AXA Enterprise Funds Trust

N-CSR 1 dncsr.htm AXA ENTERPRISE FUNDS TRUST AXA Enterprise Funds Trust

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 811-21695

AXA ENTERPRISE FUNDS TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

ARTHUR J. BROWN, ESQ.

Kirkpatrick & Lockhart Preston Gates Ellis LLP

1601 K Street, NW

Washington, D.C. 20006-1600

Telephone: (202) 778-9000

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

Date of fiscal year end: October 31

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

Item 1. Reports to Stockholders.

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

AXA Enterprise Funds Trust

2006 Certified

Annual Report

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

AXA ENTERPRISE FUNDS TRUST

ANNUAL REPORT

October 31, 2006

Table of Contents


Ø Performance Results and Commentary (Unaudited)

Notes on Performance		2
AXA Enterprise Capital Appreciation Fund		4
AXA Enterprise Deep Value Fund		6
AXA Enterprise Equity Fund		8
AXA Enterprise Equity Income Fund		10
AXA Enterprise Global Financial Services Fund		12
AXA Enterprise Government Securities Fund		14
AXA Enterprise Growth and Income Fund		16
AXA Enterprise High-Yield Bond Fund		18
AXA Enterprise International Growth Fund		20
AXA Enterprise Large Cap Growth Fund		22
AXA Enterprise Money Market Fund		24
AXA Enterprise Short Duration Bond Fund		26
AXA Enterprise Small Company Growth Fund		28
AXA Enterprise Small Company Value Fund		30
AXA Enterprise Socially Responsible Fund		32
AXA Enterprise Tax-Exempt Income Fund		34

Ø Portfolio of Investments		36

Ø Financial Statements		73

Ø Notes to Financial Statements		138

Ø Report of Independent Registered Public Accounting Firm		154

Ø Approvals of Investment Management and Investment Advisory Agreements (Unaudited)		155

Ø Federal Income Tax Information (Unaudited)		163

Ø Management of the Trust (Unaudited)		164

Ø Proxy Voting and Quarterly Portfolio Holdings Information (Unaudited)		168

NOTES ON PERFORMANCE

Total Returns

Performance of each of the funds of the AXA Enterprise Funds Trust as shown on the following pages compares each fund’s performance to that of a broad-based securities index. Performance information is as of the date shown and represents past performance and is not indicative of future results. Investment return and principal value of an investment in each of the funds will fluctuate as the prices of the individual securities in which it invests fluctuate, so that shares may be worth more or less at redemption or withdrawal than at original purchase. The Fund’s 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 funds of AXA Enterprise Funds Trust, the maximum front-end sales charge for Classes A shares in effect during the reporting period was 4.75% of offering price. 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 A shares of each fund of AXA Enterprise Funds Trust. The periods illustrated are for a 10 year period (or since inception) through October 31, 2006. These results assume reinvestment of dividends and capital gains. The returns for the funds’ Class A (which are shown in the chart), Class B and Class C shares are lower than the Class Y shares because these other shares have higher total expenses. In addition, unlike Class A, Class B and Class C 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.

30 Day T-Bill

This is an unmanaged index (with no defined investment objective) containing monthly return equivalents of yield averages that are not marked to market. The 1-month Treasury Bill Index consist of the last 1-month Treasury bill issues.

Lehman Brothers Intermediate Government Bond Index

This index includes intermediate term fixed income obligations issued by the U.S. Treasury, government agencies, and quasi-federal corporations having a 1 to 10 year range of maturities.

Lehman Brothers 1-3 Year Government/Credit Index

This index is the U.S. Government/Credit component of the Lehman Brothers Aggregate Index. It consists of securities in the 1 to 3 year maturity range of the Government/Credit Index. Securities must have a maturity from 1 up to (but not including) 3 years.

Lehman Brothers Municipal Bond Index

This index is a broad market performance benchmark for the tax-exempt bond market. This index includes bonds that have a minimum credit rating of at least Baa. These bonds must have an outstanding par value of at least $5 million and be issued as part of a transaction of at least $50 million. The bonds must have been issued after December 31, 1990 and have a remaining maturity of at least one year. Taxable municipal bonds, bonds with floating rates, and derivatives are excluded.

Merrill Lynch U.S. High Yield Master, Cash Pay Only Index

An unmanaged index that measures the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.

MSCI 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.

MSCI World Financial Services Index

This index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. It is an unmanaged index composed of stocks listed in the US, Europe, Canada, Australia, New Zealand and the Far East and is focused on those stocks in the financial services sector. It includes reinvested dividends.

MSCI World Index

This index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. As of June 2006, the index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

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^® Value Index

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

Russell 2000^™ Growth Index

The Russell 2000 Growth Index offers investors access to the small cap growth segment of the U.S. Equity universe. This index measures the performance of those Russell 2000 securities with a greater-than-average

growth orientation. Securities in this index tend to exhibit higher price-to-book ratios and higher forecasted growth values.

Russell 2000^™ Value Index

The Russell 2000 Value Index offers investors access to the small cap value segment of the U.S. equity universe. This index measures the performance of those Russell 2000 securities with lower price-to-book ratios and lower forecasted growth values.

AXA ENTERPRISE CAPITAL APPRECIATION FUND

FUND ADVISER

•

Marsico Capital Management, LLC

PERFORMANCE RESULTS

Growth of a $10,000 Investment

10/31/96–10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares	6.11	%	7.53	%	7.06	%	—
Class B Shares	5.50		6.94		6.59		—
Class C Shares	5.53		6.95		—		7.05	%*
Class Y Shares	6.61		8.02		—		5.19	**
Russell 1000 Growth Index	10.84		4.07		5.76		1.37	**
Lipper Large-Cap Growth Funds Index	6.23		3.34		4.82		0.70	**

*	Date of inception 5/1/97

**	Since Inception returns shown for Class Y Shares and the Indexes in the table above are calculated using an inception date of 5/31/98, as daily index values for this time period are not available for all indexes. Since inception, 5/14/98, the average annual return for Class Y Shares is 4.79%.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares	1.07	%	6.49	%	6.54	%	—
Class B Shares	0.50		6.63		6.59		—
Class C Shares	4.53		6.95		—		7.05	%*
Russell 1000 Growth Index	10.84		4.07		5.76		1.37	**
Lipper Large-Cap Growth Funds Index	6.23		3.34		4.82		0.70	**

*	Date of inception 5/1/97

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

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares	(3.00	)%	6.45	%	6.20	%	—
Class B Shares	(3.74	)	6.59		6.25		—
Class C Shares	0.29		6.90		—		6.78	%*
Russell 1000 Growth Index	6.04		4.42		5.46		4.37	**
Lipper Large-Cap Growth Funds Index	2.46		3.56		4.64		3.85	**

*	Date of inception 5/1/97

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

Returns for periods greater than one year are annualized

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

PERFORMANCE SUMMARY

The Fund’s Class A shares returned 6.11% for the year ended October 31, 2006. The Fund’s benchmark, the Russell 1000 Growth Index, returned 10.84% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

Diversified Financials positions including UBS AG, Goldman Sachs Group, Lehman Brothers, and Chicago Mercantile Exchange were among the top individual contributors to performance for the reporting period. In addition, the Fund’s overweighted posture in this industry group helped performance, as it was a strong-performing industry in the benchmark.

•

Specific holdings in the Consumer Services industry group, such as hotel and casino operator Las Vegas Sands, coffee purveyor Starbucks, and fast-food restaurant operator YUM! Brands, contributed positively to performance. Compounding the positive effect was an overweighted posture in the Consumer Services industry group, an area of investment that was a strong performer for the benchmark in the period.

•

Price appreciation in Industrials positions, such as FedEx Corp., heavy equipment manufacturer Caterpillar, and defense contractor Lockheed Martin, combined to materially help the Fund’s return.

What hurt performance over the year

•

Positions in biotechnology company Genentech and health services provider UnitedHealth Group were the largest individual detractors to the Fund’s performance results in the period. In addition, an underweighted posture in the Health Care sector hurt the Fund as it was a strong-performing area of investment for the benchmark.

•

Price depreciation in specific Energy holdings also had a negative effect on performance during the period. Oil services company Halliburton and coal producer Peabody Energy Corp. were among the Fund’s

AXA ENTERPRISE CAPITAL APPRECIATION FUND

largest individual detractors. The Fund’s average overweighted posture in this sector also hurt performance, as it was among the weaker-performing sectors in the benchmark.

•

The Fund’s homebuilding positions in the Consumer Durables & Apparel industry were particularly weak during the period. Holdings in this area included KB Home, Toll Brothers, and Lennar Corp. An overweighted posture in this weak-performing industry group for the benchmark also hurt performance.

Advisor Outlook

As of October 31, 2006, the Fund’s sector allocations emphasized Consumer Discretionary, Financials, Industrials, and Health Care investments. The Fund had an underweighted investment posture in the Energy sector and no exposure to Utilities. We continue to focus on companies we identify as having attributes such as improving profitability, market share leadership, improving free cash flow generation, strong balance sheets, high-quality management teams, and equity valuations that we believe are reasonable in the context of projected earnings growth rates. We believe companies with these types of attributes offer compelling long-term growth potential.


Sector Weightings as of 10/31/06	% of Net Assets
Consumer Discretionary	27.2	%
Financials	18.6
Industrials	16.7
Health Care	14.6
Consumer Staples	6.9
Information Technology	4.6
Materials	2.5
Energy	2.2
Telecommunication Services	2.0
Cash and Other	4.7

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 and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	980.40	$	7.84
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.29		7.98
Class B
Actual		1,000.00		977.50		10.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.57		10.71
Class C
Actual		1,000.00		977.60		10.57
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.52		10.76
Class Y
Actual		1,000.00		982.50		5.60
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.56		5.70

*	Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 1.57%, 2.11%, 2.12% and 1.12%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE DEEP VALUE FUND

FUND ADVISER

•

Barrow, Hanley, Mewhinney & Strauss, Inc.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

5/31/01–10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		Since Incept.*
Class A Shares	15.34	%	7.71	%	5.16	%
Class B Shares	14.69		7.10		4.59
Class C Shares	14.69		7.10		4.59
Class Y Shares	15.81		8.15		5.60
Russell 1000 Value Index	21.46		11.64		7.73
Lipper Large-Cap Value Funds Index	18.41		8.51		4.75

*	Date of inception 5/31/01

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		Since Incept.*
Class A Shares	9.90	%	6.67	%	4.22	%
Class B Shares	9.69		6.79		4.43
Class C Shares	13.69		7.10		4.59
Russell 1000 Value Index	21.46		11.64		7.73
Lipper Large-Cap Value Funds Index	18.41		8.51		4.75

*	Date of inception 5/31/01

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		5 Years		Since Incept.*
Class A Shares	3.94	%	6.09	%	3.84	%
Class B Shares	3.62		6.24		4.07
Class C Shares	7.55		6.53		4.23
Russell 1000 Value Index	14.62		10.73		7.21
Lipper Large-Cap Value Funds Index	12.59		8.01		4.25

*	Date of inception 5/31/01

Returns for periods greater than one year are annualized

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 15.34% for the year ended October 31, 2006. The Fund’s benchmark, the Russell 1000 Value Index, returned 21.46% over the same period

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

The primary area of strength during the year versus the benchmark was stock selection and weighting in the Consumer Staples sector, specifically the tobacco industry. Strong individual contributors included Reynolds American, Loews Carolina Corp., UST Inc. and Imperial Tobacco.

•

Stock selection in the Industrials holdings also provided relative positive impact as positions in American Power Conversion, Emerson Electric Co. and Burlington Northern added significant value for the period.

•

Additional individual positions that contributed materially to positive performance were Mastercard Inc., First Marblehead Corp. and Mattel Inc.

What hurt performance over the year

•

Stock selection in the Financials, Health Care and Consumer Discretionary sectors were the primary detractors versus the benchmark during the year.

•

Strong outperformance and overweighting in the Consumer Finance industry was overshadowed by a significant underweighting in real estate and capital markets.

•

A relative overweighting and stock performance within the hospital/ provider realm of Health Care also significantly detracted from relative performance. Specific holdings in this industry which struggled were Triad Hospitals, Omnicare Inc., UnitedHealth Group and Coventry Health Care.

•

Specific holdings in the Consumer Discretionary sector, Brunswick Corp., Dollar General and Weight Watchers International, detracted from the Fund’s performance.

AXA ENTERPRISE DEEP VALUE FUND

Advisor Outlook

We believe the best way to weather any downturn is to own quality companies. In the investment world, as in life, there are also many definitions of quality. To us, quality has always meant finding companies that we believe are undervalued versus the market for reasons we can understand (earnings missteps, etc), yet have in the past, and may in the future, grow earnings faster than the market, all while paying dividends or prudently managing existing cash flow. In other words, we like companies we believe have strong earnings growth prospects. Because of our investment approach, we do not spend a great deal of time thinking about how the economy might affect our holdings from a top-down perspective. In our opinion, we have positioned the Fund with a basket of well-managed companies selling at a discount to the market. Our companies exhibit strong cash flows and pay above market dividends that may benefit shareholders as the earnings cycle decelerates to more normalized levels.


Sector Weightings as of 10/31/06	% of Net Assets
Financials	24.8	%
Health Care	14.7
Consumer Discretionary	14.3
Industrials	11.4
Consumer Staples	9.4
Utilities	8.2
Energy	6.3
Information Technology	3.8
Telecommunication Services	3.0
Materials	1.0
Cash and Other	3.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,057.80	$	7.78
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.64		7.63
Class B
Actual		1,000.00		1,055.50		10.62
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.87		10.41
Class C
Actual		1,000.00		1,055.50		10.62
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.87		10.41
Class Y
Actual		1,000.00		1,060.30		5.45
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

*	Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 1.50%, 2.05%, 2.05% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE EQUITY FUND

FUND ADVISER

•

TCW Investment Management Company

PERFORMANCE RESULTS

Growth of a $10,000 Investment

5/1/97–10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		Since Inception
Class A Shares	(1.54	)%	5.67	%	3.58	%*
Class B Shares	(1.93	)	5.09		3.10	*
Class C Shares	(2.09	)	5.09		3.04	*
Class Y Shares	(1.05	)	6.20		1.56	**
Russell 1000 Growth Index	10.84		4.07		0.92	**
Lipper Large-Cap Growth Funds Index	6.23		3.34		0.62	**

*	Date of inception 5/1/97

**	Since Inception returns shown for Class Y Shares and the Indexes in the table above are calculated using an inception date of 10/31/98, as daily index values for this time period are not available for all indexes. Since inception, 10/14/98, the average annual return for Class Y Shares is 2.47%.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		Since Inception
Class A Shares	(6.17	)%	4.66	%	3.05	%*
Class B Shares	(6.84	)	4.76		3.10	*
Class C Shares	(3.07	)	5.09		3.04	*
Russell 1000 Growth Index	10.84		4.07		4.71	**
Lipper Large-Cap Growth Funds Index	6.23		3.34		4.14	**

*	Date of inception 5/1/97

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

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		5 Years		Since Inception
Class A Shares	(8.32	)%	5.90	%	2.69	%*
Class B Shares	(9.02	)	6.03		2.75	*
Class C Shares	(5.19	)	6.33		2.70	*
Russell 1000 Growth Index	6.04		4.42		4.37	**
Lipper Large-Cap Growth Funds Index	2.46		3.56		3.85	**

*	Date of inception 5/1/97

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

Returns for periods greater than one year are annualized

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 -1.54% for the year ended October 31, 2006. The Fund’s benchmark, the Russell 1000 Growth Index, returned 10.84% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

During the 12 month period, the best results came from positions in Salesforce.com and Expeditors International.

•

Google and Cisco also made a strong contribution.

•

Pixar was acquired by Disney in 2006. The combined return of owning Pixar and the exchanged Disney shares were additive to returns.

What hurt performance over the year

•

Sector exposure generally hurt returns for most of the year.

•

Additionally, the rapid growth stocks in the Fund generally under-performed their economic sector averages.

•

The worst performers were Getty Images, XM Satellite Radio, Yahoo! and Dell.

Advisor Outlook

As we look into the upcoming fiscal year we are sanguine about the prospects of our holdings. We believe the Fund is well positioned with a well diversified set of industry leading, high quality, businesses that possess sustainable competitive advantages and significant long-term growth opportunities. Moreover, current valuations imply that the risk adjusted outlook for these stocks is quite compelling.

AXA ENTERPRISE EQUITY FUND


Sector Weightings as of 10/31/06	% of Net Assets
Information Technology	33.9	%
Financials	22.7
Health Care	22.2
Consumer Discretionary	7.8
Industrials	6.4
Energy	5.4
Consumer Staples	1.8
Cash and Other	(0.2	)

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	958.00	$	7.90
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.14		8.13
Class B
Actual		1,000.00		956.00		10.60
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.37		10.92
Class C
Actual		1,000.00		954.50		10.59
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.37		10.92
Class Y
Actual		1,000.00		960.80		5.68
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.41		5.85

*	Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 1.60%, 2.15%, 2.15% and 1.15%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE EQUITY INCOME FUND

FUND ADVISER

•

Boston Advisors, LLC

PERFORMANCE RESULTS

Growth of a $10,000 Investment

10/31/96–10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares	14.89	%	9.38	%	8.13	%	—
Class B Shares	14.24		8.78		7.66		—
Class C Shares	14.26		8.80		—		6.70	%*
Class Y Shares	15.35		9.88		—		6.22	**
Russell 1000 Value Index	21.46		11.64		11.14		8.47	**
Lipper Equity Income Funds Index	17.98		8.94		8.55		6.27	**

*	Date of inception 5/1/97

**	Since Inception returns shown for Class Y Shares and the Indexes in the table above are calculated using an inception date of 1/31/98, as daily index values for this time period are not available for all indexes. Since inception, 1/22/98, the average annual return for Class Y Shares is 6.37%.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares	9.42	%	8.32	%	7.61	%	—
Class B Shares	9.24		8.49		7.66		—
Class C Shares	13.26		8.80		—		6.70	%*
Russell 1000 Value Index	21.46		11.64		11.14		10.31	**
Lipper Equity Income Funds Index	17.98		8.94		8.55		7.94	**

*	Date of inception 5/1/97

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

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares	1.74	%	7.60	%	7.63	%	—
Class B Shares	1.29		7.75		7.68		—
Class C Shares	5.29		8.07		—		6.47	%*
Russell 1000 Value Index	14.62		10.73		11.20		10.03	**
Lipper Equity Income Funds Index	12.09		8.37		8.47		5.94	**

*	Date of inception 5/1/97

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

Returns for periods greater than one year are annualized

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

PERFORMANCE SUMMARY

The Fund’s Class A shares returned 14.89% for the year ended October 31, 2006. The Fund’s benchmark, the Russell 1000 Value Index, returned 21.46% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

The Fund’s strategy of investing in stocks with dividend yields higher than that of the S&P 500 Index was a positive. The shares of dividend-paying companies outperformed those of non-dividend paying companies during the twelve month period. The Fund’s value orientation was also a positive as value stocks outperformed growth stocks during the period.

•

Robust merger and acquisition activity benefited the Fund as a number of stocks held became targets of buyout or merger offers during the year. The shares of Harrah’s Entertainment, Inc. in Consumer Discretionary; Albertson’s Inc. in Consumer Staples; Kerr-McGee in Energy; BellSouth Corp. in Telecommunication Services; Providian Financial Corp. and Trizec Properties, Inc. in Financial Services; all appreciated significantly because of takeover announcements.

•

The Fund’s significant exposure to the Energy and Financial Services sectors contributed positively to returns. Energy and Financial Services were among the best performing groups of stocks over the past twelve months.

•

The Fund’s solid stock selection within these sectors also helped returns. Holdings of Exxon Mobil, Marathon Oil and Occidental Petroleum in Energy and Bank of America, Morgan Stanley, JPMorgan Chase, Lincoln National and Simon Property Group in Financial Services performed exceptionally well.

•

Stock selection elsewhere in the Fund contributed positively to returns. The shares of McDonald’s and Limited Brands in Consumer Discretionary; Molson Coors Brewing in Consumer Staples; Merck and Pfizer in Health Care; Emerson Electric and Raytheon in Industrials; and Duke Energy and TXU Corp. in Utilities all appreciated.

AXA ENTERPRISE EQUITY INCOME FUND

What hurt performance over the year

•

The Fund’s strategy of equal weighting its holdings to achieve broad diversification and minimize individual stock risk negatively impacted relative performance.

•

The Fund’s exposure to Materials was a negative largely due to unfavorable stock selection within the sector. The shares of Fresh Del Monte, Dow Chemical, Louisiana Pacific and Lubrizol all underperformed, which adversely impacted results.

•

Stock selection elsewhere in the Fund offset positive returns. The shares of Stanley Works and Whirlpool, in Consumer Discretionary; ConocoPhillips in Energy; Citigroup in Financial Services; Biovail in Health Care; General Electric and R.R. Donnelly in Industrials; and Teco Energy in Utilities all underperformed.

Advisor Outlook

The long awaited slowdown appears at hand as the impact of the Fed’s interest rate hike campaign on economic growth is having its intended effect. In this environment, the shares of larger defensive companies typically perform better than those of smaller, more economically sensitive companies. Additionally, the case for investing in larger companies is more compelling now than it has been for several years given their relative valuation and earnings outlook compared to those of smaller companies. Accordingly, we have lifted the Fund’s exposure to large-cap defensive sectors at the expense of smaller companies more leveraged to economic growth. Despite the slowdown, we believe corporate profits should continue to grow, albeit at a slower pace. The factors driving profitability –solid global demand for products and services, restrained labor inflation and efficiency gains from technology and outsourcing – are likely to continue in place, in our opinion. Corporate balance sheets remain in excellent shape, giving managers the financial flexibility to engage in shareholder friendly activities including stock buybacks, mergers and acquisitions (M&A) and dividend increases. Increased M&A activity suggests that corporations and private equity firms see value in the U.S. stock market while dividend hikes reflect confidence that a positive operating environment supporting these increases may persist for some time.


Sector Weightings as of 10/31/06	% of Net Assets
Financials	31.7	%
Consumer Staples	11.1
Energy	9.8
Industrials	9.7
Consumer Discretionary	8.7
Health Care	8.1
Telecommunication Services	5.1
Information Technology	4.2
Materials	4.1
Utilities	4.1
Cash and Other	3.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line of the tables below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,017.50	$	7.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.64		7.63
Class B
Actual		1,000.00		1,014.60		10.41
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.87		10.41
Class C
Actual		1,000.00		1,014.80		10.41
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.87		10.41
Class Y
Actual		1,000.00		1,019.60		5.35
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

*	Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 1.50%, 2.05%, 2.05% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE GLOBAL FINANCIAL SERVICES FUND

FUND ADVISER

•

AllianceBernstein L.P.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

10/1/98–10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		Since Incept.*
Class A Shares	27.17	%	16.20	%	12.31	%
Class B Shares	26.50		15.56		11.68
Class C Shares	26.44		15.54		11.69
Class Y Shares	27.75		16.73		12.81
MSCI World Financial Services Index	26.76		13.75		—
Lipper Financial Services Funds Index	16.70		11.38		9.59	**

*	Date of inception 10/1/98

**	Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 9/30/98, as daily index values for this time period are not available for all indexes.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		Since Incept.*
Class A Shares	21.13	%	15.09	%	11.63	%
Class B Shares	21.50		15.33		11.68
Class C Shares	25.44		15.54		11.69
MSCI World Financial Services Index	26.76		13.75		—
Lipper Financial Services Funds Index	16.70		11.38		9.59	**

*	Date of inception 10/1/98

**	Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 9/30/98, as daily index values for this time period are not available for all indexes.

Returns

for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		5 Years		Since Incept.*
Class A Shares	18.46	%	13.82	%	11.36	%
Class B Shares	18.72		14.04		11.40
Class C Shares	22.79		14.28		11.42
MSCI World Financial Services Index	23.27		13.05		—
Lipper Financial Services Funds Index	15.61		10.26		9.39	**

*	Date of inception 10/1/98

**	Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 9/30/98, as daily index values for this time period are not available for all indexes.

Returns

for periods greater than one year are annualized

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 27.17% for the year ended October 31, 2006. The Fund’s benchmark, the MSCI World Financial Services Index, returned 26.76% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

The Fund’s non-US holdings were the main contributors to relative performance in this period. European insurers Munich Re, ING Groep and AGF posted strong gains driven by better than expected earnings. Munich Re results benefited from low levels of catastrophe losses as a result of a benign hurricane season. The results of ING and AGF reflect the pay-off from restructuring initiatives that both companies had undertaken.

•

The Fund’s European bank holdings also aided relative performance in the period. Their performance was driven by better than expected earnings attributable in turn to a healthy operating environment and successful restructuring initiatives. The Fund’s French bank holdings have shown good results in both their retail and their corporate and investment banking operations. Credit Suisse’s performance has been underpinned by various restructuring initiatives, central to which is the “One Bank” strategy that drives closer integration between the private banking, investment banking and asset management businesses.

What hurt performance over the year

•

The principal detractors from performance in this period were the Fund’s Japanese and US holdings. Japanese consumer finance companies Promise and Sanyo Shinpan declined on the back of unexpected regulatory change. US financial services stocks did not keep pace with their non-US peers, partly reflecting greater concerns with growth of the overall economy, inflation and interest rates.

AXA ENTERPRISE GLOBAL FINANCIAL SERVICES FUND

Advisor Outlook

We continue to rely on our research based tools to identify stocks that we believe look cheap relative to their long-term earnings power.


Sector Weightings as of 10/31/06	% of Net Assets
Commercial Banks	30.5	%
Insurance	29.8
Diversified Financial Services	18.7
Capital Markets	6.8
Thrifts & Mortgage Finance	6.6
Real Estate	3.9
Consumer Finance	1.3
Cash and Other	2.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,044.10	$	9.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.38		8.89
Class B
Actual		1,000.00		1,042.40		11.84
Hypothetical (5% average annual return before expenses)		1,000.00		1,013.61		11.67
Class C
Actual		1,000.00		1,041.40		11.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,013.61		11.67
Class Y
Actual		1,000.00		1,047.20		6.71
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.61

*	Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 1.75%, 2.30%, 2.30% and 1.30%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE GOVERNMENT SECURITIES FUND

FUND ADVISER

•

TCW Investment Management Company

PERFORMANCE RESULTS

Growth of a $10,000 Investment

10/31/96–10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Incept.
Class A Shares	4.09	%	3.57	%	5.46	%	—	%
Class B Shares	3.53		2.99		4.99		—
Class C Shares	3.53		2.97		—		4.97	*
Class Y Shares	4.56		4.02		—		5.66	**
Lehman Brothers Intermediate Government Bond Index	4.47		3.48		5.50		5.37	**
Lipper General US Government Funds Index	4.38		3.44		5.33		5.07	**

*	Date of inception 5/1/97

**	Since Inception returns shown for Class Y Shares and the Indexes in the table above are calculated using an inception date of 7/31/97, as daily index values for this time period are not available for all indexes. Since inception, 7/17/97, the average annual return for Class Y Shares is 5.72%.

Returns

for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Incept.
Class A Shares	(0.87	)%	2.57	%	4.95	%	—	%
Class B Shares	(1.47	)	2.64		4.99		—
Class C Shares	2.53		2.97		—		4.97	*
Lehman Brothers Intermediate Government Bond Index	4.47		3.48		5.50		5.37	**
Lipper General US Government Funds Index	4.38		3.44		5.33		5.07	**

*	Date of inception 5/1/97

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

Returns

for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		5 Years		10 Years		Since Incept.
Class A Shares	(2.11	)%	2.69	%	5.13	%	—	%
Class B Shares	(2.68	)	2.77		5.17		—
Class C Shares	1.27		3.12		—		4.96	*
Lehman Brothers Intermediate Government Bond Index	3.54		3.70		5.63		5.36	**
Lipper General US Government Funds Index	2.88		3.81		5.49		5.05	**

*	Date of inception 5/1/97

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

Returns

for periods greater than one year are annualized

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 4.09% for the year ended October 31, 2006. The Fund’s benchmark, the Lehman Brothers Intermediate Government Bond Index, returned 4.47% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

The Fund’s allocation to the mortgage sector benefited performance, as the mortgage sector was one of the top performing sectors of the fixed market over the past 12 months.

•

Top performing Fund holdings included 30-year fixed rate Fannie Mae and Freddie Mac pass-throughs with coupons of 4.50% to 5.50%.

•

Long fixed rate agency collateralized mortgage obligations also performed well.

What hurt performance over the year

•

Returns in some of the shorter duration holdings, such as adjustable rate mortgages and fifteen year fixed rate pass-throughs, were lower than returns of some of the longer duration holdings.

•

Returns in the Ginnie Mae pass-throughs lagged those of Fannie Mae and Freddie Mac.

Advisor Outlook

The impact of the slowdown in housing on the economy has yet to be determined. The recent decline in energy prices and interest rates is expected to play an important role in stimulating growth going forward. In an environment where the Fed stays on hold, volatility may drift lower, spread product may tighten and mortgage backed securities (MBS) may

AXA ENTERPRISE GOVERNMENT SECURITIES FUND

do well. However, with 10-year Treasury rates back down to February levels and the MBS Refinancing index moving higher, negative convexity and call risk are once again back in focus. Most of the mortgage universe is not yet refinanceable, but analysts estimate that a decline in the yield of the 10-year Treasury could initiate a significant wave of refinancing activity. We continue to emphasize structure and collateral as a means of limiting exposure to all types of prepayment rate risk.


Sector Weightings as of 10/31/06	% of Net Assets
US Government Agencies	94.6	%
Agency CMO	2.9
Cash and Other	2.5

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 and Class C shares of the Trust), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

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

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,038.00	$	6.42
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.90		6.36
Class B
Actual		1,000.00		1,035.20		9.23
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.13		9.15
Class C
Actual		1,000.00		1,035.20		9.23
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.13		9.15
Class Y
Actual		1,000.00		1,040.50		4.11
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08

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

AXA ENTERPRISE GROWTH AND INCOME FUND

FUND ADVISER

•

UBS Global Asset Management (America), Inc.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

7/31/97 –10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Incept.
Class A Shares**	15.03	%	6.02	%	—	%	5.69	%
Class B Shares**	14.41		5.44		—		5.20
Class C Shares**	14.39		5.44		—		5.13
Class Y Shares	15.56		6.50		8.67		—
Russell 1000 Index	16.02		7.92		8.87		6.08	*
Lipper Large-Cap Core Funds Index	14.65		5.95		7.43		4.79	*

*	Since Inceptions returns shown for the Indexes in the table above are calculated using an inception date of 7/31/97, as daily index values for this time period are not available for all indexes.

