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 Nicholson Graham LLP

1800 Massachusetts Ave., N.W., 2^nd Floor

Washington, D.C. 20036-1800

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, 2004 - October 31, 2005

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

2005 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, 2005

Table of Contents

•      Performance Results and Commentary
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
•       Portfolios of Investments	29
•      Financial Statements	76
•       Notes to Financial Statements	134
•       Report of Independent Registered Public Accounting Firm	151
•       Approvals of Investment Management and Investment Advisory Agreements	152
•       Federal Income Tax Information	157
•       Management of the Trust	158
•       Proxy Voting Policies and Quarterly Portfolio Holdings Information	162

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. Since the funds are relatively new, 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 Investment Charts shown for each fund illustrates the total value of an assumed investment in Class Y (formerly Class Z) shares of each fund of AXA Enterprise Multimanager Funds Trust. The periods illustrated are from the inception dates shown through October 31, 2005. These results assume reinvestment of dividends and capital gains. The returns for the funds’ Class A (new Class), Class B, Class C and Class P (formerly Class A shares) 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.

1

NOTES ON PERFORMANCE

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 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.

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

1/10/05–10/31/05

Investment in Class Y Shares

A $10,000 investment in the Fund’s Class A, Class B, Class C shares at the Fund’s inception on 1/10/05 (adjusted to reflect the maximum applicable sales charges) would have been valued at $9,590, $9,540, $9,940, respectively on 10/31/2005.

Without Sales Charges

(non-standardized average annual returns)

as of 10/31/05

	Since Incept.*
Class A Shares	0.70	%
Class B Shares	0.40
Class C Shares	0.40
Class Y Shares	1.00
Conservative Allocation Index	1.55

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

With Sales Charges

(standardized average annual returns)

as of 10/31/05

	Since Incept.*
Class A Shares	(4.10	)%
Class B Shares	(4.60	)
Class C Shares	(0.60	)
Class Y Shares	1.00
Conservative Allocation Index	1.55

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

With Sales Charges

(standardized average annual returns)

as of 9/30/05

	Since Incept.*
Class A Shares	(3.24	)%
Class B Shares	(3.70	)
Class C Shares	0.20
Class Y Shares	1.80
Conservative Allocation Index	2.54

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

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 0.70% since inception on January 10, 2005. The Fund’s benchmark, the Conservative Allocation Index, returned 1.55% over the same period.

Fund Highlights

January 10, 2005 - October 31, 2005*

As of October 31, 2005, the Fund was invested in 11 underlying AXA Enterprise Funds. These included 6 equity funds and 5 fixed income funds. The Fund’s fixed income allocation consisted of investment grade bonds (73.8%) and high yield bonds (6.1%). The Fund’s equity allocation consisted of large cap growth stocks (6.8%), large cap value stocks (9.5%), and small and mid cap stocks (3.9%).

The first 10 months of 2005 proved to be a challenging environment for both domestic equity and fixed income markets. Broad market benchmarks such as the S&P 500 Index and the Lehman Brothers Aggregate Bond Index advanced by only 1.05% and 1.02%, respectively, over the period. The Fund’s performance over this same time period, while also modest, was broad-based and all of the Fund’s underlying holdings contributed positively to overall returns. The leading contributor to the Fund’s performance was its allocation across high quality, fixed income bond sectors that included investments in the AXA Enterprise Government Securities, AXA Enterprise Short Duration and AXA Enterprise Multimanager Core Bond underlying funds. As value stocks outpaced growth stocks over the year-to-date period, the Fund’s relative overweight to value style equities also made a key contribution to performance.

* The Fund commenced operations on January 10, 2005.

3

AXA ENTERPRISE CONSERVATIVE ALLOCATION FUND

Fund Allocation (as a percentage of Total Investment Companies)

as of October 31, 2005

AXA Enterprise Short Duration Bond Fund	38.2	%
AXA Enterprise Government Securities Fund	18.3
AXA Enterprise Multimanager Core Bond Fund	16.1
AXA Enterprise Multimanager Value Fund	12.4
AXA Enterprise High Yield Bond Fund	6.4
AXA Enterprise Growth Fund	2.8
AXA Enterprise Equity Income Fund	2.0
AXA Enterprise Deep Value Fund	2.0
AXA Enterprise Capital Appreciation Fund	1.2
AXA Enterprise Multimanager Mid Cap Value Fund	0.4
AXA Enterprise Money Market Fund	0.2

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, 2005 and held for the entire six-month period.

Actual Expenses

The first line of the tables 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 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 5/1/05		Ending Account Value 10/31/05		Expenses Paid During Period Ended 5/1/05 to 10/31/05*
Class A†
Actual	$	1,000.00	$	1,017.20	3.81
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42	3.82
Class B
Actual		1,000.00		1,016.20	6.61
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65	6.61
Class C
Actual		1,000.00		1,016.20	6.61
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65	6.61
Class Y
Actual		1,000.00		1,019.20	1.53
Hypothetical (5% average annual return before expenses		1,000.00		1,023.69	1.53

* Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios (after any contractual waivers and reimbursements, if applicable) of 0.75%, 1.30%, 1.30% and 0.30%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

† The Fund commenced operations on January 10, 2005.

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

1/10/05–10/31/05

Investment in Class Y Shares

A $10,000 investment in the Fund’s Class A, Class B and Class C shares at the Fund’s inception on 1/10/05 (adjusted to reflect the maximum applicable sales charges) would have been valued at $9,686, $9,630 and $10,040, respectively on 10/31/2005.

Without Sales Charges

(non-standardized average annual returns)

as of 10/31/05

	Since Incept.*
Class A Shares	1.70	%
Class B Shares	1.30
Class C Shares	1.40
Class Y Shares	2.10
Moderate Allocation Index	2.08

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

With Sales Charges

(standardized average annual returns)

as of 10/31/05

	Since Incept.*
Class A Shares	(3.14	)%
Class B Shares	(3.70	)
Class C Shares	0.40
Class Y Shares	2.10
Moderate Allocation Index	2.08

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

With Sales Charges

(standardized average annual returns)

as of 9/30/05

	Since Incept.*
Class A Shares	(1.71	)%
Class B Shares	(2.20	)
Class C Shares	1.90
Class Y Shares	3.50
Moderate Allocation Index	3.35

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

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 1.70% since inception on January 10, 2005. The Fund’s benchmark, the Moderate Allocation Index, returned 2.08% over the same period.

Fund Highlights

January 10, 2005 - October 31, 2005*

As of October 31, 2005, the Fund was invested in 15 underlying AXA Enterprise Funds. These included 10 equity funds and 5 fixed income funds. The Fund’s equity allocation consisted of large cap growth stocks (16.3%), large cap value stocks (18.1%), mid cap stocks (10.3%) and small cap stocks (5.5%). The Fund’s fixed income component consisted primarily of investment grade bonds (45.8%) with a measured exposure to high yield bonds (4.0%).

The first 10 months of 2005 proved to be a challenging environment for both domestic equity and fixed income markets. Broad market benchmarks such as the S&P 500 Index and the Lehman Brothers Aggregate Bond Index advanced by only 1.05% and 1.02%, respectively, over the period. The Fund’s performance over this same time period fared moderately better and 14 out of 15 of the Fund’s underlying holdings contributed positively to overall returns. The leading contributors to the Fund’s performance in the large cap equity category included its investments in the AXA Enterprise Capital Appreciation and the AXA Enterprise Multimanager Value underlying funds, both of which performed well on an absolute and relative basis. The AXA Enterprise Multimanager Mid Cap Value underlying fund also made a meaningful contribution, as mid cap value stocks outperformed large cap and small cap value stocks over the period. In fixed income, the Fund’s performance benefited from its allocation to both the investment grade and high yield bond sectors.

* The Fund commenced operations on January 10, 2005.

5

AXA ENTERPRISE MODERATE ALLOCATION FUND

Fund Allocation (as a percentage of Total Investment Companies)

as of October 31, 2005

AXA Enterprise Short Duration Bond Fund	21.2	%
AXA Enterprise Multimanager Value Fund	20.7
AXA Enterprise Multimanager Core Bond Fund	12.7
AXA Enterprise Government Securities Fund	10.3
AXA Enterprise Growth Fund	5.6
AXA Enterprise Capital Appreciation Fund	5.2
AXA Enterprise Equity Income Fund	5.1
AXA Enterprise Deep Value Fund	5.0
AXA Enterprise Small Company Value Fund	5.0
AXA Enterprise High Yield Bond Fund	4.2
AXA Enterprise Small Company Growth Fund	2.5
AXA Enterprise Equity Fund	2.1
AXA Enterprise Multimanager Mid Cap Value Fund	0.2
AXA Enterprise Multimanager Mid Cap Growth 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, 2005 and held for the entire six-month period.

Actual Expenses

The first line of the tables 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 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 5/1/05		Ending Account Value 10/31/05		Expenses Paid During Period Ended 5/1/05 to 10/31/05*
Class A†
Actual	$	1,000.00	$	1,037.80	$	3.85
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.82
Class B
Actual		1,000.00		1,034.70		6.67
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.61
Class C
Actual		1,000.00		1,034.70		6.67
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.61
Class Y
Actual		1,000.00		1,039.70		1.54
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.69		1.53

* Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios (after any contractual waivers and reimbursements, if applicable) of 0.75%, 1.30%, 1.30% and 0.30%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

† The Fund commenced operations on January 10, 2005.

6

AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND

FUND ADVISER

A team of professionals within the AXA Portfolios 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

10/31/95–10/31/05

Investment in Class Y Shares

A $10,000 investment in the Fund’s Class A and Class B Class at 10/31/95 and Class C shares at the class’ inception on 5/01/1997 (adjusted to reflect the maximum applicable sales charges) would have been valued at $15,619, $15,679 and $11,784, respectively on 10/31/2005.

Without Sales Charges

(non-standardized average annual returns)

as of 10/31/05

	1 Year		5 Years		10 Years		Since Incept.*
Class A Shares	8.61	%	(1.76	)%	5.07	%	—
Class B Shares	8.08		(2.29	)	4.60		—
Class C Shares	7.95		(2.36	)	—		1.95	%
Class Y Shares	9.05		(1.35	)	5.50		—
Moderate-Plus Allocation Index	8.24		1.33		8.68		—
S & P 500 Index	8.72		(1.74	)	9.34		6.60	%**

* Class C shares inception date of 05/01/1997.

** Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 05/01/97, 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 Charges

(standardized average annual returns)

as of 10/31/05

	1 Year		5 Years		10 Years		Since Incept.*
Class A Shares	3.38	%	(2.71	)%	4.56	%	—
Class B Shares	3.08		(2.68	)	4.60		—
Class C Shares	6.95		(2.36	)	—		1.95	%
Class Y Shares	9.05		(1.35	)	5.50		—
Moderate-Plus Allocation Index	8.24		1.33		8.68		—
S & P 500 Index	8.72		(1.74	)	9.34		6.60	%**

* Class C shares inception date of 05/01/1997.

** Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 05/01/97, 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 Charges

(standardized average annual returns)

as of 9/30/05

	1 Year		5 Years		10 Years		Since Incept.*
Class A Shares	6.43	%	(1.99	)%	4.73	%	—
Class B Shares	6.06		(1.95	)	4.76		—
Class C Shares	9.94		(1.60	)	—		2.23	%
Class Y Shares	12.08		(0.61	)	5.66		—
Moderate-Plus Allocation Index	11.84		1.57		8.82		—
S & P 500 Index	12.25		(1.49	)	9.49		6.88	%**

* Class C shares inception date of 05/01/1997.

** Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 05/01/97, 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 8.61% for the year ending October 31, 2005. The Fund’s benchmark, the Moderate-Plus Allocation Index, returned 8.24% over the same period.

Fund Highlights

For the year ending October 31, 2005

As of October 31, 2005, the Fund was invested in 14 underlying AXA Enterprise Funds. These included 11 equity funds and 3 fixed income funds. The Fund’s equity allocation consisted of international stocks (21.4%), large cap growth stocks (16.5%), large cap value stocks (16.9%), mid cap stocks (10.1%) and small cap stocks (6.7%). The Fund’s fixed income component consisted of an allocation of 28.5% to investment grade bonds.

The first 10 months of 2005 proved to be a challenging environment for both domestic equity and fixed income markets. Broad market

7

AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND

benchmarks such as the S&P 500 Index and the Lehman Brothers Aggregate Bond Index advanced by only 1.05% and 1.02%, respectively, over the period. International equity returns, however, surpassed their U.S. counterparts by a healthy margin. Equity markets in “developed” countries, as measured by the performance of the MSCI EAFE Index, had a total return of 5.90% over the year-to-date period.

Following the transition of this Fund to a “fund of funds” strategy in June 2005, the Fund benefited from the strong performance of the international equity markets through its allocation to the AXA Enterprise Multimanager International Equity underlying fund. Leading contributors to returns also came from the Fund’s domestic equity holdings in AXA Enterprise Growth and AXA Enterprise Multimanager Value. The Fund’s investment grade bond holdings detracted slightly from the Fund’s returns over the period.

Fund Allocation (as a percentage of Total Investment Companies)

as of October 31, 2005

AXA Enterprise Multimanager International Equity Fund	21.6	%
AXA Enterprise Multimanager Value Fund	20.0
AXA Enterprise Multimanager Core Bond Fund	10.1
AXA Enterprise Short Duration Bond Fund	8.7
AXA Enterprise Small Company Value Fund	8.4
AXA Enterprise Government Securities Fund	8.3
AXA Enterprise Growth Fund	6.0
AXA Enterprise Equity Income Fund	5.7
AXA Enterprise Capital Appreciation Fund	3.9
AXA Enterprise Equity Fund	3.6
AXA Enterprise Deep Value Fund	2.5
AXA Enterprise Small Company Growth Fund	1.2
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, 2005 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 5/1/05		Ending Account Value 10/31/05		Expenses Paid During Period Ended 5/1/05 to 10/31/05*
Class A
Actual	$	1,000.00	$	1,049.30	$	4.60
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.72		4.53
Class B
Actual		1,000.00		1047.50		7.43
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.95		7.32
Class C
Actual		1,000.00		1,046.20		7.43
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.95		7.32
Class Y
Actual		1,000.00		1,051.80		2.28
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.99		2.24

* Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios (after any contractual waivers and reimbursements, if applicable) of 0.89%, 1.44%, 1.44% and 0.44%, 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

1/10/05–10/31/05

Investment in Class Y Shares

A $10,000 investment in the Fund’s Class A, Class B and Class C shares at the Fund’s inception on 1/10/05 (adjusted to reflect the maximum applicable sales charges) would have been valued at $9,962, $9,920 and $10,310, respectively on 10/31/2005.

Without Sales Charges

(non-standardized average annual returns)

as of 10/31/05

	Since Incept.*
Class A Shares	4.60	%
Class B Shares	4.20
Class C Shares	4.10
Class Y Shares	4.90
Aggressive Allocation Index	3.56

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

With Sales Charges

(standardized average annual returns)

as of 10/31/05

	Since Incept.*
Class A Shares	(0.38	)%
Class B Shares	(0.80	)
Class C Shares	3.10
Class Y Shares	4.90
Aggressive Allocation Index	3.56

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

With Sales Charges

(standardized average annual returns)

as of 9/30/05

	Since Incept.*
Class A Shares	2.10	%
Class B Shares	1.80
Class C Shares	5.70
Class Y Shares	7.50
Aggressive Allocation Index	5.42

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

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 4.60% since inception on January 10, 2005. The Fund’s benchmark, the Aggressive Allocation Index, returned 3.56% over the same period.

Fund Highlights

January 10, 2005 - October 31, 2005*

As of October 31, 2005, the Fund was invested in 13 underlying AXA Enterprise Funds. These included 11 equity funds and 2 fixed income funds. The Fund’s equity allocation consisted of large cap growth stocks (20.7%), large cap value stocks (21.0%), mid cap stocks (13.2%), small cap stocks (8.6%) and international stocks (28.1%). The Fund’s fixed income component consisted of an allocation of 8.4% to investment grade bonds.

The first 10 months of 2005 proved to be a challenging environment for both domestic equity and fixed income markets. Broad market benchmarks such as the S&P 500 Index and the Lehman Brothers Aggregate Bond Index advanced by only 1.05% and 1.02%, respectively, over the period. International equity returns, however, surpassed their U.S. counterparts by a healthy margin. Equity markets in “developed” countries, as measured by the performance of the MSCI EAFE Index, had a total return of 5.90% over the year-to-date period.

Over this period, the Fund benefited from the strong performance of the international equity markets through its allocation to the AXA Enterprise Multimanager International Equity underlying fund. Leading contributors to returns also came from the Fund’s large cap domestic equity holdings in AXA Enterprise Growth and AXA Enterprise Multimanager Value, and from its investment in AXA Enterprise Multimanager Mid Cap Value. The Fund’s investment grade bond holdings contributed marginally to the Fund’s return over the period.

* The Fund commenced operations on January 10, 2005.

9

AXA ENTERPRISE AGGRESSIVE ALLOCATION FUND

Fund Allocation (as a percentage of Total Investment Companies)

as of October 31, 2005

AXA Enterprise Multimanager International Equity Fund	28.3	%
AXA Enterprise Multimanager Value Fund	23.4
AXA Enterprise Small Company Value Fund	10.0
AXA Enterprise Growth Fund	7.6
AXA Enterprise Capital Appreciation Fund	6.7
AXA Enterprise Equity Income Fund	6.1
AXA Enterprise Deep Value Fund	5.5
AXA Enterprise Multimanager Core Bond Fund	4.1
AXA Enterprise Equity Fund	3.3
AXA Enterprise Government Securities Fund	2.5
AXA Enterprise Small Company Growth Fund	2.1
AXA Enterprise Multimanager Mid Cap Growth Fund	0.2
AXA Enterprise Multimanager Mid Cap Value Fund	0.2

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, 2005 and held for the entire six-month period.

Actual Expenses

The first line of the tables 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 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 5/1/05		Ending Account Value 10/31/05		Expenses Paid During Period Ended 5/1/05 to 10/31/05*
Class A†
Actual	$	1,000.00	$	1,070.60	$	3.91
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.82
Class B
Actual		1,000.00		1,068.70		6.78
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.61
Class C
Actual		1,000.00		1,068.80		6.78
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.61
Class Y
Actual		1,000.00		1,072.60		1.57
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.69		1.53

* Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios (after any contractual waivers and reimbursements, if applicable) of 0.75%, 1.30%, 1.30% and 0.30%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

† The Fund commenced operations on January 10, 2005.

10

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

FUND ADVISERS

• Alliance Capital Management L.P.

• RCM Capital Management LLC

• TCW Investment Management Company

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/05

Investment in Class Y Shares

A $10,000 investment in the Fund’s Class P, Class B, Class C shares at the Fund’s inception on 12/31/01 and Class A at the class’ inception on 12/13/04 (adjusted to reflect the maximum applicable sales charges) would have been valued at $9,306, $9,208, $9,555 and $9,779, respectively on 10/31/2005.

Without Sales Charges

(non-standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		2.41	%
Class B Shares	10.78	%	(1.15	)
Class C Shares	10.66		(1.18	)
Class P Shares	11.52		(0.41	)
Class Y Shares	11.83		(0.18	)
Russell 1000 Growth Index	8.81		0.18

* 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 Charges

(standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		(2.50	)%
Class B Shares	5.78	%	(1.93	)
Class C Shares	9.66		(1.18	)
Class P Shares	5.39		(1.86	)
Class Y Shares	11.83		(0.18	)
Russell 1000 Growth Index	8.81		0.18

* 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 Charges

(standardized average annual returns)

as of 9/30/05

	1 Year		Since Incept.*
Class A Shares	N/A		(3.60	)%
Class B Shares	5.77	%	(2.25	)
Class C Shares	9.66		(1.48	)
Class P Shares	5.45		(2.20	)
Class Y Shares	11.72		(0.48	)
Russell 1000 Growth Index	11.60		0.44

* 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 11.52% for the year ending October 31, 2005. The Fund’s benchmark, the Russell 1000 Growth Index, returned 8.81% 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, 2005 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

For the year ending October 31, 2005

What helped performance during the year

• Stock selection in the Health Care sector, led by overweight positions in Genentech, Alcon Inc., and Teva Pharmaceutical, was the leading contributor to performance.

• An overweight position in Google, Inc. was the leader in positive contributions from stock selection in Information Technology. Other Information Technology stocks contributing to performance included overweights in Marvell Technology Group Ltd., Broadcom Corp., Apple Computer, Inc. and not holding IBM.

• Stock selection in the Financials sector was also strong, including an overweight position in Progressive Corp. and not holding Federal National Mortgage Association, which declined during the year.

What hurt performance over the year

• Despite positive stock selection contributions, an underweight position in the Health Care sector as a whole detracted from performance.

11

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

Health Care stock Elan PLC, which was not held in the benchmark, was a notable detractor.

• An overweight position in the Consumer Discretionary sector also hurt performance. An overweight position in eBay was the largest detractor.

• An Information Technology sector overweight was also a drag on performance, with overweights in Symantec Corp., Maxim Integrated Products, Inc. and Qualcomm Inc. all detracting.

Sector Weightings

as of 10/31/05

	% of Net Assets
Information Technology	35.9	%
Health Care	20.3
Consumer Discretionary	17.4
Financials	13.4
Industrials	5.6
Consumer Staples	4.7
Energy	1.9
Materials	0.3
Cash and Other	0.5
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, Class C and Class P 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, 2005 and held for the entire six-month period.

Actual Expenses

The first line of the tables 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 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 5/1/05		Ending Account Value 10/31/05		Expenses Paid During Period Ended 5/1/05 to 10/31/05*
Class A†
Actual	$	1,000.00	$	1,130.90	$	8.86
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.89		8.39
Class B
Actual		1,000.00		1,128.70		11.80
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.12		11.17
Class C
Actual		1,000.00		1,128.80		11.80
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.12		11.17
Class P
Actual		1,000.00		1,133.30		7.80
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.90		7.37
Class Y
Actual		1,000.00		1,133.90		6.45
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 (after any contractual waivers and reimbursements, if applicable) 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 for Class A, Class B, Class C, Class P and Class Y (to reflect the one-half year period).

† Class A commenced operations on December 13, 2004.

12

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

FUND ADVISERS

• Alliance Capital Management L.P. (Bernstein Unit)

• Janus Capital Management LLC

• Thornburg Investment Management, Inc.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/05

Investment in Class Y Shares

A $10,000 investment in the Fund’s Class P, Class B, Class C shares at the Fund’s inception on 12/31/01 and Class A at the class’ inception on 12/13/04 (adjusted to reflect the maximum applicable sales charges) would have been valued at $10,496, $10,488, $10,789 and $9,881, respectively on 10/31/2005.

Without Sales Charges

(non-standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		3.60	%
Class B Shares	9.61	%	2.00
Class C Shares	9.61		2.00
Class P Shares	10.41		2.77
Class Y Shares	10.76		3.03
S & P 500 Index	8.72		3.08

* 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 Charges

(standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		(1.35	)%
Class B Shares	4.61	%	1.25
Class C Shares	8.61		2.00
Class P Shares	4.31		1.27
Class Y Shares	10.76		3.03
S & P 500 Index	8.72		3.08

* 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 Charges

(standardized average annual returns)

as of 9/30/05

	1 Year		Since Incept.*
Class A Shares	N/A		0.36	%
Class B Shares	7.94	%	1.77
Class C Shares	12.06		2.52
Class P Shares	7.56		1.77
Class Y Shares	14.17		3.57
S & P 500 Index	12.25		3.61

* 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 10.41% for the year ending October 31, 2005. The Fund’s benchmark, the S&P 500 Index, returned 8.72% 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, 2005 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

For the year ending October 31, 2005

What helped performance during the year

• Stock in the Telecommunications Services sector was the top contributor to performance, led by an overweight position in NII Holdings Inc.

• Stock selection in the Health Care (UnitedHealth Group Inc., Genentech Inc., Wellpoint Inc.), Financials (Chicago Mercantile Holdings), and Consumer Discretionary sectors also added to performance.

• Overweight positions in Unocal Corp. and Motorola Inc. were notable contributors.

What hurt performance over the year

• An overweight position in the Consumer Discretionary sector was the leading detractor, led by DirecTV Group Inc.

13

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

• Information Technology holding Lexmark International was the leading individual detractor. Other Information Technology holdings which hurt performance were an overweight in Ditech Communications and not holding Apple Computer.

• Underweight positions in the Utilities and Energy sectors also detracted from performance.

Sector Weightings

as of 10/31/05

	% of Net Assets
Financials	18.2	%
Information Technology	17.0
Health Care	16.1
Consumer Discretionary	13.9
Industrials	10.7
Energy	8.9
Consumer Staples	6.1
Telecommunication Services	5.1
Materials	2.1
Utilities	0.7
Cash and Other	1.2
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, Class C and Class P 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, 2005 and held for the entire six-month period.

Actual Expenses

The first line of the tables 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 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 5/1/05		Ending Account Value 10/31/05		Expenses Paid During Period Ended 5/1/05 to 10/31/05*
Class A†
Actual	$	1,000.00	$	1,069.40	$	8.61
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.89		8.39
Class B
Actual		1,000.00		1,067.70		11.47
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.12		11.17
Class C
Actual		1,000.00		1,067.70		11.47
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.12		11.17
Class P
Actual		1,000.00		1,071.60		7.57
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.90		7.37
Class Y
Actual		1,000.00		1,073.40		6.27
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 (after any contractual waivers and reimbursements, if applicable) 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 for Class A, Class B, Class C, Class P and Class Y (to reflect the one-half year period).

† Class A commenced operations on December 13, 2004.

14

AXA ENTERPRISE MULTIMANAGER VALUE FUND

FUND ADVISERS

• Alliance Capital Management L.P.

• Institutional Capital Corporation (ICAP)

• MFS Investment Management

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/05

Investment in Class Y Shares

A $10,000 investment in the Fund’s Class P, Class B, Class C shares at the Fund’s inception on 12/31/01 and Class A at the class’ inception on 12/13/04 (adjusted to reflect the maximum applicable sales charges) would have been valued at $11,847, $11,895, $12,207 and $10,017, respectively on 10/31/2005.

Without Sales Charges

(non-standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		5.19	%
Class B Shares	11.60	%	5.31
Class C Shares	11.70		5.34
Class P Shares	12.48		6.07
Class Y Shares	12.82		6.39
Russell 1000 Value Index	11.86		7.48

* 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 Charges

(standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		0.19	%
Class B Shares	6.60	%	4.63
Class C Shares	10.70		5.34
Class P Shares	6.33		4.52
Class Y Shares	12.82		6.39
Russell 1000 Value Index	11.86		7.48

* 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 Charges

(standardized average annual returns)

as of 9/30/05

	1 Year		Since Incept.*
Class A Shares	N/A		1.61	%
Class B Shares	9.69	%	5.15
Class C Shares	13.67		5.86
Class P Shares	9.17		5.02
Class Y Shares	15.91		6.94
Russell 1000 Value Index	16.69		8.40

* 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 12.48% for the year ending October 31, 2005. The Fund’s benchmark, the Russell 1000 Value Index, returned 11.86% 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, 2005 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

For the year ending October 31, 2005

What helped performance during the year

• The Energy sector contributed positively in both stock and sector selection. Overweight positions in ConcocoPhillips, Halliburton, Marathon Oil and Occidental Petroleum contributed positively to performance.

• An underweight position relative to benchmark in the Telecommunication Services sector also helped performance.

• Overweight positions in the Health Care and Consumer Staples sectors were contributors. An overweight position in Consumer Staples holding Altria Group was the largest individual contributor.

What hurt performance over the year

• An overweight position relative to benchmark in Federal National Mortgage Association was the largest detractor from performance.

15

AXA ENTERPRISE MULTIMANAGER VALUE FUND

• Holdings Boston Scientific and Avon Products also detracted from performance.

• An underweight position in the Utility sector hurt performance.

• Consumer Discretionary and Industrial sector stock selection was a detractor. Tyco International in the Industrial sector was a notable underperformer.

Sector Weightings

as of 10/31/05

	% of Net Assets
Financials	23.6	%
Industrials	13.7
Energy	12.9
Consumer Discretionary	10.3
Consumer Staples	9.6
Health Care	8.7
Information Technology	7.7
Telecommunication Services	4.6
Materials	3.8
Utilities	3.4
Cash and Other	1.7
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, Class C and Class P 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, 2005 and held for the entire six-month period.

Actual Expenses

The first line of the tables 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 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 5/1/05		Ending Account Value 10/31/05		Expenses Paid During Period Ended 5/1/05 to 10/31/05*
Class A†
Actual	$	1,000.00	$	1,051.00	8.53
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.89	8.39
Class B
Actual		1,000.00		1,049.50	11.36
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.12	11.17
Class C
Actual		1,000.00		1,049.70	11.36
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.12	11.17
Class P
Actual		1,000.00		1,052.80	7.50
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.90	7.37
Class Y
Actual		1,000.00		1,054.40	6.21
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 (after any contractual waivers and reimbursements, if applicable) 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 for Class A, Class B, Class C, Class P and Class Y (to reflect the one-half year period).

† Class A commenced operations on December 13, 2004.

16

AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

FUND ADVISERS

• Alliance Capital Management L.P.

• Franklin Advisers, Inc.

• Provident Investment Counsel, Inc.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/05

Investment in Class Y Shares

A $10,000 investment in the Fund’s Class P, Class B, Class C shares at the Fund’s inception on 12/31/01 and Class A at the class’ inception on 12/13/04 (adjusted to reflect the maximum applicable sales charges) would have been valued at $9,375, $9,349, $9,618 and $9,903, respectively on 10/31/2005.

Without Sales Charges

(non-standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		3.88	%
Class B Shares	10.80	%	(0.95	)
Class C Shares	10.83		(1.01	)
Class P Shares	11.59		(0.21	)
Class Y Shares	11.97		0.03
Russell 2500 Growth Index	13.83		5.12

* 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 Charges

(standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		(1.10	)%
Class B Shares	5.80	%	(1.74	)
Class C Shares	9.83		(1.01	)
Class P Shares	5.42		(1.67	)
Class Y Shares	11.97		0.03
Russell 2500 Growth Index	13.83		5.12

* 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 Charges

(standardized average annual returns)

as of 9/30/05

	1 Year		Since Incept.*
Class A Shares	N/A		2.59	%
Class B Shares	13.20	%	(0.81	)
Class C Shares	17.25		(0.05	)
Class P Shares	12.58		(0.74	)
Class Y Shares	19.45		1.00
Russell 2500 Growth Index	21.01		6.18

* 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 11.59% for the year ending October 31, 2005. The Fund’s benchmark, the Russell 2500 Growth Index, returned 13.83% 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 2500 Growth Index. Performance quoted refers to the absolute performance of specific stocks for the year ended October 31, 2005 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

For the year ending October 31, 2005

What helped performance during the year

• An overweight in the Energy sector, as well as stock selection, including overweight positions in Spinnaker Exploration Co., Peabody Energy Corp, and National Oilwell Varco, added to performance.

• Overweight positions in holdings Macromedia Inc. and CB Richard Ellis Group also contributed to performance.

• Telecommunication Services stock selection, including overweights in Nextel Partners and NII Holdings Inc., was positive.

What hurt performance over the year

• Consumer Discretionary sector stock selection detracted from performance.

• Health Care stock selection also detracted, led by an overweight position in Pharmion Corp.

• Both Information Technology sector and stock selection hurt performance. Among detractors were overweight positions in Tektronix, Cycom Industries Inc. and Semtech Corp.

17

AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

Sector Weightings

as of 10/31/05

	% of Net Assets
Information Technology	28.0	%
Health Care	19.1
Industrials	13.5
Consumer Discretionary	13.4
Energy	10.3
Financials	9.8
Materials	2.6
Telecommunication Services	2.0
Consumer Staples	0.1
Cash and Other	1.2
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, Class C and Class P 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, 2005 and held for the entire six-month period.

Actual Expenses

The first line of the tables 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 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 5/1/05		Ending Account Value 10/31/05		Expenses Paid During Period Ended 5/1/05 to 10/31/05*
Class A†
Actual	$	1,000.00	$	1,114.70	$	10.13
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.63		9.65
Class B
Actual		1,000.00		1,111.90		13.04
Hypothetical (5% average annual return before expenses)		1,000.00		1,012.85		12.43
Class C
Actual		1,000.00		1,112.10		13.04
Hypothetical (5% average annual return before expenses)		1,000.00		1,012.85		12.43
Class P
Actual		1,000.00		1,115.90		9.07
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.64		8.64
Class Y
Actual		1,000.00		1,117.20		7.74
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 (after any contractual waivers and reimbursements, if applicable) 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 for Class A, Class B, Class C, Class P and Class Y (to reflect the one-half year period).

† Class A commenced operations on December 13, 2004.

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

12/31/01–10/31/05

Investment in Class Y Shares

A $10,000 investment in the Fund’s Class P, Class B, Class C shares at the Fund’s inception on 12/31/01 and Class A at the class’ inception on 12/13/04 (adjusted to reflect the maximum applicable sales charges) would have been valued at $11,618, $11,657, $11,938 and $9,865, respectively on 10/31/2005.

Without Sales Charges

(non-standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		3.39	%
Class B Shares	10.55	%	4.78
Class C Shares	10.36		4.73
Class P Shares	11.11		5.53
Class Y Shares	11.55		5.79
Russell 2500 Value Index	15.64		13.87

* 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 Charges

(standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		(1.53	)%
Class B Shares	5.55	%	4.08
Class C Shares	9.36		4.73
Class P Shares	4.99		3.99
Class Y Shares	11.55		5.79
Russell 2500 Value Index	15.64		13.87

* 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 Charges

(standardized average annual returns)

as of 9/30/05

	1 Year		Since Incept.*
Class A Shares	N/A		2.26	%
Class B Shares	12.39	%	5.28
Class C Shares	16.31		5.93
Class P Shares	11.63		5.13
Class Y Shares	18.42		6.97
Russell 2500 Value Index	21.31		15.12

* 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 11.11% for the year ending October 31, 2005. The Fund’s benchmark, the Russell 2500 Value Index, returned 15.64% 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 2500 Value Index. Performance quoted refers to the absolute performance of specific stocks for the year ended October 31, 2005 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

For the year ending October 31, 2005

What helped performance during the year

• An overweight position in the Health Care sector was the largest relative contributor to performance.

• An underweight position in the Financials sector also contributed positively to performance.

• An overweight in York International Corp. was the largest single holding contribution.

• Consumer Staples and Energy were the only sectors with positive stock selection.

What hurt performance over the year

• Stock selection in both the Materials and Health Care sectors hurt performance.

• Overweight positions in Information Technology holdings Unisys Corp., Teradyne Inc., Vishar Intertechnology, Celestica Inc. and Lexmark International all detracted from performance. An overweight position in the sector also detracted.

19

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

Sector Weightings

as of 10/31/05

	% of Net Assets
Financials	21.1	%
Information Technology	19.1
Consumer Discretionary	15.5
Industrials	14.3
Health Care	8.6
Materials	6.2
Energy	4.9
Utilities	4.4
Consumer Staples	3.9
Telecommunication Services	0.7
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, Class C and Class P 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, 2005 and held for the entire six-month period.

Actual Expenses

The first line of the tables 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 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 5/1/05		Ending Account Value 10/31/05		Expenses Paid During Period Ended 5/1/05 to 10/31/05*
Class A†
Actual	$	1,000.00	$	1,071.20	$	9.92
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.63		9.65
Class B
Actual		1,000.00		1,067.90		12.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,012.85		12.43
Class C
Actual		1,000.00		1,067.10		12.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,012.85		12.43
Class P
Actual		1,000.00		1,071.10		8.87
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.64		8.64
Class Y
Actual		1,000.00		1,073.50		7.58
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 (after any contractual waivers and reimbursements, if applicable) 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 for Class A, Class B, Class C, Class P and Class Y (to reflect the one-half year period).

† Class A commenced operations on December 13, 2004.

20

AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

FUND ADVISERS

• Alliance Capital Management L.P. (Bernstein Unit)

• J.P. Morgan Investment Management Inc.

• Marsico Capital Management LLC

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/05

Investment in Class Y Shares

A $10,000 investment in the Fund’s Class P, Class B, Class C shares at the Fund’s inception on 12/31/01 and Class A at the class’ inception on 12/13/04 (adjusted to reflect the maximum applicable sales charges) would have been valued at $12,790, $12,859, $13,157 and $10,331, respectively on 10/31/2005.

Without Sales Charges

(non-standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		8.95	%
Class B Shares	15.70	%	7.42
Class C Shares	15.60		7.42
Class P Shares	16.55		8.21
Class Y Shares	16.79		8.51
MSCI EAFE Index	18.09		10.84

* 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 Charges

(standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		3.76	%
Class B Shares	10.70	%	6.78
Class C Shares	14.60		7.42
Class P Shares	10.18		6.63
Class Y Shares	16.79		8.51
MSCI EAFE Index	18.09		10.84

* 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

Without Sales Charges

(standardized average annual returns)

as of 9/30/05

	1 Year		Since Incept.*
Class A Shares	N/A		7.39	%
Class B Shares	18.16	%	7.95
Class C Shares	22.25		8.62
Class P Shares	17.16		7.75
Class Y Shares	24.36		9.69
MSCI EAFE Index	25.79		11.98

* 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 16.55% for the year ending October 31, 2005. The Fund’s benchmark, the MSCI EAFE Index, returned 18.09% 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, 2005 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

For the year ending October 31, 2005

What helped performance during the year

• Stock selection in the overweight Energy sector was the largest relative contributor for the year; Austrian holding OMV AG was the largest individual Energy contributor.

• An overweight position in Consumer Discretionary holding Yamada Denki Co., Ltd. was the largest individual contributor to relative performance.

• The strongest sector contribution came from an underweight position in Telecommunication Services, led by Mexican holding America Movil SA de CV.

• Stock selection in the Financials, Information Technology, Telecommunication Services and Industrial sectors all contributed to performance.

21

AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

What hurt performance over the year

• Stock selection in the overweight Consumer Discretionary sector was the largest detractor from relative performance, led by overweight positions in French holdings Thomson SA, JC DeCaux SA and Renault SA and Japanese holding Nissan Motor Co., Ltd.

• An overweight position in the Information Technology sector detracted from performance; overweights in holdings Research in Motion Ltd. and Trend Micro Inc. led detractors.

• An overweight position in the Consumer Discretionary sector and an underweight position in the Financials sector also hurt performance.

Sector Weightings

as of 10/31/05

	% of Net Assets
Financials	25.3	%
Consumer Discretionary	16.4
Industrials	9.3
Energy	9.2
Materials	8.6
Health Care	8.2
Information Technology	7.9
Consumer Staples	6.3
Utilities	3.9
Telecommunication Services	3.4
Cash and Other	1.5
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, Class C and Class P 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, 2005 and held for the entire six-month period.

Actual Expenses

The first line of the tables 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 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 5/1/05		Ending Account Value 10/31/05		Expenses Paid During Period Ended 5/1/05 to 10/31/05*
Class A†
Actual	$	1,000.00	$	1,086.80	$	11.05
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.62		10.66
Class B
Actual		1,000.00		1,083.10		13.91
Hypothetical (5% average annual return before expenses)		1,000.00		1,011.85		13.44
Class C
Actual		1,000.00		1,083.10		13.91
Hypothetical (5% average annual return before expenses)		1,000.00		1,011.85		13.44
Class P
Actual		1,000.00		1,087.70		10.00
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.63		9.65
Class Y
Actual		1,000.00		1,089.30		8.69
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.89		8.39

* Expenses are equal to the Fund’s Class A, Class B, Class C, Class P and Class Y shares annualized expense ratios (after any contractual waivers and reimbursements, if applicable) of 2.10%, 2.65%, 2.65%, 1.90% and 1.65%, respectively, multiplied by the average account value over the period, multiplied by 184/365 for Class A, Class B, Class C, Class P and Class Y (to reflect the one-half year period).

† Class A commenced operations on December 13, 2004.

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

12/31/01–10/31/05

Investment in Class Y Shares

A $10,000 investment in the Fund’s Class P, Class B, Class C shares at the Fund’s inception on 12/31/01 and Class A at the class’ inception on 12/13/04 (adjusted to reflect the maximum applicable sales charges) would have been valued at $9,415, $9,389, $9,678 and $9,912, respectively on 10/31/2005.

Without Sales Charges

(non-standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		3.99	%
Class B Shares	11.53	%	(0.85	)
Class C Shares	11.53		(0.85	)
Class P Shares	12.33		(0.10	)
Class Y Shares	12.63		0.13
Russell 1000 Index	10.47		3.93
Russell 1000 Technology Index	7.08		(2.23	)

* Date of 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 Charges

(standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		(1.00	)%
Class B Shares	6.53	%	(1.63	)
Class C Shares	10.53		(0.85	)
Class P Shares	6.20		(1.56	)
Russell 1000 Index	10.47		3.93
Russell 1000 Technology Index	7.08		(2.23	)

* Date of 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 Charges

(standardized average annual returns)

as of 9/30/05

	1 Year		Since Incept.*
Class A Shares	N/A		0.60	%
Class B Shares	16.38	%	(1.27	)
Class C Shares	20.51		(0.43	)
Class P Shares	15.60		(1.20	)
Class Y Shares	22.61		0.53
Russell 1000 Index	14.26		4.51
Russell 1000 Technology Index	15.79		(2.14	)

* Date of 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 12.33% for the year ending October 31, 2005. The Fund’s benchmark, the Russell 1000 Technology Index, returned 7.08% 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, 2005 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

For the year ending October 31, 2005

What helped performance during the year

• Computers and Peripherals stock selection, especially an overweight position in Sandisk Corp. and underweight positions in IBM and Dell, contributed strongly to performance.

• An overweight position in the Internet Software and Services sector, especially non-benchmark holding Google, Inc., added to performance.

• Communications Equipment stock selection, including an overweight in Corning and an underweight in Cisco Systems, was positive. IT Services stock selection also contributed.

What hurt performance over the year

• An underweight position in Computers & Peripherals holding Hewlett Packard was the largest relative detractor from performance. A large underweight in the sector also detracted from performance.

23

AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

• Holding Research in Motion, Elan PLC and Flextronics International, which were not held by the benchmark, also subtracted.

• Underweight positions in Apple Computer and Motorola were negative.

• Internet Software and Services stock selection hurt performance.

• The Semiconductor and Semiconductor Equipment sector was negative, including an overweight position in Altera Corp.

Sector Weightings

as of 10/31/05

	% of Net Assets
Information Technology	87.7	%
Consumer Discretionary	5.6
Industrials	2.2
Energy	1.7
Health Care	1.0
Telecommunication Services	0.4
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, Class C and Class P 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, 2005 and held for the entire six-month period.

Actual Expenses

The first line of the tables 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 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 5/1/05		Ending Account Value 10/31/05		Expenses Paid During Period Ended 5/1/05 to 10/31/05*
Class A†
Actual	$	1,000.00	$	1,152.30	$	11.66
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.37		10.92
Class B
Actual		1,000.00		1,148.50		14.62
Hypothetical (5% average annual return before expenses)		1,000.00		1,011.59		13.69
Class C
Actual		1,000.00		1,148.50		14.62
Hypothetical (5% average annual return before expenses)		1,000.00		1,011.59		13.69
Class P
Actual		1,000.00		1,153.30		10.58
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.38		9.91
Class Y
Actual		1,000.00		1,153.60		9.23
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 (after any contractual waivers and reimbursements, if applicable) 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 for Class A, for Class B, Class C, Class P and Class Y (to reflect the one-half year period).

† Class A commenced operations on December 13, 2004.

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

12/31/01–10/31/05

Investment in Class Y Shares

A $10,000 investment in the Fund’s Class P, Class B, Class C shares at the Fund’s inception on 12/31/01 and Class A at the class’ inception on 12/13/04 (adjusted to reflect the maximum applicable sales charges) would have been valued at $11,026, $11,067, $11,363 and $9,993, respectively on 10/31/2005.

Without Sales Charges

(non-standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		4.89	%
Class B Shares	10.70	%	3.39
Class C Shares	10.70		3.39
Class P Shares	11.43		4.10
Class Y Shares	11.77		4.40
Russell 1000 Index	10.47		3.93
Russell 1000 Health Care Index	11.99		0.18

* 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 Charges

(standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		(0.08	)%
Class B Shares	5.70	%	2.68
Class C Shares	9.70		3.39
Class P Shares	5.27		2.58
Russell 1000 Index	10.47		3.93
Russell 1000 Health Care Index	11.99		0.18

* 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 Charges

(standardized average annual returns) as of 9/30/05

	1 Year		Since Incept.*
Class A Shares	N/A		2.47	%
Class B Shares	9.04	%	3.44
Class C Shares	13.03		4.19
Class P Shares	8.54		3.33
Class Y Shares	15.15		5.20
Russell 1000 Index	14.26		4.51
Russell 1000 Health Care Index	12.73		0.06

* 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 11.43% for the year ending October 31, 2005. The Fund’s benchmark, the Russell 1000 Health Care Index, returned 11.99% 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, 2005 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

For the year ending October 31, 2005

What helped performance during the year

• An underweight position in Pfizer Inc. relative to the benchmark was the largest contributor to relative performance. Other Pharmaceutical holdings contributing to performance included overweights in Roche Holdings and Eisai Co. and underweights in Merck and Bristol Myers Squibb.

