/12/09*§		3,625		174,570
				379,622
Total Information Technology				730,424
Total Warrants (1.2%) (Cost $643,619)				730,424
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (4.2%)
JPMorgan Chase Nassau
4.77%, 11/1/06 (Amortized Cost $2,507,818)	$	2,507,818		2,507,818
	Number of Contracts (c)
OPTIONS PURCHASED:
Call Options (0.2%)
Hewlett Packard Co. January-08 @ $35.00 (Cost $113,775)		156		123,240
Total Investments (102.0%) (Cost/Amortized Cost $57,204,416)				61,242,902
Other Assets Less Liabilities (-2.0%)				(1,183,103	)
Net Assets (100%)			$	60,059,799

* 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 October 31, 2006, the market value of these securities amounted to $379,622 or 0.63% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b) Illiquid security.

(c) One contract relates to 100 shares.

Glossary:

ADR — American Depositary Receipt

Options written for the year ended October 31, 2006, were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding—November 1, 2005	14		$	9,924
Options Written	652			183,836
Options Terminated in Closing Purchase Transactions	(596	)		(179,665	)
Options Expired	(70	)		(14,095	)
Options Exercised	—			—
Options Outstanding—October 31, 2006	—		$	—

Investment security transactions for the year ended October 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	87,178,556
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	102,928,616

As of October 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	$	3,961,027
Aggregate gross unrealized depreciation		(1,391,024	)
Net unrealized appreciation	$	2,570,003
Federal income tax cost of investments	$	58,672,899

For the year ended October 31, 2006, the Fund incurred approximately $116 as brokerage commissions with Sanford C. Bernstein & Co., Inc., and $84 with BNP Paribas, affiliated broker/dealers.

The Fund has a net capital loss carryforward of $256,832,500 of which $2,218,452 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. The Fund utilized $5,721,834 in capital loss carryforward during the fiscal year ended October 31, 2006.

Included in the capital loss carryforward amounts are $256,778,552 of losses acquired from EGF Global Technology Fund and EGF Enterprise Technology Fund as a result of tax-free reorganizations that occurred during the years ended 2002 and 2005, respectively. Capital loss carryforwards from EGF Global Technology Fund are 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.

59

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Staples (0.7%)
Food & Staples Retailing (0.7%)
CVS Corp.	2,337	$	73,335
Total Consumer Staples			73,335
Financials (0.3%)
Insurance (0.3%)
eHealth, Inc.*	100		2,212
Universal American Financial Corp.*	1,186		22,048
Total Financials			24,260
Health Care (94.3%)
Biotechnology (19.8%)
Alexion Pharmaceuticals, Inc.*	630		23,537
Altus Pharmaceuticals, Inc.*	300		4,944
Amgen, Inc.*	4,099		311,155
Amylin Pharmaceuticals, Inc.*	1,675		73,633
Applera Corp.- Celera Genomics Group*	2,350		36,472
Arena Pharmaceuticals, Inc.*	544		8,296
Array Biopharma, Inc.*	1,368		13,434
Biogen Idec, Inc.*	1,092		51,979
BioMarin Pharmaceuticals, Inc.*	501		8,031
Celgene Corp.*(a)	2,298		122,805
Cephalon, Inc.*	1,008		70,741
CSL Ltd.	178		7,726
Cubist Pharmaceuticals, Inc.*	711		15,834
CV Therapeutics, Inc.*	2,790		36,131
Cytokinetics, Inc.*	4,046		29,495
Encysive Pharmaceuticals, Inc.*	1,300		6,201
Genentech, Inc.*	396		32,987
Genmab A/S*	475		21,230
Genzyme Corp.*	1,880		126,919
Gilead Sciences, Inc.*	4,095		282,146
Grifols S.A.*	1,047		10,958
Human Genome Sciences, Inc.*	4,236		56,551
ICOS Corp.*	600		19,032
Incyte Corp.*	2,000		9,520
InterMune, Inc.*	381		8,420
Keryx Biopharmaceuticals, Inc.*	561		7,876
MannKind Corp.*	390		7,898
Medarex Inc.*	901		11,641
MedImmune, Inc.*	152		4,870
Millennium Pharmaceuticals, Inc.*	6,400		74,880
Myogen, Inc.*	1,114		58,262
Myriad Genetics, Inc.*	315		8,470
NPS Pharmaceuticals, Inc.*	700		3,304
OSI Pharmaceuticals, Inc.*	208		7,962
Panacos Pharmaceuticals, Inc.*	1,301		8,925
PDL BioPharma, Inc.*	1,977		41,774
Regeneron Pharmaceuticals, Inc.*	1,600		32,080
Theravance, Inc.*	1,602		50,399
United Therapeutics Corp.*	1,261		75,471
Vertex Pharmaceuticals, Inc.*	2,937		119,242
ZymoGenetics, Inc.*	3,287		52,756
			1,953,987
Health Care Distributors (2.8%)
Cardinal Health, Inc.	1,795		117,483
McKesson Corp.	2,660		133,239
PSS World Medical, Inc.*	1,398		28,128
			278,850
Health Care Equipment (12.3%)
Baxter International, Inc.	2,540		116,764
Beckman Coulter, Inc.	525		30,224
Biomet, Inc.	2,007		75,945
Boston Scientific Corp.*	3,675		58,469
Conor Medsystems, Inc.*	400		9,824
Cytyc Corp.*	2,212		58,441
DexCom, Inc.*	1,669		14,687
Hospira, Inc.*	853		31,007
Medtronic, Inc.	3,625		176,465
Mentor Corp.	1,019		47,689
Mindray Medical International Ltd. (ADR)*	990		17,919
NxStage Medical, Inc.*	1,737		12,732
Olympus Corp	1,100		34,928
Respironics, Inc.*	1,143		40,371
St. Jude Medical, Inc.*	2,498		85,806
Stryker Corp.	2,210		115,561
Thoratec Corp.*	1,254		19,750
Varian Medical Systems, Inc.*	1,780		97,651
Volcano Corp.*	1,970		31,264
Wright Medical Group, Inc.*	953		23,549
Zimmer Holdings, Inc.*	1,529		110,103
			1,209,149
Health Care Facilities (0.6%)
Triad Hospitals, Inc.*	1,000		37,030
Universal Health Services, Inc., Class B	325		17,209
			54,239
Health Care Services (3.5%)
Caremark Rx, Inc.	440		21,661
DaVita, Inc.*	987		54,907
Express Scripts, Inc.*	459		29,247
HMS Holdings Corp.*	1,522		20,912
Medco Health Solutions, Inc.*	2,706		144,771
Omnicare, Inc.	367		13,902
Quest Diagnostics, Inc.	1,163		57,848
			343,248
Health Care Supplies (0.2%)
Cooper Cos., Inc.	344		19,825
Health Care Technology (0.8%)
Eclipsys Corp.*	1,104		23,394
IMS Health, Inc.	1,500		41,775
TriZetto Group, Inc.*	658		11,245
			76,414
Life Sciences Tools & Services (2.1%)
Charles River Laboratories International, Inc.*	750		32,190
Ciphergen Biosystems, Inc.*	5,506		5,891
Dionex Corp.*	324		17,626
Exelixis, Inc.*	1,150		11,155
Fisher Scientific International, Inc.*	224		19,179
Invitrogen Corp.*	455		26,394
MDS, Inc.	1,100		19,439
Millipore Corp.*	35		2,259
Molecular Devices Corp.*	251		5,055
Pharmaceutical Product Development, Inc.	1,280		40,512
Thermo Electron Corp.*	443		18,991
Varian, Inc.*	246		11,535
			210,226
Managed Health Care (6.2%)
Aetna, Inc.	2,237		92,209
Coventry Health Care, Inc.*	617		28,968
Health Net, Inc.*	1,935		80,322
UnitedHealth Group, Inc.	5,847		285,217
WellPoint, Inc.*	1,678		128,065
			614,781
Pharmaceuticals (46.0%)
Abbott Laboratories	7,085		336,608
Adolor Corp.*	1,420		19,468
Allergan, Inc.	957		110,533

60

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Number of Shares			Value (Note 1)
Astellas Pharma, Inc.		2,400		$	107,960
AstraZeneca plc		830			49,042
AstraZeneca plc (Sponsored ADR)		2,133			125,207
AtheroGenics, Inc.*		1,100			14,300
Barr Pharmaceuticals, Inc.*		930			48,704
BioMimetic Therapeutics, Inc.*		2,210			29,481
Bristol-Myers Squibb Co.		9,660			239,085
Cadence Pharmaceuticals, Inc.*		721			6,922
Cardiome Pharma Corp.*		1,153			13,271
Cypress Bioscience, Inc.*		1,117			8,802
Daiichi Sankyo Co., Ltd.		4,100			121,787
Eisai Co., Ltd.		3,200			163,612
Elan Corp. plc (ADR)*		3,400			49,232
Eli Lilly & Co.		3,488			195,363
Endo Pharmaceuticals Holdings, Inc.*		512			14,612
Forest Laboratories, Inc.*		2,453			120,050
H. Lundbeck A/S		700			16,483
Ipsen		1,944			80,268
Johnson & Johnson		4,861			327,631
Medicines Co.*		1,962			50,934
Merck & Co., Inc.		5,180			235,276
Merck KGaA		382			40,273
MGI Pharma, Inc.*		3,050			58,041
Novartis AG (ADR)		2,138			129,841
Novartis AG (Registered)		1,334			80,972
Pfizer, Inc.		12,858			342,666
Pozen, Inc.*		543			9,030
Profarma Distribuidora de Produtos Farmaceuticos S.A.*		800			9,916
Roche Holding AG		1,560			273,033
Sanofi-Aventis		1,248			106,086
Sanofi-Aventis (ADR)		2,620			111,848
Schering-Plough Corp.		9,960			220,514
Schwarz Pharma AG		402			46,938
Sepracor, Inc.*		321			16,615
Shionogi & Co., Ltd.		7,322			146,559
Shire plc (ADR)		1,496			82,056
Takeda Pharmaceutical Co., Ltd.		600			38,462
Teva Pharmaceutical Industries Ltd. (ADR)		1,140			37,586
UCB S.A.		1,150			71,188
Warner Chilcott Ltd.*		1,561			20,605
Wyeth		3,876			197,792
Xenoport, Inc.*		459			11,048
					4,535,700
Total Health Care					9,296,419
Industrials (0.6%)
Industrial Conglomerates (0.6%)
Tyco International Ltd.		1,947			57,300
Total Industrials					57,300
Materials (0.3%)
Chemicals (0.3%)
Bayer AG		628			31,621
Total Materials					31,621
Total Common Stocks (96.2%) (Cost $8,373,220)					9,482,935
	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (1.0%)
Federal Home Loan Bank
4.98%, 11/1/06 (o)(p)	$	100,000			99,986
Time Deposit (3.1%)
JPMorgan Chase Nassau
4.77%, 11/1/06		303,618			303,618
Total Short-Term Investments (4.1%) (Cost/Amortized Cost $403,618)					403,604
	Number of Contracts (c)
OPTIONS PURCHASED:
Call Options (0.0%)
Conor Medsystems, Inc.
December-06 @ $25.00*		12			2,220
January-07 @ $25.00*		5			1,275
					3,495
Put Options (0.1%)
Bristol-Myers Squibb Co.
November-06 @ $25.00*		60			3,600
Total Options Purchased (0.1%) (Cost $8,415)					7,095
Total Investments before Options Written (100.4%) (Cost/Amortized Cost $8,785,253)					9,893,634
OPTIONS WRITTEN:
Call Options (-0.1%)
Celgene Corp.
January-07 @ $55.00* (d) (Premiums Received $5,319)		(19	)		(5,890	)
Total Investments (100.3%) (Cost/Amortized Cost $8,779,934)					9,887,744
Other Assets Less Liabilities (-0.3%)					(31,912	)
Net Assets (100%)				$	9,855,832

* Non-income producing.

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

(c) One contract relates to 100 shares.

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

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

(p) Yield to maturity.

Glossary:

ADR — American Depositary Receipt

61

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

Options written for the year ended October 31, 2006, were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding—November 1, 2005	4		$	528
Options Written	872			118,518
Options Terminated in Closing Purchase Transactions	(689	)		(103,461	)
Options Expired	(168	)		(10,266	)
Options Exercised	—			—
Options Outstanding—October 31, 2006	19		$	5,319

Investment security transactions for the year ended October 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	14,935,875
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	15,042,777

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

Aggregate gross unrealized appreciation	$	1,098,906
Aggregate gross unrealized depreciation		(252,077	)
Net unrealized appreciation	$	846,829
Federal income tax cost of investments	$	9,046,805

See Notes to Financial Statements.

62

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PORTFOLIO OF INVESTMENTS

October 31, 2006

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (20.8%)
Asset-Backed Securities (9.5%)
ACE Securities Corp.,
Series 06-HE1 A2A
5.400%, 2/25/36 (l)	$	262,597	$	262,653
Amortizing Residential Collateral Trust,
Series 02-BC3M A
5.590%, 6/25/32 (l)		21,313		21,316
Series 02-BC4 A
5.610%, 7/25/32 (l)		5,075		5,084
Bank One Issuance Trust,
Series 03-A9 A9
3.860%, 6/15/11		500,000		489,582
Bear Stearns Asset Backed Securities, Inc.,
Series 01-3 A2
5.720%, 10/27/32 (l)		32,758		32,888
Series 02-2 A1
5.650%, 10/25/32 (l)		16,483		16,500
Series 03-2 A2
5.770%, 3/25/43 (l)		9,530		9,550
Capital Auto Receivables Asset Trust,
Series 04-2 A3
3.580%, 1/15/09		525,000		517,864
Cendant Mortgage Corp.,
Series 03-A A1
6.000%, 7/25/43 §(1)		9,045		9,020
Chase Issuance Trust,
Series 04-A9 A9
3.220%, 6/15/10		150,000		147,251
Chase Manhattan Auto Owner Trust,
Series 05-A A3
3.870%, 6/15/09		200,000		197,678
Citibank Credit Card Issuance Trust,
Series 03-A6 A6
2.900%, 5/17/10		250,000		241,938
Series 04-A1 A1
2.550%, 1/20/09		200,000		198,791
Series 04-A4 A4
3.200%, 8/24/09		175,000		172,112
Series 06-A2 A2
4.850%, 2/10/11		475,000		473,349
Citibank Credit Card Master Trust I,
Series 98-2 A
6.050%, 1/15/10		600,000		606,667
Countrywide Asset-Backed Certificates,
Series 04-13 AV4
5.610%, 6/25/35 (l)		112,458		112,516
Series 05-BC5 3A1
5.420%, 1/25/36 (l)		132,552		132,568
Series 06-3 2A1
5.390%, 6/25/36 (l)		348,639		348,716
Series 06-12 2A1
5.390%, 12/25/36 (l)		451,016		451,050
Series 06-BC1 2A1
5.390%, 4/25/36 (l)		315,992		316,047
CS First Boston Mortgage Securities Corp.,
Series 01-HE17 A1
5.630%, 1/25/32 (l)		3,455		3,456
Daimler Chrysler Auto Trust,
Series 05-A A3
3.490%, 12/8/08		262,200		260,437
Series 05-B A3
4.040%, 9/8/09		435,742		432,312
Fieldstone Mortgage Investment Corp.,
Series 06-2 2A1
5.410%, 7/25/36 (l)		464,225		464,223
First Alliance Mortgage Loan Trust,
Series 99-4 A2
6.080%, 3/20/31 (l)		9,802		9,805
First Franklin Mortgage Loan Asset Backed Certificates,
Series 03-FF5 A2
5.980%, 3/25/34 (l)		141		140
GSAA Home Equity Trust,
Series 06-5 2A1
5.390%, 3/25/36 (l)		351,878		351,460
GSAMP Trust,
Series 02-NC1 A2
5.640%, 7/25/32 (l)		274		278
Series 06-HE4 A2A
5.390%, 6/25/36 (l)		409,916		409,971
Home Equity Asset Trust,
Series 02-1 A4
5.620%, 11/25/32 (l)		257		257
Honda Auto Receivables Owner Trust,
Series 06-3 A3
5.120%, 10/15/10		500,000		500,350
MBNA Credit Card Master Note Trust,
Series 04-A4 A4
2.700%, 9/15/09		175,000		173,020
Series 06-A1 A1
4.900%, 7/15/11		475,000		474,407
MBNA Master Credit Card Trust,
Series 00-L A
6.500%, 4/15/10		220,000		223,096
Morgan Stanley ABS Capital I,
Series 06-HE5 A2A
5.390%, 8/25/36 (l)		506,377		506,343
Morgan Stanley Dean Witter Capital I,
Series 02-HE1 A2
5.980%, 7/25/32 (l)		282		285
Nissan Auto Receivables Owner Trust,
Series 05-C A3
4.190%, 7/15/09		525,000		519,356
Series 06-C A3
5.440%, 4/15/10		675,000		679,874
Quest Trust,
Series 04-X2 A1
5.880%, 6/25/34 §(1)		20,538		20,603
Renaissance Home Equity Loan Trust,
Series 03-2A
5.760%, 8/25/33 (l)		4,861		4,874
Series 03-3A
5.820%, 12/25/33 (l)		13,466		13,575
Residential Asset Mortgage Products, Inc.,
Series 05-RZ4 A1
5.440%, 11/25/35 (l)		341,754		341,810
Residential Asset Securities Corp.,
Series 05-KS12 A1
5.410%, 1/25/36 (l)		264,414		264,457
Salomon Brothers Mortgage Securities VII,
Series 02-CIT1 A
5.620%, 3/25/32 (l)		5,470		5,483
Saxon Asset Securities Trust,
Series 02-1 AV2
5.590%, 1/25/32 (l)		1,138		1,139
SLM Student Loan Trust,
Series 05-6 A5B
5.387%, 7/27/26 (l)		500,000		500,413
Soundview Home Equity Loan Trust,
Series 06-2 A1
5.390%, 3/25/36 (l)		217,112		217,141

63

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AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Principal Amount		Value (Note 1)
Structured Asset Investment Loan Trust,
Series 06-2 A1
5.380%, 4/25/36 (l)	$	270,958	$	270,973
Structured Asset Securities Corp.,
Series 02-HF1 A
5.620%, 1/25/33 (l)		19,390		19,514
Series 03-AL2 A
3.357%, 1/25/31 #§(a)		88,172		80,996
				11,513,188
Non-Agency CMO (11.3%)
Banc of America Alternative Loan Trust,
Series 04-5 4A1
5.000%, 6/25/19		62,841		62,171
Series 04-6 4A1
5.000%, 7/25/19		68,943		67,985
Banc of America Commercial Mortgage, Inc.,
Series 05-3 A3A
4.621%, 7/10/43		325,000		316,257
Series 02-2 A3
5.118%, 7/11/43		530,000		529,125
Series 04-5 A3
4.561%, 11/10/41		100,000		97,365
Series 04-6 A3
4.512%, 12/10/42		100,000		97,044
Banc of America Funding Corp.,
Series 06-A 1A1
4.619%, 2/20/36 (l)		92,510		91,252
Bear Stearns Adjustable Rate Mortgage Trust,
Series 02-2 IIIA
6.784%, 6/25/31 (l)		6,701		6,694
Series 03-8 1A1
4.206%, 1/25/34 (l)		115,187		115,769
Series 03-8 2A1
4.797%, 1/25/34 (l)		57,805		57,166
Series 03-8 4A1
4.644%, 1/25/34 (l)		48,677		48,434
Series 05-10 A2
4.750%, 10/25/35 (l)		100,000		97,860
Bear Stearns Alt-A Trust,
Series 06-6 31A1
5.840%, 11/25/36 †(l)		296,711		298,664
Series 06-6 32A1
5.840%, 11/25/36 †(l)		298,886		300,425
Chase Commercial Mortgage Securities Corp.,
Series 99-2 A2
7.198%, 1/15/32		75,000		78,808
Citigroup Commercial Mortgage Trust,
Series 05-EMG A4
4.518%, 9/20/51 §		350,000		336,936
Countrywide Alternative Loan Trust,
Series 03-J1 4A1
6.000%, 10/25/32		13,154		13,193
Series 03-J3 2A1
6.250%, 12/25/33		14,763		14,710
Series 06-19CB A15
6.000%, 8/25/36		623,252		624,597
Series 06-4CB 2A3
5.500%, 4/25/36		531,367		529,841
Countrywide Asset-Backed Certificates,
Series 05-IM2 A1
5.430%, 1/25/35 (l)		80,930		80,936
Countrywide Home Loan Mortgage Pass Through Trust,
Series 02-30 M
3.834%, 10/19/32 (l)		23,782		23,709
Series 04-7 5A2
5.590%, 5/25/34 (l)		7,283		7,285
CS First Boston Mortgage Securities Corp.,
Series 02-CKS4 A2
5.183%, 11/15/36		415,000		415,377
Series 02-P1A A
5.607%, 3/25/32 †§(l)		31,637		31,647
Series 02-P3A A1
5.870%, 8/25/33 †§(l)		76,932		76,954
Series 98-C1 A1B
6.480%, 5/17/40		399,456		405,516
First Union - Lehman Brothers - Bank of America,
Series 98-C2 A2
6.560%, 11/18/35		73,994		74,921
First Union National Bank Commercial Mortgage,
Series 00-C1 A2
7.841%, 5/17/32		425,000		456,986
Series 00-C2 A2
7.202%, 10/15/32		355,000		378,573
General Electric Capital Commercial Mortgage Corp.,
Series 02-3A A1
4.229%, 12/10/37		85,617		83,991
Series 02-3A A2
4.996%, 12/10/37		430,000		426,783
Series 05-C1 A3
4.578%, 6/10/48		90,000		87,698
GMAC Commercial Mortgage Securities, Inc.,
Series 97-C1 E
7.080%, 7/15/29		380,000		390,607
Series 99-C1 A2
6.175%, 5/15/33		57,124		58,068
Series 99-C3 A2
7.179%, 8/15/36		74,055		77,164
Series 00-C2 A2
7.455%, 8/16/33		84,907		90,456
Series 00-C3 A2
6.957%, 9/15/35		745,000		791,057
Series 03-C2 A2
5.284%, 5/10/40 (l)		410,000		416,796
Greenwich Capital Commercial Funding Corp.,
Series 05-GG3 AAB
4.619%, 8/10/42		105,000		101,809
GS Mortgage Securities Corp. II,
Series 98-C1 A3
6.135%, 10/18/30		103,360		104,482
Series 05-GG4 A4
4.761%, 7/10/39		150,000		144,900
GSR Mortgage Loan Trust,
Series 04-9 4A1
4.059%, 8/25/34 (l)		150,268		147,163
Series 05-AR6 2A1
4.540%, 9/25/35 (l)		168,190		166,249
Homebanc Mortgage Trust,
Series 05-4 A1
5.590%, 10/25/35 (l)		273,377		273,759
Impac CMB Trust,
Series 03-8 2A1
6.220%, 10/25/33 (l)		48,900		48,929
JPMorgan Chase Commercial Mortgage Securities Corp.,
Series 01-C1 A3
5.857%, 10/12/35		360,000		370,016
Series 01-CIB2 A3
6.429%, 4/15/35		100,000		104,935
Series 01-CIBC A3
6.260%, 3/15/33		129,996		134,543

64

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Principal Amount		Value (Note 1)
Series 05-CB12 A4
4.895%, 9/12/37	$	325,000	$	316,244
LB Commercial Conduit Mortgage Trust,
Series 98-C1 A3
6.480%, 2/18/30		372,433		375,081
Series 98-C4 A1B
6.210%, 10/15/35		122,566		124,402
LB-UBS Commercial Mortgage Trust,
Series 01-C2 A2
6.653%, 11/15/27		325,000		343,394
Series 06-C6 A4
5.372%, 9/15/39		330,000		331,775
MASTR Alternative Loans Trust,
Series 04-4 1A1
5.500%, 5/25/34		67,858		67,321
Merrill Lynch Mortgage Investors, Inc.,
Series 03-A1 3A
4.910%, 12/25/32 (l)		20,604		20,511
NationsLink Funding Corp.,
Series 99-1 A2
6.316%, 1/20/31		130,719		132,858
Salomon Brothers Mortgage Securities VII,
Series 00-C1 A2
7.520%, 12/18/09		75,000		79,489
Sequoia Mortgage Trust,
Series 10 2A1
5.700%, 10/20/27 (l)		114,894		115,044
Structured Adjustable Rate Mortgage Loan Trust,
Series 05-19XS 1A1
5.640%, 10/25/35 (l)		272,769		273,893
Structured Asset Mortgage Investments, Inc.,
Series 06-AR3 12A1
5.540%, 5/25/36 (l)		97,333		97,413
Structured Asset Securities Corp.,
Series 01-21A 1A1
6.792%, 1/25/32 (l)		10,745		10,700
Wachovia Bank Commercial Mortgage Trust,
Series 05-C18 A4
4.935%, 4/15/42		90,000		87,832
Series 05-C19 A2
4.516%, 5/15/44		375,000		367,499
Washington Mutual, Inc.,
Series 02-AR2 A
5.527%, 2/27/34 (l)		40,035		40,499
Series 02-AR6 A
6.064%, 6/25/42 (l)		12,164		12,177
Series 02-AR10 A6
4.816%, 10/25/32 (l)		10,297		10,234
Series 03-R1 A1
5.590%, 12/25/27 (l)		971,212		970,776
Wells Fargo Mortgage Backed Securities Trust,
Series 04-K 1A2
4.474%, 7/25/34 (l)		175,874		171,921
				13,704,668
Total Asset-Backed and Mortgage-Backed Securities				25,217,856
Consumer Discretionary (1.2%)
Automobiles (0.6%)
DaimlerChrysler N.A. Holding Corp.
5.640%, 3/7/07 (l)		500,000		500,176
5.870%, 9/10/07 (l)		150,000		150,375
6.500%, 11/15/13		85,000		87,843
				738,394
Hotels, Restaurants & Leisure (0.0%)
Caesars Entertainment, Inc.
7.500%, 9/1/09		46,000		47,717
Media (0.5%)
Comcast Cable Communications, Inc.
6.750%, 1/30/11		15,000		15,776
Comcast Corp.
6.500%, 1/15/17		100,000		104,866
7.050%, 3/15/33		105,000		113,769
6.500%, 11/15/35		25,000		25,527
Historic TW, Inc.
6.625%, 5/15/29		82,000		83,396
News America Holdings, Inc.
7.750%, 1/20/24		10,000		11,228
News America, Inc.
7.280%, 6/30/28		25,000		27,034
TCI Communications, Inc.
7.125%, 2/15/28		10,000		10,686
Time Warner Cos., Inc.
9.150%, 2/1/23		10,000		12,436
7.570%, 2/1/24		20,000		21,977
Time Warner, Inc.
6.750%, 4/15/11		5,000		5,244
6.875%, 5/1/12		100,000		106,162
7.625%, 4/15/31		30,000		33,824
				571,925
Multiline Retail (0.1%)
Federated Department Stores, Inc.
6.790%, 7/15/27		10,000		10,076
May Department Stores Co.
6.650%, 7/15/24		5,000		4,989
8.750%, 5/15/29		25,000		29,698
7.875%, 3/1/30		5,000		5,656
8.125%, 8/15/35		25,000		27,201
				77,620
Total Consumer Discretionary				1,435,656
Energy (0.8%)
Energy Equipment & Services (0.3%)
Halliburton Co.
5.500%, 10/15/10		75,000		75,521
7.600%, 8/15/96		25,000		29,124
Transocean, Inc.
5.591%, 9/5/08 (l)		300,000		300,073
				404,718
Oil, Gas & Consumable Fuels (0.5%)
Anadarko Petroleum Corp.
6.450%, 9/15/36		175,000		181,390
ConocoPhillips
5.370%, 4/11/07 (l)		200,000		200,018
7.000%, 3/30/29		20,000		23,070
El Paso Corp.
7.750%, 1/15/32		500		521
EnCana Holdings Finance Corp.
5.800%, 5/1/14		75,000		75,689
Pemex Project Funding Master Trust
9.125%, 10/13/10		20,000		22,504
8.000%, 11/15/11		50,000		55,000
Ras Laffan Liquefied Natural Gas Co., Ltd.
3.437%, 9/15/09 §		50,160		48,681
				606,873
Total Energy				1,011,591
Financials (10.4%)
Capital Markets (1.4%)
Bank of New York Co., Inc.
3.750%, 2/15/08		75,000		73,589
Goldman Sachs Group, Inc.
5.479%, 6/23/09 (l)		500,000		500,169

65

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Principal Amount		Value (Note 1)
Lehman Brothers Holdings, Inc.
5.750%, 7/18/11	$	100,000	$	102,151
Merrill Lynch & Co., Inc.
5.492%, 8/14/09 (l)		300,000		300,038
Morgan Stanley
5.440%, 3/7/08 (l)		550,000		550,480
5.050%, 1/21/11		125,000		124,318
5.625%, 1/9/12		100,000		101,593
5.300%, 3/1/13		20,000		20,027
				1,772,365
Commercial Banks (4.2%)
BAC Capital Trust XI
6.625%, 5/23/36		25,000		26,930
Bank of Scotland Treasury Services plc
3.500%, 11/30/07 §		40,000		39,279
Bank One Corp.
2.625%, 6/30/08		25,000		23,980
Barclays Bank plc/New York
5.400%, 3/13/09 (l)		830,000		830,146
Charter One Bank N.A.
5.430%, 4/24/09 (l)		300,000		300,149
Depfa ACS Bank
3.625%, 10/29/08		100,000		97,432
Eksportfinans A/S
3.375%, 1/15/08		100,000		97,913
Fortis Bank S.A./N.V./New York
5.265%, 4/28/08 (l)		400,000		399,736
HBOS Treasury Services plc
3.600%, 8/15/07 §		20,000		19,732
HSBC Bank USA N.A./New York
4.625%, 4/1/14		30,000		28,759
HSBC Capital Funding LP/ Jersey Channel Islands
10.176%, 12/29/49 §(1)		150,000		222,229
HSBC Holdings plc
5.375%, 12/20/12	EUR	90,000		122,602
L-Bank Landeskreditbank Baden-Wuerttemberg Foerderbank
4.250%, 9/15/10	$	275,000		268,787
Landwirtschaftliche Rentenbank
0.6500%, 9/30/08	JPY	14,000,000		119,404
National Australia Bank Ltd.
5.430%, 9/11/09 §(b)(1)	$	300,000		299,991
National Westminster Bank plc
7.375%, 10/1/09		25,000		26,552
Rabobank Capital Funding II
5.254%, 12/29/49 §(1)		110,000		108,025
Rabobank Capital Funding Trust III
5.254%, 12/29/49 §(1)		80,000		77,680
Rabobank Nederland
5.370%, 4/6/09 §(1)		900,000		900,122
Royal Bank of Scotland Group plc
5.380%, 4/11/08 §(1)		200,000		200,122
5.770%, 7/6/12 (l)		100,000		100,146
SunTrust Banks, Inc.
3.625%, 10/15/07		80,000		78,680
4.000%, 10/15/08		15,000		14,672
U.S. Bancorp
3.950%, 8/23/07		15,000		14,834
Wachovia Bank N.A.
5.429%, 3/23/09 (l)		300,000		299,969
Wells Fargo & Co.
4.625%, 8/9/10		310,000		305,387
4.875%, 1/12/11		60,000		59,563
				5,082,821
Consumer Finance (0.9%)
Ford Motor Credit Co.
5.590%, 3/13/07 (l)		400,000		396,920
GMAC LLC
6.274%, 1/16/07 (l)		200,000		199,972
6.243%, 3/20/07 (l)		550,000		549,577
				1,146,469
Diversified Financial Services (3.4%)
Bank of America Corp.
6.250%, 4/1/08		15,000		15,191
4.500%, 8/1/10		235,000		230,468
CIT Group, Inc.
7.750%, 4/2/12		125,000		138,577
Citigroup Global Markets Holdings, Inc.
5.490%, 3/17/09 (l)		500,000		500,428
Citigroup, Inc.
3.500%, 2/1/08		45,000		44,064
3.625%, 2/9/09		40,000		38,766
4.125%, 2/22/10		525,000		510,402
6.875%, 2/15/98		25,000		28,023
General Electric Capital Corp.
3.450%, 7/16/07		15,000		14,809
5.424%, 1/15/08 (l)		250,000		250,232
5.380%, 10/24/08 (l)		100,000		99,984
5.490%, 6/15/09 (l)		300,000		300,664
4.125%, 9/1/09		810,000		790,774
5.506%, 5/10/10 (l)		200,000		200,027
5.000%, 11/15/11		335,000		333,353
JPMorgan Chase & Co.
6.375%, 2/15/08		25,000		25,290
3.625%, 5/1/08		205,000		200,328
MassMutual Global Funding II
2.550%, 7/15/08 §		30,000		28,683
Nationwide Building Society
3.500%, 7/31/07 §		50,000		49,329
4.250%, 2/1/10 §		90,000		87,381
Pemex Finance Ltd.
9.030%, 2/15/11 #(a)		90,000		96,554
Racers, Series 97-R-8-3
5.705%, 8/15/07 †§(b)(l)		100,000		100,029
TIAA Global Markets, Inc.
3.875%, 1/22/08 §		25,000		24,571
UFJ Finance Aruba AEC
6.750%, 7/15/13		30,000		32,142
				4,140,069
Insurance (0.4%)
ASIF Global Financing XXIII
3.900%, 10/22/08 §		45,000		43,938
Berkshire Hathaway Finance Corp.
3.400%, 7/2/07		20,000		19,762
3.375%, 10/15/08		25,000		24,185
4.125%, 1/15/10		150,000		145,956
Metropolitan Life Global Funding I
3.375%, 10/5/07 §		25,000		24,358
Prudential Financial, Inc.
4.104%, 11/15/06 (e)		122,000		121,946
Travelers Property Casualty Corp.
5.000%, 3/15/13		65,000		63,687
				443,832
Real Estate Management & Development (0.1%)
ERP Operating LP
6.625%, 3/15/12		75,000		79,489
Total Financials				12,665,045