**	Since Inception 7/17/97, the average annual return without sales charges for Class A, Class B and Class C is 5.99%, 5.49%, and 5.43%, respectively.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Incept.
Class A Shares**	9.57	%	4.99	%	—	%	5.13	%
Class B Shares**	9.41		5.11		—		5.20
Class C Shares**	13.39		5.44		—		5.13
Russell 1000 Index	16.02		7.92		8.87		6.08	*
Lipper Large-Cap Core Funds Index	14.65		5.95		7.43		4.79	*

*	Since Inceptions returns shown for the Indexes in the table above are calculated using an inception date of 7/31/97, as daily index values for this time period are not available for all indexes.

**	Since Inception 7/17/97, the average annual return with sales charges for Class A, Class B and Class C is 5.43%, 5.49%, and 5.43%, respectively.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		5 Years		10 Years		Since Incept.
Class A Shares**	5.53	%	5.03	%	—	%	4.78	%
Class B Shares**	5.20		5.15		—		4.85
Class C Shares**	9.19		5.47		—		4.79
Russell 1000 Index	10.25		7.64		8.75		5.75	*
Lipper Large-Cap Core Funds Index	9.63		5.75		7.29		4.46	*

*	Date of inception 5/1/97.

**	Since Inception 7/17/97, the average annual return without sales charges for Class A, Class B and Class C is 5.64%, 5.15%, and 5.09%, respectively.

Since Inception 7/17/97, the average annual return with sales charges for Class A, Class B and Class C is 5.09%, 5.15%, and 5.09%, respectively.

Returns for periods greater than one year are annualized

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 15.03% for the year ended October 31, 2006. The Fund’s benchmark, the Russell 1000 Index, returned 16.02% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

Securities and banks sectors had the greatest impact with Morgan Stanley, the top company overweight, having the greatest individual impact on performance.

•

Overweights to banks J.P. Morgan Chase and Wells Fargo also had a positive impact on returns.

What hurt performance over the year

•

A position in telecom provider Sprint Fon Group proved a detraction over the period. The Sprint/Nextel merger integration has experienced a larger number of customer losses than were expected, which has led to the sell-off in the stock.

•

Computer maker Dell also suffered over the period as sales in developed markets showed anemic growth.

Advisor Outlook

At year end, we were underweight the Energy sector, which has benefited from very strong oil prices. Our view is that crude oil prices at current levels are not sustainable, and are not supported by current fundamentals. Inventory levels are above normal, and while spare production capacity within OPEC countries is below normal, the level of spare capacity has actually increased over the past year. While oil prices dropped significantly during the third quarter, we believe the supply/demand dynamic still does not support current levels.

AXA ENTERPRISE GROWTH AND INCOME FUND


Sector Weightings as of 10/31/06	% of Net Assets
Financials	25.2	%
Health Care	17.2
Consumer Discretionary	12.3
Information Technology	11.0
Industrials	9.3
Utilities	6.1
Energy	5.4
Consumer Staples	4.9
Telecommunication Services	3.8
Investment Company	0.3
Cash and Other	4.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,061.80	$	7.80
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.64		7.63
Class B
Actual		1,000.00		1,059.00		10.64
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.87		10.41
Class C
Actual		1,000.00		1,059.00		10.64
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.87		10.41
Class Y
Actual		1,000.00		1,064.50		5.46
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

*	Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 1.50%, 2.05%, 2.05% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE HIGH-YIELD BOND FUND

FUND ADVISER

•

Caywood-Scholl Capital Management

PERFORMANCE RESULTS

Growth of a $10,000 Investment

10/31/96–10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Incept.
Class A Shares	7.22	%	7.67	%	6.06	%	—
Class B Shares	6.65		7.07		5.58		—
Class C Shares	6.65		7.06		—		5.17	%*
Class Y Shares	7.81		8.13		—		5.66	**
Merrill Lynch U.S. High Yield Master Cash Pay Only Index	10.25		9.81		6.87		6.20	**
Lipper High Current Yield Bond Funds Index	9.19		9.11		5.06		4.21	*

*	Date of inception 5/1/97.

**	Since Inception returns shown for Class Y Shares and the Indexes in the table above are calculated using an inception date of 7/31/97, as daily index values for this time period are not available for all indexes. Since inception, 7/25/97, the average annual return for Class Y Shares is 5.74%.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Incept.
Class A Shares	2.09	%	6.62	%	5.54	%	—
Class B Shares	1.65		6.76		5.58		—
Class C Shares	5.65		7.06		—		5.17	%*
Merrill Lynch U.S. High Yield Master Cash Pay Only Index	10.25		9.81		6.87		6.20	**
Lipper High Current Yield Bond Funds Index	9.19		9.11		5.06		4.21	**

*	Date of inception 5/1/97.

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

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		5 Years		10 Years		Since Incept.
Class A Shares	0.28	%	7.04	%	5.42	%	—
Class B Shares	(0.23	)	7.17		5.46		—
Class C Shares	3.71		7.47		—		5.09	%*
Merrill Lynch U.S. High Yield Master Cash Pay Only Index	7.90		10.13		6.83		6.59	**
Lipper High Current Yield Bond Funds Index	6.75		9.29		4.96		4.75	**

*	Date of inception 5/1/97.

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

Returns for periods greater than one year are annualized

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 7.22% for the year ended October 31, 2006. The Fund’s benchmark, the Merrill Lynch U.S. High Yield Master Cash Pay Only Index, returned 10.25% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

Credit selection within the Telecommunications sector benefited the Fund. Specifically, holdings in Dobson Cellular, Hawaiian Telecom, Time Warner Telecom, and Windstream had a positive impact on performance.

•

Large positions in Ford Motor Credit and General Motors Acceptance Corporation enhanced returns as the market discounted their enhanced liquidity positions.

•

The underweighting of the Energy, Health Care and home construction industries added to relative returns.

•

There were no defaults in the Fund over the past twelve months. The lack of defaults had a positive impact toward maintaining principal value in the Fund.

What hurt performance over the year

•

The most significant negative was an underweighting of General Motors and Ford.

•

The triple C sector of the market has outperformed the higher quality sectors of the market over the past 12 months. The Fund’s emphasis on the higher quality portions of the market hurt relative performance.

•

Over the past six months, efforts were made to increase the Portfolio’s coupon flow. The lower investment carry afforded by the higher quality bonds hindered returns.

AXA ENTERPRISE HIGH-YIELD BOND FUND

Advisor Outlook

Since mid-spring, in recognition of the strong fundamentals and technicals within the high yield market, we have increased the Fund’s exposure to several credits that in our opinion offer superior risk/reward characteristics. Included within this group are Charter Communications, Ford Motor Credit, Intelsat, and RH Donnelley. These positions have had a positive influence on the total return potential of the Fund.


Sector Weightings as of 10/31/06	% of Net Assets
Long-Term Debt Securities	94.3	%
Common Stocks	0.2
Warrants	0.1
Cash and Other	5.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,037.50	$	6.68
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.61
Class B
Actual		1,000.00		1,034.70		9.49
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.88		9.40
Class C
Actual		1,000.00		1,035.80		9.49
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.88		9.40
Class Y
Actual		1,000.00		1,041.00		4.37
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.92		4.33

*	Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 1.30%, 1.85%, 1.85% and 0.85%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE INTERNATIONAL GROWTH FUND

FUND ADVISER

•

Wentworth, Hauser, and Violich, Inc.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

10/31/96–10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Incept.
Class A Shares	24.79	%	9.03	%	3.88	%	—	%
Class B Shares	24.17		8.41		3.35		—
Class C Shares	24.07		8.38		—		2.65	*
Class Y Shares	25.35		9.49		4.29		—
MSCI EAFE Index	27.52		14.56		7.34		7.56	**
Lipper International Funds Index	27.27		14.91		8.67		8.19	**

*	Date of inception 5/1/97.

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

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Incept.
Class A Shares	18.86	%	7.97	%	3.37	%	—	%
Class B Shares	19.17		8.11		3.35		—
Class C Shares	23.07		8.38		—		2.65	*
MSCI EAFE Index	27.52		14.56		7.34		7.56	**
Lipper International Funds Index	27.27		14.91		8.67		8.19	**

*	Date of inception 5/1/97.

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

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		5 Years		10 Years		Since Incept.
Class A Shares	8.16	%	7.20	%	2.72	%	—	%
Class B Shares	8.02		7.29		2.70		—
Class C Shares	12.00		7.56		—		2.03	*
MSCI EAFE Index	19.16		14.26		6.82		7.20	**
Lipper International Funds Index	19.28		14.70		8.24		7.85	**

*	Date of inception 5/1/97.

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

Returns for periods greater than one year are annualized

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 24.79% for the year ended October 31, 2006. The Fund’s benchmark, the MSCI EAFE Index, returned 27.52% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

The primary areas of strength included superior stock selection and relative overweighting of the Materials sector. The largest positive contributors in the Materials sector on a relative basis were Inco Ltd. (nickel), Aracruz Celulose (paper), Potash Corp. of Saskatchewan and Teck Cominco Ltd. (fertilizers).

•

Tenaris SA (oilfield services), Woodside Petroleum and Suncor Energy Inc. were the best performing stocks in the Energy sector.

•

An underweight position relative to the benchmark in the Information Technology sector also added to performance.

What hurt performance over the year

•

Fund overweighting in the underperforming Energy sector detracted from performance. Nabors Industries, Noble Corp., GlobalSantaFe Corp., Transocean Inc., Weatherford International, and Talisman Energy Inc. were among the weak energy holdings.

•

Fund underweighting of the superior performing Financial and Utilities sectors subtracted from relative performance.

•

Ingersoll-Rand (machinery) experienced a price decline in the Industrials sector.

AXA ENTERPRISE INTERNATIONAL GROWTH FUND

Advisor Outlook*

Our top-down investment style overweights what we believe are the most attractive global economic sectors and underweights the least attractive sectors. The sector strategy is based on identifying the grand investment supercycle growth trends we project over the long-term. Almost every country on the planet has adopted capitalism since the fall of communism. The spread of capitalism to the outer limits of the world’s geography and the reduction of global trade barriers have created Globalization, a one-world synchronized economy in which nations grow together and demand energy and natural resources simultaneously to fuel their economic growth. This is a new global economic phenomenon which we expect to last many years as global free trade and the growth of emerging markets such as China and India are in its infancy. The primary long-term beneficiaries of this new global economic architecture we expect to be the three sectors we favor: Energy, Materials and Industrials.

*	Wentworth, Hauser and Violich, Inc., became subadvisor to the Fund on January 17, 2006.


Sector Weightings as of 10/31/06	% of Net Assets
Energy	36.5	%
Materials	29.8
Industrials	12.1
Consumer Staples	5.9
Financials	5.4
Health Care	0.9
Utilities	0.6
Cash and Other	8.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	970.80	$	9.19
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.88		9.40
Class B
Actual		1,000.00		968.60		11.91
Hypothetical (5% average annual return before expenses)		1,000.00		1,013.11		12.18
Class C
Actual		1,000.00		968.20		11.91
Hypothetical (5% average annual return before expenses)		1,000.00		1,013.11		12.18
Class Y
Actual		1,000.00		972.80		6.96
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.15		7.12

*	Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 1.85%, 2.40%, 2.40% and 1.40%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE LARGE CAP GROWTH FUND

FUND ADVISER

•

Ark Asset Management Co., Inc.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

7/1/99–10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		Since Incept.
Class A Shares	4.42	%	1.68	%	6.43	%*
Class B Shares	3.95		1.13		5.85	*
Class C Shares	3.95		1.12		5.83	*
Class Y Shares	4.95		2.09		6.87	**
Russell 1000 Growth Index	10.84		4.07		(2.50	)**
Lipper Large-Cap Growth Funds Index	6.23		3.34		(3.15	)**
Lipper Multi-Cap Growth Funds Index†	12.11		6.36		0.41	**

*	Date of inception 7/1/99

**	Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 6/30/99, as daily index values for this time period are not available for all indexes.

†	In 2006, the Investment Manager revised the Fund’s market index to be the Lipper Large-Cap Growth Funds Index, which more closely reflects the securities in which the Fund invests.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		Since Incept.
Class A Shares	(0.52	)%	0.68	%	5.72	%*
Class B Shares	(1.05	)	0.74		5.85	*
Class C Shares	2.95		1.12		5.83	*
Russell 1000 Growth Index	10.84		4.07		(2.50	)**
Lipper Large-Cap Growth Funds Index	6.23		3.34		(3.15	)**
Lipper Multi-Cap Growth Funds Index†	12.11		6.36		0.41	**

*	Date of inception 7/1/99

**	Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 6/30/99, as daily index values for this time period are not available for all indexes.

†	In 2006, the Investment Manager revised the Fund’s market index to be the Lipper Large-Cap Growth Funds Index, which more closely reflects the securities in which the Fund invests.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		5 Years		Since Incept.
Class A Shares	(3.17	)%	1.21	%	5.74	%*
Class B Shares	(3.84	)	1.28		5.88	*
Class C Shares	0.12		1.63		5.85	*
Russell 1000 Growth Index	6.04		4.42		(2.99	)**
Lipper Large-Cap Growth Funds Index	2.46		3.56		(3.58	)**
Lipper Multi-Cap Growth Funds Index†	5.72		6.98		(0.14	)**

*	Date of inception 7/1/99

**	Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 6/30/99, as daily index values for this time period are not available for all indexes.

†	In 2006, the Investment Manager revised the Fund’s market index to be the Lipper Large-Cap Growth Funds Index, which more closely reflects the securities in which the Fund invests.

Returns for periods greater than one year are annualized

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 4.42% for the year ended October 31, 2006. The Fund’s benchmark, the Russell 1000 Growth Index, returned 10.84% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

Both stock selection and a Fund overweight in the Energy sector benefited performance. Schlumberger Ltd. and Halliburton Co. were top individual contributors in the sector.

•

Akamai Technologies Inc. has benefited from strong demand for video streaming over the Internet as more people watch, listen and download content. The company has been a main beneficiary due to their ability to smooth the content being viewed. Strong demand for their services has led to solid pricing, which has driven better than expected revenues and earnings along with a higher share price.

•

Google has helped performance as the company continues to gain share from competitors in online advertising through their dominant search engine.

•

Strong stock selection in retail holdings (Consumer Discretionary), Kohl’s and Sears Holdings added to performance, as these issues generated positive returns on better than expected results.

What hurt performance over the year

•

Stock selection in the Health Care sector was the largest detractor from the Fund’s return versus the benchmark. Cardinal Health Inc. was the largest relative detractor in the sector. Omnicare Inc. underperformed due to a government report that was critical of long-term care facilities and will likely effect reimbursement going forward. In addition, Omnicare was forced into honoring less profitable contract terms as a result of the merger between PacificCare and UnitedHealth Group.

AXA ENTERPRISE LARGE CAP GROWTH FUND

•

Comparative stock selection in Information Technology also detracted from results. Qualcomm has been one of the largest negative contributors to performance in the Fund. Investors have been worried about the outcome of a contract dispute with Nokia. Worries over decreased carrier spending and modest market share loss to competitors drove Juniper Networks’ stock price down. Corning has hurt performance over the last year largely due to poor pricing in the LCD business.

•

Urban Outfitters has underperformed and hurt results due to poor comparative store sales and high inventories of older merchandise that was not reduced as quickly as expected. Consumer Discretionary holding Boyd Gaming Corp. also detracted from results.

•

Both stock selection and a Fund underweight in the Industrials sector detracted from performance.

Advisor Outlook*

We remain moderately bullish on equities for the final quarter of the year, as we believe many of the headwinds that impacted stocks for the first seven months of the year have begun to subside. The threat of higher inflation has ebbed as many commodity prices such as metals and energy have backed off their highs. In addition, the Fed has held interest rates steady as early indications of a soft economic landing are taking shape. Lastly, geopolitical tensions have lessened somewhat from their fever pitch a few months ago. We believe a soft landing characterized by modest interest rates and inflation held in check would be a positive backdrop for the stock market and growth stocks, in particular, to move higher. We believe that by adhering to our investment philosophy of investing in companies we anticipate will benefit from change and that we believe are likely to exceed investors’ expectations, we will add value for our clients over the long run.

*	Ark Asset Management Co., Inc., became subadvisor to the Fund on March 16, 2006.


Sector Weightings as of 10/31/06	% of Net Assets
Information Technology	44.2	%
Health Care	15.8
Consumer Discretionary	10.7
Industrials	9.7
Consumer Staples	8.0
Financials	8.0
Cash and Other	3.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	986.70	$	8.01
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.14		8.13
Class B
Actual		1,000.00		983.70		10.75
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.37		10.92
Class C
Actual		1,000.00		984.60		10.75
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.37		10.92
Class Y
Actual		1,000.00		988.60		5.76
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.41		5.85

*	Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 1.60%, 2.15%, 2.15% and 1.15%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE MONEY MARKET FUND

FUND ADVISER

•

The Dreyfus Corporation

PERFORMANCE SUMMARY

The Fund’s Class A shares returned 4.32% for the year ended October 31, 2006. The Fund’s benchmark, the 30-Day T-Bill, returned 4.62% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

For most of the fiscal year ended October 31, 2006, the Federal Reserve continued on the monetary policy-tightening course it had begun in 2004. At the first 6 Federal Open Market Committee meetings during the year, the Fed raised the overnight federal funds rate, moving it from 4.00% at the beginning of the period up to 5.25% by the conclusion of the June meeting. Overall economic activity was strong with healthy monthly employment growth and relatively low rates of unemployment.

The outlook for inflation was more worrisome. While the sharp run-up in energy prices made most of the headlines, there were also significant price increases in many other base commodity prices. The continued growth in the U.S. combined with signs of economic recoveries in Europe and Japan and the explosion of growth in China and India led to fears of higher price levels becoming embedded into the core rate of inflation.

Despite their worry about inflation, the Fed at its August meeting decided to take no policy action. By that time it had become clear that U.S. economic growth was slowing, led by a downturn in the residential housing market. The Fed also cited the inherent lag in monetary policy which was beginning to have an effect after two years of tightening.

Advisor Outlook

The Fed has stated that future policy actions will depend on incoming data. It remains to be seen how the housing slowdown affects overall consumer behavior. Any steep drop in consumer-driven economic activity could cause the Fed to reverse some of their last tightening steps. Conversely, while the energy markets have retreated from their recent peaks, production disruptions remain a threat. Any ensuing commodity price increases could lead to higher core inflation levels, which might necessitate an appropriate tightening response on the part of the Fed. After the Fed paused in its tightening, we did some extension of our maturities as we expect the Fed to remain on hold for the balance of 2006.


Sector Weightings as of 10/31/06	% of Net Assets
Commercial Paper	82.1	%
Variable Rate Securities	12.4
Certificates of Deposit	4.2
Time Deposits	2.6
Cash and Other	(1.3	)

Total	100.0	%

UNDERSTANDING YOUR EXPENSES :

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

Actual Expenses

Hypothetical Example for Comparison Purposes

AXA ENTERPRISE MONEY MARKET FUND

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,024.10	$	3.57
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57
Class B
Actual		1,000.00		1,024.10		3.57
Hypothetical (5% average annual return before expenses)		1,000.0		1,021.68		3.57
Class C
Actual		1,000.00		1,024.10		3.57
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57
Class Y
Actual		1,000.00		1,024.10		3.57
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57

*	Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 0.70%, 0.70%, 0.70% and 0.70%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE SHORT DURATION BOND FUND

FUND ADVISER

•

BlackRock Financial Management, Inc.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

11/29/02–10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		Since Incept.*
Class A Shares	3.91	%	2.53	%
Class B Shares	3.14		1.77
Class C Shares	3.15		1.76
Class Y Shares	4.17		2.77
Lehman Brothers 1-3 Year Government/Credit Index	4.38		2.71	**
Lipper Short-Intermediate Investment Grade Index	4.40		3.35	**

*	Date of inception 11/29/02

**	Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 11/30/92, as daily index values for this time period are not available for all indexes.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		Since Incept.*
Class A Shares	0.24	%	1.61	%
Class B Shares	(1.86	)	1.04
Class C Shares	2.15		1.76
Lehman Brothers 1-3 Year Government/Credit Index	4.38		2.71	**
Lipper Short-Intermediate Investment Grade Index	4.40		3.35	**

*	Date of inception 11/29/02

**	Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 11/30/92, as daily index values for this time period are not available for all indexes.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		Since Incept.
Class A Shares	(0.33	)%	1.52	%
Class B Shares	(2.42	)	0.96
Class C Shares	1.56		1.70	*
Lehman Brothers 1-3 Year Government/Credit Index	3.90		2.66	**
Lipper Short-Intermediate Investment Grade Index	3.35		3.28	**

*	Date of inception 11/29/02

**	Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 11/30/92, as daily index values for this time period are not available for all indexes.

Returns for periods greater than one year are annualized

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 3.91% for the year ended October 31, 2006. The Fund’s benchmark, the Lehman Brothers 1-3 Year Government /Credit Index, returned 4.38% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

The Fund’s relatively neutral-to-lower duration enhanced the performance versus the benchmark for the first three quarters of the fiscal year. A neutral-to-lower duration versus the benchmark in the last quarter of the annual period also had a positive effect on the relative return.

•

A meaningful overweight to financial securities within the corporate sector enhanced the Fund’s relative performance.

What hurt performance over the year

•

The Fund’s sizable allocation to U.S. Treasury bonds, albeit at a significant underweight relative to the benchmark, detracted from the comparative performance .

•

A significant overweight in the lower end of the investment-grade credit quality spectrum (A and BBB rated) had a somewhat negative impact on the relative return for the period.

Advisor Outlook

Economic progression from the peak phase to the contractionary phase of the business cycle is generally characterized by rising volatility in credit spreads (with widening the dominant trend), a steepening yield curve, a shift in relative outperformance to more non-cyclical sectors, and a general decline in interest rates. Concurrent with this is a trend of slowing economic growth. While not all these characteristics have manifested themselves yet, we have positioned the Fund increasingly for this next

AXA ENTERPRISE SHORT DURATION BOND FUND

phase in the cycle. There recently have been macroeconomic data that provide some evidence of a gradually weakening economy.


Sector Weightings as of 10/31/06	% of Net Assets
Asset-Backed and Mortgage-Backed Securities	41.1	%
Government Securities	35.3
Corporate Bonds	15.8
Cash and Other	7.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,026.90	$	4.60
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.67		4.58
Class B
Actual		1,000.00		1,023.00		8.41
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.89		8.39
Class C
Actual		1,000.00		1,023.00		8.41
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.89		8.39
Class Y
Actual		1,000.00		1,028.20		3.32
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.93		3.31

*	Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 0.90%, 1.65%, 1.65% and 0.65%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE SMALL COMPANY GROWTH FUND

FUND ADVISER

•

Eagle Asset Management, Inc.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

7/31/97–10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares**	23.15	%	7.06	%	—	%	4.94	%
Class B Shares**	22.40		6.46		—		4.40
Class C Shares**	22.48		6.47		—		4.36
Class Y Shares	23.71		7.54		6.46		—
Russell 2000 Growth Index	17.07		9.51		5.15		3.90	*
Lipper Small-Cap Growth Funds Index	12.57		8.36		6.87		5.99	*

*	Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 7/31/97, as daily index values for this time period are not available for all indexes.

**	Since Inception 7/17/97, the average annual return without sales charges for Class A, Class B, and Class C is 5.06%, 4.51%, and 4.47%, respectively.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares**	17.29	%	6.02	%	—	%	4.39	%
Class B Shares**	17.40		6.14		—		4.40
Class C Shares**	21.48		6.47		—		4.36
Russell 2000 Growth Index	17.07		9.51		5.15		3.90	*
Lipper Small-Cap Growth Funds Index	12.57		8.36		6.87		5.99	*

Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 7/31/97, as daily index values for this time period are not available for all indexes. The Russell 2000 Growth index (benchmark for the AEFT Small Co. Growth Fund) had an annualized ROR of 2.57% between 7/17/97 and 10/ 31/05.

**	Since Inception 7/17/97, the average annual return with sales charges for Class A, Class B, and Class C is 4.51%, 4.51%, and 4.47%, respectively.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares**	6.35	%	6.88	%	—	%	3.96	%
Class B Shares**	6.02		7.01		—		3.97
Class C Shares**	10.09		7.33		—		3.93
Russell 2000 Growth Index	5.88		10.15		—		3.23	*
Lipper Small-Cap Growth Funds Index	4.06		8.94		—		5.53	*

*	Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 7/31/97, as daily index values for this time period are not available for all indexes.

**	Since Inception 7/17/97, the average annual return without sales charges for Class A, Class B, and Class C is 4.63%, 4.08%, and 4.04%, respectively.

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 23.15% for the year ended October 31, 2006. The Fund’s benchmark, the Russell 2000 Growth Index, returned 17.07% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

Strong relative and absolute performance for the year was driven by takeover activity in the small-cap space.

•

The Fund had several significant takeouts during the year, including Delta & Pine, msystems, NS Group and Aleris International, the last of which entered into a definitive merger agreement with a private-equity firm.

•

The top-contributing sectors on both a relative and absolute basis were Materials, Industrials and Information Technology.

•

Materials benefited from strong stock selection and a slightly overweight posture.

•

Led by Corrections Corp of America, the Fund also benefited from strong stock selection in Industrials. Other top contributors in the space included commercial services stock Duratek (a takeout target earlier in the year) and electrical equipment company General Cable.

•

In the Technology space, top performers were software stocks FactSet Research Systems and Ansys, electronic equipment company OYO Geospace and semiconductor stock Integrated Device Technology.

What hurt performance over the year

•

The worst-performing sector on a relative basis was Health Care, though the Fund did have positive absolute returns in the group. The Fund was underweight and significantly lagged benchmark returns in the biotechnology industry. Poor performers included deCODE genetics and Ariad Pharmaceuticals.

AXA ENTERPRISE SMALL COMPANY GROWTH FUND

Advisor Outlook

Although high storage levels have recently pressured commodity prices and stocks in the Energy sector, we continue to expect a sustained period of higher energy prices (as compared to a few years ago). At year end, as the industry struggles to grow oil production, we are exposed to companies that should benefit from the trend toward deepwater exploration. The fourth quarter is seasonally the strongest for both consumer and enterprise focused technology companies. Consumer electronics products could see strong demand this holiday season. Enterprise spending could see an increase during the fourth quarter as many companies may have under-spent earlier in the year. The outlook for the near-term appears to suggest continued strength across all equity classes. Prevailing thought is that the economy will continue to show a mid-cycle slowdown and inflation will remain under control. As always, investors need to be concerned about overly-positive sentiment, slowing economic growth and the ever present possibility of a negative macroeconomic event.


Sector Weightings as of 10/31/06	% of Net Assets
Information Technology	27.8	%
Health Care	20.3
Consumer Discretionary	17.3
Industrials	11.4
Financials	8.2
Energy	7.7
Materials	4.8
Consumer Staples	1.4
Cash and Other	1.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	998.20	$	8.31
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.89		8.39
Class B
Actual		1,000.00		995.50		11.07
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.12		11.17
Class C
Actual		1,000.00		995.50		11.07
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.12		11.17
Class Y
Actual		1,000.00		1,000.60		6.05
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 and Class Y shares annualized expense ratios of 1.65%, 2.20%, 2.20% and 1.20%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE SMALL COMPANY VALUE FUND

FUND ADVISER

•

GAMCO Asset Management, Inc.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

10/31/96–10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares	19.38	%	14.23	%	13.27	%	—
Class B Shares	18.73		13.59		12.76		—
Class C Shares	18.71		13.60		—		12.35	%*
Class Y Shares	19.94		14.72		13.81		—
Russell 2000 Value Index	22.90		17.52		13.81		13.43	**
Lipper Small-Cap Value Funds Index	17.83		16.82		13.10		13.03	**

*	Date of inception 5/1/97

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

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares	13.74	%	13.14	%	12.73	%	—
Class B Shares	13.73		13.35		12.76		—
Class C Shares	17.71		13.60		—		12.35	%*
Russell 2000 Value Index	22.90		17.52		13.81		13.43	**
Lipper Small-Cap Value Funds Index	17.83		16.82		13.10		13.03	**

*	Date of inception 5/1/97

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

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares	4.41	%	12.04	%	12.12	%	—
Class B Shares	4.03		12.26		12.14		—
Class C Shares	7.98		12.52		—		11.81	%*
Russell 2000 Value Index	14.01		16.96		13.38		12.96	**
Lipper Small-Cap Value Funds Index	9.72		16.87		12.71		12.65	**

*	Date of inception 5/1/97

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

Returns for periods greater than one year are annualized

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 19.38% for the year ended October 31, 2006. The Fund’s benchmark, the Russell 2000 Value Index, returned 22.90% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

The primary area of strength included stock selection and weighting in the Industrial and Materials sectors. Strongest performers included Robbins & Meyers, Inc., AAR Corp., Sequa Corp., and Gorman .

•

Gaming stocks were top performers, led by Aztar (owner of the Tropicana Resorts). Aztar was the subject of a bidding war; Kerzner International (owner of Atlantis) agreed to a going private transaction, and Dover Downs rose as well.

•

While underweight in Energy, the positions in the Fund were stellar performers. Utilities were also strong, and the Fund had an overweight position in that sector. Stocks such as Allegheny Energy, Oneok Inc., W-H Energy Services and SJW Corp were positive contributors to performance.

•

This October, the Dolan family announced it would take Cablevision private, after already making a cash distribution in April of this year. The company provides cable TV, Internet and telephone service to over three million subscribers in the lucrative New York metropolitan area.

•

Telecommunications stocks were strong performers, notably Vimpel and Atlantic Tele Network. The Fund had an overweighted position in Telecom companies.

What hurt performance over the year

•

The Fund’s underexposure in Information Technology hurt performance relative to the benchmark.