• Stock selection in the Heath Care Equipment & Supplies sector also added to performance, including underweights in Boston Scientific Corp. and Zimmer Holdings.

• Overweights in Pacificare Health Systems, Inc. and Health Net, Inc. helped the outperformance of stock selection in the Health Care Providers & Services sector.

• Biotechnology holding Protein Design Labs, Inc. also added to performance.

25

AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

What hurt performance over the year

• Biotechnology stock selection was a drag on performance, especially underweights in Genentech, Inc. and Amgen, Inc. and overweights in Canadian holding QLT, Inc. and OSI Pharmaceuticals.

• Elan PLC Corp. plc in Ireland, a position not held by the benchmark, was the largest relative detractor from performance.

• The positive stock selection in Health Care Providers & Services was offset by a large sector underweight. This included underweights in holdings UnitedHealth Group and Wellpoint Inc., which both performed well during the year.

• Overweights in Pharmaceutical holdings Forest Labs and Fujisawa Pharmaceuticals also detracted from performance.

Sector Weightings

as of 10/31/05

	% of Net Assets
Pharmaceuticals	38.4	%
Health Care	20.0
Biotechnology	18.3
Health Care Equipment	16.7
Materials	0.5
Consumer Staples	0.4
Information Technology	0.3
Financials	0.2
Cash and Other	5.2
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, Class C and Class P 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, 2005 and held for the entire six-month period.

Actual Expenses

The first line of the tables 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 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 5/1/05		Ending Account Value 10/31/05		Expenses Paid During Period Ended 5/1/05 to 10/31/05*
Class A†
Actual	$	1,000.00	$	1,069.10	$	11.21
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.37		10.92
Class B
Actual		1,000.00		1,066.60		14.06
Hypothetical (5% average annual return before expenses)		1,000.00		1,011.59		13.69
Class C
Actual		1,000.00		1,065.50		14.06
Hypothetical (5% average annual return before expenses)		1,000.00		1,011.59		13.69
Class P
Actual		1,000.00		1,069.10		10.17
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.38		9.91
Class Y
Actual		1,000.00		1,070.60		8.87
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 (after any contractual waivers and reimbursements, if applicable) 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 for Class A, Class B, Class C, Class P and Class Y (to reflect the one-half year period).

† Class A commenced operations on December 13, 2004.

26

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

FUND ADVISERS

• BlackRock Advisors, Inc.

• Pacific Investment Management Company LLC (PIMCO)

PERFORMANCE RESULTS

Growth of a $10,000 Investment

12/31/01–10/31/05

Investment in Class Y Shares

A $10,000 investment in the Fund’s Class P, Class B, Class C shares at the Fund’s inception on 12/31/01 and Class A at the class’ inception on 12/13/04 (adjusted to reflect the maximum applicable sales charges) would have been valued at $11,225, $11,133, $11,418 and $9,617, respectively on 10/31/2005.

Without Sales Charges

(non-standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		0.44	%
Class B Shares	0.07	%	3.54
Class C Shares	(0.03	)	3.52
Class P Shares	0.63		4.30
Class Y Shares	0.98		4.57
Lehman Brothers Aggregate Bond Index	1.13		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

With Sales Charges

(standardized average annual returns)

as of 10/31/05

	1 Year		Since Incept.*
Class A Shares	N/A		(4.33	)%
Class B Shares	(4.74	)%	2.84
Class C Shares	(0.99	)	3.52
Class P Shares	(3.88	)	3.06
Class Y Shares	0.98		4.57
Lehman Brothers Aggregate Bond Index	1.13		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

With Sales Charges

(standardized average annual returns)

as of 9/30/05

	1 Year		Since Incept.*
Class A Shares	N/A		(3.48	)%
Class B Shares	(3.25	)%	3.16
Class C Shares	0.66		3.86
Class P Shares	(2.30	)	3.37
Class Y Shares	2.57		4.91
Lehman Brothers Aggregate Bond Index	2.80		5.44

* 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 0.63% for the year ending October 31, 2005. The Fund’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 1.13% over the same period.

Fund Highlights

For the year ending October 31, 2005

What helped performance during the year

• Mortgage security selection contributed to performance and more than offset the negative impact of a sector overweight as mortgages lagged like-duration Treasuries.

• Allocations to TIPS and municipal bonds, less volatile asset classes that typically outperform when rates rise, also helped performance.

• Emerging market bonds, boosted by strong cash inflows from investors drawn to their improving fundamentals, were positive contributors to performance.

What hurt performance during the year

• A corporate underweight hurt performance, as investors anxious to boost yield were drawn to these assets, although security selection added to returns.

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

27

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

Distribution of Assets by Sector

as of 10/31/05

	% of Net Assets
U.S. Government and Agency	76.3	%
Asset-Backed and Mortgage-Backed Securities	12.7
Corporate Bonds	12.2
Foreign Government Securities	3.9
Commercial Paper	2.1
Municipal Securities	1.7
Cash and Other	(8.9	)
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, Class C and Class P 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, 2005 and held for the entire six-month period.

Actual Expenses

The first line of the tables 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 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 5/1/05		Ending Account Value 10/31/05		Expenses Paid During Period Ended 5/1/05 to 10/31/05*
Class A†
Actual	$	1,000.00	$	996.70	$	6.29
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.90		6.36
Class B
Actual		1,000.00		994.90		9.05
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.13		9.15
Class C
Actual		1,000.00		993.90		9.05
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.13		9.15
Class P
Actual		1,000.00		998.70		5.29
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35
Class Y
Actual		1,000.00		999.00		4.03
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 (after any contractual waivers and reimbursements, if applicable) 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 for Class A, Class B, Class C, Class P and Class Y (to reflect the one-half year period).

† Class A commenced operations on December 13, 2004.

28

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE CONSERVATIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS

October 31, 2005

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Enterprise Capital Appreciation Fund*‡	835	$	29,441
AXA Enterprise Deep Value Fund ‡	4,542		50,823
AXA Enterprise Equity Income Fund ‡	1,878		50,939
AXA Enterprise Government Securities Fund ‡	37,729		467,472
AXA Enterprise Growth Fund*‡	3,973		70,599
AXA Enterprise High Yield Bond Fund ‡	17,071		163,190
AXA Enterprise Money Market Fund ‡	5,013		5,013
AXA Enterprise Multimanager Core Bond Fund ‡	41,773		410,625
AXA Enterprise Multimanager Mid Cap Value Fund* ‡	799		9,801
AXA Enterprise Multimanager Value Fund*‡	26,416		317,256
AXA Enterprise Short Duration Bond Fund ‡	99,255		975,677
Total Investment Companies (98.0%) (Cost $2,575,813)			2,550,836

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (2.5%)
JPMorgan Chase Nassau
3.40%, 11/1/05
(Amortized Cost $63,665)	$	63,665	$	63,665
Total Investments (100.5%) (Cost/Amortized Cost $2,639,478)				2,614,501
Other Assets Less Liabilities (-0.5%)				(12,175	)
Net Assets (100%)			$	2,602,326

* 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, 2005

Investments in companies which were affiliates for the period January 10, 2005* through October 31, 2005, were as follows:

Securities	Market Value January 10, 2005*		Purchases at Cost		Sales at Cost		Market Value October 31, 2005		Dividend Income		Realized Gain (Loss)
AXA Enterprise Capital Appreciation Fund	$	—	$	43,879	$	14,764	$	29,441	$	—	$	726
AXA Enterprise Deep Value Fund		—		52,729		1,202		50,823		—		(14	)
AXA Enterprise Equity Fund		—		23,817		23,817		—		—		686
AXA Enterprise Equity Income Fund		—		52,728		1,209		50,939		—		(22	)
AXA Enterprise Government Securities Fund		—		526,610		48,780		467,472		6,069		117
AXA Enterprise Growth Fund		—		71,444		1,417		70,599		—		1
AXA Enterprise High Yield Bond Fund		—		188,824		21,732		163,190		3,625		24
AXA Enterprise Money Market Fund		—		5,025		—		5,013		25		—
AXA Enterprise Multimanager Core Bond Fund		—		512,444		93,625		410,625		5,194		772
AXA Enterprise Multimanager Mid Cap Growth Fund		—		5,954		5,954		—		—		240
AXA Enterprise Multimanager Mid Cap Value Fund		—		19,054		9,504		9,801		—		496
AXA Enterprise Multimanager Value Fund		—		322,167		8,137		317,256		—		(143	)
AXA Enterprise Short Duration Bond Fund		—		1,009,744		23,153		975,677		9,489		(98	)
AXA Enterprise Small Company Growth Fund		—		5,954		5,954		—		—		332
AXA Enterprise Small Company Value Fund		—		4,764		4,764		—		—		201
	$	—	$	2,845,137	$	264,012	$	2,550,836	$	24,402	$	3,318

Investment security transactions for the period January 10, 2005* through October 31, 2005 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,845,137
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	267,330

As of October 31, 2005, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	4,261
Aggregate gross unrealized depreciation		(29,923	)
Net unrealized depreciation	$	(25,662	)
Federal income tax cost of investments	$	2,640,163

* Commencement of operations.

See Notes to Financial Statements.

30

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS

October 31, 2005

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Enterprise Capital Appreciation Fund*‡		13,003	$	458,241
AXA Enterprise Deep Value Fund ‡		39,332		440,122
AXA Enterprise Equity Fund*‡		27,931		186,860
AXA Enterprise Equity Income Fund‡		16,558		449,230
AXA Enterprise Government Securities Fund ‡		72,961		903,986
AXA Enterprise Growth Fund*‡		27,507		488,796
AXA Enterprise High Yield Bond Fund ‡		38,189		365,089
AXA Enterprise Money Market Fund ‡		5,013		5,013
AXA Enterprise Multimanager Core Bond Fund ‡		113,560		1,116,297
AXA Enterprise Multimanager Mid Cap Growth Fund*‡		1,234		12,357
AXA Enterprise Multimanager Mid Cap Value Fund*‡		1,198		14,703
AXA Enterprise Multimanager Value Fund ‡		151,359		1,817,830
AXA Enterprise Short Duration Bond Fund ‡.		189,175		1,859,589
AXA Enterprise Small Company Growth Fund*‡		7,617		223,324
AXA Enterprise Small Company Value Fund ‡		36,454		442,187
Total Investment Companies (99.1%) (Cost $8,804,832)				8,783,624
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.7%)
JPMorgan Chase Nassau
3.40%, 11/1/05
(Amortized Cost $62,987)	$	62,987	$	62,987
Total Investments (99.8%) (Cost/Amortized Cost $8,867,819)				8,846,611
Other Assets Less Liabilities (0.2%)				21,441
Net Assets (100%)			$	8,868,052

* 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, 2005

Investments in companies which were affiliates for the period January 10, 2005* through October 31, 2005, were as follows:

Securities	Market Value January 10, 2005*		Purchases at Cost		Sales at Cost		Market Value October 31, 2005		Dividend Income		Realized Gain (Loss)
AXA Enterprise Capital Appreciation Fund	$	—	$	766,429	$	325,390	$	458,241	$	—	$	9,662
AXA Enterprise Deep Value Fund		—		453,544		13,285		440,122		—		39
AXA Enterprise Equity Fund		—		511,303		332,580		186,860		—		16,516
AXA Enterprise Equity Income Fund		—		464,901		6,021		449,230		—		(29	)
AXA Enterprise Government Securities Fund		—		1,117,217		192,739		903,986		13,393		147
AXA Enterprise Growth Fund		—		494,305		13,679		488,796		—		12
AXA Enterprise High Yield Bond Fund		—		593,833		222,088		365,089		10,655		2,846
AXA Enterprise Money Market Fund		—		5,025		—		5,013		25		—
AXA Enterprise Multimanager Core Bond Fund		—		1,388,717		250,454		1,116,297		14,800		1,607
AXA Enterprise Multimanager Mid Cap Growth Fund		—		92,657		80,979		12,357		—		4,021
AXA Enterprise Multimanager Mid Cap Value Fund		—		444,755		430,255		14,703		—		19,744
AXA Enterprise Multimanager Value Fund		—		1,844,444		44,108		1,817,830		—		15
AXA Enterprise Short Duration Bond Fund		—		1,937,058		55,351		1,859,589		18,305		(189	)
AXA Enterprise Small Company Growth Fund		—		259,435		36,910		223,324		—		396
AXA Enterprise Small Company Value Fund		—		458,182		12,546		442,187		—		(142	)
	$	—	$	10,831,805	$	2,016,385	$	8,783,624	$	57,178	$	54,645

Investment security transactions for the period January 10, 2005* through October 31, 2005 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	10,831,805
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	2,071,030

As of October 31, 2005, 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	$	51,576
Aggregate gross unrealized depreciation		(75,301	)
Net unrealized depreciation	$	(23,725	)
Federal income tax cost of investments	$	8,870,336

* Commencement of operations.

See Notes to Financial Statements.

32

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND

PORTFOLIO OF INVESTMENTS

October 31, 2005

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Enterprise Capital Appreciation Fund*‡	123,069	$	4,336,944
AXA Enterprise Deep Value Fund ‡	245,861		2,751,181
AXA Enterprise Equity Fund*‡	603,204		4,035,434
AXA Enterprise Equity Income Fund ‡	233,069		6,323,159
AXA Enterprise Government Securities Fund ‡	739,323		9,160,215
AXA Enterprise Growth Fund*‡	375,920		6,680,104
AXA Enterprise Multimanager Core Bond Fund ‡	1,144,905		11,254,417
AXA Enterprise Multimanager International Equity Fund ‡	1,817,784		23,958,398
AXA Enterprise Multimanager Mid Cap Growth Fund*‡	2,066		20,682
AXA Enterprise Multimanager Mid Cap Value Fund*‡	1,629		19,984
AXA Enterprise Multimanager Value Fund ‡	1,853,948		22,265,912
AXA Enterprise Short Duration Bond Fund ‡	982,488	$	9,657,855
AXA Enterprise Small Company Growth Fund*‡	45,343		1,329,459
AXA Enterprise Small Company Value Fund ‡	769,526		9,334,353
Total Investments (100.0%) (Cost $109,118,885)			111,128,097
Other Assets Less Liabilities (0.0%)			(13,815	)
Net Assets (100%)		$	111,114,282

* Non-income producing.

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

The holdings in Investment Companies are all Class Y shares.

Investments in companies which were affiliates for the period June 6, 2005 through October 31, 2005, were as follows:

Securities	Market Value June 6, 2005		Purchases at Cost		Sales at Cost		Market Value October 31, 2005		Dividend Income		Realized Gain (Loss)
AXA Enterprise Capital Appreciation Fund	$	—	$	10,325,278	$	6,062,399	$	4,336,944	$	—	$	151,411
AXA Enterprise Deep Value Fund		—		2,872,524		155,792		2,751,181		—		3,587
AXA Enterprise Equity Fund		—		5,160,169		1,216,166		4,035,434		—		22,777
AXA Enterprise Equity Income Fund		—		6,606,047		232,390		6,323,159		—		921
AXA Enterprise Government Securities Fund		—		9,987,574		562,176		9,160,215		153,830		(4,448	)
AXA Enterprise Growth Fund		—		6,911,099		411,522		6,680,104		—		8,674
AXA Enterprise Multimanager Core Bond Fund		—		12,254,481		695,019		11,254,417		180,743		(5,417	)
AXA Enterprise Multimanager International Equity Fund		—		24,147,477		1,950,600		23,958,398		—		78,603
AXA Enterprise Multimanager Mid Cap Growth Fund		—		20,000		—		20,682		—		—
AXA Enterprise Multimanager Mid Cap Value Fund		—		20,000		—		19,984		—		—
AXA Enterprise Multimanager Value Fund		—		22,930,896		1,044,677		22,265,912		—		1,718
AXA Enterprise Short Duration Bond Fund		—		11,639,446		1,835,628		9,657,855		145,646		(9,919	)
AXA Enterprise Small Company Growth Fund		—		1,723,761		409,709		1,329,459		—		21,465
AXA Enterprise Small Company Value Fund		—		9,776,213		618,814		9,334,353		—		24,376
	$	—	$	124,374,965	$	15,194,892	$	111,128,097	$	480,219	$	293,748

33

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2005

Investment security transactions for the year ended October 31, 2005 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	170,457,711
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	182,163,337

As of October 31, 2005, 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	$	2,701,077
Aggregate gross unrealized depreciation		(709,447	)
Net unrealized appreciation	$	1,991,630
Federal income tax cost of investments	$	109,136,467

For the year ended October 31, 2005, the Fund incurred approximately $40 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Fund has a net capital loss carryforward of $23,221,980 of which $1,824,193 expires in the year 2009 and $21,397,787 expires in the year 2010. The fund utilized $9,642,880 in capital loss carryforward during the fiscal year ended October 31, 2005.

Included in the capital loss carryforward amounts are $2,230,460 of losses acquired from Enterprise Managed Fund as a result of a tax-free reorganization that occurred during the year ended 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.

See Notes to Financial Statements.

34

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE AGGRESSIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS

October 31, 2005

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Enterprise Capital Appreciation Fund*‡		10,014	$	344,652
AXA Enterprise Deep Value Fund ‡		25,439		284,665
AXA Enterprise Equity Fund*‡		25,341		169,535
AXA Enterprise Equity Income Fund ‡		11,568		313,824
AXA Enterprise Government Securities Fund ‡		10,440		129,354
AXA Enterprise Growth Fund*‡		21,984		389,052
AXA Enterprise Multimanager Core Bond Fund ‡		21,148		207,883
AXA Enterprise Multimanager International Equity Fund ‡		110,505		1,456,459
AXA Enterprise Multimanager Mid Cap Growth Fund*‡		1,272		12,733
AXA Enterprise Multimanager Mid Cap Value Fund*‡		935		11,472
AXA Enterprise Multimanager Value Fund ‡		100,383		1,205,603
AXA Enterprise Small Company Growth Fund*‡		3,664		107,427
AXA Enterprise Small Company Value Fund ‡		42,588		516,591
Total Investment Companies (99.7%) (Cost $5,075,679)				5,149,250
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.1%)
JPMorgan Chase Nassau
3.40%, 11/1/05
(Amortized Cost $56,567)	$	56,567	$	56,567
Total Investments (100.8%) (Cost/Amortized Cost $5,132,246)				5,205,817
Other Assets Less Liabilities (-0.8%)				(42,609	)
Net Assets (100%)			$	5,163,208

* 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, 2005

Investments in companies which were affiliates for the period January 10, 2005* through October 31, 2005, were as follows:

Securities	Market Value January 10, 2005*		Purchases at Cost		Sales at Cost		Market Value October 31, 2005		Dividend Income		Realized Gain (Loss)
AXA Enterprise Capital Appreciation Fund	$	—	$	560,472	$	223,252	$	344,652	$	—	$	7,858
AXA Enterprise Deep Value Fund		—		309,634		25,417		284,665		—		1,267
AXA Enterprise Equity Fund		—		438,632		274,939		169,535		—		11,596
AXA Enterprise Equity Income Fund		—		342,199		25,383		313,824		—		504
AXA Enterprise Government Securities Fund		—		183,495		51,418		129,354		1,929		(200	)
AXA Enterprise Growth Fund		—		422,015		38,670		389,052		—		560
AXA Enterprise Multimanager Core Bond Fund		—		274,738		63,002		207,883		2,622		(21	)
AXA Enterprise Multimanager International Equity Fund		—		1,566,112		177,242		1,456,459		—		515
AXA Enterprise Multimanager Small/Mid Cap Growth Fund		—		88,192		76,143		12,733		—		3,857
AXA Enterprise Multimanager Small/Mid Cap Value Fund		—		176,384		165,089		11,472		—		7,912
AXA Enterprise Multimanager Value Fund		—		1,306,938		112,016		1,205,603		—		716
AXA Enterprise Short Duration Bond Fund		—		17,721		17,721		—		83		3
AXA Enterprise Small Company Growth Fund		—		283,903		176,356		107,427		—		6,892
AXA Enterprise Small Company Value Fund		—		572,807		40,496		516,591		—		1,684
	$	—	$	6,543,242	$	1,467,144	$	5,149,250	$	4,634	$	43,143

Investment security transactions for the period January 10, 2005* through October 31, 2005 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	6,543,242
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,510,287

As of October 31, 2005, 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	$	96,546
Aggregate gross unrealized depreciation		(25,727	)
Net unrealized appreciation	$	70,819
Federal income tax cost of investments	$	5,134,998

* Commencement of operations.

See Notes to Financial Statements.

36

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

PORTFOLIO OF INVESTMENTS

October 31, 2005

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (17.4%)
Hotels, Restaurants & Leisure (2.3%)
Carnival Corp.	1,350	$	67,055
Starbucks Corp.*	4,100		115,948
Starwood Hotels & Resorts Worldwide, Inc.	1,100		64,273
			247,276
Household Durables (0.6%)
Centex Corp.	400		25,740
D.R. Horton, Inc.	513		15,744
Lennar Corp., Class A.	320		17,785
Pulte Homes, Inc	210		7,936
			67,205
Internet & Catalog Retail (5.5%)
Amazon.com, Inc.*	5,450		217,346
eBay, Inc.*	9,600		380,160
			597,506
Media (3.2%)
Pixar*	3,850		195,310
XM Satellite Radio Holdings, Inc., Class A*	5,160		148,763
			344,073
Multiline Retail (1.8%)
J.C. Penney Co., Inc.	1,250		64,000
Target Corp.	2,270		126,416
			190,416
Specialty Retail (2.3%)
Bed Bath & Beyond, Inc.*	1,240		50,245
Best Buy Co., Inc.	360		15,934
Lowe’s Cos., Inc.	1,640		99,663
Urban Outfitters, Inc.*	980		27,763
Williams-Sonoma, Inc.*	1,250		48,887
			242,492
Textiles, Apparel & Luxury Goods (1.7%)
Coach, Inc.*	3,890		125,180
NIKE, Inc., Class B	650		54,633
			179,813
Total Consumer Discretionary			1,868,781
Consumer Staples (4.7%)
Beverages (0.6%)
PepsiCo, Inc.	1,000		59,080
Food & Staples Retailing (2.0%)
Wal-Mart Stores, Inc.	365		17,268
Walgreen Co.	4,350		197,620
Whole Foods Market, Inc.	30		4,324
			219,212
Household Products (2.1%)
Procter & Gamble Co.	4,039		226,158
Total Consumer Staples			504,450
Energy (1.9%)
Energy Equipment & Services (1.1%)
Schlumberger Ltd.	690		62,631
Transocean, Inc.*	950		54,616
			117,247
Oil & Gas (0.5%)
ConocoPhillips	800		52,304
Oil, Gas & Consumable Fuels (0.3%)
Canadian Natural Resources Ltd.	800		32,968
Total Energy			202,519
Financials (13.4%)
Capital Markets (4.2%)
Charles Schwab Corp.	2,040		31,008
Franklin Resources, Inc.	550	$	48,604
Goldman Sachs Group, Inc.	1,420		179,446
Legg Mason, Inc.	1,030		110,529
Merrill Lynch & Co., Inc.	1,310		84,809
			454,396
Commercial Banks (1.4%)
Commerce Bancorp, Inc./New Jersey	3,600		109,692
Zions Bancorp	550		40,408
			150,100
Diversified Financial Services (1.2%)
Citigroup, Inc.	2,285		104,607
JPMorgan Chase & Co.	528		19,336
			123,943
Insurance (6.6%)
Aflac, Inc.	540		25,801
American International Group, Inc.	2,800		181,440
MetLife, Inc.	800		39,528
Progressive Corp.	4,050		469,031
			715,800
Total Financials			1,444,239
Health Care (20.3%)
Biotechnology (7.7%)
Amgen, Inc.*	3,080		233,341
Celgene Corp.*	500		28,050
Genentech, Inc.*	4,500		407,700
Gilead Sciences, Inc.*	3,340		157,815
			826,906
Health Care Equipment & Supplies (5.0%)
Alcon, Inc.	690		91,701
Medtronic, Inc.	1,750		99,155
St. Jude Medical, Inc.*	3,180		152,863
Stryker Corp.	1,000		41,070
Varian Medical Systems, Inc.*	1,950		88,842
Zimmer Holdings, Inc.*	1,050		66,958
			540,589
Health Care Providers & Services (4.7%)
Aetna, Inc.	850		75,276
Caremark Rx, Inc.*	2,430		127,332
Health Net, Inc.*	750		35,130
UnitedHealth Group, Inc.	2,560		148,199
WellPoint, Inc.*	1,550		115,754
			501,691
Pharmaceuticals (2.9%)
Abbott Laboratories	2,000		86,100
Novartis AG (ADR)	1,300		69,966
Schering-Plough Corp.	2,550		51,867
Teva Pharmaceutical Industries Ltd. (ADR)	2,870		109,404
			317,337
Total Health Care			2,186,523
Industrials (5.6%)
Aerospace & Defense (1.4%)
Boeing Co.	1,000		64,640
United Technologies Corp.	1,750		89,740
			154,380
Commercial Services & Supplies (1.3%)
Apollo Group, Inc., Class A*	2,200		138,644
Industrial Conglomerates (2.5%)
General Electric Co.	7,800		264,498
Machinery (0.4%)
Danaher Corp.	940		48,974
Total Industrials			606,496

37

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2005

	Number of Shares		Value (Note 1)
Information Technology (35.9%)
Communications Equipment (6.0%)
Cisco Systems, Inc.*		2,900	$	50,605
Comverse Technology, Inc.*		1,850		46,435
Corning, Inc.*		1,630		32,747
Juniper Networks, Inc.*		6,710		156,544
Motorola, Inc.		1,850		40,996
QUALCOMM, Inc.		8,155		324,243
				651,570
Computers & Peripherals (7.5%)
Apple Computer, Inc.*		3,190		183,712
Dell, Inc.*		8,100		258,228
EMC Corp.*		9,400		131,224
Network Appliance, Inc.*		6,290		172,095
SanDisk Corp.*		1,000		58,890
				804,149
Electronic Equipment & Instruments (0.2%)
Amphenol Corp., Class A		420		16,787
Internet Software & Services (9.0%)
Google, Inc., Class A*		1,310		487,503
Yahoo!, Inc.*		13,030		481,719
				969,222
IT Services (0.8%)
Automatic Data Processing, Inc.		900		41,994
Infosys Technologies Ltd. (ADR)		310		21,080
Iron Mountain, Inc.*		730		28,470
				91,544
Semiconductors & Semiconductor Equipment (5.4%)
Advanced Micro Devices, Inc.*		1,540		35,759
Broadcom Corp., Class A*		4,150		176,209
Marvell Technology Group Ltd.*		4,550		211,165
Maxim Integrated Products, Inc.		2,800		97,104
Xilinx, Inc.		2,400		57,480
				577,717
Software (7.0%)
Activision, Inc.*		2,133	$	33,643
Adobe Systems, Inc.		2,845		91,751
Electronic Arts, Inc.*		3,450		196,236
Microsoft Corp		4,930		126,701
Oracle Corp.*		5,100		64,668
Salesforce.com, Inc.*		1,000		24,990
SAP AG (ADR)		1,410		60,545
Symantec Corp.*		6,530		155,741
				754,275
Total Information Technology				3,865,264
Materials (0.3%)
Chemicals (0.3%)
Dow Chemical Co.		800		36,688
Total Materials				36,688
Total Common Stocks (99.5%) (Cost $8,202,072)				10,714,960
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.8%)
JPMorgan Chase Nassau
3.40%, 11/1/05
(Amortized Cost $83,728)	$	83,728		83,728
Total Investments (100.3%) (Cost/Amortized Cost $8,285,800)				10,798,688
Other Assets Less Liabilities (-0.3%)				(36,599	)
Net Assets (100%)			$	10,762,089

* Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended October 31, 2005 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	4,214,749
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	5,458,455

As of October 31, 2005, 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	$	2,632,408
Aggregate gross unrealized depreciation		(190,622	)
Net unrealized appreciation	$	2,441,786
Federal income tax cost of investments	$	8,356,902

For the year ended October 31, 2005, the Fund incurred approximately $192 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

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

See Notes to Financial Statements.

38

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

PORTFOLIO OF INVESTMENTS

October 31, 2005

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.9%)
Auto Components (0.4%)
Autoliv, Inc.	100	$	4,296
BorgWarner, Inc.	250		14,497
Cooper Tire & Rubber Co.	600		8,196
Lear Corp.	425		12,946
Magna International, Inc., Class A	150		10,458
			50,393
Automobiles (0.6%)
Harley-Davidson, Inc.	1,265		62,655
Toyota Motor Corp. (ADR)	150		13,922
			76,577
Hotels, Restaurants & Leisure (1.4%)
Hilton Hotels Corp.	2,150		41,817
McDonald’s Corp.	1,400		44,240
Starbucks Corp.*	3,170		89,648
			175,705
Household Durables (0.9%)
American Greetings Corp., Class A	3,680		92,920
Newell Rubbermaid, Inc.	1,000		22,990
			115,910
Internet & Catalog Retail (0.9%)
Expedia, Inc.*	2,395		45,002
IAC/InterActiveCorp*	2,615		66,944
			111,946
Media (3.4%)
Comcast Corp., Class A*	1,650		45,920
Comcast Corp., Special Class A*	3,700		101,417
DIRECTV Group, Inc.*	8,491		120,742
Interpublic Group of Cos., Inc.*	2,000		20,660
Sirius Satellite Radio, Inc.*	3,440		21,466
Time Warner, Inc.	2,600		46,358
Viacom, Inc., Class B	925		28,647
Walt Disney Co.	200		4,874
XM Satellite Radio Holdings, Inc., Class A*	1,205		34,740
			424,824
Multiline Retail (1.2%)
Nordstrom, Inc.	500		17,325
Target Corp.	2,325		129,479
			146,804
Specialty Retail (4.1%)
Best Buy Co., Inc.	985		43,596
Gap, Inc.	1,000		17,280
Home Depot, Inc.	5,705		234,133
Limited Brands	1,200		24,012
Linens ‘N Things, Inc.*	3,269		82,183
Office Depot, Inc.*	1,300		35,789
Staples, Inc.	3,342		75,964
			512,957
Textiles, Apparel & Luxury Goods (1.0%)
Jones Apparel Group, Inc.	650		17,732
NIKE, Inc., Class B	1,225		102,961
			120,693
Total Consumer Discretionary			1,735,809
Consumer Staples (6.1%)
Beverages (2.0%)
Coca-Cola Co.	1,300		55,614
PepsiCo, Inc.	3,210		189,647
			245,261
Food & Staples Retailing (0.6%)
Kroger Co.*	1,500		29,850
Safeway, Inc.	1,200		27,912
Wal-Mart Stores, Inc.	500	$	23,655
			81,417
Food Products (0.5%)
Archer-Daniels-Midland Co.	400		9,748
Bunge Ltd.	400		20,776
Unilever N.V. (N.Y. Shares)	375		26,366
			56,890
Household Products (2.0%)
Clorox Co.	400		21,648
Colgate-Palmolive Co.	1,470		77,851
Procter & Gamble Co.	2,705		151,453
			250,952
Tobacco (1.0%)
Altria Group, Inc.	1,325		99,441
UST, Inc.	700		28,973
			128,414
Total Consumer Staples			762,934
Energy (8.9%)
Energy Equipment & Services (1.8%)
GlobalSantaFe Corp.	600		26,730
Halliburton Co.	865		51,122
Noble Corp.	400		25,752
Rowan Cos., Inc.	700		23,093
Schlumberger Ltd.	1,050		95,308
			222,005
Oil & Gas (7.1%)
BP plc (ADR)	425		28,220
Canadian Natural Resources Ltd.	1,450		59,362
Chevron Corp.	3,217		183,594
ConocoPhillips	1,000		65,380
Diamond Offshore Drilling, Inc.	500		28,230
Exxon Mobil Corp.	6,300		353,682
Marathon Oil Corp.	700		42,112
Occidental Petroleum Corp.	1,695		133,702
			894,282
Total Energy			1,116,287
Financials (18.2%)
Capital Markets (4.9%)
Bank of New York Co., Inc.	4,230		132,357
Charles Schwab Corp.	7,900		120,080
Goldman Sachs Group, Inc.	1,405		177,550
Lehman Brothers Holdings, Inc.	250		29,917
Merrill Lynch & Co., Inc.	700		45,318
Morgan Stanley	1,945		105,827
			611,049
Commercial Banks (4.0%)
Bank of America Corp.	4,600		201,204
Comerica, Inc.	500		28,890
Huntington Bancshares, Inc./Ohio	1,000		23,260
KeyCorp	825		26,598
Lloyds TSB Group plc	11,900		97,325
National City Corp.	175		5,640
PNC Financial Services Group, Inc.	125		7,589
U.S. Bancorp	1,100		32,538
Wachovia Corp.	1,025		51,783
Wells Fargo & Co.	375		22,575
			497,402
Consumer Finance (1.3%)
American Express Co.	3,115		155,034
Diversified Financial Services (2.6%)
Chicago Mercantile Exchange Holdings, Inc.	190		69,378
Citigroup, Inc.	5,100		233,478

39

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Number of Shares	Value (Note 1)
JPMorgan Chase & Co.	700	$	25,634
			328,490
Insurance (3.4%)
ACE Ltd.	400		20,840
Allstate Corp.	375		19,796
American International Group, Inc.	550		35,640
Chubb Corp.	375		34,864
Genworth Financial, Inc., Class A	1,100		34,859
Hartford Financial Services Group, Inc.	475		37,881
MBIA, Inc.	1,917		111,646
MetLife, Inc.	750		37,058
Prudential Financial, Inc.	400		29,116
St. Paul Travelers Cos., Inc.	777		34,988
XL Capital Ltd., Class A	400		25,624
			422,312
Thrifts & Mortgage Finance (2.0%)
Fannie Mae	2,505		119,038
Freddie Mac	1,600		98,160
Washington Mutual, Inc.	875		34,650
			251,848
Total Financials			2,266,135
Health Care (16.1%)
Biotechnology (1.5%)
Amgen, Inc.*	1,495		113,261
Genentech, Inc.*	730		66,138
			179,399
Health Care Equipment & Supplies (2.9%)
Biomet, Inc.	1,670		58,166
Fisher Scientific International, Inc.*	1,770		100,005
Medtronic, Inc.	3,605		204,259
			362,430
Health Care Providers & Services (5.9%)
AmerisourceBergen Corp.	200		15,254
Caremark Rx, Inc.*	3,655		191,522
Eclipsys Corp.*	4,000		64,000
Health Management Associates, Inc., Class A	3,390		72,580
Medco Health Solutions, Inc.*	800		45,200
Tenet Healthcare Corp.*.	1,100		9,262
UnitedHealth Group, Inc.	4,100		237,349
WellPoint, Inc.*	1,400		104,552
			739,719
Pharmaceuticals (5.8%)
Abbott Laboratories	700		30,135
Bristol-Myers Squibb Co.	650		13,760
Eli Lilly & Co.	1,710		85,141
GlaxoSmithKline plc (ADR)	525		27,295
Johnson & Johnson	2,245		140,582
Merck & Co., Inc.	1,575		44,446
Pfizer, Inc.	8,000		173,920
Sanofi-Aventis	1,100		88,011
Sanofi-Aventis (ADR)	2,830		113,540
Wyeth	150		6,684
			723,514
Total Health Care			2,005,062
Industrials (10.7%)
Aerospace & Defense (0.8%)
Boeing Co.	900		58,176
Goodrich Corp.	850		30,659
Northrop Grumman Corp.	150		8,048
			96,883
Air Freight & Logistics (0.5%)
FedEx Corp.	545		50,102
United Parcel Service, Inc., Class B	125	$	9,117
			59,219
Airlines (0.9%)
Southwest Airlines Co.	6,848		109,636
Building Products (0.1%)
Masco Corp.	400		11,400
Commercial Services & Supplies (0.5%)
Apollo Group, Inc., Class A*	1,035		65,226
FTI Consulting, Inc.*	100		2,737
			67,963
Electrical Equipment (0.4%)
Cooper Industries Ltd., Class A	475		33,673
Hubbell, Inc., Class B	300		14,448
			48,121
Industrial Conglomerates (5.2%)
General Electric Co.	15,735		533,574
Textron, Inc.	400		28,816
Tyco International Ltd.	3,100		81,809
			644,199
Machinery (0.5%)
Eaton Corp.	500		29,415
Ingersoll-Rand Co., Ltd., Class A	400		15,116
SPX Corp.	500		21,510
			66,041
Road & Rail (1.8%)
Burlington Northern Santa Fe Corp.	800		49,648
CSX Corp.	650		29,777
Norfolk Southern Corp.	975		39,195
Union Pacific Corp.	1,600		110,688
			229,308
Total Industrials			1,332,770
Information Technology (17.0%)
Communications Equipment (5.5%)
ADC Telecommunications, Inc.*	978		17,066
Cisco Systems, Inc.*	11,510		200,850
Corning, Inc.*	2,300		46,207
Motorola, Inc.	9,895		219,273
Nokia OYJ (ADR)	1,300		21,866
QUALCOMM, Inc.	1,310		52,086
Research In Motion Ltd.*	1,935		118,983
Tellabs, Inc.*	1,000		9,560
			685,891
Computers & Peripherals (1.8%)
Dell, Inc.*	2,165		69,020
EMC Corp.*	1,800		25,128
Hewlett-Packard Co.	2,535		71,082
International Business Machines Corp.	750		61,410
			226,640
Electronic Equipment & Instruments (0.7%)
Arrow Electronics, Inc.*	300		8,853
Avnet, Inc.*	500		11,525
Celestica, Inc.*	1,100		10,516
Flextronics International Ltd.*	1,700		15,793
Sanmina-SCI Corp.*	3,200		11,680
Solectron Corp.*	4,400		15,532
Tech Data Corp.*	250		8,660
			82,559
Internet Software & Services (2.1%)
Google, Inc., Class A*	243		90,430
Yahoo!, Inc.*	4,595		169,877
			260,307
IT Services (0.7%)
BearingPoint, Inc.*	8,700		61,074

40

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Number of Shares		Value (Note 1)
Electronic Data Systems Corp.		1,350	$	31,468
				92,542
Semiconductors & Semiconductor Equipment (1.8%)
Agere Systems, Inc.*		1,110		11,544
Intel Corp.		3,200		75,200
Samsung Electronics Co., Ltd. (GDR)§		249		66,068
Texas Instruments, Inc.		2,685		76,657
				229,469
Software (4.4%)
Microsoft Corp.		16,165		415,440
Oracle Corp.*		5,800		73,544
SAP AG (ADR)		1,240		53,246
				542,230
Total Information Technology				2,119,638
Materials (2.1%)
Chemicals (1.1%)
Dow Chemical Co.		2,600		119,236
DuPont (E.I.) de Nemours & Co.		400		16,676
				135,912
Containers & Packaging (0.3%)
Owens-Illinois, Inc.*		1,050		19,992
Smurfit-Stone Container Corp.*		1,000		10,560
				30,552
Metals & Mining (0.7%)
Rio Tinto plc (ADR)		605		92,335
Total Materials				258,799
Telecommunication Services (5.1%)
Diversified Telecommunication Services (1.3%)
ALLTEL Corp.		1,700		105,162
SBC Communications, Inc.		300		7,155
Verizon Communications, Inc.		1,650		51,991
				164,308
Wireless Telecommunication Services (3.8%)
American Tower Corp., Class A*		1,400		33,390
China Mobile (Hong Kong) Ltd. (ADR)		2,780		62,411
Crown Castle International Corp.*		2,700		66,204
Leap Wireless International, Inc.*		2,300		75,923
NII Holdings, Inc.*		2,150		178,278
Sprint Nextel Corp.		2,200		51,282
				467,488
Total Telecommunication Services				631,796
Utilities (0.7%)
Electric Utilities (0.5%)
American Electric Power Co., Inc.		850	$	32,266
Entergy Corp.		500		35,360
				67,626
Multi-Utilities & Unregulated Power (0.2%)
Constellation Energy Group, Inc.		500		27,400
Total Utilities				95,026
Total Common Stocks (98.8%) (Cost $11,019,734)				12,324,256
	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (0.8%)
Federal Home Loan Bank
3.72%, 11/1/05	$	100,000		99,990
Time Deposit (0.7%)
JPMorgan Chase Nassau
3.40%, 11/1/05		81,246		81,246
Total Short-Term Investments (1.5%) (Amortized Cost $181,246)				181,236
Total Investments (100.3%) (Cost/Amortized Cost $11,200,980)				12,505,492
Other Assets Less Liabilities (-0.3%)				(32,766	)
Net Assets (100%)			$	12,472,726

* 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, 2005, the market value of these securities amounted to $66,068 or 0.53% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

41

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2005

Investment security transactions for the year ended October 31, 2005 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	5,877,145
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	7,123,397

As of October 31, 2005, 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	$	1,756,177
Aggregate gross unrealized depreciation		(540,656	)
Net unrealized appreciation	$	1,215,521
Federal income tax cost of investments	$	11,289,971

For the year ended October 31, 2005, the Fund incurred approximately $1,544 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Fund utilized $524,197 in capital loss carryforward during the fiscal year ended October 31, 2005.

See Notes to Financial Statements.