66

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Principal Amount		Value (Note 1)
Government Securities (60.8%)
Agency ABS (0.9%)
Small Business Administration Participation Certificates,
Series 03-20I 1
5.130%, 9/1/23	$	80,253	$	80,117
Series 04-20C 1
4.340%, 3/1/24		587,884		560,741
Series 05-20B 1
4.625%, 2/1/25		453,019		437,840
				1,078,698
Agency CMO (4.5%)
Federal Home Loan Mortgage Corp.
4.500%, 1/15/16		263,993		259,973
5.000%, 12/15/17		60,000		58,991
5.000%, 2/15/18		390,000		382,228
4.500%, 4/15/25		263,006		260,610
6.500%, 4/15/29		156,142		160,811
5.500%, 5/15/29		1,196,378		1,197,538
5.670%, 12/15/29 (l)		39,059		39,166
5.500%, 1/15/31		85,736		86,199
5.500%, 4/15/35		96,334		97,157
5.500%, 5/15/35		446,747		450,194
5.000%, 8/1/35 IO		451,544		108,992
5.500%, 8/1/35 IO		592,506		140,227
Pass-Through Trust
6.500%, 7/25/43		77,381		79,142
Federal National Mortgage Association
5.000%, 3/25/18		30,000		29,353
5.500%, 5/25/27		434,563		435,594
6.000%, 8/25/28		70,387		70,805
5.310%, 8/25/33		100,000		99,218
5.500%, 12/25/33		73,016		73,277
5.500%, 1/25/34		84,088		84,289
6.500%, 7/25/34		43,746		44,830
5.500%, 2/25/35		74,369		74,971
5.570%, 7/25/35 (l)		206,556		205,960
5.500%, 8/25/35		746,480		750,667
5.500%, 1/25/36 IO		661,591		159,919
Government National Mortgage Association
6.500%, 6/20/32		132,433		136,515
				5,486,626
Foreign Governments (3.2%)
Bundesobligation
4.000%, 2/16/07	EUR	1,500,000		1,916,823
Federative Republic of Brazil
7.125%, 1/20/37	$	33,000		34,155
11.000%, 8/17/40		195,000		256,210
Hong Kong Government International Bond
5.125%, 8/1/14 §		350,000		350,348
Israel Government AID Bond
5.500%, 4/26/24		50,000		52,354
5.500%, 9/18/33		40,000		42,143
Republic of Italy
3.800%, 3/27/08	JPY	38,000,000		338,267
Republic of Panama
9.625%, 2/8/11	$	113,000		129,634
Republic of Peru
9.125%, 1/15/08		230,000		240,350
Republic of South Africa
5.250%, 5/16/13	EUR	40,000		53,147
Swedish Exportkredit AB
2.875%, 1/26/07	$	25,000		24,861
Ukraine Government International Bond
11.000%, 3/15/07 (b)(n)		18,672		19,000
United Mexican States
6.073%, 1/13/09		30,000		30,315
10.375%, 2/17/09		53,000		59,092
8.000%, 9/24/22		55,000		66,688
8.300%, 8/15/31		42,000		53,403
7.500%, 4/8/33		10,000		11,730
6.750%, 9/27/34		130,000		140,075
				3,818,595
Municipal Bonds (1.1%)
Fairfax County, Virginia,
Series A
5.250%, 4/1/13		40,000		43,939
Golden State Tobacco Securitization Corp.
6.750%, 6/1/39		110,000		126,106
7.900%, 6/1/42		50,000		61,571
New York City Municipal Water Finance Authority
6.440%, 6/15/34 §(1)		10,000		11,090
Series A
5.000%, 6/15/35		150,000		156,599
Rhode Island Clean Water Finance Agency,
Series A
5.000%, 10/1/28		50,000		52,529
San Antonio, Texas Water Revenue,
Series A
5.000%, 5/15/32		150,000		155,718
South Carolina State Public Service Authority,
Series A
5.000%, 1/1/13		80,000		86,044
Tobacco Settlement Authority of Iowa,
Series B
5.600%, 6/1/35		50,000		54,543
Tobacco Settlement Financing Corp./ New Jersey
6.375%, 6/1/32		255,000		284,552
6.000%, 6/1/37		130,000		140,622
6.250%, 6/1/43		90,000		99,792
				1,273,105
U.S. Government Agencies (47.0%)
Federal Home Loan Bank
2.300%, 7/24/07		1,050,000		1,028,228
4.000%, 2/1/08		560,000		552,896
4.625%, 9/11/20		2,400,000		2,284,205
Federal Home Loan Mortgage Corp.
4.625%, 5/28/13		75,000		72,451
5.500%, 2/1/14		61,215		61,471
6.000%, 1/1/17		32,583		33,078
6.500%, 1/1/17		125,675		128,365
6.000%, 2/1/17		28,526		28,963
4.500%, 3/1/20		84,906		82,037
4.500%, 4/1/20		81,800		79,036
4.500%, 5/1/20		90,010		86,969
4.500%, 8/1/20		170,328		164,711
6.500%, 7/1/29		38,790		39,836
6.257%, 11/1/31 (l)		6,556		6,624
5.500%, 5/1/33		409,939		406,559
5.000%, 4/1/34		333,951		323,268
5.500%, 7/1/35		76,400		75,606
4.807%, 9/1/35 (l)		861,844		851,490
Federal National Mortgage Association
2.710%, 1/30/07		300,000		298,041
3.000%, 3/2/07		195,000		193,470
2.350%, 4/5/07		55,000		54,310
7.250%, 1/15/10		435,000		465,340
5.390%, 12/1/11		88,853		89,341
5.250%, 8/1/12		140,000		141,006

67

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Principal Amount		Value (Note 1)
4.625%, 5/1/13	$	300,000	$	291,312
5.125%, 1/2/14		125,000		124,709
5.500%, 6/1/17		4,925		4,941
7.000%, 11/1/17		27,437		28,207
5.000%, 8/1/18		70,353		69,447
4.500%, 10/1/18		55,262		53,578
5.000%, 11/1/18		165,024		162,899
5.000%, 2/1/19		22,254		21,967
6.000%, 2/1/19		334,136		339,505
5.000%, 5/1/19		485,616		479,481
4.000%, 6/1/19		567,007		537,894
5.000%, 8/1/19		606,623		598,297
5.500%, 8/1/19		97,847		98,062
6.000%, 8/1/19		490,797		498,683
5.000%, 11/1/19		558,629		550,962
5.500%, 11/1/19		31,911		31,981
5.000%, 1/1/20		246,172		242,793
5.500%, 6/1/20		1,080,196		1,083,405
5.000%, 1/1/21		675,091		665,043
6.000%, 1/1/21		27,919		28,373
5.000%, 2/1/21		194,317		191,409
6.000%, 4/1/21		1,027,959		1,044,943
6.000%, 6/1/21		312,459		317,348
5.500%, 7/1/21		295,308		295,634
6.000%, 7/1/21		284,380		288,829
7.000%, 9/1/31		20,613		21,286
7.000%, 1/1/32		873		901
6.500%, 2/1/32		56,278		57,688
7.000%, 5/1/32		11,460		11,827
6.000%, 12/1/32		875,115		883,031
5.134%, 3/1/33 (l)		123,006		123,559
5.141%, 4/1/33 (l)		13,611		13,540
5.500%, 4/1/33		134,353		133,129
5.500%, 12/1/33		979,180		970,256
5.500%, 2/1/34		588,989		583,085
6.000%, 2/1/34		479,099		483,147
5.500%, 3/1/34		576,816		571,034
5.500%, 4/1/34		1,320,496		1,308,410
5.500%, 5/1/34		400,122		396,111
6.500%, 5/1/34		143,535		147,131
5.500%, 7/1/34		369,384		365,682
5.500%, 8/1/34		837,201		828,809
6.000%, 8/1/34		194,680		196,325
5.500%, 9/1/34		1,367,174		1,353,471
5.500%, 11/1/34		4,412,530		4,368,302
5.500%, 1/1/35		1,543,722		1,528,249
5.500%, 2/1/35		8,185,465		8,105,516
5.000%, 11/1/35		370,009		357,354
5.000%, 3/1/36		1,528,611		1,476,330
5.500%, 6/1/36		2,962,175		2,927,751
5.500%, 8/1/36		1,496,554		1,479,163
7.011%, 12/1/40 (l)		12,042		12,201
5.500%, 11/25/21 TBA		2,300,000		2,302,157
4.500%, 11/25/36 TBA		100,000		93,812
5.000%, 11/25/36 TBA		1,600,000		1,544,499
6.500%, 11/25/36 TBA		3,900,000		3,974,342
Government National Mortgage Association
5.125%, 1/20/16 (l)		16,702		16,667
4.750%, 9/20/21 (l)		31,773		32,049
5.125%, 11/20/22 (l)		9,345		9,425
5.375%, 4/20/27 (l)		18,809		18,928
4.750%, 7/20/27 (l)		21,360		21,557
5.500%, 12/15/28		5,315		5,306
6.000%, 2/15/29		131,901		134,049
7.500%, 5/15/30		32,093		33,462
7.500%, 7/15/30		23,096		24,081
7.000%, 9/15/31		15,025		15,545
7.500%, 9/15/31		8,339		8,692
5.500%, 1/15/32		152,608		152,164
6.000%, 2/15/32		32,611		33,113
7.000%, 5/15/32		21,928		22,685
6.000%, 9/15/32		123,683		125,587
5.500%, 1/15/33		161,949		161,470
5.500%, 2/15/33		51,258		51,106
5.500%, 7/15/33		61,342		61,160
5.500%, 12/15/33		285,014		284,171
5.500%, 1/15/34		980,038		976,588
6.000%, 1/15/34		67,462		68,448
5.500%, 2/15/34		440,385		438,835
5.500%, 2/15/36		76,676		76,356
5.500%, 4/15/36		73,405		73,098
5.500%, 5/15/36		1,341,746		1,336,138
U.S. Department of Housing and Urban Development
5.380%, 8/1/18		130,000		129,651
Resolution Funding Corp.
(Zero Coupon), 7/15/18		25,000		14,169
(Zero Coupon), 10/15/18		25,000		13,988
Small Business Administration
4.524%, 2/10/13		113,832		110,478
4.504%, 2/10/14		277,836		269,733
				56,933,800
U.S .Treasuries (4.1%)
U.S. Treasury Bonds
4.500%, 2/15/36		25,000		24,129
Inflation Indexed
2.375%, 1/15/25		216,330		218,984
2.000%, 1/15/26		847,490		809,982
U.S. Treasury Notes
3.500%, 12/15/09		200,000		193,633
4.125%, 8/15/10		800,000		787,531
3.875%, 9/15/10		60,000		58,519
4.250%, 8/15/13		300,000		294,187
4.875%, 8/15/16		1,150,000		1,173,898
Inflation Indexed
2.375%, 4/15/11		441,700		439,336
2.000%, 7/15/14		378,578		368,758
2.500%, 7/15/16		530,030		537,649
U.S. Treasury STRIPS
11/15/27 PO		375,000		137,108
				5,043,714
Total Government Securities				73,634,538
Health Care (0.0%)
Pharmaceuticals (0.0%)
Merck & Co., Inc.
6.400%, 3/1/28		25,000		26,852
Total Health Care				26,852
Industrials (0.4%)
Aerospace & Defense (0.1%)
Northrop Grumman Corp.
4.079%, 11/16/06		80,000		79,953
Airlines (0.3%)
Continental Airlines, Inc.
7.056%, 9/15/09		340,000		350,796
United Air Lines, Inc.
6.602%, 9/1/13		1,890		1,907
				352,703

68

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Principal Amount		Value (Note 1)
Industrial Conglomerates (0.0%)
Tyco International Group S.A.
6.375%, 10/15/11	$	35,000	$	36,742
Total Industrials				469,398
Materials (0.4%)
Containers & Packaging (0.1%)
Packaging Corp. of America
4.375%, 8/1/08		129,000		126,703
Paper & Forest Products (0.3%)
GP Canada Finance Co.
7.200%, 12/15/06 §		300,000		300,000
Total Materials				426,703
Telecommunication Services (1.3%)
Diversified Telecommunication Services (0.9%)
AT&T Corp.
8.000%, 11/15/31		22,000		27,562
AT&T, Inc.
4.214%, 6/5/07 §		50,000		49,623
4.125%, 9/15/09		174,000		168,879
BellSouth Corp.
5.580%, 8/15/08 (l)		100,000		100,031
Deutsche Telekom International Finance B.V.
8.125%, 5/29/12	EUR	81,000		122,390
8.250%, 6/15/30	$	70,000		86,953
France Telecom S.A.
6.750%, 3/14/08 (b)(n)	EUR	120,000		158,509
New England Telephone & Telegraph Co.
7.875%, 11/15/29	$	5,000		5,515
Qwest Corp.
7.625%, 6/15/15		110,000		115,775
Sprint Capital Corp.
8.750%, 3/15/32		35,000		43,241
Telecom Italia Capital S.A.
6.000%, 9/30/34		80,000		73,246
7.200%, 7/18/36		75,000		78,796
Telefonica Emisiones S.A.U.
6.421%, 6/20/16		75,000		77,733
Verizon New Jersey, Inc.
7.850%, 11/15/29		10,000		11,251
				1,119,504
Wireless Telecommunication Services (0.4%)
Cingular Wireless LLC
6.500%, 12/15/11		60,000		63,027
Nextel Communications, Inc., Series D
7.375%, 8/1/15		50,000		51,635
Vodafone Group plc
5.457%, 12/28/07 (l)		245,000		245,073
7.750%, 2/15/10		65,000		69,758
				429,493
Total Telecommunication Services				1,548,997
Utilities (1.0%)
Electric Utilities (0.7%)
AEP Texas Central Co.
6.650%, 2/15/33		115,000		122,277
Appalachian Power Co.
3.600%, 5/15/08		65,000		63,348
Dayton Power & Light Co.
5.125%, 10/1/13		50,000		49,332
Florida Power & Light Co.
4.950%, 6/1/35		75,000		67,693
Nevada Power Co., Series L
5.875%, 1/15/15		100,000		100,293
Niagara Mohawk Power Corp.,
Series G
7.750%, 10/1/08		100,000		104,267
Pepco Holdings, Inc.
6.450%, 8/15/12		90,000		93,554
Progress Energy, Inc.
7.100%, 3/1/11		65,000		69,600
Public Service Electric & Gas Co.
5.250%, 7/1/35		25,000		23,023
Scottish Power plc
4.910%, 3/15/10		125,000		123,250
				816,637
Gas Utilities (0.0%)
CenterPoint Energy Resources Corp.,
Series B
7.875%, 4/1/13		65,000		72,580
Multi-Utilities (0.3%)
Consolidated Natural Gas Co.,
Series A
5.000%, 3/1/14		25,000		23,921
Dominion Resources, Inc.,
Series D
5.664%, 9/28/07 (l)		200,000		200,062
5.125%, 12/15/09		25,000		24,859
PSEG Energy Holdings LLC
8.500%, 6/15/11		50,000		53,375
Texas Eastern Transmission LP
5.250%, 7/15/07		40,000		39,853
				342,070
Total Utilities				1,231,287
Total Long-Term Debt Securities (97.1%) (Cost $117,974,662)				117,667,923
SHORT-TERM INVESTMENTS:
Certificates of Deposit (0.5%)
Countrywide Bank N.A.
5.32%, 4/25/07 (l)		400,000		399,965
HSBC Bank USA N.A./New York
3.87%, 6/7/07		125,000		123,896
Total Certificates of Deposit				523,861
Commercial Paper (3.9%)
ING U.S. Funding LLC
5.25%, 1/29/07 (p)		1,500,000		1,480,575
Societe Generale Northern America, Inc.
5.18%, 12/18/06 (p)		1,600,000		1,589,021
Westpac Banking Corp.
5.24%, 1/24/07 (m)(p)		1,700,000		1,679,226
Total Commercial Paper				4,748,822
Government Securities (4.6%)
Federal National Mortgage Association
5.09%, 1/17/07 (o)(p)		1,600,000		1,582,547
5.10%, 1/24/07 (o)(p)		1,300,000		1,284,530
French Treasury Bills
2.98%, 11/16/06 (p)		500,000		637,332
3.23%, 12/7/06 (p)		720,000		915,934
3.15%, 12/28/06 (p)		660,000		838,138
U.S. Treasury Bills
4.71%, 12/14/06 #(p)		295,000		293,310
Total Government Securities				5,551,791
Time Deposit (2.2%)
JPMorgan Chase Nassau
4.77%, 11/1/06		2,676,869		2,676,869
Total Short Term Investments (11.2%) (Cost/Amortized Cost $13,509,332)				13,501,343

69

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

	Number of Contracts			Value (Note 1)
OPTIONS PURCHASED:
Put Options (0.0%)
EuroDollar Futures
December-06 @ $91.75*		20		$	125
December-06 @ $92.75*		36			225
December-06 @ $94.00*		24			150
September-07 @ $90.75*		44			275
September-07 @ $91.00*		42			263
December-07 @ $91.50*		10			63
December-07 @ $92.00*		50			312
December-07 @ $92.25*		24			150
U.S. 10 year Treasury Note Futures
March-07 @ $106.00*		12			2,812
Total Options Purchased (0.0%) (Cost $9,147)					4,375
Total Investments Before Options Written and Securities Sold Short (108.3%) (Cost/Amortized Cost $131,493,141)					131,173,641
OPTIONS WRITTEN:
Put Options (-0.0%)
U.S. 10 year Treasury Note Futures December-06 @ $107.00* (Premiums Received $1,405)		(6	)		(469	)
Total Investments Before Securities Sold Short (108.3%) (Cost/Amortized Cost $131,491,736)					131,173,172
	Principal Amount
SECURITIES SOLD SHORT:
U.S. Government Agencies (-4.4%)
Federal Home Loan Mortgage Corp.
5.000%, 11/15/36 TBA	$	(300,000	)		(289,781	)
Federal National Mortgage Corp.
5.000%, 11/25/21 TBA		(900,000	)		(886,219	)
5.500%, 11/25/36 TBA		(3,400,000	)		(3,358,561	)
6.000%, 11/25/36 TBA		(800,000	)		(804,751	)
Total Securities Sold Short (-4.4%) (Proceeds received $5,318,039)					(5,339,312	)
Total Investments After Options Written and Securities Sold Short (103.9%) (Cost /Amortized Cost $126,173,697)					125,833,860
Other Assets Less Liabilities (-3.9%)					(4,664,377	)
Net Assets (100%)				$	121,169,483

* Non-income producing.

† Securities (totaling $807,719 or 0.67% 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 October 31, 2006, the market value of these securities amounted to $3,541,367 or 2.92% 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.

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

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

(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.

(n) Regulation S is an exemption for securities offering that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933.

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

(p) Yield to maturity.

Glossary:

ABS — Asset-Backed Security

CMO — Collateralized Mortgage Obligation

EUR — European Currency Unit

IO — Interest only

JPY — Japanese Yen

PO — Principal only

STRIPS— Separate Trading of Registered Interest and Principal of Securities.

TBA — Security is subject to delayed delivery.

70

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006

At October 31, 2006 the Fund had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 10/31/06		Unrealized Appreciation/ (Depreciation)
British Pound Sterling	21	December-07	$	4,741,863	$	4,740,184	$	(1,679	)
EURODollar	59	March-07		13,994,800		13,980,050		(14,750	)
EURODollar	30	September-07		7,094,063		7,134,375		40,312
EURODollar	93	December-07		22,069,850		22,144,463		74,613
EURODollar	88	March-08		20,890,463		20,962,700		72,237
EURODollar	88	June-08		20,891,100		20,958,300		67,200
EURODollar	63	September-08		14,979,825		15,000,300		20,475
U.S. Treasury Bonds	71	December-06		7,851,902		7,998,594		146,692
U.S. 10 Year Treasury Notes	35	December-06		3,746,492		3,787,656		41,164
U.S. 10 Year Treasury Notes	4	February-07		427,571		433,250		5,679
							$	451,943
Sales
U.S. 5 Year Treasury Notes	65	December-06		6,822,170		6,861,563	$	(39,393	)
							$	412,550

As October 31, 2006 the Fund had outstanding forward 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 Appreciation/ (Depreciation)
Forward Foreign Currency Buy Contracts
Brazilian Real, expiring 1/18/07	12	$	5,399	$	5,461	$	62
Brazilian Real, expiring 1/18/07	12		5,400		5,462		62
Chilean Peso, expiring 12/18/06	2,696		5,006		5,134		128
Chilean Peso, expiring 12/18/06	2,721		5,067		5,184		117
Chinese Yuan, expiring 3/16/07	154		20,000		19,813		(187	)
Chinese Yuan, expiring 3/19/07	154		20,000		19,826		(174	)
Chinese Yuan, expiring 3/20/07	154		20,000		19,829		(171	)
Chinese Yuan, expiring 3/20/07	3,899		500,000		500,734		734
Indonesian Rupiah, expiring 2/28/07	177,600		18,964		19,489		525
Indian Rupee, expiring 3/30/07	451		9,722		9,928		206
Japanese Yen, expiring 11/15/06	153,497		1,317,719		1,312,704		(5,015	)
Mexican New Peso, expiring 1/16/07	68		6,132		6,296		163
Mexican New Peso, expiring 1/16/07	53		4,795		4,923		129
Polish New Zloty, expiring 11/24/06	92		29,666		30,384		718
Russian Rubles, expiring 12/13/06	312		11,692		11,697		5
Russian Rubles, expiring 12/13/06	312		11,687		11,696		9
Russian Rubles, expiring 1/17//07	135		5,060		5,062		2
Russian Rubles, expiring 1/17//07	135		5,066		5,062		(4	)
Singapore Dollar, expiring 11/27/06	16		9,856		10,033		177
South African Rand, expiring 12/13/06	79		10,235		10,633		398
South African Rand, expiring 12/13/06	69		8,996		9,339		343
South Korean Won, expiring 3/21/07	37,120		38,975		39,553		578
Taiwan Dollar, expiring 2/22/07	311		9,709		9,422		(287	)
						$	(1,482	)
Forward Foreign Currency Sell Contracts
British Pound, expiring 11/30/06	55	$	102,384	$	104,924	$	(2,540	)
European Union, expiring 12/8/06	1,545		1,970,308		1,975,916		(5,608	)
European Union, expiring 1/10/07	2,374		3,024,941		3,040,833		(15,892	)
Japanese Yen, expiring 11/15/06	11,560		100,000		98,860		1,140
Japanese Yen, expiring 11/15/06	139,000		1,167,630		1,188,726		(21,096	)
						$	(43,996	)
						$	(45,478	)

71

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PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

Options written for the year ended October 31, 2006, were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding—November 1, 2005	32		$	15,444
Options Written	6,000,028			42,170
Options Terminated in Closing Purchase Transactions	(17	)		(9,645	)
Options Expired	(6,000,037	)		(46,564	)
Options Exercised	—			—
Options Outstanding—October 31, 2006	6		$	1,405

Investment security transactions for the year ended October 31, 2006 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	143,225,772
Long-term U.S. Treasury securities		239,691,329
	$	382,917,101
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	140,955,038
Long-term U.S. Treasury securities		263,255,270
	$	404,210,308

As of October 31, 2006, the gross unrealized appreciation (depreciation) of investments before options written and securities sold short based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	843,196
Aggregate gross unrealized depreciation		(1,263,099	)
Net unrealized depreciation	$	(419,903	)
Federal income tax cost of investments	$	131,593,544

The Fund has a net capital loss carryforward of $1,366,366 of which $162,423 expires in the year 2013 and $1,203,943 expires in the year 2014.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006

ASSETS
Investments at value:
Affiliated issuers (Cost $7,384,392)	$	7,546,910
Unaffiliated issuers (Amortized cost $45,110)		45,110
Dividends receivable from affiliated securities		19,299
Receivable for Fund shares sold		13,589
Receivable from investment manager		1,552
Interest and other receivables		217
Other assets		33,981
Total assets		7,660,658
LIABILITIES
Payable for Fund shares redeemed		43,303
Payable for affiliated securities purchased		20,560
Administrative fees payable		4,427
Distribution fees payable		3,083
Trustees’ fees payable		286
Accrued expenses		48,051
Total liabilities		119,710
NET ASSETS	$	7,540,948
Net assets were comprised of:
Paid in capital	$	7,269,168
Accumulated undistributed net investment income		145,429
Accumulated net realized loss		(36,167	)
Unrealized appreciation on investments		162,518
Net assets	$	7,540,948
Class A
Net asset value and redemption price per share, $5,755,761 / 546,448 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.53
Maximum sales charge (4.75% of offering price)		0.53
Maximum offering price to public	$	11.06
Class B
Net asset value and offering price per share, $1,007,919 / 96,073 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.49
Class C
Net asset value and offering price per share, $766,688 / 73,118 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.49
Class Y
Net asset value, offering and redemption price per share, $ 10,580 / 1,003 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.55

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	202,473
Interest		1,420
Total income		203,893
EXPENSES
Administrative fees		45,746
Custodian fees		41,067
Registration and filing fees		22,275
Professional fees		22,048
Transfer agent fees		17,599
Investment management fees		11,211
Printing and mailing expenses		4,109
Trustees’ fees		876
Distribution fees - Class A		14,223
Distribution fees - Class B		6,994
Distribution fees - Class C		8,256
Miscellaneous		8,501
Gross expenses		202,905
Less: Waiver from investment advisor		(56,957	)
Reimbursement from investment advisor		(104,162	)
Net expenses		41,786
NET INVESTMENT INCOME		162,107
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss on securities		(53,602	)
Net distributions of realized gain received from Underlying Funds		26,585
Net realized loss		(27,017	)
Net change in unrealized appreciation on securities		187,495
NET REALIZED AND UNREALIZED GAIN		160,478
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	322,585

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31, 2006			January 10, 2005* to October 31, 2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	162,107		$	17,640
Net realized gain (loss) on investments		(27,017	)		3,318
Net change in unrealized appreciation (depreciation) on investments		187,495			(24,977	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		322,585			(4,019	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(31,602	)		—
Class B		(4,540	)		—
Class C		(6,504	)		—
Class Y		(197	)		—
		(42,843	)		—
Distributions from net realized capital gains
Class A		(2,567	)		—
Class B		(590	)		—
Class C		(845	)		—
Class Y		(12	)		—
		(4,014	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(46,857	)		—
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 562,206 and 165,387 shares, respectively ]		5,731,425			1,669,827
Capital shares issued in reinvestment of dividends and distributions [ 2,620 and 0 shares, respectively ]		26,356			—
Capital shares redeemed [ (182,121) and (2,644) shares, respectively ]		(1,853,110	)		(26,610	)
Total Class A transactions		3,904,671			1,643,217
Class B
Capital shares sold [ 85,886 and 53,121 shares, respectively ]		877,636			533,425
Capital shares issued in reinvestment of dividends and distributions [ 478 and 0 shares, respectively ]		4,834			—
Capital shares redeemed [ (35,034) and (9,378) shares, respectively ]		(360,205	)		(94,793	)
Total Class B transactions		522,265			438,632
Class C
Capital shares sold [ 63,962 and 48,169 shares, respectively ]		651,588			484,723
Capital shares issued in reinvestment of dividends and distributions [ 678 and 0 shares, respectively ]		6,930			—
Capital shares redeemed [ (40,666) and (25) shares, respectively ]		(422,560	)		(251	)
Total Class C transactions		235,958			484,472
Class Y
Capital shares sold [ 11 and 3 shares, respectively ]		109			25
Capital shares redeemed [ (11) and 0 shares, respectively ]		(109	)		(1	)
Total Class Y transactions		—			24
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		4,662,894			2,566,345
TOTAL INCREASE IN NET ASSETS		4,938,622			2,562,326
NET ASSETS:
Beginning of period		2,602,326			40,000
End of period (a)	$	7,540,948		$	2,602,326
___________
(a)    Includes accumulated undistributed net investment income of	$	145,429		$	17,711
*       The Fund commenced operations on January 10, 2005.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006

ASSETS
Investments at value:
Affiliated issuers (Cost $23,963,357)	$	25,011,451
Unaffiliated issuers (Amortized cost $360,039)		360,039
Receivable for Fund shares sold		37,880
Dividends receivable from affiliated securities		34,775
Receivable from investment manager		10,617
Interest and other receivables		1,011
Other assets		34,344
Total assets		25,490,117
LIABILITIES
Payable for affiliated securities purchased		208,625
Payable for Fund shares redeemed		20,844
Distribution fees payable		11,305
Administrative fees payable		6,213
Trustees’ fees payable		756
Accrued expenses		42,842
Total liabilities		290,585
NET ASSETS	$	25,199,532
Net assets were comprised of:
Paid in capital	$	23,850,882
Accumulated undistributed net investment income		208,997
Accumulated undistributed net realized gain		91,559
Unrealized appreciation on investments		1,048,094
Net assets	$	25,199,532
Class A
Net asset value and redemption price per share, $16,130,471 / 1,477,114 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.92
Maximum sales charge (4.75% of offering price)		0.54
Maximum offering price to public	$	11.46
Class B
Net asset value and offering price per share, $5,599,117 / 515,054 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.87
Class C
Net asset value and offering price per share, $3,364,241 / 309,415 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.87
Class Y
Net asset value, offering and redemption price per share, $105,703 / 9,649 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.95

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	395,521
Interest		5,926
Total income		401,447
EXPENSES
Administrative fees		60,588
Custodian fees		57,446
Transfer agent fees		37,499
Investment management fees		33,947
Professional fees		26,427
Registration and filing fees		23,941
Printing and mailing expenses		8,690
Trustees’ fees		2,623
Distribution fees - Class A		35,876
Distribution fees - Class B		44,195
Distribution fees - Class C		23,476
Miscellaneous		10,166
Gross expenses		364,874
Less: Waiver from investment advisor		(94,535	)
Reimbursement from investment advisor		(128,922	)
Net expenses		141,417
NET INVESTMENT INCOME		260,030
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss on securities		(71,315	)
Net distributions of realized gain received from Underlying Funds		218,568
Net realized gain		147,253
Net change in unrealized appreciation on securities		1,069,302
NET REALIZED AND UNREALIZED GAIN		1,216,555
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,476,585

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31, 2006			January 10, 2005* to October 31, 2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	260,030		$	26,538
Net realized gain on investments		147,253			54,645
Net change in unrealized appreciation (depreciation) on investments		1,069,302			(21,208	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,476,585			59,975
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(78,160	)		—
Class B		(34,391	)		—
Class C		(18,103	)		—
Class Y		(200	)		—
		(130,854	)		—
Distributions from net realized capital gains
Class A		(27,446	)		—
Class B		(19,444	)		—
Class C		(10,235	)		—
Class Y		(53	)		—
		(57,178	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(188,032	)		—
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,322,387 and 441,856 shares, respectively ]		13,849,423			4,476,672
Capital shares issued in reinvestment of dividends and distributions [ 10,186 and 0 shares, respectively ]		104,595			—
Capital shares redeemed [ (289,322) and (8,993) shares, respectively ]		(3,026,165	)		(92,198	)
Total Class A transactions		10,927,853			4,384,474
Class B
Capital shares sold [ 283,505 and 356,433 shares, respectively ]		2,964,044			3,575,709
Capital shares issued in reinvestment of dividends and distributions [ 5,080 and 0 shares, respectively ]		52,140			—
Capital shares redeemed [ (100,137) and (30,827) shares, respectively ]		(1,050,958	)		(314,518	)
Total Class B transactions		1,965,226			3,261,191
Class C
Capital shares sold [ 235,800 and 111,180 shares, respectively ]		2,464,852			1,123,347
Capital shares issued in reinvestment of dividends and distributions [ 2,487 and 0 shares, respectively ]		25,516			—
Capital shares redeemed [ (40,957) and (95) shares, respectively ]		(431,066	)		(960	)
Total Class C transactions		2,059,302			1,122,387
Class Y
Capital shares sold [ 26,281 and 2 shares, respectively ]		277,123			25
Capital shares redeemed [ (17,634) and 0 shares, respectively ]		(186,577	)		—
Total Class Y transactions		90,546			25
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		15,042,927			8,768,077
TOTAL INCREASE IN NET ASSETS		16,331,480			8,828,052
NET ASSETS:
Beginning of period		8,868,052			40,000
End of period (a)	$	25,199,532		$	8,868,052
_____________
(a)    Includes accumulated undistributed net investment income of	$	208,997		$	26,660
*       The Fund commenced operations on January 10, 2005.

See Notes to Financial Statements.