AXA ENTERPRISE SMALL COMPANY VALUE FUND

•

An overweight position in Consumer Discretionary stocks detracted from performance, as many of these holdings performed poorly. Small group broadcasters were a sore spot, with the growth of Internet advertising diverting dollars from these companies.

•

A slowing housing market negatively impacted several holdings in manufactured and recreational housing.

Advisor Outlook

Lower energy prices and the moderation of interest rates have led to positive market trends. On the negative side of the ledger, the housing bubble seems to have decisively burst with home sale prices down in many key markets. On balance, we expect economic growth to moderate for the remainder of the year. Increased capital spending, non-residential construction, and exports driven by stronger economies in Asia and Europe may aid corporate earnings as the American consumer takes a well-advised breather. Geopolitical gridlock could lead to two years of worry on Wall Street. Overall, looking out to 2007, we see the economy strengthening and interest rates below their peak.


Sector Weightings as of 10/31/06	% of Net Assets
Industrials	32.1	%
Consumer Discretionary	21.8
Materials	9.9
Consumer Staples	8.8
Utilities	8.5
Telecommunication Services	5.4
Financials	4.9
Health Care	3.9
Information Technology	3.6
Energy	0.6
Cash and Other	0.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,039.40	$	8.28
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.09		8.19
Class B
Actual		1,000.00		1,036.60		11.09
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.32		10.97
Class C
Actual		1,000.00		1,037.30		11.09
Hypothetical (5% average annual return before expenses)		1,000.00		1,014.32		10.97
Class Y
Actual		1,000.00		1,042.40		5.97
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.36		5.90

*	Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 1.61%, 2.16%, 2.16% and 1.16%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE SOCIALLY RESPONSIBLE FUND

FUND ADVISER

•

Brandywine Global Investment Management LLC*

PERFORMANCE RESULTS

Growth of a $10,000 Investment

9/30/00–10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		Since Incept.*
Class A Shares	20.04	%	7.97	%	3.17	%
Class B Shares	19.33		7.35		2.60
Class C Shares	19.34		7.39		2.59
Class Y Shares	20.55		8.46		3.63
Russell 1000 Value Index	21.46		11.64		7.65
Lipper Large-Cap Value Index	18.41		8.51		4.11
Lipper Global Funds Index†	20.75		10.78		3.63
MSCI World Index†	21.32		10.39		3.05

*	Date of inception 9/30/00

†	In 2006, the Investment Manager revised the Fund’s market indices to be the Russell 100 Value Index and the Lipper Large-Cap Value Index, which more closely reflects the securities in which the Fund invests.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		Since Incept.*
Class A Shares	14.34	%	6.93	%	2.34	%
Class B Shares	14.33		7.05		2.60
Class C Shares	18.34		7.39		2.59
Russell 1000 Value Index	21.46		11.64		7.65
Lipper Large-Cap Value Index	18.41		8.51		4.11
Lipper Global Funds Index†	20.75		10.78		3.63
MSCI World Index†	21.32		10.39		3.05

*	Date of inception 9/30/00

†	In 2006, the Investment Manager revised the Fund’s market indices to be the Russell 100 Value Index and the Lipper Large-Cap Value Index, which more closely reflects the securities in which the Fund invests.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		5 Years		Since Incept.*
Class A Shares	7.88	%	6.55	%	1.80	%
Class B Shares	7.67		6.65		1.92
Class C Shares	11.67		7.01		2.07
Russell 1000 Value Index	14.62		10.73		7.19
Lipper Large-Cap Value Index	12.59		8.01		3.66
Lipper Global Funds Index†	14.36		10.62		3.14
MSCI World Index†	19.16		14.26		5.64

*	Date of inception 9/30/00

†	In 2006, the Investment Manager revised the Fund’s market indices to be the Russell 100 Value Index and the Lipper Large-Cap Value Index, which more closely reflects the securities in which the Fund invests.

Returns for periods greater than one year are annualized

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 20.04% for the year ended October 31, 2006. The Fund’s benchmark, the Russell 1000 Value Index, returned 21.46% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

Both stock selection and an underweight in the Utilities sector contributed to relative performance. OGE Energy Corp. and Idacrop Inc. were notable contributors in the sector.

•

Stock selection in both the Financials and Industrials sectors was strong. Kookmin, a Financials sector holding, was the leading relative individual contributor. Merrill Lynch & Co. Inc. was also key in the sector. Roper was the leading Industrial sector contributor.

•

Other notable individual contributors included Energy sector holding Weatherfor International and Information Technology holding Cysco Systems Inc.

What hurt performance over the year

•

Stock selection in the Materials sector was the weakest area of the Fund. Stock selection in Health Care was also a detractor.

•

Consumer Staples holding Wal Mart Stores Inc. was the leading individual detractor from relative performance. An overweight position in the sector also detracted.

•

Aflac Inc. and Boston Scientific Corp. were also detractors, as well as not holding benchmark components Exxon Mobil Corp. and Bellsouth Corp.

Advisor Outlook

•

Brandywine Global Investment Management, LLC became subadvisor to the Fund on March 16, 2006

AXA ENTERPRISE SOCIALLY RESPONSIBLE FUND


Sector Weightings as of 10/31/06	% of Net Assets
Financials	31.1	%
Information Technology	10.9
Consumer Discretionary	9.2
Energy	9.1
Industrials	9.1
Materials	8.3
Utilities	6.2
Telecommunication Services	5.1
Health Care	5.0
Consumer Staples	3.6
Cash and Other	2.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,033.50	$	8.97
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.38		8.89
Class B
Actual		1,000.00		1,030.90		11.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,013.61		11.67
Class C
Actual		1,000.00		1,030.90		11.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,013.61		11.67
Class Y
Actual		1,000.00		1,036.20		6.67
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.61

*	Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 1.75%, 2.30%, 2.30% and 1.30%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE TAX-EXEMPT INCOME FUND

FUND ADVISER

•

MBIA Capital Management Corp.

PERFORMANCE RESULTS

Growth of a $10,000 Investment

10/31/96–10/31/06

Investment in Class A Shares

LOGO

Without Sales Charge

(non-standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares	4.16	%	3.83	%	4.62	%	—
Class B Shares	3.59		3.28		4.16		—
Class C Shares	3.59		3.30		—		4.13	%*
Class Y Shares	4.63		4.33		—		4.57	**
Lehman Brothers Municipal Bond Index	5.75		5.05		5.85		5.27	**
Lipper General Muni Debt Funds Index	6.06		4.83		5.32		4.69	**

*	Date of inception 5/1/97

**	Since Inception returns shown for Class Y Shares and the Indexes in the table above are calculated using an inception date of 11/30/98, as daily index values for this time period are not available for all indexes. Since inception, 11/17/98, the average annual return for Class Y Shares is 4.62%.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 10/31/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares	(0.79	)%	2.83	%	4.11	%	—
Class B Shares	(1.40	)	2.92		4.16		—
Class C Shares	2.59		3.30		—		4.13	%*
Lehman Brothers Municipal Bond Index	5.75		5.05		5.85		5.27	**
Lipper General Muni Debt Funds Index	6.06		4.83		5.32		4.69	**

*	Date of inception 5/1/97

**	Since Inception returns shown the Indexes in the table above are calculated using an inception date of 11/30/98, as daily index values for this time period are not available for all indexes.

Returns for periods greater than one year are annualized

With Sales Charge

(standardized average annual returns)

as of 9/30/06


	1 Year		5 Years		10 Years		Since Inception
Class A Shares	(1.96	)%	2.99	%	4.17	%	—
Class B Shares	(2.54	)	3.09		4.21		—
Class C Shares	1.40		3.44		—		4.13	%*
Lehman Brothers Municipal Bond Index	4.45		5.17		5.90		5.24	**
Lipper General Muni Debt Funds Index	4.75		4.91		5.37		4.65	**

*	Date of inception 5/1/97

**	Since Inception returns shown for the Indexes in the table above are calculated using an inception date of 11/30/98, as daily index values for this time period are not available for all indexes.

Returns for periods greater than one year are annualized

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 4.16% for the year ended October 31, 2006. The Fund’s benchmark, the Lehman Brothers Municipal Bond Index, returned 5.75% over the same period.

Fund Highlights

Fiscal Year Ended October 31, 2006

What helped performance over the year

•

The Fund had a higher concentration in the Housing sector than the benchmark, which was a positive since this sector outperformed the general market during the period.

•

The Fund’s higher concentration versus the benchmark in Colorado, Illinois, South Carolina and South Dakota all were positives as these states outperformed.

•

The Fund’s lower concentration to New York also helped as that state underperformed the general benchmark.

What hurt performance over the year

•

The Fund’s duration was generally shorter than the benchmark for the period, which was a negative for the Fund as municipal interest rates generally trended down during the period and longer maturing assets outperformed.

•

The Fund’s underweight versus the benchmark in the long end of the curve (22 years or longer), which was the best performing maturity sector on the curve for the period, hurt performance.

•

The Fund’s focus on high quality investments was a negative to performance as lower rated and more credit sensitive sectors outperformed higher quality assets for the period.

AXA ENTERPRISE TAX-EXEMPT INCOME FUND

Advisor Outlook

At year end, the Fund was defensively positioned with a shorter duration and a higher credit profile than the benchmark. We expect interest rates to move higher and high quality assets to perform well in such an environment.


Sector Weightings as of 10/31/06	% of Net Assets
Florida	14.3	%
Illinois	11.9
Texas	11.9
Colorado	7.5
Nevada	6.4
California	5.7
South Carolina	5.7
Missouri	5.0
Alabama	4.7
Michigan	4.7
New York	4.7
Ohio	4.5
South Dakota	4.5
Utah	4.4
Washington	2.6
Cash and Other	1.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 5/1/06		Ending Account Value 10/31/06		Expenses Paid During Period* 5/1/06 - 10/31/06
Class A
Actual	$	1,000.00	$	1,029.40	$	5.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.66		5.60
Class B
Actual		1,000.00		1,026.50		8.43
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.89		8.39
Class C
Actual		1,000.00		1,026.50		8.43
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.89		8.39
Class Y
Actual		1,000.00		1,031.70		3.33
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.93		3.31

*	Expenses are equal to the Fund’s Class A, Class B, Class C and Class Y shares annualized expense ratios of 1.10%, 1.65%, 1.65% and 0.65%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE CAPITAL APPRECIATION FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (27.2%)
*Automobiles (3.0%)*
Toyota Motor Corp. (ADR)		102,596	$	12,106,328

*Hotels, Restaurants & Leisure (12.7%)*
Four Seasons Hotels, Inc.^		123,438		7,917,313
Las Vegas Sands Corp.*^		116,183		8,853,145
MGM MIRAGE*^		251,948		10,838,803
Starbucks Corp.*		182,759		6,899,152
Station Casinos, Inc.^		51,077		3,079,943
Wynn Resorts Ltd.*^		46,474		3,417,698
Yum! Brands, Inc.		163,697		9,733,424

				50,739,478

*Household Durables (2.2%)*
KB Home^		93,246		4,190,475
Lennar Corp., Class A		94,255		4,475,228

				8,665,703

*Media (4.6%)*
Comcast Corp., Class A*		446,314		18,151,590

*Multiline Retail (2.0%)*
Target Corp.		135,984		8,047,533

*Specialty Retail (2.7%)*
Lowe’s Cos., Inc.		351,276		10,587,459

Total Consumer Discretionary				108,298,091

Consumer Staples (6.9%)
*Beverages (1.9%)*
Heineken N.V. (ADR)		249,757		5,644,508
PepsiCo, Inc.		29,451		1,868,372

				7,512,880

*Food Products (0.8%)*
Archer-Daniels-Midland Co.		81,804		3,149,454

*Household Products (4.2%)*
Procter & Gamble Co.		263,577		16,708,146

Total Consumer Staples				27,370,480

Energy (2.2%)
*Energy Equipment & Services (2.2%)*
Schlumberger Ltd.		139,659		8,809,690

Total Energy				8,809,690

Financials (18.6%)
*Capital Markets (12.1%)*
Goldman Sachs Group, Inc.		93,880		17,817,485
Lehman Brothers Holdings, Inc.		174,975		13,620,054
UBS AG (Registered)		280,140		16,763,578

				48,201,117

*Commercial Banks (4.2%)*
Industrial & Commercial Bank of China Ltd., Class H*§		17,537,000		7,844,061
Wells Fargo & Co.		249,541		9,055,843

				16,899,904

*Insurance (1.3%)*
Genworth Financial, Inc., Class A		153,615		5,136,886

*Real Estate Management & Development (1.0%)*
CB Richard Ellis Group, Inc., Class A*		36,829		1,105,975
St. Joe Co.^		52,387		2,817,373

				3,923,348

Total Financials				74,161,255

Health Care (14.6%)
*Biotechnology (8.3%)*
Amylin Pharmaceuticals, Inc.*^		136,998		6,022,432
Genentech, Inc.*		249,257		20,763,108
Genzyme Corp.*		91,865		6,201,806

				32,987,346

*Health Care Providers & Services (6.3%)*
UnitedHealth Group, Inc.		520,828		25,405,990

Total Health Care				58,393,336

Industrials (16.7%)
*Aerospace & Defense (6.7%)*
General Dynamics Corp.		164,398		11,688,698
Lockheed Martin Corp.		93,126		8,095,443
United Technologies Corp.		104,928		6,895,868

				26,680,009

*Air Freight & Logistics (4.1%)*
FedEx Corp.		144,176		16,513,919

*Road & Rail (5.9%)*
Burlington Northern Santa Fe Corp.		.178,174		13,813,830
Union Pacific Corp.		106,300		9,633,969

				23,447,799

Total Industrials				66,641,727

Information Technology (4.6%)
*Communications Equipment (3.2%)*
Cisco Systems, Inc.*		363,032		8,759,962
Motorola, Inc.		176,431		4,068,499

				12,828,461

*Semiconductors & Semiconductor Equipment (1.4%)*
Texas Instruments, Inc.		177,144		5,346,206

Total Information Technology				18,174,667

Materials (2.5%)
*Chemicals (2.5%)*
Monsanto Co.		204,706		9,052,099
Praxair, Inc.		17,570		1,058,593

Total Materials				10,110,692

Telecommunication Services (2.0%)
*Wireless Telecommunication Services (2.0%)*
America Movil S.A. de C.V. (ADR)		160,395		6,876,134
China Mobile Ltd .		125,000		1,015,391

Total Telecommunication Services				7,891,525

Total Common Stocks (95.3%) (Cost $301,886,798)				379,851,463


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (7.4%)
Cantor Fitzgerald & Co.,
Repurchase Agreement 5.32%, 11/1/06 (r)	$	29,651,023		29,651,023

Time Deposit (6.8%)
JPMorgan Chase Nassau 4.77%, 11/1/06		26,949,713		26,949,713

Total Short-Term Investments (14.2%) (Amortized Cost $56,600,736)				56,600,736

Total Investments (109.5%) (Cost/Amortized Cost $358,487,534)				436,452,199
Other Assets Less Liabilities (-9.5%)				(37,904,863	)

Net Assets (100%)			$	398,547,336

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE CAPITAL APPRECIATION FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At October 31, 2006, the market value of these securities amounted to $7,844,061 or 1.97% 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.

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	251,589,319
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	244,260,800

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


Aggregate gross unrealized appreciation	$	81,885,622
Aggregate gross unrealized depreciation		(3,993,542	)

Net unrealized appreciation	$	77,892,080

Federal income tax cost of investments	$	358,560,119

At October 31, 2006, the Fund had loaned securities with a total value $28,942,913. This was secured by collateral of $29,651,023 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Fund has a net capital loss carryforward of $28,608,178 of which $3,326,309 expires in the year 2009 and $25,281,869 expires in the year 2010.

Included in the capital loss carryforward amounts are $3,338,500 of losses acquired from the Enterprise Health Care Fund as a result of a tax-free reorganization. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use in future years.

The Fund utilized $24,778,068 in capital loss carryforward during the fiscal year ended October 31, 2006.

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE DEEP VALUE FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.3%)
*Automobiles (0.5%)*
Winnebago Industries, Inc.^	9,500	$	316,255

*Distributors (0.6%)*
Genuine Parts Co.	9,100		414,232

*Diversified Consumer Services (0.4%)*
Service Corp. International	26,400		240,768

*Hotels, Restaurants & Leisure (2.4%)*
Carnival Corp.	17,700		864,114
Royal Caribbean Cruises Ltd.^	17,700		716,850

			1,580,964

*Household Durables (3.6%)*
Stanley Works	30,400		1,448,560
Whirlpool Corp.^	9,800		851,914

			2,300,474

*Leisure Equipment & Products (1.5%)*
Mattel, Inc	43,900		993,457

*Media (0.8%)*
Gannett Co., Inc.	8,200		484,948

*Multiline Retail (1.9%)*
Dollar General Corp.	24,500		343,735
Family Dollar Stores, Inc.	30,800		907,060

			1,250,795

*Specialty Retail (2.6%)*
Advance Auto Parts, Inc.	24,600		861,492
Sherwin-Williams Co.	13,300		787,759

			1,649,251

Total Consumer Discretionary			9,231,144

Consumer Staples (9.4%)
*Food Products (0.7%)*
ConAgra Foods, Inc.	17,900		468,085

*Tobacco (8.7%)*
Altria Group, Inc.	16,800		1,366,344
Imperial Tobacco
Group plc (ADR)	19,200		1,369,728
Loews Corp.- Carolina Group	15,900		919,338
Reynolds American, Inc.^	13,200		833,712
UST, Inc.^	21,000		1,124,760

			5,613,882

Total Consumer Staples			6,081,967

Energy (6.3%)
*Oil, Gas & Consumable Fuels (6.3%)*
BP plc (ADR)	6,900		462,990
Chevron Corp.	5,000		336,000
ConocoPhillips	18,400		1,108,416
El Paso Corp	18,200		249,340
Marathon Oil Corp.	4,300		371,520
Murphy Oil Corp.	7,100		334,836
Occidental Petroleum Corp.	26,000		1,220,440

Total Energy			4,083,542

Financials (24.8%)
*Commercial Banks (2.3%)*
South Financial Group, Inc.^	24,400		647,332
Wells Fargo & Co.	23,200		841,928

			1,489,260

*Consumer Finance (3.5%)*
Capital One Financial Corp.	10,000		793,300
First Marblehead Corp.^	8,500		573,325
SLM Corp.	17,800		866,504

			2,233,129

*Diversified Financial Services (4.3%)*
Bank of America Corp.	22,383		1,205,772
Citigroup, Inc.	23,000		1,153,680
JPMorgan Chase & Co.	8,600		407,984

			2,767,436

*Insurance (8.3%)*
Allstate Corp.	17,400		1,067,664
American International Group, Inc.	14,300		960,531
Axis Capital Holdings Ltd.	18,800		617,580
Hartford Financial Services
Group, Inc.	7,300		636,341
Willis Group Holdings Ltd.^.	20,600		783,418
XL Capital Ltd., Class A	18,400		1,298,120

			5,363,654

*Real Estate Investment Trusts (REITs) (1.9%)*
American Financial Realty
Trust (REIT)^	45,300		528,651
Annaly Capital Management,
Inc. (REIT)	19,600		257,152
First Industrial Realty Trust,
Inc. (REIT)^	9,100		418,327

			1,204,130

*Thrifts & Mortgage Finance (4.5%)*
MGIC Investment Corp.	9,400		552,344
New York Community
Bancorp, Inc.^	25,600		418,560
People’s Bank/Connecticut^	17,550		714,285
Radian Group, Inc.^	11,800		628,940
Washington Mutual, Inc.	14,500		613,350

			2,927,479

Total Financials			15,985,088

Health Care (14.7%)
*Health Care Equipment & Supplies (2.5%)*
Baxter International, Inc.	17,300		795,281
Hillenbrand Industries, Inc.^	13,800		809,784

			1,605,065

*Health Care Providers & Services (6.8%)*
Coventry Health Care, Inc.*	15,000		704,250
HEALTHSOUTH Corp.*^	21,480		520,890
Omnicare, Inc.	14,100		534,108
Triad Hospitals, Inc.*	18,600		688,758
UnitedHealth Group, Inc.	13,400		653,652
WellPoint, Inc.*	17,300		1,320,336

			4,421,994

*Pharmaceuticals (5.4%)*
Bristol-Myers Squibb Co.	36,000		891,000
Pfizer, Inc.	46,100		1,228,565
Schering-Plough Corp.	16,800		371,952
Valeant Pharmaceuticals International^	23,100		431,508
Wyeth	10,600		540,918

			3,463,943

Total Health Care			9,491,002

Industrials (11.4%)
*Aerospace & Defense (2.3%)*
Goodrich Corp.	16,400		723,076
Honeywell International, Inc.	17,700		745,524

			1,468,600

*Electrical Equipment (3.9%)*
American Power
Conversion Corp.^	62,700		1,895,421
Emerson Electric Co.	7,400		624,560

			2,519,981

*Industrial Conglomerates (0.5%)*
3M Co.	4,400		346,896

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE DEEP VALUE FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006


	Number of Shares		Value (Note 1)
*Machinery (2.4%)*
Illinois Tool Works, Inc.		21,400	$	1,025,702
ITT Corp.		9,500		516,705

				1,542,407

*Road & Rail (2.3%)*
Burlington Northern Santa
Fe Corp.		10,400		806,312
Ryder System, Inc.		12,900		679,185

				1,485,497

Total Industrials				7,363,381

Information Technology (3.8%)
*Communications Equipment (1.8%)*
Nokia Oyj (ADR)		59,600		1,184,848

*Electronic Equipment & Instruments (1.3%)*
Tech Data Corp.*		20,772		817,378

*IT Services (0.7%)*
Mastercard, Inc., Class A^		6,300		466,830

Total Information Technology				2,469,056

Materials (1.0%)
*Chemicals (1.0%)*
E.I. du Pont de Nemours & Co.		13,400		613,720

Total Materials				613,720

Telecommunication Services (3.0%)
*Diversified Telecommunication Services (3.0%)*
BellSouth Corp.		13,200		595,320
Verizon Communications, Inc.		36,200		1,339,400

Total Telecommunication Services				1,934,720

Utilities (8.2%)
*Electric Utilities (2.9%)*
Entergy Corp.		13,700		1,175,871
Pinnacle West Capital Corp.		15,000		717,150

				1,893,021

*Multi-Utilities (5.3%)*
CenterPoint Energy, Inc.^		24,200		374,616
Dominion Resources, Inc.		8,300		672,217
Duke Energy Corp. .		31,700		1,002,988
MDU Resources Group, Inc.^		21,050		540,564
Xcel Energy, Inc.^		35,900		792,313

				3,382,698

Total Utilities				5,275,719

Total Common Stocks (96.9%) (Cost $54,837,860)				62,529,339

	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (17.7%)
Banc of America Securities LLC, Repurchase Agreement 5.32%, 11/1/06 (r)	$	11,459,162		11,459,162

Time Deposit (3.2%)
JPMorgan Chase Nassau 4.77%, 11/1/06		2,053,782		2,053,782

Total Short-Term Investments (20.9%) (Amortized Cost $13,512,944)				13,512,944

Total Investments (117.8%) (Cost/Amortized Cost $68,350,804)				76,042,283
Other Assets Less Liabilities (-17.8%)				(11,463,451	)

Net Assets (100%)			$	64,578,832

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	18,352,227
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	16,517,069

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


Aggregate gross unrealized appreciation	$	8,662,119
Aggregate gross unrealized depreciation		(1,070,304	)

Net unrealized appreciation	$	7,591,815

Federal income tax cost of investments	$	68,450,468

At October 31, 2006, the Fund had loaned securities with a total value $11,247,729. This was secured by collateral of $11,459,162 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended October 31, 2006, the Fund incurred approximately $496 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE EQUITY FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (7.8%)
*Hotels, Restaurants & Leisure (0.3%)*
Starbucks Corp.*		8,013	$	302,491

*Household Durables (2.4%)*
Pulte Homes, Inc.		83,600		2,590,764

*Internet & Catalog Retail (5.1%)*
Amazon.com, Inc.*		141,550		5,391,639

Total Consumer Discretionary				8,284,894

Consumer Staples (1.8%)
*Food & Staples Retailing (1.8%)*
Walgreen Co.		44,400		1,939,392

Total Consumer Staples				1,939,392

Energy (5.4%)
*Energy Equipment & Services (5.4%)*
Schlumberger Ltd.		91,330		5,761,096

Total Energy				5,761,096

Financials (22.7%)
*Commercial Banks (3.5%)*
Commerce Bancorp, Inc./
New Jersey^		107,000		3,736,440

*Consumer Finance (4.7%)*
SLM Corp.		103,605		5,043,491

*Insurance (9.6%)*
American International Group, Inc.		41,250		2,770,763
Progressive Corp.		307,120		7,423,090

				10,193,853

*Thrifts & Mortgage Finance (4.9%)*
Countrywide Financial Corp		135,800		5,176,696

Total Financials				24,150,480

Health Care (22.2%)
*Biotechnology (11.2%)*
Amgen, Inc.*		33,600		2,550,576
Genentech, Inc.*		68,100		5,672,730
Genzyme Corp.*		54,300		3,665,793

				11,889,099

*Health Care Equipment & Supplies (6.6%)*
Varian Medical Systems, Inc.*		69,000		3,785,340
Zimmer Holdings, Inc.*		45,510		3,277,175

				7,062,515

*Health Care Providers & Services (2.5%)*
WellPoint, Inc.*		34,900		2,663,568

*Health Care Technology (1.9%)*
Cerner Corp.*		41,400		2,000,034

Total Health Care				23,615,216

Industrials (6.4%)
*Air Freight & Logistics (2.8%)*
Expeditors International of Washington, Inc.		64,000		3,034,240

*Industrial Conglomerates (3.6%)*
General Electric Co.		109,300		3,837,523

Total Industrials				6,871,763

Information Technology (33.9%)
*Communications Equipment (6.5%)*
Cisco Systems, Inc.*		57,800		1,394,714
QUALCOMM, Inc.		152,120		5,535,647

				6,930,361

*Computers & Peripherals (7.3%)*
Dell, Inc.*		74,600		1,815,018
Network Appliance, Inc.*		162,070		5,915,555

				7,730,573

*Internet Software & Services (13.5%)*
eBay, Inc.*		152,200		4,890,186
Google, Inc., Class A*		16,500		7,860,435
Yahoo!, Inc.*		61,000		1,606,740

				14,357,361

*Software (6.6%)*
Autodesk, Inc.*		3,735		137,261
Electronic Arts, Inc.*		23,315		1,233,131
Salesforce.com, Inc.*^		145,100		5,661,802

				7,032,194

Total Information Technology				36,050,489

Total Common Stocks (100.2%) (Cost $80,590,386)				106,673,330

	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (2.3%)
Banc of America Securities LLC, Repurchase Agreement 5.32%, 11/1/06 (r)	$	2,474,471		2,474,471

Time Deposit (0.5%) JPMorgan Chase Nassau 4.77%, 11/1/06		552,611		552,611

Total Short-Term Investments (2.8%) (Amortized Cost $3,027,082)				3,027,082

Total Investments (103.0%) (Cost/Amortized Cost $ 83,617,468)				109,700,412

Other Assets Less Liabilities (-3.0%)				(3,212,493	)

Net Assets (100%)			$	106,487,919

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE EQUITY FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	45,932,634
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		$101,216,958

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


Aggregate gross unrealized appreciation	$	27,145,613
Aggregate gross unrealized depreciation		(1,153,289	)

Net unrealized appreciation	$	25,992,324

Federal income tax cost of investments	$	83,708,088

At October 31, 2006, the Fund had loaned securities with a total value $2,405,016. This was secured by collateral of $2,474,471 of which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Fund has a net capital loss carryforward of $49,573,818 of which $255,734 expires in the year 2010, $30,667,632 expires in the year 2011, $12,847,230 expires in the year 2012, and $5,803,222 expires in the year 2013. The Fund utilized $24,875,024 in capital loss carryforward during the fiscal year ended October 31, 2006.