42

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER VALUE FUND

PORTFOLIO OF INVESTMENTS

October 31, 2005

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.3%)
Hotels, Restaurants & Leisure (3.0%)
Carnival Corp.	7,050	$	350,173
Hilton Hotels Corp.	5,050		98,223
McDonald’s Corp.	20,750		655,700
Royal Caribbean Cruises Ltd.	1,300		53,872
			1,157,968
Household Durables (0.3%)
Fortune Brands, Inc.	1,700		129,149
Industrial Conglomerates (0.0%)
ACCO Brands Corp.*	399		9,700
Leisure Equipment & Products (0.1%)
Hasbro, Inc.	2,610		49,172
Media (3.8%)
Comcast Corp., Special Class A*	5,500		150,755
News Corp., Class A	20,600		293,550
Reed Elsevier plc	9,942		90,815
Time Warner, Inc.	19,650		350,360
Tribune Co.	1,938		61,066
Viacom, Inc., Class B	14,428		446,835
Walt Disney Co.	2,375		57,879
			1,451,260
Multiline Retail (0.7%)
Sears Holdings Corp.*	2,175		261,544
Specialty Retail (2.4%)
Bed Bath & Beyond, Inc.*	900		36,468
Gap, Inc.	7,830		135,303
Home Depot, Inc.	10,300		422,712
Lowe’s Cos., Inc.	3,530		214,518
TJX Cos., Inc.	4,495		96,777
			905,778
Total Consumer Discretionary			3,964,571
Consumer Staples (9.6%)
Beverages (0.5%)
Coca-Cola Co.	710		30,374
Diageo plc	4,419		65,320
PepsiCo, Inc.	1,522		89,919
			185,613
Food & Staples Retailing (1.5%)
Wal-Mart Stores, Inc.	12,000		567,720
Food Products (2.3%)
Archer-Daniels-Midland Co.	4,037		98,382
Cadbury Schweppes plc (ADR)	9,050		359,194
H.J. Heinz Co.	2,759		97,944
Kellogg Co.	4,373		193,155
Nestle S.A. (Registered)	261		77,627
Sara Lee Corp.	3,510		62,654
			888,956
Household Products (1.0%)
Colgate-Palmolive Co.	450		23,832
Kimberly-Clark Corp.	2,876		163,472
Procter & Gamble Co.	3,200		179,168
			366,472
Personal Products (0.6%)
Avon Products, Inc.	8,540		230,495
Tobacco (3.7%)
Altria Group, Inc.	18,370	$	1,378,669
Loews Corp.- Carolina Group	1,400		57,610
			1,436,279
Total Consumer Staples			3,675,535
Energy (12.9%)
Energy Equipment & Services (3.2%)
Baker Hughes, Inc.	2,900		159,384
Halliburton Co.	11,800		697,380
Nabors Industries Ltd.*	3,750		257,362
Noble Corp.	1,233		79,381
Schlumberger Ltd.	550		49,924
			1,243,431
Oil & Gas (9.7%)
Amerada Hess Corp.	820		102,582
BP plc (ADR)	5,260		349,264
ConocoPhillips	16,802		1,098,515
Chevron Corp.	2,916		166,416
Devon Energy Corp.	1,645		99,325
Exxon Mobil Corp.	9,491		532,825
EOG Resources, Inc.	1,475		99,976
Marathon Oil Corp.	6,216		373,954
Noble Energy, Inc.	7,596		304,220
Occidental Petroleum Corp.	3,575		281,996
Total S.A. (ADR)	2,420		304,968
			3,714,041
Total Energy			4,957,472
Financials (23.6%)
Capital Markets (3.5%)
Ameriprise Financial, Inc.	452		16,823
Franklin Resources, Inc.	740		65,394
Goldman Sachs Group, Inc.	4,721		596,593
Lehman Brothers Holdings, Inc.	790		94,539
Mellon Financial Corp.	4,284		135,760
Merrill Lynch & Co., Inc.	4,705		304,602
Morgan Stanley	850		46,248
UBS AG (Registered)	1,280		108,559
			1,368,518
Commercial Banks (5.0%)
Bank of America Corp.	23,510		1,028,328
North Fork Bancorp, Inc.	4,800		121,632
PNC Financial Services Group, Inc.	4,370		265,303
SunTrust Banks, Inc.	4,057		294,051
Wachovia Corp.	900		45,468
Wells Fargo & Co.	2,445		147,189
			1,901,971
Consumer Finance (0.6%)
American Express Co.	2,262		112,580
MBNA Corp.	4,590		117,366
			229,946
Diversified Financial Services (5.1%)
Citigroup, Inc.	20,350		931,623
JPMorgan Chase & Co.	27,862		1,020,307
			1,951,930
Insurance (7.5%)
ACE Ltd.	5,250		273,525
Aflac, Inc.	808		38,606
Allstate Corp.	5,167		272,766
American International Group, Inc.	9,100		589,680
Aon Corp.	8,450		286,032
Axis Capital Holdings Ltd.	4,350		112,795
Chubb Corp.	839		78,002

43

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Number of Shares	Value (Note 1)
Hartford Financial Services Group, Inc.	2,033	$	162,132
Lincoln National Corp.	810		40,994
MetLife, Inc.	8,334		411,783
St. Paul Travelers Cos., Inc.	13,519		608,761
			2,875,076
Thrifts & Mortgage Finance (1.9%)
Fannie Mae	13,531		642,993
Freddie Mac	1,115		68,405
			711,398
Total Financials			9,038,839
Health Care (8.7%)
Health Care Equipment & Supplies (0.8%)
Baxter International, Inc.	658		25,155
Boston Scientific Corp.*	10,450		262,504
Zimmer Holdings, Inc.*	600		38,262
			325,921
Health Care Providers & Services (0.9%)
CIGNA Corp.	100		11,587
Health Management Associates, Inc., Class A	6,650		142,377
WellPoint, Inc.*	2,750		205,370
			359,334
Pharmaceuticals (7.0%)
Abbott Laboratories	16,076		692,072
Eli Lilly & Co.	2,946		146,681
Forest Laboratories, Inc.*	3,100		117,521
Johnson & Johnson	5,098		319,237
Merck & Co., Inc.	6,121		172,734
Novartis AG (ADR)	7,550		406,341
Pfizer, Inc.	4,397		95,591
Sanofi-Aventis (ADR)	13,873		556,585
Wyeth	3,615		161,084
			2,667,846
Total Health Care			3,353,101
Industrials (13.7%)
Aerospace & Defense (2.6%)
Lockheed Martin Corp.	4,474		270,945
Northrop Grumman Corp.	5,049		270,879
United Technologies Corp.	8,720		447,162
			988,986
Air Freight & Logistics (0.6%)
CNF, Inc.	610		34,325
United Parcel Service, Inc., Class B	2,750		200,585
			234,910
Building Products (0.9%)
American Standard Cos., Inc.	3,150		119,826
Masco Corp.	7,880		224,580
			344,406
Commercial Services & Supplies (2.1%)
Cendant Corp.	26,950		469,469
R.R. Donnelley & Sons Co.	9,704		339,834
			809,303
Electrical Equipment (1.1%)
Cooper Industries Ltd., Class A	4,475		317,233
Emerson Electric Co.	1,648		114,618
			431,851
Industrial Conglomerates (1.6%)
General Electric Co.	13,150		445,917
Textron, Inc.	1,750		126,070
Tyco International Ltd.	1,205		31,800
			603,787
Machinery (0.9%)
Deere & Co.	3,786	$	229,734
Illinois Tool Works, Inc.	1,375		116,545
Sandvik AB	285		13,707
			359,986
Road & Rail (3.7%)
Burlington Northern Santa Fe Corp.	2,359		146,400
CSX Corp.	12,750		584,077
Norfolk Southern Corp.	15,550		625,110
Union Pacific Corp.	600		41,508
			1,397,095
Trading Companies & Distributors (0.2%)
Finning International, Inc.	506		16,550
Grainger (W.W.), Inc.	1,080		72,338
			88,888
Total Industrials			5,259,212
Information Technology (7.7%)
Communications Equipment (0.4%)
Cisco Systems, Inc.*	3,630		63,343
Juniper Networks, Inc.*	1,600		37,328
QUALCOMM, Inc.	1,050		41,748
			142,419
Computers & Peripherals (2.5%)
EMC Corp.*	1,950		27,222
Hewlett-Packard Co.	9,950		278,998
International Business Machines Corp.	7,750		634,570
			940,790
IT Services (0.6%)
Accenture Ltd., Class A	7,980		209,954
Fiserv, Inc.*	800		34,944
			244,898
Semiconductors & Semiconductor Equipment (0.3%)
Analog Devices, Inc.	1,615		56,170
Texas Instruments, Inc.	2,200		62,810
			118,980
Software (3.9%)
Microsoft Corp.	43,100		1,107,670
Oracle Corp.*	20,560		260,701
Symantec Corp.*	6,120		145,962
			1,514,333
Total Information Technology			2,961,420
Materials (3.8%)
Chemicals (3.2%)
Air Liquide S.A.	140		25,438
Air Products & Chemicals, Inc.	8,202		469,482
Dow Chemical Co.	2,790		127,949
DuPont (E.I.) de Nemours & Co.	5,646		235,382
Nalco Holding Co.*	1,695		28,815
PPG Industries, Inc.	3,146		188,666
Praxair, Inc.	908		44,864
Syngenta AG*	1,078		115,390
			1,235,986
Containers & Packaging (0.1%)
Smurfit-Stone Container Corp.*	2,861		30,212
Metals & Mining (0.1%)
Alcoa, Inc.	1,550		37,649
Paper & Forest Products (0.4%)
Bowater, Inc.	382		10,123
International Paper Co.	4,438		129,501
			139,624
Total Materials			1,443,471

44

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER VALUE FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2005

	Number of Shares		Value (Note 1)
Telecommunication Services (4.6%)
Diversified Telecommunication Services (1.7%)
BellSouth Corp.		3,300	$	85,866
SBC Communications, Inc.		10,200		243,270
Verizon Communications, Inc.		10,411		328,050
				657,186
Wireless Telecommunication Services (2.9%)
Sprint Nextel Corp.		39,580		922,610
Vodafone Group plc		72,212		189,513
				1,112,123
Total Telecommunication Services				1,769,309
Utilities (3.4%)
Electric Utilities (2.4%)
Entergy Corp.		9,655		682,802
Exelon Corp.		919		47,815
FPL Group, Inc.		540		23,252
PPL Corp.		3,212		100,664
TXU Corp.		725		73,044
				927,577
Multi-Utilities (1.0%)
Dominion Resources, Inc.		4,020	$	305,842
Public Service Enterprise Group, Inc.		1,005		63,204
				369,046
Total Utilities				1,296,623
Total Common Stocks (98.3%) (Cost $36,331,996)				37,719,553
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (2.1%)
JPMorgan Chase Nassau 3.40%, 11/1/05
(Amortized Cost $796,556)	$	796,556		796,556
Total Investments (100.4%) (Cost/Amortized Cost $37,128,552)				38,516,109
Other Assets Less Liabilities (-0.4%)				(164,532	)
Net Assets (100%)			$	38,351,577

* Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended October 31, 2005 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	41,703,959
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	17,961,919

As of October 31, 2005, 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	$	2,331,031
Aggregate gross unrealized depreciation		(1,104,378	)
Net unrealized appreciation	$	1,226,653
Federal income tax cost of investments	$	37,289,456

For the year ended October 31, 2005, the Fund incurred approximately $814 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

See Notes to Financial Statements.

45

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AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

October 31, 2005

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.4%)
Auto Components (1.3%)
BorgWarner, Inc.	2,175	$	126,128
Gentex Corp.	800		15,056
LKQ Corp.*	1,000		30,300
			171,484
Automobiles (0.2%)
Winnebago Industries, Inc.	900		26,388
Hotels, Restaurants & Leisure (4.8%)
BJ’s Restaurants, Inc.*	1,100		23,870
Four Seasons Hotels, Inc.	500		26,815
Gaylord Entertainment Co.*	1,700		67,116
La Quinta Corp.*	3,900		32,565
Marriott International, Inc., Class A	1,650		98,373
Orient Express Hotels Ltd.	3,000		84,600
P.F. Chang’s China Bistro, Inc.*	2,125		97,198
Panera Bread Co., Class A*	500		29,595
Royal Caribbean Cruises Ltd.	1,900		78,736
Station Casinos, Inc.	1,300		83,330
			622,198
Household Durables (0.1%)
Hovnanian Enterprises, Inc., Class A*	200		8,998
Internet & Catalog Retail (0.2%)
Coldwater Creek, Inc.*	900		24,291
Leisure Equipment & Products (1.2%)
MarineMax, Inc.*	2,200		54,340
Nautilus, Inc.	700		12,691
Scientific Games Corp., Class A*	2,925		87,633
			154,664
Media (2.5%)
E.W. Scripps Co., Class A	1,175		53,815
Entravision Communications Corp.*	2,400		19,680
Getty Images, Inc.*	1,975		163,945
Liberty Global, Inc., Class A*	1,530		37,898
Liberty Global, Inc., Class C*	1,530		36,291
XM Satellite Radio Holdings, Inc., Class A*	300		8,649
			320,278
Multiline Retail (0.2%)
Dollar General Corp.	600		11,664
Tuesday Morning Corp.	900		21,591
			33,255
Specialty Retail (2.2%)
Chico’s FAS, Inc.*	100		3,954
Cost Plus, Inc.*	1,500		23,040
Dick’s Sporting Goods, Inc.*	370		11,074
GameStop Corp., Class A*	2,000		70,960
Hibbett Sporting Goods, Inc.*	1,400		36,722
HOT Topic, Inc.*	1,500		22,335
Regis Corp.	600		23,016
Tractor Supply Co.*	600		29,100
Urban Outfitters, Inc.*	1,900		53,827
Weight Watchers International, Inc.*	100		5,257
			279,285
Textiles, Apparel & Luxury Goods (0.7%)
Polo Ralph Lauren Corp.	1,750		86,100
Total Consumer Discretionary			1,726,941
Consumer Staples (0.1%)
Food Products (0.1%)
Bunge Ltd.	100		5,194
Dean Foods Co.*	100		3,615
Total Consumer Staples			8,809
Energy (10.3%)
Energy Equipment & Services (6.1%)
Cal Dive International, Inc.*	1,500	$	92,310
Cooper Cameron Corp.*	800		58,984
ENSCO International, Inc.	1,250		56,987
FMC Technologies, Inc.*	1,100		40,106
Global Industries Ltd.*	4,300		54,653
Grant Prideco, Inc.*	2,700		105,003
Nabors Industries Ltd.*	1,000		68,630
National Oilwell Varco, Inc.*	1,725		107,761
Oil States International, Inc.*	600		19,860
Patterson-UTI Energy, Inc.	1,500		51,195
Rowan Cos., Inc.	500		16,495
Superior Energy Services, Inc.*	2,500		50,950
Transocean, Inc.*	950		54,616
			777,550
Metals & Mining (0.1%)
Alpha Natural Resources, Inc.*	700		16,625
Oil & Gas (4.1%)
Bill Barrett Corp.*	2,200		70,026
Bronco Drilling Co., Inc.*	600		14,544
Chesapeake Energy Corp.	200		6,420
Denbury Resources, Inc.*	800		34,904
Dresser-Rand Group*	1,800		39,060
Newfield Exploration Co.*	1,700		77,061
Noble Energy, Inc.	1,000		40,050
Peabody Energy Corp.	1,150		89,884
Southwestern Energy Co.*	1,075		77,980
Spinnaker Exploration Co.*	1,300		80,054
			529,983
Total Energy			1,324,158
Financials (9.8%)
Capital Markets (2.1%)
Affiliated Managers Group, Inc.*	700		53,725
Ameritrade Holding Corp.*	100		2,103
BlackRock, Inc., Class A	800		75,840
E*Trade Financial Corp.*	200		3,710
Federated Investors, Inc., Class B	200		7,002
Legg Mason, Inc.	900		96,579
National Financial Partners Corp.	800		36,184
			275,143
Commercial Banks (1.5%)
Cullen/Frost Bankers, Inc.	300		15,846
East-West Bancorp, Inc.	700		26,803
First State Bancorp/New Mexico	1,300		29,003
Greater Bay Bancorp	800		20,072
Hancock Holding Co.	600		21,402
Signature Bank*	500		14,500
UCBH Holdings, Inc.	1,750		30,450
Westamerica Bancorp	300		15,993
Western Alliance Bancorp*	700		19,495
			193,564
Commercial Services & Supplies (0.7%)
Global Cash Access, Inc.*	6,400		89,728
Diversified Financial Services (1.9%)
Advance America Cash Advance Centers, Inc.	1,300		15,795
CapitalSource, Inc.*	2,100		46,200
Financial Federal Corp.	800		30,544
GFI Group, Inc.*	500		22,480
Heartland Payment Systems, Inc.*	300		7,266
Lazard Ltd. Class A	2,100		54,285
optionsXpress Holdings, Inc.	2,100		39,606
Primus Guaranty Ltd.*	2,700		23,760
			239,936

46

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Number of Shares	Value (Note 1)
Insurance (0.9%)
Aspen Insurance Holdings Ltd.	900	$	21,771
Brown & Brown, Inc.	200		10,866
EMC Insurance Group, Inc.	400		7,400
HCC Insurance Holdings, Inc.	1,800		54,000
IPC Holdings Ltd.	200		5,266
Max Reinsurance Capital Ltd.	800		19,128
			118,431
Investment Companies (0.2%)
Ares Capital Corp.	1,767		27,070
Real Estate (2.3%)
CB Richard Ellis Group, Inc., Class A*	4,075		199,064
Innkeepers USA Trust (REIT)	1,800		28,080
Jones Lang LaSalle, Inc.	800		40,224
Meristar Hospitality Corp. (REIT)*	2,800		24,276
			291,644
Thrifts & Mortgage Finance (0.2%)
Doral Financial Corp.	2,200		18,832
Franklin Bank Corp./Texas*	700		12,075
			30,907
Total Financials			1,266,423
Health Care (19.1%)
Biotechnology (5.6%)
Abgenix, Inc.*	1,300		13,520
Affymetrix, Inc.*	2,050		93,132
Charles River Laboratories International, Inc.*	1,125		49,230
Coley Pharmaceutical Group, Inc.*	2,000		29,620
Cubist Pharmaceuticals, Inc.*	200		4,042
CV Therapeutics, Inc.*	500		12,530
Digene Corp.*	1,100		33,220
Gen-Probe, Inc.*	1,400		57,176
Momenta Pharmaceuticals, Inc.*	500		10,765
Nabi Biopharmaceuticals*	600		7,710
Neurocrine Biosciences, Inc.*	200		10,564
OraSure Technologies, Inc.*	3,500		38,535
Panacos Pharmaceuticals Inc.*	1,500		11,850
Pharmion Corp.*	900		17,001
Protein Design Labs, Inc.*	6,450		180,729
Rigel Pharmaceuticals, Inc.*	700		15,715
Senomyx, Inc.*	1,600		22,800
Serologicals Corp.*	1,100		21,428
Telik, Inc.*	3,400		50,796
Trimeris, Inc.*	2,000		25,480
Zymogenetics, Inc.*	700		12,264
			718,107
Health Care Equipment & Supplies (6.8%)
Advanced Neuromodulation Systems, Inc.*	600		36,594
American Medical Systems Holdings, Inc.*	2,400		39,240
ArthroCare Corp.*	1,100		40,403
Bard (C.R.), Inc.	1,350		84,213
Biomet, Inc.	100		3,483
Chemed Corp.	900		43,272
Cooper Cos., Inc.	825		56,793
Cytyc Corp.*	3,175		80,486
Dade Behring Holdings, Inc.	1,700		61,217
Greatbatch, Inc.*	1,700		44,302
Kinetic Concepts, Inc.*	100		3,590
Kyphon, Inc.*	1,031		41,333
Meridian Bioscience, Inc.	1,200		25,128
Merit Medical Systems, Inc.*	1,667		19,871
Molecular Devices Corp.*	800		17,920
Nektar Therapeutics*	800		12,048
Resmed, Inc.*	2,150	$	81,979
Respironics, Inc.*	1,700		60,979
Stereotaxis, Inc.*	100		710
Steris Corp.	1,200		27,372
Symmetry Medical, Inc.*	700		15,498
Thermo Electron Corp.*	100		3,019
Varian, Inc.*	1,000		36,770
Ventana Medical Systems, Inc.*	1,200		45,996
Waters Corp.*	100		3,620
			885,836
Health Care Providers & Services (5.9%)
Caremark Rx, Inc.*	950		49,780
Community Health Systems, Inc.*	200		7,422
Coventry Health Care, Inc.*	450		24,295
Express Scripts, Inc.*	100		7,541
LifePoint Hospitals, Inc.*	100		3,910
PacifiCare Health Systems, Inc.*	575		47,357
Parexel International Corp.*	1,300		28,444
Pharmaceutical Product Development, Inc.	700		40,229
Psychiatric Solutions, Inc.*	2,200		120,340
RehabCare Group, Inc.*	1,000		21,290
SFBC International, Inc.*	1,400		59,696
Sierra Health Services, Inc.*	600		45,000
Symbion, Inc.*	800		18,104
United Surgical Partners International, Inc.*	2,600		93,210
VCA Antech, Inc.*	4,700		121,260
WebMD Health Corp., Class A*	200		5,224
WellCare Health Plans, Inc.*	2,192		69,048
			762,150
Pharmaceuticals (0.8%)
Angiotech Pharmaceuticals, Inc.*	2,400		32,160
Impax Laboratories, Inc.*	2,100		22,187
Medicines Co.*	1,200		20,568
Prestige Brands Holdings, Inc.*	1,000		12,050
Taro Pharmaceuticals Industries Ltd.*	600		13,200
Watson Pharmaceuticals, Inc.*	100		3,456
			103,621
Total Health Care			2,469,714
Industrials (13.5%)
Aerospace & Defense (1.8%)
Empresa Brasileira de Aeronautica S.A. (ADR)	300		11,637
Essex Corp.*	1,700		30,549
Hexcel Corp.*	4,500		71,190
Orbital Sciences Corp.*	2,000		23,260
Precision Castparts Corp.	1,700		80,512
Rockwell Collins, Inc.	200		9,164
			226,312
Air Freight & Logistics (0.9%)
Expeditors International of Washington, Inc.	1,000		60,670
Forward Air Corp.	1,700		60,265
			120,935
Airlines (0.8%)
Republic Airways Holdings, Inc.*	2,000		31,200
Southwest Airlines Co.	4,125		66,041
			97,241
Commercial Services & Supplies (5.9%)
Administaff, Inc.	1,200		50,784
CDI Corp.	1,300		35,841
Corporate Executive Board Co.	900		74,376
Education Management Corp.*	1,750		53,970
Jackson Hewitt Tax Service, Inc.	800		19,776
Laureate Education, Inc.*	1,500		74,100
LECG Corp.*	1,200		26,508

47

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Number of Shares	Value (Note 1)
Lincoln Educational Services Corp.*	1,100	$	14,762
Monster Worldwide, Inc.*	3,375		110,734
NCO Group, Inc.*	600		10,782
Resources Connection, Inc.*	3,400		97,070
Robert Half International, Inc.	300		11,064
Stericycle, Inc.*	1,710		98,428
Strayer Education, Inc.	800		71,608
Waste Connections, Inc.*	450		15,016
			764,819
Electrical Equipment (0.7%)
Ametek, Inc.	400		16,292
Rockwell Automation, Inc.	1,450		77,068
			93,360
Machinery (2.1%)
Clarcor, Inc.	400		11,000
Flowserve Corp.*	1,500		52,500
Idex Corp.	1,350		54,027
Joy Global, Inc.	1,400		64,218
Manitowoc Co., Inc.	600		31,926
Oshkosh Truck Corp.	600		26,136
Terex Corp.*	100		5,497
Wabash National Corp.	1,500		27,615
			272,919
Road & Rail (0.8%)
Hunt (J.B.) Transport Services, Inc.	300		5,823
Knight Transportation, Inc.	1,650		44,896
Landstar System, Inc.	1,000		38,520
Werner Enterprises, Inc.	725		12,992
			102,231
Trading Companies & Distributors (0.5%)
MSC Industrial Direct Co.	1,500		57,270
Total Industrials			1,735,087
Information Technology (28.0%)
Commercial Services & Supplies (0.4%)
American Reprographics Co.*	3,100		52,235
Communications Equipment (2.0%)
Adtran, Inc.	1,200		36,300
Arris Group, Inc.*	2,600		21,502
Avocent Corp.*	1,200		36,792
Comverse Technology, Inc.*	2,875		72,163
Scientific-Atlanta, Inc.	1,425		50,502
ViaSat, Inc.*	1,700		42,143
			259,402
Computers & Peripherals (0.6%)
Electronics for Imaging, Inc.*	600		15,066
Network Appliance, Inc.*	2,300		62,928
			77,994
Electronic Equipment & Instruments (2.5%)
Amphenol Corp., Class A	950		37,971
Coherent, Inc.*	900		26,649
Dolby Laboratories, Inc. Class A*	2,050		33,005
Electro Scientific Industries, Inc.*	1,700		37,349
Flir Systems, Inc.*	1,300		27,248
Jabil Circuit, Inc.*	1,475		44,029
Mettler-Toledo International, Inc.*	300		15,480
National Instruments Corp.	1,500		35,850
Tektronix, Inc.	1,300		29,874
Trimble Navigation Ltd.*	1,200		34,644
			322,099
Internet Software & Services (1.4%)
aQuantive, Inc.*	3,100		67,115
CNET Networks, Inc.*	300		4,077
Entrust, Inc.*	5,200		23,140
Marchex, Inc., Class B*	2,500		42,125
ValueClick, Inc.*	1,700		29,750
VeriSign, Inc.*	400	$	9,452
			175,659
IT Services (5.4%)
Alliance Data Systems Corp.*	3,690		131,216
BearingPoint, Inc.*	3,800		26,676
Cognizant Technology Solutions Corp., Class A*	3,275		144,035
Global Payments, Inc.	2,600		111,410
Hewitt Associates, Inc., Class A*	100		2,669
Iron Mountain, Inc.*	2,500		97,500
MAXIMUS, Inc.	500		18,125
Paychex, Inc.	2,625		101,745
RightNow Technologies, Inc.*	900		13,698
Sapient Corp.*	6,600		34,254
TNS, Inc.*	1,100		19,338
			700,666
Semiconductors & Semiconductor Equipment (7.3%)
Actel Corp.*	2,100		29,295
Altera Corp.*	200		3,330
Broadcom Corp., Class A*	1,900		80,674
Cabot Microelectronics Corp.*	500		14,700
Exar Corp.*	3,663		46,117
Formfactor, Inc.*	1,500		36,930
Integrated Device Technology, Inc.*	1,060		10,473
Intersil Corp., Class A	4,200		95,592
Lam Research Corp.*	1,300		43,862
Marvell Technology Group Ltd.*	950		44,090
MEMC Electronic Materials, Inc.*	3,000		53,820
Microchip Technology, Inc.	200		6,034
Microsemi Corp.*	4,400		101,948
Microtune, Inc.*	3,600		13,896
NVIDIA Corp.*	3,150		105,682
Photronics, Inc.*	800		14,400
Power Integrations, Inc.*	1,700		35,887
Semtech Corp.*	2,500		37,700
Silicon Laboratories, Inc.*	1,800		57,906
SiRF Technology Holdings, Inc.*	1,700		43,843
Varian Semiconductor Equipment Associates, Inc.*	1,400		52,948
Zilog, Inc.*	1,600		4,400
			933,527
Software (8.4%)
Activision, Inc.*	11,155		175,909
Adobe Systems, Inc.	1,800		58,050
Amdocs Ltd.*	2,325		61,543
Business Objects S.A. (ADR)*	2,600		89,102
Catapult Communications Corp.*	900		16,461
Cognos, Inc.*	1,650		61,924
Fair Isaac Corp.	100		4,176
Filenet Corp.*	1,900		53,485
Hyperion Solutions Corp.*	600		29,016
Jack Henry & Associates, Inc.	1,200		21,576
JAMDAT Mobile, Inc.*	1,200		22,104
Macromedia, Inc.*	2,425		106,506
Mercury Interactive Corp.*	100		3,479
Micromuse, Inc.*	2,500		17,925
Micros Systems, Inc.*	700		32,144
NAVTEQ Corp.*	2,025		79,218
NetIQ Corp.*	1,700		20,383
Quest Software, Inc.*	7,400		102,934
THQ, Inc.*	1,350		31,293
VeriFone Holdings, Inc.*	2,400		55,680
Wind River Systems, Inc.*	3,100		40,610
			1,083,518
Total Information Technology			3,605,100

48

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2005

	Number of Shares		Value (Note 1)
Materials (2.6%)
Chemicals (1.5%)
Cabot Corp.		900	$	30,699
Chemtura Corp.		2,500		26,750
FMC Corp.*		800		43,552
Headwaters, Inc.*		1,000		31,840
Lyondell Chemical Co.		200		5,360
Minerals Technologies, Inc.		700		37,422
Westlake Chemical Corp.		800		23,280
				198,903
Construction Materials (0.5%)
Martin Marietta Materials, Inc.		775		61,155
Metals & Mining (0.6%)
Allegheny Technologies, Inc.		2,560		73,498
Total Materials				333,556
Telecommunication Services (2.0%)
Wireless Telecommunication Services (2.0%)
Nextel Partners, Inc., Class A*		4,200		105,630
NII Holdings, Inc.*		1,850		153,402
Total Telecommunication Services				259,032
Total Common Stocks (98.8%) (Cost $10,815,215)				12,728,820
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.0%)
JPMorgan Chase Nassau 3.40%, 11/01/05
(Amortized Cost $131,361)	$	131,361	$	131,361
Total Investments (99.8%) (Cost/Amortized Cost $10,946,576)				12,860,181
Other Assets Less Liabilities (0.2%)				31,198
Net Assets (100%)			$	12,891,379

* Non-income producing.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

Investment security transactions for the year ended October 31, 2005 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	10,170,807
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	11,243,266
As of October 31, 2005, 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	$	2,349,008
Aggregate gross unrealized depreciation		(500,758	)
Net unrealized appreciation	$	1,848,250
Federal income tax cost of investments	$	11,011,931

For the year ended October 31, 2005, the Fund incurred approximately $223 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

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

See Notes to Financial Statements.

49

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PORTFOLIO OF INVESTMENTS

October 31, 2005

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.5%)
Auto Components (1.7%)
Aftermarket Technology Corp.*	10	$	184
American Axle & Manufacturing Holdings, Inc.	2,200		47,960
Autoliv, Inc.	740		31,791
BorgWarner, Inc.	1,090		63,209
Commercial Vehicle Group, Inc.*	12		234
Compagnie Generale des Etablissements Michelin, Class B	1,860		100,341
Modine Manufacturing Co.	40		1,322
TRW Automotive Holdings Corp.*	1,770		47,879
			292,920
Distributors (0.0%)
Beacon Roofing Supply, Inc.*	90		2,453
BlueLinx Holdings, Inc.	200		2,428
			4,881
Hotels, Restaurants & Leisure (1.2%)
CBRL Group, Inc.	2,894		100,422
Denny’s Corp.*	2,010		8,040
Famous Dave’s of America, Inc.*	400		4,788
J Alexander’s Corp.*	200		1,660
Lone Star Steakhouse & Saloon, Inc.	300		7,743
Nathan’s Famous, Inc.*	200		1,780
Rubio’s Restaurants, Inc.*	140		1,309
Ruby Tuesday, Inc.	2,700		59,157
Sands Regent*	200		1,902
Station Casinos, Inc.	200		12,820
			199,621
Household Durables (2.7%)
American Biltrite, Inc.*	10		120
American Greetings Corp., Class A	1,800		45,450
Basset Furniture Industries, Inc.	400		7,488
Beazer Homes USA, Inc.	1,000		57,950
Blount International, Inc.*	300		4,758
Cobra Electronics Corp.*	300		2,598
CSS Industries, Inc.	180		6,143
Department 56, Inc.*	300		3,270
Ethan Allen Interiors, Inc.	90		3,044
Jarden Corp.*	120		4,055
La-Z-Boy, Inc.	730		8,643
Leggett & Platt, Inc.	4,900		98,196
MDC Holdings, Inc.	780		53,508
Newell Rubbermaid, Inc.	2,400		55,176
Ryland Group, Inc.	400		26,920
Technical Olympic USA, Inc.	400		8,456
WCI Communities, Inc.*	300		7,506
Whirlpool Corp.	900		70,650
			463,931
Internet & Catalog Retail (0.1%)
1-800-Flowers.com, Inc., Class A*	600		4,074
GSI Commerce, Inc.*	700		11,186
Systemax, Inc.*	100		715
			15,975
Leisure Equipment & Products (0.1%)
Aldila, Inc.	200		4,902
JAKKS Pacific, Inc.*	800		14,704
			19,606
Media (3.1%)
Cinram International, Inc.	6,300		127,864
Dex Media, Inc.	4,000		107,880
Dow Jones & Co., Inc.	1,750		59,342
Entercom Communications Corp.*	1,050	$	30,314
Liberty Global, Inc. Class A*	336		8,323
Liberty Global, Inc., Class C*	836		19,830
R.H. Donnelley Corp.*	500		30,865
Reader’s Digest Association, Inc.	300		4,596
Scholastic Corp.*	905		29,458
Univision Communications, Inc., Class A*	2,500		65,350
Westwood One, Inc.	2,700		49,950
			533,772
Multiline Retail (1.5%)
Big Lots, Inc.*	930		10,760
Bon-Ton Stores, Inc.	100		2,005
Family Dollar Stores, Inc.	4,400		97,416
Federated Department Stores, Inc.	2,183		133,971
Gottschalks, Inc.*	300		2,613
Retail Ventures, Inc.*	560		5,818
			252,583
Specialty Retail (3.2%)
AnnTaylor Stores Corp.*	1,100		26,697
Autonation, Inc.*	200		3,976
Burlington Coat Factory Warehouse Corp.	320		12,339
Cato Corp., Class A	230		4,595
Charming Shoppes, Inc.*	2,920		32,704
Foot Locker, Inc.	4,900		95,256
GameStop Corp., Class A*	100		3,548
Group 1 Automotive, Inc.*	10		276
Gymboree Corp.*	287		5,080
Lithia Motors, Inc.	100		2,724
Movie Gallery, Inc.	500		3,480
Office Depot, Inc.*	3,400		93,602
OfficeMax, Inc.	4,225		118,385
Pomeroy IT Solutions, Inc.*	400		4,580
Sports Authority, Inc.*	40		1,114
Steiner Leisure Ltd.*	200		6,818
Tiffany & Co.	2,400		94,560
Trans World Entertainment Corp.*	590		3,764
Urban Outfitters, Inc.*	240		6,799
Zale Corp.*	630		17,659
			537,956
Textiles, Apparel & Luxury Goods (1.9%)
Bakers Footwear Group, Inc.*	122		1,848
Brown Shoe Co., Inc.	70		2,273
Culp, Inc.*	80		413
Fossil, Inc.*	1,800		28,188
Hallwood Group, Inc.	200		11,500
Jones Apparel Group, Inc.	2,710		73,929
Lazare Kaplan International, Inc.*	20		186
Liz Claiborne, Inc.	1,080		38,016
Phillips-Van Heusen Corp.	1,000		28,450
Polo Ralph Lauren Corp.	1,100		54,120
Tommy Hilfiger Corp.*	2,200		35,420
V.F. Corp.	900		47,025
			321,368
Total Consumer Discretionary			2,642,613
Consumer Staples (3.9%)
Beverages (0.8%)
Molson Coors Brewing Co.	1,480		91,316
PepsiAmericas, Inc.	1,900		44,308
			135,624
Food & Staples Retailing (0.5%)
Longs Drug Stores Corp.	700		29,197
Ruddick Corp.	1,100		24,211
Village Super Market, Inc., Class A	100		5,612

50

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AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Number of Shares	Value (Note 1)
Weis Markets, Inc.	500	$	19,075
			78,095
Food Products (1.9%)
Andersons, Inc.	240		8,364
Bunge Ltd.	1,200		62,328
Chiquita Brands International, Inc.	630		17,394
Flowers Foods, Inc.	2,025		59,333
Ralcorp Holdings, Inc.	1,560		60,684
Smithfield Foods, Inc.*	2,200		65,076
Tyson Foods, Inc., Class A	2,500		44,500
Zapata Corp.*	800		5,840
			323,519
Household Products (0.1%)
Central Garden & Pet Co.*	500		21,435
Oil-Dri Corp. of America	200		3,548
			24,983
Personal Products (0.6%)
Estee Lauder Cos., Inc., Class A	2,750		91,217
Nature’s Sunshine Products, Inc.	100		1,935
Parlux Fragrances, Inc.*	19		440
Weider Nutrition International, Inc.*	300		1,467
			95,059
Total Consumer Staples			657,280
Energy (4.9%)
Energy Equipment & Services (2.3%)
Cooper Cameron Corp.*	1,200		88,476
Dawson Geophysical Co.*	200		5,406
ENSCO International, Inc.	1,400		63,826
Grant Prideco, Inc.*	200		7,778
Lone Star Technologies, Inc.*	660		30,195
Lufkin Industries, Inc.	600		27,900
NATCO Group, Inc.*	300		6,804
NS Group, Inc.*	500		17,305
Oil States International, Inc.*	500		16,550
Pride International, Inc.*	2,450		68,771
SBM Offshore N.V.	235		18,155
Veritas DGC, Inc.*	300		9,663
Weatherford International Ltd.*	450		28,170
			388,999
Oil & Gas (2.6%)
Adams Resources & Energy, Inc.	200		3,878
Arch Coal, Inc.	1,300		100,191
ATP Oil & Gas Corp.*	400		12,692
Callon Petroleum Co.*	400		7,320
Energy Partners Ltd.*	700		17,759
Forest Oil Corp.*	730		31,887
Frontier Oil Corp.	600		22,128
Massey Energy Co.	600		24,042
Murphy Oil Corp.*	600		28,110
Newfield Exploration Co.*	1,200		54,396
Noble Energy, Inc.	1,300		52,065
Pogo Producing Co.	320		16,160
Range Resources Corp.	1,100		39,259
St. Mary Land & Exploration Co.	100		3,401
Swift Energy Co.*	400		17,464
Tesoro Corp.	200		12,230
			442,982
Total Energy			831,981
Financials (21.1%)
Capital Markets (1.4%)
A.G. Edwards, Inc.	1,590		67,289
Affiliated Managers Group, Inc.*	1,600		122,800
American Capital Strategies Ltd.	700		26,292
Raymond James Financial, Inc.	200		6,806
SWS Group, Inc.	330	$	5,844
			229,031
Commercial Banks (3.5%)
Amcore Financial, Inc.	400		11,884
Bank of Hawaii Corp.	1,300		66,794
Beverly Hills Bancorp, Inc.	30		306
Britton & Koontz Capital Corp.	200		4,040
Brunswick Bancorp*	20		233
City National Corp.	100		7,338
Codorus Valley Bancorp, Inc.	96		1,777
Commerce Bancorp, Inc./New Jersey	2,540		77,394
Community Bank Shares of Indiana, Inc.	10		237
Community West Bancshares	200		2,520
Cowlitz Bancorp*	200		2,700
Desert Community Bank/California	20		636
Farmers Capital Bank Corp.	200		6,382
First Citizens BancShares, Inc./North Carolina, Class A	100		16,700
First Indiana Corp.	400		13,984
FNB Corp./North Carolina	200		3,620
HF Financial Corp.	220		4,026
Integra Bank Corp.	30		606
Intervest Bancshares Corp.*	200		4,292
Leesport Financial Corp.	200		4,786
National Mercantile Bancorp*	200		3,200
NBC Capital Corp.	130		3,206
North Fork Bancorp, Inc.	4,800		121,632
Peoples Bancorp, Inc.	300		8,622
Peoples Banctrust Co., Inc.	110		1,807
Renasant Corp.	220		6,908
Republic First Bancorp, Inc.*	336		3,965
TD Banknorth, Inc.	1,500		43,185
Team Financial, Inc.	200		2,928
UMB Financial Corp.	127		8,506
UnionBanCal Corp.	1,200		82,176
UnionBancorp, Inc.	200		4,180
United Bancorp Inc/Martins Ferry, Ohio	50		598
United Bancshares, Inc.	100		1,480
United Security Bancshares/Alabama	50		1,362
Zions Bancorp	1,000		73,470
			597,480
Consumer Finance (0.3%)
Advanta Corp., Class A	700		18,676
CompuCredit Corp.*	393		17,221
Consumer Portfolio Services*	600		3,774
EZCORP, Inc., Class A*	300		4,407
			44,078
Diversified Financial Services (0.8%)
California First National Bancorp	100		1,325
CIT Group, Inc.	2,800		128,044
Collegiate Funding Services LLC*	130		1,906
			131,275
Insurance (8.3%)
Ambac Financial Group, Inc.	1,700		120,513
American National Insurance Co.	300		35,379
AmerUs Group Co.	1,200		70,944
Aspen Insurance Holdings Ltd.	1,500		36,285
Assurant, Inc.	3,740		142,868
CNA Financial Corp.*	50		1,540
Commerce Group, Inc.	700		39,774
Endurance Specialty Holdings Ltd.	300		9,948
Everest Reinsurance Group Ltd.	700		69,615
FBL Financial Group, Inc., Class A	400		12,472
First American Corp.	342		14,987
Gallagher (Arthur J.) & Co.	3,050		89,731

51

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AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Number of Shares	Value (Note 1)
Great American Financial Resources, Inc.	510	$	10,414
Harleysville Group, Inc.	400		9,720
HCC Insurance Holdings, Inc.	350		10,500
Horace Mann Educators Corp.	1,200		23,292
Independence Holding Co.	340		6,093
KMG American Corp.*	500		4,300
Max Reinsurance Capital Ltd.	1,081		25,847
Midland Co.	300		11,331
National Western Life Insurance Co., Class A*	140		28,351
NYMAGIC, Inc.	200		4,900
Odyssey Reinsurance Holdings Corp.	150		3,852
Old Republic International Corp.	5,920		153,387
Platinum Underwriters Holdings Ltd.	1,700		48,433
Presidential Life Corp.	600		11,352
Reinsurance Group of America, Inc.	2,400		109,800
Renaissance Reinsurance Holdings Ltd.	1,400		52,990
Scottish Annuity & Life Holdings Ltd.	900		22,095
Selective Insurance Group, Inc.	700		38,437
Stancorp Financial Group, Inc.	600		55,260
Stewart Information Services Corp.	10		509
Unico American Corp.*	200		1,722
United America Indemnity Ltd.*	400		7,692
UnumProvident Corp.	3,100		62,899
Willis Group Holdings Ltd.	1,600		59,424
			1,406,656
Investment Companies (0.5%)
Apollo Investment Corp.	4,800		89,664
MCG Capital Corp.	420		6,938
			96,602
Real Estate (3.4%)
Ashford Hospitality Trust, Inc. (REIT)	1,000		10,500
Avatar Holdings, Inc.*	50		2,832
Boykin Lodging Co., Inc. (REIT)*	420		4,633
CarrAmerica Realty Corp. (REIT)	810		26,673
CB Richard Ellis Group, Inc., Class A*	1,300		63,505
CBL & Associates Properties, Inc. (REIT)	700		26,145
Correctional Properties Trust (REIT)	330		9,273
Crescent Real Estate EQT Co. (REIT)	1,900		37,905
Eagle Hospitality Properties Trust, Inc. (REIT)	100		951
ECC Capital Corp. (REIT)	100		263
Entertainment Properties Trust (REIT)	100		4,010
FelCor Lodging Trust, Inc. (REIT)*	10		149
Gladstone Commercial Corp. (REIT)	50		833
Government Properties Trust, Inc. (REIT)	200		1,816
Highland Hospitality Corp. (REIT)	1,400		14,714
HRPT Properties Trust (REIT)	5,100		55,641
ILX Resorts, Inc.	200		1,798
Investors Real Estate Trust (REIT)	728		6,792
KKR Financial Corp. (REIT)	2,400		53,568
LTC Properties, Inc. (REIT)	600		12,294
Mission West Properties, Inc. (REIT)	600		6,132
Monmouth (REIT)	20		164
National Health Investors, Inc. (REIT)	1,300		34,905
National Health Realty, Inc. (REIT)	200		3,822
New Plan Excel Realty Trust (REIT)	490		11,265
PS Business Parks, Inc., Class A (REIT)	500		23,270
Sizeler Properties Investors, Inc. (REIT)	20		232
SL Green Realty Corp. (REIT)	1,000		68,030
Strategic Hotel Capital, Inc. (REIT)	640		10,874
Sunstone Hotel Investors, Inc. (REIT)	800		17,920
Trizec Properties, Inc. (REIT)	2,800		62,300
Urstadt Biddle Properties, Inc. (REIT)	400	$	7,008
Windrose Medical Properties Trust (REIT)	50		758
			580,975
Thrifts & Mortgage Finance (2.9%)
Accredited Home Lenders Holding Co.*	490		17,708
Capital Crossing Bank*	100		3,399
CFS Bancorp, Inc.	10		139
CORUS Bankshares, Inc.	493		27,066
First Defiance Financial Corp.	300		8,400
First Financial Holdings, Inc.	300		8,703
First Niagara Financial Group, Inc.	2,327		34,277
First Place Financial Corp./Ohio	400		8,992
FirstFed Financial Corp.*	410		21,931
IndyMac Bancorp, Inc.	1,100		41,063
New Hampshire Thrift Bancshares, Inc.	200		2,572
Northeast Bancorp	200		4,480
Park Bancorp, Inc.	200		6,000
Peoples Bank/Bridgeport, Connecticut	2,065		66,493
PFF Bancorp, Inc.	500		15,020
Provident Financial Holdings, Inc.	167		4,417
Radian Group, Inc.	3,100		161,510
TF Financial Corp.	200		5,510
United Community Financial Corp./Ohio	117		1,357
Washington Savings Bank FSB/Bowie, Maryland	40		356
Webster Financial Corp.	1,300		60,021
			499,414
Total Financials			3,585,511
Health Care (8.6%)
Biotechnology (0.6%)
Charles River Laboratories International, Inc.*	1,740		76,143
Invitrogen Corp.*	300		19,077
Kendle International, Inc.*	400		9,632
			104,852
Health Care Equipment & Supplies (3.8%)
Allied Healthcare Products*	200		1,010
Bausch & Lomb, Inc.	1,200		89,028
Beckman Coulter, Inc.	1,450		71,427
Bio-Rad Laboratories, Inc., Class A*	500		29,260
Conmed Corp.*	100		2,398
Datascope Corp.	290		9,213
Edwards Lifesciences Corp.*	2,650		109,657
HealthTronics, Inc.*	220		2,000
Hillenbrand Industries, Inc.	1,600		73,712
Invacare Corp.	280		9,461
Span-America Medical Systems, Inc.	200		1,852
Thermo Electron Corp.*	3,850		116,232
Varian, Inc.*	3,600		132,372
Viasys Healthcare, Inc.*	60		1,433
			649,055
Health Care Providers & Services (1.2%)
Alderwoods Group, Inc.*	1,100		17,314
Allied Healthcare International, Inc.*	90		548
American Retirement Corp.*	600		11,466
Carriage Services, Inc.*	500		3,020
Cerner Corp.*	200		16,890
Coventry Health Care, Inc.*	1,050		56,689
Emdeon Corp.*	550		5,060
Health Net, Inc.*	400		18,736
Horizon Health Corp.*	400		7,936
Kindred Healthcare, Inc.*	800		22,400
Manor Care, Inc.	100		3,725
Matria Healthcare, Inc.*	221		7,410