76

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006

ASSETS
Investments at value:
Affiliated issuers (Cost $122,027,998)	$	133,512,748
Unaffiliated issuers (Amortized cost $265,966)		265,966
Receivable for Fund shares sold		531,552
Receivable from investment manager		120,717
Dividends receivable from affiliated securities		84,872
Interest and other receivables		1,032
Other assets		16,589
Total assets		134,533,476
LIABILITIES
Overdraft payable		70
Payable for Fund shares redeemed		575,660
Payable for affiliated securities purchased		156,593
Distribution fees payable		62,252
Administrative fees payable		19,732
Trustees’ fees payable		3,498
Accrued expenses		133,708
Total liabilities		951,513
NET ASSETS	$	133,581,963
Net assets were comprised of: Paid in capital	$	140,632,205
Accumulated undistributed net investment income		441,126
Accumulated net realized loss		(18,976,118	)
Unrealized appreciation on investments		11,484,750
Net assets	$	133,581,963
Class A
Net asset value and redemption price per share, $84,074,464 / 10,375,365 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.10
Maximum sales charge (4.75% of offering price)		0.40
Maximum offering price to public	$	8.50
Class B
Net asset value and offering price per share, $39,082,871 / 4,956,718 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.88
Class C
Net asset value and offering price per share, $9,974,756 / 1,269,786 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.86
Class Y
Net asset value, offering and redemption price per share, $449,872 / 55,002 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.18
STATEMENT OF OPERATIONS For the Year Ended October 31, 2006
INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	1,940,737
Interest		48,299
Total income		1,989,036
EXPENSES
Transfer agent fees		481,000
Investment management fees		243,038
Administrative fees		218,934
Professional fees		102,873
Printing and mailing expenses		73,393
Registration and filing fees		60,442
Custodian fees		56,913
Trustees’ fees		19,073
Distribution fees - Class A		265,130
Distribution fees - Class B		411,094
Distribution fees - Class C		82,272
Miscellaneous		21,885
Gross expenses		2,036,047
Less: Waiver from investment advisor		(461,972	)
Reimbursement from investment advisor		(533,433	)
Fees paid indirectly		(70,770	)
Net expenses		969,872
NET INVESTMENT INCOME		1,019,164
REALIZED AND UNREALIZED GAIN
Net realized gain on securities		2,049,291
Net distributions of realized gain received from Underlying Funds		3,036,035
Net realized gain		5,085,326
Net change in unrealized appreciation on securities		9,475,538
NET REALIZED AND UNREALIZED GAIN		14,560,864
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,580,028

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,019,164		$	794,102
Net realized gain on investments		5,085,326			12,356,568
Net change in unrealized appreciation (depreciation) on investments		9,475,538			(3,606,863	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		15,580,028			9,543,807
DIVIDENDS:
Dividends from net investment income
Class A		(1,204,478	)		(500,632	)
Class B		(587,085	)		(143,249	)
Class C		(98,269	)		(18,354	)
Class Y		(8,885	)		(4,511	)
TOTAL DIVIDENDS		(1,898,717	)		(666,746	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 3,969,000 and 10,381,882 shares, respectively ]		30,544,867			73,552,486
Capital shares issued in reinvestment of dividends [ 154,157 and 67,141 shares, respectively ]		1,145,435			476,033
Capital shares redeemed [ (2,232,202) and (11,098,260) shares, respectively ]		(17,144,087	)		(78,557,353	)
Total Class A transactions		14,546,215			(4,528,834	)
Class B
Capital shares sold [ 1,356,459 and 7,306,986 shares, respectively ]		10,168,479			50,508,408
Capital shares issued in reinvestment of dividends [ 77,723 and 19,867 shares, respectively]		565,046			137,701
Capital shares redeemed [ (2,469,169) and (9,464,370) shares, respectively ]		(18,514,843	)		(65,406,621	)
Total Class B transactions		(7,781,318	)		(14,760,512	)
Class C
Capital shares sold [ 598,084 and 1,171,027 shares, respectively ]		4,483,303			8,074,994
Capital shares issued in reinvestment of dividends [ 13,212 and 2,537 shares, respectively ]		95,692			17,531
Capital shares redeemed [ (358,018) and (1,189,263) shares, respectively ]		(2,655,779	)		(8,192,917	)
Total Class C transactions		1,923,216			(100,392	)
Class Y
Capital shares sold [ 15,166 and 44,937 shares, respectively ]		115,507			320,827
Capital shares issued in reinvestment of dividends [ 1,017 and 541 shares, respectively ]		7,607			3,859
Capital shares redeemed [ (3,130) and (59,566) shares, respectively ]		(24,857	)		(425,116	)
Total Class Y transactions		98,257			(100,430	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		8,786,370			(19,490,168	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		22,467,681			(10,613,107	)
NET ASSETS:
Beginning of year		111,114,282			121,727,389
End of year (a)	$	133,581,963		$	111,114,282
____________
(a)    Includes accumulated undistributed net investment income of	$	441,126		$	498,797

See Notes to Financial Statements.

78

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006

ASSETS
Investments at value:
Affiliated issuers (Cost $19,123,683)	$	20,725,779
Unaffiliated issuers (Amortized cost $269,823)		269,823
Receivable for Fund shares sold		230,287
Receivable from investment manager		7,152
Dividends receivable from affiliated securities		2,138
Interest and other receivables		970
Other assets		34,337
Total assets		21,270,486
LIABILITIES
Payable for affiliated securities purchased		60,634
Distribution fees payable		10,399
Payable for Fund shares redeemed		6,794
Administrative fees payable		5,700
Trustees’ fees payable		598
Accrued expenses		36,654
Total liabilities		120,779
NET ASSETS	$	21,149,707
Net assets were comprised of:
Paid in capital	$	19,456,667
Accumulated overdistributed net investment income.		(753	)
Accumulated undistributed net realized gain		91,697
Unrealized appreciation on investments		1,602,096
Net assets	$	21,149,707
Class A
Net asset value and redemption price per share, $11,587,156 / 968,554 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.96
Maximum sales charge (4.75% of offering price)		0.60
Maximum offering price to public	$	12.56
Class B
Net asset value and offering price per share, $4,923,906 / 413,579 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.91
Class C
Net asset value and offering price per share, $4,430,968 / 372,599 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.89
Class Y
Net asset value, offering and redemption price per share, $207,677 / 17,328 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.99

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	77,939
Interest		7,278
Total income		85,217
EXPENSES
Administrative fees		54,144
Custodian fees		52,992
Transfer agent fees		35,231
Investment management fees		25,426
Professional fees		24,827
Registration and filing fees		24,150
Printing and mailing expenses		6,300
Trustees’ fees		1,962
Distribution fees - Class A		23,333
Distribution fees - Class B		31,314
Distribution fees - Class C		28,061
Miscellaneous		9,163
Gross expenses		316,903
Less: Waiver from investment advisor		(79,570	)
Reimbursement from investment advisor		(126,760	)
Net expenses		110,573
NET INVESTMENT LOSS		(25,356	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss on securities		(16,095	)
Net distributions of realized gain received from Underlying Funds		231,979
Net realized gain		215,884
Net change in unrealized appreciation on securities		1,528,525
NET REALIZED AND UNREALIZED GAIN		1,744,409
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,719,053

See Notes to Financial Statements.

79

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AXA ENTERPRISE AGGRESSIVE ALLOCATION FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31, 2006			January 10, 2005* to October 31, 2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(25,356	)	$	(11,150	)
Net realized gain on investments		215,884			43,143
Net change in unrealized appreciation on investments		1,528,525			73,571
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,719,053			105,564
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(56,827	)		—
Class B		(20,471	)		—
Class C		(19,148	)		—
Class Y		(291	)		—
		(96,737	)		—
Distributions from net realized capital gains
Class A		(17,127	)		—
Class B		(9,164	)		—
Class C		(8,572	)		—
Class Y		(69	)		—
		(34,932	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(131,669	)		—
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 839,992 and 269,770 shares, respectively ]		9,509,339			2,772,127
Capital shares issued in reinvestment of dividends and distributions [ 6,791 and 0 shares, respectively ]		73,422			—
Capital shares redeemed [ (140,732) and (8,267) shares, respectively ]		(1,596,794	)		(88,299	)
Total Class A transactions		7,985,967			2,683,828
Class B
Capital shares sold [ 329,833 and 116,773 shares, respectively ]		3,703,549			1,196,775
Capital shares issued in reinvestment of dividends and distributions [ 2,714 and 0 shares, respectively ]		29,339			—
Capital shares redeemed [ (35,752) and (989) shares, respectively ]		(404,906	)		(10,662	)
Total Class B transactions		3,327,982			1,186,113
Class C
Capital shares sold [ 296,925 and 114,058 shares, respectively ]		3,342,509			1,155,514
Capital shares issued in reinvestment of dividends and distributions [ 2,552 and 0 shares, respectively ]		27,530			—
Capital shares redeemed [ (41,034) and (902) shares, respectively ]		(465,722	)		(9,543	)
Total Class C transactions		2,904,317			1,145,971
Class Y
Capital shares sold [ 18,135 and 164 shares, respectively ]		203,014			1,735
Capital shares issued in reinvestment of dividends and distributions [ 6 and 0 shares, respectively ]		67			—
Capital shares redeemed [ (1,977) and (0) shares, respectively ]		(22,232	)		(3	)
Total Class Y transactions		180,849			1,732
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		14,399,115			5,017,644
TOTAL INCREASE IN NET ASSETS		15,986,499			5,123,208
NET ASSETS:
Beginning of period		5,163,208			40,000
End of period (a)	$	21,149,707		$	5,163,208
____________
(a)     Includes accumulated overdistributed net investment income of	$	(753	)	$	(69	)
*       The Fund commenced operations on January 10, 2005.

See Notes to Financial Statements.

80

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AXA ENTERPRISE MULTIMANAGER GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006

ASSETS
Investments at value (Cost $8,815,232)	$	10,931,390
Receivable for securities sold		49,207
Receivable from investment manager		18,828
Dividends, interest and other receivables		3,719
Receivable for Fund shares sold		6
Other assets		23,094
Total assets		11,026,244
LIABILITIES
Overdraft payable		12,931
Payable for securities purchased		52,230
Administrative fees payable		13,686
Payable for Fund shares redeemed		7,906
Distribution fees payable		1,513
Trustees’ fees payable		555
Accrued expenses		73,712
Total liabilities		162,533
NET ASSETS	$	10,863,711
Net assets were comprised of:
Paid in capital	$	9,904,729
Accumulated net investment loss		(9,299	)
Accumulated net realized loss		(1,147,877	)
Unrealized appreciation on investments		2,116,158
Net assets	$	10,863,711
Class A
Net asset value and redemption price per share, $920,751 / 91,871 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.02
Maximum sales charge (4.75% of offering price)		0.50
Maximum offering price to public	$	10.52
Class B
Net asset value and offering price per share, $338,082 / 34,649 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.76
Class C
Net asset value and offering price per share, $228,449 / 23,429 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.75
Class P
Net asset value and redemption price per share, $3,160,065 / 314,190 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.06
Maximum sales charge (5.50% of offering price)		0.59
Maximum offering price to public	$	10.65
Class Y
Net asset value, offering and redemption price per share, $6,216,364 / 613,842 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.13

STATEMENT OF OPERATIONS

For Year Ended October 31, 2006

INVESTMENT INCOME
Dividends (net of $152 foreign withholding tax)	$	68,765
Interest		12,578
Total income		81,343
EXPENSES
Administrative fees		156,695
Investment management fees		110,228
Professional fees		51,649
Registration and filing fees		45,088
Transfer agent fees		29,231
Custodian fees		10,218
Printing and mailing expenses		6,877
Trustees’ fees		1,726
Distribution fees - Class A		3,062
Distribution fees - Class B		3,337
Distribution fees - Class C		2,459
Distribution fees - Class P		8,769
Miscellaneous		10,946
Gross expenses		440,285
Less: Waiver from investment advisor		(266,923	)
Reimbursement from investment advisor		(23,374	)
Fees paid indirectly		(1,602	)
Net expenses		148,386
NET INVESTMENT LOSS		(67,043	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		762,161
Net change in unrealized depreciation on securities		(396,730	)
NET REALIZED AND UNREALIZED GAIN		365,431
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	298,388

See Notes to Financial Statements.

81

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AXA ENTERPRISE MULTIMANAGER GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(67,043	)	$	(58,549	)
Net realized gain on investments		762,161			175,976
Net change in unrealized appreciation (depreciation) on investments		(396,730	)		1,054,544
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		298,388			1,171,971
DIVIDENDS:
Dividends from net investment income
Class Y		—			(5,977	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [ 64,213 and 40,553 shares, respectively ]		641,828			372,821
Capital shares redeemed [ (10,425) and (2,470) shares, respectively ]		(104,221	)		(23,550	)
Total Class A transactions		537,607			349,271
Class B
Capital shares sold [ 27,013 and 12,539 shares, respectively ]		271,743			114,405
Capital shares redeemed [ (9,026) and (290,727) shares, respectively ]		(87,947	)		(2,589,013	)
Total Class B transactions		183,796			(2,474,608	)
Class C
Capital shares sold [ 4,050 and 1,140 shares, respectively ]		37,929			10,879
Capital shares redeemed [ (8,504) and (4,012) shares, respectively ]		(84,058	)		(35,806	)
Total Class C transactions		(46,129	)		(24,927	)
Class P
Capital shares sold [ 0 and 292,629 shares, respectively ]		—			2,647,891
Capital shares redeemed [ (71,758) and (151,424) shares, respectively ]		(707,409	)		(1,388,763	)
Total Class P transactions		(707,409	)		1,259,128
Class Y
Capital shares sold [ 4,659 and 2,088 shares, respectively ]		47,312			20,806
Capital shares issued in reinvestment of dividends [ 0 and 51 shares, respectively ]		—			475
Capital shares redeemed [ (21,073) and (18,153) shares, respectively ]		(211,943	)		(171,253	)
Total Class Y transactions		(164,631	)		(149,972	)
NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(196,766	)		(1,041,108	)
TOTAL INCREASE IN NET ASSETS		101,622			124,886
NET ASSETS:
Beginning of year		10,762,089			10,637,203
End of year (a)	$	10,863,711		$	10,762,089
____________
(a)    Includes accumulated net investment loss of	$	(9,299	)	$	(21,508	)

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

82

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AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006

ASSETS
Investments at value (Cost $10,751,019)	$	12,738,829
Foreign cash (Cost $28,418)		28,313
Receivable for Fund shares sold		20,600
Receivable for securities sold		17,261
Receivable from investment manager		16,910
Dividends, interest and other receivables		8,696
Other assets		23,168
Total assets		12,853,777
LIABILITIES
Payable for securities purchased		67,647
Payable for Fund shares redeemed		18,017
Administrative fees payable		13,983
Distribution fees payable		1,657
Trustees’ fees payable		733
Accrued expenses		74,948
Total liabilities		176,985
NET ASSETS	$	12,676,792
Net assets were comprised of:
Paid in capital	$	9,806,850
Accumulated undistributed net investment income		15,788
Accumulated undistributed net realized gain		866,449
Unrealized appreciation on investments and foreign currency translations		1,987,705
Net assets	$	12,676,792
Class A
Net asset value and redemption price per share, $678,968 / 56,411 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.04
Maximum sales charge (4.75% of offering price)		0.60
Maximum offering price to public	$	12.64
Class B
Net asset value and offering price per share, $359,375 / 30,671 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.72
Class C
Net asset value and offering price per share, $339,247 / 28,951 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.72
Class P
Net asset value and redemption price per share, $3,948,079 / 327,678 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.05
Maximum sales charge (5.50% of offering price)		0.70
Maximum offering price to public	$	12.75
Class Y
Net asset value, offering and redemption price per share, $7,351,123 / 608,039 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.09

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006

INVESTMENT INCOME
Dividends (net of $1,085 foreign withholding tax)	$	196,528
Interest		10,065
Total income		206,593
EXPENSES
Administrative fees		159,051
Investment management fees		125,776
Professional fees		52,200
Registration and filing fees		45,065
Transfer agent fees		31,340
Custodian fees		3,399
Printing and mailing expenses		7,196
Trustees’ fees		1,964
Distribution fees - Class A		2,512
Distribution fees - Class B		2,891
Distribution fees - Class C		3,570
Distribution fees - Class P		10,087
Miscellaneous		10,969
Gross expenses		456,020
Less: Waiver from investment advisor		(284,827	)
Reimbursement from investment advisor		(1,091	)
Fees paid indirectly		(1,847	)
Net expenses		168,255
NET INVESTMENT INCOME		38,338
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		955,468
Foreign currency transactions		(112	)
Net realized gain		955,356
Change in unrealized appreciation (depreciation) on:
Securities		683,298
Foreign currency translations		(105	)
Net change in unrealized appreciation		683,193
NET REALIZED AND UNREALIZED GAIN		1,638,549
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,676,887

See Notes to Financial Statements.

83

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AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31,
	2006			2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	38,338		$	77,898
Net realized gain on investments and foreign currency transactions		955,356			1,045,830
Net change in unrealized appreciation on investments and foreign currency translations		683,193			171,499
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,676,887			1,295,227
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class P		(486	)		(10,853	)
Class Y		(20,103	)		(32,943	)
		(20,589	)		(43,796	)
Distributions from net realized capital gains
Class A*		(20,021	)		—
Class B		(9,013	)		—
Class C		(14,423	)		—
Class P		(155,164	)		—
Class Y		(276,455	)		—
		(475,076	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(495,665	)		(43,796	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [ 32,328 and 36,799 shares, respectively ]		366,063			387,257
Capital shares issued in reinvestment of distributions [ 1,321 and 0 shares, respectively ]		14,547			—
Capital shares redeemed [ (13,852) and (185) shares, respectively ]		(154,979	)		(2,007	)
Total Class A transactions		225,631			385,250
Class B
Capital shares sold [ 13,006 and 16,331 shares, respectively ]		143,937			169,695
Capital shares issued in reinvestment of distributions [ 616 and 0 shares, respectively ]		6,639			—
Capital shares redeemed [ (4,333) and (300,336) shares, respectively ]		(48,737	)		(3,030,492	)
Total Class B transactions		101,839			(2,860,797	)
Class C
Capital shares sold [ 3,477 and 4,911 shares, respectively ]		38,214			51,264
Capital shares issued in reinvestment of distributions [ 1,117 and 0 shares, respectively ]		12,032			—
Capital shares redeemed [ (9,514) and (11,180) shares, respectively ]		(106,636	)		(116,770	)
Total Class C transactions		(56,390	)		(65,506	)
Class P
Capital shares sold [ 41 and 305,752 shares, respectively ]		455			3,127,892
Capital shares issued in reinvestment of dividends and distributions [ 13,070 and 917 shares, respectively ]		143,767			9,640
Capital shares redeemed [ (66,375) and (159,390) shares, respectively ]		(751,453	)		(1,681,264	)
Total Class P transactions		(607,231	)		1,456,268
Class Y
Capital shares sold [ 5,692 and 485 shares, respectively ]		67,558			5,150
Capital shares issued in reinvestment of dividends and distributions [ 2,100 and 427 shares, respectively ]		23,142			4,491
Capital shares redeemed [ (66,529) and (32,484) shares, respectively ]		(731,705	)		(349,521	)
Total Class Y transactions		(641,005	)		(339,880	)
NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(977,156	)		(1,424,665	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		204,066			(173,234	)
NET ASSETS:
Beginning of year		12,472,726			12,645,960
End of year (a)	$	12,676,792		$	12,472,726
___________
(a)    Includes accumulated undistributed (overdistributed) net investment income of	$	15,788		$	(1,849	)

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

84

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AXA ENTERPRISE MULTIMANAGER VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006

ASSETS
Investments at value (Cost $47,488,870)	$	53,674,220
Receivable for securities sold		394,216
Receivable for Fund shares sold		58,643
Dividends, interest and other receivables		43,277
Other assets		23,307
Total assets		54,193,663
LIABILITIES
Payable for securities purchased		611,049
Administrative fees payable		19,102
Investment management fees payable		15,146
Payable for Fund shares redeemed		14,568
Distribution fees payable		2,895
Trustees’ fees payable		1,535
Accrued expenses		61,685
Total liabilities		725,980
NET ASSETS	$	53,467,683
Net assets were comprised of:
Paid in capital	$	44,981,971
Accumulated undistributed net investment income		280,631
Accumulated undistributed net realized gain		2,019,682
Unrealized appreciation on investments and foreign currency translations		6,185,399
Net assets	$	53,467,683
Class A
Net asset value and redemption price per share, $1,825,569 / 135,431 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.48
Maximum sales charge (4.75% of offering price)		0.67
Maximum offering price to public	$	14.15
Class B
Net asset value and offering price per share, $1,011,087 / 75,838 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.33
Class C
Net asset value and offering price per share, $684,705 / 51,356 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.33
Class P
Net asset value and redemption price per share, $4,049,787 / 300,715 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.47
Maximum sales charge (5.50% of offering price)		0.78
Maximum offering price to public	$	14.25
Class Y
Net asset value, offering and redemption price per share, $45,896,535 / 3,392,164 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.53

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006

INVESTMENT INCOME
Dividends (net of $2,590 foreign withholding tax)	$	888,129
Interest		47,530
Total income		935,659
EXPENSES
Investment management fees		446,333
Administrative fees		207,517
Professional fees		64,474
Transfer agent fees		51,753
Registration and filing fees		45,281
Custodian fees		19,401
Printing and mailing expenses		11,905
Trustees’ fees		7,003
Distribution fees - Class A		4,313
Distribution fees - Class B		6,377
Distribution fees - Class C		5,600
Distribution fees - Class P		10,187
Miscellaneous		11,343
Gross expenses		891,487
Less: Waiver from investment advisor		(329,387	)
Fees paid indirectly		(17,224	)
Net expenses		544,876
NET INVESTMENT INCOME		390,783
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		2,180,895
Foreign currency transactions		(58	)
Net realized gain		2,180,837
Change in unrealized appreciation (depreciation) on:
Securities		4,797,793
Foreign currency translations		(120	)
Net change in unrealized appreciation		4,797,673
NET REALIZED AND UNREALIZED GAIN		6,978,510
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,369,293

See Notes to Financial Statements.

85

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AXA ENTERPRISE MULTIMANAGER VALUE FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31,
	2006			2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	390,783		$	202,383
Net realized gain on investments and foreign currency transactions		2,180,837			1,500,482
Net change in unrealized appreciation on investments and foreign currency translations		4,797,673			232,882
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		7,369,293			1,935,747
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A*		(678	)		(614	)
Class B		—			(36	)
Class C		—			(205	)
Class P		(15,082	)		(41,094	)
Class Y		(213,893	)		(77,436	)
		(229,653	)		(119,385	)
Distributions from net realized capital gains
Class A*		(16,084	)		(1,478	)
Class B		(16,454	)		(1,001	)
Class C		(19,771	)		(5,703	)
Class P		(159,714	)		(74,231	)
Class Y		(1,331,637	)		(106,147	)
		(1,543,660	)		(188,560	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(1,773,313	)		(307,945	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [ 119,024 and 33,692 shares, respectively ]		1,496,352			393,536
Capital shares issued in reinvestment of dividends and distributions [ 1,027 and 184 shares, respectively ]		12,194			2,092
Capital shares redeemed [ (14,408) and (4,088) shares, respectively ]		(180,538	)		(48,733	)
Total Class A transactions		1,328,008			346,895
Class B
Capital shares sold [ 57,360 and 28,165 shares, respectively ]		714,260			329,065
Capital shares issued in reinvestment of dividends and distributions [ 1,016 and 10 shares, respectively ]		11,987			113
Capital shares redeemed [ (10,474) and (258,206) shares, respectively ]		(130,254	)		(2,891,318	)
Total Class B transactions		595,993			(2,562,140	)
Class C
Capital shares sold [ 17,683 and 14,016 shares, respectively ]		215,202			162,842
Capital shares issued in reinvestment of dividends and distributions [ 1,367 and 439 shares, respectively ]		16,126			4,984
Capital shares redeemed [(9,278) and (7,603) shares, respectively ]		(114,440	)		(88,763	)
Total Class C transactions		116,888			79,063
Class P
Capital shares sold [ 25 and 252,201 shares, respectively ]		304			2,839,648
Capital shares issued in reinvestment of dividends and distributions [ 12,937 and 9,332 shares, respectively ]		153,299			105,828
Capital shares redeemed [ (55,749) and (123,033) shares, respectively ]		(696,866	)		(1,432,050	)
Total Class P transactions		(543,263	)		1,513,426
Class Y
Capital shares sold [ 890,552 and 2,241,130 shares, respectively ]		11,189,694			26,493,398
Capital shares issued in reinvestment of dividends and distributions [ 103,230 and 1,147 shares, respectively ]		1,226,385			13,036
Capital shares redeemed [ (353,602) and (124,336) shares, respectively ]		(4,393,579	)		(1,477,329	)
Total Class Y transactions		8,022,500			25,029,105
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		9,520,126			24,406,349
TOTAL INCREASE IN NET ASSETS		15,116,106			26,034,151
NET ASSETS:
Beginning of year		38,351,577			12,317,426
End of year (a)	$	53,467,683		$	38,351,577
____________
(a)    Includes accumulated undistributed net investment income of	$	280,631		$	119,559

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006

ASSETS
Investments at value (Cost $13,741,746)	$	15,632,902
Receivable for securities sold		113,875
Receivable from investment manager		13,582
Receivable for Fund shares sold		11,792
Dividends, interest and other receivables		1,804
Other assets		23,119
Total assets		15,797,074
LIABILITIES
Payable for securities purchased		109,574
Administrative fees payable		14,358
Payable for Fund shares redeemed		8,560
Distribution fees payable		3,064
Trustees’ fees payable		849
Accrued expenses		77,848
Total liabilities		214,253
NET ASSETS	$	15,582,821
Net assets were comprised of:
Paid in capital	$	12,440,284
Accumulated net investment loss		(9,957	)
Accumulated undistributed net realized gain		1,261,338
Unrealized appreciation on investments		1,891,156
Net assets	$	15,582,821
Class A
Net asset value and redemption price per share, $2,399,867 / 214,377 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.19
Maximum sales charge (4.75% of offering price)		0.56
Maximum offering price to public	$	11.75
Class B
Net asset value and offering price per share, $822,430 / 76,003 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.82
Class C
Net asset value and offering price per share, $577,812 / 53,465 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.81
Class P
Net asset value and redemption price per share, $4,603,604 / 410,219 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.22
Maximum sales charge (5.50% of offering price)		0.65
Maximum offering price to public	$	11.87
Class Y
Net asset value, offering and redemption price per share, $7,179,108 / 632,132 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.36

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006

INVESTMENT INCOME
Dividends (net of $3 foreign withholding tax)	$	53,822
Interest		20,509
Total income		74,331
EXPENSES
Investment management fees		181,464
Administrative fees		162,876
Professional fees		53,082
Registration and filing fees		46,738
Transfer agent fees		40,329
Custodian fees		20,984
Printing and mailing expenses		7,738
Trustees’ fees		2,363
Distribution fees - Class A		7,910
Distribution fees - Class B		6,380
Distribution fees - Class C		5,156
Distribution fees - Class P		12,658
Miscellaneous		11,994
Gross expenses		559,672
Less: Waiver from investment advisor		(308,203	)
Fees paid indirectly		(5,451	)
Net expenses		246,018
NET INVESTMENT LOSS		(171,687	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		1,817,976
Net change in unrealized depreciation on securities:		(22,449	)
NET REALIZED AND UNREALIZED GAIN		1,795,527
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,623,840

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(171,687	)	$	(156,385	)
Net realized gain on investments		1,817,976			1,423,444
Net change in unrealized appreciation (depreciation) on investments		(22,449	)		150,924
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,623,840			1,417,983
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [ 168,365 and 117,244 shares, respectively ]		1,920,950			1,143,736
Capital shares redeemed [ (43,428) and (27,804) shares, respectively ]		(482,085	)		(281,976	)
Total Class A transactions		1,438,865			861,760
Class B
Capital shares sold [ 71,926 and 15,316 shares, respectively ]		794,114			144,675
Capital shares redeemed [ (16,114) and (370,206) shares, respectively ]		(170,247	)		(3,328,423	)
Total Class B transactions		623,867			(3,183,748	)
Class C
Capital shares sold [ 24,412 and 4,750 shares, respectively ]		263,958			44,426
Capital shares redeemed [ (5,350) and (10,887) shares, respectively ]		(59,962	)		(101,640	)
Total Class C transactions		203,996			(57,214	)
Class P
Capital shares sold [ 0 and 365,203 shares, respectively ]		—			3,352,503
Capital shares redeemed [ (103,312) and (160,899) shares, respectively ]		(1,142,299	)		(1,546,319	)
Total Class P transactions		(1,142,299	)		1,806,184
Class Y
Capital shares sold [ 21,210 and 24,739 shares, respectively ]		240,362			232,298
Capital shares redeemed [ (26,673) and (45,139) shares, respectively ]		(297,189	)		(431,924	)
Total Class Y transactions		(56,827	)		(199,626	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,067,602			(772,644	)
TOTAL INCREASE IN NET ASSETS		2,691,442			645,339
NET ASSETS:
Beginning of year		12,891,379			12,246,040
End of year (a)	$	15,582,821		$	12,891,379
____________
(a)    Includes accumulated net investment loss of	$	(9,957	)	$	(21,932	)

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

88

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STATEMENT OF ASSETS AND LIABILITIES
October 31, 2006
ASSETS
Investments at value (Cost $16,669,031)	$	19,593,222
Receivable for securities sold		63,350
Receivable for Fund shares sold		17,401
Dividends, interest and other receivables		12,146
Receivable from investment manager		11,408
Other assets		22,914
Total assets		19,720,441
LIABILITIES
Payable for securities purchased		93,106
Payable for Fund shares redeemed		45,203
Administrative fees payable		15,001
Distribution fees payable		3,672
Trustees’ fees payable		997
Accrued expenses		88,293
Total liabilities		246,272
NET ASSETS	$	19,474,169
Net assets were comprised of:
Paid in capital	$	14,606,884
Accumulated net investment loss		(12,033	)
Accumulated undistributed net realized gain		1,955,127
Unrealized appreciation on investments		2,924,191
Net assets	$	19,474,169
Class A
Net asset value and redemption price per share, $2,881,587 / 222,905 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.93
Maximum sales charge (4.75% of offering price)		0.64
Maximum offering price to public	$	13.57
Class B
Net asset value and offering price per share, $942,905 / 74,984 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.57
Class C
Net asset value and offering price per share, $616,756 / 49,153 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.55
Class P
Net asset value and redemption price per share, $6,062,153 / 467,519 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.97
Maximum sales charge (5.50% of offering price)		0.75
Maximum offering price to public	$	13.72
Class Y
Net asset value, offering and redemption price per share, $ 8,970,768 / 686,169 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.07

STATEMENT OF OPERATIONS
For the Year Ended October 31, 2006
INVESTMENT INCOME
Dividends (net of $1,711 foreign withholding tax)	$	257,038
Interest		17,967
Total income		275,005
EXPENSES
Investment management fees		223,398
Administrative fees		168,178
Professional fees		54,462
Registration and filing fees		46,714
Transfer agent fees		43,009
Custodian fees		36,841
Printing and mailing expenses		8,425
Trustees’ fees		2,909
Distribution fees - Class A		9,442
Distribution fees - Class B		7,360
Distribution fees - Class C		5,989
Distribution fees - Class P		16,388
Miscellaneous		12,515
Gross expenses		635,630
Less: Waiver from investment advisor		(326,561	)
Fees paid indirectly		(1,860	)
Net expenses		307,209
NET INVESTMENT LOSS		(32,204	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		2,079,995
Foreign currency transactions		(116	)
Net realized gain		2,079,879
Change in unrealized appreciation on:
Securities		1,004,166
Foreign currency translations		1
Net change in unrealized appreciation		1,004,167
NET REALIZED AND UNREALIZED GAIN		3,084,046
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,051,842

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(32,204	)	$	(43,282	)
Net realized gain on investments and foreign currency transactions		2,079,879			2,375,640
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		1,004,167			(554,063	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		3,051,842			1,778,295
DISTRIBUTIONS:
Distributions from net realized capital gains
Class A*		(152,757	)		—
Class B		(52,425	)		—
Class C		(60,784	)		—
Class P		(698,172	)		—
Class Y		(888,355	)		—
TOTAL DISTRIBUTIONS		(1,852,493	)		—
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [ 147,962 and 108,842 shares, respectively ]		1,839,617			1,328,098
Capital shares issued in reinvestment of distributions [ 12,132 and 0 shares, respectively ]		140,129			—
Capital shares redeemed [ (38,381) and (7,650) shares, respectively ]		(477,519	)		(93,218	)
Total Class A transactions		1,502,227			1,234,880
Class B
Capital shares sold [ 59,073 and 31,618 shares, respectively ]		713,451			376,048
Capital shares issued in reinvestment of distributions [ 3,585 and 0 shares, respectively ]		40,486			—
Capital shares redeemed [ (22,157) and (348,843) shares, respectively ]		(265,920	)		(3,881,559	)
Total Class B transactions		488,017			(3,505,511	)
Class C
Capital shares sold [ 10,796 and 14,028 shares, respectively ]		131,284			167,889
Capital shares issued in reinvestment of distributions [ 4,716 and 0 shares, respectively ]		53,148			—
Capital shares redeemed [ (11,782) and (11,307) shares, respectively ]		(144,717	)		(134,418	)
Total Class C transactions		39,715			33,471
Class P
Capital shares sold [ 95 and 342,688 shares, respectively ]		1,528			3,868,153
Capital shares issued in reinvestment of distributions [ 55,366 and 0 shares, respectively ]		640,587			—
Capital shares redeemed [ (126,999) and (160,799) shares, respectively ]		(1,572,506	)		(1,937,983	)
Total Class P transactions		(930,391	)		1,930,170
Class Y
Capital shares sold [ 39,141 and 64,729 shares, respectively ]		495,290			766,888
Capital shares issued in reinvestment of distributions [ 10,168 and 0 shares, respectively ]		118,356			—
Capital shares redeemed [ (34,327) and (80,237) shares, respectively ]		(438,125	)		(978,260	)
Total Class Y transactions		175,521			(211,372	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,275,089			(518,362	)
TOTAL INCREASE IN NET ASSETS		2,474,438			1,259,933
NET ASSETS:
Beginning of year		16,999,731			15,739,798
End of year (a)	$	19,474,169		$	16,999,731
____________           (a)    Includes accumulated net investment loss of	$	(12,033	)	$	(23,826	)

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

90

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006

ASSETS
Investments at value (Cost $39,753,087)	$	48,710,379
Cash		481,196
Foreign cash (Cost $282,236)		290,023
Receivable for securities sold		377,404
Receivable for Fund shares sold		184,359
Dividends, interest and other receivables		121,707
Other assets		43,271
Total assets		50,208,339
LIABILITIES
Payable for securities purchased		533,100
Payable for Fund shares redeemed		48,523
Administrative fees payable		18,571
Investment management fees payable		15,041
Distribution fees payable		7,352
Trustees’ fees payable		1,626
Accrued expenses		59,186
Total liabilities		683,399
NET ASSETS	$	49,524,940
Net assets were comprised of:
Paid in capital	$	34,626,772
Accumulated undistributed net investment income		23,184
Accumulated undistributed net realized gain		5,893,044
Unrealized appreciation on investments, futures and foreign currency translations		8,981,940
Net assets	$	49,524,940
Class A
Net asset value and redemption price per share, $6,448,026 / 400,114 shares outstanding (unlimited amount authorized: $0.001 par value)	$	16.12
Maximum sales charge (4.75% of offering price)		0.80
Maximum offering price to public	$	16.92
Class B
Net asset value and offering price per share, $3,734,697 / 233,905 shares outstanding (unlimited amount authorized: $0.001 par value)	$	15.97
Class C
Net asset value and offering price per share, $1,372,060 / 85,897 shares outstanding (unlimited amount authorized: $0.001 par value)	$	15.97
Class P
Net asset value and redemption price per share, $4,233,143 / 263,114 shares outstanding (unlimited amount authorized: $0.001 par value)	$	16.09
Maximum sales charge (5.50% of offering price)		0.94
Maximum offering price to public	$	17.03
Class Y
Net asset value, offering and redemption price per share, $33,737,014 / 2,090,074 shares outstanding (unlimited amount authorized: $0.001 par value)	$	16.14

STATEMENT OF OPERATIONS
For the Year Ended October 31, 2006
INVESTMENT INCOME
Dividends (net of $109,873 foreign withholding tax)	$	896,579
Interest		26,291
Total income		922,870
EXPENSES
Investment management fees		517,914
Administrative fees		208,157
Custodian fees		104,487
Professional fees		65,797
Transfer agent fees		64,921
Registration and filing fees		45,248
Printing and mailing expenses		14,048
Trustees’ fees		7,019
Distribution fees - Class A		17,361
Distribution fees - Class B		23,321
Distribution fees - Class C		11,054
Distribution fees - Class P		10,990
Miscellaneous		11,365
Gross expenses		1,101,682
Less: Waiver from investment advisor		(325,566	)
Fees paid indirectly		(9,758	)
Net expenses		766,358
NET INVESTMENT INCOME		156,512
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		6,053,671
Futures		24,019
Foreign currency transactions		(18,985	)
Net realized gain		6,058,705
Change in unrealized appreciation (depreciation) on:
Securities		5,264,886
Futures		19,241
Foreign currency translations		4,983
Net change in unrealized appreciation		5,289,110
NET REALIZED AND UNREALIZED GAIN		11,347,815
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,504,327

See Notes to Financial Statements.