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE EQUITY INCOME FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (8.7%)
*Automobiles (0.8%)*
General Motors Corp.^	44,500	$	1,553,940

*Hotels, Restaurants & Leisure (2.6%)*
Harrah’s Entertainment, Inc.	31,600		2,348,828
McDonald’s Corp.^	62,500		2,620,000

			4,968,828

*Household Durables (2.9%)*
Koninklijke Philips Electronics
N.V. (N.Y. Shares)^	55,400		1,929,582
Leggett & Platt, Inc.	72,100		1,683,535
Newell Rubbermaid, Inc.	62,200		1,790,116

			5,403,233

*Specialty Retail (2.4%)*
Limited Brands, Inc.	69,200		2,039,324
Sherwin-Williams Co.	42,100		2,493,583

			4,532,907

Total Consumer Discretionary			16,458,908

Consumer Staples (11.1%)
*Beverages (2.2%)*
Anheuser-Busch Cos., Inc.	40,000		1,896,800
Molson Coors Brewing Co., Class B	30,900		2,199,462

			4,096,262

*Food Products (4.3%)*
Campbell Soup Co.^	30,900		1,155,042
H.J. Heinz Co.	64,100		2,702,456
Kellogg Co.	45,900		2,309,229
Kraft Foods, Inc., Class A^	39,400		1,355,360
Sara Lee Corp.	32,800		560,880

			8,082,967

*Household Products (2.9%)*
Colgate-Palmolive Co.	42,500		2,718,725
Procter & Gamble Co.	45,300		2,871,567

			5,590,292

*Tobacco (1.7%)*
Loews Corp.- Carolina Group.	32,300		1,867,586
Reynolds American, Inc.^	23,100		1,458,996

			3,326,582

Total Consumer Staples			21,096,103

Energy (9.8%)
*Oil, Gas & Consumable Fuels (9.8%)*
Chevron Corp.	50,199		3,373,373
ConocoPhillips	39,600		2,385,504
Exxon Mobil Corp.	50,900		3,635,278
Marathon Oil Corp.	20,300		1,753,920
Norsk Hydro ASA (ADR)^	59,600		1,379,740
Occidental Petroleum Corp.	48,600		2,281,284
PetroChina Co., Ltd. (ADR)^	17,100		1,887,669
Plains All American Pipeline LP	25,300		1,198,208
TransCanada Corp.	24,100		779,876

Total Energy			18,674,852

Financials (31.7%)
*Capital Markets (1.9%)*
Morgan Stanley	46,900		3,584,567

*Commercial Banks (6.2%)*
Banco Santander Central
Hispano S.A. (ADR)^	93,000		1,592,160
HSBC Holdings plc (ADR)^	20,700		1,976,229
PNC Financial Services Group, Inc.	33,100		2,317,993
Regions Financial Corp.^	55,200		2,094,840
SunTrust Banks, Inc.	30,200		2,385,498
Wells Fargo & Co.	41,200		1,495,148

			11,861,868

*Diversified Financial Services (6.4%)*
Bank of America Corp.	44,300		2,386,441
Citigroup, Inc.	52,800		2,648,448
ING Groep N.V. (ADR)	76,300		3,382,379
JPMorgan Chase & Co.	77,000		3,652,880

			12,070,148

*Insurance (10.5%)*
Aegon N.V. (N.Y. Shares)	146,094		2,683,746
Allstate Corp.	27,900		1,711,944
Chubb Corp.	25,300		1,344,695
Commerce Group, Inc.^	73,500		2,175,600
Lincoln National Corp.	59,300		3,754,283
Manulife Financial Corp.	80,400		2,607,372
Nationwide Financial
Services, Inc.^	63,500		3,233,420
Sun Life Financial, Inc.	56,000		2,354,800

			19,865,860

*Real Estate Investment Trusts (REITs) (5.5%)*
CBL & Associates Properties, Inc. (REIT)	43,900		1,919,747
First Industrial Realty Trust, Inc. (REIT)^	42,400		1,949,128
General Growth Properties, Inc. (REIT)	21,400		1,110,660
Highwoods Properties, Inc. (REIT)	19,800		756,360
Host Hotels & Resorts, Inc. (REIT)^	110,900		2,557,354
Simon Property Group, Inc. (REIT)	22,600		2,194,460

			10,487,709

*Thrifts & Mortgage Finance (1.2%)*
IndyMac Bancorp, Inc.^	17,300		786,285
Washington Mutual, Inc.	34,600		1,463,580

			2,249,865

Total Financials			60,120,017

Health Care (8.1%)
*Pharmaceuticals (8.1%)*
Biovail Corp.	47,200		730,184
Eli Lilly & Co.	39,200		2,195,592
GlaxoSmithKline plc (ADR)	41,600		2,215,200
Merck & Co., Inc.	78,300		3,556,386
Pfizer, Inc.	111,900		2,982,135
Sanofi-Aventis (ADR)	26,200		1,118,478
Wyeth	51,600		2,633,148

Total Health Care			15,431,123

Industrials (9.7%)
*Aerospace & Defense (2.3%)*
Northrop Grumman Corp.	27,600		1,832,364
Raytheon Co.	50,800		2,537,460

			4,369,824

*Commercial Services & Supplies (3.2%)*
R.R. Donnelley & Sons Co.	56,500		1,913,090
Steelcase, Inc., Class A^	77,200		1,279,204
Waste Management, Inc.	76,600		2,870,968

			6,063,262

*Electrical Equipment (1.2%)*
Emerson Electric Co.	27,100		2,287,240

*Industrial Conglomerates (1.3%)*
General Electric Co.	69,900		2,454,189

*Machinery (1.7%)*
SPX Corp.^	56,800		3,267,136

Total Industrials			18,441,651

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE EQUITY INCOME FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006


	Number of Shares		Value (Note 1)
Information Technology (4.2%)
*Communications Equipment (0.8%)*
Nokia Oyj (ADR)		76,900	$	1,528,772

*Electronic Equipment & Instruments (0.8%)*
AU Optronics Corp. (ADR)^		109,901		1,492,456

*Semiconductors & Semiconductor Equipment (2.6%)*
Microchip Technology, Inc.		70,200		2,311,686
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		262,636		2,547,569

				4,859,255

Total Information Technology				7,880,483

Materials (4.1%)
*Chemicals (1.6%)*
BASF AG (ADR)		23,000		2,023,540
International Flavors &
Fragrances, Inc.		23,400		994,032

				3,017,572

*Containers & Packaging (1.5%)*
Bemis Co.		54,700		1,839,014
Sonoco Products Co.		28,000		993,440

				2,832,454

*Metals & Mining (0.2%)*
Southern Copper Corp.^		7,200		369,936

*Paper & Forest Products (0.8%)*
Louisiana-Pacific Corp.		80,200		1,586,356

Total Materials				7,806,318

Telecommunication Services (5.1%)
*Diversified Telecommunication Services (4.6%)*
AT&T, Inc.		86,900		2,976,325
BellSouth Corp.		55,100		2,485,010
Verizon Communications, Inc.		88,700		3,281,900

				8,743,235

*Wireless Telecommunication Services (0.5%)*
Sprint Nextel Corp.		45,200		844,788

Total Telecommunication Services				9,588,023

Utilities (4.1%)
*Electric Utilities (1.5%)*
FirstEnergy Corp.		47,200		2,777,720

*Multi-Utilities (2.6%)*
Duke Energy Corp.		72,600		2,297,064
MDU Resources Group, Inc.		81,850		2,101,908
TECO Energy, Inc.^		36,200		596,938

				4,995,910

Total Utilities				7,773,630

Total Common Stocks (96.6%) (Cost $159,175,468)				183,271,108

	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (10.0%)
Banc of America Securities LLC, Repurchase Agreement 5.32%, 11/1/06 (r)	$	18,839,883		18,839,883

Time Deposit (3.2%)
JPMorgan Chase Nassau 4.77%, 11/1/06		6,071,868		6,071,868

Total Short-Term Investments (13.2%) (Amortized Cost $24,911,751)				24,911,751

Total Investments (109.8%) (Cost/Amortized Cost $184,087,219)				208,182,859
Other Assets Less Liabilities (-9.8%)				(18,525,278	)

Net Assets (100%)			$	189,657,581

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	151,689,142
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	167,256,615

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


Aggregate gross unrealized appreciation	$	25,364,589
Aggregate gross unrealized depreciation		(1,457,154	)

Net unrealized appreciation	$	23,907,435

Federal income tax cost of investments	$	184,275,424

At October 31, 2006, the Fund had loaned securities with a total value $18,548,867. This was secured by collateral of $18,839,883 of which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GLOBAL FINANCIAL SERVICES FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Australia (1.5%)
QBE Insurance Group Ltd.		45,800	$	875,425

Belgium (3.5%)
Fortis		49,700		2,086,364

Bermuda (3.2%)
ACE Ltd.		10,800		618,300
Catlin Group Ltd.		85,000		811,797
XL Capital Ltd., Class A		6,700		472,685

				1,902,782

Canada (4.7%)
Canadian Imperial Bank of Commerce		19,500		1,524,566
Industrial Alliance Insurance and Financial Services, Inc.		27,500		809,943
Sun Life Financial, Inc.		12,000		505,725

				2,840,234

France (9.1%)
BNP Paribas		21,880		2,405,872
Credit Agricole S.A		41,936		1,782,919
Societe Generale		7,430		1,234,723

				5,423,514

Germany (4.2%)
Allianz SE (Registered)		7,900		1,466,294
Muenchener Rueckversicherungs AG (Registered)		6,500		1,055,121

				2,521,415

Italy (0.6%)
Fondiaria-Sai S.p.A. (RNC)		11,400		378,892

Japan (9.1%)
Leopalace21 Corp.		62,300		2,339,806
ORIX Corp.		2,800		787,504
Sumitomo Mitsui Financial Group, Inc.		210		2,294,396

				5,421,706

Netherlands (4.7%)
ABN AMRO Holding N.V		35,768		1,043,159
ING Groep N.V. (CVA)		39,670		1,757,465

				2,800,624

Norway (1.3%)
DnB NOR ASA		60,300		789,133

Singapore (1.0%)
DBS Group Holdings Ltd.		46,000		602,640

Spain (3.2%)
Banco Santander Central Hispano S.A		111,399		1,928,016

Switzerland (4.7%)
Credit Suisse Group (Registered)		46,700		2,815,854

United Kingdom (13.4%)
Aviva plc		119,000		1,758,962
Barclays plc		98,400		1,327,789
Friends Provident plc		120,990		477,670
HBOS plc		47,500		984,761
Kensington Group plc		34,300		591,712
Royal & Sun Alliance Insurance Group plc		204,415		575,059
Royal Bank of Scotland Group plc		65,000		2,315,783

				8,031,736

United States (33.4%)
American International Group, Inc.		29,300		1,968,081
Bank of America Corp.		38,486		2,073,241
Chubb Corp.		25,200		1,339,380
Citigroup, Inc.		52,000		2,608,320
Fannie Mae		24,200		1,434,092
Freddie Mac		16,400		1,131,436
Genworth Financial, Inc., Class A		25,800		862,752
Hartford Financial Services Group, Inc.		12,900		1,124,492
JPMorgan Chase & Co.		56,000		2,656,640
Merrill Lynch & Co., Inc.		14,100		1,232,622
MetLife, Inc.		28,400		1,622,492
Radian Group, Inc.^		15,000		799,500
St. Paul Travelers Cos., Inc.		22,402		1,145,414

				19,998,462

Total Common Stocks (97.6%) (Cost $42,625,793)				58,416,797

	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (1.4%)
Banc of America Securities LLC, Repurchase Agreement 5.32%, 11/1/06 (r)	$	826,927		826,927

Time Deposit (2.1%)
JPMorgan Chase Nassau 4.77%, 11/1/06		1,305,057		1,305,057

Total Short-Term Investments (3.5%) (Amortized Cost $2,131,984)				2,131,984

Total Investments (101.1%) (Cost/Amortized Cost $44,757,777)				60,548,781
Other Assets Less Liabilities (-1.1%)				(672,869	)

Net Assets (100%)			$	59,875,912

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

CVA — Dutch Certification

RNC — Risparmio Non-Convertible Savings Shares

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GLOBAL FINANCIAL SERVICES FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	16,863,261
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	9,153,682

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


Aggregate gross unrealized appreciation	$	16,075,216
Aggregate gross unrealized depreciation		(289,207	)

Net unrealized appreciation	$	15,786,009

Federal income tax cost of investments	$	44,762,772

At October 31, 2006, the Fund had loaned securities with a total value of $797,741. This was secured by collateral of $826,927 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GOVERNMENT SECURITIES FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Government Securities (97.5%)
*Agency CMO (2.9%)*
Government National Mortgage Association
6.000%, 6/16/32	$	6,091,624	$	6,156,146

*U.S. Government Agencies (94.6%)*
Federal Home Loan Mortgage Corp.
7.000%, 9/1/17		61,064		63,459
7.000%, 10/1/17		44,237		45,971
10.000%, 10/1/18		58,489		63,992
10.000%, 7/1/20		110,502		121,039
10.000%, 10/1/20		100,962		111,250
6.500%, 7/1/21		435,970		448,711
9.000%, 10/1/22		222,629		240,539
4.863%, 11/1/32 (l)		1,445,474		1,453,587
6.000%, 10/1/34		2,994,394		3,018,760
4.500%, 10/1/35		4,789,115		4,495,095
5.500%, 11/1/35		5,597,577		5,539,373
5.500%, 3/1/36		28,945,938		28,644,957
5.500%, 5/1/36		4,974,393		4,920,326
Federal National Mortgage Association
5.500%, 1/1/09		109,573		109,473
6.500%, 2/1/09		5,826		5,842
5.500%, 6/1/09		191,297		190,932
7.000%, 3/1/14		110,947		115,147
8.000%, 11/1/16		723,924		766,514
6.500%, 8/1/19		571,404		588,744
9.500%, 8/1/20		47,715		52,221
9.500%, 10/1/20		120,752		132,156
5.500%, 2/1/23		4,052,297		4,043,645
5.500%, 8/1/23		5,269,749		5,258,498
6.000%, 11/1/28		1,306,276		1,321,748
7.000%, 11/1/30		79,152		81,784
5.734%, 6/1/32 (l)		826,277		838,896
4.686%, 11/1/32 (l)		1,785,890		1,775,173
4.821%, 12/1/32 (l)		1,995,199		1,987,323
4.186%, 5/1/33 (l)		7,309,543		7,034,532
5.500%, 7/1/33		6,087,197		5,991,094
4.500%, 9/1/33		5,360,360		5,046,262
4.105%, 10/1/33 (l)		7,678,427		7,473,143
5.000%, 6/1/35		9,281,283		8,963,850
5.000%, 7/1/35		8,033,712		7,758,948
5.000%, 8/1/35		925,902		894,235
4.855%, 9/1/35 (l)		7,213,651		7,153,287
5.500%, 10/1/36		4,695,359		4,640,794
Government National Mortgage Association
9.000%, 8/15/16		756		809
7.000%, 12/15/27		386,491		400,195
6.500%, 8/15/28		65,069		67,100
6.000%, 1/15/29		698,573		709,948
7.000%, 6/15/29		151,774		157,018
7.000%, 10/15/29		346,485		358,458
5.000%, 3/20/32 (l)		752,533		752,687
5.500%, 12/15/32		7,735,191		7,712,687
5.000%, 5/15/33		14,333,754		13,998,384
5.000%, 6/15/33		9,258,994		9,042,360
5.000%, 7/15/33		29,363,170		28,676,154
5.000%, 9/15/33		3,517,944		3,435,634
5.000%, 3/15/34		6,764,141		6,602,102
5.500%, 6/15/34		4,569,498		4,553,413

				197,858,249

Total Long-Term Debt Securities (97.5%) (Cost $204,707,007)				204,014,395

SHORT-TERM INVESTMENT:
Time Deposit (2.5%)
JPMorgan Chase Nassau
4.77%, 11/1/06 (Amortized Cost $5,076,605)		5,076,605		5,076,605

Total Investments (100.0%) (Cost/Amortized Cost $209,783,612)				209,091,000
Other Assets Less Liabilities (0.0%)				100,685

Net Assets (100%)			$	209,191,685

(l)

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

Glossary:

CMO — Collateralized Mortgage Obligation

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	49,937,177
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	63,231,536

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


Aggregate gross unrealized appreciation	$	1,980,841
Aggregate gross unrealized depreciation		(2,673,453	)

Net unrealized depreciation	$	(692,612	)

Federal income tax cost of investments	$	209,783,612

The Fund has a net capital loss carryforward of $1,263,830 of which $22,367 expires in the year 2012, $214,092 expires in the year 2013, $1,027,371 expires in the year 2014.

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GROWTH AND INCOME FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.3%)
*Auto Components (3.0%)*
BorgWarner, Inc.	32,700	$	1,880,250
Johnson Controls, Inc.	48,800		3,979,152

			5,859,402

*Automobiles (0.9%)*
Harley-Davidson, Inc.^	27,300		1,873,599

*Diversified Consumer Services (0.5%)*
H&R Block, Inc.	40,700		889,702

*Hotels, Restaurants & Leisure (2.0%)*
Carnival Corp.	70,200		3,427,164
Wyndham Worldwide Corp.*	15,080		444,860

			3,872,024

*Media (5.4%)*
DIRECTV Group, Inc.*^	138,800		3,092,464
News Corp., Class A	74,000		1,542,900
Omnicom Group, Inc.	36,300		3,682,635
R.H. Donnelley Corp.^	28,180		1,696,999
Univision Communications, Inc., Class A*	18,500		648,610

			10,663,608

*Specialty Retail (0.5%)*
Chico’s FAS, Inc.*	6,800		162,724
Home Depot, Inc.	23,700		884,721

			1,047,445

Total Consumer Discretionary			24,205,780

Consumer Staples (4.9%)
*Beverages (1.3%)*
Anheuser-Busch Cos., Inc.	30,100		1,427,342
Constellation Brands, Inc., Class A*	45,000		1,237,050

			2,664,392

*Food & Staples Retailing (3.6%)*
Costco Wholesale Corp.	53,200		2,839,816
Kroger Co.	76,800		1,727,232
Sysco Corp.	69,800		2,441,604

			7,008,652

Total Consumer Staples			9,673,044

Energy (5.4%)
*Energy Equipment & Services (2.9%)*
ENSCO International, Inc.	38,000		1,860,860
GlobalSantaFe Corp.	37,000		1,920,300
Halliburton Co.	60,500		1,957,175

			5,738,335

*Oil, Gas & Consumable Fuels (2.5%)*
Chevron Corp.	10,100		678,720
EOG Resources, Inc.	25,800		1,716,474
Exxon Mobil Corp.	28,300		2,021,186
Marathon Oil Corp.	6,900		596,160

			5,012,540

Total Energy			10,750,875

Financials (25.2%)
*Capital Markets (6.1%)*
Mellon Financial Corp.	107,600		4,174,880
Morgan Stanley	101,500		7,757,645

			11,932,525

*Commercial Banks (6.7%)*
City National Corp./California^	13,600		905,216
Fifth Third Bancorp^	85,700		3,415,145
PNC Financial Services Group, Inc.	37,400		2,619,122
Wells Fargo & Co.	174,900		6,347,121

			13,286,604

*Diversified Financial Services (6.3%)*
Citigroup, Inc.	168,900		8,472,024
JPMorgan Chase & Co.	82,200		3,899,568

			12,371,592

*Insurance (4.4%)*
Allstate Corp.	33,600		2,061,696
American International Group, Inc.	67,900		4,560,843
Hartford Financial Services Group, Inc.	23,200		2,022,344

			8,644,883

*Real Estate Management & Development (0.3%)*
Realogy Corp.*	25,400		654,812

*Thrifts & Mortgage Finance (1.4%)*
Freddie Mac	40,500		2,794,095

Total Financials			49,684,511

Health Care (17.2%)
*Biotechnology (2.6%)*
Cephalon, Inc.*^	17,300		1,214,114
Genzyme Corp.*	45,400		3,064,954
Millennium Pharmaceuticals, Inc.*^	67,400		788,580

			5,067,648

*Health Care Equipment & Supplies (1.1%)*
Medtronic, Inc.	43,400		2,112,712

Health Care Providers & Services (3.4%)
Caremark Rx, Inc.	16,700		822,141
Medco Health Solutions, Inc.*	41,400		2,214,900
UnitedHealth Group, Inc.	75,000		3,658,500

			6,695,541

*Life Sciences Tools & Services (0.9%)*
Waters Corp.*	35,700		1,777,860

*Pharmaceuticals (9.2%)*
Allergan, Inc.	40,100		4,631,550
Bristol-Myers Squibb Co.	95,800		2,371,050
Johnson & Johnson	59,400		4,003,560
Merck & Co., Inc.	29,300		1,330,806
Wyeth	114,500		5,842,935

			18,179,901

Total Health Care			33,833,662

Industrials (9.3%)
*Aerospace & Defense (0.8%)*
Northrop Grumman Corp.	25,000		1,659,750

*Air Freight & Logistics (1.9%)*
FedEx Corp.	31,900		3,653,826

*Building Products (1.9%)*
Masco Corp.^	139,000		3,843,350

*Machinery (2.7%)*
Illinois Tool Works, Inc.	80,400		3,853,572
PACCAR, Inc.	23,300		1,379,593

			5,233,165

*Road & Rail (2.0%)*
Burlington Northern Santa Fe Corp.	50,500		3,915,265

Total Industrials			18,305,356

Information Technology (11.0%)
*Computers & Peripherals (0.7%)*
Dell, Inc.*	60,500		1,471,965

*IT Services (0.8%)*
Accenture Ltd., Class A	49,100		1,615,881

*Semiconductors & Semiconductor Equipment (4.0%)*
Analog Devices, Inc.	60,200		1,915,564
Intel Corp.	176,600		3,768,644
Xilinx, Inc.	84,800		2,163,248

			7,847,456

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GROWTH AND INCOME FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006


	Number of Shares		Value (Note 1)
*Software (5.5%)*
McAfee, Inc.*		29,900	$	865,007
Microsoft Corp.		251,600		7,223,436
Red Hat, Inc.*		13,700		224,406
Symantec Corp.*		128,496		2,549,361

				10,862,210

Total Information Technology				21,797,512

Telecommunication Services (3.8%)
*Diversified Telecommunication Services (1.7%)*
AT&T, Inc.		85,400		2,924,950
Embarq Corp.		11,004		532,044

				3,456,994

*Wireless Telecommunication Services (2.1%)*
Sprint Nextel Corp.		220,383		4,118,958

Total Telecommunication Services				7,575,952

Utilities (6.1%)
*Electric Utilities (4.4%)*
American Electric Power Co., Inc.		42,900		1,777,347
Exelon Corp.		87,100		5,398,458
Northeast Utilities		22,300		557,723
Pepco Holdings, Inc.^		33,500		851,570

				8,585,098

*Multi-Utilities (1.7%)*
NiSource, Inc.		51,200		1,191,424
Sempra Energy		40,700		2,158,728

				3,350,152

Total Utilities				11,935,250

Total Common Stocks (95.2%) (Cost $154,218,755)				187,761,942

INVESTMENT COMPANY:
S&P 500 Depositary Receipts^		4,000		551,320

Total Investment Companies (0.3%) (Cost $525,871)				551,320


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (4.8%)
Banc of America Securities LLC, Repurchase Agreement 5.32%, 11/1/06 (r)	$	9,565,777		9,565,777

Time Deposit (3.7%)
JPMorgan Chase Nassau
4.77%, 11/1/06		7,210,059		7,210,059

Total Short-Term Investments (8.5%) (Amortized Cost $16,775,836)				16,775,836

Total Investments (104.0%) (Cost/Amortized Cost $171,520,462)				205,089,098
Other Assets Less Liabilities (-4.0%)				(7,822,518	)

Net Assets (100%)			$	197,266,580

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	82,660,783
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	105,981,586

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


Aggregate gross unrealized appreciation	$	36,219,586
Aggregate gross unrealized depreciation		(2,785,470	)

Net unrealized appreciation	$	33,434,116

Federal income tax cost of investments	$	171,654,982

At October 31, 2006, the Fund had loaned securities with a total value $9,367,848. This was secured by collateral of $9,565,777 of which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended October 31, 2006, the Fund incurred approximately $264 as brokerage commissions with Sanford C. Bernstein & Co., Inc. and $1,836 with UBS AG, affiliated brokers/dealers.

The Fund has a net capital loss carryforward of $4,472,171 which expires in the year 2011. The Fund utilized $17,296,225 in capital loss carryforward during the fiscal year ended October 31, 2006.

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE HIGH-YIELD BOND FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Consumer Discretionary (30.8%)
*Auto Components (1.4%)*
Avis Budget Car Rental LLC/ Avis Budget Finance, Inc.
7.625%, 5/15/14 §	$	955,000	$	933,513
TRW Automotive, Inc.
9.375%, 2/15/13^		1,397,000		1,496,536

				2,430,049

*Automobiles (1.2%)*
General Motors Corp.
8.375%, 7/15/33^		2,245,000		1,998,050

*Distributors (0.9%)*
Buhrmann U.S., Inc.
8.250%, 7/1/14		1,550,000		1,519,000

*Diversified Consumer Services (0.7%)*
Education Management LLC/ Education Management Corp. 8.750%, 6/1/14 §		935,000		958,375
Service Corp. International
6.750%, 4/1/16		200,000		193,000

				1,151,375

*Hotels, Restaurants & Leisure (6.0%)*
American Casino & Entertainment
Properties LLC
7.850%, 2/1/12		975,000		992,062
Boyd Gaming Corp.
7.750%, 12/15/12		1,500,000		1,541,250
Landry’s Restaurants, Inc., Series B
7.500%, 12/15/14^		1,600,000		1,528,000
MGM MIRAGE
6.750%, 9/1/12		200,000		194,000
Mohegan Tribal Gaming Authority
7.125%, 8/15/14^		1,305,000		1,316,419
Restaurant Co.
10.000%, 10/1/13^		900,000		848,250
San Pasqual Casino
8.000%, 9/15/13^ §		1,125,000		1,147,500
Seneca Gaming Corp.
7.250%, 5/1/12		250,000		251,563
Series B
7.250%, 5/1/12^		300,000		301,875
Speedway Motorsports, Inc.
6.750%, 6/1/13		325,000		321,750
Station Casinos, Inc.
6.875%, 3/1/16		1,825,000		1,674,437
Turning Stone Casino Resort Enterprise
9.125%, 9/15/14 (b)		200,000		203,500

				10,320,606

*Household Durables (0.4%)*
American Greetings Corp.
7.375%, 6/1/16		130,000		132,275
K. Hovnanian Enterprises, Inc.
7.500%, 5/15/16		450,000		436,500
Standard-Pacific Corp.
6.875%, 5/15/11		100,000		96,000

				664,775

*Internet & Catalog Retail (0.6%)*
FTD, Inc.
7.750%, 2/15/14		1,088,000		1,082,560

*Leisure Equipment & Products (0.4%)*
Steinway Musical Instruments, Inc.
7.000%, 3/1/14 §		750,000		735,000

*Media (14.0%)*
Allbritton Communications Co.
7.750%, 12/15/12		815,000		819,075
CBD Media, Inc./CBD Finance
8.625%, 6/1/11		425,000		425,531
CCH I Holdings LLC/ CCH I Holdings Capital Corp.
11.000%, 10/1/15^		2,300,000		2,216,625
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.
8.375%, 4/30/14^ §		580,000		595,950
Dex Media East LLC/ Dex Media East Finance Co.
12.125%, 11/15/12		375,000		417,188
Dex Media West LLC/Dex Media Finance Co., Series B
8.500%, 8/15/10		300,000		310,875
9.875%, 8/15/13		1,489,000		1,617,426
DirecTV Holdings LLC/ DirecTV Financing Co.
6.375%, 6/15/15^		725,000		694,188
Echostar DBS Corp.
6.375%, 10/1/11		550,000		544,500
Houghton Mifflin Co.
8.250%, 2/1/11		875,000		901,250
Imax Corp.
9.625%, 12/1/10^		800,000		744,000
Inmarsat Finance plc
7.625%, 6/30/12^		232,000		239,250
Intelsat Bermuda Ltd.
11.640%, 6/15/13 § (l)		2,400,000		2,544,000
Intelsat Corp.
9.000%, 8/15/14		1,096,000		1,145,320
Intelsat Intermediate Holding Co., Ltd.
0.000%, 2/1/15 (e)		4,340,000		3,287,550
Intelsat Subsidiary Holding Co., Ltd.
8.625%, 1/15/15 (e)		500,000		518,750
Mediacom LLC/ Mediacom Capital Corp.
9.500%, 1/15/13^		1,525,000		1,565,031
Primedia, Inc.
8.875%, 5/15/11^		775,000		769,187
Quebecor Media, Inc.
7.750%, 3/15/16		1,150,000		1,161,500
R.H. Donnelley Corp.
6.875%, 1/15/13^		905,000		851,831
Series A-1
6.875%, 1/15/13		1,445,000		1,360,106
Series A-2
6.875%, 1/15/13^		650,000		611,813
Sinclair Broadcast Group, Inc.
8.750%, 12/15/11		175,000		182,656
Videotron Ltd.
6.875%, 1/15/14		375,000		372,188

				23,895,790

*Multiline Retail (1.4%)*
Bon-Ton Department Stores, Inc.
10.250%, 3/15/14^		800,000		811,000
Neiman Marcus Group, Inc.
9.000%, 10/15/15^		1,425,000		1,528,312

				2,339,312

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE HIGH-YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006


	Principal Amount		Value (Note 1)
*Specialty Retail (1.2%)*
Asbury Automotive Group, Inc.
9.000%, 6/15/12^	$	750,000	$	776,250
8.000%, 3/15/14		450,000		454,500
AutoNation, Inc.
7.000%, 4/15/14^		745,000		741,275

				1,972,025

*Textiles, Apparel & Luxury Goods (2.6%)*
INVISTA
9.250%, 5/1/12 §		325,000		345,312
Levi Strauss & Co.
10.122%, 4/1/12 (l)		1,300,000		1,340,625
Perry Ellis International, Inc., Series B
8.875%, 9/15/13		1,450,000		1,453,625
Phillips-Van Heusen Corp.
7.250%, 2/15/11		1,050,000		1,057,875
8.125%, 5/1/13		325,000		338,813

				4,536,250

Total Consumer Discretionary				52,644,792

Consumer Staples (7.0%)
*Beverages (1.6%)*
Constellation Brands, Inc.
7.250%, 9/1/16		575,000		584,344
Series B
8.125%, 1/15/12		870,000		902,625
Cott Beverages, Inc.
8.000%, 12/15/11^		1,145,000		1,170,762

				2,657,731

*Food & Staples Retailing (3.3%)*
Ingles Markets, Inc.
8.875%, 12/1/11		1,525,000		1,589,812
Jean Coutu Group PJC, Inc.
7.625%, 8/1/12		1,050,000		1,102,500
Pantry, Inc.
7.750%, 2/15/14^		1,275,000		1,290,938
Stater Brothers Holdings, Inc.
8.125%, 6/15/12^		820,000		826,150
SUPERVALU, Inc.
7.500%, 11/15/14		855,000		869,679

				5,679,079

*Food Products (1.1%)*
Dole Food Co., Inc.
8.625%, 5/1/09^		1,013,000		991,474
Smithfield Foods, Inc., Series B
7.750%, 5/15/13^		850,000		877,625

				1,869,099

*Household Products (0.8%)*
Central Garden & Pet Co.
9.125%, 2/1/13		1,310,000		1,368,950

*Personal Products (0.2%)*
Elizabeth Arden, Inc.
7.750%, 1/15/14^		360,000		353,700

Total Consumer Staples				11,928,559

Energy (5.8%)
*Energy Equipment & Services (1.1%)*
Dresser-Rand Group, Inc.
7.375%, 11/1/14		209,000		206,649
Hanover Equipment Trust, Series 01-B
8.750%, 9/1/11		1,700,000		1,768,000