52

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Number of Shares	Value (Note 1)
NWH, Inc.	100	$	1,428
Pediatrix Medical Group, Inc.*	160		12,330
RehabCare Group, Inc.*	300		6,387
Service Corp. International	500		4,185
Stewart Enterprises, Inc.	990		5,049
Trizetto Group*	30		425
			200,998
Pharmaceuticals (3.0%)
Barr Pharmaceuticals, Inc.*	2,300		132,135
Endo Pharmaceuticals Holdings, Inc.*	4,800		129,216
Impax Laboratories, Inc.*	4,800		50,712
Par Pharmaceutical Cos., Inc.*	2,250		58,230
Theravance, Inc.*	2,400		52,008
Valeant Pharmaceuticals International	4,950		84,942
			507,243
Total Health Care			1,462,148
Industrials (14.3%)
Aerospace & Defense (1.9%)
Alliant Techsystems, Inc.*	1,700		119,374
Aviall, Inc.*	1,000		31,550
BE Aerospace, Inc.*	480		8,703
Esterline Technologies Corp.*	700		26,355
Goodrich Corp.	3,000		108,210
Hexcel Corp.*	500		7,910
Ladish Co., Inc.*	10		200
Sequa Corp., Class A*	300		18,510
Triumph Group, Inc.*	130		4,529
			325,341
Airlines (0.3%)
Alaska Air Group, Inc.*	800		25,224
Continental Airlines, Inc., Class B*	1,400		18,130
			43,354
Building Products (1.2%)
Griffon Corp.*	740		16,280
Insteel Industries, Inc.	300		4,776
International Aluminum Corp.	200		8,120
Lennox International, Inc.	1,400		39,046
Universal Forest Products, Inc.	600		33,204
Water Pik Technologies Inc.*	100		1,975
York International Corp.	1,690		94,826
			198,227
Commercial Services & Supplies (1.7%)
ACCO Brands Corp.*	200		4,862
Amrep Corp.*	200		5,244
AT Cross Co., Class A*	400		1,800
Banta Corp.	120		6,041
CBIZ, Inc.*	2,100		12,075
CDI Corp.	320		8,822
Clean Harbors, Inc.*	400		13,560
Cornell Cos., Inc.*	10		138
CPI Corp.	60		1,080
Ecology And Environment, Inc.	200		1,570
Electro Rent Corp.*	40		514
IKON Office Solutions, Inc.	100		998
Kelly Services, Inc., Class A	500		13,840
Layne Christensen Co.*	400		8,420
Mac-Gray Corp.*	400		4,804
Manpower, Inc.	20		905
Monster Worldwide, Inc.*	400		13,124
Nashua Corp.*	200		1,512
NCO Group, Inc.*	800		14,376
Nobel Learning Communities, Inc.*	300		2,835
R.R. Donnelley & Sons Co. (New York Exchange)	2,500		87,550
RCM Technologies, Inc.*	300		1,932
Steelcase, Inc., Class A	300	$	4,296
United Stationers, Inc.*	1,500		68,055
Vertrue, Inc.*	200		7,530
Waste Industries USA, Inc.	400		5,496
West Corp.*	87		3,432
			294,811
Construction & Engineering (1.2%)
EMCOR Group, Inc.*	1,705		104,005
Granite Construction, Inc.	600		20,466
McDermott International, Inc.*	400		14,532
Michael Baker Corp.*	300		7,815
Shaw Group, Inc.*	1,380		36,984
URS Corp.*	500		20,215
			204,017
Electrical Equipment (0.8%)
Acuity Brands, Inc.	2,000		55,620
Channell Commercial Corp.*	300		1,812
Espey Manufacturing & Electronics Corp.	200		7,080
Genlyte Group, Inc.*	1,000		50,970
Regal Beloit Corp.	500		15,915
SL Industries, Inc.*	200		2,798
Thomas & Betts Corp.*	130		5,060
			139,255
Industrial Conglomerates (0.6%)
Carlisle Cos., Inc.	650		43,349
Standex International Corp.	500		13,510
United Capital Corp.*	400		9,316
Walter Industries, Inc.	800		36,536
			102,711
Machinery (4.6%)
Ampco-Pittsburgh Corp.	10		143
Astec Industries, Inc.*	500		14,180
Cummins, Inc.	600		51,222
Dover Corp.	3,165		123,372
EnPro Industries, Inc.*	600		16,740
Hardinge, Inc.	300		5,010
Harsco Corp.	100		6,425
JLG Industries, Inc.	200		7,672
Joy Global, Inc.	207		9,495
Kennametal, Inc.	1,000		51,110
Lydall, Inc.*	100		896
Oshkosh Truck Corp.	400		17,424
Pall Corp.	400		10,464
Parker-Hannifin Corp.	1,300		81,484
Pentair, Inc.	3,450		112,090
Robbins & Myers, Inc.	200		4,318
SPX Corp.	1,850		79,587
Starret (L.S.) Co., Class A	200		3,618
Supreme Industries, Inc., Class A	30		270
Terex Corp.*	700		38,479
Timken Co.	1,700		48,212
Trinity Industries, Inc.	2,300		87,515
Twin Disc, Inc.	200		7,400
			777,126
Road & Rail (0.8%)
CNF, Inc.	900		50,643
Swift Transportation Co., Inc.*	471		8,596
Werner Enterprises, Inc.	216		3,870
Yellow Roadway Corp.*	1,800		81,810
			144,919
Trading Companies & Distributors (1.1%)
Grainger (W.W.), Inc.	1,700		113,866
Hughes Supply, Inc.	2,200		73,590
Huttig Building Products, Inc.*	100		850
Industrial Distribution Group, Inc.*	300		2,022

53

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PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Number of Shares	Value (Note 1)
Interline Brands, Inc.*	280	$	5,468
			195,796
Transportation Infrastructure (0.1%)
Macquarie Infrastructure Co. Trust	390		11,700
Total Industrials			2,437,257
Information Technology (19.1%)
Communications Equipment (1.1%)
Andrew Corp.*	8,450		89,739
Applied Innovation, Inc.*	400		1,380
Arris Group, Inc.*	4,405		36,430
Black Box Corp	477		19,137
Communications Systems, Inc.	10		109
Preformed Line Products Co.	200		8,778
SafeNet, Inc.*	650		21,561
Symmetricom, Inc.*	357		2,845
			179,979
Computers & Peripherals (2.9%)
Avid Technology, Inc.*	2,900		142,767
Dataram Corp.	30		198
Diebold, Inc.	3,490		126,129
Imation Corp.	500		21,405
Lexmark International, Inc., Class A*	1,715		71,207
M-Systems Flash Disk Pioneers Ltd.*	300		9,507
Printronix, Inc.	300		4,281
QLogic Corp.*	900		27,144
Seagate Technology*	4,500		65,205
UNOVA, Inc.*	900		27,900
			495,743
Electronic Equipment & Instruments (4.4%)
Anixter International, Inc.*	1,600		59,328
Arrow Electronics, Inc.*	6,870		202,734
Avnet, Inc.*	1,600		36,880
Bonso Electronic International, Inc.	200		901
Celestica, Inc.*	7,335		70,123
CTS Corp.	390		4,594
Flextronics International Ltd.*	2,900		26,941
Frequency Electronics, Inc.	20		218
Gerber Scientific, Inc.*	350		2,768
Nu Horizons Electronics Corp.*	400		3,564
O.I. Corp.*	200		2,202
Perceptron, Inc.*	300		1,950
Sypris Solutions, Inc.	130		1,333
Tektronix, Inc.	6,235		143,280
Vishay Intertechnology, Inc.*	16,730		189,718
Woodhead Industries, Inc.	300		3,777
			750,311
Internet Software & Services (0.2%)
CNET Networks, Inc.*	2		27
Digital Insight Corp.*	50		1,491
EarthLink, Inc.*	120		1,321
Internet Security Systems, Inc.*	800		19,704
SonicWALL, Inc.*	1,362		9,480
WebSideStory, Inc.*	30		522
			32,545
IT Services (0.9%)
BearingPoint, Inc.*	6,200		43,524
CheckFree Corp.*	120		5,100
Computer Task Group, Inc.*	385		1,405
EdgewaterTechnology, Inc.*	300		1,506
Inforte Corp.*	30		119
Intrado, Inc.*	120		2,321
Lightbridge, Inc.*	100		810
MPS Group, Inc.*	2,100		26,145
SYKES Enterprises, Inc.*	629		9,083
Unisys Corp.*	11,450		58,509
			148,522
Semiconductors & Semiconductor Equipment (8.8%)
Advanced Power Technology, Inc.*	10	$	95
ATMI, Inc.*	100		2,731
Cirrus Logic, Inc.*	1,900		12,464
Cypress Semiconductor Corp.*	9,150		124,440
DSP Group, Inc.*	400		9,832
Fairchild Semiconductor International, Inc., Class A*	7,900		121,660
Freescale Semiconductor, Inc., Class B*	4,850		115,818
Intersil Corp., Class A	6,550		149,078
IXYS Corp.*	40		410
Lam Research Corp.*	5,700		192,318
LSI Logic Corp.*.	10,850		87,993
MEMC Electronic Materials, Inc.*	2,070		37,136
Micron Technology, Inc.*	4,200		54,558
Microsemi Corp.*	840		19,463
National Semiconductor Corp.	6,400		144,832
Netlogic Microsystems, Inc.*	80		1,565
Novellus Systems, Inc.*	5,750		125,695
ON Semiconductor Corp.*	1,772		8,222
Photronics, Inc.*	990		17,820
Semitool, Inc.*	60		546
Teradyne, Inc.*	13,350		180,759
Varian Semiconductor Equipment Associates, Inc.*	2,300		86,986
			1,494,421
Software (0.8%)
American Software, Inc., Class A	200		1,094
BMC Software, Inc.*	3,100		60,729
ePlus, Inc.*	300		4,089
Pervasive Software, Inc.*	190		798
Phoenix Technologies Ltd.*	700		4,158
Radiant Systems, Inc.*	600		6,816
SPSS, Inc.*	400		9,120
Sybase, Inc.*	2,500		55,625
			142,429
Total Information Technology			3,243,950
Materials (6.2%)
Chemicals (3.1%)
Albemarle Corp.	1,200		42,108
American Pacific Corp.*	300		1,687
Cytec Industries, Inc.	3,010		124,313
Eastman Chemical Co.	900		47,484
Engelhard Corp.	1,800		48,960
FMC Corp.*	100		5,444
Hercules, Inc.*	1,240		13,813
Huntsman Corp.*	3,800		75,544
International Flavors & Fragrances, Inc.	2,450		80,825
LESCO, Inc.*	124		2,034
RPM International, Inc.	3,100		57,722
Schulman (A.), Inc.	1,000		20,410
Terra Industries, Inc.*	2,390		14,603
Westlake Chemical Corp.	100		2,910
			537,857
Construction Materials (0.5%)
Eagle Materials, Inc.	400		42,596
Lafarge North America, Inc.	500		30,255
Rinker Group Ltd.	538		6,054
U.S. Concrete, Inc.*	280		1,708
United States Lime & Minerals, Inc.*	200		4,780
			85,393
Containers & Packaging (1.2%)
Greif, Inc., Class A	100		6,100
Mod-Pac Corp.*	10		105
Myers Industries, Inc.	300		3,426
Packaging Dynamics Corp.	100		1,018
Pactiv Corp.*	5,300		104,410

54

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AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Number of Shares		Value (Note 1)
Smurfit-Stone Container Corp.*		4,500	$	47,520
Temple-Inland, Inc.		1,100		40,513
				203,092
Metals & Mining (1.2%)
A.M. Castle & Co.*		10		199
Allegheny Technologies, Inc.		1,700		48,807
Consol Energy, Inc.		60		3,654
GrafTech International Ltd.*		7,337		35,951
Grupo Imsa S.A. de C.V.		7,300		17,921
Inco Ltd.		1,500		60,330
Quanex Corp.		200		11,582
Ryerson Tull, Inc.		400		8,076
Schnitzer Steel Industries, Inc.		518		16,524
				203,044
Paper & Forest Products (0.2%)
Sappi Ltd. (ADR)		3,000		29,340
Total Materials				1,058,726
Telecommunication Services (0.7%)
Diversified Telecommunication Services (0.2%)
Citizens Communications Co.		1,500		18,360
CT Communications, Inc.		291		3,294
D&E Communications, Inc.		336		2,712
Valor Communications Group, Inc.		10		127
				24,493
Wireless Telecommunication Services (0.5%)
EMS Technologies, Inc.*		335		5,484
Syniverse Holdings, Inc.*		380		6,878
Telephone & Data Systems, Inc.		1,310		49,544
Telephone & Data Systems, Inc., (Special Shares)		170		6,145
U.S. Cellular Corp.*		400		20,400
				88,451
Total Telecommunication Services				112,944
Utilities (4.4%)
Electric Utilities (2.7%)
Alliant Energy Corp.		600		15,870
CH Energy Group, Inc.		500		23,275
Cleco Corp.		180		3,816
Duquesne Light Holdings, Inc.		2,400		40,056
Pepco Holdings, Inc.		1,420		30,516
Pinnacle West Capital Corp.		750		31,320
PPL Corp.		4,000		125,360
UIL Holdings Corp.		340		16,830
Unitil Corp.		100		2,605
Westar Energy, Inc.		2,500		55,250
Wisconsin Energy Corp.		2,900		109,707
				454,605
Gas Utilities (0.9%)
Chesapeake Utilities Corp.		70		2,293
Laclede Group, Inc.		20		598
Nicor, Inc.		600		23,520
Oneok, Inc.		2,700		77,598
South Jersey Industries, Inc.		1,000		27,950
UGI Corp.		1,000		23,600
				155,559
Multi-Utilities & Unregulated Power (0.6%)
Avista Corp.		1,400		24,528
MDU Resources Group, Inc.		900		29,673
Vectren Corp.		1,860		50,499
				104,700
Water Utilities (0.2%)
Pico Holdings, Inc.*		300		10,074
SJW Corp.		300		14,676
Southwest Water Co.		310	$	4,256
				29,006
Total Utilities				743,870
Total Common Stocks (98.7%) (Cost $14,856,255)				16,776,280
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.2%)
JPMorgan Chase Nassau 3.40%, 11/1/05
(Amortized Cost $204,271)	$	204,271		204,271
Total Investments (99.9%) (Cost/Amortized Cost $15,060,526)				16,980,551
Other Assets Less Liabilities (0.1%)				19,180
Net Assets (100%)			$	16,999,731

* Non-income producing.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

55

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AXA ENTERPRISE MULTIMANAGER MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2005

Investment security transactions for the year ended October 31, 2005 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	11,914,412
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	12,481,237
As of October 31, 2005, 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	$	2,571,623
Aggregate gross unrealized depreciation		(729,337	)
Net unrealized appreciation	$	1,842,286
Federal income tax cost of investments	$	15,138,265

For the year ended October 31, 2005, the Fund incurred approximately $52 as brokerage commissions with Advest, Inc., and $103 with Bernstein (Sanford C.) & Co., affiliated broker/dealers.

The fund utilized $422,754 in capital loss carryforward during the fiscal year ended October 31, 2005.

See Notes to Financial Statements.

56

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AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS

October 31, 2005

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (1.6%)
BHP Billiton Ltd.	10,132	$	157,080
BlueScope Steel Ltd.	16,800		106,316
CSL Ltd.	7,268		203,636
Macquarie Airports	35,200		78,899
Macquarie Infrastructure Group	34,200		87,645
Promina Group Ltd.	3,200		11,572
			645,148
Austria (0.9%)
Erste Bank der Oesterreichischen
Sparkassen AG	4,050		210,529
OMV AG	3,000		161,696
			372,225
Bahamas (0.4%)
Kerzner International Ltd.*	2,880		168,048
Belgium (1.5%)
Delhaize Group	3,500		202,899
Dexia	6,873		148,343
Fortis	6,683		190,108
KBC Groep N.V.	700		57,013
			598,363
Brazil (1.2%)
Cia Vale do Rio Doce (ADR)	5,300		219,049
Natura Cosmeticos S.A.	1,861		73,638
Petroleo Brasileiro S.A. (ADR)	3,303		211,062
			503,749
Canada (3.5%)
Bank of Nova Scotia	2,000		72,892
Canadian National Railway Co.	5,703		413,354
Canadian Natural Resources Ltd.	5,000		204,697
EnCana Corp.	2,200		100,716
Manulife Financial Corp.	1,400		72,958
Shoppers Drug Mart Corp.	9,128		304,047
Talisman Energy, Inc.	3,677		163,066
Teck Cominco Ltd. Class B	2,800		118,120
			1,449,850
Finland (0.5%)
Nokia OYJ	11,310		188,026
France (10.3%)
Adecco S.A.	3,164		134,784
Assurances Generales de France	2,300		218,871
BNP Paribas S.A	2,753		208,561
Cie De Saint-Gobain.	3,555		194,591
Credit Agricole S.A.	5,972		174,890
Dassault Systemes S.A.	2,282		117,749
Imerys S.A.	1,556		107,535
JC Decaux S.A.*	6,809		139,132
Lafarge S.A.	1,461		120,044
Renault S.A.	3,300		285,573
Sanofi-Aventis S.A.	5,864		469,177
Societe Generale	1,800		205,354
Thomson	4,200		79,131
Total S.A.	3,562		893,381
Veolia Environment	8,765		364,605
Vinci S.A.	6,108		476,994
			4,190,372
Germany (5.8%)
BASF AG	1,291		93,010
Bayerische Motoren Werke (BMW) AG	3,797	$	164,632
Continental AG	8,503		649,260
Deutsche Post AG	5,362		119,455
E.On AG	2,000		181,076
Fresenius AG	987		138,610
Hypo Real Estate Holding AG	5,840		282,173
MAN AG	3,100		143,583
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)	1,800		211,067
SAP AG	750		128,189
Schering AG	1,772		109,241
Siemens AG	2,260		167,962
			2,388,258
Hong Kong (1.2%)
CNOOC Ltd. (ADR)	2,104		138,233
Esprit Holdings Ltd.	12,500		88,118
Hang Lung Properties Ltd.	56,814		81,348
Shangri-La Asia Ltd.	142,040		198,796
			506,495
India (0.6%)
ICICI Bank Ltd. (ADR)	5,152		121,845
Reliance Industries Ltd. (GDR)§	3,912		132,273
			254,118
Ireland (0.9%)
Anglo Irish Bank Corp. plc	9,755		132,030
Bank of Ireland	6,560		99,237
Depfa Bank plc	8,610		134,167
			365,434
Italy (2.4%)
ENI S.p.A.	25,326		678,273
Mediaset S.p.A.	7,300		80,091
Recordati S.p.A.	9,100		66,487
Telecom Italia S.p.A. (RNC)	93		225
UniCredito Italiano S.p.A	24,600		137,231
			962,307
Japan (23.5%)
Aiful Corp.	500		37,241
Astellas Pharma, Inc.	4,300		153,301
Canon, Inc.	9,100		474,524
Chugai Pharmaceutical Co., Ltd.	9,700		211,658
Circle K Sunkus Co., Ltd.	3,000		68,554
Credit Saison Co., Ltd.	9,000		405,914
Daikin Industries Ltd.	4,500		116,748
East Japan Railway Co.	25		148,189
Fanuc Ltd.	3,056		238,904
Hirose Electric Co., Ltd.	600		68,193
Hitachi Ltd.	13,000		79,404
Honda Motor Co., Ltd.	8,300		452,060
Hoya Corp.	1,200		41,854
Hoya Corp.*	3,600		124,634
Itochu Corp.	21,000		142,880
Japan Tobacco, Inc.	14		221,296
JFE Holdings, Inc.	7,400		228,220
Kao Corp.	4,000		95,357
Keyence Corp.	500		114,428
Kobe Steel Ltd.	58,000		169,907
Kyocera Corp.	1,500		96,516
Leopalace21 Corp.	9,569		246,613
Matsushita Electric Industrial Co., Ltd.	5,000		90,847
Mitsubishi Corp.	9,600		185,559
Mitsubishi UFJ Financial Group, Inc.	48		603,892
Mitsui Chemicals, Inc.	17,000		101,499
Mitsui O.S.K. Lines Ltd.	8,000		56,080

57

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

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PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Number of Shares	Value (Note 1)
Murata Manufacturing Co., Ltd.	3,900	$	193,316
Nidec Corp.	700		40,832
Nidec Corp.*	400		22,164
Nikko Cordial Corp.	9,000		108,243
Nintendo Co., Ltd.	600		66,801
Nippon Electric Glass Co., Ltd.	15,000		285,426
Nippon Mining Holdings, Inc.	14,500		106,254
Nippon Telegraph & Telephone Corp.	15		70,358
Nissan Motor Co., Ltd.	13,300		138,021
Nitto Denko Corp.	2,300		138,508
Oji Paper Co., Ltd.	2,000		10,120
ORIX Corp.	1,600		297,857
Promise Co., Ltd.	400		25,085
Rengo Co. Ltd.	6,000		32,370
Sanyo Shinpan Finance Co., Ltd.	1,400		101,267
Secom Co., Ltd.	2,000		99,137
Sega Sammy Holdings, Inc. (When Issued)*	800		28,796
Sega Sammy Holdings, Inc.	800		28,590
Sharp Corp.	2,000		27,318
Shin-Etsu Chemical Co., Ltd.	2,500		118,981
SMC Corp.	800		105,906
Sony Corp.	500		16,150
Sumitomo Corp.	17,000		188,394
Sumitomo Heavy Industries Ltd.	20,000		139,169
Sumitomo Metal Industries Ltd.	43,000		147,760
Sumitomo Mitsui Financial Group, Inc.	66		606,675
Sumitomo Realty & Development Co., Ltd.	18,000		289,163
Takeda Pharmaceutical Co., Ltd.	1,300		71,028
Takefuji Corp.	1,020		71,064
Tokyo Electric Power Co., Inc.	5,800		143,748
Tokyo Gas Co., Ltd.	29,000		113,603
Toyota Motor Corp.	11,900		542,837
Yamada Denki Co., Ltd.	2,800		244,629
			9,593,842
Luxembourg (0.9%)
Arcelor	11,580		274,763
SES Global S.A.	5,600		88,471
			363,234
Mexico (3.0%)
America Movil S.A. de C.V. (ADR)	14,516		381,045
Cemex S.A. de C.V. (ADR)	8,725		454,311
Fomento Economico Mexicano S.A.de C.V. (ADR)	1,400		95,186
Grupo Televisa S.A. (ADR)	3,953		288,964
			1,219,506
Netherlands (4.1%)
ABN AMRO Holding N.V.	13,826		326,731
European Aeronautic Defence & Space Co.	4,740		164,075
ING Groep N.V. (CVA)	18,131		522,279
Koninklijke (Royal) Philips Electronics N.V.	9,149		238,889
Reed Elsevier N.V.	9,423		126,859
Royal Dutch Shell plc, Class A	1,600		49,309
Royal Dutch Shell plc, Class B	3,994		130,307
Wolters Kluwer N.V., Class C (CVA)	5,373		99,557
			1,658,006
Singapore (1.0%)
CapitaLand Ltd.	101,000		189,425
Flextronics International Ltd.*	3,300		30,657
Singapore Telecommunications Ltd.	141,928		195,036
			415,118
South Korea (1.4%)
Hyundai Motor Co.	1,880	$	138,443
Samsung Electronics Co., Ltd.	575		305,134
SK Telecom Co., Ltd.	699		125,997
SK Telecom Co., Ltd. (ADR)	800		16,168
			585,742
Spain (2.4%)
Altadis S.A.	5,833		247,321
Banco Popular Espanol S.A.	13,660		165,739
Endesa S.A.	8,700		216,224
Repsol YPF S.A.	7,700		229,091
Union Fenosa S.A.	3,500		115,703
			974,078
Sweden (1.6%)
Nordea Bank AB	2,200		21,548
Svenska Cellulosa AB, Class B	1,600		53,945
Telefonaktiebolaget LM Ericsson (ADR)*	13,602		446,282
Telefonaktiebolaget LM Ericsson, Class B	46,000		150,182
			671,957
Switzerland (8.0%)
Credit Suisse Group	5,000		220,548
Holcim Ltd. (Registered)	2,470		153,430
Lonza AG	5,785		332,914
Micronas Semiconductor Holding AG (Registered)*	1,700		57,474
Nestle S.A. (Registered)	862		256,377
Novartis AG (Registered)	5,024		269,859
Roche Holding AG	6,085		907,731
UBS AG (Registered)	8,368		709,702
Xstrata plc	7,360		168,465
Zurich Financial Services AG*	1,090		185,649
			3,262,149
United Kingdom (21.5%)
ARM Holdings plc	107,672		207,284
Aviva plc	17,208		203,185
BAE Systems plc	22,600		132,225
Barclays plc	48,482		480,621
BG Group plc	28,070		246,467
BP plc	27,100		299,356
British American Tobacco plc	7,400		162,831
British Energy Group plc*	17,715		139,238
British Land Co. plc	6,199		97,667
Carphone Warehouse Group plc	44,273		153,614
Centrica plc	28,860		121,976
Corus Group plc	77,300		65,341
Diageo plc	14,719		217,570
EMI Group plc	32,657		123,716
Enterprise Inns plc	32,046		442,206
Friends Provident plc	43,460		135,598
GlaxoSmithKline plc	23,322		606,488
HBOS plc	14,750		217,898
HSBC Holdings plc	25,600		400,560
Intercontinental Hotels Group plc	22,989		287,316
International Power plc*	29,800		122,388
Kingfisher plc	30,661		115,069
Lloyds TSB Group plc	16,800		137,400
Mitchells & Butlers plc	17,200		110,451
Morrison (Wm) Supermarkets plc	51,483		149,010
National Grid Group plc	10,313		94,295
Persimmon plc	3,300		50,356
Punch Taverns plc	8,120		105,077
Reckitt Benckiser plc	14,475		437,408

58

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2005

	Number of Shares		Value (Note 1)
Royal & Sun Alliance Insurance Group plc		53,200	$	90,646
Royal Bank of Scotland Group plc		16,676		461,704
SABMiller plc		5,500		103,790
Sainsbury (J) plc		29,512		145,760
Schroders plc		4,934		75,029
Smith & Nephew plc		15,271		129,220
Standard Chartered plc		7,145		150,010
Stolt Offshore S.A.*		15,160		158,586
Tate & Lyle plc		5,000		41,025
Tesco plc		46,242		246,194
Trinity Mirror plc		6,600		69,518
Vodafone Group plc		233,030		611,563
Whitbread plc		3,085		51,335
Wimpey (George) plc		4,700		34,029
Wolseley plc		11,001		223,762
WPP Group plc		12,679		124,570
				8,779,352
United States (0.3%)
Wynn Resorts Ltd.*		2,587		120,761
Total Common Stocks (98.5%) (Cost $36,543,732)				40,236,138
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.7%)
JPMorgan Chase Nassau 3.40%, 11/1/05
(Amortized Cost $303,451)	$	303,451		303,451
Total Investments (99.2%) (Cost/Amortized Cost $36,847,183)				40,539,589
Other Assets Less Liabilities (0.8%)				327,494
Net Assets (100.0%)			$	40,867,083

* 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, 2005, the market value of these securities amounted to $132,273 or 0.32% 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, 2005 the Fund had the following futures contracts open:

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 10/31/05		Unrealized Appreciation
Dow Jones Euro Stock 50 Index	1	December-05	$	38,759	$	39,705	$	946
Investment security transactions for the year ended October 31, 2005 were as follows:
Cost of Purchases:
Stocks and long-term corporate debt securities							$	41,164,261
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities							$	16,941,878
As of October 31, 2005, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation							$	4,299,401
Aggregate gross unrealized depreciation								(784,841	)
Net unrealized appreciation							$	3,514,560
Federal income tax cost of investments							$	37,025,029

See Notes to Financial Statements.

59

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

PORTFOLIO OF INVESTMENTS

October 31, 2005

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (5.6%)
Hotels, Restaurants & Leisure (0.3%)
Ctrip.com International Ltd.*(ADR)	3,900	$	224,367
Internet & Catalog Retail (2.8%)
Amazon.com, Inc.*	30		1,197
eBay, Inc.*	31,325		1,240,470
Emdeon Corp.*	18,400		169,280
IAC/InterActiveCorp.*	9,227		236,211
Shanda Interactive Entertainment Ltd. (ADR)*	11,900		294,763
			1,941,921
Media (2.0%)
DreamWorks Animation SKG, Inc., Class A*	60		1,538
Pixar*	20,860		1,058,228
Usen Corp.	1,550		35,353
XM Satellite Radio Holdings, Inc., Class A*	9,180		264,659
			1,359,778
Specialty Retail (0.5%)
Best Buy Co., Inc.	7,200		318,672
Total Consumer Discretionary			3,844,738
Energy (1.7%)
Energy Equipment & Services (1.4%)
Baker Hughes, Inc.	2,010		110,470
Cooper Cameron Corp.*	1,610		118,705
ENSCO International, Inc.	2,080		94,827
GlobalSantaFe Corp.	1,540		68,607
Grant Prideco, Inc.*	3,200		124,448
Halliburton Co.	1,490		88,059
Nabors Industries Ltd.*	940		64,512
National Oilwell Varco, Inc.*	550		34,359
Patterson-UTI Energy, Inc.	1,730		59,045
Schlumberger Ltd.	1,550		140,693
Smith International, Inc.	740		23,976
Weatherford International Ltd.*	620		38,812
			966,513
Oil & Gas (0.3%)
Diamond Offshore Drilling, Inc.	1,210		68,317
Valero Energy Corp.	1,200		126,288
			194,605
Total Energy			1,161,118
Health Care (1.0%)
Biotechnology (0.1%)
Affymetrix, Inc.*	900		40,887
Health Care Providers & Services (0.9%)
Cerner Corp.*	4,700		396,915
WellPoint, Inc.*	3,100		231,508
			628,423
Total Health Care			669,310
Industrials (2.2%)
Aerospace & Defense (0.0%)
United Technologies Corp.	30		1,538
Commercial Services & Supplies (1.9%)
Manpower, Inc.	3,850		174,328
Monster Worldwide, Inc.*	35,200		1,154,912
			1,329,240
Electrical Equipment (0.3%)
Evergreen Solar, Inc.*	22,400		184,800
Total Industrials			1,515,578
Information Technology (87.5%)
Communications Equipment (13.5%)
ADC Telecommunications, Inc.*	4,500	$	78,525
Arris Group, Inc.*	13,800		114,126
Cisco Systems, Inc.*	92,550		1,614,997
Comverse Technology, Inc.*	60		1,506
Corning, Inc.*	136,535		2,742,988
Juniper Networks, Inc.*	70		1,633
Motorola, Inc.	31,200		691,392
Nokia OYJ (ADR)	103,990		1,749,112
QUALCOMM, Inc.	45,445		1,806,893
Research In Motion Ltd.*	6,150		378,164
Scientific-Atlanta, Inc.	3,200		113,408
			9,292,744
Computers & Peripherals (11.6%)
Apple Computer, Inc.*	19,700		1,134,523
Dell, Inc.*	24,900		793,812
EMC Corp.*	118,025		1,647,629
Hewlett-Packard Co.	23,600		661,744
International Business Machines Corp.	11,300		925,244
NCR Corp.*	4,900		148,078
Network Appliance, Inc.*	16,700		456,912
SanDisk Corp.*	36,720		2,162,441
Telvent GIT S.A.*	4,600		46,690
			7,977,073
Electronic Equipment & Instruments (3.7%)
Agilent Technologies, Inc.*	21,830		698,778
Flextronics International Ltd.*	69,655		647,095
Hon Hai Precision Industry Co., Ltd.	104,206		450,349
Jabil Circuit, Inc.*	15,400		459,690
Samsung SDI Co., Ltd.	2,800		275,908
			2,531,820
Internet Software & Services (11.2%)
Google, Inc., Class A*	7,230		2,690,572
McAfee, Inc.*	2,400		72,072
Netease.com (ADR)*	5,700		434,739
SINA Corp.*	3,000		76,050
Tencent Holdings Ltd.	180,000		186,911
VeriSign, Inc.*	55,915		1,321,272
Yahoo!, Inc.*	78,170		2,889,945
			7,671,561
IT Services (3.6%)
Accenture Ltd., Class A	12,500		328,875
Automatic Data Processing, Inc.	5,450		254,297
BISYS Group, Inc.*	6,700		84,956
CheckFree Corp.*	2,070		87,975
Cognizant Technology Solutions Corp., Class A*	30		1,319
DST Systems, Inc.*	9,830		551,660
First Data Corp.	18,500		748,325
Greenfield Online, Inc.*	3,900		19,578
Infosys Technologies Ltd. (ADR)	1,300		88,400
Iron Mountain, Inc.*	7,300		284,700
			2,450,085
Semiconductors & Semiconductor Equipment (22.3%)
Advanced Micro Devices, Inc.*	5,100		118,422
Altera Corp.*	62,565		1,041,707
Applied Materials, Inc.	95,810		1,569,368
ASML Holding N.V. (N.Y. Shares)*	36,345		617,138
Broadcom Corp., Class A*	40		1,698
Chartered Semiconductor Manufacturing Ltd.*	416,000		257,616

60

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Number of Shares			Value (Note 1)
Cypress Semiconductor Corp.*		14,400		$	195,840
Fairchild Semiconductor International, Inc., Class A*		31,500			485,100
Freescale Semiconductor, Inc., Class A*		1,970			46,669
Freescale Semiconductor, Inc., Class B*		1,680			40,118
Intel Corp .		113,075			2,657,262
Lam Research Corp.*		23,250			784,455
Marvell Technology Group Ltd.*		30,900			1,434,069
Maxim Integrated Products, Inc.		10,500			364,140
National Semiconductor Corp.		24,400			552,172
ON Semiconductor Corp.*		46,800			217,152
Samsung Electronics Co., Ltd.§		10			5,307
Samsung Electronics Co., Ltd.		1,263			670,232
Samsung Electronics Co., Ltd. (GDR)§		3,635			964,488
STMicroelectronics N.V. (N.Y. Shares)		12,800			210,816
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		119,146			962,700
Teradyne, Inc.*		17,170			232,482
Texas Instruments, Inc.		36,545			1,043,360
Varian Semiconductor Equipment Associates, Inc.*		5,600			211,792
Xilinx, Inc.		28,070			672,277
					15,356,380
Software (21.6%)
Activision, Inc.*		7,200			113,544
Adobe Systems, Inc.		27,785			896,066
Amdocs Ltd.*		32,695			865,437
Autodesk, Inc.		15,800			713,054
Citrix Systems, Inc.*		4,600			126,822
Cognos, Inc.*		9,100			341,523
Electronic Arts, Inc.*		10,900			619,992
Intuit, Inc.*		2,160			99,209
Mercury Interactive Corp.*		7,750			269,623
Microsoft Corp.		156,195			4,014,211
NAVTEQ Corp.*		15,920			622,790
Nintendo Co., Ltd.		110			12,247
Oracle Corp.*		126,160			1,599,709
Red Hat, Inc.*		55,470			1,288,013
Salesforce.com, Inc.*		9,400			234,906
SAP AG (ADR)		18,815			807,916
Serena Software, Inc.*		4,500			98,505
Symantec Corp.*		67,800			1,617,030
THQ, Inc.*		5,400			125,172
TIBCO Software, Inc.*		48,875			370,961
					14,836,730
Total Information Technology					60,116,393
Telecommunication Services (0.4%)
Wireless Telecommunication Services (0.4%)
Nextel Partners, Inc., Class A*		11,590			291,489
Total Telecommunication Services					291,489
Total Common Stocks (98.4%) (Cost $65,128,291)					67,598,626
	Number of Warrants
WARRANTS:
Information Technology (0.2%)
Software (0.2%)
Tata Consultancy Services Ltd.
$0.0001, expiring 9/12/2007*§
(Cost $107,881)		3,625			112,543
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.5%)
JPMorgan Chase Nassau
3.40%, 11/01/05
(Cost/Amortized Cost $1,056,325)	$	1,056,325		$	1,056,325
	Number of Contracts
OPTIONS PURCHASED:
Put Option (0.0%)
Micron Technology, Inc.
January-06 @ $12.50
(Cost $42,128)		410			32,800
Call Options (0.3%)
Hewlett Packard Co.
January-07 @ $25.00
(Cost $138,892)		290			159,500
Microsoft Corp.
January-07 @ $27.00
(Cost $2,678)		10			1,750
					161,250
Total Options Purchased (0.3%) (Cost $183,698)					194,050
Total Investments Before Options Written (100.4%) (Cost/Amortized Cost $66,476,195)					68,961,544
OPTIONS WRITTEN:
Call Options Written (0.0%)
Marvell Technology Group Ltd.
November-2005 @ $45.00 (d)		(12	)		(2,820	)
Google, Inc., Class A
December-2005 @ $320.00 (d)		(2	)		(11,400	)
Total Options Written (0.0%) (Premiums received $9,924)					(14,220	)
Total Investments After Options Written (100.4%) (Cost/Amortized Cost $66,466,271)					68,947,324
Other Assets Less Liabilities (-0.4%)					(246,187	)
Net Assets (100%)				$	68,701,137

* 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, 2005, the market value of these securities amounted to $1,082,338 or 1.58% of net as sets. 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.

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

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

61

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2005

Options written for the year ended October 31, 2005, were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding—November 1, 2004	—		$	—
Options Written	43			24,607
Options Terminated in Closing Purchase Transactions	(1	)		(2,869	)
Options Expired	(28	)		(11,814	)
Options Exercised	—			—
Options Outstanding—October 31, 2005	14		$	9,924

Investment security transactions for the year ended October 31, 2005 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	65,784,971
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	68,511,970

As of October 31, 2005, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	4,840,854
Aggregate gross unrealized depreciation		(2,969,945	)
Net unrealized appreciation	$	1,870,909
Federal income tax cost of investments	$	67,090,635

For the year ended October 31, 2005, the Fund incurred approximately $122 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Fund has a net capital loss carryforward of $262,559,228 of which $7,945,180 expires in the year 2007, $206,262,599 expires in the year 2008, $48,249,389 expires in the year 2009 and $102,060 expires in the year 2010. The Fund utilized $2,870,151 in capital loss carryforward during the fiscal year ended October 31, 2005.

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

See Notes to Financial Statements.

62

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

PORTFOLIO OF INVESTMENTS

October 31, 2005

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Staples (0.4%)
Drug Retail (0.4%)
CVS Corp.	899	$	21,945
Rite Aid Corp.*	4,400		15,400
Total Consumer Staples			37,345
Financials (0.2%)
Life & Health Insurance (0.2%)
Universal American Financial Corp.*	1,260		18,648
Total Financials			18,648
Health Care (93.4%)
Biotechnology (18.3%)
Abgenix, Inc.*	2,200		22,880
Affymetrix, Inc.*	590		26,804
Amgen, Inc.*	4,560		345,465
Amylin Pharmaceuticals, Inc.*	1,975		66,360
Applera Corp - Celera Genomics Group*	2,400		28,512
Ariad Pharmaceuticals, Inc.*	900		6,264
Biogen Idec, Inc.*	2,150		87,354
Celgene Corp.*	530		29,733
Cephalon, Inc.*	800		36,472
Charles River Laboratories International, Inc. *	205		8,971
Ciphergen Biosystems, Inc.*	5,506		10,737
Coley Pharmaceutical Group, Inc.*	400		5,924
Cubist Pharmaceuticals, Inc.*	800		16,168
CV Therapeutics, Inc.*	1,700		42,602
Cytokinetics, Inc.*	2,796		21,795
Dov Pharmaceutical, Inc.*	200		3,106
Exelixis, Inc.*	2,550		19,712
Gen-Probe, Inc.*	98		4,002
Genentech, Inc.*	460		41,676
Genzyme Corp.*	1,595		115,318
Gilead Sciences, Inc.*	2,430		114,817
Human Genome Sciences, Inc.*	5,250		43,838
ICOS Corp.*	600		16,188
Idenix Pharmaceuticals, Inc.*	140		2,913
Incyte Corp.*	2,000		9,980
Keryx Biopharmaceuticals, Inc.*	100		1,445
Medimmune, Inc.*	2,095		73,283
Millennium Pharmaceuticals, Inc.*	7,000		63,840
Nabi Biopharmaceuticals*	2,485		31,932
NPS Pharmaceuticals, Inc.*	700		6,902
Panacos Pharmaceuticals Inc.*	4,073		32,177
Protein Design Labs, Inc.*	6,810		190,816
Regeneron Pharmaceuticals, Inc.*	1,600		20,016
Rigel Pharmaceuticals, Inc.*	273		6,129
Serologicals Corp.*	1,100		21,428
Telik, Inc.*	990		14,791
Tercica, Inc.*	300		2,997
Vertex Pharmaceuticals, Inc.*	2,040		46,410
Vion Pharmaceuticals, Inc.*	4,700		10,340
Zymogenetics, Inc.*	2,050		35,916
			1,686,013
Health Care Distributors (2.8%)
Andrx Corp.*	950		14,696
Cardinal Health, Inc.	1,075		67,198
McKesson Corp.	2,835		128,794
PSS World Medical, Inc.*	756		10,531
QLT, Inc.*	5,180		36,623
			257,842
Health Care Equipment (16.7%)
ATS Medical, Inc. *	1,600		4,783
Bard (C.R.), Inc.	570		35,557
Baxter International, Inc.	4,190	$	160,184
Beckman Coulter, Inc.	600		29,556
Becton, Dickinson & Co.	150		7,612
Biomet, Inc.	2,169		75,546
Bruker BioSciences Corp.*	2,900		12,064
Cytyc Corp.*	2,100		53,235
Epix Pharmaceuticals, Inc.*	400		2,800
Fisher Scientific International, Inc.*	990		55,935
Guidant Corp.	300		18,900
Hospira, Inc.*	930		37,060
Inamed Corp.*	836		59,440
Intralase Corp.*	100		1,546
Kinetic Concepts, Inc.*	680		24,412
Medtronic, Inc.	7,300		413,618
Mentor Corp.	692		31,140
Nektar Therapeutics*	2,300		34,638
Olympus Corp.	1,700		37,606
SonoSite, Inc.*	1,400		41,146
St Jude Medical, Inc.*	4,501		216,363
Stryker Corp.	540		22,178
Terumo Corp.	1,100		33,169
Thermo Electron Corp.*	1,200		36,228
Varian Medical Systems, Inc.*	470		21,413
Varian, Inc.*	850		31,254
Waters Corp.*	550		19,910
Wright Medical Group, Inc.*	700		13,027
			1,530,320
Health Care Facilities (1.7%)
Community Health Systems, Inc. *	1,750		64,943
HCA, Inc.	300		14,457
Kindred Healthcare, Inc.*	1,002		28,056
LifePoint Hospitals, Inc.*	784		30,654
Triad Hospitals, Inc.*	475		19,537
			157,647
Health Care Services (3.2%)
Caremark Rx, Inc.*	1,480		77,552
DaVita, Inc.*	250		12,295
Eclipsys Corp.*	920		14,720
HMS Holdings Corp.*	3,500		24,920
Medco Health Solutions, Inc.*	1,640		92,660
Pharmaceutical Product Development, Inc.	1,300		74,711
			296,858
Health Care Supplies (0.8%)
Advanced Medical Optics, Inc.*	666		23,763
Dade Behring Holdings, Inc.	780		28,088
Immucor, Inc.*	594		15,396
Vnus Medical Technologies, Inc.*	500		5,115
			72,362
Managed Health Care (11.5%)
Aetna, Inc.	2,201		194,921
CIGNA Corp.	279		32,328
Coventry Health Care, Inc.*	692		37,361
Health Net, Inc.*	3,295		154,338
Humana, Inc.*	250		11,097
PacifiCare Health Systems, Inc.*	3,105		255,728
UnitedHealth Group, Inc.	2,180		126,200
WellPoint, Inc.*	3,250		242,710
			1,054,683
Pharmaceuticals (38.4%)
Abbott Laboratories	6,645		286,067
Array Biopharma, Inc.*	1,000		7,100
Astellas Pharma, Inc.	4,900		174,692
AstraZeneca plc (ADR)	3,275		147,047
AtheroGenics, Inc.*	1,600		24,000
Barr Pharmaceuticals, Inc.*	1,050		60,323

63

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Number of Shares			Value (Note 1)
Daiichi Sankyo Co., Ltd.*		4,600		$	83,381
Eisai Co., Ltd.		5,800			226,210
Elan Corp plc (ADR)*		3,800			31,350
Eli Lilly & Co.		2,338			116,409
Endo Pharmaceuticals Holdings, Inc.*		1,876			50,502
Forest Laboratories, Inc.*		3,037			115,133
GlaxoSmithKline plc		2,050			53,310
Impax Laboratories, Inc.*		600			6,339
IVAX Corp.*		300			8,565
Johnson & Johnson		1,680			105,202
King Pharmaceuticals, Inc.*		2,200			33,946
Kyorin Pharmaceutical Co., Ltd.		1,000			12,714
Medicines Co.*		2,000			34,280
Medicis Pharmaceutical Corp., Class A		1,183			34,899
Merck KGaA		184			15,202
MGI Pharma, Inc.*		600			11,256
Mylan Laboratories, Inc.		1,390			26,702
NitroMed, Inc.*		1,460			23,754
Novartis AG (ADR)		1,600			86,112
Novartis AG (Registered)		2,535			136,165
Noven Pharmaceuticals, Inc.*		1,490			20,994
Novo-Nordisk A/S, Class B		350			17,920
Pfizer, Inc.		4,167			90,591
Roche Holding AG		2,310			344,595
Salix Pharmaceuticals Ltd.*		200			3,588
Sanofi-Aventis		2,190			175,221
Sanofi-Aventis (ADR)		2,120			85,054
Santen Pharmaceutical Co., Ltd.		100			2,547
Schering-Plough Corp.		8,000			162,720
Schwarz Pharma AG		463			26,358
Sepracor, Inc.*		390			21,938
Shionogi & Co., Ltd.		7,000			84,790
Shire Pharmaceuticals Group plc (ADR)		4,650			166,656
Takeda Pharmaceutical Co., Ltd.		700			38,246
Taro Pharmaceuticals Industries Ltd.*		615			13,530
Teva Pharmaceutical Industries Ltd. (ADR)		1,100			41,932
Theravance, Inc.*		1,406			30,468
UCB S.A.		1,150			56,804
Watson Pharmaceuticals, Inc.*		700			24,192
Wyeth		4,540			202,302
Xenoport, Inc.*		364			4,994
					3,526,100
Total Health Care					8,581,825
Information Technology (0.3%)
Electronic Equipment Manufacturers (0.3%)
Dionex Corp.*		600		$	29,058
Total Information Technology					29,058
Materials (0.5%)
Diversified Chemicals (0.5%)
Akzo Nobel N.V.		100			4,311
Bayer AG		1,114			38,614
Total Materials					42,925
Total Common Stocks (94.8%) (Cost $7,922,415)					8,709,801
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (5.3%)
JPMorgan Chase Nassau 3.40%, 11/1/05
(Amortized Cost $482,320)	$	482,320			482,320
Total Investments before Options Written (100.1%) (Cost/Amortized Cost $8,404,735)					9,192,121
	Number of Contracts
OPTIONS WRITTEN:
Call Options Written (-0.0%)
Caremark Rx, Inc.
March 2006 @ $ 55 00 (d)		(4	)		(1,040	)
Total Options Written (-0.0%) (Premiums Received $528)					(1,040	)
Total Investments (100.1%) (Cost/Amortized Cost $8,404,207)					9,191,081
Other Assets Less Liabilities (-0.1%)					(4,701	)
Net Assets (100%)				$	9,186,380

* Non-income producing.