91

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31,
	2006			2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	156,512		$	183,254
Net realized gain on investments and foreign currency transactions		6,058,705			1,883,003
Net change in unrealized appreciation on investments and foreign currency translations		5,289,110			1,939,979
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		11,504,327			4,006,236
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A*		(11,073	)		(734	)
Class B		—			(107	)
Class C		—			(592	)
Class P		(32,815	)		(44,135	)
Class Y		(365,963	)		(88,777	)
		(409,851	)		(134,345	)
Distributions from net realized capital gains
Class A*		(81,224	)		(276	)
Class B		(43,376	)		(178	)
Class C		(30,913	)		(981	)
Class P		(176,059	)		(12,995	)
Class Y		(1,463,338	)		(20,475	)
		(1,794,910	)		(34,905	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(2,204,761	)		(169,250	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [ 324,069 and 148,181 shares, respectively ]		4,854,446			1,848,860
Capital shares issued in reinvestment of dividends and distributions [ 6,218 and 83 shares, respectively ]		85,000			1,010
Capital shares redeemed [ (61,708) and (16,729) shares, respectively ]		(932,072	)		(220,674	)
Total Class A transactions		4,007,374			1,629,196
Class B
Capital shares sold [ 193,336 and 58,620 shares, respectively ]		2,839,681			727,672
Capital shares issued in reinvestment of dividends and distributions [ 2,617 and 0 shares, respectively ]		35,645			—
Capital shares redeemed [ (19,106) and (249,435) shares, respectively ]		(286,195	)		(2,930,627	)
Total Class B transactions		2,589,131			(2,202,955	)
Class C
Capital shares sold [ 55,523 and 27,852 shares, respectively ]		823,710			341,970
Capital shares issued in reinvestment of dividends and distributions [ 2,006 and 106 shares, respectively ]		27,326			1,283
Capital shares redeemed [ (23,929) and (6,503) shares, respectively ]		(364,031	)		(81,224	)
Total Class C transactions		487,005			262,029
Class P
Capital shares sold [ 27 and 244,067 shares, respectively ]		517			2,887,280
Capital shares issued in reinvestment of dividends and distributions [ 14,296 and 4,531 shares, respectively ]		194,846			54,963
Capital shares redeemed [ (71,604) and (101,924) shares, respectively ]		(1,067,036	)		(1,268,785	)
Total Class P transactions		(871,673	)		1,673,458
Class Y
Capital shares sold [ 399,552 and 2,113,446 shares, respectively ]		5,945,215			25,866,392
Capital shares issued in reinvestment of dividends and distributions [ 103,664 and 498 shares, respectively ]		1,415,016			6,051
Capital shares redeemed [ (955,382) and (193,707) shares, respectively ]		(14,213,777	)		(2,459,915	)
Total Class Y transactions		(6,853,546	)		23,412,528
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(641,709	)		24,774,256
TOTAL INCREASE IN NET ASSETS		8,657,857			28,611,242
NET ASSETS:
Beginning of year		40,867,083			12,255,841
End of year (a)	$	49,524,940		$	40,867,083
____________
(a)    Includes accumulated undistributed (overdistributed) net investment income of	$	23,184		$	172,588

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

92

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006

ASSETS
Investments at value (Cost $57,204,416)	$	61,242,902
Cash		7
Foreign cash (Cost $21,160)		21,132
Receivable for securities sold		1,028,659
Receivable for Fund shares sold		117,559
Receivable from investment manager		50,861
Dividends, interest and other receivables		15,671
Other assets		22,566
Total assets		62,499,357
LIABILITIES
Payable for securities purchased		1,870,695
Payable for Fund shares redeemed		361,461
Distribution fees payable		34,838
Administrative fees payable		20,263
Trustees’ fees payable		2,844
Accrued expenses		149,457
Total liabilities		2,439,558
NET ASSETS	$	60,059,799
Net assets were comprised of:
Paid in capital	$	314,333,286
Accumulated net investment loss		(10,919	)
Accumulated net realized loss		(258,300,980	)
Unrealized appreciation on investments and foreign currency transactions		4,038,412
Net assets	$	60,059,799
Class A
Net asset value and redemption price per share, $22,434,170 / 2,238,436 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	10.02
Maximum sales charge (4.75% of offering price)		0.50
Maximum offering price to public	$	10.52
Class B
Net asset value and offering price per share, $23,574,897 / 2,427,178 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	9.71
Class C
Net asset value and offering price per share, $6,547,077 / 674,559 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	9.71
Class P
Net asset value and redemption price per share, $1,127,309 / 111,906 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	10.07
Maximum sales charge (5.50% of offering price)		0.59
Maximum offering price to public	$	10.66
Class Y
Net asset value, offering and redemption price per share, $6,376,346 / 627,643 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	10.16

STATEMENT OF OPERATIONS
For the Year Ended October 31, 2006
INVESTMENT INCOME
Dividends (net of $5,966 foreign withholding tax)	$	312,327
Interest		174,252
Total income		486,579
EXPENSES
Investment management fees		860,866
Transfer agent fees		586,120
Administrative fees		240,365
Professional fees		91,379
Custodian fees		59,407
Registration and filing fees		45,373
Printing and mailing expenses		39,390
Trustees’ fees		10,354
Distribution fees - Class A		106,056
Distribution fees - Class B		276,828
Distribution fees - Class C		74,245
Distribution fees - Class P		3,020
Miscellaneous		40,231
Gross expenses		2,433,634
Less: Waiver from investment advisor		(848,053	)
Fees paid indirectly		(20,236	)
Net expenses		1,565,345
NET INVESTMENT LOSS		(1,078,766	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		4,985,876
Options written		(118,084	)
Foreign currency transactions		(14,678	)
Net realized gain		4,853,114
Change in unrealized appreciation on:
Securities		1,553,137
Options written		4,296
Foreign currency translations		170
Net change in unrealized appreciation		1,557,603
NET REALIZED AND UNREALIZED GAIN		6,410,717
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,331,951

See Notes to Financial Statements.

93

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AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(1,078,766	)	$	(229,701	)
Net realized gain on investments and foreign currency transactions		4,853,114			7,713,003
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		1,557,603			(5,971,136	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		5,331,951			1,512,166
DISTRIBUTIONS:
Distributions from net realized capital gains
Class A*		(1,672,767	)		—
Class B		(2,182,285	)		—
Class C		(558,246	)		—
Class P		(90,823	)		—
Class Y		(453,192	)		—
TOTAL DISTRIBUTIONS		(4,957,313	)		—
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [ 440,192 and 123,115 shares, respectively ]		4,389,226			1,217,038
Capital shares issued in reinvestment of distributions [ 162,028 and 0 shares, respectively ]		1,592,470			—
Capital shares issued in connection with merger (Note 11) [0 and 2,443,191 shares, respectively ]		—			23,967,706
Capital shares redeemed [ (714,317) and (215,773) shares, respectively ]		(7,041,209	)		(2,125,270	)
Total Class A transactions		(1,059,513	)		23,059,474
Class B
Capital shares sold [ 211,509 and 125,535 shares, respectively ]		2,057,826			1,244,849
Capital shares issued in reinvestment of distributions [ 212,705 and 0 shares, respectively ]		2,032,960			—
Capital shares issued in connection with merger (Note 11) [ 0 and 3,176,784 shares, respectively ]		—			30,428,133
Capital shares redeemed [ (1,100,720) and (317,999) shares, respectively ]		(10,578,305	)		(2,972,918	)
Total Class B transactions		(6,487,519	)		28,700,064
Class C
Capital shares sold [ 111,790 and 42,981 shares, respectively ]		1,098,525			429,444
Capital shares issued in reinvestment of distributions [ 54,489 and 0 shares, respectively ]		521,457			—
Capital shares issued in connection with merger (Note 11) [ 0 and 846,495 shares, respectively ]		—			8,109,425
Capital shares redeemed [ (293,213) and (95,676) shares, respectively ]		(2,840,911	)		(917,531	)
Total Class C transactions		(1,220,929	)		7,621,338
Class P
Capital shares sold [ 0 and 112,359 shares, respectively ]		—			859,797
Capital shares issued in reinvestment of distributions [ 8,085 and 0 shares, respectively ]		79,630			—
Capital shares redeemed [ (26,803) and (35,712) shares, respectively ]		(263,653	)		(335,121	)
Total Class P transactions		(184,023	)		524,676
Class Y
Capital shares sold [ 13,580 and 8,369 shares, respectively ]		139,763			126,531
Capital shares issued in reinvestment of distributions [ 3,032 and 0 shares, respectively ]		30,077			—
Capital shares issued in connection with merger (Note 11) [ 0 and 43,673 shares, respectively ]		—			431,046
Capital shares redeemed [ (23,133) and (34,805) shares, respectively ]		(233,832	)		(327,033	)
Total Class Y transactions		(63,992	)		230,544
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(9,015,976	)		60,136,096
TOTAL INCREASE (DECREASE) IN NET ASSETS		(8,641,338	)		61,648,262
NET ASSETS:
Beginning of year		68,701,137			7,052,875
End of year (a)	$	60,059,799		$	68,701,137
____________
(a)    Includes accumulated net investment loss of	$	(10,919	)	$	(19,890	)
*       Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

94

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AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006

ASSETS
Investments at value (Cost $8,785,253)	$	9,893,634
Cash		3,772
Foreign cash (Cost $105)		89
Receivable for securities sold		273,068
Receivable from investment manager		15,963
Dividends, interest and other receivables		13,198
Receivable for Fund shares sold		1,768
Other assets		22,918
Total assets		10,224,410
LIABILITIES
Payable for securities purchased		269,130
Administrative fees payable		13,476
Payable for Fund shares redeemed		6,884
Options written, at value (Premiums received $5,319)		5,890
Distribution fees payable		1,179
Trustees’ fees payable		431
Accrued expenses		71,588
Total liabilities		368,578
NET ASSETS	$	9,855,832
Net assets were comprised of:
Paid in capital	$	8,455,487
Accumulated net investment loss		(7,941	)
Accumulated undistributed net realized gain		300,407
Unrealized appreciation on investments, options written and foreign currency translations		1,107,879
Net assets	$	9,855,832
Class A
Net asset value and redemption price per share, $878,191 / 77,796 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.29
Maximum sales charge (4.75% of offering price)		0.56
Maximum offering price to public	$	11.85
Class B
Net asset value and offering price per share, $315,951 / 28,852 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.95
Class C
Net asset value and offering price per share, $270,994 / 24,737 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.96
Class P
Net asset value and redemption price per share, $1,664,165 / 147,097 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.31
Maximum sales charge (5.50% of offering price)		0.66
Maximum offering price to public	$	11.97
Class Y
Net asset value, offering and redemption price per share, $6,726,531 / 588,121 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.44
STATEMENT OF OPERATIONS
For the Year Ended October 31, 2006
INVESTMENT INCOME
Dividends (net of $2,903 foreign withholding tax)	$	82,060
Interest		14,632
Total income		96,692
EXPENSES
Administrative fees		154,483
Investment management fees		124,325
Professional fees		51,093
Registration and filing fees		45,118
Custodian fees		37,924
Transfer agent fees		22,831
Printing and mailing expenses		6,305
Trustees’ fees		1,507
Distribution fees - Class A		3,365
Distribution fees - Class B		3,056
Distribution fees - Class C		2,253
Distribution fees - Class P		4,348
Miscellaneous		9,715
Gross expenses		466,323
Less: Waiver from investment advisor		(278,808	)
Reimbursement from investment advisor		(11,963	)
Fees paid indirectly		(5,716	)
Net expenses		169,836
NET INVESTMENT LOSS		(73,144	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		570,056
Options written		16,185
Foreign currency transactions		(1,204	)
Net realized gain		585,037
Change in unrealized appreciation (depreciation) on:
Securities		320,995
Options written		(59	)
Foreign currency translations		551
Net change in unrealized appreciation		321,487
NET REALIZED AND UNREALIZED GAIN		906,524
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	833,380

See Notes to Financial Statements.

95

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AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(73,144	)	$	(66,185	)
Net realized gain on investments and foreign currency transactions		585,037			619,490
Net change in unrealized appreciation on investments and foreign currency translations		321,487			422,436
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		833,380			975,741
DISTRIBUTIONS:
Distributions from net realized capital gains
Class A*		(30,615	)		(5,529	)
Class B		(14,747	)		(3,357	)
Class C		(11,437	)		(5,699	)
Class P		(103,813	)		(116,435	)
Class Y		(383,229	)		(357,616	)
TOTAL DISTRIBUTIONS		(543,841	)		(488,636	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [ 66,759 and 38,038 shares, respectively ]		740,266			408,660
Capital shares issued in reinvestment of distributions [ 2,222 and 525 shares, respectively ]		24,063			5,529
Capital shares redeemed [ (28,297) and (1,451) shares, respectively ]		(307,127	)		(15,774	)
Total Class A transactions		457,202			398,415
Class B
Capital shares sold [ 17,243 and 16,816 shares, respectively ]		184,438			176,994
Capital shares issued in reinvestment of distributions [ 1,040 and 17 shares, respectively ]		10,975			177
Capital shares redeemed [ (11,233) and (120,655) shares, respectively ]		(116,097	)		(1,275,824	)
Total Class B transactions		79,316			(1,098,653	)
Class C
Capital shares sold [ 12,001 and 9,878 shares, respectively ]		128,852			103,423
Capital shares issued in reinvestment of distributions [ 728 and 243 shares, respectively ]		7,688			2,519
Capital shares redeemed [ (5,033) and (2,603) shares, respectively ]		(54,642	)		(28,085	)
Total Class C transactions		81,898			77,857
Class P
Capital shares sold [ 0 and 119,348 shares, respectively ]		—			1,281,770
Capital shares issued in reinvestment of distributions [ 8,048 and 9,853 shares, respectively ]		87,235			103,752
Capital shares redeemed [ (24,523) and (47,008) shares, respectively ]		(269,343	)		(502,010	)
Total Class P transactions		(182,108	)		883,512
Class Y
Capital shares sold [ 1,259 and 7,012 shares, respectively ]		14,039			74,544
Capital shares issued in reinvestment of distributions [ 846 and 800 shares, respectively ]		9,246			8,470
Capital shares redeemed [ (7,102) and (14,210) shares, respectively ]		(79,680	)		(154,766	)
Total Class Y transactions		(56,395	)		(71,752	)
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		379,913			189,379
TOTAL INCREASE IN NET ASSETS		669,452			676,484
NET ASSETS:
Beginning of year		9,186,380			8,509,896
End of year (a)	$	9,855,832		$	9,186,380
____________
(a)    Includes accumulated net investment loss of	$	(7,941	)	$	(20,256	)
*       Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

96

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006

ASSETS
Investments at value (Cost $131,493,141)	$	131,173,641
Cash		15,209
Foreign cash (Cost $184,934)		186,871
Receivable for forward commitments		11,496,688
Receivable for securities sold		4,282,061
Dividends, interest and other receivables		750,101
Variation margin receivable on futures contracts		135,551
Receivable for Fund shares sold		86,675
Receivable from investment manager		16,276
Unrealized appreciation of forward foreign currency contracts		5,496
Other assets		23,830
Total assets		148,172,399
LIABILITIES
Payable for forward commitments		14,065,344
Payable for securities purchased		6,829,869
Securities sold short (Proceeds received $5,318,039)		5,339,312
Payable for Fund shares redeemed		456,412
Unrealized depreciation of forward foreign currency contracts		50,974
Distribution fees payable		44,725
Administrative fees payable		27,585
Trustees’ fees payable		4,830
Options written, at value (Premiums received $1,405)		469
Accrued expenses		183,396
Total liabilities		27,002,916
NET ASSETS	$	121,169,483
Net assets were comprised of:
Paid in capital	$	122,959,739
Accumulated undistributed net investment income		68,463
Accumulated net realized loss		(1,888,439	)
Unrealized appreciation on investments, securities sold short, options written, futures and foreign currency translations		29,720
Net assets	$	121,169,483
Class A
Net asset value and redemption price per share, $37,508,897 / 3,800,106 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	9.87
Maximum sales charge (4.75% of offering price)		0.49
Maximum offering price to public	$	10.36
Class B
Net asset value and offering price per share, $19,633,787 / 1,993,968 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	9.85
Class C
Net asset value and offering price per share, $14,232,201 / 1,446,092 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	9.84
Class P
Net asset value and redemption price per share, $6,761,600 / 685,753 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	9.86
Maximum sales charge (4.50% of offering price)		0.46
Maximum offering price to public	$	10.32
Class Y
Net asset value, offering and redemption price per share, $ 43,032,998 / 4,359,279 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	9.87
STATEMENT OF OPERATIONS
For the Year Ended October 31, 2006
INVESTMENT INCOME
Interest	$	6,258,160
EXPENSES
Investment management fees		868,562
Transfer agent fees		345,806
Administrative fees		295,583
Professional fees		135,436
Custodian fees		81,837
Registration and filing fees		45,467
Printing and mailing expenses		40,624
Trustees’ fees		19,621
Distribution fees - Class A		172,249
Distribution fees - Class B		217,520
Distribution fees - Class C		157,161
Distribution fees - Class P		18,540
Miscellaneous		22,412
Gross expenses		2,420,818
Less: Waiver from investment advisor		(862,733	)
Net expenses		1,558,085
NET INVESTMENT INCOME		4,700,075
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(1,151,278	)
Options written		54,535
Futures		(409,688	)
Foreign currency transactions		(50,154	)
Net realized loss		(1,556,585	)
Change in unrealized appreciation (depreciation) on:
Securities		1,484,705
Securities sold short		(71,355	)
Options written		3,711
Futures		575,009
Foreign currency translations		(52,258	)
Net change in unrealized appreciation		1,939,812
NET REALIZED AND UNREALIZED GAIN		383,227
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,083,302

See Notes to Financial Statements.

97

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,700,075		$	2,450,586
Net realized gain (loss) on investments and foreign currency transactions		(1,556,585	)		57,575
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		1,939,812			(3,479,512	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		5,083,302			(971,351	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A*		(1,435,596	)		(556,155	)
Class B		(692,640	)		(293,061	)
Class C		(499,339	)		(236,221	)
Class P		(292,013	)		(322,804	)
Class Y		(1,713,984	)		(1,142,047	)
		(4,633,572	)		(2,550,288	)
Distributions from net realized capital gains
Class A*		—			(1,571	)
Class B		—			(764	)
Class C		—			(13,746	)
Class P		—			(153,466	)
Class Y		—			(362,029	)
		—			(531,576	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(4,633,572	)		(3,081,864	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [ 1,057,437 and 487,737 shares, respectively ]		10,324,959			4,960,597
Capital shares issued in connection with merger (Note 11) [ 0 and 3,997,850 shares, respectively ]		—			40,393,172
Capital shares issued in reinvestment of dividends and distributions [ 138,149 and 51,877 shares, respectively ]		1,346,114			517,354
Capital shares redeemed [ (1,413,510) and (519,434) shares, respectively ]		(13,826,776	)		(5,190,020	)
Total Class A transactions		(2,155,703	)		40,681,103
Class B
Capital shares sold [177,335 and 128,378 shares, respectively ]		1,729,960			1,249,529
Capital shares issued in connection with merger (Note 11) [ 0 and 2,598,331 shares, respectively ]		—			26,165,190
Capital shares issued in reinvestment of dividends and distributions [ 64,488 and 26,834 shares, respectively ]		627,127			267,002
Capital shares redeemed [ (733,036) and (991,532) shares, respectively ]		(7,146,314	)		(10,029,551	)
Total Class B transactions		(4,789,227	)		17,652,170
Class C
Capital shares sold [ 209,883 and 123,366 shares, respectively ]		2,044,363			1,181,470
Capital shares issued in connection with merger (Note 11) [ 0 and 1,883,833 shares, respectively ]		—			18,970,195
Capital shares issued in reinvestment of dividends and distributions [ 39,448 and 19,207 shares, respectively ]		383,696			191,104
Capital shares redeemed [ (722,952) and (204,707) shares, respectively ]		(7,051,866	)		(2,042,405	)
Total Class C transactions		(4,623,807	)		18,300,364
Class P
Capital shares sold [ 17 and 718,146 shares, respectively ]		130			7,302,120
Capital shares issued in reinvestment of dividends and distributions [25,994 and 40,882 shares, respectively ]		253,146			409,471
Capital shares redeemed [ (152,408) and (365,972) shares, respectively ]		(1,486,782	)		(3,669,957	)
Total Class P transactions		(1,233,506	)		4,041,634
Class Y
Capital shares sold [ 598,803 and 1,417,050 shares, respectively ]		5,853,541			14,283,308
Capital shares issued in connection with merger (Note 11) [ 0 and 184,834 shares, respectively ]		—			1,866,827
Capital shares issued in reinvestment of dividends and distributions [ 70,004 and 26,127 shares, respectively ]		681,893			260,704
Capital shares redeemed [ (351,854) and (147,182) shares, respectively ]		(3,437,670	)		(1,480,823	)
Total Class Y transactions		3,097,764			14,930,016
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(9,704,479	)		95,605,287
TOTAL INCREASE (DECREASE) IN NET ASSETS		(9,254,749	)		91,552,072
NET ASSETS:
Beginning of year		130,424,232			38,872,160
End of year (a)	$	121,169,483		$	130,424,232
____________
(a)    Includes accumulated undistributed (overdistributed) net investment income of	$	68,463		$	(70,990	)

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

98

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AXA ENTERPRISE CONSERVATIVE ALLOCATION FUND

FINANCIAL HIGHLIGHTS

	Class A						Class B
	Year Ended October 31, 2006 (c)			January 10, 2005* to October 31, 2005(c)(g)			Year Ended October 31, 2006 (c)			January 10, 2005* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	10.07		$	10.00		$	10.04		$	10.00
Income (loss) from investment operations:
Net investment income		0.31			0.20			0.25			0.15
Net realized and unrealized gain (loss) on investments		0.31			(0.13	)		0.30			(0.11	)
Total from investment operations		0.62			0.07			0.55			0.04
Less distributions:
Dividends from net investment income		(0.15	)		—			(0.09	)		—
Distributions from realized gains		(0.01	)		—			(0.01	)		—
Total dividends and distributions		(0.16	)		—			(0.10	)		—
Net asset value, end of period	$	10.53		$	10.07		$	10.49		$	10.04
Total return (b)†		6.26	%		0.70	%		5.58	%		0.40	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,756		$	1,650		$	1,008		$	449
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.57	%		0.75	%		1.22	%		1.30	%
Before waivers and reimbursements (a)		3.44	%		12.44	%		4.09	%(g)		12.99	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		3.06	%		2.42	%		2.42	%		1.87	%
Before waivers and reimbursements (a)		0.19	%		(9.27	)%		(0.48	)%		(9.82	)%
Portfolio turnover rate (d)		41	%		25	%		41	%		25	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.29		$	0.95		$	0.30		$	0.95
	Class C						Class Y
	Year Ended October 31, 2006 (c)			January 10, 2005* to October 31, 2005(c)(g)			Year Ended October 31, 2006 (c)			January 10, 2005* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	10.04		$	10.00		$	10.10		$	10.00
Income (loss) from investment operations:
Net investment income		0.25			0.15			0.35			0.23
Net realized and unrealized gain (loss) on investments		0.30			(0.11	)		0.31			(0.13	)
Total from investment operations		0.55			0.04			0.66			0.10
Less distributions:
Dividends from net investment income		(0.09	)		—			(0.20	)		—
Distributions from realized gains		(0.01	)		—			(0.01	)		—
Total dividends and distributions		(0.10	)		—			(0.21	)		—
Net asset value, end of period	$	10.49		$	10.04		$	10.55		$	10.10
Total return (b)†		5.58	%		0.40	%		6.63	%		1.00	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	767		$	493		$	11		$	10
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.22	%(g)		1.30	%		0.22	%(g)		0.30	%
Before waivers and reimbursements (a)		4.09	%		12.99	%		3.09	%(g)		11.99	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		2.44	%		1.87	%		3.44	%		2.87	%
Before waivers and reimbursements (a)		(0.42	)%		(9.82	)%		0.57	%		(8.82	)%
Portfolio turnover rate (d)		41	%		25	%		41	%		25	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.29		$	0.95		$	0.29		$	0.95

See Notes to Financial Statements.

99

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE ALLOCATION FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Class A						Class B
	Year Ended October 31, 2006 (c)			January 10, 2005* to October 31, 2005(c)(g)			Year Ended October 31, 2006 (c)			January 10, 2005* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	10.17		$	10.00		$	10.13		$	10.00
Income from investment operations:
Net investment income		0.18			0.10			0.12			0.05
Net realized and unrealized gain on investments		0.77			0.07			0.76			0.08
Total from investment operations		0.95			0.17			0.88			0.13
Less distributions:
Dividends from net investment income		(0.15	)		—			(0.09	)		—
Distributions from realized gains		(0.05	)		—			(0.05	)		—
Total dividends and distributions		(0.20	)		—			(0.14	)		—
Redemption Fees		—	#		—			—			—
Net asset value, end of period	$	10.92		$	10.17		$	10.87		$	10.13
Total return (b)†		9.52	%		1.70	%		8.85	%		1.30	%
Ratios/Supplemental Data:
Net assets, end of period (000's)	$	16,130		$	4,413		$	5,599		$	3,309
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%(g)		0.75	%		1.23	%		1.30	%
Before waivers and reimbursements (a)		1.90	%		4.31	%		2.53	%		4.86	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.76	%		1.17	%		1.19	%		0.62	%
Before waivers and reimbursements (a)		0.43	%		(2.39	)%		(0.12	)%		(2.94	)%
Portfolio turnover rate (d)		27	%		52	%		27	%		52	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.14		$	0.29		$	0.14		$	0.29
	Class C						Class Y
	Year Ended October 31, 2006 (c)			January 10, 2005* to October 31, 2005(c)(g)			Year Ended October 31, 2006 (c)			January 10, 2005* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	10.14		$	10.00		$	10.21		$	10.00
Income from investment operations:
Net investment income		0.12			0.05			0.21			0.13
Net realized and unrealized gain on investments		0.75			0.09			0.78			0.08
Total from investment operations		0.87			0.14			0.99			0.21
Less distributions:
Dividends from net investment income		(0.09	)		—			(0.20	)		—
Distributions from realized gains		(0.05	)		—			(0.05	)		—
Total dividends and distributions		(0.14	)		—			(0.25	)		—
Redemption Fees		—	#		—			—			—
Net asset value, end of period	$	10.87		$	10.14		$	10.95		$	10.21
Total return (b)†		8.74	%		1.40	%		9.99	%		2.10	%
Ratios/Supplemental Data:
Net assets, end of period (000's)	$	3,364		$	1,136		$	106		$	10
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.23	%		1.30	%		0.23	%(g)		0.30	%
Before waivers and reimbursements (a)		2.53	%(g)		4.86	%		1.53	%(g)		3.86	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.19	%		0.62	%		2.01	%		1.62	%
Before waivers and reimbursements (a)		(0.12	)%		(2.94	)%		0.74	%		(1.94	)%
Portfolio turnover rate (d)		27	%		52	%		27	%		52	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.14		$	0.29		$	0.13		$	0.29

See Notes to Financial Statements.

100

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND(e)

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class A	2006 (c)			2005(c)(f)(g)						2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	7.24		$	6.72		$	6.61		$	5.54		$	7.08		$	8.03
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.07			0.03			0.04			0.01			(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.92			0.51			0.08			1.09			(1.55	)		(0.94	)
Total from investment operations		1.00			0.58			0.11			1.13			(1.54	)		(0.95	)
Less distributions:
Dividends from net investment income		(0.14	)		(0.06	)		—			(0.06	)		—			—
Redemption fees		—	#		—	#		—	#		—			—			—
Net asset value, end of period	$	8.10		$	7.24		$	6.72		$	6.61		$	5.54		$	7.08
Total return (b)†		14.03	%		8.61	%		1.66	%		20.35	%		(21.75	)%		(11.83	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	84,074		$	61,429		$	61,415		$	57,797		$	47,471		$	82,109
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%		1.18	%		1.45	%		1.45	%		1.49	%		1.50	%
After waivers, reimbursements and fees paid indirectly (a)		0.55	%		1.09	%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		1.43	%		1.77	%		1.76	%		1.78	%		1.73	%		1.58	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.01	%		0.90	%		0.59	%		0.67	%		0.24	%		(0.08	)%
After waivers, reimbursements and fees paid indirectly (a)		1.06	%		0.99	%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		0.18	%		0.31	%		0.28	%		0.34	%		0.00	%		(0.16	)%
Portfolio turnover rate (d)		21	%		153	%(h)		53	%		78	%		88	%		130	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.06		$	0.04			*	*		*	*		*	*		*	*

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class B	2006 (c)			2005(c)(f)(g)						2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	7.05		$	6.54		$	6.46		$	5.42		$	6.96		$	7.93
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.03			—	#		0.01			(0.02	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.89			0.50			0.08			1.05			(1.52	)		(0.92	)
Total from investment operations		0.93			0.53			0.08			1.06			(1.54	)		(0.97	)
Less distributions:
Dividends from net investment income		(0.10	)		(0.02	)		—			(0.02	)		—			—
Redemption fees		—	#		—	#		—	#		—			—			—
Net asset value, end of period	$	7.88		$	7.05		$	6.54		$	6.46		$	5.42		$	6.96
Total return (b)†		13.29	%		8.08	%		1.24	%		19.59	%		(22.13	)%		(12.23	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	39,083		$	42,238		$	53,200		$	65,876		$	61,098		$	93,248
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.22	%(g)		1.73	%		2.00	%		2.00	%		2.03	%		2.05	%
After waivers, reimbursements and fees paid indirectly (a)		1.17	%		1.64	%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		2.05	%(g)		2.32	%		2.31	%		2.33	%		2.28	%		2.13	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.45	%		0.35	%		0.04	%		0.14	%		(0.30	)%		(0.63	)%
After waivers, reimbursements and fees paid indirectly (a)		0.52	%		0.44	%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		(0.34	)%		(0.24	)%		(0.27	)%		(0.19	)%		(0.55	)%		(0.71	)%
Portfolio turnover rate (d)		21	%		153	%(h)		53	%		78	%		88	%		130	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.06		$	0.04			*	*		*	*		*	*		*	*

See Notes to Financial Statements.