				1,974,649

*Oil, Gas & Consumable Fuels (4.7%)*
AmeriGas Partners LP
7.250%, 5/20/15		400,000		399,000
AmeriGas Partners LP/ AmeriGas Eagle Finance Corp.
7.125%, 5/20/16		800,000		790,000
Atlas Pipeline Partners LP
8.125%, 12/15/15^		665,000		678,300
Chesapeake Energy Corp.
6.625%, 1/15/16^		1,790,000		1,751,962
Colorado Interstate Gas Co.
6.800%, 11/15/15		500,000		508,133
Compton Petroleum Finance Corp.
7.625%, 12/1/13		1,000,000		947,500
Denbury Resources, Inc.
7.500%, 12/15/15		550,000		550,000
El Paso Corp.
7.875%, 6/15/12^		215,000		224,138
Ferrellgas Escrow LLC/ Ferrellgas Finance Escrow Corp.
6.750%, 5/1/14		433,000		422,175
Inergy LP/Inergy Finance Corp.
6.875%, 12/15/14		550,000		532,125
Peabody Energy Corp.
7.375%, 11/1/16		475,000		494,000
Pogo Producing Co.
7.875%, 5/1/13 §		125,000		127,188
6.875%, 10/1/17^		320,000		304,800
Williams Cos., Inc.
7.125%, 9/1/11		275,000		283,937

				8,013,258

Total Energy				9,987,907

Financials (13.5%)
*Capital Markets (1.4%)*
Arch Western Finance LLC
6.750%, 7/1/13		675,000		651,375
Basell AF SCA
8.375%, 8/15/15^ §		635,000		644,525
E*Trade Financial Corp.
7.375%, 9/15/13		1,050,000		1,078,875

				2,374,775

*Consumer Finance (8.5%)*
Ford Motor Credit Co.
7.875%, 6/15/10		7,845,000		7,655,261
7.000%, 10/1/13^		155,000		144,091
GMAC LLC
6.875%, 9/15/11		3,670,000		3,695,191
8.000%, 11/1/31^		2,755,000		2,951,900

				14,446,443

*Diversified Financial Services (2.1%)*
American Real Estate Partners LP/ American Real Estate Finance Corp.
7.125%, 2/15/13		100,000		99,750
BCP Crystal U.S. Holdings Corp.
9.625%, 6/15/14		540,000		592,650
Crystal U.S. Holdings 3 LLC/ Crystal U.S. Sub 3 Corp., Series B
0.000%, 10/1/14 (e)		1,125,000		945,000
Di Finance LLC/DynCorp. International, Series B
9.500%, 2/15/13		737,000		766,480
Rainbow National Services LLC
8.750%, 9/1/12 §		200,000		210,250
10.375%, 9/1/14^ §		945,000		1,051,313

				3,665,443

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE HIGH-YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006


	Principal Amount		Value (Note 1)
*Real Estate Investment Trusts (REITs) (1.5%)*
Felcor Lodging LP (REIT)
8.500%, 6/1/11	$	1,300,000	$	1,387,750
Thornburg Mortgage, Inc. (REIT)
8.000%, 5/15/13		1,150,000		1,132,750

				2,520,500

Total Financials				23,007,161

Health Care (3.5%)
*Biotechnology (0.8%)*
Angiotech Pharmaceuticals, Inc.
7.750%, 4/1/14^ §		1,360,000		1,292,000

*Health Care Equipment & Supplies (0.6%)*
Accellent, Inc.
10.500%, 12/1/13		1,050,000		1,097,250

*Health Care Providers & Services (2.1%)*
HCA, Inc.
6.950%, 5/1/12		1,200,000		1,060,500
Tenet Healthcare Corp.
9.875%, 7/1/14^		525,000		513,844
U.S. Oncology Holdings, Inc.
10.675%, 3/15/15 (l)		935,000		956,038
U.S. Oncology, Inc.
9.000%, 8/15/12		1,050,000		1,088,062

				3,618,444

Total Health Care				6,007,694

Industrials (6.9%)
*Aerospace & Defense (3.2%)*
Alliant Techsystems, Inc.
6.750%, 4/1/16^		300,000		297,750
Argo-Tech Corp.
9.250%, 6/1/11		1,200,000		1,245,000
Bombardier, Inc.
6.750%, 5/1/12^ §		500,000		483,750
DRS Technologies, Inc.
6.625%, 2/1/16		725,000		717,750
Esterline Technologies Corp.
7.750%, 6/15/13		770,000		783,475
L-3 Communications Corp., Series B
6.375%, 10/15/15		225,000		221,625
Moog, Inc.
6.250%, 1/15/15		650,000		620,750
TransDigm, Inc.
7.750%, 7/15/14 §		1,075,000		1,104,562

				5,474,662

*Building Products (0.4%)*
Goodman Global Holdings, Inc.
7.875%, 12/15/12^		310,000		297,600
Series B
8.329%, 6/15/12 (l)		360,000		365,400

				663,000

*Commercial Services & Supplies (0.9%)*
ADESA, Inc.
7.625%, 6/15/12		1,020,000		1,012,350
Corrections Corp. of America
7.500%, 5/1/11		415,000		424,338

				1,436,688

*Machinery (1.5%)*
Case New Holland, Inc.
9.250%, 8/1/11		725,000		769,406
Douglas Dynamics LLC
7.750%, 1/15/12 §		1,000,000		945,000
Trinity Industries, Inc.
6.500%, 3/15/14		900,000		883,125

				2,597,531

*Road & Rail (0.9%)*
Hertz Corp.
8.875%, 1/1/14 §		725,000		757,625
United Rentals North America, Inc.
6.500%, 2/15/12		825,000		804,375

				1,562,000

Total Industrials				11,733,881

Information Technology (4.0%)
*Electronic Equipment & Instruments (1.0%)*
NXP B.V./NXP Funding LLC
8.118%, 10/15/13^ § (l)		550,000		554,813
9.500%, 10/15/15^ §		1,150,000		1,160,062

				1,714,875

*IT Services (1.5%)*
iPayment, Inc.
9.750%, 5/15/14 §		880,000		904,200
Sungard Data Systems, Inc.
9.125%, 8/15/13^		1,700,000		1,763,750

				2,667,950

*Office Electronics (0.8%)*
Xerox Corp.
6.400%, 3/15/16		200,000		200,500
7.200%, 4/1/16		930,000		969,525
6.750%, 2/1/17		200,000		203,500

				1,373,525

*Semiconductors & Semiconductor Equipment (0.7%)*
Sensata Technologies B.V.
8.000%, 5/1/14 §		1,170,000		1,129,050

Total Information Technology				6,885,400

Materials (8.1%)
*Chemicals (1.7%)*
Ineos Group Holdings plc
8.500%, 2/15/16^ (b)		550,000		529,375
Lyondell Chemical Co.
8.250%, 9/15/16		900,000		927,000
PolyOne Corp.
8.875%, 5/1/12^		625,000		634,375
Rockwood Specialties Group, Inc.
7.500%, 11/15/14^		800,000		796,000

				2,886,750

*Construction Materials (0.6%)*
Texas Industries, Inc.
7.250%, 7/15/13^		430,000		427,850
U.S. Concrete, Inc.
8.375%, 4/1/14^		450,000		432,000
8.375%, 4/1/14 §		100,000		96,000

				955,850

*Containers & Packaging (2.1%)*
Ball Corp.
6.875%, 12/15/12		50,000		50,500
Berry Plastics Holdings Corp.
8.875%, 9/15/14 (b)		1,200,000		1,212,000
Crown Americas LLC/ Crown Americas Capital Corp.
7.750%, 11/15/15^		915,000		939,019
Owens-Illinois, Inc.
7.500%, 5/15/10		475,000		482,125
Stone Container Finance Co.
7.375%, 7/15/14		1,000,000		918,750

				3,602,394

*Metals & Mining (2.0%)*
AK Steel Corp.
7.750%, 6/15/12		300,000		300,000
California Steel Industries, Inc.
6.125%, 3/15/14		200,000		185,000

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE HIGH-YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006


	Principal Amount		Value (Note 1)
Foundation PA Coal Co.
7.250%, 8/1/14^	$	275,000	$	272,937
International Steel Group, Inc.
6.500%, 4/15/14		475,000		475,000
Novelis, Inc.
8.250%, 2/15/15 §		800,000		764,000
Steel Dynamics, Inc.
9.500%, 3/15/09		1,100,000		1,135,750
Senior Notes
9.500%, 3/15/09		225,000		232,313

				3,365,000

*Paper & Forest Products (1.7%)*
Abitibi-Consolidated Co. of Canada
8.375%, 4/1/15^		180,000		156,825
Bowater, Inc.
6.500%, 6/15/13^		400,000		355,000
Buckeye Technologies, Inc.
8.500%, 10/1/13^		600,000		610,500
Plastipak Holdings, Inc.
8.500%, 12/15/15^ §		1,165,000		1,205,775
Verso Paper Holdings LLC/Verson Paper, Inc.
9.121%, 8/1/14 § (l)		670,000		676,700

				3,004,800

Total Materials				13,814,794

Telecommunication Services (7.8%)
*Diversified Telecommunication Services (5.7%)*
Hawaiian Telcom Communications, Inc., Series B
9.750%, 5/1/13^		900,000		931,500
Level 3 Communications, Inc.
11.500%, 3/1/10^		775,000		809,875
11.250%, 3/15/10^		760,000		782,800
Level 3 Financing, Inc.
9.250%, 11/1/14^ §		1,200,000		1,207,500
Pathnet, Inc.
12.250%, 4/15/08 †(h)		243,268		—
Qwest Corp.
8.875%, 3/15/12		1,325,000		1,457,500
7.500%, 10/1/14 §		200,000		209,500
Time Warner Telecom Holdings, Inc.
9.250%, 2/15/14^		1,380,000		1,455,900
Williams Communications Group, Inc.
11.700%, 8/1/08 †(h)		750,000		—
Windstream Corp.
8.625%, 8/1/16 §		2,775,000		2,993,531

				9,848,106

*Wireless Telecommunication Services (2.1%)*
American Cellular Corp., Series B
10.000%, 8/1/11		1,110,000		1,165,500
Dobson Cellular Systems, Inc.
8.375%, 11/1/11 §		500,000		519,375
8.375%, 11/1/11		550,000		571,313
9.875%, 11/1/12^		775,000		837,000
MetroPCS Wireless, Inc.
9.250%, 11/1/14 §		315,000		317,756
Rogers Wireless, Inc.
9.625%, 5/1/11		100,000		113,250

				3,524,194

Total Telecommunication Services				13,372,300

Utilities (6.9%)
*Electric Utilities (3.8%)*
Edison Mission Energy
7.500%, 6/15/13 §		400,000		411,000
7.750%, 6/15/16^ §		705,000		727,913
Midwest Generation LLC
8.750%, 5/1/34^		1,450,000		1,567,812
MSW Energy Holdings LLC/ MSW Energy Finance Co., Inc.
8.500%, 9/1/10		785,000		812,475
Reliant Energy, Inc.
9.250%, 7/15/10		900,000		931,500
9.500%, 7/15/13^		450,000		471,375
Sierra Pacific Resources
8.625%, 3/15/14^		750,000		812,755
Tenaska Alabama Partners LP
7.000%, 6/30/21 §		775,368		767,485

				6,502,315

*Gas Utilities (1.0%)*
Northwest Pipeline Corp.
7.000%, 6/15/16		775,000		802,125
Suburban Propane Partners LP/ Suburban Energy Finance Corp.
6.875%, 12/15/13		1,035,000		996,187

				1,798,312

*Independent Power Producers & Energy Traders (2.1%)*
Dynegy Holdings, Inc.
8.375%, 5/1/16^		1,045,000		1,073,738
Mirant North America LLC
7.375%, 12/31/13^		1,465,000		1,481,481
NRG Energy, Inc.
7.375%, 2/1/16		985,000		996,081

				3,551,300

Total Utilities				11,851,927

Total Long-Term Debt Securities (94.3%) (Cost $159,415,584)				161,234,415


	Number of Shares
COMMON STOCKS:
Consumer Discretionary (0.0%)
*Media (0.0%)*
NTL, Inc.		4,081		110,309

Total Consumer Discretionary				110,309

Financials (0.2%)
*Diversified Financial Services (0.2%)*
Leucadia National Corp.		10,838		285,798

Total Financials				285,798

Information Technology (0.0%)
*Computers & Peripherals (0.0%)*
Axiohm Transaction Solutions, Inc.*†		4,056		—

Total Information Technology				—

Telecommunication Services (0.0%)
*Diversified Telecommunication Services (0.0%)*
XO Holdings, Inc.*		1,285		5,012

Total Telecommunication Services				5,012

Total Common Stocks (0.2%) (Cost $2,446,042)				401,119

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE HIGH-YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006


	Number of Warrants	Value (Note 1)
WARRANTS:
Health Care (0.1%)
*Life Sciences Tools & Services (0.1%)*
Charles River Laboratories International, Inc.,
$5.19, expiring 10/1/09*†	350	$	100,309

Total Health Care			100,309

Information Technology (0.0%)
*Communications Equipment (0.0%)*
Loral Space & Communications,
$0.14, expiring 1/15/07*†	850		—
$23.70, expiring 12/26/06†*	5,584		—

			—

*Internet Software & Services (0.0%)*
Verado Holdings, Inc.,
$0.01, expiring 4/15/08*†	500		—

Total Information Technology			—

Telecommunication Services (0.0%)
*Diversified Telecommunication Services (0.0%)*
Pathnet, Inc.,
$0.01, expiring 4/15/08*†	250		—
XO Holdings, Inc.,
$6.25, expiring 1/16/10*	2,573		1,595
$7.50, expiring 1/16/10*	1,930		695
$10.00, expiring 1/16/10*	1,930		386

Total Telecommunication Services			2,676

Total Warrants (0.1%) (Cost $8,416)			102,985


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (25.0%)
Banc of America Securities LLC, Repurchase Agreement
5.32%, 11/1/06 (r)	$	42,845,941	$	42,845,941

Time Deposit (3.8%)
JPMorgan Chase Nassau
4.77%, 11/1/06		6,434,701		6,434,701

Total Short-Term Investments (28.8%) (Amortized Cost $49,280,642)				49,280,642

Total Investments (123.4%) (Cost/Amortized Cost $211,150,684)				211,019,161
Other Assets Less Liabilities (-23.4%)				(39,947,527	)

Net Assets (100%)			$	171,071,634

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $100,309 or 0.06% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At October 31, 2006, the market value of these securities amounted to $27,520,523 or 16.09% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(e)

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

(h)

Security in default, non-income producing.

(l)

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

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	131,621,734
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	180,503,675

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


Aggregate gross unrealized appreciation	$	3,449,319
Aggregate gross unrealized depreciation		(3,754,394	)

Net unrealized depreciation	$	(305,075	)

Federal income tax cost of investments	$	211,324,236

At October 31, 2006, the Fund had loaned securities with a total value $41,995,558. This was secured by collateral of $42,845,941 of which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Fund has a net capital loss carryforward of $17,698,866 of which $3,220,270 expires in the year 2009, $11,007,057 expires in the year 2010, and $3,471,539 expires in the year 2011. The Fund utilized $2,394,572 in capital loss carryforward during the fiscal year ended October 31, 2006.

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE INTERNATIONAL GROWTH FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Australia (4.7%)
BHP Billiton Ltd.		183,268	$	3,868,903
BHP Billiton Ltd. (ADR)^		117,600		5,006,232

				8,875,135

Bermuda (5.4%)
Ingersoll-Rand Co., Ltd., Class A		72,200		2,650,462
Nabors Industries Ltd.*^		218,300		6,741,104
Partner Reinsurance Ltd.		12,100		846,032

				10,237,598

Brazil (4.9%)
Aracruz Celulose S.A. (ADR)^		72,800		4,005,456
Cia Vale do Rio Doce (ADR)		203,200		5,169,408

				9,174,864

Canada (23.0%)
Alcan, Inc.		85,800		4,042,038
Brookfield Asset Management, Inc., Class A (New York Exchange)		21,050		937,567
Brookfield Asset Management, Inc., Class A (Toronto Exchange)^		25,050		1,143,341
Cameco Corp.		67,400		2,367,762
Canadian National Railway Co.		107,000		5,097,480
Canadian Natural Resources Ltd.		15,400		803,110
Canadian Pacific Railway Ltd.		92,000		5,197,080
Ensign Energy Services, Inc.		8,200		133,343
Finning International, Inc.		42,800		1,518,408
IPSCO, Inc.^		63,900		5,843,016
Manulife Financial Corp .		53,300		1,728,519
Potash Corp. of Saskatchewan, Inc.		41,600		5,195,840
Precision Drilling Trust		5,000		143,300
Suncor Energy, Inc.		34,800		2,678,834
Talisman Energy, Inc.		75,600		1,248,156
Teck Cominco Ltd., Class B		69,300		5,110,502
Trican Well Service Ltd.		6,600		116,043

				43,304,339

France (0.1%)
Groupe Danone		1,553		227,553

Germany (0.7%)
BASF AG		2,165		190,833
RWE AG		10,724		1,059,829

				1,250,662

Italy (1.3%)
Saipan S.p.A.^		104,331		2,460,850

Luxembourg (4.5%)
Tenaris S.A. (ADR)^		218,500		8,431,915

Mexico (0.6%)
Cemex S.A.B. de C.V.
(Sponsored ADR)*^		37,020		1,137,995

Netherlands (1.2%)
Core Laboratories N.V.*^		3,700		269,693
ING Groep N.V. (ADR)		20,300		899,899
ING Groep N.V. (CVA)		23,132		1,024,796

				2,194,388

Sweden (0.7%)
Volvo AB (ADR)		6,200		386,694
Volvo AB, Class B^		16,800		1,050,378

				1,437,072

Switzerland (5.0%)
Nestle S.A. (Registered)		5,100		1,742,573
Novartis AG (ADR)		13,000		789,490
Novartis AG (Registered)		14,884		903,439
Syngenta AG (ADR)^		10,000		322,300
Syngenta AG (Registered)*		12,786		2,065,126
UBS AG (Registered) (New York Exchange)		20,200		1,208,768
UBS AG (Registered) (Virt-x Exchange)		39,098		2,335,476

				9,367,172

United Kingdom (13.6%)
Anglo American plc		46,433		2,093,543
Anglo American plc (ADR)^		117,400		2,662,632
BAE Systems plc		281,685		2,253,737
British American Tobacco plc		81,355		2,217,298
British American Tobacco plc (ADR)^		18,800		1,034,000
Cadbury Schweppes plc		16,553		166,536
Cadbury Schweppes plc (ADR)^		20,400		828,036
Diageo plc		61,500		1,137,770
Diageo plc (Sponsored ADR)^		50,800		3,783,076
Rio Tinto plc		60,335		3,327,939
Rio Tinto plc (ADR)^		27,300		6,043,947

				25,548,514

United States (25.5%)
Cooper Industries Ltd., Class A		50,800		4,544,060
GlobalSantaFe Corp		172,100		8,931,990
Noble Corp.		126,900		8,895,690
Schlumberger Ltd		142,400		8,982,592
Transocean, Inc.*		127,100		9,219,834
Weatherford International Ltd.*		177,900		7,308,132

				47,882,298

Total Common Stocks (91.2%) (Cost $160,848,437)				171,530,355


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (11.3%)
Banc of America Securities LLC, Repurchase Agreement
5.32%, 11/1/06 (r)	$	21,305,627		21,305,627

Time Deposit (8.4%)
JPMorgan Chase Nassau
4.77%, 11/1/06		15,673,317		15,673,317

Total Short-Term Investments (19.7%) (Amortized Cost $36,978,944)				36,978,944

Total Investments (110.9%) (Cost/Amortized Cost $197,827,381)				208,509,299
Other Assets Less Liabilities (-10.9%)				(20,489,876	)

Net Assets (100%)			$	188,019,423

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

CVA — Dutch Certification

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE INTERNATIONAL GROWTH FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	170,272,175
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	87,500,973

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


Aggregate gross unrealized appreciation	$	15,087,862
Aggregate gross unrealized depreciation		(4,405,944	)

Net unrealized appreciation	$	10,681,918

Federal income tax cost of investments	$	197,827,381

At October 31, 2006, the Fund had loaned securities with a total value of $20,900,405. This was secured by collateral of $21,305,627 of which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Fund has a net capital loss carryforward of $7,433,848 of which $905,830 expires in the year 2008 and $6,528,018 expires in the year 2011. A portion of the capital loss carryforward may be limited pursuant to the Internal Revenue Code and regulations.

The Fund utilized $15,429,873 in capital loss carryforward during the fiscal year ended October 31, 2006.

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.7%)
*Hotels, Restaurants & Leisure (3.3%)*
Starwood Hotels & Resorts Worldwide, Inc.		44,500	$	2,658,430

*Multiline Retail (3.3%)*
Sears Holdings Corp.*		15,000		2,617,050

*Specialty Retail (4.1%)*
Staples, Inc.		63,100		1,627,349
Urban Outfitters, Inc.*^		90,700		1,587,250

				3,214,599

Total Consumer Discretionary				8,490,079

Consumer Staples (8.0%)
*Household Products (4.0%)*
Procter & Gamble Co.		50,200		3,182,178

*Tobacco (4.0%)*
Altria Group, Inc .		38,900		3,163,737

Total Consumer Staples				6,345,915

Financials (8.0%)
*Capital Markets (2.2%)*
Morgan Stanley		22,800		1,742,604

*Commercial Banks (1.8%)*
Commerce Bancorp, Inc./New Jersey^		41,000		1,431,720

*Consumer Finance (4.0%)*
American Express Co.		54,400		3,144,864

Total Financials				6,319,188

Health Care (15.8%)
*Biotechnology (2.2%)*
Amgen, Inc.*		23,000		1,745,930

*Health Care Equipment & Supplies (4.2%)*
St. Jude Medical, Inc.*		96,400		3,311,340

*Health Care Providers & Services (7.1%)*
Cardinal Health, Inc.		29,900		1,956,955
Medco Health Solutions, Inc.*		68,700		3,675,450

				5,632,405

*Pharmaceuticals (2.3%)*
Allergan, Inc.		15,900		1,836,450

Total Health Care				12,526,125

Industrials (9.7%)
*Aerospace & Defense (2.2%)*
Boeing Co.		21,300		1,701,018

*Airlines (2.0%)*
U.S. Airways Group, Inc.*^		32,400		1,615,464

*Industrial Conglomerates (3.2%)*
General Electric Co.		72,800		2,556,008

*Road & Rail (2.3%)*
Union Pacific Corp.		20,400		1,848,852

Total Industrials				7,721,342

Information Technology (44.2%)
*Communications Equipment (9.9%)*
Corning, Inc.*		157,200		3,211,596
QUALCOMM, Inc.		126,900		4,617,891

				7,829,487

*Computers & Peripherals (7.7%)*
Apple Computer, Inc.*		42,900		3,478,332
SanDisk Corp.*		54,800		2,635,880

				6,114,212

*Internet Software & Services (7.4%)*
Akamai Technologies, Inc.*^		43,200		2,024,352
Google, Inc., Class A*		8,100		3,858,759

				5,883,111

*Semiconductors & Semiconductor Equipment (4.1%)*
Broadcom Corp., Class A*		54,100		1,637,607
National Semiconductor Corp.		67,300		1,634,717

				3,272,324

*Software (15.1%)*
Electronic Arts, Inc.*		120,700		6,383,823
Microsoft Corp.		192,700		5,532,417

				11,916,240

Total Information Technology				35,015,374

Total Common Stocks (96.4%) (Cost $74,803,688)				76,418,023


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (4.2%)
Banc of America Securities LLC, Repurchase Agreement
5.32%, 11/1/06 (r)	$	3,325,850		3,325,850

Time Deposit (2.2%)
JPMorgan Chase Nassau
4.77%, 11/1/06		1,786,432		1,786,432

Total Short-Term Investments (6.4%) (Amortized Cost $5,112,282)				5,112,282

Total Investments (102.8%) (Cost/Amortized Cost $79,915,970)				81,530,305
Other Assets Less Liabilities (-2.8%)				(2,258,967	)

Net Assets (100%)			$	79,271,338

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	128,257,517
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	152,214,700

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


Aggregate gross unrealized appreciation .	$	5,765,484
Aggregate gross unrealized depreciation .		(4,360,102	)

Net unrealized appreciation .	$	1,405,382

Federal income tax cost of investments	$	80,124,923

At October 31, 2006, the Fund had loaned securities with a total value $3,243,218. This was secured by collateral of $3,325,850 of which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended October 31, 2006, the Fund incurred approximately $5,530 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Fund has a net capital loss carryforward of $114,787,651 of which $7,069,507 expires in the year 2007, $73,520,656 expires in the year 2008, and $34,197,488 expires in the year 2009. The Fund utilized $7,965,351 in capital loss carryforward during the fiscal year ended October 31, 2006.

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE MONEY MARKET FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Principal Amount		Value (Note 1)
SHORT-TERM DEBT SECURITIES:
Certificate of Deposit (4.2%)
Citibank N.A.
5.29%, 12/1/06 (p)	$	5,000,000	$	5,000,000

Commercial Paper (82.1%)
Abbey National North America LLC
5.37%, 11/1/06 (p)		4,000,000		4,000,000
Atlantis One Funding Corp.
5.19%, 12/22/06 (b)(p)		4,000,000		3,970,222
Bank of America Corp.
5.25%, 4/2/07 (p)		4,000,000		3,912,684
Barclays U.S. Funding Corp.
5.42%, 11/1/06 (p)		4,000,000		4,000,000
Bear Stearns Cos., Inc.
5.31%, 3/20/07 (p)		5,000,000		4,898,839
Beethoven Funding Corp.
5.17%, 12/13/06 §(p)		4,000,000		3,975,430
Charta LLC
5.14%, 12/5/06 §(p)		4,000,000		3,980,129
Ciesco LLC
5.14%, 12/5/06 §(p)		4,000,000		3,980,129
CRC Funding LLC
5.14%, 12/5/06 §(p)		4,000,000		3,980,129
Daimler Chrysler Revenue Auto Conduit LLC
5.15%, 12/8/06 (p)		4,000,000		3,978,376
Deutsche Bank Financial LLC
5.37%, 11/1/06 (p)		4,000,000		4,000,000
FCAR Owner Trust I
5.21%, 1/4/07 (p)		4,000,000		3,962,738
Gemini Securitization Corp.
5.14%, 12/4/06 §(p)		5,000,000		4,975,846
Govco, Inc.
5.05%, 11/22/06 §(p)		5,000,000		4,984,629
K2 (USA) LLC
5.43%, 11/2/06 §(p)		3,000,000		2,999,553
Liquid Funding Ltd.
5.28%, 2/7/07 §(p)		4,485,000		4,420,780
Mane Funding Corp.
5.19%, 12/20/06 §(p)		4,000,000		3,971,362
Nordea N.A.
5.42%, 11/1/06 (p)		5,000,000		5,000,000
San Paolo U.S. Financial Co.
5.06%, 11/24/06 (p)		5,000,000		4,983,197
Sigma Finance, Inc.
5.11%, 11/30/06 §(p)		5,000,000		4,978,814
Simba Funding Corp.
5.17%, 12/13/06 (p)		4,000,000		3,975,453
Toyota Motor Credit Corp.
5.02%, 11/20/06 (p)		5,000,000		4,986,106
UBS Finance Delaware LLC
5.35%, 11/1/06 (p)		4,000,000		4,000,000

Total Commercial Paper				97,914,416

Time Deposits (2.6%)
JPMorgan Chase Nassau
4.77%, 11/1/06		49,336		49,336
Manufacturers & Traders Trust Co.
5.31%, 11/1/06		3,100,000		3,100,000

Total Time Deposits				3,149,336

Variable Rate Securities (12.4%)
General Electric Capital Corp.
5.45%, 10/17/07 (l)		3,850,000		3,850,000
Links Finance LLC
5.33%, 10/30/07 §(l)		4,000,000		3,999,602
Merrill Lynch & Co., Inc.
5.57%, 7/11/07 (l)		2,000,000		2,000,000
Royal Bank of Canada
5.35%, 11/9/07 (l)		5,000,000		5,000,000

Total Variable Rate Securities				14,849,602

Total Investments (101.3%) (Amortized Cost $120,913,354)				120,913,354
Other Assets Less Liabilities (-1.3%)				(1,595,583	)

Net Assets (100%)			$	119,317,771

Federal Income Tax Cost of Investments			$	120,913,354

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At October 31, 2006, the market value of these securities amounted to $46,246,403 or 38.76% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(l)

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

(p)

Yield to maturity.