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

Glossary:

ADR — American Depositary Receipt

Options written for the year ended October 31, 2005, were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding—November 1, 2004	—		$	—
Options Written	13			1,825
Options Terminated in Closing Purchase Transactions	(6	)		(809	)
Options Expired	(3	)		(488	)
Options Exercised	—			—
Options Outstanding—October 31, 2005	4		$	528

64

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2005

Investment security transactions for the year ended October 31, 2005 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	9,654,978
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	10,168,342

As of October 31, 2005, 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	$	1,003,300
Aggregate gross unrealized depreciation		(415,031	)
Net unrealized appreciation	$	588,269
Federal income tax cost of investments	$	8,603,852

See Notes to Financial Statements.

65

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

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PORTFOLIO OF INVESTMENTS

October 31, 2005

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (12.7%)
Asset-Backed Securities (5.1%)
Ameriquest Mortgage Securities, Inc.,
Series 03-1 A2
4.448%, 2/25/33 (f)	$	394	$	394
Series 03-2 A
4.448%, 3/25/33 (f)		2,028		2,029
Amortizing Residential Collateral Trust,
Series 02-BC3M A
4.308%, 6/25/32 (f)		36,168		36,207
Series 02-BC4 A
4.328%, 7/25/32 (f)		5,075		5,033
Argent Securities, Inc.,
Series 03-W3 AV1B
4.488%, 9/25/33 (f)		13,929		13,978
Bank One Insurance Trust,
Series 03-A9 A9
3.860%, 6/15/11		500,000		487,077
Bear Stearns Asset Backed
Securities, Inc.,
Series 01-3 A2
4.438%, 10/27/32 (f)		44,561		44,743
Series 02-2 A1
4.368%, 10/25/32 (f)		16,483		16,506
Series 03-2 A2
4.488%, 3/25/43 (f)		19,273		19,300
Capital Auto Receivables Asset Trust,
Series 04-2 A3
3.580%, 1/15/09		525,000		513,726
Cendant Mortgage Corp.,
Series 03-A A1
6.000%, 7/25/43 §(f)		15,476		15,525
Centex Home Equity,
Series 04-A AV2
4.318%, 1/25/34 (f)		25,649		25,658
Chase Credit Card Master Trust,
Series 03-6 A
4.080%, 2/15/11 (f)		625,000		626,882
Chase Issuance Trust,
Series 04-A9 A9
3.220%, 6/15/10		150,000		145,760
Chase Manhattan Auto Owner Trust,
Series 05-A A3
3.870%, 6/15/09		200,000		197,119
Citibank Credit Card Issuance Trust,
Series 98-2 A
6.050%, 1/15/10		600,000		617,203
Series 03-A6 A6
2.900%, 5/17/10		250,000		238,661
Series 04-A1 A1
2.550%, 1/20/09		200,000		194,625
Series 04-A4 A4
3.200%, 8/24/09		175,000		170,202
Countrywide Asset-Backed Certificates,
Series 04-13 AV4
4.328%, 6/25/34 (f)		317,919		318,203
Series 05-IM2 A1
4.180%, 11/25/35 (f)		500,000		500,000
Series 05-SD1 A1A
4.188%, 5/25/35 §(f)		58,982		58,964
Credit Suisse First Boston Mortgage Securities Corp.,
Series 01-HE17 A1
4.348%, 1/25/32 (f)		4,527		4,563
Series 02-9 2X
2.478%, 3/25/32 †§		68,066		68,047
Series 02-P3 A
4.360%, 8/25/33 †§(f)	$	173,535	$	174,162
Daimler Chrysler Auto Trust,
Series 05-A A3
3.490%, 12/8/08		365,000		359,871
First Alliance Mortgage Loan Trust,
Series 99-4 A2
4.760%, 3/20/31 (f)		13,938		13,942
First Franklin Mortgage Loan Asset Backed Certificates,
Series 03-FF5 A2
2.820%, 3/25/34 (f)		11,761		11,783
Goldman Sachs AMP Trust,
Series 02-NC1 A2
4.358%, 7/25/32 (f)		274		276
Home Equity Asset Trust,
Series 02-1 A4
4.338%, 11/25/32 (f)		257		257
Irwin Home Equity,
Series 03-C 2A
4.558%, 6/25/28 (f)		4,204		4,206
MBNA Credit Card Master Note Trust,
Series 00-L A
6.500%, 4/15/10		220,000		227,946
Series 04-A4 A4
2.700%, 9/15/09		175,000		169,998
Morgan Stanley ABS Capital I,
Series 03-HE2 A2
4.378%, 8/25/33 (f)		62,731		62,783
Morgan Stanley Dean Witter Capital I,
Series 02-HE1 A2
4.368%, 7/25/32 (f)		487		491
Nissan Auto Receivables Owner Trust,
Series 5-C A3
4.190%, 7/15/09		525,000		519,750
Quest Trust, Series 04-X2 A1
4.598%, 6/25/34 §(f)		63,667		63,786
Renaissance Home Equity Loan Trust,
Series 03-2A
4.478%, 8/25/33 (f)		8,556		8,580
Series 03-3 A
4.538%, 12/25/33 (f)		21,496		21,624
Residential Asset Mortgage Products, Inc.,
Series 03-RS11 AIIB
4.368%, 12/25/33 (f)		15,741		15,777
Salomon Brothers Mortgage Securities VII,
Series 02-CIT1 A
4.338%, 3/25/32 (f)		7,702		7,721
Saxon Asset Securities Trust,
Series 02-1 AV2
4.308%, 1/25/32 (f)		1,138		1,139
SLM Student Loan Trust,
Series 05-6 A5B
4.210%, 7/27/26 (f)		500,000		500,153
Structured Asset Securities Corp.,
Series 02-HF1 A
4.328%, 1/25/33 (f)		19,390		19,447
Series 03-AL2 A
3.356%, 1/25/31 #§		106,241		96,029
				6,600,126
Non-Agency CMO (7.6%)
Banc of America Alternative Loan Trust,
Series 04-5 4A1
5.000%, 6/25/19		76,605		75,847
Series 04-6 4A1
5.000%, 7/25/19		80,680		79,349

66

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Principal Amount		Value (Note 1)
Banc of America Commercial Mortgage, Inc.,
Series 04-5 A3
4.561%, 11/10/41	$	100,000	$	96,681
Series 04-6 A3
4.512%, 12/10/42		100,000		96,466
Series 05-3 A3A
4.621%, 7/10/43		325,000		313,624
Bank of America Mortgage Securities,
Series 02-K 2A1
5.487%, 10/20/32 (f)		18,413		18,443
Bear Stearns Adjustable Rate Mortgage Trust,
Series 02-2 IIIA
6.784%, 6/25/31 (f)		6,815		6,780
Series 02-5 6A
5.932%, 6/25/32 (f)		8,479		8,463
Series 03-8 1A1
4.208%, 1/25/34 (f)		216,699		214,444
Series 03-8 2A1
4.830%, 1/25/34 (f)		77,703		77,011
Series 03-8 4A1
4.699%, 1/25/34 (f)		131,151		127,518
Bear Stearns Alt-A Trust,
Series 03-7 IIA2
4.318%, 2/25/34 (f)		19,767		19,771
Bear Stearns Commercial Mortgage Securities,
Series 05-PWR8 A4
4.674%, 6/11/41		125,000		119,128
Chase Commercial Mortgage Securities Corp.,
Series 99-2 A2
7.198%, 1/15/32		75,000		80,541
Citigroup Commercial Mortgage Trust,
Series 05-EMG A4
4.520%, 9/20/51 §		350,000		335,151
Countrywide Alternative Loan Trust,
Series 03-J1 4A1
6.000%, 10/25/32		17,297		17,120
Series 03-J3 2A1
6.250%, 12/25/33		21,674		21,777
Countrywide Home Loan Mortgage Pass Through Trust,
Series 02-30 M
3.873%, 10/19/32 (f)		33,773		33,390
Series 04-7 5A2
4.100%, 5/25/34 (f)		16,781		16,737
First Horizon Asset Securities, Inc.,
Series 00-H 1A
7.000%, 9/25/30		2,724		2,715
First Union - Lehman Brothers - Bank of America,
Series 98-C2 A2
6.560%, 11/18/35		83,123		85,677
First Union National Bank Commercial Mortgage,
Series 00-C1 A2
7.841%, 5/17/32		425,000		467,659
Series 00-C2 A2
7.202%, 10/15/32		355,000		384,712
GE Capital Commercial Mortgage Corp., Series 05-C1 A3
4.578%, 6/10/48		90,000		87,230
GMAC Commercial Mortgage Securities, Inc.,
Series 99-C1 A2
6.175%, 5/15/33		60,000		62,078
Series 99-C3 A2
7.179%, 8/15/36	$	90,488	$	95,960
Series 00-C2 A2
7.455%, 8/16/33		90,000		97,725
Series 00-C3 A2
6.957%, 9/15/35		745,000		801,552
Greenwich Capital Commercial Funding Corp.,
Series 05-GG3 AAB
4.619%, 8/10/42 (f)		105,000		101,892
GS Mortgage Securities Corp. II,
Series 98-C1 A3
6.140%, 10/18/30		111,031		113,874
Series 05-GG4 A4
4.761%, 7/10/39		150,000		144,089
GSR Mortgage Loan Trust, Series
Series 04-9 4A1
4.067%, 8/25/34 (f)		176,957		171,911
Series 05-AR6 2A1
4.541%, 9/25/35 †(f)		196,027		192,451
Homebanc Mortgage Trust,
Series 05-4 A1
4.308%, 10/25/35 (f)		315,539		316,146
Impac CMB Trust,
Series 03-8 2A1
4.488%, 10/25/33 (f)		73,837		73,951
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 01-CIB2 A3
6.429%, 4/15/35		100,000		105,741
Series 01-CIBC A3
6.260%, 3/15/33		130,000		136,577
Series 01-C1 A3
5.857%, 10/12/35		360,000		371,825
Series 05-CB12 A4
4.895%, 9/12/37		325,000		315,138
Series 05-LDP2 AM
4.780%, 7/15/42 (f)		125,000		119,791
LB Commercial Conduit Mortgage Trust,
Series 98-C4 A1B
6.210%, 10/15/35		125,000		128,719
LB-UBS Commercial Mortgage Trust,
Series 01-C2 A2
6.653%, 11/15/27		325,000		346,996
MASTR Alternative Loans Trust,
Series 04-4 1A1
5.500%, 5/25/34		76,737		74,951
Merrill Lynch Mortgage Investors, Inc.,
Series 03-A1 3A
4.910%, 12/25/32 (f)		23,887		23,310
Nationslink Funding Corp.,
Series 99-1 A2
6.320%, 1/20/31		137,245		141,630
Salomon Brothers Mortgage Securities VII,
Series 00-C1 A2
7.520%, 12/18/09		75,000		81,110
Sequoia Mortgage Trust,
Series 10-2A1
4.380%, 10/20/27 (f)		227,392		227,698
Structured Adjustable Rate Mortgage Loan Trust,
Series 05-19XS 1A1
4.358%, 10/25/35 (f)		414,498		414,498
Structured Asset Securities Corp.,
Series 01-21A 1A1
6.250%, 1/25/32 (f)		18,606		18,880

67

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Principal Amount		Value (Note 1)
Wachovia Bank Commercial
Mortgage Trust,
Series 05-C18 A4
4.940%, 4/15/42	$	90,000	$	87,562
Series 05-C19 A2
4.520%, 5/15/44		375,000		364,744
Series 05-C21 A4
5.274%, 10/15/44 (f)		400,000		398,592
Washington Mutual, Inc.,
Series 00-3A
4.365%, 12/25/40 (f)		219,484		218,340
Series 02-AR2 A
4.120%, 2/27/34 (f)		48,593		47,786
Series 02-AR6 A
4.419%, 6/25/42 (f)		20,273		20,399
Series 02-AR10 A6
4.816%, 10/25/32 (f)		14,574		14,504
Series 03-R1 A1
4.308%, 12/25/27 (f)		1,184,663		1,183,519
Wells Fargo Mortgage Backed Securities Trust,
Series 04-K 1A2
4.478%, 7/25/34 (f)		195,386		190,672
				9,990,845
Total Asset-Backed and Mortgage-Backed Securities				16,590,971
Consumer Discretionary (1.9%)
Automobiles (1.2%)
DaimlerChrysler AG
7.450%, 3/1/27		15,000		15,808
DaimlerChrysler NA Holdings Corp.
4.430%, 5/24/06 (f)		50,000		50,125
4.026%, 3/7/07 (f)		500,000		499,116
4.314%, 9/10/07 (f)		150,000		150,364
6.500%, 11/15/13		170,000		176,227
Ford Motor Co.
7.450%, 7/16/31		31,000		22,785
Ford Motor Credit Co.
6.875%, 2/1/06		300,000		299,846
4.050%, 3/13/07 (f)		400,000		374,320
				1,588,591
Hotels, Restaurants & Leisure (0.1%)
Caesars Entertainment, Inc.
7.500%, 9/1/09		46,000		48,969
Household Durables (0.0%)
Pulte Homes, Inc.
5.200%, 2/15/15		50,000		46,312
Media (0.6%)
Comcast Cable Communications, Inc.
6.375%, 1/30/06		35,000		35,151
6.750%, 1/30/11		15,000		15,844
Comcast Corp.
7.050%, 3/15/33		255,000		272,631
Historic TW, Inc.
9.150%, 2/1/23		10,000		12,607
6.625%, 5/15/29		82,000		82,878
News America Holdings, Inc.
7.750%, 1/20/24		10,000		11,140
News America, Inc.
7.280%, 6/30/28		25,000		26,765
6.200%, 12/15/34		125,000		120,450
TCI Communications, Inc.
7.125%, 2/15/28		10,000		10,729
Time Warner Cos , Inc.
7.570%, 2/1/24	$	20,000	$	22,162
Time Warner, Inc.
6.750%, 4/15/11		5,000		5,282
6.875%, 5/1/12		100,000		107,036
7.700%, 5/1/32		80,000		91,111
				813,786
Multiline Retail (0.0%)
Federated Department Stores, Inc.
6.790%, 7/15/27		10,000		10,146
May Department Stores Co.
7.875%, 3/1/30		5,000		5,800
6.700%, 7/15/34		5,000		5,083
8.125%, 8/15/35		25,000		27,603
				48,632
Total Consumer Discretionary				2,546,290
Consumer Staples (0.2%)
Food & Staples Retailing (0.1%)
Delhaize America, Inc.
7.375%, 4/15/06		95,000		96,014
Food Products (0.1%)
H. J. Heinz Co.
6.189%, 12/1/08 §(b)(f)		100,000		100,114
6.189%, 12/1/08 §(f)		100,000		100,114
				200,228
Total Consumer Staples				296,242
Energy (0.3%)
Energy Equipment & Services (0.0%)
Halliburton Co.
7.600%, 8/15/96		25,000		29,170
Oil & Gas (0.3%)
Anadarko Finance Co.
7.500%, 5/1/31		40,000		48,083
Conoco, Inc.
8.350%, 8/1/06		20,000		20,425
ConocoPhillips
7.000%, 3/30/29		20,000		23,452
Devon Financing Corp.
7.875%, 9/30/31		60,000		73,682
El Paso Corp.
7.750%, 1/15/32		500		496
Pemex Project Funding Master Trust
8.000%, 11/15/11		50,000		55,900
Petro-Canada
5.950%, 5/15/35		45,000		43,929
Ras Laffan Liquefied Natural Gas Co., Ltd.
3.440%, 9/15/09 §		65,560		63,155
				329,122
Total Energy				358,292
Financials (6.3%)
Capital Markets (0.3%)
Morgan Stanley
5.050%, 1/21/11		325,000		322,163
5.300%, 3/1/13		20,000		19,922
				342,085
Commercial Banks (1.9%)
Bank of America Corp.
6.250%, 4/1/08		15,000		15,446
4.500%, 8/1/10		235,000		229,903

68

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Principal Amount		Value (Note 1)
Bank of New York Co., Inc.
3.750%, 2/15/08	$	75,000	$	73,325
Barclays Bank plc
6.860%, 12/31/49 §(f)		10,000		10,684
Depfa ACS Bank
3.625%, 10/29/08		100,000		96,902
FleetBoston Financial Corp.
3.850%, 2/15/08		30,000		29,451
HBOS Treasury Services plc
3.600%, 8/15/07 §		20,000		19,593
3.500%, 11/30/07 §		40,000		38,976
HSBC Bank USA N.A.
3.870%, 6/7/07		125,000		123,385
4.630%, 4/1/14		60,000		57,281
HSBC Capital Funding LP
10.176%, 12/29/49 §(f)		150,000		224,696
HSBC Holdings plc
3.240%, 12/20/12	EUR	90,000		120,658
L-Bank Landeskreditbank Baden-Wuerttemberg Foerderbank
4.250%, 9/15/10	$	275,000		268,876
Landwirtschaftliche Rentenbank
0.650%, 9/30/08	JPY	14,000,000		121,244
National Westminster Bankplc/United Kingdom
7.375%, 10/1/09	$	25,000		27,153
Rabobank Capital Funding II
5.260%, 12/29/49 §(f)		110,000		108,932
Rabobank Capital Funding Trust III
5.254%, 12/29/49 §(f)		80,000		77,187
RBS Capital Trust I
4.709%, 12/29/49 (f)		75,000		70,482
SunTrust Banks, Inc
3.625%, 10/15/07		80,000		78,196
4.000%, 10/15/08		15,000		14,619
U S Bancorp
3.950%, 8/23/07		15,000		14,795
U S Bank NA
4.400%, 8/15/08		300,000		296,653
Wells Fargo & Co.
4.000%, 8/15/08		90,000		88,144
4.625%, 8/9/10		310,000		305,537
				2,512,118
Consumer Finance (0.7%)
General Motors Acceptance Corp.
6.750%, 1/15/06		15,000		15,015
6.125%, 9/15/06		50,000		49,854
5.050%, 1/16/07 (f)		200,000		197,217
4.670%, 3/20/07 (f)		550,000		540,868
Household Finance Corp.
4.750%, 5/15/09		50,000		49,451
				852,405
Diversified Financial Services (2.6%)
BAE Systems Holdings, Inc.
5.200%, 8/15/15 §		125,000		121,165
Bank One Corp.
2.625%, 6/30/08		25,000		23,611
CIT Group, Inc.
7.750%, 4/2/12		125,000		141,397
Citigroup, Inc.
5.750%, 5/10/06		90,000		90,555
3.500%, 2/1/08		45,000		43,743
3.625%, 2/9/09		40,000		38,478
6.200%, 3/15/09		25,000		25,967
4.125%, 2/22/10		675,000		652,379
6.000%, 10/31/33	$	40,000	$	40,545
6.875%, 2/15/98		25,000		27,664
Eksportfinans A/S
3.375%, 1/15/08		100,000		97,340
General Electric Capital Corp.
3.450%, 7/16/07		15,000		14,686
3.450%, 1/15/08 (f)		250,000		247,524
3.125%, 4/1/09		735,000		694,194
4.125%, 9/1/09		225,000		218,718
4.875%, 10/21/10		25,000		24,838
JPMorgan Chase & Co.
6.375%, 2/15/08		25,000		25,814
3.625%, 5/1/08		205,000		199,072
MassMutual Global Funding II
2.550%, 7/15/08 §		30,000		28,213
Nationwide Building Society
3.500%, 7/31/07 §		50,000		48,907
4.250%, 2/1/10 §		90,000		87,307
Pemex Finance Ltd.
9.030%, 2/15/11#		100,000		110,366
Principal Life Global Funding I
4.488%, 4/19/06 §(f)		220,000		220,355
Racers, Series 97-R-8-3
4.090%, 8/15/07 §(b)(f)		100,000		95,852
SLM Corp.
3.625%, 3/17/08		50,000		48,671
TIAA Global Markets, Inc.
3.875%, 1/22/08 §		25,000		24,482
UFJ Finance Aruba AEC
6.750%, 7/15/13		30,000		32,466
				3,424,309
Insurance (0.7%)
Allstate Financial Global Funding
6.150%, 2/1/06 §		25,000		25,102
ASIF Global Financing
3.900%, 10/22/08 §		45,000		43,653
Berkshire Hathaway Finance Corp.
3.400%, 7/2/07		20,000		19,535
3.375%, 10/15/08		25,000		24,010
4.125%, 1/15/10		230,000		223,283
Liberty Mutual Group
6.500%, 3/15/35 §		55,000		51,072
Marsh & McClennan Companies, Inc.
5.750%, 9/15/15		40,000		38,913
Metlife, Inc.
5.700%, 6/15/35		95,000		91,723
Metropolitan Life Global Funding I
3.930%, 5/22/06 §(f)		160,000		160,110
3.380%, 10/5/07 §		25,000		24,326
Platinum Underwriters Finance, Inc.
7.500%, 6/1/17 §		25,000		24,507
Protective Life Secured Trust
3.700%, 11/24/08		25,000		24,177
Prudential Financial, Inc.
4.100%, 11/15/06 (d)		122,000		120,760
Travelers Property Casualty Corp.
5.000%, 3/15/13		65,000		62,801
XL Capital Ltd.
6.375%, 11/15/24		10,000		9,907
				943,879
Real Estate (0.1%)
AvalonBay Communities, Inc. (REIT)
4.950%, 3/15/13		10,000		9,731
EOP Operating LP
7.500%, 4/19/29		30,000		33,742

69

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Principal Amount		Value (Note 1)
ERP Operating LP
6.625%, 3/15/12	$	75,000	$	80,230
				123,703
Total Financials				8,198,499
Government Securities (81.9%)
Agency CMO (3.4%)
Federal Home Loan Mortgage Corp.
5.000%, 6/15/13		48,627		48,650
5.000%, 12/15/17		60,000		58,984
5.000%, 2/15/18		390,000		380,101
6.500%, 3/15/29		8,282		8,326
6.500%, 4/15/29		197,847		203,400
4.320%, 12/15/29 (f)		53,322		53,547
5.500%, 1/15/31		99,101		99,931
5.500%, 4/15/35		99,994		100,604
5.500%, 5/15/35		489,685		492,382
6.500%, 7/25/43		105,446		107,917
Federal National Mortgage Association
5.500%, 8/25/09		114,096		113,216
5.000%, 3/25/18		30,000		29,342
4.500%, 9/25/18		50,000		47,491
5.500%, 5/25/27		565,001		568,829
6.000%, 8/25/28		96,294		97,381
5.310%, 8/25/33		100,000		97,423
5.500%, 12/25/33		78,581		78,604
5.500%, 1/25/34		94,081		94,152
6.500%, 7/25/34		53,494		55,110
5.500%, 2/25/35		80,000		80,394
4.288%, 7/25/35 (f)		241,145		238,612
5.500%, 8/25/35		107,980		108,252
Government National Mortgage Association
6.500%, 6/20/32		123,786		125,676
Small Business Administration Participation Certificates
5.130%, 9/1/23		88,691		88,923
4.340%, 3/1/24		634,030		607,020
4.625%, 2/1/25		488,386		473,939
				4,458,206
Foreign Governments (3.9%)
Brazilian Government International Bond
9.760%, 6/29/09 (f)		125,000		144,062
8.000%, 1/15/18		79,000		81,528
Export-Import Bank of China
5.250%, 7/29/14 §		300,000		297,098
Federative Republic of Brazil
5.188%, 4/15/06 (f)		38,000		37,954
11.500%, 3/12/08		266,000		298,566
5.188%, 4/15/09 (f)		26,923		26,519
5.250%, 4/15/09 (f)		93,889		92,715
5.250%, 4/15/12 (f)		78,001		76,098
12.250%, 3/6/30		113,000		150,572
11.000%, 8/17/40		270,000		322,528
Government of France
4.000%, 4/25/55	EUR	150,000		187,280
Hong Kong Government International Bond
5.130%, 8/1/14 §	$	350,000		347,443
Israel Government AID Bond
5.500%, 4/26/24		50,000		52,651
5.500%, 9/18/33		40,000		42,395
Japan Financial Corp for Municipal Enterprises
4.625%, 4/21/15	$	100,000	$	97,647
Kingdom of Spain
3.100%, 9/20/06	JPY	11,000,000		97,003
4.200%, 1/31/37	EUR	50,000		64,169
Republic of Italy
3.800%, 3/27/08	JPY	38,000,000		353,013
Republic of Panama
8.250%, 4/22/08	$	235,000		249,389
9 625%, 2/8/11		113,000		129,950
Republic of Peru
9.125%, 1/15/08		230,000		248,400
9.125%, 2/21/12		242,000		279,752
Republic of South Africa
5.250%, 5/16/13	EUR	40,000		51,853
Russian Federation
10.000%, 6/26/07 (n)	$	120,000		129,252
5.000%, 3/31/30 §(d)		602,000		669,183
Swedish Export Credit AB
2.875%, 1/26/07		25,000		24,459
Ukraine Government International Bond
11.000%, 3/15/07 (n)		56,004		58,759
United Mexican States
8.625%, 3/12/08		45,000		48,623
4.830%, 1/13/09 (f)		30,000		30,480
10.375%, 2/17/09		100,000		115,845
8.375%, 1/14/11		13,000		14,788
6.375%, 1/16/13		25,000		26,188
8.125%, 12/30/19		10,000		11,960
8.000%, 9/24/22		55,000		65,395
8.300%, 8/15/31		37,000		45,325
6.750%, 9/27/34		130,000		135,525
				5,104,367
Municipal Bonds (1.7%)
California State Economic Recovery
7.170%, 7/1/11 §(f)		25,000		28,846
Cook County, Illinois, Series B
5.000%, 11/15/12		130,000		139,382
Energy NorthWest Washington Electricity Revenue
8.130%, 7/1/14 §(f)		60,000		72,137
Fairfax County, Virginia, Series A
5.250%, 4/1/13 (f)		80,000		87,808
Florida State Board of Education
5.000%, 6/1/33		10,000		10,324
Golden State Tobacco Securitization Corp /CA
6.750%, 6/1/39		110,000		124,844
7.900%, 6/1/42		50,000		61,109
Michigan State Building Authority
5.250%, 10/15/12		150,000		163,651
New Jersey State Transportation Trust Fund Authority
7.040%, 6/15/11 §(f)		75,000		83,167
New York City Municipal Water Finance Authority
5.000%, 6/15/29		30,000		30,780
7.390%, 6/15/34 §(f)		10,000		10,824
5.000%, 6/15/35		150,000		153,520
New York State Environmental Facilities Corp.
5.000%, 6/15/32		10,000		10,312

70

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Principal Amount		Value (Note 1)
Rhode Island Clean Water Finance Agency,
Series A
5.000%, 10/1/28	$	100,000	$	103,293
San Antonio Texas Water Revenue,
Series A
5.000%, 5/15/32		300,000		306,021
South Carolina State Public Service Authority,
Series A
5.000%, 1/1/13		160,000		172,659
South Carolina Transportation Infrastructure
5.000%, 10/1/33		10,000		10,289
Tobacco Settlement Authority of Iowa,
Series B
5.600%, 6/1/35		100,000		102,075
Tobacco Settlement Financing Corp./NJ
6.375%, 6/1/32		255,000		286,827
6.000%, 6/1/37		130,000		136,300
6.250%, 6/1/43		90,000		100,515
				2,194,683
U. S. Government Agencies (51.0%)
Federal Home Loan Bank
2.300%, 7/24/07		1,050,000		1,009,521
Federal Home Loan Mortgage Corp.
3.300%, 9/14/07		700,000		683,027
3.250%, 11/2/07		1,200,000		1,166,648
4.625%, 5/28/13		75,000		71,543
5.500%, 2/1/14		79,960		80,578
6.000%, 1/1/17		43,229		44,163
6.500%, 1/1/17		176,593		182,120
6.000%, 2/1/17		38,089		38,912
4.500%, 3/1/20		96,591		93,473
4.500%, 4/1/20		97,860		94,701
4.500%, 5/1/20		96,212		93,106
4.500%, 8/1/20		193,785		187,598
5.000%, 9/1/20		791,284		780,507
6.500%, 7/1/29		60,328		62,058
5.626%, 11/1/31 (f)		12,724		12,887
5.500%, 5/1/33		470,355		465,060
5.000%, 4/1/34		381,165		367,554
5.500%, 7/1/35		83,089		82,045
4.820%, 9/1/35		1,000,000		987,734
5.000%, 9/1/35		398,847		383,866
5.500%, 9/1/35		516,970		510,477
5.000%, 11/15/35 TBA		1,400,000		1,346,625
Federal National Mortgage Association
2.350%, 4/29/06		25,000		24,752
3.715%, 5/22/06 (f)		1,900,000		1,899,460
1.750%, 6/16/06		45,000		44,260
3.651%, 9/7/06 (f)		300,000		299,870
2.710%, 1/30/07		300,000		293,192
3.000%, 3/2/07		195,000		190,940
2.350%, 4/5/07		55,000		53,279
3.125%, 3/16/09		75,000		71,241
5.390%, 12/1/11		90,280		91,520
5.125%, 5/27/15		75,000		72,514
5.500%, 6/1/17		5,791		5,832
7.000%, 11/1/17		37,461		39,096
5.000%, 1/1/18		552,177		545,295
5.000%, 8/1/18		83,731		82,656
4.500%, 10/1/18		58,890		57,046
5.000%, 11/1/18	$	207,039	$	204,380
6.000%, 12/1/18		64,105		65,570
5.000%, 2/1/19		26,598		26,256
5.000%, 8/1/19		696,725		687,566
5.000%, 11/1/19		669,265		660,467
5.500%, 11/1/19		48,932		49,279
5.000%, 1/1/20		258,968		255,564
7.000%, 9/1/31		28,860		30,191
7.000%, 1/1/32		1,337		1,398
6.500%, 2/1/32		64,641		66,479
7.000%, 4/1/32		15,169		15,859
3.872%, 3/1/33 (f)		293,489		294,925
5.125%, 4/1/33 (f)		63,027		63,283
5.500%, 4/1/33		156,366		154,507
5.000%, 11/1/33		313,834		303,108
5.500%, 12/1/33		1,163,707		1,149,875
5.500%, 2/1/34		1,496,604		1,478,282
6.000%, 2/1/34		608,403		613,929
5.500%, 3/1/34		636,978		628,883
5.500%, 4/1/34		1,585,452		1,566,377
5.500%, 5/1/34		473,763		467,742
6.500%, 5/1/34		186,779		192,091
5.500%, 6/1/34		70,381		69,453
5.500%, 7/1/34		440,208		434,573
5.500%, 8/1/34		971,475		959,129
5.500%, 9/1/34		1,597,469		1,576,519
5.500%, 11/1/34		5,185,634		5,119,735
4.500%, 11/25/34		1,400,000		1,307,687
5.500%, 1/1/35		1,807,528		1,784,558
5.500%, 2/1/35		17,346,446		17,128,379
5.500%, 5/1/35		322,619		318,365
5.000%, 7/1/35		448,083		431,330
5.500%, 8/25/35		693,149		693,469
4.500%, 9/1/35		100,000		93,434
4.500%, 10/1/35		100,000		93,434
5.621%, 12/1/40 (f)		18,964		19,497
4.500%, 11/25/20 TBA		100,000		96,688
5.500%, 11/25/20 TBA		2,200,000		2,214,437
5.000%, 11/25/35 TBA		4,100,000		3,944,973
5.500%, 11/25/35 TBA		3,200,000		3,156,000
Government National Mortgage Association
4.125%, 1/20/16 (f)		25,738		25,692
3.750%, 9/20/21 (f)		42,039		42,605
4.125%, 11/20/22 (f)		11,259		11,368
4.375%, 4/20/27 (f)		24,905		25,022
3.750%, 7/20/27 (f)		28,665		29,133
5.500%, 12/15/28		8,918		8,931
6.000%, 2/15/29		150,770		153,517
7.500%, 5/15/30		33,944		35,954
7.500%, 7/15/30		32,274		34,185
7.000%, 9/15/31		20,522		21,579
7.500%, 9/15/31		12,364		13,093
5.500%, 1/15/32		198,745		198,649
6.000%, 2/15/32		40,264		40,998
7.000%, 5/15/32		35,147		36,953
6.000%, 9/15/32		308,952		314,441
5.500%, 1/15/33		202,305		202,138
5.500%, 2/15/33		69,259		69,202
6.000%, 2/15/33		42,135		42,903
5.500%, 7/15/33		78,476		78,411
5.500%, 12/15/33		359,055		358,759
5.500%, 1/15/34		1,198,740		1,197,597
6.000%, 1/15/34		101,012		102,861
5.500%, 2/15/34		446,819		446,393
5.500%, 11/15/35 TBA		1,500,000		1,497,657
Housing Urban Development
5.380%, 8/1/18		130,000		129,552

71

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Principal Amount		Value (Note 1)
Resolution Funding Corp.
(Zero Coupon), 7/15/18	$	25,000	$	13,293
(Zero Coupon), 10/15/18		25,000		13,124
Small Business Administration
4.524%, 2/10/13		141,820		138,285
4.504%, 2/1/14		312,727		305,363
				66,520,485
U.S. Treasuries (21.9%)
U S Treasury Bonds
8.750%, 5/15/17		725,000		984,528
7.125%, 2/15/23		820,000		1,038,870
6.250%, 8/15/23		1,080,000		1,260,436
6.000%, 2/15/26		580,000		666,773
6.750%, 8/15/26		165,000		206,095
Inflation Indexed
2.375%, 1/15/25		208,352		216,808
U.S. Treasury Notes
3.000%, 12/31/06		5,550,000		5,462,415
3.625%, 6/30/07		815,000		804,908
3.875%, 7/31/07		370,000		366,864
4.000%, 9/30/07		1,650,000		1,638,270
4.125%, 8/15/08		585,000		580,658
4.125%, 8/15/10		800,000		787,875
3.875%, 9/15/10		60,000		58,430
5.000%, 2/15/11		1,050,000		1,076,004
4.875%, 2/15/12		2,650,000		2,702,690
4.250%, 8/15/13		8,500,000		8,335,644
4.125%, 5/15/15		800,000		772,000
4.250%, 8/15/15		900,000		878,203
Inflation Indexed
3.625%, 1/15/08		364,647		381,540
2.000%, 7/15/14		364,616		365,570
				28,584,581
Total Government Securities				106,862,322
Health Care (0.1%)
Health Care Providers & Services (0.1%)
WellPoint, Inc.
5.950%, 12/15/34		65,000		65,808
Pharmaceuticals (0.0%)
Merck & Co., Inc.
6.400%, 3/1/28		25,000		26,282
Total Health Care				92,090
Industrials (0.5%)
Aerospace & Defense (0.2%)
Lockheed Martin Corp.
8.500%, 12/1/29		90,000		121,168
Northrop Grumman Corp.
4.079%, 11/16/06		80,000		79,360
7.125%, 2/15/11		20,000		21,838
7.750%, 2/15/31		50,000		62,866
				285,232
Airlines (0.3%)
Continental Airlines, Inc.
7.056%, 3/15/11		340,000		340,714
United Air Lines, Inc.
7.730%, 7/1/10 (e)		25		24
7.186%, 4/1/11 (e)		2,771		2,730
6.602%, 9/1/13 (e)		2,711		2,646
				346,114
Road & Rail (0.0%)
Burlington Northern Santa Fe Corp.
6.380%, 12/15/05		10,000		10,022
Union Pacific Corp.
7.130%, 2/1/28	$	15,000	$	17,248
				27,270
Total Industrials				658,616
Materials (0.4%)
Containers & Packaging (0.1%)
Packaging Corp. of America
4.380%, 8/1/08		129,000		124,927
Metals & Mining (0.0%)
Teck Cominco Ltd.
6.125%, 10/1/35		50,000		46,932
Paper & Forest Products (0.3%)
Georgia-Pacific Corp.
7.500%, 5/15/06		10,000		10,100
GP Canada Financial Co.
7.200%, 12/15/06 §		300,000		303,000
				313,100
Total Materials				484,959
Telecommunication Services (1.2%)
Diversified Telecommunication Services (1.0%)
AT&T Corp.
9.750%, 11/15/31		22,000		26,785
Deutsche Telekom International Finance BV
8.125%, 5/29/12	EUR	81,000		121,890
8.250%, 6/15/30	$	70,000		86,799
France Telecom S.A.
7.000%, 3/14/08 (n)	EUR	120,000		156,082
MCI, Inc.
7.688%, 5/1/09	$	150,000		155,437
New England Telephone & Telegraph
7.880%, 11/15/29		5,000		5,502
Qwest Corp.
7.630%, 6/15/15 §		110,000		112,750
SBC Communications, Inc.
4.125%, 9/15/09		174,000		167,533
4.389%, 6/5/21 §		50,000		49,889
6.450%, 6/15/34		10,000		10,137
6.150%, 9/15/34		5,000		4,884
Sprint Capital Corp.
8.750%, 3/15/32		105,000		135,811
Telecom Italia Capital SA
6.000%, 9/30/34		100,000		94,943
Verizon Global Funding Corp.
7.750%, 12/1/30		110,000		127,573
Verizon New Jersey, Inc.
7.850%, 11/15/29		10,000		11,164
				1,267,179
Wireless Telecommunication Services (0.2%)
Cingular Wireless LLC
6.500%, 12/15/11		60,000		63,912
Nextel Communications, Inc.
7.375%, 8/1/15		50,000		52,923
Vodafone Group plc
7.750%, 2/15/10		125,000		137,502
5.000%, 9/15/15		50,000		48,560
				302,897
Total Telecommunication Services				1,570,076
Utilities (1.3%)
Electric Utilities (1.0%)
AEP Texas Central Co.
6.650%, 2/15/33		230,000		246,204
Appalachian Power Co.
3.600%, 5/15/08		65,000		62,845

72

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

	Principal Amount			Value (Note 1)
Dayton Power & Light Co.
5.130%, 10/1/13 (d)	$	50,000		$	49,188
FirstEnergy Corp.
7.375%, 11/15/31		30,000			34,163
Florida Power & Light
4.950%, 6/1/35		75,000			67,246
Nevada Power Co.
5.875%, 1/15/15		100,000			98,086
Niagara Mohawk Power Corp.
7.750%, 5/15/06		100,000			101,680
7.750%, 10/1/08		200,000			215,226
Pepco Holdings, Inc.
6.450%, 8/15/12		90,000			94,212
Progress Energy, Inc.
7.100%, 3/1/11		65,000			69,558
7.750%, 3/1/31		25,000			28,664
Public Service Electric & Gas
5.250%, 7/1/35		25,000			23,145
Scottish Power, plc
4.910%, 3/15/10		25,000			24,741
5.380%, 3/15/15		80,000			78,645
Virginia Electric & Power Co.
5.750%, 3/31/06		25,000			25,104
					1,218,707
Gas Utilities (0.0%)
Columbia Energy Group
6.800%, 11/28/05		50,000			50,089
Multi-Utilities & Unregulated Power (0.3%)
Consolidated Natural Gas Co.
5.000%, 3/1/14		25,000			24,238
Dominion Resources, Inc.
4.300%, 9/28/07 (f)		200,000			200,011
5.125%, 12/15/09		25,000			24,933
5.950%, 6/15/35		25,000			23,814
GPU, Inc.
7.700%, 12/1/05		50,000			50,130
PSEG Energy Holdings, Inc.
8.500%, 6/15/11		50,000			53,312
Texas Eastern Transmission LP
5.250%, 7/15/07		40,000			40,175
					416,613
Total Utilities					1,685,409
Total Long-Term Debt Securities (106.8%) (Cost $141,095,792)					139,343,766
	Number of Shares
PREFERRED STOCKS:
Government Security (0.0%)
Non-Agency (0.0%)
Fannie Mae
7.00%, 12/31/49		500			27,375
Total Preferred Stocks (0.0%) (Cost $25,000)					27,375
	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (2 1%)
Barclays U S Funding Corp.
4.21%, 2/27/06 (i)	$	1,700,000			1,676,659
General Electric Capital Corp.
4.12%, 1/25/06 (i)		600,000			594,150
Nordea N.A.
4.13%, 1/20/06 (i)		400,000			396,320
Total Commercial Paper					2,667,129
Government Securities (3.0%)
Dutch Treasury Certificates
(Zero Coupon), 11/30/05	EUR	600,000		$	717,511
(Zero Coupon), 1/31/06		410,000			488,475
(Zero Coupon), 12/15/05		200,000			238,968
French Discount T-Bill
2.00%, 11/17/05 (h)		700,000			837,633
2.08%, 1/5/06 (h)		200,000			238,642
U S Treasury Bills
3.62%, 12/15/05 #(a)(h)	$	1,355,000			1,348,895
Total Government Securities					3,870,124
Time Deposit (0.7%)
JPMorgan Chase Nassau
3.40%, 11/1/05		904,511			904,511
Total Short-Term Debt Securities (5.8%) (Amortized Cost $7,496,243)					7,441,764
	Number of Contracts
OPTION PURCHASED:
Put Option (0.0%)
EURODollar Future
December-05 @ $93.75* (Cost $200)		20			125
Total Investments Before Written Options and Securities Sold Short (112.6%) (Cost/Amortized Cost $148,617,235)					146,813,030
OPTIONS WRITTEN
Call Options (-0.0%)
U S 10 Year Treasury Note Future
February-06 @ $111.00*(c)		(6	)		(1,875	)
Put Options (-0.0%)
EURODollar Future
December-05 @ $95.75*		(20	)		(11,750	)
U S 10 Year Treasury Note Future
February-06 @ $107.00*		(6	)		(4,594	)
					(16,344	)
Total Option Written (-0.0%) (Premiums Received $15,444)					(18,219	)
Total Investments Before Securities Sold Short (112.6%) (Cost/Amortized Cost $148,601,791)					146,794,811
	Principal Amount
SECURITIES SOLD SHORT:
U S Government Agencies (-4.7%)
Government National Mortgage Association
5 500%, 11/15/35 TBA	$	(1,300,000	)		(1,297,969	)
6 000%, 11/15/35 TBA		(300,000	)		(305,344	)
Federal National Mortgage Association
5 500%, 11/25/35 TBA		(4,100,000	)		(4,043,625	)
6 000%, 11/25/35 TBA		(300,000	)		(302,531	)
6 500%, 11/25/35 TBA		(200,000	)		(205,250	)
Total Securities Sold Short (-4.7%) (Proceeds $6,204,801)					(6,154,719	)
Total Investments (107.9%) (Cost/Amortized Cost $142,396,990)					140,640,092
Other Assets Less Liabilities (-7.9%)					(10,215,860	)
Net Assets (100%)				$	130,424,232

* Non-income producing.

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PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2005

† Securities (totaling $434,660 or 0.33% 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, 2005, the market value of these securities amounted to $4,484,503 or 3.44% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

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

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

(b) Illiquid security.

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

(d) Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of October 31, 2005 Maturity date disclosed is the ultimate maturity date.

(e) Security in default, non-income producing.

(f) Floating rate security Rate disclosed is as of October 31, 2005.

(h) Discount Note Security. Effective rate calculated as of October 31, 2005.

(i) Yield to maturity.

(n) Regulation S 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.

Glossary:

CMO — Collateralized Mortgage Obligation

EUR — European Currency Unit

JPY — Japanese Yen

REIT — Real Estate Investment Trust

TBA — Security is subject to delayed delivery

At October 31, 2005 the Portfolio had the following futures contracts open: (Note 1)

	Number of Contracts	Expiration Date	Original Value		Value at 10/31/05		Unrealized Appreciation/ (Depreciation)
Purchases
EURODollar	12	March-06	$	2,865,450	$	2,857,950	$	(7,500	)
EURODollar	8	June-06		1,904,000		1,903,500		(500	)
EURODollar	8	September-06		1,913,150		1,903,100		(10,050	)
U.S. 2 Year Treasury Notes	21	December-05		4,335,771		4,309,266		(26,505	)
U.S. Treasury Bond	47	December-05		5,480,306		5,262,531		(217,775	)
							$	(262,330	)
Sales
U.S. 5 Year Treasury Notes	50	December-05		5,383,537		5,294,531	$	89,006
U.S. 10 Year Treasury Notes	21	December-05		2,288,380		2,277,515		10,865
							$	99,871
							$	(162,459	)

At October 31, 2005 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)

	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
European Union, expiring 11/8/05	228	$	273,999	$	273,174	$	(825	)
Japanese Yen, expiring 12/1/05	40,361		354,998		347,866		(7,132	)
						$	(7,957	)
Foreign Currency Sell Contracts
European Union, expiring 11/8/05	2,751	$	3,313,030	$	3,296,056	$	16,974
European Union, expiring 11/8/05	173		208,405		207,277		1,128
European Union, expiring 11/8/05	8		9,543		9,585		(42	)
European Union, expiring 11/8/05	10		11,971		11,980		(9	)
						$	18,051
						$	10,094

74

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PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2005

Options written for the year ended October 31, 2005, were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding—November 1, 2004	20		$	14,744
Options Written	700,160			51,078
Options Terminated in Closing Purchase Transactions	(18	)		(5,974	)
Options Expired	(700,130	)		(44,404	)
Options Outstanding—October 31, 2005	32		$	15,444

Investment security transactions for the year ended October 31, 2005 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	165,525,039
U.S. Government securities		391,148,055
	$	556,673,094
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	155,043,101
U.S. Government securities		390,070,555
	$	545,113,656

As of October 31, 2005, 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	$	624,178
Aggregate gross unrealized depreciation		(2,667,089	)
Net unrealized depreciation	$	(2,042,911	)
Federal income tax cost of investments	$	148,855,941

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

See Notes to Financial Statements.