101

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND(e)

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class C	2006 (c)			2005(c)(f)(g)						2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	7.02		$	6.52		$	6.44		$	5.41		$	6.96		$	7.93
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.03			—	#		0.01			(0.02	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.91			0.49			0.08			1.05			(1.53	)		(0.92	)
Total from investment operations		0.94			0.52			0.08			1.06			(1.55	)		(0.97	)
Less distributions:
Dividends from net investment income		(0.10	)		(0.02	)		—			(0.03	)		—			—
Redemption fees		—			—	#		—	#		—			—			—
Net asset value, end of period	$	7.86		$	7.02		$	6.52		$	6.44		$	5.41		$	6.96
Total return (b)†		13.49	%		7.95	%		1.24	%		19.59	%		(22.27	)%		(12.23	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	9,975		$	7,141		$	6,732		$	6,149		$	3,513		$	5,597
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.22	%		1.73	%		2.00	%		2.00	%		2.04	%		2.05	%
After waivers, reimbursements and fees paid indirectly (a)		1.17	%		1.64	%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		2.05	%(g)		2.32	%		2.31	%		2.33	%		2.28	%		2.13	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.38	%		0.35	%		0.04	%		0.09	%		(0.31	)%		(0.63	)%
After waivers, reimbursements and fees paid indirectly (a)		0.44	%		0.44	%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		(0.45	)%		(0.24	)%		(0.27	)%		(0.24	)%		(0.55	)%		(0.71	)%
Portfolio turnover rate (d)		21	%		153	%(h)		53	%		78	%		88	%		130	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.06		$	0.04			*	*		*	*		*	*		*	*
	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class Y	2006 (c)			2005 (c)(f)(g)						2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	7.31		$	6.79		$	6.65		$	5.57		$	7.10		$	8.01
Income from investment operations:
Net investment income		0.11			0.10			0.06			0.07			0.02			0.03
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.94			0.51			0.08			1.09			(1.55	)		(0.94	)
Total from investment operations		1.05			0.61			0.14			1.16			(1.53	)		(0.91	)
Less distributions:
Dividends from net investment income		(0.18	)		(0.09	)		—			(0.08	)		—			—
Redemption fees		—			—	#		—	#		—			—			—
Net asset value, end of period	$	8.18		$	7.31		$	6.79		$	6.65		$	5.57		$	7.10
Total return (b)		14.57	%		9.05	%		2.11	%		20.91	%		(21.55	)%		(11.36	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	450		$	307		$	381		$	374		$	172		$	43,417
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.22	%(g)		0.73	%		1.00	%		1.00	%		1.05	%		1.05	%
After waivers, reimbursements and fees paid indirectly (a)		0.17	%		0.64	%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		1.05	%		1.32	%		1.31	%		1.33	%		1.20	%		1.13	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.41	%		1.35	%		1.04	%		1.10	%		0.28	%		0.37	%
After waivers, reimbursements and fees paid indirectly (a)		1.47	%		1.44	%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		0.59	%		0.76	%		0.73	%		0.77	%		0.13	%		0.29	%
Portfolio turnover rate (d)		21	%		153	%(h)		53	%		78	%		88	%		130	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.06		$	0.04			*	*		*	*		*	*		*	*

See Notes to Financial Statements.

102

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE AGGRESSIVE ALLOCATION FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Class A						Class B
	Year Ended October 31, 2006 (c)			January 10, 2005* to October 31, 2005(c)(g)			Year Ended October 31, 2006 (c)			January 10, 2005* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	10.46		$	10.00		$	10.42		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.01			(0.03	)		(0.06	)		(0.08	)
Net realized and unrealized gain on investments		1.74			0.49			1.74			0.50
Total from investment operations		1.75			0.46			1.68			0.42
Less distributions:
Dividends from net investment income		(0.19	)		—			(0.13	)		—
Distributions from realized gains		(0.06	)		—			(0.06	)		—
Total dividends and distributions		(0.25	)		—			(0.19	)		—
Net asset value, end of period	$	11.96		$	10.46		$	11.91		$	10.42
Total return (b)†		16.90	%		4.60	%		16.21	%		4.20	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	11,587		$	2,746		$	4,924		$	1,216
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.57	%		0.75	%		1.22	%		1.30	%
Before waivers and reimbursements (a)		2.19	%		7.10	%		2.84	%		7.65	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.08	%		(0.40	)%		(0.53	)%		(0.95	)%
Before waivers and reimbursements (a)		(1.54	)%		(6.75	)%		(2.15	)%		(7.30	)%
Portfolio turnover rate (d)		19	%		68	%		19	%		68	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.18		$	0.53		$	0.18		$	0.53
	Class C						Class Y
	Year Ended October 31, 2006 (c)			January 10, 2005* to October 31, 2005(c)(g)			Year Ended October 31, 2006 (c)			January 10, 2005* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	10.41		$	10.00		$	10.49		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)		(0.08	)		0.02			—	#
Net realized and unrealized gain on investments		1.73			0.49			1.78			0.49
Total from investment operations		1.67			0.41			1.80			0.49
Less distributions:
Dividends from net investment income		(0.13	)		—			(0.24	)		—
Distributions from realized gains		(0.06	)		—			(0.06	)		—
Total dividends and distributions		(0.19	)		—			(0.30	)		—
Redemption Fees		—	#		—			—			—
Net asset value, end of period	$	11.89		$	10.41		$	11.99		$	10.49
Total return (b)†		16.13	%		4.10	%		17.39	%		4.90	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,431		$	1,188		$	208		$	12
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.22	%		1.30	%		0.22	%(g)		0.30	%
Before waivers and reimbursements (a)		2.84	%		7.65	%		1.84	%(g)		6.65	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.51	)%		(0.95	)%		0.21	%		0.05	%
Before waivers and reimbursements (a)		(2.14	)%		(7.30	)%		(1.40	)%		(6.30	)%
Portfolio turnover rate (d)		19	%		68	%		19	%		68	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.18		$	0.53		$	0.18		$	0.53

See Notes to Financial Statements.

103

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

FINANCIAL HIGHLIGHTS — (Continued)

Class A	Year Ended October 31, 2006 (c)			December 13, 2004* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	9.76		$	9.53
Income (loss) from investment operations:
Net investment loss		(0.09	)		(0.07	)
Net realized and unrealized gain on investments		0.35			0.30
Total from investment operations		0.26			0.23
Redemption fees		—			—	#
Net asset value, end of period	$	10.02		$	9.76
Total return (b)†		2.66	%		2.41	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	921		$	372
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.65	%		1.65	%
After waivers, reimbursements and fees paid indirectly (a)		1.64	%		1.63	%
Before waivers, reimbursements and fees paid indirectly (a)		4.34	%		5.00	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.90	)%		(0.87	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.88	)%		(0.85	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.58	)%		(4.22	)%
Portfolio turnover rate (d)		49	%		40	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.26		$	0.28

	Year Ended October 31,												December 31, 2001*to October 31, 2002(c)
Class B	2006 (c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.56		$	8.63		$	8.57		$	7.00		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.14	)		(0.13	)		(0.13	)		(0.10	)		(0.10	)
Net realized and unrealized gain (loss) on investments		0.34			1.06			0.19			1.68			(2.90	)
Total from investment operations		0.20			0.93			0.06			1.58			(3.00	)
Less distributions:
Dividends from net investment income		—			—			—			(0.01	)		—
Net asset value, end of period	$	9.76		$	9.56		$	8.63		$	8.57		$	7.00
Total return (b)†		2.09	%		10.78	%		0.70	%		22.52	%		(30.00	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	338		$	159		$	2,544		$	2,497		$	1,732
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.20	%		2.20	%		2.20	%		2.20	%		2.20	%
After waivers, reimbursements and fees paid indirectly (a)		2.19	%		2.18	%		2.16	%		2.17	%		2.15	%
Before waivers, reimbursements and fees paid indirectly (a)		4.89	%(g)		5.55	%		5.98	%		6.73	%		7.46	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.45	)%		(1.42	)%		(1.56	)%		(1.41	)%		(1.49	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.44	)%		(1.40	)%		(1.52	)%		(1.38	)%		(1.44	)%
Before waivers, reimbursements and fees paid indirectly (a)		(4.07	)%		(4.77	)%		(5.34	)%		(5.94	)%		(6.75	)%
Portfolio turnover rate (d)		49	%		40	%		51	%		31	%		26	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.25		$	0.30		$	0.33		$	0.34		$	0.34

See Notes to Financial Statements.

104

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FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class C	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.55		$	8.62		$	8.56		$	7.00		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.14	)		(0.13	)		(0.13	)		(0.10	)		(0.10	)
Net realized and unrealized gain (loss) on investments		0.34			1.06			0.19			1.67			(2.90	)
Total from investment operations		0.20			0.93			0.06			1.57			(3.00	)
Less distributions:
Dividends from net investment income		—			—			—			(0.01	)		—
Net asset value, end of period	$	9.75		$	9.55		$	8.62		$	8.56		$	7.00
Total return (b)†		2.09	%		10.66	%		0.82	%		22.37	%		(30.00	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	228		$	266		$	265		$	325		$	243
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.20	%		2.20	%		2.20	%		2.20	%		2.20	%
After waivers, reimbursements and fees paid indirectly (a)		2.19	%		2.18	%		2.16	%		2.17	%		2.15	%
Before waivers, reimbursements and fees paid indirectly (a)		4.89	%(g)		5.55	%		5.98	%		6.73	%		7.46	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.47	)%		(1.42	)%		(1.56	)%		(1.41	)%		(1.49	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.45	)%		(1.40	)%		(1.52	)%		(1.38	)%		(1.44	)%
Before waivers, reimbursements and fees paid indirectly (a)		(4.07	)%		(4.77	)%		(5.34	)%		(5.94	)%		(6.75	)%
Portfolio turnover rate (d)		49	%		40	%		51	%		31	%		26	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.25		$	0.30		$	0.33		$	0.34		$	0.34
	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class P	2006 (c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.78		$	8.77		$	8.64		$	7.05		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.07	)		(0.06	)		(0.07	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investments		0.35			1.07			0.20			1.69			(2.90	)
Total from investment operations		0.28			1.01			0.13			1.64			(2.95	)
Less distributions:
Dividends from net investment income		—			—			—			(0.05	)		—
Net asset value, end of period	$	10.06		$	9.78		$	8.77		$	8.64		$	7.05
Total return (b)†		2.86	%		11.52	%		1.50	%		23.38	%		(29.50	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,160		$	3,774		$	2,146		$	2,199		$	1,429
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
After waivers, reimbursements and fees paid indirectly (a)		1.44	%		1.43	%		1.41	%		1.42	%		1.40	%
Before waivers, reimbursements and fees paid indirectly (a)		4.14	%(g)		4.80	%		5.23	%		5.98	%		6.71	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.72	)%		(0.67	)%		(0.81	)%		(0.66	)%		(0.74	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.70	)%		(0.65	)%		(0.77	)%		(0.63	)%		(0.69	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.34	)%		(4.02	)%		(4.59	)%		(5.19	)%		(6.00	)%
Portfolio turnover rate (d)		49	%		40	%		51	%		31	%		26	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.26		$	0.31		$	0.33		$	0.34		$	0.34

See Notes to Financial Statements.

105

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AXA ENTERPRISE MULTIMANAGER GROWTH FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class Y	2006 (c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.82		$	8.79		$	8.65		$	7.06		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.04	)		(0.04	)		(0.05	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investments		0.35			1.08			0.20			1.69			(2.91	)
Total from investment operations		0.31			1.04			0.15			1.66			(2.94	)
Less distributions:
Dividends from net investment income		—			(0.01	)		(0.01	)		(0.07	)		—
Net asset value, end of period	$	10.13		$	9.82		$	8.79		$	8.65		$	7.06
Total return (b)		3.16	%		11.83	%		1.72	%		23.66	%		(29.40	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,216		$	6,191		$	5,682		$	6,028		$	4,567
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
After waivers, reimbursements and fees paid indirectly (a)		1.19	%		1.18	%		1.16	%		1.17	%		1.15	%
Before waivers, reimbursements and fees paid indirectly (a)		3.89	%(g)		4.55	%		4.98	%		5.73	%		6.46	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.46	)%		(0.42	)%		(0.56	)%		(0.41	)%		(0.49	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.45	)%		(0.40	)%		(0.52	)%		(0.38	)%		(0.44	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.10	)%		(3.77	)%		(4.34	)%		(4.94	)%		(5.75	)%
Portfolio turnover rate (d)		49	%		40	%		51	%		31	%		26	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.26		$	0.31		$	0.33		$	0.34		$	0.36

See Notes to Financial Statements.

106

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AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

FINANCIAL HIGHLIGHTS — (Continued)

Class A	Year Ended October 31, 2006 (c)			December 13, 2004*to October 31, 2005(c)(g)
Net asset value, beginning of period	$	10.94		$	10.56
Income (loss) from investment operations:
Net investment income		—	#		0.03
Net realized and unrealized gain on investments and foreign currency transactions		1.52			0.35
Total from investment operations		1.52			0.38
Less distributions:
Distributions from realized gains		(0.42	)		—
Net asset value, end of period	$	12.04		$	10.94
Total return (b)†		14.21	%		3.60	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	679		$	401
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.65	%		1.65	%
After waivers, reimbursements and fees paid indirectly (a)		1.64	%		1.61	%
Before waivers, reimbursements and fees paid indirectly (a)		3.95	%		4.57	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.02	)%		0.27	%
After waivers, reimbursements and fees paid indirectly (a)		—	%@		0.31	%
Before waivers, reimbursements and fees paid indirectly (a)		(2.32	)%		(2.65	)%
Portfolio turnover rate (d)		51	%		48	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.26		$	0.28

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class B	2006 (c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	10.72		$	9.78		$	9.21		$	7.70		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.06	)		(0.02	)		(0.07	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.48			0.96			0.64			1.61			(2.25	)
Total from investment operations		1.42			0.94			0.57			1.56			(2.30	)
Less distributions:
Dividends from net investment income		—			—			—			(0.05	)		—
Distributions from realized gains		(0.42	)		—			—			—			—
Total dividends and distributions		(0.42	)		—			—			(0.05	)		—
Net asset value, end of period	$	11.72		$	10.72		$	9.78		$	9.21		$	7.70
Total return (b)†		13.54	%		9.61	%		6.19	%		20.37	%		23.00	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	359		$	229		$	2,987		$	2,765		$	2,010
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.20	%		2.20	%		2.20	%		2.20	%		2.20	%
After waivers, reimbursements and fees paid indirectly (a)		2.19	%		2.16	%		2.15	%		2.19	%		2.13	%
Before waivers, reimbursements and fees paid indirectly (a)		4.50	%(g)		5.12	%		5.55	%		6.31	%		6.83	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.57	)%		(0.28	)%		(0.78	)%		(0.62	)%		(0.69	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.55	)%		(0.24	)%		(0.73	)%		(0.61	)%		(0.62	)%
Before waivers, reimbursements and fees paid indirectly (a)		(2.86	)%		(3.20	)%		(4.13	)%		(4.73	)%		(5.31	)%
Portfolio turnover rate (d)		51	%		48	%		52	%		56	%		39	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.25		$	0.30		$	0.32		$	0.34		$	0.33

See Notes to Financial Statements.

107

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AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class C	2006 (c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	10.72		$	9.78		$	9.21		$	7.69		$	10.00
Income (loss) from investment operations:
Net investment (loss)		(0.06	)		(0.02	)		(0.07	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.48			0.96			0.64			1.62			(2.26	)
Total from investment operations		1.42			0.94			0.57			1.57			(2.31	)
Less distributions:
Dividends from net investment income		—			—			—			(0.05	)		—
Distributions from realized gains		(0.42	)		—			—			—			—
Total dividends and distributions		(0.42	)		—			—			(0.05	)		—
Net asset value, end of period	$	11.72		$	10.72		$	9.78		$	9.21		$	7.69
Total return (b)†		13.54	%		9.61	%		6.19	%		20.53	%		23.10	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	339		$	363		$	392		$	408		$	293
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.20	%		2.20	%		2.20	%		2.20	%		2.20	%
After waivers, reimbursements and fees paid indirectly (a)		2.19	%		2.16	%		2.15	%		2.19	%		2.13	%
Before waivers, reimbursements and fees paid indirectly (a)		4.50	%(g)		5.12	%		5.55	%		6.31	%		6.83	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.55	)%		(0.28	)%		(0.78	)%		(0.62	)%		(0.69	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.54	)%		(0.24	)%		(0.73	)%		(0.61	)%		(0.62	)%
Before waivers, reimbursements and fees paid indirectly (a)		(2.81	)%		(3.20	)%		(4.13	)%		(4.73	)%		(5.31	)%
Portfolio turnover rate (d)		51	%		48	%		52	%		56	%		39	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.25		$	0.30		$	0.32		$	0.34		$	0.33
	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class P	2006 (c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	10.93		$	9.92		$	9.27		$	7.75		$	10.00
Income (loss) from investment operations:
Net investment income		0.02			0.05			—	#		0.01			—	#
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.52			0.98			0.65			1.62			(2.25	)
Total from investment operations		1.54			1.03			0.65			1.63			(2.25	)
Less distributions:
Dividends from net investment income		—	#		(0.02	)		—			(0.11	)		—
Distributions from realized gains		(0.42	)		—			—			—			—
Total dividends and distributions		(0.42	)		(0.02	)		—			(0.11	)		—
Net asset value, end of period		12.05		$	10.93		$	9.92			9.27			7.75
Total return (b)†		14.42	%		10.41	%		7.01	%		21.29	%		(22.50	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,948		$	4,165		$	2,317		$	2,011		$	1,335
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
After waivers, reimbursements and fees paid indirectly (a)		1.44	%		1.41	%		1.40	%		1.44	%		1.38	%
Before waivers, reimbursements and fees paid indirectly (a)		3.75	%(g)		4.37	%		4.80	%		5.56	%		6.08	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.19	%		0.47	%		(0.03	)%		0.13	%		0.06	%
After waivers, reimbursements and fees paid indirectly (a)		0.21	%		0.51	%		0.02	%		0.14	%		0.13	%
Before waivers, reimbursements and fees paid indirectly (a)		(2.07	)%		(2.45	)%		(3.38	)%		(3.98	)%		(4.56	)%
Portfolio turnover rate (d)		51	%		48	%		52	%		56	%		39	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.26		$	0.31		$	0.33		$	0.34		$	0.32

See Notes to Financial Statements.

108

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AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class Y	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	10.97		$	9.95		$	9.28		$	7.76		$	10.00
Income (loss) from investment operations:
Net investment income		0.05			0.08			0.03			0.03			0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.52			0.99			0.65			1.62			(2.26	)
Total from investment operations		1.57			1.07			0.68			1.65			(2.24	)
Less distributions:
Dividends from net investment income		(0.03	)		(0.05	)		(0.01	)		(0.13	)		—
Distributions from realized gains		(0.42	)		—			—			—			—
Total dividends and distributions		(0.45	)		(0.05	)		(0.01	)		(0.13	)		—
Net asset value, end of period	$	12.09		$	10.97		$	9.95		$	9.28		$	7.76
Total return (b)		14.67	%		10.76	%		7.29	%		21.57	%		(22.40	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,351		$	7,315		$	6,949		$	6,776		$	5,248
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
After waivers, reimbursements and fees paid indirectly (a)		1.19	%		1.16	%		1.15	%		1.19	%		1.13	%
Before waivers, reimbursements and fees paid indirectly (a)		3.50	%(g)		4.12	%		4.55	%		5.31	%		5.83	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.44	%		0.72	%		0.22	%		0.38	%		0.31	%
After waivers, reimbursements and fees paid indirectly (a)		0.46	%		0.76	%		0.27	%		0.39	%		0.38	%
Before waivers, reimbursements and fees paid indirectly (a)		(1.83	)%		(2.20	)%		(3.13	)%		(3.73	)%		(4.31	)%
Portfolio turnover rate (d)		51	%		48	%		52	%		56	%		39	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.26		$	0.31		$	0.33		$	0.34		$	0.34

See Notes to Financial Statements.

109

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AXA ENTERPRISE MULTIMANAGER VALUE FUND

FINANCIAL HIGHLIGHTS — (Continued)

Class A	Year Ended October 31, 2006 (c)			December 13, 2004* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	11.96		$	11.61
Income from investment operations:
Net investment income		0.05			0.06
Net realized and unrealized gain on investments and foreign currency transactions		1.96			0.53
Total from investment operations		2.01			0.59
Less distributions:
Dividends from net investment income		(0.02	)		(0.07	)
Distributions from realized gains		(0.47	)		(0.17	)
Total dividends and distributions		(0.49	)		(0.24	)
Net asset value, end of period	$	13.48		$	11.96
Total return (b)†		17.40	%		5.19	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,826		$	356
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.65	%		1.65	%
After waivers, reimbursements and fees paid indirectly (a)		1.61	%		1.56	%
Before waivers, reimbursements and fees paid indirectly (a)		2.39	%(g)		3.38	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.37	%		0.47	%
After waivers, reimbursements and fees paid indirectly (a)		0.40	%		0.56	%
Before waivers, reimbursements and fees paid indirectly (a)		(0.35	)%		(1.26	)%
Portfolio turnover rate (d)		71	%		85	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.09		$	0.18

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class B	2006 (c)			2005(c)(g)			2004			2003(c)
Net asset value, beginning of period	$	11.88		$	10.80		$	9.46		$	7.96		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		—	#		0.01			—	#		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.92			1.26			1.33			1.59			(2.02	)
Total from investment operations		1.91			1.26			1.34			1.59			(2.04	)
Less distributions:
Dividends from net investment income		—			(0.01	)		—			(0.09	)		—
Distributions from realized gains		(0.47	)		(0.17	)		—			—			—
Total dividends and distributions		(0.47	)		(0.18	)		—			(0.09	)		—
Redemption fees		0.01			—			—			—			—
Net asset value, end of period	$	13.33		$	11.88		$	10.80		$	9.46		$	7.96
Total return (b)†		16.72	%		11.60	%		14.27	%		20.28	%		(20.50	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,011		$	332		$	2,787		$	2,818		$	2,217
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.20	%		2.20	%		2.20	%		2.20	%		2.20	%
After waivers, reimbursements and fees paid indirectly (a)		2.16	%		2.11	%		2.02	%		2.10	%		2.10	%
Before waivers, reimbursements and fees paid indirectly (a)		2.94	%(g)		3.93	%		5.68	%		6.55	%		6.94	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.16	)%		(0.08	)%		(0.12	)%		(0.07	)%		(0.28	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.12	)%		0.01	%		0.06	%		0.03	%		(0.18	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.89	)%		(1.81	)%		(3.60	)%		(4.42	)%		(5.01	)%
Portfolio turnover rate (d)		71	%		85	%		108	%		148	%		123	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.09		$	0.20		$	0.36		$	0.37		$	0.35

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class C	2006 (c)			2005(c)(g)			2004			2003(c)
Net asset value, beginning of period	$	11.89		$	10.81		$	9.46		$	7.95		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		—	#		0.01			—	#		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.92			1.26			1.34			1.60			(2.03	)
Total from investment operations		1.91			1.26			1.35			1.60			(2.05	)
Less distributions:
Dividends from net investment income		—			(0.01	)		—			(0.09	)		—
Distributions from realized gains		(0.47	)		(0.17	)		—			—			—
Total dividends and distributions		(0.47	)		(0.18	)		—			(0.09	)		—
Net asset value, end of period	$	13.33		$	11.89		$	10.81		$	9.46		$	7.95
Total return (b)†		16.62	%		11.70	%		14.27	%		20.28	%		(20.50	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	685		$	494		$	375		$	386		$	315
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.20	%		2.20	%		2.20	%		2.20	%		2.20	%
After waivers, reimbursements and fees paid indirectly (a)		2.16	%		2.11	%		2.02	%		2.10	%		2.10	%
Before waivers, reimbursements and fees paid indirectly (a)		2.94	%		3.93	%		5.68	%		6.55	%		6.94	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.11	)%		(0.08	)%		(0.12	)%		(0.07	)%		(0.28	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.07	)%		0.01	%		0.06	%		0.03	%		(0.18	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.85	)%		(1.81	)%		(3.60	)%		(4.42	)%		(5.01	)%
Portfolio turnover rate (d)		71	%		85	%		108	%		148	%		123	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.09		$	0.20		$	0.36		$	0.37		$	0.36
	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class P	2006 (c)			2005(c)(g)			2004			2003(c)
Net asset value, beginning of period	$	11.96		$	10.88		$	9.51		$	7.99		$	10.00
Income (loss) from investment operations:
Net investment income		0.09			0.09			0.08			0.07			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.93			1.25			1.34			1.60			(2.05	)
Total from investment operations		2.02			1.34			1.42			1.67			(2.01	)
Less distributions:
Dividends from net investment income		(0.04	)		(0.09	)		(0.05	)		(0.15	)		—
Distributions from realized gains		(0.47	)		(0.17	)		—			—			—
Total dividends and distributions		(0.51	)		(0.26	)		(0.05	)		(0.15	)		—
Net asset value, end of period	$	13.47		$	11.96		$	10.88		$	9.51		$	7.99
Total return (b)†		17.56	%		12.48	%		15.14	%		21.11	%		(20.10	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,050		$	4,108		$	2,231		$	1,990		$	1,364
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
After waivers, reimbursements and fees paid indirectly (a)		1.41	%		1.36	%		1.27	%		1.35	%		1.35	%
Before waivers, reimbursements and fees paid indirectly (a)		2.19	%		3.18	%		4.93	%		5.80	%		6.19	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.66	%		0.67	%		0.63	%		0.68	%		0.47	%
After waivers, reimbursements and fees paid indirectly (a)		0.70	%		0.76	%		0.81	%		0.78	%		0.57	%
Before waivers, reimbursements and fees paid indirectly (a)		(0.08	)%		(1.06	)%		(2.85	)%		(3.67	)%		(4.26	)%
Portfolio turnover rate (d)		71	%		85	%		108	%		148	%		123	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.09		$	0.20		$	0.36		$	0.37		$	0.35

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class Y	2006 (c)			2005(c)(g)			2004			2003(c)
Net asset value, beginning of period	$	12.01		$	10.92		$	9.54		$	8.02		$	10.00
Income from investment operations:
Net investment income		0.12			0.12			0.11			0.09			0.06
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.95			1.26			1.35			1.60			(2.04	)
Total from investment operations		2.07			1.38			1.46			1.69			(1.98	)
Less distributions:
Dividends from net investment income		(0.08	)		(0.12	)		(0.08	)		(0.17	)		—
Distributions from realized gains		(0.47	)		(0.17	)		—			—			—
Total dividends and distributions		(0.55	)		(0.29	)		(0.08	)		(0.17	)		—
Net asset value, end of period	$	13.53		$	12.01		$	10.92		$	9.54		$	8.02
Total return (b)		17.88	%		12.82	%		15.37	%		21.47	%		(19.80	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	45,897		$	33,061		$	6,924		$	6,306		$	5,318
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
After waivers, reimbursements and fees paid indirectly (a)		1.16	%		1.11	%		1.02	%		1.10	%		1.10	%
Before waivers, reimbursements and fees paid indirectly (a)		1.94	%		2.93	%		4.68	%		5.55	%		5.94	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.90	%		0.92	%		0.88	%		0.93	%		0.72	%
After waivers, reimbursements and fees paid indirectly (a)		0.94	%		1.01	%		1.06	%		1.03	%		0.82	%
Before waivers, reimbursements and fees paid indirectly (a)		0.16	%		(0.81	)%		(2.60	)%		(3.42	)%		(4.01	)%
Portfolio turnover rate (d)		71	%		85	%		108	%		148	%		123	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.09		$	0.21		$	0.36		$	0.37		$	0.36

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS — (Continued)

Class A	Year Ended October 31, 2006 (c)			December 13, 2004* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	9.91		$	9.54
Income (loss) from investment operations:
Net investment loss		(0.15	)		(0.13	)
Net realized and unrealized gain on investments		1.42			0.50
Total from investment operations		1.27			0.37
Redemption fees		0.01			—	#
Net asset value, end of period	$	11.19		$	9.91
Total return (b)†		12.92	%		3.88	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,400		$	886
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.90	%		1.90	%
After waivers, reimbursements and fees paid indirectly (a)		1.86	%		1.86	%
Before waivers, reimbursements and fees paid indirectly (a)		3.94	%		4.80	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.42	)%		(1.54	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.39	)%		(1.50	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.46	)%		(4.44	)%
Portfolio turnover rate (d)		83	%		80	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.22		$	0.25

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class B	2006 (c)			2005 (c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.64		$	8.70		$	8.36		$	6.16		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.21	)		(0.19	)		(0.17	)		(0.13	)		(0.13	)
Net realized and unrealized gain (loss) on investments		1.39			1.13			0.51			2.33			(3.71	)
Total from investment operations		1.18			0.94			0.34			2.20			(3.84	)
Net asset value, end of period	$	10.82		$	9.64		$	8.70		$	8.36		$	6.16
Total return (b)†		12.24	%		10.80	%		4.07	%		35.71	%		(38.40	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	822		$	195		$	3,263		$	3,299		$	2,094
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.45	%		2.45	%		2.45	%		2.45	%		2.45	%
After waivers, reimbursements and fees paid indirectly (a)		2.41	%		2.41	%		2.20	%		2.27	%		2.37	%
Before waivers, reimbursements and fees paid indirectly (a)		4.49	%(g)		5.35	%		5.99	%		7.11	%		7.97	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.97	)%		(2.09	)%		(2.20	)%		(2.04	)%		(2.15	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.94	)%		(2.05	)%		(1.95	)%		(1.86	)%		(2.07	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.99	)%		(4.99	)%		(5.74	)%		(6.70	)%		(7.67	)%
Portfolio turnover rate (d)		83	%		80	%		86	%		180	%		192	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.22		$	0.27		$	0.30		$	0.32		$	0.33

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class C	2006 (c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.62		$	8.67		$	8.34		$	6.15		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.21	)		(0.19	)		(0.17	)		(0.13	)		(0.13	)
Net realized and unrealized gain (loss) on investments		1.40			1.14			0.50			2.32			(3.72	)
Total from investment operations		1.19			0.95			0.33			2.19			(3.85	)
Net asset value, end of period	$	10.81		$	9.62		$	8.67		$	8.34		$	6.15
Total return (b)†		12.37	%		10.83	%		4.08	%		35.61	%		(38.50	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	578		$	331		$	352		$	376		$	485
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.45	%		2.45	%		2.45	%		2.45	%		2.45	%
After waivers, reimbursements and fees paid indirectly (a)		2.41	%		2.41	%		2.20	%		2.27	%		2.37	%
Before waivers, reimbursements and fees paid indirectly (a)		4.49	%(g)		5.35	%		5.99	%		7.11	%		7.97	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.96	)%		(2.09	)%		(2.20	)%		(2.04	)%		(2.15	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.93	)%		(2.05	)%		(1.95	)%		(1.86	)%		(2.07	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.99	)%		(4.99	)%		(5.74	)%		(6.70	)%		(7.67	)%
Portfolio turnover rate (d)		83	%		80	%		86	%		180	%		192	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.22		$	0.27		$	0.30		$	0.32		$	0.33
	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class P	2006 (c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.92		$	8.88		$	8.47		$	6.20		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.13	)		(0.12	)		(0.10	)		(0.08	)		(0.09	)
Net realized and unrealized gain (loss) on investments		1.43			1.16			0.51			2.35			(3.71	)
Total from investment operations		1.30			1.04			0.41			2.27			(3.80	)
Net asset value, end of period	$	11.22		$	9.92		$	8.88		$	8.47		$	6.20
Total return (b)†		13.10	%		11.59	%		4.96	%		36.61	%		(38.00	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,604		$	5,094		$	2,747		$	2,440		$	1,409
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.70	%		1.70	%		1.70	%		1.70	%		1.70	%
After waivers, reimbursements and fees paid indirectly (a)		1.66	%		1.66	%		1.45	%		1.52	%		1.62	%
Before waivers, reimbursements and fees paid indirectly (a)		3.74	%		4.60	%		5.24	%		6.36	%		7.22	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.20	)%		(1.34	)%		(1.45	)%		(1.29	)%		(1.40	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.17	)%		(1.30	)%		(1.20	)%		(1.11	)%		(1.32	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.24	)%		(4.24	)%		(4.99	)%		(5.95	)%		(6.92	)%
Portfolio turnover rate (d)		83	%		80	%		86	%		180	%		192	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.22		$	0.28		$	0.31		$	0.32		$	0.34

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class Y	2006 (c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	10.01		$	8.94		$	8.51		$	6.21		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.10	)		(0.10	)		(0.08	)		(0.06	)		(0.08	)
Net realized and unrealized gain (loss) on investments		1.45			1.17			0.51			2.36			(3.71	)
Total from investment operations		1.35			1.07			0.43			2.30			(3.79	)
Net asset value, end of period	$	11.36		$	10.01		$	8.94		$	8.51		$	6.21
Total return (b)		13.49	%		11.97	%		5.05	%		37.04	%		(37.90	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,179		$	6,385		$	5,884		$	5,841		$	4,155
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
After waivers, reimbursements and fees paid indirectly (a)		1.41	%		1.41	%		1.20	%		1.27	%		1.37	%
Before waivers, reimbursements and fees paid indirectly (a)		3.49	%		4.35	%		4.99	%		6.11	%		6.97	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.96	)%		(1.09	)%		(1.20	)%		(1.04	)%		(1.15	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.92	)%		(1.05	)%		(0.95	)%		(0.86	)%		(1.07	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.00	)%		(3.99	)%		(4.74	)%		(5.70	)%		(6.67	)%
Portfolio turnover rate (d)		83	%		80	%		86	%		180	%		192	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.23		$	0.28		$	0.31		$	0.32		$	0.36

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS — (Continued)

Class A	Year Ended October 31, 2006(c)			December 13, 2004* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	12.19		$	11.79
Income (loss) from investment operations:
Net investment loss		(0.05	)		(0.06	)
Net realized and unrealized gain on investments and foreign currency transactions		2.12			0.46
Total from investment operations		2.07			0.40
Less distributions:
Distributions from realized gains		(1.33	)		—
Net asset value, end of period	$	12.93		$	12.19
Total return (b)†		18.25	%		3.39	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,882		$	1,233
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.90	%		1.90	%
After waivers, reimbursements and fees paid indirectly (a)		1.89	%		1.88	%
Before waivers, reimbursements and fees paid indirectly(a)		3.65	%(g)		4.35	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.42	)%		(0.56	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.41	)%		(0.54	)%
Before waivers, reimbursements and fees paid indirectly (a)		(2.18	)%		(3.01	)%
Portfolio turnover rate (d)		73	%		72	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.22		$	0.27

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class B	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	11.95		$	10.81		$	9.71		$	7.15		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.12	)		(0.13	)		(0.11	)		(0.08	)		(0.09	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.07			1.27			1.21			2.65			(2.76	)
Total from investment operations		1.95			1.14			1.10			2.57			(2.85	)
Less distributions:
Distributions from realized gains		(1.33	)		—			—			(0.01	)		—
Redemption fees		—			—	#		—			—			—
Net asset value, end of period	$	12.57		$	11.95		$	10.81		$	9.71		$	7.15
Total return (b)†		17.54	%		10.55	%		11.33	%		35.90	%		(28.50	)%
Ratios/Supplemental Data:
Net assets, end of period (000's)	$	943		$	412		$	3,803		$	3,661		$	2,451
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.45	%		2.45	%		2.45	%		2.45	%		2.45	%
After waivers, reimbursements and fees paid indirectly (a)		2.44	%		2.43	%		2.37	%		2.43	%		2.32	%
Before waivers, reimbursements and fees paid indirectly(a)		4.20	%(g)		4.90	%		5.25	%		6.18	%		6.61	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.97	)%		(1.11	)%		(1.13	)%		(1.00	)%		(1.23	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.96	)%		(1.09	)%		(1.05	)%		(0.98	)%		(1.10	)%
Before waivers, reimbursements and fees paid indirectly (a)		(2.74	)%		(3.56	)%		(3.93	)%		(4.73	)%		(5.39	)%
Portfolio turnover rate (d)		73	%		72	%		68	%		78	%		112	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.21		$	0.29		$	0.29		$	0.30		$	0.29

See Notes to Financial Statements.