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SHORT DURATION BOND FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (41.1%)
*Asset Backed Securities (29.3%)*
Aegis Asset Backed Securities Trust, Series 06-1 A1
5.400%, 1/25/37 (l)	$	375,000	$	375,000
AmeriCredit Automobile Receivables Trust, Series 05-DA A3
4.870%, 12/6/10		650,000		647,116
Amresco Residential Securities Mortgage Loan Trust, Series 98-2 M1F
6.745%, 6/25/28		56,387		56,144
Atherton Franchisee Loan Funding, Series 98-A A2
6.720%, 5/15/20 (b)		122,327		122,319
Capital One Master Trust, Series 98-1 A
6.310%, 6/15/11		750,000		762,690
Capital One Multi-Asset Execution Trust, Series 03-C1 C1
7.870%, 3/15/11 (l)		250,000		257,969
Carmax Auto Owner Trust, Series 05-2 A3
4.210%, 1/15/10		600,000		593,779
Centex Home Equity, Series 04-D MV3
6.320%, 9/25/34 (l)		750,000		757,299
Chase Manhattan Auto Owner Trust, Series 06-B A4
5.110%, 4/15/14		625,000		627,941
Citibank Credit Card Issuance Trust, Series 02-C3 C3
6.530%, 12/15/09 (l)		220,000		222,079
Series 03-A3 A3
3.100%, 3/10/10		400,000		389,336
Series 05-B1 B1
4.400%, 9/15/10		750,000		739,588
Series 05-C5 C5
4.950%, 10/25/10		600,000		595,987
CNH Equipment Trust, Series 06-A A3
5.200%, 8/16/10		700,000		701,600
Countrywide Asset Backed Certificates, Series 06-2A1
5.370%, 4/25/28 (l)		450,000		450,000
Daimler Chrysler Auto Trust, Series 06-C A3
5.020%, 7/8/10		475,000		474,823
Discover Card Master Trust I, Series 03-2 B
3.850%, 8/15/10		500,000		490,861
DVI Receivables Corp., Series 03-1 D1
7.270%, 3/14/11 †(l)		160,268		—
Ford Credit Auto Owner Trust, Series 05-C A3
4.300%, 8/15/09		550,000		544,532
Fremont Home Loan Trust, Series 05-E 2A2
5.490%, 1/25/36 (l)		375,000		375,133
GCO Slims Trust, Series 06-1A
5.720%, 3/1/22 (b)		367,752		369,418
Harley-Davidson Motorcycle Trust, Series 06-2 A2
5.350%, 3/15/13		750,000		755,703
Household Automotive Trust, Series 05-2 A3
4.370%, 5/17/10		500,000		495,483
Lehman ABS Manufactured Housing Contract, Series 01-B A3
4.350%, 5/15/14		137,541		131,701
Long Beach Auto Receivables Trust, Series 05-A A3
4.080%, 6/15/10		700,000		694,972
MBNA Credit Card Master Note Trust, Series 05-A7 A7
4.300%, 2/15/11^		750,000		740,868
Morgan Stanley ABS Capital I, Series 04-HE4 M3
6.820%, 5/25/34 (l)		300,000		299,997
Nissan Auto Receivables Owner Trust, Series 06-B A3
5.160%, 2/15/10		350,000		349,918
Triad Auto Receivables Owner Trust, Series 04-A A4
2.500%, 9/13/10		618,561		604,921
USAA Auto Owner Trust, Series 06-1 A3
5.010%, 9/15/10		500,000		499,360
World Omni Auto Receivables Trust, Series 05-A A4
3.820%, 11/12/11		425,000		416,228

				14,542,765

*Non-Agency CMO (11.8%)*
Banc of America Mortgage Securities, Series 03-B 2A2
4.413%, 3/25/33 (l)		130,429		128,722
Series 03-I 1A1
5.714%, 10/25/33 (l)		221,093		223,644
Series 04-A 1A1
3.433%, 2/25/34 (l)		359,591		362,868
Series 04-C 2A1
3.712%, 4/25/34 (l)		607,967		590,722
Series 04-K 2A1
4.404%, 12/25/34 (l)		35,426		34,897
Commercial Mortgage Acceptance Corp., Series 99-C1 A2
7.030%, 6/15/31		307,744		318,522
Credit Suisse Mortgage Capital Certificates, Series 06-C3 A1
4.991%, 6/15/38		485,527		483,914
FFCA Secured Lending Corp., Series 98-1 A1B
6.730%, 10/18/25 (b)		14,226		14,200
GE Capital Commercial Mortgage Corp., Series 01-2 A2
5.850%, 8/11/33		432,842		436,360
GMAC Commercial Mortgage Securities, Inc., Series 99-C1 A2
6.175%, 5/15/33		328,466		333,894
Greenwich Capital Commercial Funding Corp., Series 02-C1 A1
3.357%, 1/11/13		294,076		288,856
GS Mortgage Securities Corp. II, Series 05-GG4 A1P
5.285%, 7/10/39		292,348		293,269
Nomura Asset Securities Corp., Series 98-D6 A1B
6.590%, 3/15/30		573,967		582,750
Residential Accredit Loans, Inc., Series 06-QA9 A1
5.500%, 11/25/36 (l)		425,000		425,000

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SHORT DURATION BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006


	Principal Amount		Value (Note 1)
Sequoia Mortgage Trust, Series 6A
5.640%, 4/19/27 (l)	$	92,816	$	92,846
Washington Mutual, Inc., Series 03-AR5 A6
3.695%, 6/25/33 (l)		500,000		487,807
Series 03-AR10 A4
4.062%, 10/25/33 (l)		413,214		409,032
Series 04-AR1 A
4.229%, 3/25/34 (l)		343,717		337,256

				5,844,559

Total Asset-Backed and Mortgage-Backed Securities				20,387,324

Consumer Discretionary (0.4%)
*Automobiles (0.4%)*
DaimlerChrysler N.A. Holding Corp.
4.050%, 6/4/08		200,000		195,557

Total Consumer Discretionary				195,557

Energy (1.2%)
*Oil, Gas & Consumable Fuels (1.2%)*
Anadarko Petroleum Corp.
3.250%, 5/1/08		200,000		193,713
Ocean Energy, Inc.
4.375%, 10/1/07		200,000		198,088
Valero Energy Corp.
3.500%, 4/1/09		200,000		192,046

Total Energy				583,847

Financials (8.5%)
*Capital Markets (0.8%)*
Goldman Sachs Group, Inc.
3.875%, 1/15/09		400,000		389,545

*Commercial Banks (2.3%)*
Bank One N.A./Illinois
3.700%, 1/15/08^		400,000		392,221
Wachovia Bank N.A.
5.800%, 12/1/08		250,000		253,431
Wells Fargo & Co.
3.120%, 8/15/08		500,000		482,360

				1,128,012

*Consumer Finance (0.7%)*
HSBC Finance Corp.
5.875%, 2/1/09		370,000		375,984

*Diversified Financial Services (2.5%)*
Bank of America Corp.
3.875%, 1/15/08		375,000		368,950
Citigroup, Inc.
4.200%, 12/20/07		350,000		345,899
General Electric Capital Corp.
4.125%, 9/1/09		550,000		536,945

				1,251,794

*Insurance (1.5%)*
American International Group, Inc.
2.875%, 5/15/08		420,000		405,854
Protective Life Secured Trusts
3.700%, 11/24/08		350,000		340,278

				746,132

*Real Estate Investment Trusts (REITs) (0.7%)*
Simon Property Group LP (REIT)
6.375%, 11/15/07		325,000		327,765

Total Financials				4,219,232

Government Securities (35.3%)
*Agency CMO (4.6%)*
Federal Home Loan Mortgage Corp.
5.500%, 6/15/26		710,000		715,189
6.000%, 4/15/27		721,148		730,849
Federal National Mortgage Association
5.500%, 6/25/30		820,000		823,813

				2,269,851

*U.S. Government Agencies (19.3%)*
Federal Home Loan Bank
3.375%, 2/15/08		1,150,000		1,126,116
Federal Home Loan Mortgage Corp.
4.776%, 5/1/35 (l)		757,918		745,400
Federal National Mortgage Association
4.250%, 8/15/10		1,350,000		1,321,009
4.499%, 5/1/33 (l)		382,500		374,431
3.684%, 6/1/34 (l)		236,472		236,707
4.272%, 7/1/34 (l)		281,178		275,943
4.526%, 4/1/35 (l)		785,456		775,699
4.635%, 5/1/35 (l)		771,967		762,292
4.645%, 5/1/35 (l)		812,082		801,804
4.903%, 6/1/35 (l)		717,050		709,385
4.847%, 12/1/35 (l)		818,939		811,160
5.614%, 6/1/36 (l)		709,867		710,815
5.735%, 6/1/36 (l)		884,950		893,268

				9,544,029

*U.S. Treasuries (11.4%)*
U.S. Treasury Notes
3.125%, 9/15/08^		490,000		476,352
4.625%, 9/30/08^		2,170,000		2,166,524
3.125%, 10/15/08^		450,000		436,975
4.875%, 10/31/08		1,100,000		1,103,695
4.875%, 5/15/09^		575,000		578,279
4.875%, 8/15/09^		895,000		900,803

				5,662,628

Total Government Securities				17,476,508

Health Care (0.4%)
*Health Care Providers & Services (0.4%)*
WellPoint, Inc.
3.750%, 12/14/07		200,000		196,484

Total Health Care				196,484

Industrials (2.8%)
*Aerospace & Defense (1.2%)*
Goodrich Corp.
7.500%, 4/15/08		375,000		384,743
Raytheon Co.
6.150%, 11/1/08		200,000		203,368

				588,111

*Airlines (0.8%)*
Southwest Airlines Co.
7.875%, 9/1/07		400,000		407,179

*Industrial Conglomerates (0.4%)*
Tyco International Group S.A.
6.125%, 1/15/09		200,000		203,445

*Transportation Infrastructure (0.4%)*
CSX Corp.
6.250%, 10/15/08		200,000		203,620

Total Industrials				1,402,355

Telecommunication Services (1.4%)
*Diversified Telecommunication Services (0.8%)*
Deutsche Telekom International Finance B.V.
3.875%, 7/22/08		370,000		361,912

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SHORT DURATION BOND FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006


	Principal Amount		Value (Note 1)
*Wireless Telecommunication Services (0.6%)*
Vodafone Group plc
3.950%, 1/30/08	$	315,000	$	310,093

Total Telecommunication Services				672,005

Utilities (1.1%)
*Electric Utilities (0.4%)*
Ohio Edison Co.
4.000%, 5/1/08		200,000		196,179

*Multi-Utilities (0.7%)*
Duke Energy Corp.
4.200%, 10/1/08^		350,000		343,094

Total Utilities				539,273

Total Long-Term Debt Securities (92.2%) (Cost $45,947,798)				45,672,585

SHORT-TERM INVESTMENTS:
Government Security (9.5%)
Federal Home Loan Bank
4.98%, 11/1/06 (o)(p)		4,700,000		4,699,350

Short-Term Investment of Cash Collateral for Securities Loaned (8.4%)
Banc of America Securities LLC, Repurchase Agreement
5.32%, 11/1/06 (r)		4,178,064		4,178,064

Time Deposit (1.9%)
JPMorgan Chase Nassau
4.77%, 11/1/06		954,390		954,390

Total Short-Term Investments (19.8%) (Cost/Amortized Cost $9,832,454)				9,831,804

Total Investments (112.0%) (Cost/Amortized Cost $55,780,252)				55,504,389
Other Assets Less Liabilities (-12.0%)				(5,945,520	)

Net Assets (100%)			$	49,558,869

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $0 or 0.0% of net assets) valued at fair value.

(b)

Illiquid security.

(l)

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

(o)

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

(p)

Yield to maturity.

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

CMO — Collateralized Mortgage Obligation

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	38,477,921
Long-term U.S. Treasury securities		26,887,284

	$	65,365,205

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	32,537,467
Long-term U.S. Treasury securities		29,994,301

	$	62,531,768

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


Aggregate gross unrealized appreciation	$	117,521
Aggregate gross unrealized depreciation		(393,384	)

Net unrealized depreciation	$	(275,863	)

Federal income tax cost of investments	$	55,780,252

At October 31, 2006, the Fund had loaned securities with a total value of $5,432,467. This was secured by collateral of $4,178,064 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $1,340,808 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

The Fund has a net capital loss carryforward of $539,530 of which $187,133 expires in the year 2013 and $352,397 expires in the year 2014.

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY GROWTH FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (17.3%)
*Hotels, Restaurants & Leisure (4.1%)*
Red Robin Gourmet Burgers, Inc.*^	37,225	$	1,795,734
Shuffle Master, Inc.*^	46,150		1,291,277
Vail Resorts, Inc.*^	36,300		1,402,995

			4,490,006

*Household Durables (2.9%)*
Universal Electronics, Inc.*^	146,950		3,178,529

*Leisure Equipment & Products (1.3%)*
Pool Corp.^	36,200		1,483,476

*Media (1.0%)*
Entravision Communications Corp., Class A*	155,165		1,138,911

*Specialty Retail (4.0%)*
Build-A-Bear Workshop, Inc.*^	56,360		1,644,585
Genesco, Inc.*^	73,580		2,764,400

			4,408,985

*Textiles, Apparel & Luxury Goods (4.0%)*
Carter’s, Inc.*^	61,900		1,747,437
Volcom, Inc.*^	81,700		2,676,492

			4,423,929

Total Consumer Discretionary			19,123,836

Consumer Staples (1.4%)
*Food Products (1.4%)*
Delta & Pine Land Co.	38,240		1,549,102

Total Consumer Staples			1,549,102

Energy (7.7%)
*Energy Equipment & Services (7.7%)*
Core Laboratories N.V.*	17,210		1,254,437
Horizon Offshore, Inc.*	50,755		876,031
NS Group, Inc.*	24,815		1,621,909
Oceaneering International, Inc.*	21,930		789,261
Tetra Technologies, Inc.*	89,770		2,325,043
Unit Corp.*	35,265		1,635,943

Total Energy			8,502,624

Financials (8.2%)
*Capital Markets (0.8%)*
Cowen Group, Inc.*	66,165		956,084

*Commercial Banks (0.5%)*
Boston Private Financial Holdings, Inc.	19,615		542,159

*Consumer Finance (3.2%)*
Cash America International, Inc.	86,075		3,557,480

*Insurance (3.7%)*
American Safety Insurance Holdings Ltd.*	32,340		611,226
First Mercury Financial Corp.*	41,095		850,667
Philadelphia Consolidated Holding Corp.*	66,745		2,611,064

			4,072,957

Total Financials			9,128,680

Health Care (20.3%)
*Biotechnology (2.4%)*
Arena Pharmaceuticals, Inc.*^	37,460		571,265
Ariad Pharmaceuticals, Inc.*^	166,450		724,057
Cubist Pharmaceuticals, Inc.*	35,770		796,598
deCODE genetics, Inc.*^	112,330		597,596

			2,689,516

*Health Care Equipment & Supplies (8.3%)*
American Medical Systems Holdings, Inc.*^	127,080		2,263,295
Arrow International, Inc.	56,405		2,016,478
Cutera, Inc.*	18,340		522,506
DJO, Inc.*^	25,100		1,009,773
Respironics, Inc.*	63,640		2,247,765
Thoratec Corp.*^	69,705		1,097,854

			9,157,671

*Health Care Providers & Services (4.5%)*
Centene Corp.*^	100,910		2,380,467
Horizon Health Corp.*^	81,815		1,265,678
Matria Healthcare, Inc.*^	46,875		1,321,875

			4,968,020

*Health Care Technology (4.4%)*
Eclipsys Corp.*^	146,605		3,106,560
Per-Se Technologies, Inc.*^	69,925		1,711,764

			4,818,324

*Life Sciences Tools & Services (0.7%)*
ICON plc (ADR)*	21,585		774,470

Total Health Care			22,408,001

Industrials (11.4%)
*Commercial Services & Supplies (6.3%)*
Corrections Corp. of America*	52,207		2,385,338
Global Cash Access Holdings, Inc.*	77,345		1,233,653
School Specialty, Inc.*	11,745		459,934
Waste Connections, Inc.*^	71,600		2,913,404

			6,992,329

*Electrical Equipment (1.7%)*
General Cable Corp.*	48,085		1,807,996

*Machinery (3.4%)*
Actuant Corp., Class A^	31,125		1,597,958
Bucyrus International, Inc., Class A	51,525		2,158,897

			3,756,855

Total Industrials			12,557,180

Information Technology (27.8%)
*Communications Equipment (1.9%)*
EMS Technologies, Inc.*^	61,888		1,129,456
Ixia*^	108,375		991,631

			2,121,087

*Computers & Peripherals (2.3%)*
Avid Technology, Inc.*^	45,900		1,657,908
msystems Ltd.*	25,310		923,562

			2,581,470

*Electronic Equipment & Instruments (6.7%)*
Cogent, Inc.*^	15,325		176,238
Coherent, Inc.*	72,850		2,347,955
Dolby Laboratories, Inc., Class A*	99,425		1,967,621
OYO Geospace Corp.*^	39,950		2,273,954
Photon Dynamics, Inc.*^	49,250		584,597

			7,350,365

*Internet Software & Services (1.5%)*
eCollege.com, Inc.*^	50,945		881,349
Internet Capital Group, Inc.*^	78,805		825,876

			1,707,225

*Semiconductors & Semiconductor Equipment (6.4%)*
Advanced Energy Industries, Inc.*^	96,335		1,514,386
Integrated Device Technology, Inc.*	155,570		2,465,784
Supertex, Inc.*^	28,300		1,256,803
Trident Microsystems, Inc.*^	84,405		1,784,322

			7,021,295

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY GROWTH FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006


	Number of Shares		Value (Note 1)
*Software (9.0%)*
Ansys, Inc.*^		56,570	$	2,602,220
FactSet Research Systems, Inc.		49,015		2,494,864
Netsmart Technologies, Inc.*		71,818		943,689
Quality Systems, Inc.^		59,630		2,530,697
The9 Ltd. (ADR)*^		58,304		1,376,557

				9,948,027

Total Information Technology				30,729,469

Materials (4.8%)
*Chemicals (0.9%)*
Terra Industries, Inc.*		111,960		1,040,108

*Construction Materials (1.6%)*
Texas Industries, Inc.^		27,810		1,727,001

*Metals & Mining (2.3%)*
Aleris International, Inc.*^		50,105		2,580,909

Total Materials				5,348,018

Total Common Stocks (98.9%) (Cost $89,278,400)				109,346,910


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (29.5%)
Banc of America Securities LLC, Repurchase Agreement
5.32%, 11/1/06 (r)	$	32,662,131	$	32,662,131

Time Deposit (3.4%)
JPMorgan Chase Nassau
4.77%, 11/1/06		3,773,622		3,773,622

Total Short-Term Investments (32.9%) (Amortized Cost $36,435,753)				36,435,753

Total Investments (131.8%) (Cost/Amortized Cost $125,714,153)				145,782,663
Other Assets Less Liabilities (-31.8%)				(35,215,337	)

Net Assets (100%)			$	110,567,326

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	63,905,553
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	76,200,148

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


Aggregate gross unrealized appreciation	$	22,823,298
Aggregate gross unrealized depreciation		(2,872,717	)

Net unrealized appreciation	$	19,950,581

Federal income tax cost of investments	$	125,832,082

At October 31, 2006, the Fund had loaned securities with a total value $31,731,617. This was secured by collateral of $32,662,131 of which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY VALUE FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (21.8%)
*Auto Components (2.7%)*
BorgWarner, Inc.	140,000	$	8,050,000
Dana Corp.^	30,000		48,300
Federal-Mogul Corp.*^	30,000		12,000
Modine Manufacturing Co.^	150,000		3,571,500
Proliance International, Inc.*^	166,000		717,120
Standard Motor Products, Inc.	140,000		1,551,200
Strattec Security Corp.*^	21,000		811,650
Superior Industries International, Inc.^	2,000		33,800
Tenneco, Inc.*	12,000		272,400

			15,067,970

*Automobiles (0.4%)*
Coachmen Industries, Inc.^	15,000		167,700
Fleetwood Enterprises, Inc.*^	215,000		1,535,100
Monaco Coach Corp.^	22,000		262,680

			1,965,480

*Hotels, Restaurants & Leisure (5.1%)*
Aztar Corp.*	55,000		2,946,350
Canterbury Park Holding Corp.	37,500		489,375
Churchill Downs, Inc.^	61,500		2,608,830
Denny’s Corp.*^	25,000		106,250
Dover Downs Gaming & Entertainment, Inc.^	125,000		1,771,250
Dover Motorsports, Inc.^	205,000		1,082,400
Gaylord Entertainment Co.*^	150,000		6,981,000
Magna Entertainment Corp., Class A*^	320,000		1,680,000
Marcus Corp.^	10,000		249,900
Pinnacle Entertainment, Inc.*	120,000		3,631,200
Six Flags, Inc.*^	110,000		627,000
Steak n Shake Co.*^	97,000		1,803,230
Triarc Cos., Inc., Class A	90,000		1,646,100
Triarc Cos., Inc., Class B^	175,000		2,938,250

			28,561,135

*Household Durables (1.5%)*
Cavalier Homes, Inc.*	150,000		462,000
Cavco Industries, Inc.*^	80,000		2,686,400
Champion Enterprises, Inc.*^	160,000		1,481,600
Fedders Corp.*^	295,000		327,450
Jarden Corp.*^	3,000		107,940
Lenox Group, Inc.*	62,000		372,620
National Presto Industries, Inc.	13,000		795,990
Nobility Homes, Inc.^	6,300		170,163
Palm Harbor Homes, Inc.*^	40,000		561,200
Skyline Corp.^	35,000		1,382,150
Syratech Corp.*	400		28

			8,347,541

*Internet & Catalog Retail (0.1%)*
ValueVision Media, Inc., Class A*^	38,900		502,199

*Leisure Equipment & Products (0.3%)*
Fairchild Corp., Class A*^	410,000		1,037,300
Marine Products Corp.^	75,000		799,500

			1,836,800

*Media (9.3%)*
Acme Communications, Inc.*^	114,000		601,920
Beasley Broadcasting Group, Inc., Class A	60,000		420,600
Belo Corp., Class A	143,500		2,514,120
Cablevision Systems Corp. - New York Group, Class A	335,000		9,309,650
Crown Media Holdings, Inc., Class A*^	74,000		295,260
E.W. Scripps Co., Class A^	110,000		5,440,600
Fisher Communications, Inc.*^	73,500		3,089,940
Gemstar-TV Guide International, Inc.*	350,000		1,218,000
Granite Broadcasting Corp.*	120,000		13,200
Gray Television, Inc.^	240,000		1,548,000
Gray Television, Inc., Class A^	62,000		432,140
Interactive Data Corp.*^	150,000		3,426,000
Interep National Radio Sales, Inc., Class A*	75,000		31,500
Journal Register Co.^	210,000		1,654,800
Lakes Entertainment, Inc.*^	244,500		2,777,520
Lee Enterprises, Inc.^	70,000		1,997,100
Liberty Global, Inc., Class A*^	15,013		393,941
Lin TV Corp., Class A*	200,000		1,644,000
Martha Stewart Living Omnimedia, Class A^	6,000		127,200
McClatchy Co., Class A	54,000		2,340,900
Media General, Inc., Class A^	145,000		5,379,500
Meredith Corp.	1,000		52,500
Nexstar Broadcasting Group, Inc., Class A*	40,000		152,000
Penton Media, Inc.*	300,000		168,000
Primedia, Inc.*^	680,000		1,149,200
Salem Communications Corp., Class A^	75,000		996,750
Sinclair Broadcast Group, Inc., Class A	280,000		2,525,600
Spanish Broadcasting System, Class A*^	80,000		376,000
Triple Crown Media, Inc.*^	40,000		282,000
Value Line, Inc.^	16,000		854,880
World Wrestling Entertainment, Inc.^	30,000		500,100
Young Broadcasting, Inc., Class A*^	185,000		431,050

			52,143,971

*Specialty Retail (1.9%)*
Aaron Rents, Inc., Class A	3,000		68,280
AutoNation, Inc.*^	22,076		442,624
Big 5 Sporting Goods Corp.^	12,000		288,480
Bowlin Travel Centers, Inc.*	63,000		113,400
Cabela’s, Inc.*^	1,000		23,600
CSK Auto Corp.*^	100,000		1,560,000
Earl Scheib, Inc.*	120,000		432,000
Gander Mountain Co.*^	2,000		14,960
Midas, Inc.*^	325,000		6,704,750
Pep Boys - Manny, Moe & Jack^	40,000		567,200
Tractor Supply Co.*	2,000		96,840

			10,312,134

*Textiles, Apparel & Luxury Goods (0.5%)*
Hartmarx Corp.*^	135,000		959,850
Levcor International, Inc.*	60,000		24,600
Movado Group, Inc.^	60,000		1,545,000
Wolverine World Wide, Inc.	13,000		368,680

			2,898,130

Total Consumer Discretionary			121,635,360

Consumer Staples (8.8%)
*Beverages (0.4%)*
Boston Beer Co., Inc., Class A*^	48,000		1,752,000
Brown-Forman Corp., Class B	7,600		548,644
Vermont Pure Holdings Ltd.*	10,000		15,000

			2,315,644

*Food & Staples Retailing (2.0%)*
Ingles Markets, Inc., Class A^	195,000		5,545,800
Topps Co., Inc.^	255,000		2,226,150
Weis Markets, Inc.^	74,000		3,004,400

			10,776,350

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006


	Number of Shares	Value (Note 1)
*Food Products (4.0%)*
Corn Products International, Inc.^	160,000	$	5,790,400
Del Monte Foods Co.	50,000		539,500
Delta & Pine Land Co.	10,000		405,100
Farmer Brothers Co.^	25,000		564,000
Flowers Foods, Inc.^	205,000		5,569,850
Gold Kist, Inc.*	20,000		396,200
Griffin Land & Nurseries, Inc.*	65,300		1,829,706
Hain Celestial Group, Inc.*^	30,000		846,900
JM Smucker Co.	72,000		3,528,000
John B. Sanfilippo & Son, Inc.*^	2,000		21,140
Ralcorp Holdings, Inc.*	54,000		2,670,300
Tootsie Roll Industries, Inc.^	10,000		317,800

			22,478,896

*Household Products (1.6%)*
Church & Dwight Co., Inc.^	98,250		3,986,002
Energizer Holdings, Inc.*	16,000		1,250,400
Katy Industries, Inc.*	175,000		455,000
Oil-Dri Corp. of America	160,000		2,590,400
Spectrum Brands, Inc.*^	40,000		388,800

			8,670,602

*Personal Products (0.8%)*
Elizabeth Arden, Inc.*	30,000		523,200
Revlon, Inc., Class A*	309,999		412,299
Schiff Nutrition International, Inc.*	574,600		3,619,980

			4,555,479

Total Consumer Staples			48,796,971

Energy (0.6%)
*Energy Equipment & Services (0.6%)*
Lufkin Industries, Inc.	3,000		181,020
RPC, Inc.^	61,000		1,324,920
W-H Energy Services, Inc.*^	35,000		1,639,050

Total Energy			3,144,990

Financials (4.9%)
*Capital Markets (1.4%)*
BKF Capital Group, Inc.*^	68,800		240,800
Epoch Holding Corp.*^	504,000		3,654,000
SWS Group, Inc.^	145,000		4,029,550

			7,924,350

*Commercial Banks (0.4%)*
First Republic Bank/California	36,000		1,401,840
Sterling Bancorp/New York^	38,430		748,617

			2,150,457

*Insurance (2.5%)*
Alleghany Corp.*^	11,999		3,668,694
Argonaut Group, Inc.*^	85,000		2,890,850
CNA Surety Corp.*^	280,000		5,695,200
Midland Co.^	27,500		1,285,350
Phoenix Cos., Inc.	20,000		316,800

			13,856,894

*Real Estate Management & Development (0.1%)*
Gyrodyne Co. of America, Inc.*	21,000		942,060

*Thrifts & Mortgage Finance (0.5%)*
Crazy Woman Creek Bancorp, Inc.‡	51,000		923,100
Flushing Financial Corp	102,000		1,794,180

			2,717,280

Total Financials			27,591,041

Health Care (3.9%)
*Biotechnology (0.0%)*
Digene Corp.*^	1,500		69,645

*Health Care Equipment & Supplies (2.0%)*
Advanced Medical Optics, Inc.*	10,000		408,500
Align Technology, Inc.*^	60,000		831,600
ArthroCare Corp.*^	4,000		161,640
Biolase Technology, Inc.*^	22,000		143,000
Biosite, Inc.*^	17,500		803,775
Conmed Corp.*^	52,000		1,153,880
Dentsply International, Inc.	12,000		375,360
DJO, Inc.*^	10,000		402,300
Edwards Lifesciences Corp.*	25,000		1,073,250
Encore Medical Corp.*	10,000		65,100
Exactech, Inc.*^	42,300		571,896
ICU Medical, Inc.*^	34,000		1,436,500
Inverness Medical Innovations, Inc.*^	30,000		1,130,700
Kensey Nash Corp.*^	14,800		450,068
Lifecore Biomedical, Inc.*^	25,000		401,750
Orthofix International N.V.*	10,000		445,400
Regeneration Technologies, Inc.*^	40,000		254,800
Sirona Dental Systems, Inc.^	5,000		185,000
Thoratec Corp.*^	40,000		630,000
Young Innovations, Inc.^	6,000		216,540

			11,141,059

*Health Care Providers & Services (0.9%)*
Chemed Corp.^	32,000		1,135,680
Henry Schein, Inc.*^	2,000		99,380
Landauer, Inc.^	27,000		1,478,790
OCA, Inc.*	1,000		33
Odyssey HealthCare, Inc.*^	8,000		106,000
Owens & Minor, Inc.	50,000		1,575,500
Patterson Cos., Inc.*	15,000		492,750

			4,888,133

*Health Care Technology (0.0%)*
AMICAS, Inc.*^	35,000		110,250

*Life Sciences Tools & Services (0.4%)*
Invitrogen Corp.*^	36,000		2,088,360
Thermo Electron Corp.*	3,000		128,610

			2,216,970

*Pharmaceuticals (0.6%)*
Allergan, Inc.	21,539		2,487,754
Anormed, Inc.*	1,000		13,440
CNS, Inc.^	20,300		752,115
Collagenex Pharmaceuticals, Inc.*^	15,000		174,000

			3,427,309

Total Health Care			21,853,366

Industrials (32.1%)
*Aerospace & Defense (4.6%)*
AAR Corp.*^	52,000		1,354,080
Curtiss-Wright Corp.^	140,000		4,737,600
GenCorp, Inc.*^	380,000		4,978,000
Heico Corp.^	2,000		72,560
Herley Industries, Inc.*^	20,000		295,200
Moog, Inc., Class A*^	60,000		2,238,000
Precision Castparts Corp .	177,000		12,046,620

			25,722,060

*Air Freight & Logistics (0.6%)*
Park-Ohio Holdings Corp.*	235,000		3,278,250

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006


	Number of Shares	Value (Note 1)
*Building Products (0.0%)*
Jacuzzi Brands, Inc.*	10,000	$	123,900

*Commercial Services & Supplies (2.7%)*
ACCO Brands Corp.*^	6,000		145,800
Allied Waste Industries, Inc.*^	150,000		1,822,500
Central Parking Corp.^	18,000		308,700
Nashua Corp.*	205,000		1,281,250
Republic Services, Inc.	102,000		4,183,020
Rollins, Inc.^	340,000		7,357,600

			15,098,870

*Construction & Engineering (0.2%)*
Xanser Corp.*^	230,000		1,359,300

*Electrical Equipment (6.9%)*
A.O. Smith Corp., Class A	10,000		351,000
Acuity Brands, Inc.^	78,000		3,864,120
Ametek, Inc.	148,000		6,908,640
Baldor Electric Co.^	102,000		3,272,160
Belden CDT, Inc.^	78,000		2,823,600
C&D Technologies, Inc.^	8,000		39,680
Cooper Industries Ltd., Class A	24,000		2,146,800
Franklin Electric Co., Inc.^	42,000		2,265,480
GrafTech International Ltd.*^	170,000		1,028,500
Lamson & Sessions Co.*^	10,000		218,800
MagneTek, Inc.*	130,000		618,800
Roper Industries, Inc.	24,000		1,148,400
Tech/Ops Sevcon, Inc.	85,000		583,100
Thomas & Betts Corp.*	258,000		13,294,740
Woodward Governor Co.	1,000		35,710