75

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AXA ENTERPRISE CONSERVATIVE ALLOCATION FUND

STATEMENT OF ASSETS AND LIABILITIES
October 31, 2005
ASSETS
Investments at value:
Affiliated issuers (Cost $2,575,813)	$	2,550,836
Unaffiliated issuers (Amortized cost $63,665)		63,665
Receivable for Fund shares sold		50,261
Dividends, interest and other receivables		5,502
Other assets		2,713
Total assets		2,672,977
LIABILITIES
Overdraft payable		10,668
Investment management fees payable		418
Payable for recoupment fees		32,220
Administrative fees payable		1,485
Distribution fees payable		1,362
Payable for securities purchased		1,000
Trustees’ fees payable		224
Payable for Fund shares redeemed		16
Accrued expenses		23,258
Total liabilities		70,651
NET ASSETS	$	2,602,326
Net assets were comprised of:
Paid in capital	$	2,606,274
Accumulated undistributed net investment income		17,711
Accumulated undistributed net realized gain		3,318
Unrealized depreciation on investments		(24,977	)
Net assets	$	2,602,326
Class A
Net asset value and redemption price per share, $1,649,516 / 163,743 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.07
Maximum sales charge (4.75% of offering price)		0.50
Maximum offering price to public	$	10.57
Class B
Net asset value and offering price per share, $449,435 / 44,743 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.04
Class C
Net asset value and offering price per share, $493,248 / 49,144 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.04
Class Y
Net asset value, offering and redemption price per share, $10,127 / 1,003 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.10
STATEMENT OF OPERATIONS
For the Period Ended October 31, 2005*
INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	24,402
Interest		1,051
Total income		25,453
EXPENSES
Administrative fees		29,594
Transfer agent fees		22,006
Professional fees		21,069
Registration and filing fees		10,962
Custodian fees		7,000
Investment management fees		1,603
Trustees’ fees		340
Printing and mailing expenses		325
Distribution fees - Class A		2,087
Distribution fees - Class B		1,653
Distribution fees - Class C		1,641
Miscellaneous		3,174
Gross expenses		101,454
Less: Waiver of investment management fees		(1,603	)
Reimbursement from investment manager		(92,038	)
Net expenses		7,813
NET INVESTMENT INCOME		17,640
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		3,318
Net change in unrealized depreciation on securities		(24,977	)
NET REALIZED AND UNREALIZED LOSS		(21,659	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,019	)

* The Fund commenced operations on January 10, 2005.

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	January 10, 2005* to October 31, 2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	17,640
Net realized gain on investments		3,318
Net change in unrealized depreciation on investments		(24,977	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		(4,019	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [165,387 shares]		1,669,827
Capital shares redeemed [(2,644) shares]		(26,610	)
Total Class A Transactions		1,643,217
Class B
Capital shares sold [53,121 shares]		533,425
Capital shares redeemed [(9,378) shares]		(94,793	)
Total Class B Transactions		438,632
Class C
Capital shares sold [48,169 shares]		484,723
Capital shares redeemed [(25) shares]		(251	)
Total Class C Transactions		484,472
Class Y
Capital shares sold [3 shares]		25
Capital shares redeemed [0 shares]		(1	)
Total Class Y Transactions		24
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		2,566,345
TOTAL INCREASE IN NET ASSETS		2,562,326
NET ASSETS:
Beginning of year		40,000
End of year (a)	$	2,602,326
(a)    Includes accumulated undistributed net investment income of	$	17,711
*       The Fund commenced operations on January 10, 2005.

See Notes to Financial Statements.

77

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2005

ASSETS
Investments at value:
Affiliated issuers (Cost $8,804,832)	$	8,783,624
Unaffiliated issuers (Amortized cost $62,987)		62,987
Cash		10,403
Receivable for Fund shares sold		132,066
Dividends, interest and other receivables		10,742
Other assets		2,715
Total assets		9,002,537
LIABILITIES
Payable for securities purchased		48,367
Payable for Fund shares redeemed		29,600
Investment management fees payable		1,447
Payable for recoupment fees		21,247
Distribution fees payable		5,250
Administrative fees payable		4,255
Trustees’ fees payable		566
Accrued expenses		23,753
Total liabilities		134,485
NET ASSETS	$	8,868,052
Net assets were comprised of:
Paid in capital	$	8,807,955
Accumulated undistributed net investment income		26,660
Accumulated undistributed net realized gain		54,645
Unrealized depreciation on investments		(21,208	)
Net assets	$	8,868,052
Class A
Net asset value and redemption price per share, $4,412,701 / 433,863 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.17
Maximum sales charge (4.75% of offering price)		0.51
Maximum offering price to public	$	10.68
Class B
Net asset value and offering price per share, $3,308,952 / 326,606 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.13
Class C
Net asset value and offering price per share, $1,136,164 / 112,085 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.14
Class Y
Net asset value, offering and redemption price per share, $10,235 / 1,002 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.21
STATEMENT OF OPERATIONS
For the Period Ended October 31, 2005*
INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	57,178
Interest		1,388
Total income		58,566
EXPENSES
Administrative fees		34,955
Transfer agent fees		28,015
Professional fees		22,468
Custodian fees		10,000
Registration and filing fees		9,962
Investment management fees		6,085
Printing and mailing expenses		1,241
Trustees’ fees		1,152
Distribution fees - Class A		6,167
Distribution fees - Class B		12,846
Distribution fees - Class C		3,795
Miscellaneous		3,521
Gross expenses		140,207
Less: Waiver of investment management fees		(6,085	)
Reimbursement from investment manager		(102,094	)
Net expenses		32,028
NET INVESTMENT INCOME		26,538
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		54,645
Net change in unrealized depreciation on securities		(21,208	)
NET REALIZED AND UNREALIZED GAIN		33,437
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	59,975

* The Fund commenced operations on January 10, 2005.

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	January 10, 2005* to October 31, 2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	26,538
Net change in realized gains on investments		54,645
Net changes in unrealized depreciation on investments		(21,208	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		59,975
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 441,856 shares ]		4,476,672
Capital shares redeemed [ (8,993) shares ]		(92,198	)
Total Class A Transactions		4,384,474
Class B
Capital shares sold [ 356,433 shares ]		3,575,709
Capital shares redeemed [ (30,827) shares ]		(314,518	)
Total Class B Transactions		3,261,191
Class C
Capital shares sold [ 111,180 shares ]		1,123,347
Capital shares redeemed [ (95) shares ]		(960	)
Total Class C Transactions		1,122,387
Class Y
Capital shares sold [ 2 shares ]		25
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		8,768,077
TOTAL INCREASE IN NET ASSETS		8,828,052
NET ASSETS:
Beginning of period		40,000
End of period (a)	$	8,868,052
(a)    Includes accumulated undistributed net investment income of	$	26,660
*       The Fund commenced operations on January 10, 2005.

See Notes to Financial Statements.

79

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AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2005

ASSETS
Investments in affiliates at value (Cost $109,118,885)	$	111,128,097
Receivable for Fund shares sold		809,830
Receivable from investment manager		169,910
Dividends, interest and other receivables		61,197
Receivable for securities sold		13,107
Other assets		5,155
Total assets		112,187,296
LIABILITIES
Overdraft payable		136,210
Payable for Fund shares redeemed		735,688
Distribution fees payable		65,360
Administrative fees payable		17,277
Trustees’ fees payable		2,505
Accrued expenses		115,974
Total liabilities		1,073,014
NET ASSETS	$	111,114,282
Net assets were comprised of:
Paid in capital	$	131,845,835
Accumulated undistributed net investment income		498,797
Accumulated net realized loss		(23,239,562	)
Unrealized appreciation on investments		2,009,212
Net assets	$	111,114,282
Class A
Net asset value and redemption price per share, $61,429,315 / 8,484,410 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.24
Maximum sales charge (4.75% of offering price)		0.36
Maximum offering price to public	$	7.60
Class B
Net asset value and offering price per share, $42,237,641 / 5,991,705 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.05
Class C
Net asset value and offering price per share, $7,140,507 / 1,016,508 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.02
Class Y
Net asset value, offering and redemption price per share, $306,819 / 41,949 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.31
STATEMENT OF OPERATIONS
For the Year Ended October 31, 2005
INVESTMENT INCOME
Dividends (net of $1,752 foreign withholding tax; $480,219 received from affiliates)	$	1,447,301
Interest (net of $97 foreign withholding tax)		925,709
Total income		2,373,010
EXPENSES
Investment management fees		622,918
Transfer agent fees		498,343
Administrative fees		109,868
Registration and filing fees		91,585
Professional fees		63,114
Printing and mailing expenses		59,113
Custodian fees		51,942
Trustees' fees		12,408
Distribution fees - Class A		274,397
Distribution fees - Class B		484,124
Distribution fees - Class C		68,478
Miscellaneous		35,130
Gross expenses		2,371,420
Less: Waiver of investment management fees.		(622,918	)
Reimbursement from investment manager.		(74,828	)
Fees paid indirectly		(94,766	)
Net expenses		1,578,908
NET INVESTMENT INCOME		794,102
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		12,047,989
Futures		313,713
Foreign currency transactions		(5,134	)
Net realized gain		12,356,568
Change in unrealized appreciation (depreciation) on:
Securities		(3,628,893	)
Futures		22,030
Net change in unrealized depreciation		(3,606,863	)
NET REALIZED AND UNREALIZED GAIN		8,749,705
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,543,807

See Notes to Financial Statements.

80

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AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31, 2005			Ten Months Ended October 31, 2004			Year Ended December 31, 2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	794,102		$	320,976		$	440,972
Net realized gain on investments and foreign currency transactions		12,356,568			7,785,783			315,951
Net change in unrealized (depreciation) on investments and foreign currency translations		(3,606,863	)		(6,291,478	)		21,822,590
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		9,543,807			1,815,281			22,579,513
DIVIDENDS:
Dividends from net investment income
Class A		(500,632	)		—			(489,743	)
Class B		(143,249	)		—			(221,365	)
Class C		(18,354	)		—			(28,213	)
Class Y		(4,511	)		—			(4,652	)
TOTAL DIVIDENDS		(666,746	)		—			(743,973	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [10,381,882, 2,142,195 and 1,457,641 shares, respectively]		73,552,486			14,276,434			8,974,311
Capital shares exchanged due to merger [0, 0 and 715,255 shares, respectively]		—			—			3,869,530
Capital shares issued in reinvestment of dividends [67,141, 0 and 71,401 shares, respectively]		476,033			—			466,915
Capital shares redeemed [(11,098,260), (1,752,487) and (2,072,674) shares, respectively]		(78,557,353	)		(11,668,318	)		(12,266,554	)
Total Class A transactions		(4,528,834	)		2,608,116			1,044,202
Class B
Capital shares sold [7,306,986, 691,443 and 1,078,927 shares, respectively ]		50,508,408			4,504,088			6,279,445
Capital shares exchanged due to merger [0, 0 and 769,770 shares, respectively]		—			—			4,064,388
Capital shares issued in reinvestment of dividends [19,867, 0 and 33,254 shares, respectively]		137,701			—			212,273
Capital shares redeemed [(9,464,370), (2,755,735) and (2,970,747) shares, respectively]		(65,406,621	)		(17,901,854	)		(17,261,995	)
Total Class B transactions		(14,760,512	)		(13,397,766	)		(6,705,889	)
Class C
Capital shares sold [1,171,027, 260,265 and 268,132 shares, respectively]		8,074,994			1,686,944			1,563,335
Capital shares exchanged due to merger [0, 0 and 283,161 shares, respectively]		—			—			1,492,258
Capital shares issued in reinvestment of dividends [2,537, 0 and 4,222 shares, respectively]		17,531			—			26,897
Capital shares redeemed [(1,189,263), (183,130) and (250,402) shares, respectively]		(8,192,917	)		(1,179,779	)		(1,450,794	)
Total Class C transactions		(100,392	)		507,165			1,631,696
Class Y
Capital shares sold [44,937, 2,151 and 3,418 shares, respectively]		320,827			14,453			19,962
Capital shares exchanged due to merger [0, 0 and 30,735 shares, respectively]		—			—			167,917
Capital shares issued in reinvestment of dividends [541, 0 and 580 shares, respectively]		3,859			—			3,817
Capital shares redeemed [(59,566), (2,267) and (9,471) shares, respectively]		(425,116	)		(15,314	)		(55,310	)
Total Class Y transactions		(100,430	)		(861	)		136,386
NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(19,490,168	)		(10,283,346	)		(3,893,605	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(10,613,107	)		(8,468,065	)		17,941,935
NET ASSETS:
Beginning of period		121,727,389			130,195,454			112,253,519
End of period (a)	$	111,114,282		$	121,727,389		$	130,195,454
(a)    Includes accumulated undistributed net investment income of	$	498,797		$	320,976		$	—

See Notes to Financial Statements.

81

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AXA ENTERPRISE AGGRESSIVE ALLOCATION FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2005

ASSETS
Investments at value:
Affiliated issuers (Cost $5,075,679)	$	5,149,250
Unaffiliated issuers (Amortized cost $56,567)		56,567
Receivable for Fund shares sold		30,662
Dividends, interest and other receivables		609
Other assets		2,714
Total assets		5,239,802
LIABILITIES
Overdraft payable		17,776
Investment management fees payable		819
Payable for recoupment fees		19,921
Payable for securities purchased		5,690
Administrative fees payable		3,786
Distribution fees payable		2,890
Payable for Fund shares redeemed		1,339
Trustees’ fees payable		439
Accrued expenses		23,934
Total liabilities		76,594
NET ASSETS	$	5,163,208
Net assets were comprised of:
Paid in capital	$	5,057,552
Accumulated net investment loss		(69	)
Accumulated undistributed net realized gain		32,154
Unrealized appreciation on investments		73,571
Net assets	$	5,163,208
Class A
Net asset value and redemption price per share, $2,746,426 / 262,503 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.46
Maximum sales charge (4.75% of offering price)		0.52
Maximum offering price to public	$	10.98
Class B
Net asset value and offering price per share, $1,216,422/116,784 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.42
Class C
Net asset value and offering price per share, $1,188,146/114,156 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.41
Class Y
Net asset value, offering and redemption price per share, $12,214 / 1,164 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.49

STATEMENT OF OPERATIONS

For the Period Ended October 31, 2005*

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	4,634
Interest		1,321
Total income		5,955
EXPENSES
Administrative fees		32,928
Transfer agent fees		30,012
Professional fees		21,463
Registration and filing fees		10,962
Custodian fees		9,000
Investment management fees		3,382
Trustees’ fees		740
Printing and mailing expenses		735
Distribution fees - Class A		3,965
Distribution fees - Class B		3,882
Distribution fees - Class C		4,129
Miscellaneous		3,282
Gross expenses		124,480
Less: Waiver of investment management fees		(3,382	)
Reimbursement from investment manager		(103,993	)
Net expenses		17,105
NET INVESTMENT LOSS		(11,150	)
REALIZED AND UNREALIZED GAIN
Net realized gain on securities		43,143
Net change in unrealized appreciation on securities		73,571
NET REALIZED AND UNREALIZED GAIN		116,714
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	105,564

* The Fund commenced operations on January 10, 2005.

See Notes to Financial Statements.

82

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STATEMENT OF CHANGES IN NET ASSETS

	January 10, 2005* to October 31, 2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(11,150	)
Net change in realized gains on investments		43,143
Net change in unrealized appreciation on investments		73,571
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		105,564
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [269,770 shares]		2,772,127
Capital shares redeemed [(8,267) shares]		(88,299	)
Total Class A Transactions		2,683,828
Class B
Capital shares sold [116,773 shares]		1,196,775
Capital shares redeemed [(989) shares]		(10,662	)
Total Class B Transactions		1,186,113
Class C
Capital shares sold [114,058 shares]		1,155,514
Capital shares redeemed [(902) shares]		(9,543	)
Total Class C Transactions		1,145,971
Class Y
Capital shares sold [164 shares]		1,735
Capital shares redeemed [0 shares]		(3	)
Total Class Y Transactions		1,732
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		5,017,644
TOTAL INCREASE IN NET ASSETS		5,123,208
NET ASSETS:
Beginning of period		40,000
End of period (a)	$	5,163,208
(a)    Includes accumulated net investment loss of	$	(69	)

* The Fund commenced operations on January 10, 2005.

See Notes to Financial Statements.

83

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AXA ENTERPRISE MULTIMANAGER GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2005

ASSETS
Investments at value (Cost $8,285,800)	$	10,798,688
Receivable for securities sold		26,889
Receivable from investment manager		22,966
Dividends, interest and other receivables		2,927
Receivable for Fund shares sold		1,469
Other assets		10,959
Total assets		10,863,898
LIABILITIES
Overdraft payable		1
Payable for securities purchased		38,982
Administrative fees payable		13,657
Distribution fees payable		1,288
Trustees’ fees payable		467
Payable for Fund shares redeemed		200
Accrued expenses		47,214
Total liabilities		101,809
NET ASSETS	$	10,762,089
Net assets were comprised of:
Paid in capital	$	10,180,747
Accumulated net investment loss		(21,508	)
Accumulated net realized loss		(1,910,038	)
Unrealized appreciation on investments		2,512,888
Net assets	$	10,762,089
Class A*
Net asset value and redemption price per share, $371,648 / 38,083 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.76
Maximum sales charge (4.75% of offering price)		0.49
Maximum offering price to public	$	10.25
Class B
Net asset value and offering price per share, $159,300 / 16,662 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.56
Class C
Net asset value and offering price per share, $266,289 / 27,883 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.55
Class P
Net asset value and redemption price per share, $3,774,127 / 385,948 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.78
Maximum sales charge (5.50% of offering price)		0.57
Maximum offering price to public	$	10.35
Class Y
Net asset value, offering and redemption price per share, $6,190,725 / 630,256 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.82
STATEMENT OF OPERATIONS For the Year Ended October 31, 2005
INVESTMENT INCOME
Dividends (net of $164 foreign withholding tax)	$	81,177
Interest		2,147
Total income		83,324
EXPENSES
Administrative fees		156,488
Investment management fees		107,111
Professional fees		59,347
Transfer agent fees		54,626
Registration and filing fees		53,450
Custodian fees		25,309
Printing and mailing expenses		17,371
Trustees’ fees		5,574
Distribution fees - Class A		1,030
Distribution fees - Class B		1,455
Distribution fees - Class C		2,605
Distribution fees - Class P		10,495
Miscellaneous		8,180
Gross expenses		503,041
Less:     Waiver of investment management fees		(107,111	)
Reimbursement from investment manager		(251,756	)
Fees paid indirectly		(2,301	)
Net expenses		141,873
NET INVESTMENT LOSS		(58,549	)
REALIZED AND UNREALIZED GAIN
Net realized gain on securities		175,976
Net change in unrealized appreciation on securities		1,054,544
NET REALIZED AND UNREALIZED GAIN		1,230,520
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,171,971

* Class A commenced operations December 13, 2004

See Notes to Financial Statements.

84

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AXA ENTERPRISE MULTIMANAGER GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31, 2005			Year Ended October 31, 2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(58,549	)	$	(93,262	)
Net realized gain (loss) on investments		175,976			(397,579	)
Net change in unrealized appreciation on investments		1,054,544			646,177
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,171,971			155,336
DIVIDENDS:
Dividends from net investment income
Class Y		(5,977	)		(5,950	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [40,553 and 0 shares, respectively]		372,821			—
Capital shares redeemed [(2,470) and 0 shares, respectively]		(23,550	)		—
Total Class A transactions		349,271			—
Class B
Capital shares sold [12,539 and 47,280 shares, respectively]		114,405			416,304
Capital shares redeemed [(290,727) and (43,988) shares, respectively]		(2,589,013	)		(381,871	)
Total Class B transactions		(2,474,608	)		34,433
Class C
Capital shares sold [1,140 and 2,591 shares, respectively]		10,879			23,048
Capital shares redeemed [(4,012) and (9,736) shares, respectively]		(35,806	)		(85,104	)
Total Class C transactions		(24,927	)		(62,056	)
Class P
Capital shares sold [292,629 and 49,820 shares, respectively]		2,647,891			440,908
Capital shares redeemed [(151,424) and (59,712) shares, respectively]		(1,388,763	)		(530,002	)
Total Class P transactions		1,259,128			(89,094	)
Class Y
Capital shares sold [2,088 and 2,957 shares, respectively]		20,806			25,778
Capital shares issued in reinvestment of dividends [51 and 97 shares, respectively]		475			842
Capital shares redeemed [(18,153) and (53,603) shares, respectively]		(171,253	)		(471,138	)
Total Class Y transactions		(149,972	)		(444,518	)
NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(1,041,108	)		(561,235	)
TOTAL INCREASE IN NET ASSETS		124,886			(411,849	)
NET ASSETS:
Beginning of year		10,637,203			11,049,052
End of year (a)	$	10,762,089		$	10,637,203
(a)    Includes accumulated net investment loss of	$	(21,508	)	$	(33,331	)
*       Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

85

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AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2005

ASSETS
Investments at value (Cost $11,200,980)	$	12,505,492
Cash		1,999
Receivable for securities sold		92,273
Receivable from investment manager		27,224
Dividends, interest and other receivables		6,861
Receivable for Fund shares sold		280
Other assets		11,013
Total assets		12,645,142
LIABILITIES
Payable for securities purchased		105,028
Administrative fees payable		13,956
Distribution fees payable		1,516
Trustees’ fees payable		638
Accrued expenses		51,278
Total liabilities		172,416
NET ASSETS	$	12,472,726
Net assets were comprised of:
Paid in capital	$	10,784,006
Accumulated overdistributed net investment income		(1,849	)
Accumulated undistributed net realized gain		386,057
Unrealized appreciation on investments		1,304,512
Net assets	$	12,472,726
Class A*
Net asset value and redemption price per share, $400,659 / 36,614 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.94
Maximum sales charge (4.75% of offering price)		0.54
Maximum offering price to public	$	11.48
Class B
Net asset value and offering price per share, $229,197 / 21,382 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.72
Class C
Net asset value and offering price per share, $363,176 / 33,871 shares outstanding (unlimited amount authorized: $0.001 par value	$	10.72
Class P
Net asset value and redemption price per share, $4,165,030 / 380,942 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.93
Maximum sales charge (5.50% of offering price)		0.63
Maximum offering price to public	$	11.56
Class Y
Net asset value, offering and redemption price per share, $7,314,664 / 666,776 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.97
STATEMENT OF OPERATIONS For the Year Ended October 31, 2005
INVESTMENT INCOME
Dividends (net of $567 foreign withholding tax)	$	236,702
Interest		5,900
Total income		242,602
EXPENSES
Administrative fees		159,401
Investment management fees		126,165
Professional fees		62,234
Registration and filing fees		53,420
Transfer agent fees		52,659
Custodian fees		30,521
Printing and mailing expenses		20,271
Trustees’ fees		6,004
Distribution fees - Class A		993
Distribution fees - Class B		2,092
Distribution fees - Class C		3,608
Distribution fees - Class P		11,438
Miscellaneous		8,927
Gross expenses		537,733
Less:     Waiver of investment management fees		(126,165	)
Reimbursement from investment manager		(241,973	)
Fees paid indirectly		(4,891	)
Net expenses		164,704
NET INVESTMENT INCOME		77,898
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		1,047,119
Foreign currency transactions		(1,289	)
Net realized gain		1,045,830
Net change in unrealized appreciation on securities		171,499
NET REALIZED AND UNREALIZED GAIN		1,217,329
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,295,227

* Class A commenced operations December 13, 2004

See Notes to Financial Statements.

86

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AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31, 2005			Year Ended October 31, 2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	77,898		$	(5,515	)
Net realized gain on investments		1,045,830			783,981
Net change in unrealized appreciation on investments		171,499			50,903
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,295,227			829,369
DIVIDENDS:
Dividends from net investment income
Class P		(10,853	)		—
Class Y		(32,943	)		(4,727	)
TOTAL DIVIDENDS		(43,796	)		(4,727	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [36,799 and 0 shares, respectively]		387,257			—
Capital shares redeemed [(185) and (0) shares, respectively]		(2,007	)		—
Total Class A transactions.		385,250			—
Class B
Capital shares sold [16,331 and 42,145 shares, respectively]		169,695			406,600
Capital shares redeemed [(300,336) and (37,047) shares, respectively]		(3,030,492	)		(354,544	)
Total Class B transactions		(2,860,797	)		52,056
Class C
Capital shares sold [4,911 and 5,179 shares, respectively]		51,264			49,486
Capital shares redeemed [(11,180) and (9,308) shares, respectively]		(116,770	)		(90,082	)
Total Class C transactions		(65,506	)		(40,596	)
Class P
Capital shares sold [305,752 and 34,552 shares, respectively]		3,127,892			332,663
Capital shares issued in reinvestment of dividends [917 and 0 shares, respectively]		9,640			—
Capital shares redeemed [(159,390) and (17,947) shares, respectively]		(1,681,264	)		(175,994	)
Total Class P transactions		1,456,268			156,669
Class Y
Capital shares sold [485 and 1,787 shares, respectively]		5,150			17,488
Capital shares issued in reinvestment of dividends [427 and 87 shares, respectively]		4,491			828
Capital shares redeemed [(32,484) and (33,609) shares, respectively]		(349,521	)		(324,898	)
Total Class Y transactions		(339,880	)		(306,582	)
NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(1,424,665	)		(138,453	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(173,234	)		686,189
NET ASSETS:
Beginning of year		12,645,960			11,959,771
End of year (a)	$	12,472,726		$	12,645,960
(a)    Includes accumulated overdistributed net investment income of	$	(1,849	)	$	(34,010	)

* Class A commenced operations December 13, 2004

See Notes to Financial Statements.

87

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AXA ENTERPRISE MULTIMANAGER VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2005

ASSETS
Investments at value (Cost $37,128,552)	$	38,516,109
Receivable for securities sold		674,833
Dividends, interest and other receivables		39,008
Receivable for Fund shares sold		17,042
Receivable from investment manager		3,226
Other assets		10,939
Total assets		39,261,157
LIABILITIES
Payable for securities purchased		833,383
Administrative fees payable		17,196
Payable for Fund shares redeemed		2,754
Distribution fees payable		1,700
Trustees’ fees payable		1,126
Accrued expenses		53,421
Total liabilities		909,580
NET ASSETS	$	38,351,577
Net assets were comprised of:
Paid in capital	$	35,461,845
Accumulated undistributed net investment income		119,559
Accumulated undistributed net realized gain		1,382,447
Unrealized appreciation on investments		1,387,726
Net assets	$	38,351,577
Class A*
Net asset value and redemption price per share, $356,391 / 29,788 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, $331,816 / 27,936 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.88
Class C
Net asset value and offering price per share, $494,302 / 41,584 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.89
Class P
Net asset value and redemption price per share, $4,107,880 / 343,502 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.96
Maximum sales charge (5.50% of offering price)		0.70
Maximum offering price to public	$	12.66
Class Y
Net asset value, offering and redemption price per share, $33,061,188 / 2,751,984 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.01
STATEMENT OF OPERATIONS
For the Year Ended October 31, 2005
INVESTMENT INCOME
Dividends	$	444,712
Interest		19,744
Total income		464,456
EXPENSES
Investment management fees		219,117
Administrative fees		173,350
Professional fees		66,481
Transfer agent fees		54,648
Registration and filing fees		53,469
Custodian fees		36,714
Printing and mailing expenses		22,433
Trustees’ fees		7,516
Distribution fees - Class A		986
Distribution fees - Class B		2,445
Distribution fees - Class C		4,343
Distribution fees - Class P		11,557
Miscellaneous		8,934
Gross expenses		661,993
Less: Waiver of investment management fees		(219,117	)
Reimbursement from investment manager		(160,549	)
Fees paid indirectly		(20,254	)
Net expenses		262,073
NET INVESTMENT INCOME		202,383
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		1,501,541
Foreign currency transactions		(1,059	)
Net realized gain		1,500,482
Change in unrealized appreciation on:
Securities		232,813
Foreign currency translations		69
Net change in unrealized appreciation		232,882
NET REALIZED AND UNREALIZED GAIN		1,733,364
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,935,747

* Class A commenced operations December 13, 2004

See Notes to Financial Statements.

88

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AXA ENTERPRISE MULTIMANAGER VALUE FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31, 2005			Year Ended October 31, 2004
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	202,383		$	92,524
Net realized gain on investments and foreign currency transactions		1,500,482			1,151,853
Net change in unrealized appreciation on investments and foreign currency translations		232,882			463,175
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,935,747			1,707,552
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A*		(614	)		—
Class B		(36	)		—
Class C		(205	)		—
Class P		(41,094	)		(11,759	)
Class Y		(77,436	)		(52,483	)
		(119,385	)		(64,242	)
Distributions from net realized capital gains
Class A*		(1,478	)		—
Class B		(1,001	)		—
Class C		(5,703	)		—
Class P		(74,231	)		—
Class Y		(106,147	)		—
		(188,560	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(307,945	)		(64,242	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [33,692 and 0 shares, respectively]		393,536			—
Capital shares issued in reinvestment of dividends and distributions [184 and 0 shares, respectively]		2,092			—
Capital shares redeemed [(4,088) and 0 shares, respectively]		(48,733	)		—
Total Class A transactions		346,895			—
Class B
Capital shares sold [28,165 and 19,071 shares, respectively]		329,065			196,437
Capital shares issued in reinvestment of dividends and distributions [10 and 0 shares, respectively]		113			—
Capital shares redeemed [(258,206) and (59,056) shares, respectively]		(2,891,318	)		(616,736	)
Total Class B transactions		(2,562,140	)		(420,299	)
Class C
Capital shares sold [14,016 and 3,788 shares, respectively]		162,842			39,323
Capital shares issued in reinvestment of dividends and distributions [439 and 0 shares, respectively]		4,984			—
Capital shares redeemed [(7,603) and (9,865) shares, respectively]		(88,763	)		(103,882	)
Total Class C transactions		79,063			(64,559	)
Class P
Capital shares sold [252,201 and 35,490 shares, respectively]		2,839,648			365,364
Capital shares issued in reinvestment of dividends and distributions [9,332 and 1,013 shares, respectively]		105,828			10,176
Capital shares redeemed [(123,033) and (40,823) shares, respectively]		(1,432,050	)		(430,749	)
Total Class P transactions		1,513,426			(55,209	)
Class Y
Capital shares sold [2,241,130 and 1,023 shares, respectively]		26,493,398			10,313
Capital shares issued in reinvestment of dividends and distributions [1,147 and 573 shares, respectively]		13,036			5,767
Capital shares redeemed [(124,336) and (28,784) shares, respectively]		(1,477,329	)		(301,640	)
Total Class Y transactions		25,029,105			(285,560	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		24,406,349			(825,627	)
TOTAL INCREASE IN NET ASSETS		26,034,151			817,683
NET ASSETS:
Beginning of year		12,317,426			11,499,743
End of year (a)	$	38,351,577		$	12,317,426
(a)    Includes accumulated undistributed net investment income of	$	119,559		$	37,424

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

89

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AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2005

ASSETS
Investments at value (Cost $10,946,576)	$	12,860,181
Receivable for securities sold		155,171
Receivable from investment manager		23,060
Receivable for Fund shares sold		4,729
Dividends, interest and other receivables		2,249
Other assets		12,398
Total assets		13,057,788
LIABILITIES
Overdraft payable		1,023
Payable for securities purchased		94,215
Administrative fees payable		14,045
Distribution fees payable		1,874
Trustees’ fees payable		730
Payable for Fund shares redeemed		232
Accrued expenses		54,290
Total liabilities		166,409
NET ASSETS	$	12,891,379
Net assets were comprised of:
Paid in capital	$	11,556,334
Accumulated net investment loss		(21,932	)
Accumulated net realized loss		(556,628	)
Unrealized appreciation on investments		1,913,605
Net assets	$	12,891,379
Class A*
Net asset value and redemption price per share, $886,489/ 89,440 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.91
Maximum sales charge (4.75% of offering price)		0.49
Maximum offering price to public	$	10.40
Class B
Net asset value and offering price per share, $194,585 / 20,191 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.64
Class C
Net asset value and offering price per share, $330,971 / 34,403 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.62
Class P
Net asset value and redemption price per share, $5,094,292 / 513,531 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.92
Maximum sales charge (5.50% of offering price)		0.58
Maximum offering price to public	$	10.50
Class Y
Net asset value, offering and redemption price per share, $6,385,042 / 637,595 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.01
STATEMENT OF OPERATIONS For the Year Ended October 31, 2005
INVESTMENT INCOME
Dividends (net of $76 foreign withholding tax)	$	40,353
Interest		5,754
Total income		46,107
EXPENSES
Administrative fees		159,794
Investment management fees		154,419
Professional fees		62,153
Transfer agent fees		59,475
Registration and filing fees		56,303
Custodian fees		30,968
Printing and mailing expenses		20,853
Trustees’ fees		6,262
Distribution fees - Class A		1,990
Distribution fees - Class B		1,695
Distribution fees - Class C		3,410
Distribution fees - Class P		14,205
Miscellaneous		9,259
Gross expenses		580,786
Less:     Waiver of investment management fees		(154,419	)
Reimbursement from investment manager		(218,366	)
Fees paid indirectly		(5,509	)
Net expenses		202,492
NET INVESTMENT LOSS		(156,385	)
REALIZED AND UNREALIZED GAIN
Net realized gain on securities		1,423,444
Net change in unrealized appreciation on securities		150,924
NET REALIZED AND UNREALIZED GAIN		1,574,368
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,417,983

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31, 2005			Year Ended October 31, 2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(156,385	)	$	(161,265	)
Net realized gain on investments		1,423,444			1,035,207
Net change in unrealized appreciation (depreciation) on investments		150,924			(340,009	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,417,983			533,933
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [117,244 and 0 shares, respectively]		1,143,736			—
Capital shares redeemed [(27,804) and 0 shares, respectively]		(281,976	)		—
Total Class A transactions		861,760			—
Class B
Capital shares sold [15,316 and 33,890 shares, respectively]		144,675			291,807
Capital shares redeemed [(370,206) and (53,350) shares, respectively]		(3,328,423	)		(453,038	)
Total Class B transactions		(3,183,748	)		(161,231	)
Class C
Capital shares sold [4,750 and 5,505 shares, respectively]		44,426			47,872
Capital shares redeemed [(10,887) and (10,096) shares, respectively]		(101,640	)		(85,769	)
Total Class C transactions		(57,214	)		(37,897	)
Class P
Capital shares sold [365,203 and 53,573 shares, respectively]		3,352,503			468,501
Capital shares redeemed [(160,899) and (32,447) shares, respectively]		(1,546,319	)		(282,301	)
Total Class P transactions		1,806,184			186,200
Class Y
Capital shares sold [24,739 and 4,933 shares, respectively]		232,298			43,325
Capital shares redeemed [(45,139) and (33,292) shares, respectively]		(431,924	)		(274,443	)
Total Class Y transactions		(199,626	)		(231,118	)
NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(772,644	)		(244,046	)
TOTAL INCREASE IN NET ASSETS		645,339			289,887
NET ASSETS:
Beginning of year		12,246,040			11,956,153
End of year (a)	$	12,891,379		$	12,246,040
(a)    Includes accumulated net investment loss of	$	(21,932	)	$	(33,574	)

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

91

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2005

ASSETS
Investments at value (Cost $15,060,526)	$	16,980,551
Receivable for securities sold		169,787
Receivable from investment manager		55,992
Dividends, interest and other receivables		9,880
Receivable for Fund shares sold		8,321
Other assets		12,388
Total assets		17,236,919
LIABILITIES
Overdraft payable		14
Payable for securities purchased		146,046
Administrative fees payable		14,697
Payable for Fund shares redeemed		9,851
Distribution fees payable		2,610
Trustees’ fees payable		848
Accrued expenses		63,122
Total liabilities		237,188
NET ASSETS	$	16,999,731
Net assets were comprised of:
Paid in capital	$	13,331,283
Accumulated net investment loss		(23,826	)
Accumulated undistributed net realized gain		1,772,250
Unrealized appreciation on investments		1,920,024
Net assets	$	16,999,731
Class A*
Net asset value and redemption price per share, $1,233,140 / 101,192 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.19
Maximum sales charge (4.75% of offering price)		0.61
Maximum offering price to public	$	12.80
Class B
Net asset value and offering price per share, $412,132 / 34,483 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.95
Class C
Net asset value and offering price per share, $541,947 / 45,423 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.93
Class P
Net asset value and redemption price per share, $6,579,107 / 539,057 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.20
Maximum sales charge (5.50% of offering price)		0.71
Maximum offering price to public	$	12.91
Class Y
Net asset value, offering and redemption price per share, $8,233,405 / 671,187 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.27
STATEMENT OF OPERATIONS For the Year Ended October 31, 2005
INVESTMENT INCOME
Dividends (net of $275 foreign withholding tax)	$	216,458
Interest		7,965
Total income		224,423
EXPENSES
Investment management fees		201,462
Administrative fees		165,835
Professional fees		68,525
Transfer agent fees		65,031
Registration and filing fees		56,265
Custodian fees		53,858
Printing and mailing expenses		26,874
Trustees’ fees		6,820
Distribution fees - Class A		2,013
Distribution fees - Class B		2,769
Distribution fees - Class C		4,911
Distribution fees - Class P		18,368
Miscellaneous		9,816
Gross expenses		682,547
Less:     Waiver of investment management fees		(201,462	)
Reimbursement from investment manager		(209,473	)
Fees paid indirectly		(3,907	)
Net expenses		267,705
NET INVESTMENT LOSS		(43,282	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		2,375,648
Foreign currency transactions		(8	)
Net realized gain		2,375,640
Net change in unrealized depreciation securities		(554,063	)
NET REALIZED AND UNREALIZED GAIN		1,821,577
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,778,295

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31, 2005			Year Ended October 31, 2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(43,282	)	$	(63,472	)
Net realized gain on investments and foreign currency transactions		2,375,640			2,009,294
Net change in unrealized depreciation on investments		(554,063	)		(160,997	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,778,295			1,784,825
DIVIDENDS:
Dividends from net investment income
Class Y		—			(9,982	)
TOTAL DIVIDENDS		—			(9,982	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [108,842 and 0 shares, respectively]		1,328,098			—
Capital shares redeemed [(7,650) and 0 shares, respectively]		(93,218	)		—
Total Class A transactions		1,234,880			—
Class B
Capital shares sold [31,618 and 29,942 shares, respectively]		376,048			313,332
Capital shares redeemed [(348,843) and (55,346) shares, respectively]		(3,881,559	)		(582,681	)
Total Class B transactions		(3,505,511	)		(269,349	)
Class C
Capital shares sold [14,028 and 2,328 shares, respectively]		167,889			24,630
Capital shares redeemed [(11,307) and (10,092) shares, respectively]		(134,418	)		(105,128	)
Total Class C transactions		33,471			(80,498	)
Class P
Capital shares sold [342,688 and 49,556 shares, respectively]		3,868,153			524,549
Capital shares redeemed [(160,799) and (77,905) shares, respectively]		(1,937,983	)		(839,311	)
Total Class P transactions		1,930,170			(314,762	)
Class Y
Capital shares sold [64,729 and 13,643 shares, respectively]		766,888			144,846
Capital shares issued in reinvestment of dividends [0 and 172 shares, respectively]		—			1,767
Capital shares redeemed [(80,237) and (43,529) shares, respectively]		(978,260	)		(454,985	)
Total Class Y transactions		(211,372	)		(308,372	)
NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(518,362	)		(972,981	)
TOTAL INCREASE IN NET ASSETS		1,259,933			801,862
NET ASSETS:
Beginning of year		15,739,798			14,937,936
End of year (a)	$	16,999,731		$	15,739,798
(a)    Includes accumulated net investment loss of	$	(23,826	)	$	(35,091	)

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

93

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2005

ASSETS
Investments at value (Cost $36,847,183)	$	40,539,589
Cash		149,456
Foreign cash (Cost $129,676)		129,404
Receivable for securities sold		264,723
Dividends, interest and other receivables		77,513
Receivable for Fund shares sold		47,322
Receivable from investment manager		16,584
Unrealized appreciation of forward foreign currency contracts		1,346
Unrealized appreciation on futures contracts		946
Other assets		32,414
Total assets		41,259,297
LIABILITIES
Payable for securities purchased		279,987
Administrative fees payable		17,600
Payable for Fund shares redeemed		14,807
Distribution fees payable		2,723
Trustees’ fees payable		1,290
Unrealized depreciation of forward foreign currency contracts		305
Accrued expenses		75,502
Total liabilities		392,214
NET ASSETS	$	40,867,083
Net assets were comprised of:
Paid in capital	$	35,268,471
Accumulated undistributed net investment income		172,588
Accumulated undistributed net realized gain		1,733,194
Unrealized appreciation on investments		3,692,830
Net assets	$	40,867,083
Class A*
Net asset value and redemption price per share, $1,729,189 / 131,535 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.15
Maximum sales charge (4.75% of offering price)		0.66
Maximum offering price to public	$	13.81
Class B
Net asset value and offering price per share, $743,953 / 57,058 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.04
Class C
Net asset value and offering price per share, $682,167 / 52,297 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.04
Class P
Net asset value and redemption price per share, $4,208,398 / 320,395 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.14
Maximum sales charge (5.50% of offering price)		0.76
Maximum offering price to public	$	13.90
Class Y
Net asset value, offering and redemption price per share, $33,503,376 / 2,542,240 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.18
STATEMENT OF OPERATIONS For the Year Ended October 31, 2005
INVESTMENT INCOME
Dividends (net of $45,109 foreign withholding tax)	$	590,912
Interest		4,777
Total income		595,689
EXPENSES
Investment management fees		277,273
Administrative fees		176,693
Custodian fees		106,989
Professional fees		67,937
Transfer agent fees		57,651
Registration and filing fees		55,705
Printing and mailing expenses		23,990
Trustees’ fees		8,263
Distribution fees - Class A		3,597
Distribution fees - Class B		4,685
Distribution fees - Class C		4,947
Distribution fees - Class P		11,146
Miscellaneous		9,424
Gross expenses		808,300
Less:     Waiver of investment management fees.		(277,273	)
Reimbursement of investment manager fees		(108,477	)
Fees paid indirectly		(10,115	)
Net expenses		412,435
NET INVESTMENT INCOME		183,254
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		1,798,336
Futures		13,802
Foreign currency transactions		70,865
Net realized gain		1,883,003
Change in unrealized appreciation (depreciation) on:
Securities		1,944,609
Futures		44
Foreign currency translations		(4,674	)
Net change in unrealized appreciation		1,939,979
NET REALIZED AND UNREALIZED GAIN		3,822,982
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,006,236

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

94

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31, 2005			Year Ended October 31, 2004
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	183,254		$	54,768
Net realized gain on investments and foreign currency transactions		1,883,003			1,137,928
Net change in unrealized appreciation on investments and foreign currency translations		1,939,979			640,574
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		4,006,236			1,833,270
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A*		(734	)		—
Class B		(107	)		—
Class C		(592	)		—
Class P		(44,135	)		(8,901	)
Class Y		(88,777	)		(49,994	)
		(134,345	)		(58,895	)
Distributions from net realized capital gains
Class A*		(276	)		—
Class B		(178	)		—
Class C		(981	)		—
Class P		(12,995	)		—
Class Y		(20,475	)		—
		(34,905	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(169,250	)		(58,895	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [148,181and 0 shares, respectively]		1,848,860			—
Capital shares issued in reinvestment of dividends and distributions [83 and 0 shares, respectively]		1,010			—
Capital shares redeemed [(16,729) and 0 shares, respectively]		(220,674	)		—
Total Class A transactions		1,629,196			—
Class B
Capital shares sold [58,620 and 30,102 shares, respectively]		727,672			310,902
Capital shares redeemed [(249,435) and (31,581) shares, respectively]		(2,930,627	)		(345,706	)
Total Class B transactions		(2,202,955	)		(34,804	)
Class C
Capital shares sold [27,852 and 5,381 shares, respectively]		341,970			57,476
Capital shares issued in reinvestment of dividends and distributions [106 and 0 shares, respectively]		1,283			—
Capital shares redeemed [(6,503) and (5,954) shares, respectively]		(81,224	)		(62,821	)
Total Class C transactions		262,029			(5,345	)
Class P
Capital shares sold [244,067 and 38,940 shares, respectively]		2,887,280			419,411
Capital shares issued in reinvestment of dividends and distributions [4,531 and 771 shares, respectively]		54,963			7,990
Capital shares redeemed [(101,924) and (25,852) shares, respectively]		(1,268,785	)		(284,755	)
Total Class P transactions		1,673,458			142,646
Class Y
Capital shares sold [2,113,446 and 2,545 shares, respectively]		25,866,392			27,505
Capital shares issued in reinvestment of dividends and distributions [498 and 293 shares, respectively]		6,051			3,032
Capital shares redeemed [(193,707) and (9,787) shares, respectively]		(2,459,915	)		(106,551	)
Total Class Y transactions		23,412,528			(76,014	)
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		24,774,256			26,483
TOTAL INCREASE IN NET ASSETS		28,611,242			1,800,858
NET ASSETS:
Beginning of year		12,255,841			10,454,983
End of year (a)	$	40,867,083		$	12,255,841
(a)    Includes accumulated undistributed net investment income of	$	172,588		$	18,585