116

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AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class C	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	11.93		$	10.80		$	9.70		$	7.15		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.12	)		(0.13	)		(0.11	)		(0.08	)		(0.09	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.07			1.26			1.21			2.64			(2.76	)
Total from investment operations		1.95			1.13			1.10			2.56			(2.85	)
Less distributions:
Distributions from realized gains		(1.33	)		—			—			(0.01	)		—
Net asset value, end of period	$	12.55		$	11.93		$	10.80		$	9.70		$	7.15
Total return (b)†		17.58	%		10.36	%		11.44	%		35.76	%		(28.50	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	617		$	542		$	461		$	490		$	550
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.45	%		2.45	%		2.45	%		2.45	%		2.45	%
After waivers, reimbursements and fees paid indirectly (a)		2.44	%		2.43	%		2.37	%		2.43	%		2.32	%
Before waivers, reimbursements and fees paid indirectly (a)		4.20	%		4.90	%		5.25	%		6.18	%		6.61	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.97	)%		(1.11	)%		(1.13	)%		(1.00	)%		(1.23	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.96	)%		(1.09	)%		(1.05	)%		(0.98	)%		(1.10	)%
Before waivers, reimbursements and fees paid indirectly (a)		(2.72	)%		(3.56	)%		(3.93	)%		(4.73	)%		(5.39	)%
Portfolio turnover rate (d)		73	%		72	%		68	%		78	%		112	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.21		$	0.29		$	0.29		$	0.30		$	0.29
	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class P	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	12.20		$	10.98		$	9.78		$	7.20		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.03	)		(0.04	)		(0.03	)		(0.02	)		(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.13			1.26			1.23			2.65			(2.77	)
Total from investment operations		2.10			1.22			1.20			2.63			(2.80	)
Less distributions:
Distributions from realized gains		(1.33	)		—			—			(0.05	)		—
Net asset value, end of period	$	12.97		$	12.20		$	10.98		$	9.78		$	7.20
Total return (b)†		18.50	%		11.11	%		12.27	%		36.84	%		(28.00	)%
Ratios/Supplemental Data:
Net assets, end of period (000's)	$	6,062		$	6,579		$	3,921		$	3,770		$	2,902
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.70	%		1.70	%		1.70	%		1.70	%		1.70	%
After waivers, reimbursements and fees paid indirectly (a)		1.69	%		1.68	%		1.62	%		1.68	%		1.57	%
Before waivers, reimbursements and fees paid indirectly (a)		3.45	%		4.15	%		4.50	%		5.43	%		5.86	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.23	)%		(0.36	)%		(0.38	)%		(0.25	)%		(0.48	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.22	)%		(0.34	)%		(0.30	)%		(0.23	)%		(0.35	)%
Before waivers, reimbursements and fees paid indirectly (a)		(1.98	)%		(2.81	)%		(3.18	)%		(3.98	)%		(4.64	)%
Portfolio turnover rate (d)		73	%		72	%		68	%		78	%		112	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.22		$	0.29		$	0.30		$	0.30		$	0.28

See Notes to Financial Statements.

117

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class Y	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	12.27		$	11.00		$	9.79		$	7.21		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		—	#		(0.01	)		(0.01	)		—	#		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.13			1.28			1.23			2.65			(2.77	)
Total from investment operations		2.13			1.27			1.22			2.65			(2.79	)
Less distributions:
Distributions from realized gains		(1.33	)		—			(0.01	)		(0.07	)		—
Net asset value, end of period	$	13.07		$	12.27		$	11.00		$	9.79		$	7.21
Total return (b)		18.66	%		11.55	%		12.51	%		37.13	%		(27.90	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	8,971		$	8,233		$	7,555		$	7,017		$	5,167
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
After waivers, reimbursements and fees paid indirectly (a)		1.44	%		1.43	%		1.37	%		1.43	%		1.32	%
Before waivers, reimbursements and fees paid indirectly (a)		3.20	%		3.90	%		4.25	%		5.18	%		5.61	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.03	%		(0.11	)%		(0.13	)%		0.00	%@		(0.23	)%
After waivers, reimbursements and fees paid indirectly (a)		0.04	%		(0.09	)%		(0.05	)%		0.02	%		(0.10	)%
Before waivers, reimbursements and fees paid indirectly (a)		(1.72	)%		(2.56	)%		(2.93	)%		(3.73	)%		(4.39	)%
Portfolio turnover rate (d)		73	%		72	%		68	%		78	%		112	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.22		$	0.30		$	0.30		$	0.30		$	0.30

See Notes to Financial Statements.

118

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

FINANCIAL HIGHLIGHTS — (Continued)

Class A	Year Ended October 31, 2006 (c)			December 13, 2004* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	13.15		$	12.19
Income from investment operations:
Net investment income (loss)		(0.01	)		0.05
Net realized and unrealized gain on investments, futures, and foreign currency transactions		3.62			1.03
Total from investment operations		3.61			1.08
Less distributions:
Dividends from net investment income		(0.08	)		(0.09	)
Distributions from realized gains		(0.57	)		(0.03	)
Total dividends and distributions		(0.65	)		(0.12	)
Redemption fees		0.01			—
Net asset value, end of period	$	16.12		$	13.15
Total return (b)†		28.41	%		8.95	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,448		$	1,729
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.02	%		2.10	%
After waivers, reimbursements and fees paid indirectly (a)		2.00	%		2.06	%
Before waivers, reimbursements and fees paid indirectly (a)		2.77	%		3.70	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.10	)%		0.37	%
After waivers, reimbursements and fees paid indirectly (a)		(0.08	)%		0.41	%
Before waivers, reimbursements and fees paid indirectly (a)		(0.85	)%		(1.23	)%
Portfolio turnover rate (d)		64	%		73	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.12		$	0.18

	Year Ended October 31,												December 31, 2001*to October 31, 2002(c)
Class B	2006 (c)			2005(c)(g)			2004			2003(c)
Net asset value, beginning of period	$	13.04		$	11.32		$	9.72		$	7.86		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.09	)		(0.02	)		(0.03	)		(0.02	)		(0.03	)
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions		3.59			1.79			1.63			1.92			(2.11	)
Total from investment operations		3.50			1.77			1.60			1.90			(2.14	)
Less distributions:
Dividends from net investment income		—			(0.02	)		—			(0.04	)		—
Distributions from realized gains		(0.57	)		(0.03	)		—			—			—
Total dividends and distributions		(0.57	)		(0.05	)		—			(0.04	)		—
Net asset value, end of period	$	15.97		$	13.04		$	11.32		$	9.72		$	7.86
Total return (b)†		27.61	%		15.70	%		16.46	%		24.23	%		(21.40	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,735		$	744		$	2,806		$	2,423		$	1,814
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.57	%		2.65	%		2.65	%		2.65	%		2.65	%
After waivers, reimbursements and fees paid indirectly (a)		2.55	%(g)		2.61	%		2.38	%		2.61	%		2.61	%
Before waivers, reimbursements and fees paid indirectly (a)		3.32	%		4.25	%		6.47	%		7.77	%		8.40	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.59	)%		(0.18	)%		(0.50	)%		(0.26	)%		(0.36	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.57	)%		(0.14	)%		(0.23	)%		(0.22	)%		(0.32	)%
Before waivers, reimbursements and fees paid indirectly (a)		(1.35	)%		(1.78	)%		(4.32	)%		(5.38	)%		(6.12	)%
Portfolio turnover rate (d)		64	%		73	%		67	%		92	%		27	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.12		$	0.20		$	0.41		$	0.43		$	0.43

See Notes to Financial Statements.

119

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AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class C	2006(c)			2005(c)(g)			2004			2003(c)
Net asset value, beginning of period	$	13.04		$	11.33		$	9.72		$	7.87		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.07	)		(0.02	)		(0.03	)		(0.02	)		(0.03	)
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions		3.57			1.78			1.64			1.91			(2.10	)
Total from investment operations		3.50			1.76			1.61			1.89			(2.13	)
Less distributions:
Dividends from net investment income		—			(0.02	)		—			(0.04	)		—
Distributions from realized gains		(0.57	)		(0.03	)		—			—			—
Total dividends and distributions		(0.57	)		(0.05	)		—			(0.04	)		—
Redemption fees		—			—	#		—			—			—
Net asset value, end of period	$	15.97		$	13.04		$	11.33		$	9.72		$	7.87
Total return (b)†		27.61	%		15.60	%		16.56	%		24.08	%		(21.30	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,372		$	682		$	349		$	305		$	213
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.57	%		2.65	%		2.65	%		2.65	%		2.65	%
After waivers, reimbursements and fees paid indirectly (a)		2.55	%		2.61	%		2.38	%		2.61	%		2.61	%
Before waivers, reimbursements and fees paid indirectly (a)		3.32	%(g)		4.25	%		6.47	%		7.77	%		8.40	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.51	)%		(0.18	)%		(0.50	)%		(0.26	)%		(0.36	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.49	)%		(0.14	)%		(0.23	)%		(0.22	)%		(0.32	)%
Before waivers, reimbursements and fees paid indirectly (a)		(1.24	)%		(1.78	)%		(4.32	)%		(5.38	)%		(6.12	)%
Portfolio turnover rate (d)		64	%		73	%		67	%		92	%		27	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.11		$	0.20		$	0.41		$	0.43		$	0.44

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class P	2006(c)			2005(c)(g)			2004			2003(c)
Net asset value, beginning of period	$	13.14		$	11.41		$	9.77		$	7.91		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.08			0.06			0.04			0.03
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions		3.59			1.79			1.63			1.91			(2.12	)
Total from investment operations		3.63			1.87			1.69			1.95			(2.09	)
Less distributions:
Dividends from net investment income		(0.11	)		(0.11	)		(0.05	)		(0.09	)		—
Distributions from realized gains		(0.57	)		(0.03	)		—			—			—
Total dividends and distributions		(0.68	)		(0.14	)		(0.05	)		(0.09	)		—
Net asset value, end of period	$	16.09		$	13.14		$	11.41		$	9.77		$	7.91
Total return (b)†		28.54	%		16.55	%		17.39	%		25.02	%		(20.90	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,233		$	4,208		$	1,982		$	1,562		$	1,059
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.82	%(g)		1.90	%		1.90	%		1.90	%		1.90	%
After waivers, reimbursements and fees paid indirectly (a)		1.80	%(g)		1.86	%		1.63	%		1.86	%		1.86	%
Before waivers, reimbursements and fees paid indirectly (a)		2.57	%(g)		3.50	%		5.72	%		7.02	%		7.65	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.24	%		0.57	%		0.25	%		0.49	%		0.39	%
After waivers, reimbursements and fees paid indirectly (a)		0.26	%		0.61	%		0.52	%		0.53	%		0.43	%
Before waivers, reimbursements and fees paid indirectly (a)		(0.48	)%		(1.03	)%		(3.57	)%		(4.63	)%		(5.37	)%
Portfolio turnover rate (d)		64	%		73	%		67	%		92	%		27	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.11		$	0.20		$	0.41		$	0.43		$	0.43

See Notes to Financial Statements.

120

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AXA ENTERPRISE INTERNATIONAL EQUITY FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class Y	2006 (c)			2005(c)(g)			2004			2003(c)
Net asset value, beginning of period	$	13.18		$	11.44		$	9.80		$	7.93		$	10.00
Income (loss) from investment operations:
Net investment income		0.07			0.11			0.08			0.07			0.05
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		3.60			1.81			1.64			1.91			(2.12	)
Total from investment operations		3.67			1.92			1.72			1.98			(2.07	)
Less distributions:
Dividends from net investment income		(0.14	)		(0.15	)		(0.08	)		(0.11	)		—
Distributions from realized gains		(0.57	)		(0.03	)		—			—			—
Total dividends and distributions		(0.71	)		(0.18	)		(0.08	)		(0.11	)		—
Net asset value, end of period	$	16.14		$	13.18		$	11.44		$	9.80		$	7.93
Total return (b)		28.87	%		16.79	%		17.73	%		25.40	%		(20.70	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	33,737		$	33,503		$	7,119		$	6,164		$	5,055
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.57	%(g)		1.65	%		1.65	%		1.65	%		1.65	%
After waivers, reimbursements and fees paid indirectly (a)		1.55	%(g)		1.61	%		1.38	%		1.61	%		1.61	%
Before waivers, reimbursements and fees paid indirectly (a)		2.32	%(g)		3.25	%		5.47	%		6.77	%		7.40	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.48	%		0.82	%		0.50	%		0.74	%		0.64	%
After waivers, reimbursements and fees paid indirectly (a)		0.50	%		0.86	%		0.77	%		0.78	%		0.68	%
Before waivers, reimbursements and fees paid indirectly (a)		(0.24	)%		(0.78	)%		(3.32	)%		(4.38	)%		(5.12	)%
Portfolio turnover rate (d)		64	%		73	%		67	%		92	%		27	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.11		$	0.20		$	0.42		$	0.43		$	0.44

See Notes to Financial Statements.

121

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AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS — (Continued)

Class A	Year Ended October 31, 2006 (c)			December 13, 2004* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	9.91		$	9.53
Income (loss) from investment operations:
Net investment loss		(0.14	)		(0.08	)
Net realized and unrealized gain on investments and foreign currency transactions		0.97			0.46
Total from investment operations		0.83			0.38
Less distributions:
Distributions from realized gains		(0.72	)		—
Redemption fees		—	#		—	#
Net asset value, end of period	$	10.02		$	9.91
Total return (b)†		8.51	%		3.99	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	22,434		$	23,301
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.15	%		2.15	%
After waivers, reimbursements and fees paid indirectly (a)		2.12	%		1.40	%
Before waivers, reimbursements and fees paid indirectly (a)		3.44	%		4.43	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.41	)%		(1.62	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.38	)%		(0.87	)%
Before waivers, reimbursements and fees paid indirectly (a)		(2.71	)%		(3.90	)%
Portfolio turnover rate (d)		136	%		252	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.13		$	0.20

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class B	2006 (c)			2005 (c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.67		$	8.67		$	8.97		$	5.74		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.19	)		(0.14	)		(0.20	)		(0.17	)		(0.14	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.95			1.14			(0.10	)		3.41			(4.12	)
Total from investment operations		0.76			1.00			(0.30	)		3.24			(4.26	)
Less distributions:
Distributions from realized gains		(0.72	)		—			—			(0.01	)		—
Redemption fees		—	#		—	#		—			—			—
Net asset value, end of period	$	9.71		$	9.67		$	8.67		$	8.97		$	5.74
Total return (b)†		7.98	%		11.53	%		(3.34	)%		56.41	%		(42.60	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	23,575		$	30,012		$	1,035		$	1,056		$	429
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.70	%		2.70	%		2.70	%		2.70	%		2.70	%
After waivers, reimbursements and fees paid indirectly (a)		2.67	%		1.95	%		2.49	%		2.67	%		2.67	%
Before waivers, reimbursements and fees paid indirectly (a)		3.99	%(g)		4.98	%		8.09	%		10.01	%		10.13	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.97	)%		(2.17	)%		(2.48	)%		(2.44	)%		(2.44	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.94	)%		(1.42	)%		(2.27	)%		(2.41	)%		(2.41	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.23	)%		(4.45	)%		(7.87	)%		(9.75	)%		(9.87	)%
Portfolio turnover rate (d)		136	%		252	%		172	%		125	%		154	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.12		$	0.22		$	0.47		$	0.51		$	0.43

See Notes to Financial Statements.

122

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AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class C	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.67		$	8.67		$	8.97		$	5.74		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.19	)		(0.14	)		(0.20	)		(0.17	)		(0.14	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.95			1.14			(0.10	)		3.41			(4.12	)
Total from investment operations		0.76			1.00			(0.30	)		3.24			(4.26	)
Less distributions:
Distributions from realized gains		(0.72	)		—			—			(0.01	)		—
Redemption fees		—	#		—	#		—			—			—
Net asset value, end of period	$	9.71		$	9.67		$	8.67		$	8.97		$	5.74
Total return (b)†		7.86	%		11.53	%		(3.34	)%		56.41	%		(42.60	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,547		$	7,753		$	67		$	62		$	41
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.70	%		2.70	%		2.70	%		2.70	%		2.70	%
After waivers, reimbursements and fees paid indirectly (a)		2.67	%		1.95	%		2.49	%		2.67	%		2.67	%
Before waivers, reimbursements and fees paid indirectly (a)		3.99	%(g)		4.98	%		8.09	%		10.01	%		10.13	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.97	)%		(2.17	)%		(2.48	)%		(2.44	)%		(2.44	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.94	)%		(1.42	)%		(2.27	)%		(2.41	)%		(2.41	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.24	)%		(4.45	)%		(7.87	)%		(9.75	)%		(9.87	)%
Portfolio turnover rate (d)		136	%		252	%		172	%		125	%		154	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.12		$	0.22		$	0.47		$	0.50		$	0.46
	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class P	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.93		$	8.84		$	9.07		$	5.77		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.12	)		(0.06	)		(0.14	)		(0.12	)		(0.10	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.98			1.15			(0.09	)		3.44			(4.13	)
Total from investment operations		0.86			1.09			(0.23	)		3.32			(4.23	)
Less distributions:
Distributions from realized gains		(0.72	)		—			—			(0.02	)		—
Net asset value, end of period	$	10.07		$	9.93		$	8.84		$	9.07		$	5.77
Total return (b)†		8.82	%		12.33	%		(2.54	)%		57.67	%		(42.30	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,127		$	1,297		$	477		$	480		$	219
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
After waivers, reimbursements and fees paid indirectly (a)		1.92	%		1.20	%		1.74	%		1.92	%		1.92	%
Before waivers, reimbursements and fees paid indirectly (a)		3.24	%(g)		4.23	%		7.34	%		9.26	%		9.38	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.21	)%		(1.42	)%		(1.73	)%		(1.69	)%		(1.69	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.18	)%		(0.67	)%		(1.52	)%		(1.66	)%		(1.66	)%
Before waivers, reimbursements and fees paid indirectly (a)		(2.50	)%		(3.70	)%		(7.12	)%		(9.00	)%		(9.12	)%
Portfolio turnover rate (d)		136	%		252	%		172	%		125	%		154	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.13		$	0.21		$	0.48		$	0.52		$	0.44

See Notes to Financial Statements.

123

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AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class Y	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.99		$	8.87		$	9.09		$	5.78		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.09	)		(0.04	)		(0.11	)		(0.10	)		(0.09	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.98			1.16			(0.11	)		3.44			(4.13	)
Total from investment operations		0.89			1.12			(0.22	)		3.34			(4.22	)
Less distributions:
Distributions from realized gains		(0.72	)		—			—	#		(0.03	)		—
Net asset value, end of period	$	10.16		$	9.99		$	8.87		$	9.09		$	5.78
Total return (b)		9.08	%		12.63	%		(2.39	)%		58.14	%		(42.20	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,376		$	6,337		$	5,474		$	5,954		$	3,494
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.70	%		1.70	%		1.70	%		1.70	%		1.70	%
After waivers, reimbursements and fees paid indirectly (a)		1.67	%		0.95	%		1.49	%		1.67	%		1.67	%
Before waivers, reimbursements and fees paid indirectly (a)		2.99	%(g)		3.98	%		7.09	%		9.01	%		9.13	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.96	)%		(1.17	)%		(1.48	)%		(1.44	)%		(1.44	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.93	)%		(0.42	)%		(1.27	)%		(1.41	)%		(1.41	)%
Before waivers, reimbursements and fees paid indirectly (a)		(2.27	)%		(3.45	)%		(6.87	)%		(8.75	)%		(8.87	)%
Portfolio turnover rate (d)		136	%		252	%		172	%		125	%		154	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.13		$	0.21		$	0.48		$	0.51		$	0.47

See Notes to Financial Statements.

124

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AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

FINANCIAL HIGHLIGHTS — (Continued)

Class A	Year Ended October 31, 2006(c)			December 13, 2004*to October 31, 2005(c)(g)
Net asset value, beginning of period	$	10.98		$	11.07
Income (loss) from investment operations:
Net investment loss		(0.12	)		(0.11	)
Net realized and unrealized gain on investments and foreign currency transactions		1.08			0.63
Total from investment operations		0.96			0.52
Redemption fees		—			—	#
Less distributions:
Distributions from realized gains		(0.65	)		(0.61	)
Net asset value, end of period	$	11.29		$	10.98
Total return (b)†		8.98	%		4.89	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	878		$	408
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.15	%		2.15	%
After waivers, reimbursements and fees paid indirectly (a)		2.09	%		2.12	%
Before waivers, reimbursements and fees paid indirectly (a)		5.19	%		6.07	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.12	)%		(1.14	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.06	)%		(1.11	)%
Before waivers, reimbursements and fees paid indirectly (a)		(4.16	)%		(5.06	)%
Portfolio turnover rate (d)		161	%		115	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.33		$	0.38

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class B	2006(c)(g)			2005 (c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	10.73		$	10.25		$	9.30		$	8.02		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.17	)		(0.17	)		(0.17	)		(0.15	)		(0.14	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.04			1.26			1.12			1.44			(1.84	)
Total from investment operations		0.87			1.09			0.95			1.29			(1.98	)
Less distributions:
Dividends from net investment income		—			—			—			(0.01	)		—
Distributions from realized gains		(0.65	)		(0.61	)		—			—			—
Total dividends and distributions		(0.65	)		(0.61	)		—			(0.01	)		—
Net asset value, end of period	$	10.95		$	10.73		$	10.25		$	9.30		$	8.02
Total return (b)†		8.32	%		10.70	%		10.32	%		15.89	%		(19.70	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	316		$	234		$	1,288		$	1,126		$	932
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.70	%		2.70	%		2.70	%		2.70	%		2.70	%
After waivers, reimbursements and fees paid indirectly (a)		2.64	%		2.67	%		2.63	%		2.69	%		2.68	%
Before waivers, reimbursements and fees paid indirectly (a)		5.74	%(g)		6.62	%		7.25	%		8.15	%		8.58	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.68	)%		(1.69	)%		(1.71	)%		(1.72	)%		(1.90	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.62	)%		(1.66	)%		(1.64	)%		(1.71	)%		(1.88	)%
Before waivers, reimbursements and fees paid indirectly (a)		(4.69	)%		(5.61	)%		(6.26	)%		(7.17	)%		(7.78	)%
Portfolio turnover rate (d)		161	%		115	%		127	%		103	%		102	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.32		$	0.41		$	0.46		$	0.47		$	0.42

See Notes to Financial Statements.

125

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AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class C	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	10.73		$	10.26		$	9.30		$	8.03		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.17	)		(0.17	)		(0.17	)		(0.15	)		(0.14	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.05			1.25			1.13			1.43			(1.83	)
Total from investment operations		0.88			1.08			0.96			1.28			(1.97	)
Less distributions:
Dividends from net investment income		—			—			—			(0.01	)		—
Distributions from realized gains		(0.65	)		(0.61	)		—			—			—
Total dividends and distributions		(0.65	)		(0.61	)		—			(0.01	)		—
Redemption fees		—			—	#		—			—			—
Net asset value, end of period	$	10.96		$	10.73		$	10.26		$	9.30		$	8.03
Total return (b)†		8.42	%		10.70	%		10.32	%		15.89	%		(19.70	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	271		$	183		$	98		$	165		$	157
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.70	%		2.70	%		2.70	%		2.70	%		2.70	%
After waivers, reimbursements and fees paid indirectly (a)		2.64	%		2.67	%		2.63	%		2.69	%		2.68	%
Before waivers, reimbursements and fees paid indirectly (a)		5.74	%(g)		6.62	%		7.25	%		8.15	%		8.58	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.68	)%		(1.69	)%		(1.71	)%		(1.72	)%		(1.90	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.62	)%		(1.66	)%		(1.64	)%		(1.71	)%		(1.88	)%
Before waivers, reimbursements and fees paid indirectly (a)		(4.67	)%		(5.61	)%		(6.26	)%		(7.17	)%		(7.78	)%
Portfolio turnover rate (d)		161	%		115	%		127	%		103	%		102	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.32		$	0.41		$	0.46		$	0.47		$	0.43
	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class P	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	10.98		$	10.42		$	9.38		$	8.07		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.10	)		(0.10	)		(0.09	)		(0.08	)		(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.08			1.27			1.13			1.43			(1.85	)
Total from investment operations		0.98			1.17			1.04			1.35			(1.93	)
Less distributions:
Dividends from net investment income		—			—			—			(0.04	)		—
Distributions from realized gains		(0.65	)		(0.61	)		—			—			—
Total dividends and distributions		(0.65	)		(0.61	)		—			(0.04	)		—
Net asset value, end of period	$	11.31		$	10.98		$	10.42		$	9.38		$	8.07
Total return (b)†		9.26	%		11.43	%		11.09	%		16.78	%		(19.30	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,664		$	1,796		$	848		$	801		$	561
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
After waivers, reimbursements and fees paid indirectly (a)		1.89	%		1.92	%		1.88	%		1.94	%		1.93	%
Before waivers, reimbursements and fees paid indirectly (a)		4.99	%(g)		5.87	%		6.50	%		7.40	%		7.83	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.94	)%		(0.94	)%		(0.96	)%		(0.97	)%		(1.15	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.88	)%		(0.91	)%		(0.89	)%		(0.96	)%		(1.13	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.96	)%		(4.86	)%		(5.51	)%		(6.42	)%		(7.03	)%
Portfolio turnover rate (d)		161	%		115	%		127	%		103	%		102	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.33		$	0.42		$	0.47		$	0.47		$	0.42

See Notes to Financial Statements.

126

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AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class Y	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	11.07		$	10.47		$	9.41		$	8.09		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.07	)		(0.07	)		(0.07	)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.09			1.28			1.13			1.44			(1.84	)
Total from investment operations		1.02			1.21			1.06			1.38			(1.91	)
Less distributions:
Dividends from net investment income		—			—			—	#		(0.06	)		—
Distributions from realized gains		(0.65	)		(0.61	)		—			—			—
Total dividends and distributions		(0.65	)		(0.61	)		—	#		(0.06	)		—
Net asset value, end of period	$	11.44		$	11.07		$	10.47		$	9.41		$	8.09
Total return (b)		9.47	%		11.77	%		11.32	%		17.16	%		(19.10	)%
Ratios/Supplemental Data:
Net assets, end of period (000's)	$	6,727		$	6,566		$	6,277		$	5,670		$	4,884
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.70	%		1.70	%		1.70	%		1.70	%		1.70	%
After waivers, reimbursements and fees paid indirectly (a)		1.64	%		1.67	%		1.63	%		1.69	%		1.68	%
Before waivers, reimbursements and fees paid indirectly (a)		4.74	%(g)		5.62	%		6.25	%		7.15	%		7.58	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.69	)%		(0.69	)%		(0.71	)%		(0.72	)%		(0.90	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.63	)%		(0.66	)%		(0.64	)%		(0.71	)%		(0.88	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.74	)%		(4.61	)%		(5.26	)%		(6.17	)%		(6.78	)%
Portfolio turnover rate (d)		161	%		115	%		127	%		103	%		102	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.34		$	0.42		$	0.47		$	0.47		$	0.44

See Notes to Financial Statements.

127

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

FINANCIAL HIGHLIGHTS — (Continued)

Class A	Year Ended October 31, 2006(c)			December 13, 2004* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	9.83		$	10.22
Income (loss) from investment operations:
Net investment income		0.37			0.28
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.04			(0.24	)
Total from investment operations		0.41			0.04
Less distributions:
Dividends from net investment income		(0.37	)		(0.29	)
Distributions from realized gains		—			(0.14	)
Total dividends and distributions		(0.37	)		(0.43	)
Redemption fees		—	#		—	#
Net asset value, end of period	$	9.87		$	9.83
Total return (b)†		4.25	%		0.44	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	37,509		$	39,508
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.25	%		1.25	%
Before waivers and reimbursements (a)		1.94	%(g)		2.37	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.80	%		3.11	%
Before waivers and reimbursements (a)		3.10	%		1.99	%
Portfolio turnover rate (d)		301	%		736	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.07		$	0.10

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class B	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.81		$	10.21		$	10.23		$	10.20		$	10.00
Income (loss) from investment operations:
Net investment income		0.32			0.26			0.17			0.19			0.26
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.03			(0.26	)		0.24			0.32			0.18
Total from investment operations		0.35			0.00			0.41			0.51			0.44
Less distributions:
Dividends from net investment income		(0.31	)		(0.26	)		(0.24	)		(0.27	)		(0.24	)
Distributions from realized gains		—			(0.14	)		(0.19	)		(0.21	)		—
Total dividends and distributions		(0.31	)		(0.40	)		(0.43	)		(0.48	)		(0.24	)
Redemption fees		—			—			—			—			—
Net asset value, end of period	$	9.85		$	9.81		$	10.21		$	10.23		$	10.20
Total return (b)†		3.67	%		0.07	%		4.02	%		5.14	%		4.42	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	19,634		$	24,373		$	7,380		$	9,647		$	8,989
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%
Before waivers and reimbursements (a)		2.49	%		2.92	%		3.19	%		3.00	%		3.33	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.24	%		2.56	%		1.68	%		1.84	%		2.94	%
Before waivers and reimbursements (a)		2.55	%		1.44	%		0.29	%		0.64	%		1.41	%
Portfolio turnover rate (d)		301	%		736	%		564	%		566	%		422	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.07		$	0.11		$	0.14		$	0.12		$	0.13

See Notes to Financial Statements.