			38,599,530

*Industrial Conglomerates (2.2%)*
Sequa Corp., Class A*^	28,000		2,971,080
Sequa Corp., Class B*	45,000		4,779,450
Standex International Corp.^	60,000		1,747,200
Teleflex, Inc.	8,000		497,600
Tredegar Corp.^	125,000		2,180,000

			12,175,330

*Machinery (12.2%)*
Ampco-Pittsburgh Corp.	59,000		1,958,800
Baldwin Technology Co.*	270,000		1,382,400
Barnes Group, Inc.^	5,000		100,250
CIRCOR International, Inc.	188,000		6,198,360
Clarcor, Inc.^	280,000		9,122,400
CNH Global N.V.^	30,000		800,400
Crane Co.	140,000		5,451,600
Donaldson Co., Inc.	67,000		2,515,850
Flowserve Corp.*	172,000		9,116,000
Gardner Denver, Inc.*	98,000		3,331,020
Gorman-Rupp Co.^	53,750		2,029,600
Graco, Inc.	99,000		4,035,240
IDEX Corp.	50,000		2,345,000
Lindsay Manufacturing Co.^	35,000		1,151,150
Met-Pro Corp.	2,833		38,302
Mueller Industries, Inc.	1,000		36,670
Mueller Water Products, Inc., Class A*^	5,000		79,850
Navistar International Corp.*^	65,000		1,802,450
Oshkosh Truck Corp.	15,000		678,150
Pentair, Inc.	25,000		823,500
Robbins & Myers, Inc.^	150,000		5,773,500
Tennant Co.	84,000		2,322,600
Watts Water Technologies, Inc., Class A^	183,500		6,829,870

			67,922,962

*Road & Rail (0.1%)*
Avis Budget Group, Inc.	20,000		395,800

*Trading Companies & Distributors (2.6%)*
GATX Corp.	190,000		8,278,300
Huttig Building Products, Inc.*	85,000		455,600
Industrial Distribution Group, Inc.*^	74,000		603,100
Kaman Corp.	250,000		5,097,500
National Patent Development Corp.*^	35,000		52,850

			14,487,350

Total Industrials			179,163,352

Information Technology (3.6%)
*Communications Equipment (0.3%)*
Andrew Corp.*	20,000		185,200
Communications Systems, Inc.^	100,000		995,000
Plantronics, Inc.^	5,500		116,105
Stratos International, Inc.*^	20,000		130,400
Sycamore Networks, Inc.*^	30,000		112,500

			1,539,205

*Computers & Peripherals (0.3%)*
Intermec, Inc.*^	65,000		1,469,000

*Electronic Equipment & Instruments (2.0%)*
CTS Corp.^	265,000		3,741,800
Flir Systems, Inc.*^	4,000		127,760
Gerber Scientific, Inc.*^	145,000		2,118,450
IntriCon Corp.*	155,000		767,250
Park Electrochemical Corp.^	125,000		3,840,000
Paxar Corp.*^	31,000		620,620

			11,215,880

*Internet Software & Services (0.0%)*
Jupitermedia Corp.*^	2,000		17,580

*IT Services (0.8%)*
Edgewater Technology, Inc.*	424,000		2,747,520
StarTek, Inc.^	10,000		136,400
Tyler Technologies, Inc.*^	120,000		1,702,800

			4,586,720

*Semiconductors & Semiconductor Equipment (0.1%)*
MoSys, Inc.*^	83,000		629,140

*Software (0.1%)*
FalconStor Software, Inc.*^	30,000		235,800
GSE Systems, Inc.*	9,907		32,693
OpenTV Corp., Class A*	70,000		208,600

			477,093

Total Information Technology			19,934,618

Materials (9.9%)
*Chemicals (5.5%)*
Arch Chemicals, Inc.	2,000		66,920
Chemtura Corp.	320,000		2,745,600
Core Molding Technologies, Inc.*	273,000		2,020,200
Cytec Industries, Inc.	12,000		664,680
Ferro Corp.^	160,000		3,155,200
H.B. Fuller Co.	86,000		2,131,940
Hercules, Inc.*	340,000		6,188,000
MacDermid, Inc.	127,000		4,248,150
NewMarket Corp.	43,000		2,764,900
Olin Corp.	50,000		865,000
Omnova Solutions, Inc.*^	250,000		1,095,000
Scotts Miracle-Gro Co., Class A	10,000		494,600
Sensient Technologies Corp.	190,000		4,379,500

			30,819,690

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2006


	Number of Shares		Value (Note 1)
*Containers & Packaging (3.9%)*
Crown Holdings, Inc.*		15,000	$	291,600
Greif, Inc., Class A^		133,000		12,463,430
Myers Industries, Inc.		400,000		7,248,000
Pactiv Corp.*		55,000		1,696,200

				21,699,230

*Metals & Mining (0.3%)*
Barrick Gold Corp.		44,000		1,364,000
Kinross Gold Corp.*^		16,000		211,200

				1,575,200

*Paper & Forest Products (0.2%)*
Schweitzer-Mauduit International, Inc.		40,000		922,400

Total Materials				55,016,520

Telecommunication Services (5.4%)
*Diversified Telecommunication Services (1.7%)*
Atlantic Tele-Network, Inc.^		27,500		531,850
ATX Communications, Inc.*†		70,001		798
Cincinnati Bell, Inc.*		800,000		3,752,000
Commonwealth Telephone Enterprises, Inc .		60,000		2,511,600
D&E Communications, Inc.		145,000		2,008,250
McLeodUSA, Inc., Class A*†		5,001		25
Windstream Corp.		56,000		768,320

				9,572,843

*Wireless Telecommunication Services (3.7%)*
ALLTEL Corp.		56,000		2,985,360
Centennial Communications Corp.^		90,000		464,400
Dobson Communications Corp.*^		55,000		426,800
Price Communications Corp.*		60,000		1,179,000
Rogers Communications, Inc., Class B		105,000		6,281,100
Rural Cellular Corp., Class A*		70,000		739,900
U.S. Cellular Corp.*		15,000		951,150
Vimpel-Communications OAO (ADR)*^		117,000		7,720,830

				20,748,540

Total Telecommunication Services				30,321,383

Utilities (8.5%)
*Electric Utilities (4.4%)*
Allegheny Energy, Inc.*		60,000		2,581,800
Duquesne Light Holdings, Inc.^		370,000		7,337,100
El Paso Electric Co.*		330,000		7,708,800
Maine & Maritimes Corp.*		8,000		127,200
Otter Tail Corp.^		30,000		898,200
Westar Energy, Inc.^		240,000		6,076,800

				24,729,900

*Gas Utilities (2.1%)*
AGL Resources, Inc.		18,000		675,000
Atmos Energy Corp.		20,000		614,600
Nicor, Inc.^		60,000		2,757,600
ONEOK, Inc.		45,000		1,873,350
SEMCO Energy, Inc.*		50,000		285,000
Southern Union Co.		89,192		2,468,835
Southwest Gas Corp.^		77,000		2,762,760

				11,437,145

*Independent Power Producers & Energy Traders (0.0%)*
Mirant Corp.*		1,355		40,067

*Multi-Utilities (1.0%)*
Aquila, Inc.*		320,000		1,468,800
CH Energy Group, Inc.^		63,500		3,303,270
CMS Energy Corp.*		30,000		446,700
Florida Public Utilities Co.		37,998		527,412

				5,746,182

*Water Utilities (1.0%)*
SJW Corp.^		167,000		5,614,540

Total Utilities				47,567,834

Total Common Stocks (99.5%) (Cost $340,259,960)				555,025,435

PREFERRED STOCK:
Consumer Discretionary (0.1%)
*Media (0.1%)*
Granite Broadcasting Corp., 12.75%, 4/1/09 (Cost $1,758,500)		3,000		465,000


	Number of Warrants
WARRANTS:
Utilities (0.0%)
*Independent Power Producers & Energy Traders (0.0%)*
Mirant Corp., expiring 1/3/11* (Cost $6,913) .		4,351		49,645


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (25.8%)
Banc of America Securities LLC,
Repurchase Agreement
5.32%, 11/1/06 (r)	$	143,974,819		143,974,819

Time Deposit (0.7%)
JPMorgan Chase Nassau
4.77%, 11/1/06		4,118,439		4,118,439

Total Short-Term Investments (26.5%) (Amortized Cost $148,093,258)				148,093,258

Total Investments (126.1%) (Cost/Amortized Cost $490,118,631)				703,633,338
Other Assets Less Liabilities (-26.1%)				(145,664,205	)

Net Assets (100%)			$	557,969,133

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $823 or 0.00% of net assets) valued at fair value.

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

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY VALUE FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

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


Securities	Market Value October 31, 2005		Purchases at Cost	Sales at Cost	Market Value October 31, 2006		Dividend Income		Realized Gain (Loss)
Crazy Woman Creek Bancorp, Inc.	$	721,650	—	—	$	923,100	$	24,480	$	—

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	22,029,265
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	140,321,348

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


Aggregate gross unrealized appreciation	$	244,403,993
Aggregate gross unrealized depreciation		(35,236,791	)

Net unrealized appreciation	$	209,167,202

Federal income tax cost of investments	$	494,466,136

At October 31, 2006, the Fund had loaned securities with a total value of $139,999,441. This was secured by collateral of $143,974,819 of which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $50, which the Fund cannot re-pledge and accordingly is not reflected in the Fund’s assets and liabilities.

For the year ended October 31, 2006, the Fund incurred approximately $94,516 as brokerage commissions with Gabelli & Co., an affiliated broker/dealer.

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SOCIALLY RESPONSIBLE FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.2%)
*Hotels, Restaurants & Leisure (1.8%)*
McDonald’s Corp.	8,600	$	360,512

*Household Durables (1.4%)*
Black & Decker Corp.	600		50,328
Whirlpool Corp.^	2,700		234,711

			285,039

*Media (1.7%)*
Walt Disney Co.	11,000		346,060

*Multiline Retail (1.1%)*
J.C. Penney Co., Inc.	3,000		225,690

*Specialty Retail (1.9%)*
Home Depot, Inc.	5,200		194,116
Pacific Sunwear of California, Inc.*	11,200		197,344

			391,460

*Textiles, Apparel & Luxury Goods (1.3%)*
Liz Claiborne, Inc.	6,100		257,237

Total Consumer Discretionary			1,865,998

Consumer Staples (3.6%)
*Food & Staples Retailing (1.2%)*
Safeway, Inc.	8,500		249,560

*Food Products (2.4%)*
Del Monte Foods Co.	20,700		223,353
General Mills, Inc.	4,700		267,054

			490,407

Total Consumer Staples			739,967

Energy (9.1%)
*Energy Equipment & Services (1.0%)*
GlobalSantaFe Corp.	4,200		217,980

*Oil, Gas & Consumable Fuels (8.1%)*
Anadarko Petroleum Corp .	3,900		181,038
Apache Corp.	3,500		228,620
BP plc (ADR)	5,500		369,050
ConocoPhillips	7,100		427,704
Devon Energy Corp.	6,500		434,460

			1,640,872

Total Energy			1,858,852

Financials (31.1%)
*Capital Markets (1.7%)*
Bear Stearns Cos., Inc.	2,300		348,105

*Commercial Banks (5.0%)*
First Horizon National Corp.	4,900		192,668
KeyCorp.	8,100		300,834
U.S. Bancorp.	8,500		287,640
Wachovia Corp.	4,100		227,550

			1,008,692

*Diversified Financial Services (8.9%)*
Bank of America Corp.	15,300		824,211
Citigroup, Inc.	13,900		697,224
JPMorgan Chase & Co.	5,900		279,896

			1,801,331

*Insurance (12.2%)*
ACE Ltd.	4,300		246,175
Allstate Corp.	4,600		282,256
American International Group, Inc.	4,200		282,114
Aon Corp.	5,200		180,908
Axis Capital Holdings Ltd.	9,000		295,650
Chubb Corp.	5,000		265,750
MetLife, Inc.	4,900		279,937
Nationwide Financial Services, Inc.^	6,500		330,980
St. Paul Travelers Cos., Inc.	6,100		311,893

			2,475,663

*Real Estate Investment Trusts (REITs) (0.7%)*
Equity Office Properties Trust (REIT)	3,600		153,000

*Thrifts & Mortgage Finance (2.6%)*
Fannie Mae	3,900		231,114
Washington Mutual, Inc.^	7,000		296,100

			527,214

Total Financials			6,314,005

Health Care (5.0%)
*Health Care Equipment & Supplies (0.9%)*
Boston Scientific Corp.*	11,800		187,738

*Health Care Providers & Services (2.5%)*
CIGNA Corp.	2,800		327,544
UnitedHealth Group, Inc.	3,800		185,364

			512,908

*Pharmaceuticals (1.6%)*
Bristol-Myers Squibb Co.	13,200		326,700

Total Health Care			1,027,346

Industrials (9.1%)
*Commercial Services & Supplies (2.7%)*
Deluxe Corp.^	9,100		206,297
Pitney Bowes, Inc.	7,200		336,312

			542,609

*Electrical Equipment (0.9%)*
Cooper Industries Ltd., Class A	2,100		187,845

*Machinery (2.2%)*
Deere & Co.	5,200		442,676

*Road & Rail (3.3%)*
Burlington Northern Santa Fe Corp.	5,000		387,650
CSX Corp.	7,900		281,793

			669,443

Total Industrials			1,842,573

Information Technology (10.9%)
*Communications Equipment (1.0%)*
Nokia Oyj (ADR)	10,200		202,776

*Computers & Peripherals (6.4%)*
Electronics for Imaging, Inc.*	11,900		281,316
Hewlett-Packard Co.	10,200		395,148
International Business Machines Corp.	6,700		618,611

			1,295,075

*IT Services (1.1%)*
Sabre Holdings Corp., Class A^	8,600		218,612

*Semiconductors & Semiconductor Equipment (1.0%)*
Intel Corp.	9,900		211,266

*Software (1.4%)*
CA, Inc.^	11,800		292,168

Total Information Technology			2,219,897

Materials (8.3%)
*Chemicals (6.0%)*
Air Products & Chemicals, Inc.	5,400		376,218
Huntsman Corp.*	14,400		248,688
PolyOne Corp.*	27,800		227,960
Praxair, Inc.	5,000		301,250
Wellman, Inc.^	16,900		63,713

			1,217,829

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SOCIALLY RESPONSIBLE FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006


	Number of Shares	Value (Note 1)
*Containers & Packaging (1.2%)*
Temple-Inland, Inc.	6,300	$	248,472

*Paper & Forest Products (1.1%)*
MeadWestvaco Corp.	7,800		214,656

Total Materials			1,680,957

Telecommunication Services (5.1%)
*Diversified Telecommunication Services (4.3%)*
AT&T, Inc.	7,900		270,575
BCE, Inc.	11,239		317,839
Embarq Corp.	410		19,823
Verizon Communications, Inc.	7,400		273,800

			882,037

*Wireless Telecommunication Services (0.8%)*
Sprint Nextel Corp.	8,300		155,127

Total Telecommunication Services			1,037,164

Utilities (6.2%)
*Electric Utilities (3.5%)*
IDACORP, Inc.^	11,400		449,502
Reliant Energy, Inc.*^	20,700		262,476

			711,978

*Multi-Utilities (2.7%)*
OGE Energy Corp.^	14,000		540,120

Total Utilities			1,252,098

Total Common Stocks (97.6%) (Cost $18,814,612)			19,838,857


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (9.7%)
Banc of America Securities LLC, Repurchase Agreement 5.32%, 11/1/06 (r)	$	1,968,467	$	1,968,467

Time Deposit (2.4%)
JPMorgan Chase Nassau
4.77%, 11/1/06		486,497		486,497

Total Short-Term Investments (12.1%) (Amortized Cost $2,454,964)				2,454,964

Total Investments (109.7%) (Cost/Amortized Cost $21,269,576)				22,293,821
Other Assets Less Liabilities (-9.7%)				(1,969,914	)

Net Assets (100%)			$	20,323,907

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	29,002,636
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	30,809,408

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


Aggregate gross unrealized appreciation	$	1,444,524
Aggregate gross unrealized depreciation		(462,377	)

Net unrealized appreciation	$	982,147

Federal income tax cost of investments	$	21,311,674

At October 31, 2006, the Fund had loaned securities with a total value of $1,930,421. This was secured by collateral of $1,968,467 of which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Fund utilized $25,155 in capital loss carryforward during the fiscal year ended October 31, 2006

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE TAX-EXEMPT INCOME FUND

PORTFOLIO OF INVESTMENTS

October 31, 2006


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Alabama (4.7%)
Mobile Water & Sewer Commissioners
5.250%, 1/1/18	$	1,000,000	$	1,069,260

California (5.7%)
Hacienda La Puente Unified School District, Series B
5.250%, 8/1/23		1,200,000		1,298,880

Colorado (7.5%)
Colorado Department of Transportation (Prerefunded)
6.000%, 6/15/15		1,000,000		1,087,540
Colorado Health Facilities Authority
5.500%, 9/1/16		550,000		597,680

				1,685,220

Florida (14.3%)
Coral Gables Health Facilities Authority
5.250%, 8/15/24		1,000,000		1,080,060
Miami-Dade County Expressway Authority, Series B
5.250%, 7/1/26		1,000,000		1,079,670
Tampa Water & Sewer, Series A
5.250%, 10/1/19		1,000,000		1,079,210

				3,238,940

Illinois (11.9%)
Chicago Skyway Toll Bridge (Prerefunded)
5.500%, 1/1/31		1,000,000		1,084,210
Cook County, Illinois, Series A (Prerefunded)
5.125%, 11/15/26		735,000		783,708
Metropolitan Pier & Exposition Authority
5.250%, 12/15/28		800,000		834,152

				2,702,070

Michigan (4.7%)
Michigan Municipal Bond Authority (Prerefunded)
5.750%, 10/1/16		1,000,000		1,070,190

Missouri (5.0%)
Missouri State Health & Educational Facilities Authority
5.500%, 10/1/15		1,000,000		1,125,840

Nevada (6.4%)
Clark County School District
5.500%, 6/15/13		1,300,000		1,437,774

New York (4.7%)
New York State Dormitory Authority (Prerefunded)
5.250%, 7/1/30		1,000,000		1,060,300

Ohio (4.5%)
Hamilton County, Ohio Sales Tax
5.000%, 12/1/27		1,000,000		1,025,430

South Carolina (5.7%)
South Carolina State Public Service Authority, Series A
5.750%, 1/1/15		1,200,000		1,287,096

South Dakota (4.5%)
South Dakota Housing Development Authority, Series K
5.050%, 5/1/36 .		1,000,000		1,027,280

Texas (11.9%)
Harris County Health Facilities Development Corp., Series A (Prerefunded)
5.750%, 7/1/14		1,000,000		1,063,130
Houston Texas Utilities System Revenue, Series A
5.250%, 5/15/25		1,500,000		1,624,950

				2,688,080

Utah (4.4%)
Utah Transit Authority Sales Tax Revenue, Sub-Series B
3.360%, 6/15/36 (l)		1,000,000		1,000,000

Washington (2.6%)
Washington State, Series B AT-7
6.400%, 6/1/17		500,000		591,850

Total Long Term Debt (98.5%) (Cost $21,055,835)				22,308,210

SHORT-TERM INVESTMENT:
Time Deposit (0.4%)
JPMorgan Chase Nassau 4.77%, 11/1/06 (Amortized Cost $92,516)		92,516		92,516

Total Investments (98.9%) (Cost/Amortized Cost $21,148,351)				22,400,726
Other Assets Less Liabilities (1.1%)				256,460

Net Assets (100%)			$	22,657,186

(l)

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

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE TAX-EXEMPT INCOME FUND

PORTFOLIO OF INVESTMENTS (Concluded)

October 31, 2006

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


Cost of Purchases:
Stocks and long-term corporate debt securities	$	9,530,337
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	13,509,375

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


Aggregate gross unrealized appreciation	$	1,252,375
Aggregate gross unrealized depreciation		—

Net unrealized appreciation	$	1,252,375

Federal income tax cost of investments	$	21,148,351

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE CAPITAL APPRECIATION FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Cost $358,487,534) (Securities on loan at market value $28,942,913)	$	436,452,199
Foreign cash		140
Receivable for Fund shares sold		684,901
Dividends, interest and other receivables		350,049
Other assets		60,011

Total assets		437,547,300

LIABILITIES
Collateral held for loaned securities		29,651,023
Payable for securities purchased		6,982,798
Payable for Fund shares redeemed		1,770,696
Investment management fees payable		248,485
Distribution fees payable		36,610
Administrative fees payable		22,301
Trustees’ fees payable		9,595
Accrued expenses		278,456

Total liabilities		38,999,964

NET ASSETS	$	398,547,336

Net assets were comprised of:
Paid in capital	$	349,273,059
Accumulated net investment loss		(10,376	)
Accumulated net realized loss		(28,680,756	)
Unrealized appreciation on investments and foreign currency translations		77,965,409

Net assets	$	398,547,336

Class A
Net asset value and redemption price per share, $196,490,799 / 5,468,988 shares outstanding (unlimited amount authorized: $0.001 par value)	$	35.93
Maximum sales charge (4.75% of offering price)		1.79

Maximum offering price to public	$	37.72

Class B
Net asset value and offering price per share, $67,130,818 / 2,033,436 shares outstanding (unlimited amount authorized: $0.001 par value)	$	33.01

Class C
Net asset value and offering price per share, $65,458,281 / 1,926,947 shares outstanding (unlimited amount authorized: $0.001 par value)	$	33.97

Class Y
Net asset value, offering and redemption price per 69,467,438 / 1,849,192 shares outstanding (unlimited amount authorized: $0.001 par value)	$	37.57

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006


INVESTMENT INCOME
Dividends	$	3,034,746
Interest		580,754
Securities lending (net)		93,602

Total income		3,709,102

EXPENSES
Investment management fees		2,916,886
Transfer agent fees		873,500
Administrative fees		227,258
Printing and mailing expenses		137,404
Professional fees		75,493
Trustees’ fees		58,415
Custodian fees		10,500
Distribution fees - Class A		887,345
Distribution fees - Class B		741,192
Distribution fees - Class C		663,386
Miscellaneous		106,380

Gross expenses		6,697,759
Less: Fees paid indirectly		(49,452	)

Net expenses		6,648,307

NET INVESTMENT LOSS		(2,939,205	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		28,652,446
Foreign currency transactions		(424	)

Net realized gain		28,652,022

Change in unrealized appreciation (depreciation) on:
Securities		(3,141,591	)
Foreign currency translations		613

Net change in unrealized depreciation		(3,140,978	)

NET REALIZED AND UNREALIZED GAIN		25,511,044

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,571,839

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE CAPITAL APPRECIATION FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(2,939,205	)	$	(2,453,935	)
Net realized gain on investments and foreign currency transactions		28,652,022			12,927,095
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(3,140,978	)		26,181,933

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		22,571,839			36,655,093

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [1,453,641 and 1,773,254 shares, respectively]		51,250,577			58,255,684
Capital shares redeemed [(1,744,873) and (1,331,208) shares, respectively]		(61,779,842	)		(43,607,455	)

Total Class A transactions		(10,529,265	)		14,648,229

Class B
Capital shares sold [320,063 and 537,758 shares, respectively]		10,518,702			16,247,213
Capital shares redeemed [(685,901) and (534,547) shares, respectively]		(22,340,501	)		(16,229,378	)

Total Class B transactions		(11,821,799	)		17,835

Class C
Capital shares sold [565,256 and 890,981 shares, respectively]		19,075,941			27,756,561
Capital shares redeemed [(514,444) and (308,906) shares, respectively]		(17,242,603	)		(9,673,694	)

Total Class C transactions		1,833,338			18,082,867

Class Y
Capital shares sold [617,216 and 1,480,069 shares, respectively]		22,880,698			51,267,903
Capital shares redeemed [(162,791) and (315,057) shares, respectively]		(6,039,384	)		(11,017,650	)

Total Class Y transactions		16,841,314			40,250,253

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(3,676,412	)		72,999,184

TOTAL INCREASE IN NET ASSETS		18,895,427			109,654,277
NET ASSETS:
Beginning of year		379,651,909			269,997,632

End of year (a)	$	398,547,336		$	379,651,909


(a) Includes accumulated net investment loss of	$	(10,376	)	$	(2,250	)

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE DEEP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Cost $56,891,642)
(Securities on loan at market value $11,247,729)	$	64,583,121
Repurchase Agreement (Amortized cost $11,459,162)		11,459,162
Receivable for Fund shares sold		197,991
Dividends, interest and other receivables		68,358
Other assets		26,558

Total assets		76,335,190

LIABILITIES
Overdraft payable		219
Collateral held for loaned securities		11,459,162
Payable for Fund shares redeemed		124,426
Payable for securities purchased		94,751
Investment management fees payable		10,409
Distribution fees payable		6,164
Trustees’ fees payable		4,316
Administrative fees payable		3,917
Accrued expenses		52,994

Total liabilities		11,756,358

NET ASSETS	$	64,578,832

Net assets were comprised of:
Paid in capital	$	54,622,227
Accumulated undistributed net investment income		393,384
Accumulated undistributed net realized gain		1,871,742
Unrealized appreciation on investments		7,691,479

Net assets	$	64,578,832

Class A
Net asset value and redemption price per share, $30,746,607 / 2,667,311 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.53
Maximum sales charge (4.75% of offering price)		0.57

Maximum offering price to public	$	12.10

Class B
Net asset value and offering price per share, $16,250,250 / 1,423,211 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.42

Class C
Net asset value and offering price per share, $7,390,174 / 647,131 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.42

Class Y
Net asset value, offering and redemption price per share, $ 10,191,801 / 877,727 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.61


*STATEMENT OF OPERATIONS* *For the Year Ended October 31, 2006*

INVESTMENT INCOME
Dividends	$	1,471,082
Interest		67,410
Securities lending (net)		23,609

Total income		1,562,101

EXPENSES
Investment management fees		432,287
Transfer agent fees		159,200
Professional fees		38,991
Administrative fees		34,069
Printing and mailing expenses		20,534
Custodian fees		10,500
Trustees’ fees		8,794
Distribution fees - Class A		126,965
Distribution fees - Class B		166,096
Distribution fees - Class C		71,189
Miscellaneous		79,717

Gross expenses		1,148,342
Less: Waiver from investment advisor		(162,183	)
Fees paid indirectly		(10,354	)

Net expenses		975,805

NET INVESTMENT INCOME		586,296

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		1,956,650
Net change in unrealized appreciation on securities		5,773,390

NET REALIZED AND UNREALIZED GAIN		7,730,040

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,316,336

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE DEEP VALUE FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	586,296		$	385,471
Net realized gain on investments		1,956,650			5,715,110
Net change in unrealized appreciation (depreciation) on investments		5,773,390			(1,178,548	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		8,316,336			4,922,033

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(282,676	)		(120,701	)
Class B		(81,151	)		(18,641	)
Class C		(33,391	)		(8,326	)
Class Y		(75,425	)		(3,055	)

		(472,643	)		(150,723	)

Distributions from net realized capital gains
Class A		(2,491,987	)		—
Class B		(1,573,082	)		—
Class C		(647,286	)		—
Class Y		(457,060	)		—

		(5,169,415	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(5,642,058	)		(150,723	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [909,534 and 1,086,183 shares, respectively]		9,839,449			11,833,647
Capital shares issued in reinvestment of dividends and distributions [253,691 and 10,840 shares, respectively]		2,622,196			113,820
Capital shares redeemed [(888,057) and (452,796) shares, respectively]		(9,541,452	)		(4,924,346	)

Total Class A transactions		2,920,193			7,023,121

Class B
Capital shares sold [246,913 and 396,740 shares, respectively]		2,673,341			4,308,529
Capital shares issued in reinvestment of dividends and distributions [145,694 and 1,773 shares, respectively]		1,498,605			16,870
Capital shares redeemed [(484,391) and (371,843) shares, respectively]		(5,179,730	)		(4,003,330	)

Total Class B transactions		(1,007,784	)		322,069

Class C
Capital shares sold [142,923 and 184,810 shares, respectively]		1,528,401			1,999,315
Capital shares issued in reinvestment of dividends and distributions [59,056 and 690 shares, respectively]		607,152			7,215
Capital shares redeemed [(193,658) and (238,731) shares, respectively]		(2,068,307	)		(2,532,626	)

Total Class C transactions		67,246			(526,096	)

Class Y
Capital shares sold [553,555 and 405,854 shares, respectively]		5,972,590			4,502,157
Capital shares issued in reinvestment of dividends and distributions [45,844 and 287 shares, respectively]		474,944			3,021
Capital shares redeemed [(128,877) and (34,239) shares, respectively]		(1,378,989	)		(377,371	)

Total Class Y transactions		5,068,545			4,127,807

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		7,048,200			10,946,901

TOTAL INCREASE IN NET ASSETS		9,722,478			15,718,211
NET ASSETS:
Beginning of year		54,856,354			39,138,143

End of year (a)	$	64,578,832		$	54,856,354


(a) Includes accumulated undistributed net investment income of	$	393,384		$	331,692

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Cost $83,617,468)
(Securities on loan at market value $2,405,016)	$	109,700,412
Receivable for Fund shares sold		170,065
Receivable for securities sold		55,478
Dividends, interest and other receivables		4,433
Other assets		55,640

Total assets		109,986,028

LIABILITIES
Collateral held for loaned securities		2,474,471
Payable for Fund shares redeemed		620,817
Payable for securities purchased		133,413
Investment management fees payable		56,072
Distribution fees payable		12,454
Administrative fees payable		7,350
Trustees’ fees payable		3,587
Accrued expenses		189,945

Total liabilities		3,498,109

NET ASSETS	$	106,487,919

Net assets were comprised of:
Paid in capital	$	130,073,217
Accumulated net investment loss		(3,805	)
Accumulated net realized loss		(49,664,437	)
Unrealized appreciation on investments		26,082,944

Net assets	$	106,487,919

Class A
Net asset value and redemption price per share, $42,820,505 / 6,699,123 shares outstanding (unlimited amount authorized: $0.001 par value)	$	6.39
Maximum sales charge (4.75% of offering price)		0.32