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

95

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STATEMENT OF ASSETS AND LIABILITIES October 31, 2005

ASSETS
Investments at value (Cost $66,476,195)	$	68,961,544
Foreign cash (Cost $34,111)		34,000
Receivable for securities sold		955,453
Receivable for Fund shares sold		92,586
Dividends, interest and other receivables		11,443
Receivable from investment manager		6,427
Other assets		11,328
Total assets		70,072,781
LIABILITIES
Overdraft payable		101,294
Payable for securities purchased		990,221
Payable for Fund shares redeemed		152,891
Distribution fees payable		41,014
Administrative fees payable		21,077
Options written, at value (Premiums received $9,924)		14,220
Trustees’ fees payable		2,370
Accrued expenses		48,557
Total liabilities		1,371,644
NET ASSETS	$	68,701,137
Net assets were comprised of:
Paid in capital	$	324,457,607
Accumulated net investment loss		(19,890	)
Accumulated net realized loss		(258,217,389	)
Unrealized appreciation on investments		2,480,809
Net assets	$	68,701,137
Class A*
Net asset value and redemption price per share, $23,301,308 / 2,350,533 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.91
Maximum sales charge (4.75% of offering price)		0.49
Maximum offering price to public	$	10.40
Class B
Net asset value and offering price per share, $30,012,466 / 3,103,684 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.67
Class C
Net asset value and offering price per share, $7,752,586 / 801,493 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.67
Class P
Net asset value and redemption price per share, $1,297,407 / 130,624 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.93
Maximum sales charge (5.50% of offering price)		0.58
Maximum offering price to public	$	10.51
Class Y
Net asset value, offering and redemption price per share, $6,337,370 / 634,164 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.99
STATEMENT OF OPERATIONS
For the Year Ended October 31, 2005
INVESTMENT INCOME
Dividends (net of $2,469 foreign withholding tax)	$	101,257
Interest		22,834
Total income		124,091
EXPENSES
Investment management fees		304,435
Administrative fees		175,607
Transfer agent fees		142,480
Proxy fees		107,427
Professional fees		66,597
Registration and filing fees		55,741
Custodian fees		49,051
Printing and mailing expenses		15,361
Trustees’ fees		9,725
Distribution fees - Class A		27,796
Distribution fees - Class B		79,771
Distribution fees - Class C		21,497
Distribution fees - Class P		3,339
Miscellaneous		6,644
Gross expenses		1,065,471
Less:  Waiver of investment management fees		(304,435	)
Reimbursement from investment manager		(231,173	)
Fees paid indirectly		(176,071	)
Net expenses		353,792
NET INVESTMENT LOSS		(229,701	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		7,764,993
Options written		(45,671	)
Foreign currency transactions		(6,319	)
Net realized gain		7,713,003
Change in unrealized depreciation on:
Securities		(5,966,596	)
Options written		(4,296	)
Foreign currency translations		(244	)
Net change in unrealized depreciation		(5,971,136	)
NET REALIZED AND UNREALIZED GAIN		1,741,867
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,512,166

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

96

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31, 2005			Year Ended October 31, 2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(229,701	)	$	(103,651	)
Net realized gain on investments and foreign currency transactions		7,713,003			596,834
Net change in unrealized depreciation on investments and foreign currency translations		(5,971,136	)		(699,250	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,512,166			(206,067	)
DIVIDENDS:
Dividends from net investment income
Class Y		—			(2,033	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [123,115 and 0 shares, respectively]		1,217,038			—
Capital shares issued in connection with merger (Note 11) [2,443,191 and 0 shares, respectively]		23,967,706			—
Capital shares redeemed [(215,773) and 0 shares, respectively]		(2,125,270	)		—
Total Class A transactions.		23,059,474			—
Class B
Capital shares sold [125,535 and 45,075 shares, respectively]		1,244,849			400,799
Capital shares issued in connection with merger (Note 11) [3,176,784 and 0 shares, respectively]		30,428,133			—
Capital shares redeemed [(317,999) and (43,462) shares, respectively]		(2,972,918	)		(379,904	)
Total Class B transactions		28,700,064			20,895
Class C
Capital shares sold [42,981 and 1,783 shares, respectively]		429,444			15,313
Capital shares issued in connection with merger (Note 11) [846,495 and 0 shares, respectively]		8,109,425			—
Capital shares redeemed [(95,676) and (988) shares, respectively]		(917,531	)		(8,301	)
Total Class C transactions		7,621,338			7,012
Class P
Capital shares sold [ 112,359 and 14,876 shares, respectively ]		859,797			134,946
Capital shares redeemed [(35,712) and (13,821) shares, respectively]		(335,121	)		(119,940	)
Total Class P transactions		524,676			15,006
Class Y
Capital shares sold [8,369 and 4,383 shares, respectively]		126,531			37,628
Capital shares issued in connection with merger (Note 11) [43,673 and 0 shares, respectively]		431,046			—
Capital shares issued in reinvestment of dividends [0 and 24 shares, respectively]		—			217
Capital shares redeemed [(34,805) and (42,714) shares, respectively]		(327,033	)		(371,165	)
Total Class Y transactions		230,544			(333,320	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		60,136,096			(290,407	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		61,648,262			(498,507	)
NET ASSETS:
Beginning of year		7,052,875			7,551,382
End of year (a)	$	68,701,137		$	7,052,875
(a)    Includes accumulated net investment loss of	$	(19,890	)	$	(31,501	)

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

97

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2005

ASSETS
Investments at value (Cost $8,404,735)	$	9,192,121
Foreign cash (Cost $7,567)		7,480
Receivable for securities sold		192,001
Receivable from investment manager		27,577
Dividends, interest and other receivables		11,527
Receivable for Fund shares sold		2,620
Other assets		10,738
Total assets		9,444,064
LIABILITIES
Overdraft payable		16
Payable for securities purchased		190,970
Administrative fees payable		13,395
Payable for Fund shares redeemed		2,620
Options written, at value (Premiums received $528)		1,040
Distribution fees payable		868
Trustees’ fees payable		356
Accrued expenses		48,419
Total liabilities		257,684
NET ASSETS	$	9,186,380
Net assets were comprised of:
Paid in capital	$	8,075,574
Accumulated net investment loss		(20,256	)
Accumulated undistributed net realized gain		344,670
Unrealized appreciation on investments		786,392
Net assets	$	9,186,380
Class A*
Net asset value and redemption price per share, $407,514 / 37,112 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.98
Maximum sales charge (4.75% of offering price)		0.55
Maximum offering price to public	$	11.53
Class B
Net asset value and offering price per share, $233,843 / 21,802 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.73
Class C
Net asset value and offering price per share, $182,856 / 17,041 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.73
Class P
Net asset value and redemption price per share, $1,796,426 / 163,572 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.98
Maximum sales charge (5.50% of offering price)		0.64
Maximum offering price to public	$	11.62
Class Y
Net asset value, offering and redemption price per share, $6,565,741 / 593,118 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.07

STATEMENT OF OPERATIONS For the Year Ended October 31, 2005
INVESTMENT INCOME
Dividends (net of $2,574 foreign withholding tax)	$	80,299
Interest		7,995
Total income		88,294
EXPENSES
Administrative fees		153,467
Investment management fees		113,918
Professional fees		54,494
Registration and filing fees		53,677
Transfer agent fees		45,664
Custodian fees		45,339
Printing and mailing expenses		13,534
Trustees’ fees		5,414
Distribution fees - Class A		940
Distribution fees - Class B		1,340
Distribution fees - Class C		1,330
Distribution fees - Class P		4,809
Miscellaneous		7,347
Gross expenses		501,273
Less:  Waiver of investment management fees		(113,918	)
Reimbursement from investment manager fees		(229,895	)
Fees paid indirectly		(2,981	)
Net expenses		154,479
NET INVESTMENT LOSS		(66,185	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		615,106
Options written		1,163
Foreign currency transactions		3,221
Net realized gain		619,490
Change in unrealized appreciation (depreciation) on:
Securities		423,925
Options written		(512	)
Foreign currency translations		(977	)
Net change in unrealized appreciation		422,436
NET REALIZED AND UNREALIZED GAIN		1,041,926
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	975,741

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

98

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AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31, 2005			Year Ended October 31, 2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(66,185	)	$	(71,324	)
Net realized gain on investments and foreign currency transactions		619,490			1,040,878
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		422,436			(98,721	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		975,741			870,833
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class Y		—			(2,773	)
Distributions from net realized capital gains
Class A*		(5,529	)		—
Class B		(3,357	)		—
Class C		(5,699	)		—
Class P		(116,435	)		—
Class Y		(357,616	)		—
		(488,636	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(488,636	)		(2,773	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [38,038 and 0 shares, respectively]		408,660			—
Capital shares issued in reinvestment of distributions [525 and 0 shares, respectively]		5,529			—
Capital shares redeemed [(1,451) and 0 shares, respectively]		(15,774	)		—
Total Class A transactions		398,415			—
Class B
Capital shares sold [16,816 and 17,601 shares, respectively]		176,994			175,753
Capital shares issued in reinvestment of distributions [17 and 0 shares, respectively]		177			—
Capital shares redeemed [(120,655) and (13,061) shares, respectively]		(1,275,824	)		(132,824	)
Total Class B transactions		(1,098,653	)		42,929
Class C
Capital shares sold [9,878 and 897 shares, respectively]		103,423			9,372
Capital shares issued in reinvestment of distributions [243 and 0 shares, respectively]		2,519			—
Capital shares redeemed [(2,603) and (9,064) shares, respectively]		(28,085	)		(91,107	)
Total Class C transactions		77,857			(81,735	)
Class P
Capital shares sold [119,348 and 16,361 shares, respectively]		1,281,770			165,816
Capital shares issued in reinvestment of distributions [9,853 and 0 shares, respectively]		103,752			—
Capital shares redeemed [(47,008) and (20,408) shares, respectively]		(502,010	)		(212,276	)
Total Class P transactions		883,512			(46,460	)
Class Y
Capital shares sold [7,012 and 1,668 shares, respectively]		74,544			17,273
Capital shares issued in reinvestment of dividends and distributions [800 and 8 shares, respectively]		8,470			79
Capital shares redeemed [(14,210) and (4,991) shares, respectively]		(154,766	)		(52,307	)
Total Class Y transactions		(71,752	)		(34,955	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		189,379			(120,221	)
TOTAL INCREASE IN NET ASSETS		676,484			747,839
NET ASSETS:
Beginning of year		8,509,896			7,762,057
End of year (a)	$	9,186,380		$	8,509,896
(a)    Includes accumulated net investment loss of	$	(20,256	)	$	(32,290	)

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

99

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AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

STATEMENT OF ASSETS AND LIABILITIES October 31, 2005

ASSETS
Investments at value (Cost $148,617,235)	$	146,813,030
Cash		4,067
Foreign cash (Cost $3,282)		3,285
Receivable for securities sold		23,380,137
Dividends, interest and other receivables		978,781
Receivable for Fund shares sold		131,216
Unrealized appreciation of forward foreign currency contracts		18,102
Variation margin receivable on futures contracts		4,821
Receivable from investment manager		4,403
Other assets		10,933
Total assets		171,348,775
LIABILITIES
Payable for securities purchased		34,294,290
Securities sold short (Proceeds received $6,204,801)		6,154,719
Payable for Fund shares redeemed		177,074
Distribution fees payable		53,850
Administrative fees payable		26,210
Options written, at value (Premiums received $15,444)		18,219
Unrealized depreciation of forward foreign currency contracts		8,008
Trustees’ fees payable		3,942
Accrued expenses		188,231
Total liabilities		40,924,543
NET ASSETS	$	130,424,232
Net assets were comprised of:
Paid in capital	$	132,664,218
Accumulated overdistributed net investment income		(70,990	)
Accumulated overdistributed net realized gain		(258,904	)
Unrealized depreciation on investments		(1,910,092	)
Net assets	$	130,424,232
Class A*
Net asset value and redemption price per share, $39,508,090 / 4,018,030 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	9.83
Maximum sales charge (4.75% of offering price)		0.49
Maximum offering price to public	$	10.32
Class B
Net asset value and offering price per share, $24,373,416 / 2,485,181 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	9.81
Class C
Net asset value and offering price per share, $18,818,806 / 1,919,713 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	9.80
Class P
Net asset value and redemption price per share, $7,976,793 / 812,150 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	9.82
Maximum sales charge (5.50% of offering price)		0.57
Maximum offering price to public	$	10.39
Class Y
Net asset value, offering and redemption price per share, $39,747,127 / 4,042,326 shares outstanding (Unlimited amount authorized: $0.001 par value)	$	9.83

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2005

INVESTMENT INCOME
Interest (net of $9,712 foreign withholding tax)	$	3,357,891
Dividends		132
Total income		3,358,023
EXPENSES
Investment management fees		539,292
Administrative fees		225,168
Proxy fees		209,449
Transfer agent fees		148,789
Professional fees		123,753
Custodian fees		76,891
Printing and mailing expenses		68,946
Registration and filing fees		57,040
Trustees’ fees		15,310
Distribution fees - Class A		74,771
Distribution fees - Class B		106,668
Distribution fees - Class C		85,510
Distribution fees - Class P		24,108
Miscellaneous		17,001
Gross expenses		1,772,696
Less:  Waiver of investment management fees		(539,292	)
Reimbursement from investment manager		(325,967	)
Net expenses		907,437
NET INVESTMENT INCOME		2,450,586
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(220,537	)
Securities Sold Short		41,928
Options written		46,529
Futures		169,801
Foreign currency transactions		19,854
Net realized gain		57,575
Change in unrealized appreciation (depreciation) on:
Securities		(3,349,267	)
Securities sold short		60,250
Options written		(10,988	)
Futures		(213,421	)
Foreign currency translations		33,914
Net change in unrealized depreciation		(3,479,512	)
NET REALIZED AND UNREALIZED LOSS		(3,421,937	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(971,351	)

* Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

100

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AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended October 31, 2005			Year Ended October 31, 2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,450,586		$	967,978
Net realized gain on investments and foreign currency transactions		57,575			528,176
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(3,479,512	)		390,484
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		(971,351	)		1,886,638
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A*		(556,155	)		—
Class B		(293,061	)		(203,989	)
Class C		(236,221	)		(31,142	)
Class P		(322,804	)		(141,213	)
Class Y		(1,142,047	)		(890,853	)
		(2,550,288	)		(1,267,197	)
Distributions from net realized capital gains
Class A*		(1,571	)		—
Class B		(764	)		(168,728	)
Class C		(13,746	)		(27,625	)
Class P		(153,466	)		(82,667	)
Class Y		(362,029	)		(482,544	)
		(531,576	)		(761,564	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(3,081,864	)		(2,028,761	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [487,737 and 0 shares, respectively]		4,960,597			—
Capital shares issued in connection with merger (Note 11) [3,997,850 and 0 shares, respectively]		40,393,172			—
Capital shares issued in reinvestment of dividends and distributions [51,877 and 0 shares, respectively]		517,354			—
Capital shares redeemed [(519,434) and 0 shares, respectively]		(5,190,020	)		—
Total Class A transactions		40,681,103			—
Class B
Capital shares sold [128,378 and 26,483 shares, respectively]		1,249,529			263,760
Capital shares issued in connection with merger (Note 11) [2,598,331 and 0 shares, respectively]		26,165,190			—
Capital shares issued in reinvestment of dividends and distributions [26,834 and 31,699shares, respectively]		267,002			318,776
Capital shares redeemed [(991,532) and (278,455) shares, respectively]		(10,029,551	)		(2,798,901	)
Total Class B transactions		17,652,170			(2,216,365	)
Class C
Capital shares sold [123,366 and 5,578 shares, respectively]		1,181,470			55,980
Capital shares issued in connection with merger (Note 11) [1,883,833 and 0 shares, respectively]		18,970,195			—
Capital shares issued in reinvestment of dividends and distributions [19,207 and 4,833 shares, respectively]		191,104			48,566
Capital shares redeemed [(204,707) and (62,876) shares, respectively]		(2,042,405	)		(631,712	)
Total Class C transactions		18,300,364			(527,166	)
Class P
Capital shares sold [718,146 and 68,702 shares, respectively]		7,302,120			700,136
Capital shares issued in reinvestment of dividends and distributions [40,882 and 20,307shares, respectively]		409,471			204,714
Capital shares redeemed [(365,972) and (110,336) shares, respectively]		(3,669,957	)		(1,111,787	)
Total Class P transactions		4,041,634			(206,937	)
Class Y
Capital shares sold [1,417,050 and 6,256 shares, respectively]		14,283,308			63,109
Capital shares issued in connection with merger (Note 11) [184,834 and 0 shares, respectively]		1,866,827			—
Capital shares issued in reinvestment of dividends and distributions [26,127 and 4,957shares, respectively]		260,704			49,992
Capital shares redeemed [(147,182) and (43,362) shares, respectively]		(1,480,823	)		(435,700	)
Total Class Y transactions		14,930,016			(322,599	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		95,605,287			(3,273,067	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		91,552,072			(3,415,190	)
NET ASSETS:
Beginning of year		38,872,160			42,287,350
End of year (a)	$	130,424,232		$	38,872,160
(a)    Includes accumulated undistributed (overdistributed) net investment income of	$	(70,990	)	$	7,399
*  Class A commenced operations on December 13, 2004.

See Notes to Financial Statements.

101

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AXA ENTERPRISE CONSERVATIVE ALLOCATION FUND

FINANCIAL HIGHLIGHTS

	Class A			Class B			Class C			Class Y
	January 10, 2005* to October 31, 2005(c)(g)			January 10, 2005* to October 31, 2005(c)(g)			January 10, 2005* to October 31, 2005(c)(g)			January 10, 2005* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	10.00		$	10.00		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income		0.20			0.15			0.15			0.23
Net realized and unrealized loss on investments		(0.13	)		(0.11	)		(0.11	)		(0.13	)
Total from investment operations		0.07			0.04			0.04			0.10
Net asset value, end of period	$	10.07		$	10.04		$	10.04		$	10.10
Total return (b)†		0.70	%		0.40	%		0.40	%		1.00	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,650		$	449		$	493		$	10
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.75	%		1.30	%		1.30	%		0.30	%
Before waivers and reimbursements (a)		12.44	%		12.99	%		12.99	%		11.99	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		2.42	%		1.87	%		1.87	%		2.87	%
Before waivers and reimbursements (a)		(9.27	)%		(9.82	)%		(9.82	)%		(8.82	)%
Portfolio turnover rate (d)		25	%		25	%		25	%		25	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.95		$	0.95		$	0.95		$	0.95

See Notes to Financial Statements.

102

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AXA ENTERPRISE MODERATE ALLOCATION FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Class A			Class B			Class C			Class Y
	January 10, 2005* to October 31, 2005(c)(g)			January 10, 2005* to October 31, 2005(c)(g)			January 10, 2005* to October 31, 2005(c)(g)			January 10, 2005* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	10.00		$	10.00		$	10.00		$	10.00
Income from investment operations:
Net investment income		0.10			0.05			0.05			0.13
Net realized and unrealized gain on investments		0.07			0.08			0.09			0.08
Total from investment operations		0.17			0.13			0.14			0.21
Net asset value, end of period	$	10.17		$	10.13		$	10.14		$	10.21
Total return (b)†		1.70	%		1.30	%		1.40	%		2.10	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,413		$	3,309		$	1,136		$	10
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.75	%		1.30	%		1.30	%		0.30	%
Before waivers and reimbursements (a)		4.31	%		4.86	%		4.86	%		3.86	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.17	%		0.62	%		0.62	%		1.62	%
Before waivers and reimbursements (a)		(2.39	)%		(2.94	)%		(2.94	)%		(1.94	)%
Portfolio turnover rate (d)		52	%		52	%		52	%		52	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.29		$	0.29		$	0.29		$	0.29

See Notes to Financial Statements.

103

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AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND(e)

FINANCIAL HIGHLIGHTS — (CONTINUED)

	Year Ended October 31, 2005(c)(f)(g)			Ten Months Ended October 31, 2004(c)
							Year Ended December 31,
Class A							2003(c)			2002(c)			2001(c)			2000(c)
Net asset value, beginning of period	$	6.72		$	6.61		$	5.54		$	7.08		$	8.03		$	9.06
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.03			0.04			0.01			(0.01	)		0.06
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.51			0.08			1.09			(1.55	)		(0.94	)		(0.03	)
Total from investment operations		0.58			0.11			1.13			(1.54	)		(0.95	)		0.03
Less distributions:
Dividends from net investment income		(0.06	)		—			(0.06	)		—			—			(0.07	)
Distributions from realized gains		—			—			—			—			—			(0.99	)
Total dividends and distributions		(0.06	)		—			(0.06	)		—			—			(1.06	)
Redemption fees		—	#		—	#		—			—			—			—
Net asset value, end of period	$	7.24		$	6.72		$	6.61		$	5.54		$	7.08		$	8.03
Total return (b)†		8.61	%		1.66	%		20.35	%		(21.75	)%		(11.83	)%		0.46	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	61,429		$	61,415		$	57,797		$	47,471		$	82,109		$	104,057
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.18	%		1.45	%		1.45	%		1.49	%		1.50	%		1.51	%
After waivers, reimbursements and fees paid indirectly (a)		1.09	%		N/A			N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		1.77	%		1.76	%		1.78	%		1.73	%		1.58	%		1.52	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.90	%		0.59	%		0.67	%		0.24	%		(0.08	)%		0.77	%
After waivers, reimbursements and fees paid indirectly (a)		0.99	%		N/A			N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		0.31	%		0.28	%		0.34	%		0.00	%		(0.16	)%		0.76	%
Portfolio turnover rate (d)		153	%(h)		53	%		78	%		88	%		130	%		22	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.04			*	*		*	*		*	*		*	*		*	*
	Year Ended October 31, 2005(c)(f)(g)			Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class B							2003(c)			2002(c)			2001(c)			2000(c)
Net asset value, beginning of period	$	6.54		$	6.46		$	5.42		$	6.96		$	7.93		$	8.96
Income (loss) from investment operations:
Net investment income (loss)		0.03			—	#		0.01			(0.02	)		(0.05	)		0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.50			0.08			1.05			(1.52	)		(0.92	)		(0.04	)
Total from investment operations		0.53			0.08			1.06			(1.54	)		(0.97	)		(0.02	)
Less distributions:
Dividends from net investment income		(0.02	)		—			(0.02	)		—			—			(0.02	)
Distributions from realized gains		—			—			—			—			—			(0.99	)
Total dividends and distributions		(0.02	)		—			(0.02	)		—			—			(1.01	)
Redemption fees		—	#		—	#		—			—			—			—
Net asset value, end of period	$	7.05		$	6.54		$	6.46		$	5.42		$	6.96		$	7.93
Total return (b)†		8.08	%		1.24	%		19.59	%		(22.13	)%		(12.23	)%		(0.12	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	42,238		$	53,200		$	65,876		$	61,098		$	93,248		$	111,848
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.73	%		2.00	%		2.00	%		2.03	%		2.05	%		2.06	%
After waivers, reimbursements and fees paid indirectly (a)		1.64	%		N/A			N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		2.32	%		2.31	%		2.33	%		2.28	%		2.13	%		2.07	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.35	%		0.04	%		0.14	%		(0.30	)%		(0.63	)%		0.23	%
After waivers, reimbursements and fees paid indirectly (a)		0.44	%		N/A			N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		(0.24	)%		(0.27	)%		(0.19	)%		(0.55	)%		(0.71	)%		0.22	%
Portfolio turnover rate (d)		153	%(h)		53	%		78	%		88	%		130	%		22	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.04			*	*		*	*		*	*		*	*		*	*

See Notes to Financial Statements.

104

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MODERATE-PLUS ALLOCATION FUND(e)

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31, 2005(c)(f)(g)			Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class C							2003(c)			2002(c)			2001(c)			2000(c)
Net asset value, beginning of period	$	6.52		$	6.44		$	5.41		$	6.96		$	7.93		$	8.96
Income (loss) from investment operations:
Net investment income (loss)		0.03			—	#		0.01			(0.02	)		(0.05	)		0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.49			0.08			1.05			(1.53	)		(0.92	)		(0.04	)
Total from investment operations		0.52			0.08			1.06			(1.55	)		(0.97	)		(0.02	)
Less distributions:
Dividends from net investment income		(0.02	)		—			(0.03	)		—			—			(0.02	)
Distributions from realized gains		—			—			—			—			—			(0.99	)
Total dividends and distributions		(0.02	)		—			(0.03	)		—			—			(1.01	)
Redemption fees		—	#		—	#		—			—			—			—
Net asset value, end of period	$	7.02		$	6.52		$	6.44		$	5.41		$	6.96		$	7.93
Total return (b)†		7.95	%		1.24	%		19.59	%		(22.27	)%		(12.23	)%		(0.15	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,141		$	6,732		$	6,149		$	3,513		$	5,597		$	7,382
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.73	%		2.00	%		2.00	%		2.04	%		2.05	%		2.06	%
After waivers, reimbursements and fees paid indirectly (a)		1.64	%		N/A			N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		2.32	%		2.31	%		2.33	%		2.28	%		2.13	%		2.07	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.35	%		0.04	%		0.09	%		(0.31	)%		(0.63	)%		0.23	%
After waivers, reimbursements and fees paid indirectly (a)		0.44	%		N/A			N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		(0.24	)%		(0.27	)%		(0.24	)%		(0.55	)%		(0.71	)%		0.22	%
Portfolio turnover rate (d)		153	% (h)		53	%		78	%		88	%		130	%		22	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.04			*	*		*	*		*	*		*	*		*	*
	Year Ended October 31, 2005(c)(f)(g)			Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class Y							2003(c)			2002(c)			2001(c)			2000(c)
Net asset value, beginning of period	$	6.79		$	6.65		$	5.57		$	7.10		$	8.01		$	9.05
Income from investment operations:
Net investment income.		0.10			0.06			0.07			0.02			0.03			0.10
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.51			0.08			1.09			(1.55	)		(0.94	)		(0.04	)
Total from investment operations		0.61			0.14			1.16			(1.53	)		(0.91	)		0.06
Less distributions:
Dividends from net investment income		(0.09	)		—			(0.08	)		—			—			(0.11	)
Distributions from realized gains		—			—			—			—			—			(0.99	)
Total dividends and distributions		(0.09	)		—			(0.08	)		—			—			(1.10	)
Redemption fees		—	#		—	#		—			—			—			—
Net asset value, end of period	$	7.31		$	6.79		$	6.65		$	5.57		$	7.10		$	8.01
Total return (b)		9.05	%		2.11	%		20.91	%		(21.55	)%		(11.36	)%		0.83	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	307		$	381		$	374		$	172		$	43,417		$	54,761
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.73	%		1.00	%		1.00	%		1.05	%		1.05	%		1.06	%
After waivers, reimbursements and fees paid indirectly (a)		0.64	%		N/A			N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		1.32	%		1.31	%		1.33	%		1.20	%		1.13	%		1.07	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.35	%		1.04	%		1.10	%		0.28	%		0.37	%		1.23	%
After waivers, reimbursements and fees paid indirectly (a)		1.44	%		N/A			N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		0.76	%		0.73	%		0.77	%		0.13	%		0.29	%		1.22	%
Portfolio turnover rate (d)		153	% (h)		53	%		78	%		88	%		130	%		22	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.04			*	*		*	*		*	*		*	*		*	*

See Notes to Financial Statements.

105

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE AGGRESSIVE ALLOCATION FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Class A			Class B			Class C			Class Y
	January 10, 2005* to October 31, 2005(c)(g)			January 10, 2005* to October 31, 2005(c)(g)			January 10, 2005* to October 31, 2005(c)(g)			January 10, 2005* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	10.00		$	10.00		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.03	)		(0.08	)		(0.08	)		—	#
Net realized and unrealized gain on investments		0.49			0.50			0.49			0.49
Total from investment operations		0.46			0.42			0.41			0.49
Net asset value, end of period	$	10.46		$	10.42		$	10.41		$	10.49
Total return (b)†		4.60	%		4.20	%		4.10	%		4.90	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,746		$	1,216		$	1,188		$	12
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.75	%		1.30	%		1.30	%		0.30	%
Before waivers and reimbursements (a)		7.10	%		7.65	%		7.65	%		6.65	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.40	)%		(0.95	)%		(0.95	)%		0.05	%
Before waivers and reimbursements (a)		(6.75	)%		(7.30	)%		(7.30	)%		(6.30	)%
Portfolio turnover rate (d)		68	%		68	%		68	%		68	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.53		$	0.53		$	0.53		$	0.53

See Notes to Financial Statements.

106

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

FINANCIAL HIGHLIGHTS — (Continued)

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

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

See Notes to Financial Statements.

107

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
Class C	2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	8.62		$	8.56		$	7.00		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.13	)		(0.13	)		(0.10	)		(0.10	)
Net realized and unrealized gain on investments		1.06			0.19			1.67			(2.90	)
Total from investment operations		0.93			0.06			1.57			(3.00	)
Less distributions:
Dividends from net investment income		—			—			(0.01	)		—
Net asset value, end of period	$	9.55		$	8.62		$	8.56		$	7.00
Total return (b)†		10.66	%		0.82	%		22.37	%		(30.00	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	266		$	265		$	325		$	243
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.20	%		2.20	%		2.20	%		2.20	%
After waivers, reimbursements and fees paid indirectly (a)		2.18	%		2.16	%		2.17	%		2.15	%
Before waivers, reimbursements and fees paid indirectly (a)		5.55	%		5.98	%		6.73	%		7.46	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.42	)%		(1.56	)%		(1.41	)%		(1.49	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.40	)%		(1.52	)%		(1.38	)%		(1.44	)%
Before waivers, reimbursements and fees paid indirectly (a)		(4.77	)%		(5.34	)%		(5.94	)%		(6.75	)%
Portfolio turnover rate (d)		40	%		51	%		31	%		26	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.30		$	0.33		$	0.34		$	0.34

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
Class P (formerly Class A)	2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	8.77		$	8.64		$	7.05		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.06	)		(0.07	)		(0.05	)		(0.05	)
Net realized and unrealized gain on investments		1.07			0.20			1.69			(2.90	)
Total from investment operations		1.01			0.13			1.64			(2.95	)
Less distributions:
Dividends from net investment income		—			—			(0.05	)		—
Net asset value, end of period	$	9.78		$	8.77		$	8.64		$	7.05
Total return (b)†		11.52	%		1.50	%		23.38	%		(29.50	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
After waivers, reimbursements and fees paid indirectly (a)		1.43	%		1.41	%		1.42	%		1.40	%
Before waivers, reimbursements and fees paid indirectly (a)		4.80	%		5.23	%		5.98	%		6.71	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.67	)%		(0.81	)%		(0.66	)%		(0.74	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.65	)%		(0.77	)%		(0.63	)%		(0.69	)%
Before waivers, reimbursements and fees paid indirectly (a)		(4.02	)%		(4.59	)%		(5.19	)%		(6.00	)%
Portfolio turnover rate (d)		40	%		51	%		31	%		26	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.31		$	0.33		$	0.34		$	0.34

See Notes to Financial Statements.

108

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER GROWTH FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
Class Y (formerly Class Z)	2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	8.79		$	8.65		$	7.06		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.04	)		(0.05	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investments		1.08			0.20			1.69			(2.91	)
Total from investment operations		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	$	9.82		$	8.79		$	8.65		$	7.06
Total return (b)		11.83	%		1.72	%		23.66	%		(29.40	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
After waivers, reimbursements and fees paid indirectly (a)		1.18	%		1.16	%		1.17	%		1.15	%
Before waivers, reimbursements and fees paid indirectly (a)		4.55	%		4.98	%		5.73	%		6.46	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.42	)%		(0.56	)%		(0.41	)%		(0.49	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.40	)%		(0.52	)%		(0.38	)%		(0.44	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.77	)%		(4.34	)%		(4.94	)%		(5.75	)%
Portfolio turnover rate (d)		40	%		51	%		31	%		26	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.31		$	0.33		$	0.34		$	0.36

See Notes to Financial Statements.

109

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

FINANCIAL HIGHLIGHTS — (Continued)

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

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

See Notes to Financial Statements.

110

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER CORE EQUITY FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
Class C	2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.78		$	9.21		$	7.69		$	10.00
Income (loss) from investment operations:
Net investment (loss)		(0.02	)		(0.07	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.96			0.64			1.62			(2.26	)
Total from investment operations		0.94			0.57			1.57			(2.31	)
Less distributions:
Dividends from net investment income		—			—			(0.05	)		—
Net asset value, end of period	$	10.72		$	9.78		$	9.21		$	7.69
Total return (b)†		9.61	%		6.19	%		20.53	%		23.10	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	363		$	392		$	408		$	293
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.20	%		2.20	%		2.20	%		2.20	%
After waivers, reimbursements and fees paid indirectly (a)		2.16	%		2.15	%		2.19	%		2.13	%
Before waivers, reimbursements and fees paid indirectly (a)		5.12	%		5.55	%		6.31	%		6.83	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.28	)%		(0.78	)%		(0.62	)%		(0.69	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.24	)%		(0.73	)%		(0.61	)%		(0.62	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.20	)%		(4.13	)%		(4.73	)%		(5.31	)%
Portfolio turnover rate (d)		48	%		52	%		56	%		39	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.30		$	0.32		$	0.34		$	0.33

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
Class P (formerly Class A)	2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.92		$	9.27		$	7.75		$	10.00
Income (loss) from investment operations:
Net investment income		0.05			—	#		0.01			—	#
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.98			0.65			1.62			(2.25	)
Total from investment operations		1.03			0.65			1.63			(2.25	)
Less distributions:
Dividends from net investment income		(0.02	)		—			(0.11	)		—
Net asset value, end of period	$	10.93		$	9.92			9.27			7.75
Total return (b)†		10.41	%		7.01	%		21.29	%		(22.50	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
After waivers, reimbursements and fees paid indirectly (a)		1.41	%		1.40	%		1.44	%		1.38	%
Before waivers, reimbursements and fees paid indirectly (a)		4.37	%		4.80	%		5.56	%		6.08	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.47	%		(0.03	)%		0.13	%		0.06	%
After waivers, reimbursements and fees paid indirectly (a)		0.51	%		0.02	%		0.14	%		0.13	%
Before waivers, reimbursements and fees paid indirectly (a)		(2.45	)%		(3.38	)%		(3.98	)%		(4.56	)%
Portfolio turnover rate (d)		48	%		52	%		56	%		39	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.31		$	0.33		$	0.34		$	0.32

See Notes to Financial Statements.

111

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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 (formerly Class Z)	2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	9.95		$	9.28		$	7.76		$	10.00
Income (loss) from investment operations:
Net investment income		0.08			0.03			0.03			0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.99			0.65			1.62			(2.26	)
Total from investment operations		1.07			0.68			1.65			(2.24	)
Less distributions:
Dividends from net investment income		(0.05	)		(0.01	)		(0.13	)		—
Net asset value, end of period	$	10.97		$	9.95		$	9.28		$	7.76
Total return (b)		10.76	%		7.29	%		21.57	%		(22.40	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
After waivers, reimbursements and fees paid indirectly (a)		1.16	%		1.15	%		1.19	%		1.13	%
Before waivers, reimbursements and fees paid indirectly (a)		4.12	%		4.55	%		5.31	%		5.83	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.72	%		0.22	%		0.38	%		0.31	%
After waivers, reimbursements and fees paid indirectly (a)		0.76	%		0.27	%		0.39	%		0.38	%
Before waivers, reimbursements and fees paid indirectly (a)		(2.20	)%		(3.13	)%		(3.73	)%		(4.31	)%
Portfolio turnover rate (d)		48	%		52	%		56	%		39	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.31		$	0.33		$	0.34		$	0.34

See Notes to Financial Statements.

112

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AXA ENTERPRISE MULTIMANAGER VALUE FUND

FINANCIAL HIGHLIGHTS — (Continued)

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

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

See Notes to Financial Statements.

113

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AXA ENTERPRISE MULTIMANAGER VALUE FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
Class C	2005(c)(g)			2004			2003(c)
Net asset value, beginning of period	$	10.81		$	9.46		$	7.95		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		—	#		0.01			—	#		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.26			1.34			1.60			(2.03	)
Total from investment operations		1.26			1.35			1.60			(2.05	)
Less distributions:
Dividends from net investment income		(0.01	)		—			(0.09	)		—
Distributions from realized gains		(0.17	)		—			—			—
Total dividends and distributions		(0.18	)		—			(0.09	)		—
Net asset value, end of period	$	11.89		$	10.81		$	9.46		$	7.95
Total return (b)†		11.70	%		14.27	%		20.28	%		(20.50	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	494		$	375		$	386		$	315
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.20	%		2.20	%		2.20	%		2.20	%
After waivers, reimbursements and fees paid indirectly (a)		2.11	%		2.02	%		2.10	%		2.10	%
Before waivers, reimbursements and fees paid indirectly (a)		3.93	%		5.68	%		6.55	%		6.94	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.08	)%		(0.12	)%		(0.07	)%		(0.28	)%
After waivers, reimbursements and fees paid indirectly (a)		0.01	%		0.06	%		0.03	%		(0.18	)%
Before waivers, reimbursements and fees paid indirectly (a)		(1.81	)%		(3.60	)%		(4.42	)%		(5.01	)%
Portfolio turnover rate (d)		85	%		108	%		148	%		123	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.20		$	0.36		$	0.37		$	0.36

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
Class P (formerly Class A)	2005(c)(g)			2004			2003(c)
Net asset value, beginning of period	$	10.88		$	9.51		$	7.99		$	10.00
Income (loss) from investment operations:
Net investment income		0.09			0.08			0.07			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.25			1.34			1.60			(2.05	)
Total from investment operations		1.34			1.42			1.67			(2.01	)
Less distributions:
Dividends from net investment income		(0.09	)		(0.05	)		(0.15	)		—
Distributions from realized gains		(0.17	)		—			—			—
Total dividends and distributions		(0.26	)		(0.05	)		(0.15	)		—
Net asset value, end of period	$	11.96		$	10.88		$	9.51		$	7.99
Total return (b)†		12.48	%		15.14	%		21.11	%		(20.10	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
After waivers, reimbursements and fees paid indirectly (a)		1.36	%		1.27	%		1.35	%		1.35	%
Before waivers, reimbursements and fees paid indirectly (a)		3.18	%		4.93	%		5.80	%		6.19	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.67	%		0.63	%		0.68	%		0.47	%
After waivers, reimbursements and fees paid indirectly (a)		0.76	%		0.81	%		0.78	%		0.57	%
Before waivers, reimbursements and fees paid indirectly (a)		(1.06	)%		(2.85	)%		(3.67	)%		(4.26	)%
Portfolio turnover rate (d)		85	%		108	%		148	%		123	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.20		$	0.36		$	0.37		$	0.35

See Notes to Financial Statements.

114

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AXA ENTERPRISE MULTIMANAGER VALUE FUND

FINANCIAL HIGHLIGHTS — (Continued)

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

See Notes to Financial Statements.

115

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AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS — (Continued)

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

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

See Notes to Financial Statements.

116

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AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
Class C	2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	8.67		$	8.34		$	6.15		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.19	)		(0.17	)		(0.13	)		(0.13	)
Net realized and unrealized gain (loss) on investments		1.14			0.50			2.32			(3.72	)
Total from investment operations		0.95			0.33			2.19			(3.85	)
Net asset value, end of period	$	9.62		$	8.67		$	8.34		$	6.15
Total return (b)†		10.83	%		4.08	%		35.61	%		(38.50	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	331		$	352		$	376		$	485
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.45	%		2.45	%		2.45	%		2.45	%
After waivers, reimbursements and fees paid indirectly (a)		2.41	%		2.20	%		2.27	%		2.37	%
Before waivers, reimbursements and fees paid indirectly (a)		5.35	%		5.99	%		7.11	%		7.97	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(2.09	)%		(2.20	)%		(2.04	)%		(2.15	)%
After waivers, reimbursements and fees paid indirectly (a)		(2.05	)%		(1.95	)%		(1.86	)%		(2.07	)%
Before waivers, reimbursements and fees paid indirectly (a)		(4.99	)%		(5.74	)%		(6.70	)%		(7.67	)%
Portfolio turnover rate (d)		80	%		86	%		180	%		192	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.27		$	0.30		$	0.32		$	0.33

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
Class P (formerly Class A)	2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	8.88		$	8.47		$	6.20		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.12	)		(0.10	)		(0.08	)		(0.09	)
Net realized and unrealized gain (loss) on investments		1.16			0.51			2.35			(3.71	)
Total from investment operations		1.04			0.41			2.27			(3.80	)
Net asset value, end of period	$	9.92		$	8.88		$	8.47		$	6.20
Total return (b)†		11.59	%		4.96	%		36.61	%		(38.00	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
After waivers, reimbursements and fees paid indirectly (a)		1.66	%		1.45	%		1.52	%		1.62	%
Before waivers, reimbursements and fees paid indirectly (a)		4.60	%		5.24	%		6.36	%		7.22	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.34	)%		(1.45	)%		(1.29	)%		(1.40	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.30	)%		(1.20	)%		(1.11	)%		(1.32	)%
Before waivers, reimbursements and fees paid indirectly (a)		(4.24	)%		(4.99	)%		(5.95	)%		(6.92	)%
Portfolio turnover rate (d)		80	%		86	%		180	%		192	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.28		$	0.31		$	0.32		$	0.34

See Notes to Financial Statements.

117

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AXA ENTERPRISE MULTIMANAGER MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS — (Continued)

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

See Notes to Financial Statements.

118

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FINANCIAL HIGHLIGHTS — (Continued)

Class A (New Class)	December 13, 2004* to October 31, 2005(c)(g)
Net asset value, beginning of period	$	11.79
Income (loss) from investment operations:
Net investment loss		(0.06	)
Net realized and unrealized loss on investments and foreign currency transactions		0.46
Total from investment operations		0.40
Net asset value, end of period	$	12.19
Total return (b)†		3.39	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,233
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.90	%
After waivers, reimbursements and fees paid indirectly (a)		1.88	%
Before waivers, reimbursements and fees paid indirectly (a)		4.35	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.56	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.54	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.01	)%
Portfolio turnover rate (d)		72	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.27

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

See Notes to Financial Statements.

119

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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	2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	10.80		$	9.70		$	7.15		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.13	)		(0.11	)		(0.08	)		(0.09	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.26			1.21			2.64			(2.76	)
Total from investment operations		1.13			1.10			2.56			(2.85	)
Less distributions:
Dividends from net investment income		—			—			(0.01	)		—
Net asset value, end of period	$	11.93		$	10.80		$	9.70		$	7.15
Total return (b)†		10.36	%		11.44	%		35.76	%		(28.50	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	542		$	461		$	490		$	550
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.45	%		2.45	%		2.45	%		2.45	%
After waivers, reimbursements and fees paid indirectly (a)		2.43	%		2.37	%		2.43	%		2.32	%
Before waivers, reimbursements and fees paid indirectly (a)		4.90	%		5.25	%		6.18	%		6.61	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.11	)%		(1.13	)%		(1.00	)%		(1.23	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.09	)%		(1.05	)%		(0.98	)%		(1.10	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.56	)%		(3.93	)%		(4.73	)%		(5.39	)%
Portfolio turnover rate (d)		72	%		68	%		78	%		112	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.29		$	0.29		$	0.30		$	0.29

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
Class P (formerly Class A)	2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	10.98		$	9.78		$	7.20		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.04	)		(0.03	)		(0.02	)		(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.26			1.23			2.65			(2.77	)
Total from investment operations		1.22			1.20			2.63			(2.80	)
Less distributions:
Dividends from net investment income		—			—			(0.05	)		—
Net asset value, end of period	$	12.20		$	10.98		$	9.78		$	7.20
Total return (b)†		11.11	%		12.27	%		36.84	%		(28.00	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
After waivers, reimbursements and fees paid indirectly (a)		1.68	%		1.62	%		1.68	%		1.57	%
Before waivers, reimbursements and fees paid indirectly (a)		4.15	%		4.50	%		5.43	%		5.86	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.36	)%		(0.38	)%		(0.25	)%		(0.48	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.34	)%		(0.30	)%		(0.23	)%		(0.35	)%
Before waivers, reimbursements and fees paid indirectly (a)		(2.81	)%		(3.18	)%		(3.98	)%		(4.64	)%
Portfolio turnover rate (d)		72	%		68	%		78	%		112	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.29		$	0.30		$	0.30		$	0.28

See Notes to Financial Statements.

120

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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 Y (formerly Class Z)	2005(c)(g)			2004(c)			2003(c)
Net asset value, beginning of period	$	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		1.28			1.23			2.65			(2.77	)
Total from investment operations		1.27			1.22			2.65			(2.79	)
Less distributions:
Dividends from net investment income		—			(0.01	)		(0.07	)		—
Net asset value, end of period	$	12.27		$	11.00		$	9.79		$	7.21
Total return (b)		11.55	%		12.51	%		37.13	%		(27.90	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
After waivers, reimbursements and fees paid indirectly (a)		1.43	%		1.37	%		1.43	%		1.32	%
Before waivers, reimbursements and fees paid indirectly (a)		3.90	%		4.25	%		5.18	%		5.61	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.11	)%		(0.13	)%		0.00	%@		(0.23	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.09	)%		(0.05	)%		0.02	%		(0.10	)%
Before waivers, reimbursements and fees paid indirectly (a)		(2.56	)%		(2.93	)%		(3.73	)%		(4.39	)%
Portfolio turnover rate (d)		72	%		68	%		78	%		112	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.30		$	0.30		$	0.30		$	0.30

See Notes to Financial Statements.