128

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class C	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.80		$	10.20		$	10.22		$	10.19		$	10.00
Income (loss) from investment operations:
Net investment income		0.31			0.26			0.17			0.19			0.25
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.04			(0.26	)		0.24			0.32			0.18
Total from investment operations		0.35			0.00			0.41			0.51			0.43
Less distributions:
Dividends from net investment income		(0.31	)		(0.26	)		(0.24	)		(0.27	)		(0.24	)
Distributions from realized gains		—			(0.14	)		(0.19	)		(0.21	)		—
Total dividends and distributions		(0.31	)		(0.40	)		(0.43	)		(0.48	)		(0.24	)
Redemption fees		—			—	#		—			—			—
Net asset value, end of period	$	9.84		$	9.80		$	10.20		$	10.22		$	10.19
Total return (b)†		3.67	%		(0.03	)%		4.12	%		5.14	%		4.38	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	14,232		$	18,819		$	1,000		$	1,538		$	1,960
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%
Before waivers and reimbursements (a)		2.49	%		2.92	%		3.19	%		3.00	%		3.33	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.23	%		2.56	%		1.68	%		1.84	%		2.94	%
Before waivers and reimbursements (a)		2.54	%		1.44	%		0.29	%		0.64	%		1.41	%
Portfolio turnover rate (d)		301	%		736	%		564	%		566	%		422	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.07		$	0.11		$	0.14		$	0.12		$	0.13
	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class P	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.82		$	10.23		$	10.25		$	10.22		$	10.00
Income (loss) from investment operations:
Net investment income		0.39			0.33			0.25			0.27			0.31
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.04			(0.27	)		0.24			0.32			0.19
Total from investment operations		0.43			0.06			0.49			0.59			0.50
Less distributions:
Dividends from net investment income		(0.39	)		(0.33	)		(0.32	)		(0.35	)		(0.28	)
Distributions from realized gains		—			(0.14	)		(0.19	)		(0.21	)		—
Total dividends and distributions		(0.39	)		(0.47	)		(0.51	)		(0.56	)		(0.28	)
Net asset value, end of period	$	9.86		$	9.82		$	10.23		$	10.25		$	10.22
Total return (b)†		4.46	%		0.63	%		4.91	%		5.93	%		5.08	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,762		$	7,977		$	4,287		$	4,514		$	4,837
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Before waivers and reimbursements (a)		1.74	%		2.17	%		2.44	%		2.25	%		2.58	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.99	%		3.31	%		2.43	%		2.59	%		3.69	%
Before waivers and reimbursements (a)		3.30	%		2.19	%		1.04	%		1.39	%		2.16	%
Portfolio turnover rate (d)		301	%		736	%		564	%		566	%		422	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.07		$	0.11		$	0.14		$	0.12		$	0.13

See Notes to Financial Statements.

129

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

FINANCIAL HIGHLIGHTS — (Concluded)

	Year Ended October 31,												December 31, 2001* to October 31, 2002(c)
Class Y	2006(c)			2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.83		$	10.23		$	10.25		$	10.22		$	10.00
Income (loss) from investment operations:
Net investment income		0.42			0.36			0.27			0.29			0.33
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.03			(0.26	)		0.24			0.33			0.19
Total from investment operations		0.45			0.10			0.51			0.62			0.52
Less distributions:
Dividends from net investment income		(0.41	)		(0.36	)		(0.34	)		(0.38	)		(0.30	)
Distributions from realized gains		—			(0.14	)		(0.19	)		(0.21	)		—
Total dividends and distributions		(0.41	)		(0.50	)		(0.53	)		(0.59	)		(0.30	)
Net asset value, end of period	$	9.87		$	9.83		$	10.23		$	10.25		$	10.22
Total return (b)		4.71	%		0.98	%		5.17	%		6.19	%		5.23	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	43,033		$	39,747		$	26,206		$	26,589		$	28,552
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Before waivers and reimbursements (a)		1.49	%(g)		1.92	%		2.19	%		2.00	%		2.33	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		4.25	%		3.56	%		2.68	%		2.84	%		3.94	%
Before waivers and reimbursements (a)		3.55	%		2.44	%		1.29	%		1.64	%		2.41	%
Portfolio turnover rate (d)		301	%		736	%		564	%		566	%		422	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.07		$	0.11		$	0.14		$	0.12		$	0.13

* Commencement of operations.

** Prior to October 31, 2005, these ratios and per share amounts were not provided.

# Per share amount is less than $0.005.

@ Ratio amount is less than 0.005%

† The total returns for Class A, Class B, Class C and Class P do not include sales charges.

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

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

(c) Net investment income and capital changes are based on daily average shares outstanding.

(d) Portfolio turnover rate for periods less than one year are not annualized.

(e) On June 3, 2005, the Fund received, through a merger, the assets and liabilities of the Enterprise Managed Fund. The information from January 1, 2000 through October 31, 2004 is that of the predecessor Enterprise Managed Fund. Information for the year ended October 31, 2005 includes the results of the operations of the predecessor Enterprise Managed Fund from November 1, 2004 through June 3, 2005.

(f) The ratios shown are Effective Ratios. During the period when the fund was the Enterprise Managed Fund, the expense limitations were 1.45%, 2.00%, 2.00, and 1.00% for Class A, Class B, Class C, and Class Y, respectively. During the period when the fund was AXA Enterprise Moderate-Plus Allocation Fund, the expense limitations were 0.75%, 1.30%, 1.30%, and 0.30% for Class A, Class B, Class C, and Class Y, respectively.

(g) Reflects overall fund ratios adjusted for class specific expenses.

(h) Reflects purchases and sales from change in investment strategy due to reorganization.

See Notes to Financial Statements.

130

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

October 31, 2006

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, 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, Class B, Class C, Class P, and Class Y 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.

AXA Enterprise Aggressive Allocation Fund — Seeks long-term capital appreciation.

131

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

October 31, 2006

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 LLC (formerly, 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 Financial Management, Inc. (formerly, 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.

132

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

October 31, 2006

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.

Expenses attributable to a single Fund or class are charged to that Fund or class. Expenses of the Trust not attributable to a single Fund or class are charged to each Fund or class in proportion to the average net assets of each Fund or other appropriate allocation methods.

All income earned and expenses incurred by each Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the daily net assets of such class, except for distribution fees which are charged on a class specific basis.

133

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

October 31, 2006

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.

(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.

Taxes:

The Trust intends to comply with the requirements of the Internal Revenue Code of 1986, as amended (“Code”) applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to shareholders of each Fund. Therefore, no Federal income tax provision is required. Dividends from net investment income are declared and distributed at least annually for all Funds. Dividends from net realized short-term and long-term capital gains are declared and distributed at least annually to the shareholders of the Funds to which such gains are attributable. All dividends are distributed on a tax basis and, as such, the amounts may differ from financial statement investment income and realized capital gains. Those differences are primarily due to differing book and tax treatments for deferred organization costs, forward foreign currency transactions, losses due to wash sales transactions, mark-to-market of forward contracts, mark-to-market of passive foreign investment companies and straddle transactions. In addition, short-term capital gains and foreign currency gains are treated as capital gains for accounting (book) purposes but are considered ordinary income for tax purposes. The tax composition of distributed and undistributed income and gains for the years ended October 31, 2006 and October 31, 2005, were as follows:

	Year Ended October 31, 2006								Year Ended October 31, 2005
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
AXA Enterprise Conservative Allocation Fund	$	46,857	$	—	$	152,393	$	12,219	$	—	$	—	$	21,740	$	—
AXA Enterprise Moderate Allocation Fund		188,032		—		214,536		150,679		—		—		83,958		—
AXA Enterprise Moderate-Plus Allocation Fund		1,898,717		—		449,222		—		666,746		—		499,889		—
AXA Enterprise Aggressive Allocation Fund		131,669		—		—		139,235		—		—		34,906		—
AXA Enterprise Multimanager Growth Fund		—		—		—		—		5,977		—		—		—

134

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

October 31, 2006

	Year Ended October 31, 2006								Year Ended October 31, 2005
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
AXA Enterprise Multimanager Core Equity Fund	$	20,589	$	475,076	$	81,249	$	898,043	$	43,799	$	—	$	20,517	$	475,048
AXA Enterprise Multimanager Value Fund		893,778		879,535		1,502,120		944,325		119,385		188,560		805,985		879,286
AXA Enterprise Multimanager Mid Cap Growth Fund		—		—		—		1,338,709		—		—		—		—
AXA Enterprise Multimanager Mid Cap Value Fund		149,043		1,703,450		379,725		1,633,234		—		—		148,995		1,703,331
AXA Enterprise Multimanager International Equity Fund		1,051,923		1,152,839		3,412,622		2,763,650		134,345		34,905		952,826		1,152,797
AXA Enterprise Multimanager Technology Fund		3,870,684		1,086,629		—		—		—		—		3,870,069		1,086,208
AXA Enterprise Multimanager Health Care Fund		237,448		306,393		118,075		447,779		—		488,636		237,406		306,379
AXA Enterprise Multimanager Core Bond Fund		4,633,424		—		103,894		—		2,842,858		182,173		—		—

Permanent book and tax basis differences resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in capital at October 31, 2006, as follows:

	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
AXA Enterprise Conservative Allocation Fund	$	8,454		$	(8,454	)	$	—
AXA Enterprise Moderate Allocation Fund		53,161			(53,161	)		—
AXA Enterprise Moderate-Plus Allocation Fund		821,882			(821,882	)		—
AXA Enterprise Aggressive Allocation Fund		121,409			(121,409	)		—
AXA Enterprise Multimanager Growth Fund		79,252			—			(79,252	)
AXA Enterprise Multimanager Core Equity Fund		(112	)		112			—
AXA Enterprise Multimanager Value Fund		(58	)		58			—
AXA Enterprise Multimanager Mid Cap Growth Fund		183,662			(10	)		(183,652	)
AXA Enterprise Multimanager Mid Cap Value Fund		43,997			(44,509	)		512
AXA Enterprise Multimanager International Equity Fund		103,935			(103,945	)		10
AXA Enterprise Multimanager Technology Fund		1,087,737			20,608			(1,108,345	)
AXA Enterprise Multimanager Health Care Fund		85,459			(85,459	)		—
AXA Enterprise Multimanager Core Bond Fund		72,950			(72,950	)		—

Fees Paid Indirectly:

For all Funds, the Trustees have approved the payment of certain Trust expenses using brokerage service arrangements. These payments are reflected on the Statements of Operations. For the year ended October 31, 2006, several Funds reduced expenses under these arrangements as follows:

Fund	Amount
AXA Enterprise Moderate-Plus Allocation Fund	$	70,770
AXA Enterprise Multimanager Growth Fund		1,602
AXA Enterprise Multimanager Core Equity Fund		1,847
AXA Enterprise Multimanager Value Fund		17,224
AXA Enterprise Multimanager Mid Cap Growth Fund		5,451

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Fund	Amount
AXA Enterprise Multimanager Mid Cap Value Fund	$	1,860
AXA Enterprise Multimanager International Equity Fund		9,758
AXA Enterprise Multimanager Technology Fund		20,236
AXA Enterprise Multimanager Health Care Fund		5,716

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 year ended October 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. For the year ended October 31, 2006, the Funds did not enter into repurchase agreements.

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 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

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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.

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

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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. Among other purposes, 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 October 31, 2006.

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 October 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

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October 31, 2006

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 may 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.

Note 2 Management of the Trust

The Trust has entered into two separate investment management agreements (the “Management Agreements”) with AXA Equitable. The Management Agreement for the Funds (other than the Allocation Funds) obligates the Manager for each of the AXA Enterprise Multimanager Funds and the Allocation Funds to: (i) provide investment management services to the Trust; (ii) select the Advisers for each Fund; (iii) monitor each Adviser’s investment programs and results; (iv) review brokerage matters; (v) oversee the Trust’s compliance with various federal and state statutes; and (vi) carry out the directives of the Board of Trustees. The Management Agreement for the Allocation Funds obligates the Manager to: (i) provide investment management and advisory services; (ii) render investment advice concerning the underlying funds in which to invest and the appropriate allocations for each of the Allocation Funds; (iii) review brokerage matters; (iv) oversee the Trust’s compliance with various federal and state statutes; and (v) carry out the directives of the Board of Trustees. For its services under the Management Agreements, the Manager is entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Funds, calculated daily and payable monthly as follows:

Fund	Management Fee
AXA Enterprise Conservative Allocation Fund	0.20% of average daily net assets
AXA Enterprise Moderate Allocation Fund	0.20% of average daily net assets
AXA Enterprise Moderate-Plus Allocation Fund	0.20% of average daily net assets
AXA Enterprise Aggressive Allocation Fund	0.20% of average daily net assets

	Management Fees (as a percentage of average daily net assets)
	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
AXA Enterprise Multimanager Growth Fund	1.000	%	0.950	%	0.925	%	0.900	%	0.875	%
AXA Enterprise Multimanager Core Equity Fund	1.000	%	0.950	%	0.925	%	0.900	%	0.875	%
AXA Enterprise Multimanager Value Fund	1.000	%	0.950	%	0.925	%	0.900	%	0.875	%
AXA Enterprise Multimanager Mid Cap Growth Fund	1.200	%	1.150	%	1.125	%	1.100	%	1.075	%

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October 31, 2006

	Management Fees (as a percentage of average daily net assets)
	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
AXA Enterprise Multimanager Mid Cap Value Fund	1.200	%	1.150	%	1.125	%	1.100	%	1.075	%
AXA Enterprise Multimanager International Equity Fund	1.150	%	1.100	%	1.075	%	1.050	%	1.025	%
AXA Enterprise Multimanager Technology Fund	1.300	%	1.250	%	1.225	%	1.200	%	1.175	%
AXA Enterprise Multimanager Health Care Fund	1.300	%	1.250	%	1.225	%	1.200	%	1.175	%

	Management Fees (as a percentage of average daily net assets)
	First $1.5 Billion		Next $1 Billion		Next $1 Billion		Next $2.5 Billion		Thereafter
AXA Enterprise Multimanager Core Bond Fund	0.700	%	0.675	%	0.650	%	0.625	%	0.600	%

On behalf of the Trust, the Manager has entered into investment advisory agreements (“Advisory Agreements”) with each of the Advisers. Each of the Advisory Agreements obligates the Advisers for the respective Funds to: (i) continuously furnish investment programs for the Funds; (ii) place all orders for the purchase and sale of investments for the Funds with brokers or dealers selected by the Manager or the respective Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Manager pays the expenses of providing investment advisory services to the Funds, including the fees of the Advisers of each Fund.

Note 3 Administrative Fees

Pursuant to an administrative agreement, AXA Equitable (“Administrator”) provides the Trust with necessary administrative services. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such administrative services to the Trust. For these administrative services, the Trust pays AXA Equitable a fee at an annual rate of 0.15% of the Trust’s total average net assets plus $35,000 per Fund and an additional $35,000 for each portion of the Fund for which separate administrative services are provided (e.g., portions of a Fund allocated to separate Advisers and/or managed in a discrete style).

Pursuant to a sub-administration arrangement with AXA Equitable, J.P. Morgan Investors Services Co. (“Sub-administrator”) provides the Trust with certain administrative services, including monitoring of fund compliance and fund accounting services.

Note 4 Custody Fees

JPMorgan, an affiliate of J.P. Morgan Worldwide Securities Services, serves as custodian of the Trust’s portfolio securities and other assets under a Custody Agreement. The Custody Agreement provides for fees based on the amount of transactions and the asset holdings of the Funds. Under the terms of the Custody Agreement between the Trust and JPMorgan, JPMorgan maintains cash, securities and other assets of the Funds. JPMorgan is also required, upon the order of the Trust, to deliver securities held by JPMorgan, and make payments for securities purchased by the Trust. JPMorgan has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the U.S. are maintained in the custody of these entities.

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Note 5 Distribution Plans

The Trust has entered into a distribution agreement with Enterprise Fund Distributors, Inc., (the “Distributor”, an indirect wholly-owned subsidiary of AXA Equitable) pursuant to which the Distributor serves as the principal underwriter for each Fund’s shares. The Trust has adopted in the manner prescribed under Rule 12b-1 under the 1940 Act separate plans of distribution pertaining to the Class A, Class B, Class C and Class P shares of the Trust. The Trust’s Class A, Class B, Class C and Class P shares each pay an annual service fee of 0.25% of their average daily net assets. In addition to this service fee, the Trust’s Class A shares pay an annual distribution fee of 0.20% of its average daily net assets (effective May 1, 2006, this fee was reduced to 0.05% of average daily net assets for the Class A shares of the Allocation Funds). In addition to this service fee, Class B shares and Class C shares pay an annual distribution fee of 0.75% of their average daily net assets. There is no distribution plan with respect to Class Y shares and the Funds pay no service or distribution fees with respect to those shares.

The Distributor uses its distribution fee from the Trust to pay expenses on behalf of the Trust related to the distribution and servicing of its shares. These expenses include a distribution fee to securities dealers that enter into a sales agreement with the Distributor. For the year ended October 31, 2006, the Distributor incurred approximate distribution fees of $263,120 and $878 payable to AXA Advisors LLC and The Advest Group Inc., respectively.

For the year ended October 31, 2006, the portions of the Trust’s sales charges paid to AXA Advisors LLC and The Advest Group, Inc., each a wholly-owned subsidiary of AXA Financial, Inc. and affiliates of AXA Equitable and Enterprise Capital Management, Inc., were $490,267 and $1,204, respectively.

The Distributors received sales charges on each Fund’s Class A and Class P shares and the proceeds of contingent deferred sales charges paid by the investor in connection with certain redemptions of each Fund’s Class B and Class C shares. The Distributors have advised the Funds that for the year ended October 31, 2006, the proceeds retained from sales and redemptions are as follows:

	Class A					Class B		Class C
	Front End Sales charge		Contingent deferred sales charge			Contingent deferred sales charge		Contingent deferred sales charge
AXA Enterprise Conservative Allocation Fund	$	2	$	27		$	1,866	$	218
AXA Enterprise Moderate Allocation Fund		11		548			5,160		1,378
AXA Enterprise Moderate-Plus Allocation Fund		319		2,255			92,523		1,378
AXA Enterprise Aggressive Allocation Fund		60		528			3,049		1,162
AXA Enterprise Multimanager Growth Fund		—		1			307		151
AXA Enterprise Multimanager Core Equity Fund		—		4			336		389
AXA Enterprise Multimanager Value Fund		—		19			288		229
AXA Enterprise Multimanager Mid Cap Growth Fund		—		9			1,734		7
AXA Enterprise Multimanager Mid Cap Value Fund		—		—	#		931		32
AXA Enterprise Multimanager International Equity Fund		10		58			728		31
AXA Enterprise Multimanager Technology Fund		154		577			78,304		754
AXA Enterprise Multimanager Health Care Fund		—		—			226		132
AXA Enterprise Multimanager Core Bond Fund		—		4,629			79,639		2,366

# Contingent deferred sales charge was less than $0.50.

Sales loads and contingent deferred sales charges imposed on purchases and redemption of Fund shares are retained by the Trust’s Distributors and do not represent expenses of the Funds.

Note 6 Transfer Agent

Boston Financial Data Services (“BFDS”) serves as the transfer agent for the Trust. BFDS provides shareholder services for the Trust. Transfer agent fees are based on per account charges, assets and other out of pocket expenses. Additional sub-transfer agent fees may be paid by the funds to administrators of omnibus accounts, and have been included in transfer agent fees on the statements of operations.

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Note 7 Redemption Fees

The Trust charges a 2% redemption fee on exchanges or redemptions done within one month of a purchase or exchange. These redemption fees are collected and retained by the affected Fund for the benefit of the remaining shareholders and are recorded by the Fund as paid in capital. For the year ended October 31, 2006, redemption fees charged and collected by the Funds were as follows:

	Class A		Class B		Class C		Class P		Class Y
AXA Enterprise Conservative Allocation Fund	$	—	$	—	$	—	$	—	$	—
AXA Enterprise Moderate Allocation Fund		307		—		51		—		—
AXA Enterprise Moderate-Plus Allocation Fund		1,690		596		—		—		—
AXA Enterprise Aggressive Allocation Fund		—		—		1,120		—		—
AXA Enterprise Multimanager Growth Fund		—		—		—		—		—
AXA Enterprise Multimanager Core Equity Fund		—		—		—		—		—
AXA Enterprise Multimanager Value Fund		—		403		—		—		—
AXA Enterprise Multimanager Mid Cap Growth Fund		1,123		—		—		—		—
AXA Enterprise Multimanager Mid Cap Value Fund		—		—		—		—		—
AXA Enterprise Multimanager International Equity Fund		1,881		—		—		—		—
AXA Enterprise Multimanager Technology Fund		227		2,139		798		—		—
AXA Enterprise Multimanager Health Care Fund		—		—		—		—		—
AXA Enterprise Multimanager Core Bond Fund		300		—		—		—		—

Note 8 Expense Limitation

Pursuant to a contract, AXA Equitable had agreed to make payments or waive its fees to limit the expenses of each Fund through February 28, 2007 (April 30, 2007 with respect to the Allocation Funds) (“Expense Limitation Agreement”). AXA Equitable first waives its management fees, then waives its administration fees, and then reimburses the Fund’s expenses out of its own resources. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments and waivers are reimbursed within three years of the payment or waiver being made and the combination of the Fund’s expense ratio and such reimbursements do not exceed the Fund’s expense ratio cap. If the actual expense ratio is less than the expense cap and AXA Equitable has recouped any eligible previous payments and waivers made, the Fund will be charged such lower expenses.

Effective May 1, 2006, the expenses for each Allocation Fund are limited to the following based on annual average daily net assets:

	Class A*		Class B**		Class C**		Class Y***
AXA Enterprise Conservative Allocation Fund	0.50	%	1.20	%	1.20	%	0.20	%
AXA Enterprise Moderate Allocation Fund	0.50	%	1.20	%	1.20	%	0.20	%
AXA Enterprise Moderate-Plus Allocation Fund	0.50	%	1.20	%	1.20	%	0.20	%
AXA Enterprise Aggressive Allocation Fund	0.50	%	1.20	%	1.20	%	0.20	%

* Prior to May 1, 2006 and after March 1, 2006 the Allocation Funds Class A shares expenses were limited to 0.65% of average daily net assets. Prior to March 1, 2006 the Allocation Funds Class A shares expenses were limited to 0.75% of average daily net assets

** Prior to March 1, 2006, the Allocation Funds Classes B and C shares expenses were limited to 1.30% of average daily net assets

*** Prior to March 1, 2006, the Allocation Funds Class Y shares expenses were limited to 0.30% of average daily net assets.

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The expenses for the following Funds are limited to the following based on annual average daily net assets:

	Class A		Class B		Class C		Class P		Class Y
AXA Enterprise Multimanager Growth Fund	1.65	%	2.20	%	2.20	%	1.45	%	1.20	%
AXA Enterprise Multimanager Core Equity Fund	1.65	%	2.20	%	2.20	%	1.45	%	1.20	%
AXA Enterprise Multimanager Value Fund	1.65	%	2.20	%	2.20	%	1.45	%	1.20	%
AXA Enterprise Multimanager Mid Cap Growth Fund	1.90	%	2.45	%	2.45	%	1.70	%	1.45	%
AXA Enterprise Multimanager Mid Cap Value Fund	1.90	%	2.45	%	2.45	%	1.70	%	1.45	%
AXA Enterprise Multimanager International Equity Fund*	2.00	%	2.55	%	2.55	%	1.80	%	1.55	%
AXA Enterprise Multimanager Technology Fund	2.15	%	2.70	%	2.70	%	1.95	%	1.70	%
AXA Enterprise Multimanager Health Care Fund	2.15	%	2.70	%	2.70	%	1.95	%	1.70	%
AXA Enterprise Multimanager Core Bond Fund	1.25	%	1.80	%	1.80	%	1.05	%	0.80	%

* Prior to March 1, 2006, the limitation was 2.10%, 2.65%, 2.65%, 1.90%, and 1.65%, for Class A, Class B, Class C, Class P, and Class Y shares, respectively.

During the year ended October 31, 2006, the Manager received no reimbursement. At October 31, 2006, under the Expense Limitation Agreement, the amount that would be recoverable from each Fund is as follows:

	Amount Eligible through						Total Eligible for Reimbursement
	2007		2008		2009
AXA Enterprise Conservative Allocation Fund	$	—	$	93,641	$	161,119	$	254,760
AXA Enterprise Moderate Allocation Fund		—		108,179		223,457		331,636
AXA Enterprise Moderate-Plus Allocation Fund		65,808		697,746		995,405		1,758,959
AXA Enterprise Aggressive Allocation Fund		—		107,375		206,330		313,705
AXA Enterprise Multimanager Growth Fund		421,362		358,867		290,297		1,070,526
AXA Enterprise Multimanager Core Equity Fund		427,268		368,138		285,918		1,081,324
AXA Enterprise Multimanager Value Fund		432,760		379,666		329,387		1,141,813
AXA Enterprise Multimanager Mid Cap Growth Fund		439,056		372,785		308,203		1,120,044
AXA Enterprise Multimanager Mid Cap Value Fund		446,682		410,935		326,561		1,184,178
AXA Enterprise Multimanager International Equity Fund		451,583		385,750		325,566		1,162,899
AXA Enterprise Multimanager Technology Fund		389,773		535,608		848,053		1,773,434
AXA Enterprise Multimanager Health Care Fund		388,889		343,813		290,771		1,023,473
AXA Enterprise Multimanager Core Bond Fund		557,767		865,259		862,733		2,285,759

The Allocation Funds invest exclusively in shares of other mutual funds (the “Underlying Funds”) managed by AXA Equitable or Enterprise Capital Management, Inc. (an affiliate of AXA Equitable). Therefore, each Allocation Fund, in addition to its own expenses such as management fees, bears its pro-rata share of the fees and expenses incurred by the Underlying Funds and the investment return of each Allocation Fund is reduced by each Underlying Fund’s expenses. The range of expenses (as a percentage

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of average net assets) expected to be incurred indirectly in connection with each Allocation Fund’s investments in Underlying Funds is:

Fund:	Range of Expenses
AXA Enterprise Conservative Allocation Fund	0.60% to 1.10%
AXA Enterprise Moderate Allocation Fund	0.75% to 1.25%
AXA Enterprise Moderate-Plus Allocation Fund	0.95% to 1.45%
AXA Enterprise Aggressive Allocation Fund	1.05% to 1.55%

Thus, after taking into consideration the Expense Limitation Agreement described above, the net expense ratios of each Allocation Fund, including the Allocation Funds direct and indirect expenses, is expected to range from:

Fund:	Class A	Class B	Class C	Class Y
AXA Enterprise Conservative Allocation Fund	1.10% to 1.60%	1.80% to 2.30%	1.80% to 2.30%	0.80% to 1.30%
AXA Enterprise Moderate Allocation Fund	1.25% to 1.75%	1.95% to 2.45%	1.95% to 2.45%	0.95% to 1.45%
AXA Enterprise Moderate-Plus Allocation Fund	1.45% to 1.95%	2.15% to 2.65%	2.15% to 2.65%	1.15% to 1.65%
AXA Enterprise Aggressive Allocation Fund	1.55% to 2.05%	2.25% to 2.75%	2.25% to 2.75%	1.25% to 1.75%
Absent the Expense Limitation Agreement of the underlying funds, the total expense ratios of the Allocation Funds would be expected to range from:
Fund:	Class A	Class B	Class C	Class Y
AXA Enterprise Conservative Allocation Fund	1.50% to 2.00%	2.20% to 2.70%	2.20% to 2.70%	1.20% to 1.70%
AXA Enterprise Moderate Allocation Fund	1.65% to 2.15%	2.35% to 2.85%	2.35% to 2.85%	1.35% to 1.85%
AXA Enterprise Moderate-Plus Allocation Fund	1.85% to 2.35%	2.55% to 3.05%	2.55% to 3.05%	1.55% to 2.05%
AXA Enterprise Aggressive Allocation Fund	1.95% to 2.45%	2.65% to 3.15%	2.65% to 3.15%	1.65% to 2.15%

This information is based on a weighted-average range of the expense ratios since the average assets of each Allocation Fund invested in Underlying Funds will fluctuate. The total expense ratios may be higher or lower depending on the allocation of an Allocation Fund’s assets among Underlying Funds and the actual expenses of the Underlying Funds. An investor could realize lower overall expenses by investing directly in the Underlying Funds.

Note 9 Trustees Deferred Compensation Plan

A deferred compensation plan (the “Plan”) for the benefit of the Independent Trustees has been adopted by the Trust. Under the Plan, each Trustee may defer payment of all or part of the fees payable for such Trustee’s services. Each Trustee may defer payment of such fees until their retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the Plan, together with accrued earnings thereon, will be disbursed to a participating Trustee in monthly installments over a five to twenty year period elected by such Trustee. At October 31, 2006, the total amount owed to the Trustees participating in the Plan was $156,281.

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Note 10 Percentage of Ownership

At October 31, 2006, AXA Equitable held investments in each of the Funds as follows:

Funds:	Percentage of Ownership
AXA Enterprise Conservative Allocation Fund	0.6	%
AXA Enterprise Moderate Allocation Fund	0.2
AXA Enterprise Moderate-Plus Allocation Fund	0.2
AXA Enterprise Aggressive Allocation Fund	0.2
AXA Enterprise Multimanager Growth Fund	56.0
AXA Enterprise Multimanager Core Equity Fund	57.3
AXA Enterprise Multimanager Value Fund	85.1
AXA Enterprise Multimanager Mid Cap Growth Fund	44.1
AXA Enterprise Multimanager Mid Cap Value Fund	40.6
AXA Enterprise Multimanager International Equity Fund	67.2
AXA Enterprise Multimanager Technology Fund	10.8
AXA Enterprise Multimanager Health Care Fund	69.7
AXA Enterprise Multimanager Core Bond Fund	35.1

The following table represents the percentage of ownership that each AXA Enterprise Allocation Fund has in the Underlying Funds’ net assets as of October 31, 2006.

Funds:	AXA Enterprise Conservative Allocation		AXA Enterprise Moderate Allocation		AXA Enterprise Moderate-Plus Allocation		AXA Enterprise Aggressive Allocation
AXA Enterprise Capital Appreciation Fund	0.01	%	0.17	%	1.25	%	0.27	%
AXA Enterprise Deep Value Fund	0.27		1.51		8.87		2.29
AXA Enterprise Equity Fund	0.01		0.36		3.56		0.37
AXA Enterprise Equity Income Fund	0.17		0.73		5.62		1.11
AXA Enterprise Government Securities Fund	0.66		1.20		4.97		0.28
AXA Enterprise Growth Fund	0.01		0.06		0.49		0.13
AXA Enterprise High-Yield Bond Fund	0.28		0.62		—		—
AXA Enterprise International Growth Fund	0.09		0.97		4.72		1.46
AXA Enterprise Money Market Fund	—	#	—	#	—		—
AXA Enterprise Multimanager Core Bond Fund	1.01		2.53		10.63		0.67
AXA Enterprise Multimanager International Equity Fund	0.37		3.94		37.45		5.84
AXA Enterprise Multimanager Mid Cap Growth Fund	—		0.09		0.15		0.09
AXA Enterprise Multimanager Mid Cap Value Fund	0.06		0.09		0.12		0.07
AXA Enterprise Multimanager Value Fund	1.11		6.72		53.11		8.98
AXA Enterprise Short Duration Bond Fund	5.80		10.61		24.61		—

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Funds:	AXA Enterprise Conservative Allocation		AXA Enterprise Moderate Allocation		AXA Enterprise Moderate-Plus Allocation		AXA Enterprise Aggressive Allocation
AXA Enterprise Small Company Growth Fund	—	%	0.52	%	2.66	%	0.67	%
AXA Enterprise Small Company Value Fund	—		0.19		1.54		0.29

# Percentage of ownership is less than 0.005%.

Note 11 Reorganization Transactions

After the close of business on June 3, 2005, AXA Enterprise Multimanager Core Bond Fund acquired the net assets of the Enterprise Total Return Fund, an affiliate of the Trust, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 3,997,850 Class A shares, 2,598,331 Class B shares, 1,883,833 Class C shares and 184,834 Class Y shares of AXA Enterprise Multimanager Core Bond Fund (valued at $40,393,172, $26,165,190, $18,970,195 and $1,866,827, respectively) for the Class A shares, Class B shares, Class C shares and Class Y shares of Enterprise Total Return Fund outstanding on June 3, 2005. Enterprise Total Return Fund’s net assets at that date ($87,395,384), including $1,052,332 of unrealized appreciation, were combined with those of AXA Enterprise Multimanager Core Bond Fund.

After the close of business on July 29, 2005, AXA Enterprise Multimanager Technology Fund acquired the net assets of the Enterprise Technology Fund, an affiliate of the Trust, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 2,443,191 Class A shares, 3,176,784 Class B shares, 846,495 Class C shares and 43,673 Class Y shares of AXA Enterprise Multimanager Technology Fund (valued at $23,967,706, $30,428,133, $8,109,425 and $431,046, respectively) for the Class A shares, Class B shares, Class C shares and Class Y shares of Enterprise Technology Fund outstanding on July 29, 2005. Enterprise Multimanager Technology Fund’s net assets at that date ($62,936,310), including $7,871,713 of unrealized appreciation, were combined with those of AXA Enterprise Multimanager Technology Fund.

On June 6, 2005, the net assets of the Enterprise Managed Fund, an affiliate of the trust, merged into the AXA Enterprise Moderate-Plus Allocation Fund, a shell fund with no prior operations. The predecessor fund did not operate as a fund of funds. The information in the financial statements for the period November 1, 2004 through June 6, 2005 and for prior periods is that of the predecessor Enterprise Managed Fund.