121

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER INTERNATIONAL EQUITY FUND

FINANCIAL HIGHLIGHTS — (Continued)

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

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

See Notes to Financial Statements.

122

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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	2005(c)(g)			2004			2003(c)
Net asset value, beginning of period	$	11.33		$	9.72		$	7.87		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.03	)		(0.02	)		(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.78			1.64			1.91			(2.10	)
Total from investment operations		1.76			1.61			1.89			(2.13	)
Less distributions:
Dividends from net investment income		(0.02	)		—			(0.04	)		—
Distributions from realized gains		(0.03	)		—			—			—
Total dividends and distributions		(0.05	)		—			(0.04	)		—
Redemption fees		—	#		—			—			—
Net asset value, end of period	$	13.04		$	11.33		$	9.72		$	7.87
Total return (b)†		15.60	%		16.56	%		24.08	%		(21.30	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	682		$	349		$	305		$	213
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.65	%		2.65	%		2.65	%		2.65	%
After waivers, reimbursements and fees paid indirectly (a)		2.61	%		2.38	%		2.61	%		2.61	%
Before waivers, reimbursements and fees paid indirectly (a)		4.25	%		6.47	%		7.77	%		8.40	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.18	)%		(0.50	)%		(0.26	)%		(0.36	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.14	)%		(0.23	)%		(0.22	)%		(0.32	)%
Before waivers, reimbursements and fees paid indirectly (a)		(1.78	)%		(4.32	)%		(5.38	)%		(6.12	)%
Portfolio turnover rate (d)		73	%		67	%		92	%		27	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.20		$	0.41		$	0.43		$	0.44
	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
Class P (formerly Class A)	2005(c)(g)			2004			2003(c)
Net asset value, beginning of period	$	11.41		$	9.77		$	7.91		$	10.00
Income (loss) from investment operations:
Net investment income		0.08			0.06			0.04			0.03
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.79			1.63			1.91			(2.12	)
Total from investment operations		1.87			1.69			1.95			(2.09	)
Less distributions:
Dividends from net investment income		(0.11	)		(0.05	)		(0.09	)		—
Distributions from realized gains		(0.03	)		—			—			—
Total dividends and distributions		(0.14	)		(0.05	)		(0.09	)		—
Net asset value, end of period	$	13.14		$	11.41		$	9.77		$	7.91
Total return (b)†		16.55	%		17.39	%		25.02	%		(20.90	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,208		$	1,982		$	1,562		$	1,059
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.90	%		1.90	%		1.90	%		1.90	%
After waivers, reimbursements and fees paid indirectly (a)		1.86	%		1.63	%		1.86	%		1.86	%
Before waivers, reimbursements and fees paid indirectly (a)		3.50	%		5.72	%		7.02	%		7.65	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.57	%		0.25	%		0.49	%		0.39	%
After waivers, reimbursements and fees paid indirectly (a)		0.61	%		0.52	%		0.53	%		0.43	%
Before waivers, reimbursements and fees paid indirectly (a)		(1.03	)%		(3.57	)%		(4.63	)%		(5.37	)%
Portfolio turnover rate (d)		73	%		67	%		92	%		27	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.20		$	0.41		$	0.43		$	0.43

See Notes to Financial Statements.

123

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

See Notes to Financial Statements.

124

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS — (Continued)

	December 13, 2004* to October 31, 2005(c)(g)
Class A (New Class)
Net asset value, beginning of period	$	9.53
Income (loss) from investment operations:
Net investment loss		(0.08	)
Net realized and unrealized loss on investments and foreign currency transactions		0.46
Total from investment operations		0.38
Redemption fees		—	#
Net asset value, end of period	$	9.91
Total return (b)†		3.99	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	23,301
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.15	%
After waivers, reimbursements and fees paid indirectly (a)		1.40	%
Before waivers, reimbursements and fees paid indirectly (a)		4.43	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.62	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.87	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.90	)%
Portfolio turnover rate (d)		252	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.20

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

See Notes to Financial Statements.

125

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AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
	2005(c)(g)			2004(c)			2003(c)
Class C
Net asset value, beginning of period	$	8.67		$	8.97		$	5.74		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.14	)		(0.20	)		(0.17	)		(0.14	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.14			(0.10	)		3.41			(4.12	)
Total from investment operations		1.00			(0.30	)		3.24			(4.26	)
Less distributions:
Dividends from net investment income		—			—			(0.01	)		—
Redemption fees		—	#		—			—			—
Net asset value, end of period	$	9.67		$	8.67		$	8.97		$	5.74
Total return (b)†		11.53	%		(3.34	)%		56.41	%		(42.60	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
After waivers, reimbursements and fees paid indirectly (a)		1.95	%		2.49	%		2.67	%		2.67	%
Before waivers, reimbursements and fees paid indirectly (a)		4.98	%		8.09	%		10.01	%		10.13	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(2.17	)%		(2.48	)%		(2.44	)%		(2.44	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.42	)%		(2.27	)%		(2.41	)%		(2.41	)%
Before waivers, reimbursements and fees paid indirectly (a)		(4.45	)%		(7.87	)%		(9.75	)%		(9.87	)%
Portfolio turnover rate (d)		252	%		172	%		125	%		154	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.22		$	0.47		$	0.50		$	0.46

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
	2005(c)(g)			2004(c)			2003(c)
Class P (formerly Class A)
Net asset value, beginning of period	$	8.84		$	9.07		$	5.77		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.06	)		(0.14	)		(0.12	)		(0.10	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.15			(0.09	)		3.44			(4.13	)
Total from investment operations		1.09			(0.23	)		3.32			(4.23	)
Less distributions:
Dividends from net investment income		—			—			(0.02	)		—
Net asset value, end of period	$	9.93		$	8.84		$	9.07		$	5.77
Total return (b)†		12.33	%		(2.54	)%		57.67	%		(42.30	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
After waivers, reimbursements and fees paid indirectly (a)		1.20	%		1.74	%		1.92	%		1.92	%
Before waivers, reimbursements and fees paid indirectly (a)		4.23	%		7.34	%		9.26	%		9.38	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.42	)%		(1.73	)%		(1.69	)%		(1.69	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.67	)%		(1.52	)%		(1.66	)%		(1.66	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.70	)%		(7.12	)%		(9.00	)%		(9.12	)%
Portfolio turnover rate (d)		252	%		172	%		125	%		154	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.21		$	0.48		$	0.52		$	0.44

See Notes to Financial Statements.

126

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AXA ENTERPRISE MULTIMANAGER TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS — (Continued)

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

See Notes to Financial Statements.

127

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

FINANCIAL HIGHLIGHTS — (Continued)

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

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

See Notes to Financial Statements.

128

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

AXA ENTERPRISE MULTIMANAGER HEALTH CARE FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
	2005(c)(g)			2004(c)			2003(c)
Class C
Net asset value, beginning of period	$	10.26		$	9.30		$	8.03		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.17	)		(0.17	)		(0.15	)		(0.14	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.25			1.13			1.43			(1.83	)
Total from investment operations		1.08			0.96			1.28			(1.97	)
Less distributions:
Dividends from net investment income		—			—			(0.01	)		—
Distributions from realized gains		(0.61	)		—			—			—
Total dividends and distributions		(0.61	)		—			(0.01	)		—
Redemption fees		—	#		—			—			—
Net asset value, end of period	$	10.73		$	10.26		$	9.30		$	8.03
Total return (b)†		10.70	%		10.32	%		15.89	%		(19.70	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	183		$	98		$	165		$	157
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.70	%		2.70	%		2.70	%		2.70	%
After waivers, reimbursements and fees paid indirectly (a)		2.67	%		2.63	%		2.69	%		2.68	%
Before waivers, reimbursements and fees paid indirectly (a)		6.62	%		7.25	%		8.15	%		8.58	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.69	)%		(1.71	)%		(1.72	)%		(1.90	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.66	)%		(1.64	)%		(1.71	)%		(1.88	)%
Before waivers, reimbursements and fees paid indirectly (a)		(5.61	)%		(6.26	)%		(7.17	)%		(7.78	)%
Portfolio turnover rate (d)		115	%		127	%		103	%		102	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.41		$	0.46		$	0.47		$	0.43

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
	2005(c)(g)			2004(c)			2003(c)
Class P (formerly Class A)
Net asset value, beginning of period	$	10.42		$	9.38		$	8.07		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.10	)		(0.09	)		(0.08	)		(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.27			1.13			1.43			(1.85	)
Total from investment operations		1.17			1.04			1.35			(1.93	)
Less distributions:
Dividends from net investment income		—			—			(0.04	)		—
Distributions from realized gains		(0.61	)		—			—			—
Total dividends and distributions		(0.61	)		—			(0.04	)		—
Net asset value, end of period	$	10.98		$	10.42		$	9.38		$	8.07
Total return (b)†		11.43	%		11.09	%		16.78	%		(19.30	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
After waivers, reimbursements and fees paid indirectly (a)		1.92	%		1.88	%		1.94	%		1.93	%
Before waivers, reimbursements and fees paid indirectly (a)		5.87	%		6.50	%		7.40	%		7.83	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.94	)%		(0.96	)%		(0.97	)%		(1.15	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.91	)%		(0.89	)%		(0.96	)%		(1.13	)%
Before waivers, reimbursements and fees paid indirectly (a)		(4.86	)%		(5.51	)%		(6.42	)%		(7.03	)%
Portfolio turnover rate (d)		115	%		127	%		103	%		102	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.42		$	0.47		$	0.47		$	0.42

See Notes to Financial Statements.

129

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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)
	2005(c)(g)			2004(c)			2003(c)
Class Y (formerly Class Z)
Net asset value, beginning of period	$	10.47		$	9.41		$	8.09		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.07	)		(0.07	)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.28			1.13			1.44			(1.84	)
Total from investment operations		1.21			1.06			1.38			(1.91	)
Less distributions:
Dividends from net investment income		—			—	#		(0.06	)		—
Distributions from realized gains		(0.61	)		—			—			—
Total dividends and distributions		(0.61	)		—	#		(0.06	)		—
Net asset value, end of period	$	11.07		$	10.47		$	9.41		$	8.09
Total return (b)		11.77	%		11.32	%		17.16	%		(19.10	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
After waivers, reimbursements and fees paid indirectly (a)		1.67	%		1.63	%		1.69	%		1.68	%
Before waivers, reimbursements and fees paid indirectly (a)		5.62	%		6.25	%		7.15	%		7.58	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.69	)%		(0.71	)%		(0.72	)%		(0.90	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.66	)%		(0.64	)%		(0.71	)%		(0.88	)%
Before waivers, reimbursements and fees paid indirectly (a)		(4.61	)%		(5.26	)%		(6.17	)%		(6.78	)%
Portfolio turnover rate (d)		115	%		127	%		103	%		102	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.42		$	0.47		$	0.47		$	0.44

See Notes to Financial Statements.

130

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AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

FINANCIAL HIGHLIGHTS — (Continued)

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

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

See Notes to Financial Statements.

131

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AXA ENTERPRISE MULTIMANAGER CORE BOND FUND

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
	2005(c)(g)			2004(c)			2003(c)
Class C
Net asset value, beginning of period	$	10.20		$	10.22		$	10.19		$	10.00
Income (loss) from investment operations:
Net investment income		0.26			0.17			0.19			0.25
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.26	)		0.24			0.32			0.18
Total from investment operations		0.00			0.41			0.51			0.43
Less distributions:
Dividends from net investment income		(0.26	)		(0.24	)		(0.27	)		(0.24	)
Distributions from realized gains		(0.14	)		(0.19	)		(0.21	)		—
Total dividends and distributions		(0.40	)		(0.43	)		(0.48	)		(0.24	)
Redemption fees		—	#		—			—			—
Net asset value, end of period	$	9.80		$	10.20		$	10.22		$	10.19
Total return (b)†		(0.03	)%		4.12	%		5.14	%		4.38	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
Before waivers and reimbursements (a)		2.92	%		3.19	%		3.00	%		3.33	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		2.56	%		1.68	%		1.84	%		2.94	%
Before waivers and reimbursements (a)		1.44	%		0.29	%		0.64	%		1.41	%
Portfolio turnover rate (d)		736	%		564	%		566	%		422	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.11		$	0.14		$	0.12		$	0.13

	Year Ended October 31,									December 31, 2001* to October 31, 2002(c)
	2005(c)(g)			2004(c)			2003(c)
Class P (formerly Class A)
Net asset value, beginning of period	$	10.23		$	10.25		$	10.22		$	10.00
Income (loss) from investment operations:
Net investment income		0.33			0.25			0.27			0.31
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.27	)		0.24			0.32			0.19
Total from investment operations		0.06			0.49			0.59			0.50
Less distributions:
Dividends from net investment income		(0.33	)		(0.32	)		(0.35	)		(0.28	)
Distributions from realized gains		(0.14	)		(0.19	)		(0.21	)		—
Total dividends and distributions		(0.47	)		(0.51	)		(0.56	)		(0.28	)
Net asset value, end of period	$	9.82		$	10.23		$	10.25		$	10.22
Total return (b)†		0.63	%		4.91	%		5.93	%		5.08	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
Before waivers and reimbursements (a)		2.17	%		2.44	%		2.25	%		2.58	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.31	%		2.43	%		2.59	%		3.69	%
Before waivers and reimbursements (a)		2.19	%		1.04	%		1.39	%		2.16	%
Portfolio turnover rate (d)		736	%		564	%		566	%		422	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.11		$	0.14		$	0.12		$	0.13

See Notes to Financial Statements.

132

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)
	2005(c)(g)			2004(c)			2003(c)
Class Y (formerly Class Z)
Net asset value, beginning of period	$	10.23		$	10.25		$	10.22		$	10.00
Income (loss) from investment operations:
Net investment income		0.36			0.27			0.29			0.33
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.26	)		0.24			0.33			0.19
Total from investment operations		0.10			0.51			0.62			0.52
Less distributions:
Dividends from net investment income		(0.36	)		(0.34	)		(0.38	)		(0.30	)
Distributions from realized gains		(0.14	)		(0.19	)		(0.21	)		—
Total dividends and distributions		(0.50	)		(0.53	)		(0.59	)		(0.30	)
Net asset value, end of period	$	9.83		$	10.23		$	10.25		$	10.22
Total return (b)		0.98	%		5.17	%		6.19	%		5.23	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	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	%
Before waivers and reimbursements (a)		1.92	%		2.19	%		2.00	%		2.33	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.56	%		2.68	%		2.84	%		3.94	%
Before waivers and reimbursements (a)		2.44	%		1.29	%		1.64	%		2.41	%
Portfolio turnover rate (d)		736	%		564	%		566	%		422	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	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.

133

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

October 31, 2005

Note 1 Organization Significant Accounting Policies

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

On December 13, 2004, the Trust changed its name from “AXA Premier Funds Trust” to “AXA Enterprise Multimanager Funds Trust” with a corresponding name change on each Fund.

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

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

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

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

The investment objectives of each Fund are as follows:

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

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

134

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NOTES TO FINANCIAL STATEMENTS — (Continued)

October 31, 2005

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

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

AXA Enterprise Multimanager Growth Fund (advised by Alliance Capital Management L.P. (“Alliance”) (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 Alliance Capital Management L.P. (Bernstein Unit) (“Alliance (Bernstein Unit)”) (an affiliate of AXA Equitable), Janus Capital Management LLC and Thornburg Investment Management, Inc.) — Long-term growth of capital.

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

AXA Enterprise Multimanager Mid Cap Growth Fund (advised by Alliance, 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 Alliance (Bernstein Unit), J.P. Morgan Investment Management Inc. and Marsico Capital Management, LLC) — Long-term growth of capital.

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

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

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

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

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

Valuation:

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

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

135

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

October 31, 2005

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.

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.

136

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

October 31, 2005

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.

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, 2005 and October 31, 2004, were as follows:

137

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

October 31, 2005

	Year Ended October 31, 2005										Year Ended October 31, 2004
	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 Aggressive Allocation Fund	$	—	$	—	$	34,906	$	—	$	—	$	—	$	—		$	—
AXA Enterprise Conservative Allocation Fund		—		—		21,740		—		—		—		—			—
AXA Enterprise Moderate Allocation Fund		—		—		83,958		—		—		—		—			—
AXA Enterprise Moderate-Plus Allocation Fund		666,746		—		499,889		—		—		—		320,976	*		—
AXA Enterprise Multimanager Growth Fund		5,977		—		—		—		5,950		—		—			—
AXA Enterprise Multimanager Core Equity Fund		43,799		—		20,517		475,048		4,727		—		—			—
AXA Enterprise Multimanager Value Fund		119,385		188,560		805,985		879,286		64,242		—		71,517			188,533
AXA Enterprise Multimanager Mid Cap Growth Fund		—		—		—		—		—		—		—			—
AXA Enterprise Multimanager Mid Cap Value Fund		—		—		148,995		1,703,331		9,982		—		—			—
AXA Enterprise Multimanager International Equity Fund		134,345		34,905		952,826		1,152,797		58,895		—		116,932			34,861
AXA Enterprise Multimanager Technology Fund		—		—		3,870,069		1,086,208		2,033		—		—			—
AXA Enterprise Multimanager Health Care Fund		—		488,636		237,406		306,379		—		2,773		—			488,626
AXA Enterprise Multimanager Core Bond Fund		2,842,858		182,173		—		—		2,028,761		—		410,472			182,173

* For the ten months ended October 31, 2004. Prior to the June 2005 acquisition, this was the Enterprise Managed Fund and was part of the The Enterprise Group of Funds, Inc. The tax character of the distributions paid by the Enterprise Managed Fund in 2003 was $743,973 in Ordinary Income.

Permanent book and tax basis differences relating to shareholder distributions resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in capital at October 31, 2005, as follows:

	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
AXA Enterprise Aggressive Allocation Fund	$	11,081		$	(10,989	)	$	(92	)
AXA Enterprise Conservative Allocation Fund		71			—			(71	)
AXA Enterprise Moderate Allocation Fund		122			—			(122	)
AXA Enterprise Moderate-Plus Allocation Fund		50,464			(50,002	)		(462	)
AXA Enterprise Multimanager Growth Fund		76,349			(2	)		(76,347	)
AXA Enterprise Multimanager Core Equity Fund		(1,941	)		1,937			4
AXA Enterprise Multimanager Value Fund		(863	)		1,051			(188	)
AXA Enterprise Multimanager Mid Cap Growth Fund		168,027			(125	)		(167,902	)
AXA Enterprise Multimanager Mid Cap Value Fund		54,547			(56,689	)		2,142
AXA Enterprise Multimanager International Equity Fund		105,094			(105,094	)		—
AXA Enterprise Multimanager Technology Fund		241,312			(264,890,414	)		264,649,102
AXA Enterprise Multimanager Health Care Fund		78,219			(78,219	)		—
AXA Enterprise Multimanager Core Bond Fund		21,313			(151,641	)		130,328

138

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

October 31, 2005

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, 2005, several Funds reduced expenses under these arrangements as follows:

Fund	Amount
AXA Enterprise Moderate-Plus Allocation Fund*	$	94,766
AXA Enterprise Multimanager Growth Fund		2,301
AXA Enterprise Multimanager Core Equity Fund		4,891
AXA Enterprise Multimanager Value Fund		20,254
AXA Enterprise Multimanager Mid Cap Growth Fund		5,509
AXA Enterprise Multimanager Mid Cap Value Fund		3,907
AXA Enterprise Multimanager International Equity Fund		10,115
AXA Enterprise Multimanager Technology Fund**		253,518
AXA Enterprise Multimanager Health Care Fund		2,981

* A portion of the amount received via substitution with Enterprise Managed Fund.

** A portion of the amount received via substitution with Enterprise Technology Fund.

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, 2005, 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.

139

AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

October 31, 2005

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 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,

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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 exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends.

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

Swaps:

Certain Funds may invest in swap contracts, which are derivatives in the form of a contract or other similar instrument which is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. A Fund will usually enter into swaps on a net basis, i.e., the two return streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two returns. A Fund’s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the Trust’s custodian, of cash or other liquid obligations. A Fund will not enter into any swap agreement unless the counterparty meets the rating requirements set forth in guidelines established by the Trust’s Board of Trustees. Swap agreements are stated at fair value on the Statement of Assets and Liabilities. Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized appreciation or depreciation in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or termination of swap agreements. Notional principal amounts are used to express the extent of involvement in these transactions, but the amount potentially subject to credit risk is much smaller. None of the Funds had swap contracts outstanding at October 31, 2005.

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October 31, 2005

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, 2005.

Market and Credit Risk:

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

Special Valuation/Concentration Risks:

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

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

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

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

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October 31, 2005

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
AXA Enterprise Multimanager Growth Fund	1.00% of average daily net assets
AXA Enterprise Multimanager Core Equity Fund	1.00% of average daily net assets
AXA Enterprise Multimanager Value Fund	1.00% of average daily net assets
AXA Enterprise Multimanager Mid Cap Growth Fund	1.20% of average daily net assets
AXA Enterprise Multimanager Mid Cap Value Fund	1.20% of average daily net assets
AXA Enterprise Multimanager International Equity Fund	1.15% of average daily net assets
AXA Enterprise Multimanager Technology Fund	1.30% of average daily net assets
AXA Enterprise Multimanager Health Care Fund	1.30% of average daily net assets
AXA Enterprise Multimanager Core Bond Fund	0.70% of average daily net assets

* For the period 11/1/04 to 6/6/05 the management fee was 0.75% of average daily net assets.

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 Investors Services Co., serves as custodian of the Trust’s portfolio securities and other assets. 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.

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

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October 31, 2005

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, effective December 13, 2004, the Trust’s Class A shares pay an annual distribution fee of 0.20% of its average daily net assets. Prior to December 13, 2004, the Trust’s Class A shares did not pay an annual distribution or service fee. 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, 2005, the Distributor incurred approximate distribution fees of $123, $44,526 and $745 payable to MONY Securities Corporation, AXA Advisors, and The Advest Group Inc., respectively.

For the year ended October 31, 2005, the portions of the Trust’s sales charges paid to MONY Securities Corporation, AXA Advisors 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 $13,826, $58,928 and $951, 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, 2005, 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	$	—	$	—	$	448	$	3
AXA Enterprise Moderate Allocation Fund		—		—		4,189		3
AXA Enterprise Moderate-Plus Allocation Fund		33		2,271		93,871		1,338
AXA Enterprise Aggressive Allocation Fund		6		—		3		50
AXA Enterprise Multimanager Growth Fund		29		—		47		1
AXA Enterprise Multimanager Core Equity Fund		—		—		45		11
AXA Enterprise Multimanager Value Fund		—		—		19		1
AXA Enterprise Multimanager Mid Cap Growth Fund		—		8		40		2
AXA Enterprise Multimanager Mid Cap Value Fund		29		8		23		5
AXA Enterprise Multimanager International Equity Fund		—		437		893		13
AXA Enterprise Multimanager Technology Fund		72		59		19,338		123
AXA Enterprise Multimanager Health Care Fund		—		3		9		149
AXA Enterprise Multimanager Core Bond Fund		700		1,538		43,204		1,319

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.

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

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October 31, 2005

benefit of the remaining shareholders and are recorded by the Fund as paid in capital. For the year ended October 31, 2005, 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		—		—		—		—		—
AXA Enterprise Moderate-Plus Allocation Fund		238		—		—		—		—
AXA Enterprise Aggressive Allocation Fund		—		—		—		—		—
AXA Enterprise Multimanager Growth Fund		64		—		—		—		—
AXA Enterprise Multimanager Core Equity Fund		—		—		—		—		—
AXA Enterprise Multimanager Value Fund		—		—		—		—		—
AXA Enterprise Multimanager Mid Cap Growth Fund		892		—		—		—		—
AXA Enterprise Multimanager Mid Cap Value Fund		—		132		—		—		—
AXA Enterprise Multimanager International Equity Fund		—		—		194		—		—
AXA Enterprise Multimanager Technology Fund		445		301		65		—		—
AXA Enterprise Multimanager Health Care Fund		138		—		197		—		—
AXA Enterprise Multimanager Core Bond Fund		1,528		55		160		—		—

Note 8 Expense Limitation

Pursuant to a contract, AXA Equitable has agreed to make payments or waive its fees to limit the expenses of each Fund through February 28, 2006 (April 30, 2006 with respect to the Allocation Funds) (“Expense Limitation Agreement”). 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, 2005 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	0.75	%	1.30	%	1.30	%	0.30	%
AXA Enterprise Moderate Allocation Fund	0.75	%	1.30	%	1.30	%	0.30	%
AXA Enterprise Moderate-Plus Allocation Fund*	0.75	%	1.30	%	1.30	%	0.30	%
AXA Enterprise Aggressive Allocation Fund	0.75	%	1.30	%	1.30	%	0.30	%

* Effective June 3, 2005. Prior to June 3, 2005, the limitation was 1.45%, 2.00%, 2.00% and 1.00%, for Class A, Class B, Class C and Class Y shares, respectively.

Prior to May 1, 2005, the expenses for each Allocation Fund was limited to the following based on annual average daily net assets:

	Class A		Class B		Class C		Class Y
AXA Enterprise Conservative Allocation Fund	0.90	%	1.45	%	1.45	%	0.45	%
AXA Enterprise Moderate Allocation Fund	0.90	%	1.45	%	1.45	%	0.45	%
AXA Enterprise Aggressive Allocation Fund	0.90	%	1.45	%	1.45	%	0.45	%

Effective December 13, 2004, 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	%

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October 31, 2005

	Class A		Class B		Class C		Class P		Class Y
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	2.10	%	2.65	%	2.65	%	1.90	%	1.65	%
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 December 13, 2004, the expenses for the following Funds were limited to the following based on annual average daily net assets:

	Class B		Class C		Class P*		Class Y
AXA Enterprise Multimanager Growth Fund	2.20	%	2.20	%	1.45	%	1.20	%
AXA Enterprise Multimanager Core Equity Fund	2.20	%	2.20	%	1.45	%	1.20	%
AXA Enterprise Multimanager Value Fund	2.20	%	2.20	%	1.45	%	1.20	%
AXA Enterprise Multimanager Mid Cap Growth Fund	2.45	%	2.45	%	1.70	%	1.45	%
AXA Enterprise Multimanager Mid Cap Value Fund	2.45	%	2.45	%	1.70	%	1.45	%
AXA Enterprise Multimanager International Equity Fund	2.65	%	2.65	%	1.90	%	1.65	%
AXA Enterprise Multimanager Technology Fund	2.70	%	2.70	%	1.95	%	1.70	%
AXA Enterprise Multimanager Health Care Fund	2.70	%	2.70	%	1.95	%	1.70	%
AXA Enterprise Multimanager Core Bond Fund	1.80	%	1.80	%	1.05	%	0.80	%

* Formerly Class A.

During the year ended October 31, 2005, the Manager received no reimbursement. At October 31, 2005, under the Expense Limitation Agreement, the amount that would be recoverable from each Fund is as follows:

	Amount Eligible through						Total Eligible for Reimbursement
	2006		2007		2008
AXA Enterprise Conservative Allocation Fund	$	—	$	—	$	93,641	$	93,641
AXA Enterprise Moderate Allocation Fund		—		—		108,179		108,179
AXA Enterprise Moderate-Plus Allocation Fund		—		65,808		697,746		763,554
AXA Enterprise Aggressive Allocation Fund		—		—		107,375		107,375
AXA Enterprise Multimanager Growth Fund		413,174		421,362		358,867		1,193,403
AXA Enterprise Multimanager Core Equity Fund		426,354		427,268		368,138		1,221,760
AXA Enterprise Multimanager Value Fund		439,998		432,760		379,666		1,252,424
AXA Enterprise Multimanager Mid Cap Growth Fund		434,640		439,056		372,785		1,246,481
AXA Enterprise Multimanager Mid Cap Value Fund		440,803		446,682		410,935		1,298,420
AXA Enterprise Multimanager International Equity Fund		455,134		451,583		385,750		1,292,467
AXA Enterprise Multimanager Technology Fund	$	403,215	$	389,773	$	535,608	$	1,328,596
AXA Enterprise Multimanager Health Care Fund		381,414		388,889		343,813		1,114,116
AXA Enterprise Multimanager Core Bond Fund		553,204		557,767		865,259		1,976,230

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October 31, 2005

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 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	0.75% to 1.25%
AXA Enterprise Moderate Allocation Fund	0.90% to 1.40%
AXA Enterprise Moderate-Plus Allocation Fund	1.10% to 1.60%
AXA Enterprise Aggressive Allocation Fund	1.20% to 1.70%

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	1.50% to 2.00%	2.05% to 2.55%	2.05% to 2.55%	1.05% to 1.55%
AXA Enterprise Moderate Allocation Fund	1.65% to 2.15%	2.20% to 2.70%	2.20% to 2.70%	1.20% to 1.70%
AXA Enterprise Moderate-Plus Allocation Fund	1.85% to 2.35%	2.40% to 2.90%	2.40% to 2.90%	1.40% to 1.90%
AXA Enterprise Aggressive Allocation Fund	1.95% to 2.45%	2.50% to 3.00%	2.50% to 3.00%	1.50% to 2.00%

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	2.20% to 2.70%	2.75% to 3.25%	2.75% to 3.25%	1.75% to 2.25%
AXA Enterprise Moderate Allocation Fund	2.35% to 2.85%	2.90% to 3.40%	2.90% to 3.40%	1.90% to 2.40%
AXA Enterprise Moderate-Plus Allocation Fund	2.75% to 3.25%	3.30% to 3.80%	3.30% to 3.80%	2.30% to 2.80%
AXA Enterprise Aggressive Allocation Fund	2.95% to 3.45%	3.50% to 4.00%	3.50% to 4.00%	2.50% to 3.00%

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

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to twenty year period elected by such Trustee. At October 31, 2005, the total amount owed to the Trustees participating in the Plan was $280,564.

Note 10 Percentage of Ownership

At October 31, 2005, AXA Equitable held investments in each of the Funds as follows:

Funds:	Percentage of Ownership
AXA Enterprise Conservative Allocation Fund	1.5	%
AXA Enterprise Moderate Allocation Fund	0.5
AXA Enterprise Moderate-Plus Allocation Fund	0.2
AXA Enterprise Aggressive Allocation Fund	0.8
AXA Enterprise Multimanager Growth Fund	54.8
AXA Enterprise Multimanager Core Equity Fund	52.8
AXA Enterprise Multimanager Value Fund	85.6
AXA Enterprise Multimanager Mid Cap Growth Fund	47.0
AXA Enterprise Multimanager Mid Cap Value Fund	43.7
AXA Enterprise Multimanager International Equity Fund	81.6
AXA Enterprise Multimanager Technology Fund	9.3
AXA Enterprise Multimanager Health Care Fund	72.0
AXA Enterprise Multimanager Core Bond Fund	28.7

The following table represents the percentage of ownership that each AXA Enterprise Allocation Fund has in the Underlying Portfolios’ net assets as of October 31, 2005.

Fund:	AXA Enterprise Conservative Allocation		AXA Enterprise Moderate Allocation		AXA Enterprise Moderate-Plus Allocation		AXA Enterprise Aggressive Allocation
AXA Enterprise Capital Appreciation Fund	0.01	%	0.11	%	1.08	%	0.09	%
AXA Enterprise Deep Value Fund	0.09		0.79		4.96		0.51
AXA Enterprise Equity Fund	—		0.11		2.33		0.10
AXA Enterprise Equity Income Fund	0.03		0.24		3.40		0.17
AXA Enterprise Government Securities Fund	0.21		0.40		4.08		0.06
AXA Enterprise Growth Fund	—	#	0.03		0.45		0.03
AXA Enterprise High-Yield Bond Fund	0.07		0.16		—		—
AXA Enterprise Money Market Fund	—	#	—	#	—		—
AXA Enterprise Multimanager Core Bond Fund	0.31		0.86		8.62		0.16
AXA Enterprise Multimanager International Equity Fund	—		—		58.62		3.56
AXA Enterprise Multimanager Mid Cap Growth Fund	—		0.10		0.16		0.10
AXA Enterprise Multimanager Mid Cap Value Fund	0.06		0.09		0.12		0.07
AXA Enterprise Multimanager Value Fund	0.83		4.74		58.03		3.14
AXA Enterprise Short Duration Bond Fund	2.22		4.24		21.99		—

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AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

October 31, 2005

Fund:	AXA Enterprise Conservative Allocation	AXA Enterprise Moderate Allocation	AXA Enterprise Moderate-Plus Allocation	AXA Enterprise Aggressive Allocation
AXA Enterprise Small Company Growth Fund	—	0.22	1.24	0.10
AXA Enterprise Small Company Value Fund	—	0.08	1.48	0.08

# Percentage of ownership is less than 0.005%.

Note 11 Substitution and 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.

After the close of business on September 30, 2005, the AXA Enterprise Money Market II Fund was liquidated.

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.

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AXA ENTERPRISE MULTIMANAGER FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS — (Concluded)

October 31, 2005

Note 12 Subsequent Event

On December 20, 2005, the Funds declared income and capital gain distributions in the following amounts per share:

	Income Distribution per Share					Capital Gain Distribution per Share*
	Class A	Class B	Class C	Class P	Class Y
AXA Enterprise Multimanager Core Equity Fund	—	—	—	0.0013	0.0302	0.4153
AXA Enterprise Multimanager Value Fund	0.0200	—	—	0.0448	0.0762	0.4744
AXA Enterprise Multimanager Mid Cap Value Fund	—	—	—	—	—	1.3262
AXA Enterprise Multimanager International Equity Fund	0.0779	—	—	0.1065	0.1429	0.5714
AXA Enterprise Multimanager Technology Fund	—	—	—	—	—	0.7199
AXA Enterprise Multimanager Health Care Fund	—	—	—	—	—	0.6484

* Capital gain distributions were the same across each Fund’s respective share class.

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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 the 13 funds constituting the AXA Enterprise Multimanager Funds Trust (formerly the AXA Premier Funds Trust, hereafter referred to as the “Funds”) at October 31, 2005, and the results of each of their operations, changes in each of their net assets and their financial highlights for 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 Funds’ 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 audits 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, 2005 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 15, 2005

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APPROVALS OF INVESTMENT MANAGEMENT AND INVESTMENT ADVISORY AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED OCTOBER 31, 2005 (UNAUDITED)

During the six-month period ended October 31, 2005, the Board of Trustees, including the Independent Trustees, unanimously approved or renewed, as applicable, the Investment Management Agreement (the “Management Agreement”) with AXA Equitable (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.

Fund	Agreements Approved or Renewed by the Trust’s Board of Trustees with respect to the Fund
AXA Enterprise Multimanager Growth Fund	Management Agreement with AXA Equitable Subadvisory Agreement with Alliance Capital Management 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 Alliance Capital Management L.P. (Bernstein Unit) 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 Alliance Capital Management 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 Alliance Capital Management 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 Alliance Capital Management L.P. (Bernstein Unit) Subadvisory Agreement with J.P. Morgan Investment Management Inc. Subadvisory Agreement with Marsico Capital Management, LLC

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Fund	Agreements Approved or Renewed by the Trust’s Board of Trustees with respect to the Fund
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
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

In approving the Management Agreement 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(s). In this connection, the Board 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 (or, in the case of a new Sub-adviser, the performance of comparable accounts) as compared to an appropriate benchmark and peer group; (3) the level of the Fund’s management and Sub-adviser’s advisory fee; (4) the costs of the services provided and profits realized by the Manager and, to the extent information was available, each Sub-adviser and their respective affiliates from the relationship with the Fund; and (5) the anticipated effect of growth and size on the Fund’s performance and expenses, where applicable. 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 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.

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The Board, in examining the nature, extent and quality of the services provided by the Manager and each Sub-adviser to the Funds, considered the Manager’s and each Sub-adviser’s experience in serving as an investment adviser for the Trust and accounts comparable to the Funds they advise. The Board noted the responsibilities of the Manager to the Trust and the Funds. In particular, with respect to the Manager, the Board considered that the Manager is responsible for the search, selection and monitoring of sub-advisers for the Funds, oversight of compliance with Fund policies and objectives, 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 portions 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 considered the performance of the shares of each Fund (or, in the case of a new Sub-adviser, comparable accounts) relative to its primary benchmark and peer group. The Board generally considered longer-term performance to be more important in its evaluation than short-term performance. The Board also considered the performance of the portions of each Fund allocated to each of its Sub-advisers. In that 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 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. In evaluating each Fund’s management fee schedule, the Board considered the quality and level of services provided and the Manager’s responsibilities to each Fund. In this connection, the Board considered a report provided by Lipper Inc., an independent third party company, containing information regarding the management fee and the 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 management fee 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 noted, however, that the higher management fees and expense ratios are consistent with the higher costs and greater complexity associated with multi-manager funds. The Board also considered that, while management fees and total expense ratios for manager-of-managers funds generally are higher than for funds with single advisers, each Fund’s management fee structure provides for breakpoints, that is, a reduction of the applicable advisory 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, as applicable, the Manager’s and, to the extent information was available, each Sub-adviser’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.

As part of its evaluation of the Manager’s and each Sub-adviser’s compensation, the Board also 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 noted, 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, Alliance Capital Management, L.P. and AXA Rosenberg Investment Management LLC, serve as investment sub-advisers to certain Funds and, as such, receive advisory fees that are paid by

154

the Manager out of the fees that it earns from the Trust. The Board also recognized that another affiliate of the Manager, 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 them 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 recognized that Sanford C. Bernstein & Co., LLC which is 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 noted that each Sub-adviser, through its relationship as a sub-adviser to its Fund(s), may engage in soft dollar transactions. In this regard, the Board 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. The Board also noted that certain Sub-advisers had discontinued or materially reduced the extent to which they engage in soft dollar transactions. In addition, the Board recognized 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.

The Board also considered conflicts of interest that may arise between the Trust and the Manager and the Sub-advisers in connection with the services they provide 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 and the information described below, the Board, including the Independent Trustees, unanimously approved or renewed, as applicable, each Agreement with respect to the relevant Fund(s).

AXA Enterprise Multimanager Growth Fund

AXA Enterprise Multimanager Core Equity Fund

AXA Enterprise Multimanager Value Fund

AXA Enterprise Multimanager International Equity Fund

AXA Enterprise Multimanager Technology Fund

AXA Enterprise Multimanager Health Care Fund

AXA Enterprise Multimanager Core Bond Fund

With respect to each Fund listed above, the Board noted that the Fund generally either outperformed, or had comparable performance to, its benchmark and the average of its peer group for the one- and three-year periods ended December 31, 2004. The Board also noted that the performance of the portions allocated to each of the Sub-advisers generally 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

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strategy and performance. The Board was satisfied that the performance of the Fund has been reasonable in relation to the performance of the average of its peer group and benchmark.

AXA Enterprise Multimanager Mid Cap Value Fund

With respect to the performance of the AXA Enterprise Multimanager Mid Cap Value Fund, the Board noted that the Fund had underperformed its benchmark and the average of its peer group for the one- and three-year periods ended December 31, 2004. The Board noted, however, that the Fund’s recent performance had improved such that it had either outperformed, or had comparable performance to, its benchmark and the average of its peer group for the year-to-date period ended May 31, 2005. The Board generally was dissatisfied with the performance of the Fund but was satisfied that the Manager and the Sub-advisers were taking reasonable steps to improve the performance of the Fund such that its performance had recently improved.

AXA Enterprise Multimanager Mid Cap Growth Fund

With respect to the performance of the AXA Enterprise Multimanager Mid Cap Growth Fund, the Board noted that the Fund had outperformed, or had comparable performance, respectively, to the average of its peer group and its benchmark for the one-year period ended December 31, 2004, but had underper formed its benchmark and peer group for the three-year period ended on that date. The Board further considered that, the Manager had taken steps to improve the performance of the Fund, including the replacement of one Sub-adviser by Franklin Advisers, Inc. in May 2003. The Board generally was dissatisfied with the longer-term performance of the Fund but was satisfied that the Manager had taken reasonable steps to improve the performance of the Fund and that the Fund’s recent performance generally was reasonable in relation to its benchmark and the average of its peer group.

156

Federal Income Tax Information (Unaudited)

For the year ended October 31, 2005, 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:

Funds:	70% Dividend Received Deduction		Foreign Taxes		Foreign Source Income		Long Term Capital Gain		Treasury Income
AXA Enterprise Multimanager Moderate Plus Allocation Fund	100.00	%	$	—	$	—	$	—	—	%
AXA Enterprise Multimanager Core Equity Fund	100.00			—		—		—	—
AXA Enterprise Multimanager Value Fund	78.87			—		—		188,560	—
AXA Enterprise Multimanager International Equity Fund	—			32,476		504,271		34,905	—
AXA Enterprise Multimanager Health Care Fund	—			—		—		488,636	13.00
AXA Enterprise Multimanager Core Bond Fund	—			—		—		182,437	28.62

For the year ended October 31, 2005, the Funds below have designated the following amounts of their 2005 ordinary income distributions (located in Box 1 of Form 1099-DIV) as qualifying dividend income (“QDI”):

Fund	Qualifying Dividend Income
AXA Enterprise Multimanager Moderate Plus Allocation Fund	$	666,746
AXA Enterprise Multimanager Core Equity Fund		43,799
AXA Enterprise Multimanager Value Fund		119,403
AXA Enterprise Multimanager International Equity Fund		160,043

157

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 Portfolios in Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustee
Steven M. Joenk* 1290 Avenue of the Americas, New York, New York (46)	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 Fund Distributors, Inc., and a director of MONY Capital Management, Inc., Matrix Private Equities, Inc., Matrix Capital Markets Group Inc., 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)	100	None

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	Number of Portfolios 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 (54)	Trustee	From November 2001 to present	Co-founder and director of Weichert Enterprise, 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.	29	From 2002 to present, Director of Access IT Integrated Technologies, Inc.
Barry Hamerling 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, 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.	29	None
Cynthia R. Plouché c/o AXA Enterprise Multimanager Funds Trust 1290 Avenue of the Americas, New York, New York (48)	Trustee	From November 2001 to present	Since April 2003, Managing Director of Blaylock Abacus Asset Management, Inc.; prior thereto, Founder, Chief Investment Officer and Managing Director of Abacus Financial Group, a manager of fixed income portfolios for institutional clients.	29	None
Rayman Louis Solomon c/o AXA Enterprise Multimanager Funds Trust 1290 Avenue of the Americas, New York, New York (58)	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.	29	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.

159

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 (46)	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 Fund Distributors, Inc., and a director of MONY Capital Management, Inc., Matrix Private Equities, Inc., Matrix Capital Markets Group Inc., 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 (50)	Vice President and Secretary, and Anti- Money Laundering Compliance Officer	Anti-Money Laundering Compliance Officer from September 2002 to present; 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 (43)	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; from October 1999 to February 2001, Assistant Vice President of AXA Financial.
Kenneth B. Beitler 1290 Avenue of the Americas, New York, New York (47)	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 (44)	Vice President	From November 2001 to present	From February 2001 to present, Vice President of AXA Financial; from July 1999 to present, Vice President of AXA Equitable; from July 2004 to present, a director of Enterprise Capital Management, Inc.; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer of AXA Financial.

160

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 (37)	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; from December 1999 to January 2001, Senior Fund Administrator of AXA Equitable.
Andrew S. Novak, Esq. 1290 Avenue of the Americas, New York, New York (36)	Chief Compliance Officer	Chief Compliance Officer from September 2002 to present	From September 2005 to present, Chief Compliance Officer of AXA Financial; 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.; from August 1997 to August 2000, Vice President and Assistant General Counsel of Mitchell Hutchins Asset Management.
Anthony Dasrath 1290 Avenue of the Americas, New York, New York (30)	Assistant Anti- Money Laundering Compliance Officer	From March 2005 to present	From June 2004 to present, Compliance Manager and Assistant Anti- Money Laundering Compliance Officer of AXA Financial; from December 2001 to June 2004, Senior Accountant, Separate Accounts of AXA Financial; from November 2001 to December 2001 Consultant with Lord Abbett & Co. Prior thereto, a Mutual Fund Product Controller, J.P. Morgan & Co. Incorporated.

* Affiliated with the Manager and Distributor.

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

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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, 2005 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 PORTFOLIO 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.

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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 2005: $552,600 and fiscal year 2004: $316,200

(b) Audit-Related Fees for fiscal year 2005: $19,479 and fiscal year 2004: $0

Out-of-pocket expenses.

(c) Tax Fees for fiscal year 2005: $69,325 and fiscal year 2004: $66,500

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

(d) All Other Fees for fiscal year 2005: $0 and fiscal year 2004: $6,000

All other fees include amounts related to review of the registrant’s various regulatory filings.

(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 2005:	$4,308,688
	For fiscal year 2004:	$4,503,185

(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 31, 2005

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 31, 2005

/s/  Kenneth T. Kozlowski

Kenneth T. Kozlowski

Chief Financial Officer

December 31, 2005