Note 12 New Accounting Pronouncements

In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109”(the “Interpretation”). The Interpretation establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. The Interpretation is effective for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the date of effectiveness. The Trust has recently begun to evaluate the application of the Interpretation to the Funds, and is not in a position at this time to estimate the significance of its impact, if any, on the Fund’s financial statements.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The Trust is currently evaluating the impact the adoption of SFAS 157 will have on the Fund’s financial statement disclosures.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of AXA Enterprise Multimanager Funds Trust:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the 13 funds constituting the AXA Enterprise Multimanager Funds Trust (the “Trust”) at October 31, 2006, and the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2006 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 15, 2006

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APPROVALS OF INVESTMENT MANAGEMENT AND INVESTMENT ADVISORY AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED OCTOBER 31, 2006 (UNAUDITED)

During the six-month period ended October 31, 2006, the Board of Trustees of AXA Enterprise Multi-manager Funds Trust (the “Trust”), including the Independent Trustees, unanimously approved or renewed, as applicable, the Investment Management Agreements (the “Management Agreements”) with AXA Equitable Life Insurance Company (the “Manager”) and the Investment Advisory Agreements (each, a “Subadvisory Agreement”) between the Manager and each investment sub-adviser (the “Sub-adviser”) as shown in the table below with respect to the Fund(s) listed.

Funds	Agreements Approved or Renewed by the Trust’s Board of Trustees with respect to the Fund(s)
AXA Enterprise Multimanager Growth Fund	Management Agreement with AXA Equitable Subadvisory Agreement with AllianceBernstein L.P. Subadvisory Agreement with RCM Capital Management LLC Subadvisory Agreement with TCW Investment Management Company
AXA Enterprise Multimanager Core Equity Fund	Management Agreement with AXA Equitable Subadvisory Agreement with AllianceBernstein L.P. Subadvisory Agreement with Janus Capital Management LLC Subadvisory Agreement with Thornburg Investment Management, Inc.
AXA Enterprise Multimanager Value Fund	Management Agreement with AXA Equitable Subadvisory Agreement with AllianceBernstein L.P. Subadvisory Agreement with Institutional Capital Corporation Subadvisory Agreement with MFS Investment Management
AXA Enterprise Multimanager Mid Cap Growth Fund	Management Agreement with AXA Equitable Subadvisory Agreement with AllianceBernstein L.P. Subadvisory Agreement with Franklin Advisers, Inc. Subadvisory Agreement with Provident Investment Counsel, Inc
AXA Enterprise Multimanager Mid Cap Value Fund	Management Agreement with AXA Equitable Subadvisory Agreement with AXA Rosenberg Investment Management LLC Subadvisory Agreement with TCW Investment Management Company Subadvisory Agreement with Wellington Management Company, LLP
AXA Enterprise Multimanager International Equity Fund	Management Agreement with AXA Equitable Subadvisory Agreement with AllianceBernstein L.P. Subadvisory Agreement with J.P. Morgan Investment Management Inc. Subadvisory Agreement with Marsico Capital Management, LLC
AXA Enterprise Multimanager Technology Fund	Management Agreement with AXA Equitable Subadvisory Agreement with Firsthand Capital Management, Inc. Subadvisory Agreement with RCM Capital Management LLC Subadvisory Agreement with Wellington Management Company, LLP

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Funds	Agreements Approved or Renewed by the Trust’s Board of Trustees with respect to the Fund(s)
AXA Enterprise Multimanager Health Care Fund	Management Agreement with AXA Equitable Subadvisory Agreement with A I M Capital Management, Inc. Subadvisory Agreement with RCM Capital Management LLC Subadvisory Agreement with Wellington Management Company, LLP
AXA Enterprise Multimanager Core Bond Fund	Management Agreement with AXA Equitable Subadvisory Agreement with BlackRock Advisors, Inc. Subadvisory Agreement with Pacific Investment Management Company LLC
AXA Enterprise Conservative Allocation Fund	Management Agreement with AXA Equitable
AXA Enterprise Moderate Allocation Fund	Management Agreement with AXA Equitable
AXA Enterprise Moderate-Plus Allocation Fund	Management Agreement with AXA Equitable
AXA Enterprise Aggressive Allocation Fund	Management Agreement with AXA Equitable

In approving or renewing the Management Agreements and each of the Subadvisory Agreements (collectively, the “Agreements”), the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interest of the affected Fund. The Board further considered factors it deemed relevant with respect to each Fund, including, as applicable: (1) the nature, extent and quality of the services provided to the Fund by the Manager, each Sub-adviser and their respective affiliates; (2) the performance of the Fund and each of its allocated portions as compared to an appropriate benchmark and peer group; (3) the level of the Fund’s management and sub-advisory fees; (4) the costs of the services provided and profits realized by the Manager and its affiliates from their relationship with the Fund; and (5) the anticipated effect of growth and size on the Fund’s performance and expenses. In considering each Agreement, the Board did not identify any single factor or item of information as all-important or controlling.

Moreover, the Board considered factors in the context of the overall objectives for the Funds including the following: (1) to offer a multi-manager product to investors which provides access to Sub-advisers that would not otherwise be available to many of the Funds’ investors because of those Sub-advisers’ minimum investment amounts; (2) to offer a broad array of investment disciplines; (3) to provide active oversight through the Manager to monitor compliance with performance, volatility and other stated objectives; and (4) to provide performance over extended market cycles with lower volatility than the selected market sector index by combining different Sub-advisers within the same discipline. The Board considered the fact that the cost of creating and maintaining this structure places the Trust in a comparatively high mutual fund expense quartile. However, the Board factored into their decision on the Management Agreement the totality of services provided by the Manager and the fact that the disclosure of all fees and expenses is explicit to potential and current shareholders.

In connection with its deliberations, the Board, among other things, received information, in advance of the meeting at which the approvals and renewals were made, from the Manager and each Sub-adviser regarding the factors set forth above and met with representatives of the Manager to discuss the Agreements. The Board received, and primarily considered, the most current information available at the time of the meeting and also took into account the totality of the performance, fee, expense and other information regarding each Fund provided to them on a periodic basis throughout the year. The Independent Trustees were assisted by independent counsel during their deliberations and received materials discussing the legal standards applicable to their consideration of the Agreements.

The Board, in examining the nature, extent and quality of the services provided by the Manager and each Sub-adviser to each Fund, considered the Manager’s and each Sub-adviser’s experience in serving as an investment adviser for the Fund(s) and for accounts similar to the Fund(s) they advise. The Board noted

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the responsibilities of the Manager to the Trust and the Funds. In particular, the Board considered that the Manager is responsible for the search, selection and monitoring of the Sub-advisers for each Fund, oversight of compliance with Fund policies and objectives, as well as oversight of compliance with applicable law, review of brokerage matters and implementation of Board directives as they relate to the Funds.

The Board also noted the responsibilities of each Sub-adviser to the Fund(s) it advises. In particular, the Board considered that each Sub-adviser is responsible for making investment decisions on behalf of the allocated portion of the Fund(s) it advises, placing all orders for the purchase and sale of investments for the allocated portion of the Fund(s) it advises with brokers or dealers, and performing related administrative functions. In addition, the Board reviewed requested information regarding each Sub-adviser’s investment process and the background of each portfolio manager of each Sub-adviser who provides services to the Funds. The Board also reviewed information regarding the adequacy of the Manager’s and each Sub-adviser’s compliance program and its results. Further, the Board reviewed financial information regarding the Manager and each Sub-adviser.

As discussed further below with respect to each Fund, the Board also received and considered information regarding the short-, intermediate- and long-term performance of each Fund relative to its primary benchmark and peer group (except that the Board relied primarily on peer group information for the Allocation Funds). The Board generally considered longer-term performance to be more important in its evaluation than short-term performance. With respect to the Funds advised by multiple Sub-advisers, the Board also considered the performance of the portions of each Fund allocated to each of its Sub-advisers. In this connection, the Board considered whether the performance of the portions allocated to each of the Sub-advisers met the Board’s expectations as to the compatibility of the Sub-advisers’ different investment strategies and styles and the contribution of each to the overall Fund strategy and performance.

The Board reviewed the fees payable under each Agreement. The Board examined the management fees paid by each Fund in light of fees charged by the Manager to similar funds it manages and similar retail funds that are advised by other investment advisers. The Board also considered the quality and level of services provided and the Manager’s responsibilities to each Fund. With respect to the annual renewal of the relevant Agreements, the Board also considered a report provided by Lipper Inc., an independent third party company, containing information regarding the management fee (including the administration fee) and the total expense ratio for each Fund relative to the median and average management fee and expense ratios of its peer group. The Board considered that the contractual management fee (including administration fees paid to the Manager) and total expense ratio for each Fund generally is higher than the median management fee and median total expense ratio, respectively, of its peer group. The Board considered, however, that the higher management fees and expense ratios are consistent with the higher costs and greater complexity associated with multi-manager funds and funds-of funds. The Board also considered that, while the management fees and total expense ratios for multi-manager funds generally are higher than for single adviser funds, each Fund’s (other than the Allocation Funds’) management fee structure provides for breakpoints that reduce the management fee rate as assets increase. The Board further considered that the Manager had undertaken contractual expense limitations with respect to certain Funds, which are subject to renewal by the Board and the Manager on an annual basis. In addition, the Board evaluated the Manager’s costs and profitability in providing services to the Funds, including the costs associated with the research and investment processes, personnel, systems and infrastructure necessary to perform its functions. The Board determined that the Manager’s management fee and profitability and the Fund’s overall expense ratios generally were more significant to the Board’s evaluation of the fees and expenses paid by the Fund than each Sub-adviser’s costs and profitability. With respect to the Sub-advisers, the Board also examined the advisory fees paid with respect to each Fund in light of the fees paid by similar funds advised by each Sub-adviser.

As part of its evaluation of the Manager’s and each Sub-adviser’s compensation, the Board considered other benefits that may be realized by the Manager, each Sub-adviser and their respective affiliates from their relationship with the Trust. In this connection, the Board considered, among other things, that AXA Equitable serves as the administrator for the Funds, receiving compensation for acting in this capacity, and is responsible for, among other things, coordinating the Trust’s audits, financial statements and tax returns and managing expenses and budgeting for the Trust. In addition, the Board recognized that two of the Manager’s affiliates, AllianceBernstein, L.P. and AXA Rosenberg Investment Management LLC,

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serve as Sub-advisers to certain Funds and, as such, receive advisory fees that are paid by the Manager out of the fees that it earns from the Trust. The Board also recognized that one of the Manager’s affiliates, Enterprise Fund Distributors, Inc., serves as the underwriter for the Trust, and as such, receives Rule 12b-1 payments from the Funds with respect to their Class A, Class B, Class C and Class P shares to compensate it for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and the corresponding benefits of that growth, including economies of scale. Further, the Board considered that Sanford C. Bernstein & Co., LLC, a registered broker-dealer, is an affiliate of the Manager and from time to time may receive brokerage commissions from the Funds in connection with the purchase and sale of fund securities, provided, however, that those transactions, among other things, must be consistent with seeking best execution.

With respect to the Sub-advisers, the Board considered that each Sub-adviser, through its relationship as a sub-adviser to its Fund(s), may engage in soft dollar transactions. The Board also considered each Sub-adviser’s procedures for executing fund transactions for the allocated portion of the Fund(s) it advises and each Sub-adviser’s policies and procedures for the selection of brokers and dealers and for obtaining research from those brokers and dealers. In addition, the Board considered that many Sub-advisers to the Funds are affiliated with registered broker-dealers, which may from time to time receive brokerage commissions from the Funds in connection with the purchase and sale of portfolio securities, provided, however, that those transactions, among other things, must be consistent with seeking best execution. Finally, the Board considered that affiliates of each Sub-adviser may sell, and earn sales commissions from sales of, shares of the Fund(s) it advises.

The Board also considered conflicts of interest that may arise between the Trust and the Manager and each Sub-adviser in connection with the services it provides to the Trust and the various relationships that they and their affiliates may have with the Trust. For example, actual or potential conflicts of interest may arise as a result of a Sub-adviser having responsibility for multiple accounts (including the Fund(s) it advises), such as devotion of unequal time and attention to the management of the accounts, inability to allocate limited investment opportunities across accounts and incentive to allocate opportunities to an account where the Sub-adviser has a greater financial incentive, such as a performance fee account. In this connection, at prior meetings, the Board took into consideration the manner in which such conflicts were addressed by the Manager and the Sub-advisers.

Based on these considerations, the Board was satisfied, with respect to each Fund, that: (1) the Fund was reasonably likely to benefit from the nature, extent and quality of the Manager’s and each Sub-adviser’s services; and (2) the Manager’s and each Sub-adviser’s compensation, including any direct or indirect benefits derived by them or their respective affiliates, is fair and reasonable. Based on the foregoing, the information described below and more detailed information provided at the relevant meeting(s), the Board, including the Independent Trustees, unanimously approved or renewed, as applicable, each Agreement with respect to the relevant Fund(s).

AXA Enterprise Multimanager Core Equity Fund

With respect to the AXA Enterprise Multimanager Core Equity Fund, the Board considered, among other things, that the performance of the Fund’s Class Y shares was in the second quartile relative to its Lipper peer group for the three-year and since inception periods ended May 31, 2006, and was in the third quartile for the one-year period ended on that date (the first quartile being the best performers and the fourth quartile being the worst performers). The Board also considered that the Fund generally had comparable performance to its primary benchmark for the one-year, three-year and since inception periods ended on May 31, 2006. The Board also considered that the performance of the portions allocated to each of the Sub-advisers generally met expectations as to the compatibility of the Sub-advisers’ different investment strategies and styles and the contribution of each to the overall Fund strategy and performance. The Board was satisfied that the Fund’s performance generally has been reasonable in relation to the performance of its peer group and benchmark.

AXA Enterprise Multimanager Value Fund

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With respect to the AXA Enterprise Multimanager Value Fund, the Board considered, among other things, that the performance of the Fund’s Class Y shares was in the second quartile relative to its Lipper peer group for the one- and three-year periods ended May 31, 2006, and was in the first quartile for the since inception period ended on that date (the first quartile being the best performers and the fourth quartile being the worst performers). The Board also considered that the Fund generally had comparable performance to its primary benchmark for the one-year, three-year and since inception periods ended on May 31, 2006. The Board also considered that the performance of the portions allocated to each of the Sub-advisers generally met expectations as to the compatibility of the Sub-advisers’ different investment strategies and styles and the contribution of each to the overall Fund strategy and performance. The Board was satisfied that the Fund’s performance generally has been reasonable in relation to the performance of its peer group and benchmark.

AXA Enterprise Multimanager Growth Fund

With respect to the AXA Enterprise Multimanager Growth Fund, the Board considered, among other things, that the performance of the Fund’s Class Y shares was in the third quartile relative to its peer group for the three-year period ended May 31, 2006, but was in the fourth quartile for the one-year and since inception periods ended on that date (the first quartile being the best performers and the fourth quartile being the worst performers). The Board also considered that the Fund generally had underper-formed its primary benchmark for the one-year, three-year and since inception periods ended on May 31, 2006. The Board also took into account information provided by the Manager at the relevant contract review meeting, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Board concluded that it was satisfied with the Manager’s and Sub-Advisers’ efforts to improve the Fund’s performance.

AXA Enterprise Multimanager Mid Cap Growth Fund

With respect to the AXA Enterprise Multimanager Mid Cap Growth Fund, the Board considered, among other things, that the performance of the Fund’s Class Y shares was in the second quartile relative to its Lipper peer group for the one- and three-year periods ended May 31, 2006, but was in the fourth quartile for the since inception period ended on that date (the first quartile being the best performers and the fourth quartile being the worst performers). The Board also considered that the Fund generally had either outperformed or had comparable performance to its primary benchmark for the one- and three-year periods ended May 31, 2006, but had underperformed its primary benchmark for the since inception period ended on that date. The Board further considered that the Manager had recommended, and the Board had approved, the replacement of certain Sub-advisers for the Fund effective in August 2002 and May 2003 and that the Fund’s performance generally had improved since these changes were implemented. In addition, the Board considered that the performance of the portions allocated to each of the Sub-advisers generally met expectations as to the compatibility of the Sub-advisers’ different investment strategies and styles and the contribution of each to the overall Fund strategy and performance. The Board was satisfied that the Fund’s performance generally has been reasonable in relation to the performance of its peer group and benchmark.

AXA Enterprise Multimanager Mid Cap Value Fund

With respect to the AXA Enterprise Multimanager Mid Cap Value Fund, the Board considered, among other things, that the performance of the Fund’s Class Y shares was in the second quartile relative to its Lipper peer group for the one- and three-year periods ended May 31, 2006, but was in the fourth quartile for the since inception period ended on that date (the first quartile being the best performers and the fourth quartile being the worst performers). The Board also considered that the Fund generally had comparable performance to its primary benchmark for the one-year period ended May 31, 2006, but had underperformed its primary benchmark for the three-year and since inception periods ended on that date. The Board also considered that the Manager had recommended, and the Board had approved, the replacement of one of the Fund’s Sub-advisers effective in August 2002 and that the Fund’s performance generally had improved since this change was implemented. In addition, the Board considered that the performance of the portions allocated to each of the Sub-advisers generally met expectations as to the

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compatibility of the Sub-advisers’ different investment strategies and styles and the contribution of each to the overall Fund strategy and performance. The Board was satisfied that the Fund’s performance generally has been reasonable in relation to the performance of its peer group and benchmark.

AXA Enterprise Multimanager Health Care Fund

With respect to the AXA Enterprise Multimanager Health Care Fund, the Board considered, among other things, that the performance of the Fund’s Class Y shares was in the second quartile relative to its Lipper peer group for the one-year, three-year and since inception periods ended May 31, 2006 (the first quartile being the best performers and the fourth quartile being the worst performers). The Board also considered that the Fund generally had either outperformed or had comparable performance to its primary benchmark for the one- and three-year periods ended May 31, 2006, but had underperformed its primary benchmark for the since inception period ended on that date. The Board also considered that the performance of the portions allocated to each of the Sub-advisers generally met expectations as to the compatibility of the Sub-advisers’ different investment strategies and styles and the contribution of each to the overall Fund strategy and performance. The Board was satisfied that the Fund’s performance generally has been reasonable in relation to the performance of its peer group and benchmark.

AXA Enterprise Multimanager Technology Fund

With respect to the AXA Enterprise Multimanager Technology Fund, the Board considered, among other things, that the performance of the Fund’s Class Y shares was in the second quartile relative to its Lipper peer group for the one-year, three-year and since inception periods ended May 31, 2006 (the first quartile being the best performers and the fourth quartile being the worst performers). The Board also considered that the Fund generally had outperformed its primary benchmark for the one- and three-year periods ended May 31, 2006, but had underperformed its primary benchmark for the since inception period ended on that date. The Board also considered that the Manager had recommended, and the Board had approved, the replacement of one of the Fund’s Sub-advisers effective in December 2003 and that the Fund’s performance generally had improved since this change was implemented. In addition, the Board considered that the performance of the portions allocated to each of the Sub-advisers generally met expectations as to the compatibility of the Sub-advisers’ different investment strategies and styles and the contribution of each to the overall Fund strategy and performance. The Board was satisfied that the Fund’s performance generally has been reasonable in relation to the performance of its peer group and benchmark.

AXA Enterprise Multimanager International Equity Fund

With respect to the AXA Enterprise Multimanager International Equity Fund, the Board considered, among other things, that the performance of the Fund’s Class Y shares was in the second quartile relative to its Lipper peer group for the one-year period ended May 31, 2006, but was in the third and fourth quartile for the three-year and since inception periods, respectively, ended on that date (the first quartile being the best performers and the fourth quartile being the worst performers). The Board also considered that the Fund generally had outperformed its primary benchmark for the one-year period ended May 31, 2006, but had underperformed its primary benchmark for the three-year and since inception periods ended on that date. The Board also considered that the Manager had recommended, and the Board had approved, the replacement of certain Sub-advisers for the Fund effective in May 2003 and December 2004 and that the Fund’s performance generally had improved since these changes were implemented. In addition, the Board considered that the performance of the portions allocated to each of the Sub-advisers generally met expectations as to the compatibility of the Sub-advisers’ different investment strategies and styles and the contribution of each to the overall Fund strategy and performance. The Board was satisfied that the Fund’s performance generally has been reasonable in relation to the performance of its peer group and benchmark.

AXA Enterprise Multimanager Core Bond Fund

With respect to the AXA Enterprise Multimanager Core Bond Fund, the Board considered, among other things, that the performance of the Fund’s Class Y shares was in the second quartile relative to its Lipper

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peer group for the three-year period ended May 31, 2006, but was in the third quartile for the one-year and since inception periods ended on that date (the first quartile being the best performers and the fourth quartile being the worst performers). The Board also considered that the Fund generally had comparable performance to its primary benchmark for the one-year, three-year and since inception periods ended May 31, 2006. The Board also considered that the performance of the portions allocated to each of the Sub-advisers generally met expectations as to the compatibility of the Sub-advisers’ different investment strategies and styles and the contribution of each to the overall Fund strategy and performance. The Board was satisfied that the Fund’s performance generally has been reasonable in relation to the performance of its peer group and benchmark.

AXA Enterprise Multimanager Conservative Allocation Fund

AXA Enterprise Multimanager Moderate Allocation Fund

With respect to the AXA Enterprise Conservative Allocation Fund and the AXA Enterprise Moderate Allocation Fund, the Board considered, among other things, that each Fund has a relatively short operating history but that the performance of each Fund’s Class Y shares was in the second quartile relative to its Lipper peer group for the year-to-date period ended June 30, 2006 and the third quartile for the one-year period ended on that date (the first quartile being the best performers and the fourth quartile being the worst performers). The Board was satisfied that the Fund’s performance generally has been reasonable in relation to the performance of its peer group.

AXA Enterprise Multimanager Moderate-Plus Allocation Fund

AXA Enterprise Multimanager Aggressive Allocation Fund

With respect to the AXA Enterprise Moderate-Plus Allocation Fund and the AXA Enterprise Aggressive Allocation Fund, the Board considered, among other things, that each Fund has a relatively short operating history but that the performance of each Fund’s Class Y shares was in the first quartile relative to its Lipper peer group for the year-to-date and one-year periods ended June 30, 2006 (the first quartile being the best performers and the fourth quartile being the worst performers). The Board was satisfied that the Fund’s performance generally has been reasonable in relation to the performance of its peer group.

154

Federal Income Tax Information (Unaudited)

For the year ended October 31, 2006, the percentage of dividends paid that qualify for the 70% dividends received deductions for corporate shareholders, foreign taxes which are expected to be passed through to shareholders for foreign tax credits, gross income derived from sources within foreign countries, long-term capital gain dividends for the purpose of the dividend paid deduction on its federal income tax return and Treasury income were as follows:

	70% Dividend Received Deduction		Foreign Taxes		Foreign Source Income		Long Term Capital Gain		Treasury Income
Funds:
AXA Enterprise Conservative Allocation	1.25	%	$	—	$	—	$	—	—	%
AXA Enterprise Moderate Allocation	2.48			—		—		—	—
AXA Enterprise Moderate-Plus Allocation Fund	42.77			—		—		—	—
AXA Enterprise Aggressive Allocation	61.61			—		—		27,712	—
AXA Enterprise Multimanager Core Equity Fund	100.00			—		—		475,076	—
AXA Enterprise Multimanager Value Fund	47.66			—		—		879,535	—
AXA Enterprise Multimanager Mid Cap Value Fund	99.98			—		—		1,703,450	—
AXA Enterprise Multimanager International Equity Fund	—			77,462		1,007,588		1,152,839	—
AXA Enterprise Multimanager Technology Fund	2.07			—		—		1,086,629	—
AXA Enterprise Multimanager Health Care Fund	—			—		—		306,393	14.60
AXA Enterprise Multimanager Core Bond Fund	—			—		—		—	22.40

For the year ended October 31, 2006, the Funds below have designated the following amounts of their 2006 ordinary income distributions (located in Box 1 of Form 1099-DIV) as qualifying dividend income (“QDI”):

Fund	Qualifying Dividend Income
AXA Enterprise Conservative Allocation Fund	$	7,316
AXA Enterprise Moderate Allocation Fund		49,801
AXA Enterprise Moderate-Plus Allocation Fund		745,036
AXA Enterprise Aggressive Allocation Fund		56,496
AXA Enterprise Multimanager Core Equity Fund		20,589
AXA Enterprise Multimanager Value Fund		47,886
AXA Enterprise Multimanager International Equity Fund		7,436

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MANAGEMENT OF THE TRUST (UNAUDITED)

The Trust’s Board has the responsibility for the overall management of the Trust and the Funds, including general supervision and review of the Funds’ investment activities and their conformity with Delaware law and the stated policies of the Funds. The Board elects the officers of the Trust who are responsible for administering the Trust’s day-to-day operations. The Trustees and officers of the Trust, together with information as to their principal business occupation during the last five years, and other information are shown below.

The Trustees and Officers

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustee
Steven M. Joenk* 1290 Avenue of the Americas, New York, New York (47)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since July 2004, chairman and president of Enterprise Capital Management, Inc., co- chairman of Enterprise Funds Distributor, Inc., and a director of 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Ceorrelagem de Seguros Ltd. (Brazil).	111	None

156

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Complex Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees
Gerald C. Crotty c/o AXA Enterprise Multimanager Funds Trust 1290 Avenue of the Americas, New York, New York (55)	Trustee	From November 2001 to present	President of Weichert Enterprise LLC, a private and public equity market investment firm; co-founder of Excelsior Ventures Management, a private equity and venture capital firm; from 1991 to 1998, held various positions with ITT Corporation, including President and COO of ITT Consumer Financial Corp. and Chairman, President and CEO of ITT Information Services.	33	From 2002 to present, Director of Access Integrated Technologies, Inc.; from 2005 to present, director of Jones Apparel Group, Inc.
Barry Hamerling c/o AXA Enterprise Multimanager Funds Trust 1290 Avenue of the Americas, New York, New York (60)	Trustee	From November 2001 to present	Since 1998, Managing Partner of Premium Ice Cream of America; since 2003, Managing Partner of Premium Salads; from 1970 to 1998, President of Ayco Co. L.P., the largest independent financial counseling firm in the United States.	33	From 2005 to present, Trustee of Granum Series Trust - Granum Value Fund; from 1998 to present, Director of Ayco Charitable Foundation.
Cynthia R. Plouché c/o AXA Enterprise Multimanager Funds Trust 1290 Avenue of the Americas, New York, New York (49)	Trustee	From November 2001 to present	Since June 2006, Portfolio Manager at Williams Capital Management, Inc.; from June 2003 to 2006, Managing Director and Chief Investment Officer of Blaylock-Abacus Asset Management, Inc.; prior thereto, Founder, Chief Investment Officer and Managing Director of Abacus Financial Group from May 1991 to 2003, a manager of fixed income portfolios for institutional clients.	33	None
Rayman Louis Solomon c/o AXA Enterprise Multimanager Funds Trust 1290 Avenue of the Americas, New York, New York (59)	Trustee	From November 2001 to present	Since 1998, Dean and a Professor of Law at Rutgers University School of Law; prior thereto, an Associate Dean for Academic Affairs at Northwestern University School of Law.	33	None

* Affiliated with the Manager and Distributor.

** Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

157

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers
Steven M. Joenk* 1290 Avenue of the Americas, New York, New York (47)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since July 2004, Chairman and President of Enterprise Capital Management, Inc., Co-Chairman of Enterprise Funds Distributor, Inc., and a director of 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Ceorrelagem de Seguros Ltd. (Brazil).
Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York (51)	Vice President and Secretary	From November 2001 to present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and AXA Equitable; from July 1999 to May 2003, Vice President and Counsel of AXA Financial and AXA Equitable.
Kenneth T. Kozlowski 1290 Avenue of the Americas, New York, New York (44)	Chief Financial Officer and Treasurer	Chief Financial Officer from December 2002 to present; Treasurer from November 2001 to present	From February 2001 to present, Vice President of AXA Financial; from July 2004 to present, a director of Enterprise Capital Management, Inc.; From December 1999 to December 2002, controller of the Trust.
Kenneth B. Beitler 1290 Avenue of the Americas, New York, New York (48)	Vice President	From November 2001 to present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2002, Senior Investment Analyst of AXA Financial.
Mary E. Cantwell 1290 Avenue of the Americas, New York, New York (45)	Vice President	From November 2001 to present	From February 2001 to present, Vice President of AXA Financial; from July 2004 to present, a director of Enterprise Capital Management, Inc.

158

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Brian E. Walsh 1290 Avenue of the Americas, New York, New York (38)	Vice President and Assistant Treasurer	Vice President from December 2002 to present; Assistant Treasurer from November 2001 to present	From February 2003 to present, Vice President of AXA Financial and AXA Equitable; from January 2001 to February 2003, Assistant Vice President of AXA Financial and AXA Equitable.
Patricia Cox 1290 Avenue of the Americas, New York, New York (48)	Vice President and Anti- Money Laundering Compliance Officer	From December 2005 to present	From September 2001 to present, Senior Vice President of Operations for Enterprise Fund Distributors, Inc.
Andrew S. Novak, Esq. 1290 Avenue of the Americas, New York, New York (38)	Chief Compliance Officer	From September 2005 to present	From September 2005 to present, Chief Compliance Officer of AXA Financial’s Funds Management Group; from May 2003 to September 2005, Vice President and Counsel of AXA Financial and AXA Equitable; from May 2002 to May 2003, Counsel of AXA Financial and AXA Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer of Royce & Associates, Inc.
William T. MacGregor, Esq. 1290 Avenue of the Americas, New York, NY (31)	Vice President and Assistant Secretary	From June 2006 to present	From May 2006 to present, Counsel of AXA Equitable; from March 2005 to April 2006, Associate Attorney, Sidley Austin LLP; from September 2003 to February 2005, Contract Attorney, Prudential Financial, Inc.; from September 2000 to April 2002, Associate Attorney, Zack Kosnitzky, P.A.
Joseph J. Paolo 1290 Avenue of the Americas, New York, New York (36)	Vice President	From December 2005 to present	From August 2005 to present, Vice President, AXA Financial and AXA Equitable and Deputy Chief Compliance Officer of AXA Financials’ Funds Management Group; from March 2004 to August 2005, Vice President of AXA Financial and AXA Equitable and Compliance Officer of AXA Financial’s Funds Management Group; from May 2002 to March 2004, Compliance Director and Assistant Vice President of AXA Financial and AXA Equitable; from February 2001 to May 2002, Compliance Officer of AXA Financial and AXA Equitable.
David Shagawat 1290 Avenue of the Americas, New York, New York (32)	Assistant AML Compliance Officer	From December 2005 to present	From August 2005 to present, Associate Compliance Officer of AXA Equitable; from June 2004 to August 2005, Fiduciary Oversight Analyst, Citigroup Asset Management; from April 2002 to June 2004, Project Manager, AllianceBernstein LP; from January 1999 to April 2002, Business Analyst, AllianceBernstein LP.
Judy Guhring 1290 Avenue of the Americas, New York, New York (35)	Assistant Secretary	From December 2005 to present	From August 2001 to present, Senior Legal Assistant of AXA Financial.

* Affiliated with the Manager and Distributor.

** Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

159

PROXY VOTING INFORMATION (UNAUDITED)

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling a toll-free number at 1-800-432-4320 and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2006 is available (i) on the Funds’ website at www.axaenterprise.com and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY FUND HOLDINGS INFORMATION (UNAUDITED)

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Securities and Exchange Commission’s website at http://www.sec.gov and may also be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

160

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a “code of ethics,” as defined in Item 2, that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the registrant’s code of ethics is filed as an exhibit pursuant to Item 10(a)(1).

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that Gerald C. Crotty and Barry Hamerling each serve on its audit committee as an “audit committee financial expert” as defined in Item 3. Messrs. Crotty and Hamerling are each considered to be “independent” for purposes of Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees for fiscal year 2006: $255,400 fiscal year 2005: $552,600

(b) Audit-Related Fees for fiscal year 2006: $51,630 and fiscal year 2005: $19,479

Out–of–pocket expenses.

(c) Tax Fees for fiscal year 2006: $145,675 and fiscal year 2005: $69,325

Tax fees include amounts related to tax compliance, tax reporting and tax planning.

(d) All Other Fees for fiscal year 2006: $0 and fiscal year 2005: $0

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to pre-approval of services performed by the registrant’s principal accountant for the registrant. Audit, audit-related and tax services provided to the registrant on an annual basis require pre-approval by the entire audit committee. In the event that the audit fees exceed the pre-approved estimated amount, the audit committee’s delegate, consisting of the audit committee chair, lead independent trustee, the registrant’s chief executive officer and chief financial officer, acting by at least two of such individuals, has the authority to increase the amount by up to 10% of the pre-approved amount. Any additional amount requires pre-approval by the entire audit committee. The audit committee

chair or the lead independent trustee also has the authority to approve de minimis non-audit services (i.e., services in which the fee does not exceed $10,000 per engagement) to be provided by the registrant’s principal accountant for the registrant, provided that each such service is brought to the attention of the audit committee prior to the completion of the audit of the registrant’s financial statements.

(e)(2) None of the services include in (b) – (d) above was approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) For fiscal year 2006: $4,953,811.50

      For fiscal year 2005: $4,308,688

(h) The registrant’s audit committee has considered that the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	The registrant’s code of ethics required by Item 2 is filed herewith.
(a)(2)	Certifications required by Item 11(a)(2) are filed herewith.
(a)(3)	Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – not applicable.
(b)	Certifications required by Item 11(b) 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

/s/ Steven M. Joenk

Steven M. Joenk

President and Chief Executive Officer

December 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.

/s/ Steven M. Joenk

Steven M. Joenk

Chief Executive Officer

December 29, 2006

/s/ Kenneth T. Kozlowski

Kenneth T. Kozlowski

Chief Financial Officer

December 29, 2006