Maximum offering price to public	$	6.71

Class B
Net asset value and offering price per share, $33,192,286 / 5,451,690 shares outstanding (unlimited amount authorized: $0.001 par value)	$	6.09

Class C
Net asset value and offering price per share, $22,728,730 / 3,729,284 shares outstanding (unlimited amount authorized: $0.001 par value)	$	6.09

Class Y
Net asset value, offering and redemption price per share, $7,746,398 / 1,170,646 shares outstanding (unlimited amount authorized: $0.001 par value)	$	6.62


*STATEMENT OF OPERATIONS* *For the Year Ended October 31, 2006*

INVESTMENT INCOME
Dividends	$	490,825
Interest		86,927
Securities lending (net)		16,427

Total income		594,179

EXPENSES
Investment management fees		1,000,315
Transfer agent fees		461,500
Administrative fees		79,364
Printing and mailing expenses		46,723
Professional fees		45,098
Custodian fees		29,500
Trustees’ fees		20,589
Distribution fees - Class A		259,890
Distribution fees - Class B		408,234
Distribution fees - Class C		298,235
Miscellaneous		82,601

Gross expenses		2,732,049
Less: Waiver from investment advisor		(189,836	)
Fees paid indirectly		(70,812	)

Net expenses		2,471,401

NET INVESTMENT LOSS		(1,877,222	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		24,798,117
Net change in unrealized depreciation on securities		(25,488,731	)

NET REALIZED AND UNREALIZED LOSS		(690,614	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,567,836	)

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE EQUITY FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(1,877,222	)	$	(2,743,266	)
Net realized gain (loss) on investments		24,798,117			(5,802,955	)
Net change in unrealized appreciation (depreciation) on investments		(25,488,731	)		21,634,053

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,567,836	)		13,087,832

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,332,293 and 3,775,014 shares, respectively ]		8,688,144			23,679,520
Capital shares redeemed [ (5,656,704) and (5,297,649) shares, respectively ]		(36,395,015	)		(32,963,711	)

Total Class A transactions		(27,706,871	)		(9,284,191	)

Class B
Capital shares sold [ 463,656 and 1,005,126 shares, respectively ]		2,901,393			6,028,086
Capital shares redeemed [ (2,508,686) and (2,901,543) shares, respectively ]		(15,365,322	)		(17,297,725	)

Total Class B transactions		(12,463,929	)		(11,269,639	)

Class C
Capital shares sold [ 355,980 and 1,091,016 shares, respectively ]		2,241,689			6,565,343
Capital shares redeemed [ (2,548,650) and (2,494,444) shares, respectively ]		(15,783,946	)		(14,869,031	)

Total Class C transactions		(13,542,257	)		(8,303,688	)

Class Y
Capital shares sold [ 257,161 and 1,236,225 shares, respectively ]		1,738,823			8,013,695
Capital shares redeemed [ (493,681) and (612,446) shares, respectively ]		(3,311,883	)		(3,952,172	)

Total Class Y transactions		(1,573,060	)		4,061,523

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(55,286,117	)		(24,795,995	)

TOTAL DECREASE IN NET ASSETS		(57,853,953	)		(11,708,163	)
NET ASSETS:
Beginning of year		164,341,872			176,050,035

End of year (a)	$	106,487,919		$	164,341,872


(a) Includes accumulated net investment loss of	$	(3,805	)	$	(994	)

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE EQUITY INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Cost $184,087,219) (Securities on loan at market value $18,548,867)	$	208,182,859
Receivable for securities sold		1,311,181
Receivable for Fund shares sold		561,144
Dividends, interest and other receivables		235,425
Other assets		30,638

Total assets		210,321,247

LIABILITIES
Collateral held for loaned securities		18,839,883
Payable for Fund shares redeemed		1,129,488
Payable for securities purchased		384,034
Investment management fees payable		94,316
Distribution fees payable		18,330
Trustees’ fees payable		14,973
Administrative fees payable		10,945
Accrued expenses		171,697

Total liabilities		20,663,666

NET ASSETS	$	189,657,581

Net assets were comprised of:
Paid in capital	$	147,337,349
Accumulated undistributed net investment income		1,746,897
Accumulated undistributed net realized gain		16,477,695
Unrealized appreciation on investments		24,095,640

Net assets	$	189,657,581

Class A
Net asset value and redemption price per share, $115,580,047 / 4,049,019 shares outstanding (unlimited amount authorized: $0.001 par value)	$	28.55
Maximum sales charge (4.75% of offering price)		1.42

Maximum offering price to public	$	29.97

Class B
Net asset value and offering price per share, $43,039,485 / 1,543,326 shares outstanding (unlimited amount authorized: $0.001 par value)	$	27.89

Class C
Net asset value and offering price per share, $15,763,362 / 560,846 shares outstanding (unlimited amount authorized: $0.001 par value)	.$	28.11

Class Y
Net asset value, offering and redemption price per 15,274,687 / 533,253 shares outstanding (unlimited amount authorized: $0.001 par value)	$	28.64


*STATEMENT OF OPERATIONS* *For the Year Ended October 31, 2006*

INVESTMENT INCOME
Dividends (net of $29,646 foreign withholding tax)	$	5,039,058
Interest		339,444
Securities lending (net)		64,524

Total income		5,443,026

EXPENSES
Investment management fees		1,383,436
Transfer agent fees		482,000
Administrative fees		108,228
Printing and mailing expenses		64,322
Professional fees		51,160
Custodian fees		16,500
Trustees’ fees		28,431
Distribution fees - Class A		513,048
Distribution fees - Class B		475,289
Distribution fees - Class C		159,270
Miscellaneous		138,645

Gross expenses		3,420,329
Less: Waiver from investment advisor		(282,369	)
Fees paid indirectly		(14,143	)

Net expenses		3,123,817

NET INVESTMENT INCOME		2,319,209

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		16,719,473
Change in unrealized appreciation on securities		6,826,624

NET REALIZED AND UNREALIZED GAIN		23,546,097

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	25,865,306

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE EQUITY INCOME FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,319,209		$	1,978,577
Net realized gain on investments		16,719,473			13,010,895
Net change in unrealized appreciation (depreciation) on investments		6,826,624			(1,514,711	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		25,865,306			13,474,761

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(1,299,746	)		(580,514	)
Class B		(310,061	)		(159,860	)
Class C		(98,772	)		(45,007	)
Class Y		(142,222	)		(7,524	)

		(1,850,801	)		(792,905	)

Distributions from net realized capital gains
Class A		(7,735,424	)		(1,308,016	)
Class B		(3,607,576	)		(687,768	)
Class C		(1,140,998	)		(193,635	)
Class Y		(606,162	)		(12,223	)

		(13,090,160	)		(2,201,642	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(14,940,961	)		(2,994,547	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [837,798 and 1,524,973 shares, respectively]		22,813,918			40,895,126
Capital shares issued in reinvestment of dividends and distributions [330,424 and 66,263 shares, respectively]		8,534,006			1,754,858
Capital shares redeemed [(1,192,295) and (1,089,329) shares, respectively]		(32,546,959	)		(29,075,312	)

Total Class A transactions		(1,199,035	)		13,574,672

Class B
Capital shares sold [224,822 and 764,226 shares, respectively]		6,019,007			20,063,285
Capital shares issued in reinvestment of dividends and distributions [142,990 and 29,259 shares, respectively]		3,623,975			762,337
Capital shares redeemed [(711,967) and (672,624) shares, respectively]		(19,006,643	)		(17,705,572	)

Total Class B transactions		(9,363,661	)		3,120,050

Class C
Capital shares sold [100,036 and 243,989 shares, respectively]		2,682,576			6,462,010
Capital shares issued in reinvestment of dividends and distributions [42,935 and 8,057 shares, respectively]		1,096,485			211,257
Capital shares redeemed [(173,232) and (179,388) shares, respectively]		(4,646,126	)		(4,729,908	)

Total Class C transactions		(867,065	)		1,943,359

Class Y
Capital shares sold [268,220 and 297,450 shares, respectively]		7,269,163			8,124,052
Capital shares issued in reinvestment of dividends and distributions [27,018 and 338 shares, respectively]		697,330			8,945
Capital shares redeemed [(67,088) and (19,683) shares, respectively]		(1,826,165	)		(538,015	)

Total Class Y transactions		6,140,328			7,594,982

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(5,289,433	)		26,233,063

TOTAL INCREASE IN NET ASSETS		5,634,912			36,713,277
NET ASSETS:
Beginning of year		184,022,669			147,309,392

End of year (a)	$	189,657,581		$	184,022,669


(a) Includes accumulated undistributed net investment income of	$	1,746,897		$	1,506,241

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GLOBAL FINANCIAL SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Cost $44,757,777) (Securities on loan at market value $797,741)	$	60,548,781
Foreign cash (Cost $39,714)		40,769
Receivable for Fund shares sold		532,846
Dividends, interest and other receivables		153,138
Other assets		37,494

Total assets		61,313,028

LIABILITIES
Collateral held for loaned securities		826,927
Payable for securities purchased		268,509
Payable for Fund shares redeemed		250,306
Investment management fees payable		34,996
Distribution fees payable		5,312
Administrative fees payable		3,251
Trustees’ fees payable		3,200
Accrued expenses		44,615

Total liabilities		1,437,116

NET ASSETS	$	59,875,912

Net assets were comprised of:
Paid in capital	$	40,440,430
Accumulated undistributed net investment income		383,720
Accumulated undistributed net realized gain		3,260,026
Unrealized appreciation on investments and foreign currency translations		15,791,736

Net assets	$	59,875,912

Class A
Net asset value and redemption price per share, $23,912,222 / 2,461,428 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.71
Maximum sales charge (4.75% of offering price)		0.48

Maximum offering price to public	$	10.19

Class B
Net asset value and offering price per share, $15,656,705 / 1,633,239 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.59

Class C
Net asset value and offering price per share, $5,867,107 / 613,705 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.56

Class Y
Net asset value, offering and redemption price per share, $14,439,878 / 1,477,713 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.77

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006


INVESTMENT INCOME
Dividends (net of $89,820 foreign withholding tax)	$	1,225,523
Interest		38,622
Securities lending (net)		1,076

Total income		1,265,221

EXPENSES
Investment management fees.		402,505
Transfer agent fees.		116,500
Professional fees.		35,281
Custodian fees		33,500
Administrative fees		27,671
Printing and mailing expenses		16,752
Trustees’ fees		7,134
Distribution fees - Class A		78,101
Distribution fees - Class B		143,419
Distribution fees - Class C		50,153
Miscellaneous		56,441

Gross expenses		967,457
Less: Waiver from investment advisor		(64,942	)
Fees paid indirectly		(2,801	)

Net expenses		899,714

NET INVESTMENT INCOME		365,507

REALIZED AND UNREALIZED GAIN
Realized gain on:
Securities		3,477,321
Foreign currency transactions		13,229

Net realized gain		3,490,550

Change in unrealized appreciation on:
Securities		7,430,866
Foreign currency translations		1,246

Net change in unrealized appreciation		7,432,112

NET REALIZED AND UNREALIZED GAIN		10,922,662

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,288,169

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GLOBAL FINANCIAL SERVICES FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	365,507		$	254,201
Net realized gain on investments and foreign currency transactions		3,490,550			2,982,918
Net change in unrealized appreciation on investments and foreign currency translations		7,432,112			1,676,030

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		11,288,169			4,913,149

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(219,634	)		(345,188	)
Class B		(103,445	)		(230,176	)
Class C		(35,138	)		(76,625	)
Class Y		(192,235	)		(274,530	)

		(550,452	)		(926,519	)

Distributions from net realized capital gains
Class A		(940,866	)		(440,242	)
Class B		(767,069	)		(382,249	)
Class C		(260,936	)		(127,249	)
Class Y		(610,911	)		(294,554	)

		(2,579,782	)		(1,244,294	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(3,130,234	)		(2,170,813	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,355,262 and 525,536 shares, respectively ]		12,314,989			4,091,197
Capital shares issued in reinvestment of dividends and distributions [ 134,823 and 95,799 shares, respectively ]		1,119,895			749,778
Capital shares redeemed [ (709,758) and (634,030) shares, respectively ]		(6,238,330	)		(4,950,850	)

Total Class A transactions		7,196,554			(109,875	)

Class B
Capital shares sold [ 421,700 and 367,937 shares, respectively ]		3,731,770			2,849,262
Capital shares issued in reinvestment of dividends and distributions [ 101,887 and 74,202 shares, respectively ]		840,492			576,853
Capital shares redeemed [ (406,521) and (366,927) shares, respectively ]		(3,605,857	)		(2,842,183	)

Total Class B transactions		966,405			583,932

Class C
Capital shares sold [ 229,974 and 143,560 shares, respectively ]		2,039,817			1,107,187
Capital shares issued in reinvestment of dividends and distributions [ 29,397 and 20,908 shares, respectively ]		241,644			162,035
Capital shares redeemed [ (135,919) and (145,466) shares, respectively ]		(1,198,858	)		(1,116,171	)

Total Class C transactions		1,082,603			153,051

Class Y
Capital shares sold [ 191,999 and 21,677 shares, respectively ]		1,797,047			170,484
Capital shares issued in reinvestment of dividends and distributions [ 96,214 and 72,390 shares, respectively ]		801,461			567,536
Capital shares redeemed [ (18,222) and (22,907) shares, respectively ]		(159,769	)		(179,875	)

Total Class Y transactions		2,438,739			558,145

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		11,684,301			1,185,253

TOTAL INCREASE IN NET ASSETS		19,842,236			3,927,589
NET ASSETS:
Beginning of year		40,033,676			36,106,087

End of year (a)	$	59,875,912		$	40,033,676


(a) Includes accumulated undistributed net investment income of	$	383,720		$	343,990

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GOVERNMENT SECURITIES FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Cost $209,783,612)	$	209,091,000
Receivable for Fund shares sold		1,013,790
Dividends, interest and other receivables		921,485
Receivable for securities sold		4,035
Other assets		46,705

Total assets		211,077,015

LIABILITIES
Payable for Fund shares redeemed		784,959
Dividends payable		706,075
Investment management fees payable		51,063
Trustees’ fees payable		18,275
Distribution fees payable		17,641
Administrative fees payable		12,491
Accrued expenses		294,826

Total liabilities		1,885,330

NET ASSETS	$	209,191,685

Net assets were comprised of:
Paid in capital	$	210,652,863
Accumulated undistributed net investment income		495,264
Accumulated net realized loss		(1,263,830	)
Unrealized depreciation on investments		(692,612	)

Net assets	$	209,191,685

Class A
Net asset value and offering price per share, $103,852,245 / 8,373,610 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.40
Maximum sales charge (4.75% of offering price)		0.62

Maximum offering price to public	$	13.02

Class B
Net asset value and offering price per share, $47,643,606 / 3,849,108 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.38

Class C
Net asset value and offering price per share, $12,975,393 / 1,048,139 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.38

Class Y
Net asset value and offering price per share, $44,720,441 / 3,611,652 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.38

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006


INVESTMENT INCOME
Interest	$	11,267,499

EXPENSES
Investment management fees		1,243,617
Transfer agent fees		788,500
Administrative fees		122,925
Printing and mailing expenses		71,990
Professional fees		53,334
Trustees’ fees		32,561
Custodian fees		9,000
Distribution fees - Class A		478,646
Distribution fees - Class B		545,725
Distribution fees - Class C		146,040
Miscellaneous		153,289

Gross expenses		3,645,627
Less: Waiver from investment advisor		(759,905	)

Net expenses		2,885,722

NET INVESTMENT INCOME		8,381,777

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss on securities		(896,028	)
Net change in unrealized appreciation on securities		826,828

NET REALIZED AND UNREALIZED LOSS		(69,200	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,312,577

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GOVERNMENT SECURITIES FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,381,777		$	7,777,001
Net realized gain (loss) on investments		(896,028	)		103
Net change in unrealized appreciation (depreciation) on investments		826,828			(6,038,120	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		8,312,577			1,738,984

DIVIDENDS:
Dividends from net investment income
Class A		(4,359,513	)		(3,943,256	)
Class B		(1,950,264	)		(2,078,566	)
Class C		(521,578	)		(564,094	)
Class Y		(1,764,266	)		(1,035,523	)

		(8,595,621	)		(7,621,439	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,812,692 and 2,552,079 shares, respectively ]		22,330,597			32,272,011
Capital shares issued in reinvestment of dividends [ 303,238 and 247,698 shares, respectively ]		3,736,502			3,136,221
Capital shares redeemed [ (2,693,227) and (2,726,027) shares, respectively ]		(33,144,886	)		(34,478,558	)

Total Class A transactions		(7,077,787	)		929,674

Class B
Capital shares sold [ 374,266 and 507,807 shares, respectively ]		4,567,798			6,412,195
Capital shares issued in reinvestment of dividends [ 127,465 and 122,070 shares, respectively ]		1,568,959			1,543,369
Capital shares redeemed [ (1,718,109) and (1,480,348) shares, respectively ]		(21,108,552	)		(18,703,153	)

Total Class B transactions		(14,971,795	)		(10,747,589	)

Class C
Capital shares sold [ 138,190 and 342,659 shares, respectively ]		1,699,591			4,329,533
Capital shares issued in reinvestment of dividends [ 32,143 and 31,200 shares, respectively ]		395,463			394,398
Capital shares redeemed [ (484,686) and (609,935) shares, respectively ]		(5,966,161	)		(7,700,687	)

Total Class C transactions		(3,871,107	)		(2,976,756	)

Class Y
Capital shares sold [ 1,011,061 and 1,439,688 shares, respectively ]		12,421,069			18,242,199
Capital shares issued in reinvestment of dividends [ 138,980 and 72,630 shares, respectively ]		1,708,140			917,704
Capital shares redeemed [ (282,718) and (515,672) shares, respectively ]		(3,469,158	)		(6,536,829	)

Total Class Y transactions		10,660,051			12,623,074

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(15,260,638	)		(171,597	)

TOTAL DECREASE IN NET ASSETS		(15,543,682	)		(6,054,052	)
NET ASSETS:
Beginning of year		224,735,367			230,789,419

End of year (a)	$	209,191,685		$	224,735,367


(a) Includes accumulated undistributed net investment income of	$	495,264		$	577,765

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GROWTH AND INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Cost $171,520,462)
(Securities on loan at market value $9,367,848)	$	205,089,098
Receivable for securities sold		4,436,193
Receivable for Fund shares sold		562,642
Dividends, interest and other receivables		173,668
Other assets		40,404

Total assets		210,302,005

LIABILITIES
Collateral held for loaned securities		9,565,777
Payable for securities purchased		2,186,037
Payable for Fund shares redeemed		893,193
Investment management fees payable		101,141
Distribution fees payable		19,484
Trustees’ fees payable		15,381
Administrative fees payable		11,631
Accrued expenses		242,781

Total liabilities		13,035,425

NET ASSETS	$	197,266,580

Net assets were comprised of:
Paid in capital	$	168,184,416
Accumulated undistributed net investment income		120,220
Accumulated net realized loss		(4,606,692	)
Unrealized appreciation on investments		33,568,636

Net assets	$	197,266,580

Class A
Net asset value and redemption price per share, $91,459,305 / 2,225,771 shares outstanding (unlimited amount authorized: $0.001 par value)	$	41.09
Maximum sales charge (4.75% of offering price)		2.05

Maximum offering price to public	$	43.14

Class B
Net asset value and offering price per share, $59,222,689 / 1,500,593 shares outstanding (unlimited amount authorized: $0.001 par value)	$	39.47

Class C
Net asset value and offering price per share, $17,562,043 / 444,502 shares outstanding (unlimited amount authorized: $0.001 par value)	$	39.51

Class Y
Net asset value, offering and redemption price per share, $29,022,543 / 683,894 shares outstanding (unlimited amount authorized: $0.001 par value).	$	42.44

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006


INVESTMENT INCOME
Dividends	$	3,255,908
Interest		138,260
Securities lending (net)		7,490

Total income		3,401,658

EXPENSES
Investment management fees		1,409,772
Transfer agent fees		760,000
Administrative fees		110,713
Printing and mailing expenses		65,507
Professional fees		51,524
Trustees’ fees		29,067
Custodian fees		10,500
Distribution fees - Class A		379,210
Distribution fees - Class B		666,271
Distribution fees - Class C		171,984
Miscellaneous		128,412

Gross expenses		3,782,960
Less: Waiver from investment advisor		(536,558	)
Fees paid indirectly		(22,369	)

Net expenses		3,224,033

NET INVESTMENT INCOME		177,625

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		17,248,063
Net change in unrealized appreciation on securities		9,190,415

NET REALIZED AND UNREALIZED GAIN		26,438,478

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	26,616,103

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GROWTH AND INCOME FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	177,625		$	638,877
Net realized gain on investments		17,248,063			17,561,034
Net change in unrealized appreciation on investments		9,190,415			4,084,878

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		26,616,103			22,284,789

DIVIDENDS:
Dividends from net investment income
Class A		(452,790	)		—
Class B		(1,226	)		—
Class C		(284	)		—
Class Y		(241,982	)		—

TOTAL DIVIDENDS		(696,282	)		—

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 721,071 and 634,470 shares, respectively ]		27,488,246			21,818,274
Capital shares issued in reinvestment of dividends [ 11,654 and 0 shares, respectively ]		434,947			—
Capital shares redeemed [ (654,820) and (648,024) shares, respectively ]		(24,969,525	)		(22,364,886	)

Total Class A transactions		2,953,668			(546,612	)

Class B
Capital shares sold [ 132,643 and 233,528 shares, respectively ]		4,866,150			7,701,800
Capital shares issued in reinvestment of dividends [ 32 and 0 shares, respectively ]		1,137			—
Capital shares redeemed [ (725,007) and (644,921) shares, respectively ]		(26,607,647	)		(21,462,346	)

Total Class B transactions		(21,740,360	)		(13,760,546	)

Class C
Capital shares sold [ 84,217 and 110,776 shares, respectively ]		3,089,213			3,668,739
Capital shares issued in reinvestment of dividends [ 7 and 0 shares, respectively ]		260			—
Capital shares redeemed [ (124,075) and (147,901) shares, respectively ]		(4,550,135	)		(4,914,382	)

Total Class C transactions		(1,460,662	)		(1,245,643	)

Class Y
Capital shares sold [ 193,219 and 134,594 shares, respectively ]		7,620,892			4,760,585
Capital shares issued in reinvestment of dividends [ 6,271 and 0 shares, respectively ]		240,729			—
Capital shares redeemed [ (125,664) and (116,982) shares, respectively ]		(4,983,592	)		(4,126,730	)

Total Class Y transactions		2,878,029			633,855

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(17,369,325	)		(14,918,946	)

TOTAL INCREASE IN NET ASSETS		8,550,496			7,365,843
NET ASSETS:
Beginning of year		188,716,084			181,350,241

End of year (a)	$	197,266,580		$	188,716,084


(a) Includes accumulated undistributed net investment income of	$	120,220		$	638,877

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE HIGH-YIELD BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Cost $168,304,743)
(Securities on loan at market value $41,995,558)	$	168,173,220
Repurchase Agreement
(Amortized cost $42,845,941)		42,845,941
Cash		308,633
Dividends, interest and other receivables		3,687,205
Receivable for securities sold		2,531,648
Receivable for Fund shares sold		1,137,553
Other assets		61,008

Total assets		218,745,208

LIABILITIES
Collateral held for loaned securities		42,845,941
Payable for securities purchased		2,781,814
Dividends payable		1,071,691
Payable for Fund shares redeemed		714,575
Investment management fees payable		55,475
Distribution fees payable		17,674
Administrative fees payable		11,545
Trustees’ fees payable		6,642
Accrued expenses		168,217

Total liabilities		47,673,574

NET ASSETS	$	171,071,634

Net assets were comprised of:
Paid in capital	$	189,010,225
Accumulated undistributed investment income		99,052
Accumulated net realized loss		(17,906,120	)
Unrealized depreciation on investments		(131,523	)

Net assets	$	171,071,634

Class A
Net asset value and redemption price per share, $90,452,327 / 9,438,865 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.58
Maximum sales charge (4.75% of offering price)		0.48

Maximum offering price to public	$	10.06

Class B
Net asset value and offering price per share, $42,301,360 / 4,418,182 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.57

Class C
Net asset value and offering price per share, $24,655,402 / 2,575,890 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.57

Class Y
Net asset value, offering and redemption price per share, $13,662,545 / 1,424,911 shares outstanding (unlimited amount authorized: $0.001 par value).	$	9.59

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006


INVESTMENT INCOME
Interest	$	16,724,785
Dividends		2,619
Securities lending (net)		70,512

Total income		16,797,916

EXPENSES
Investment management fees		1,240,443
Transfer agent fees		441,000
Administrative fees		119,203
Printing and mailing expenses		69,581
Professional fees		53,604
Trustees’ fees		31,061
Custodian fees		8,000
Distribution fees - Class A		436,690
Distribution fees - Class B		486,601
Distribution fees - Class C		285,531
Miscellaneous		83,746

Gross expenses		3,255,460
Less: Waiver from investment advisor		(289,352	)

Net expenses		2,966,108

NET INVESTMENT INCOME		13,831,808

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		2,304,462
Net change in unrealized depreciation on securities		(2,272,225	)

NET REALIZED AND UNREALIZED GAIN		32,237

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,864,045

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE HIGH-YIELD BOND FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	13,831,808		$	14,966,632
Net realized gain on investments		2,304,462			3,562,525
Net change in unrealized depreciation on investments		(2,272,225	)		(13,597,951	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		13,864,045			4,931,206

DIVIDENDS:
Dividends from net investment income
Class A		(6,587,627	)		(6,728,138	)
Class B		(3,040,822	)		(3,708,774	)
Class C		(1,787,509	)		(2,319,559	)
Class Y		(2,344,407	)		(2,171,366	)

TOTAL DIVIDENDS		(13,760,365	)		(14,927,837	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [2,064,677 and 2,686,599 shares, respectively]		19,651,577			26,322,636
Capital shares issued in reinvestment of dividends [554,519 and 495,994 shares, respectively]		5,285,400			4,864,475
Capital shares redeemed [(3,717,719) and (3,489,756) shares, respectively]		(35,352,910	)		(34,192,594	)

Total Class A transactions		(10,415,933	)		(3,005,483	)

Class B
Capital shares sold [263,044 and 755,205 shares, respectively]		2,504,301			7,385,799
Capital shares issued in reinvestment of dividends [216,568 and 225,347 shares, respectively]		2,061,148			2,208,202
Capital shares redeemed [(1,949,545) and (2,257,443) shares, respectively]		(18,544,082	)		(22,096,074	)

Total Class B transactions		(13,978,633	)		(12,502,073	)

Class C
Capital shares sold [242,047 and 525,175 shares, respectively]		2,302,091			5,165,333
Capital shares issued in reinvestment of dividends [106,337 and 118,134 shares, respectively]		1,012,033			1,158,276
Capital shares redeemed [(1,297,920) and (1,659,926) shares, respectively]		(12,343,265	)		(16,264,190	)

Total Class C transactions		(9,029,141	)		(9,940,581	)

Class Y
Capital shares sold [801,616 and 903,252 shares, respectively]		7,644,271			8,822,504
Capital shares issued in reinvestment of dividends [194,581 and 146,094 shares, respectively]		1,852,736			1,432,103
Capital shares redeemed [(3,008,852) and (676,005) shares, respectively]		(28,613,656	)		(6,628,190	)

Total Class Y transactions		(19,116,649	)		3,626,417

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(52,540,356	)		(21,821,720	)

TOTAL DECREASE IN NET ASSETS		(52,436,676	)		(31,818,351	)
NET ASSETS:
Beginning of year		223,508,310			255,326,661

End of year (a)	$	171,071,634		$	223,508,310

(a) Includes accumulated undistributed net investment income of	$	99,052		$	21,414

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE INTERNATIONAL GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Cost $176,521,754) (Securities on loan at market value $20,900,405)	$	187,203,672
Repurchase Agreement (Amortized cost $21,305,627)		21,305,627
Foreign cash (Cost $64,048)		63,595
Receivable for Fund shares sold		1,499,482
Dividends, interest and other receivables		145,090
Other assets		35,454

Total assets		210,252,920

LIABILITIES
Collateral held for loaned securities		21,305,627
Payable for Fund shares redeemed		416,182
Payable for securities purchased		217,648
Investment management fees payable		125,903
Recoupment fees payable		17,872
Distribution fees payable		17,302
Administrative fees payable		8,960
Trustees’ fees payable		6,260
Accrued expenses		117,743

Total liabilities		22,233,497

NET ASSETS	$	188,019,423

Net assets were comprised of:
Paid in capital	$	184,776,354
Accumulated overdistributed net investment income		(6,550	)
Accumulated net realized loss		(7,433,847	)
Unrealized appreciation on investments and foreign currency translations		10,683,466

Net assets	$	188,019,423

Class A
Net asset value and redemption price per share, $87,838,575 / 4,639,761 shares outstanding (unlimited amount authorized: $0.001 par value)	$	18.93
Maximum sales charge (4.75% of offering price)		0.94

Maximum offering price to public	$	19.87

Class B
Net asset value and offering price per share, $27,959,443 / 1,563,934 shares outstanding (unlimited amount authorized: $0.001 par value)	$	17.88

Class C
Net asset value and offering price per share, $37,889,017 / 2,105,753 shares outstanding (unlimited amount authorized: $0.001 par value)	$	17.99

Class Y
Net asset value, offering and redemption price per share, $34,332,388 / 1,774,759 shares outstanding (unlimited amount authorized: $0.001 par value)	$	19.34

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006


INVESTMENT INCOME
Dividends (net of $122,756 foreign withholding tax)	$	1,678,490
Interest		499,282
Securities lending (net)		26,526

Total income		2,204,298

EXPENSES
Investment management fees		1,065,606
Transfer agent fees		382,500
Administrative fees		72,110
Custodian fees		67,000
Printing and mailing expenses		46,603
Professional fees		42,620
Trustees’ fees		18,566
Recoupment fees		18,365
Distribution fees - Class A		273,152
Distribution fees - Class B		249,236
Distribution fees - Class C		225,004
Miscellaneous		84,595

Gross expenses		2,545,357
Less: Fees paid indirectly		(145,461	)

Net expenses		2,399,896

NET INVESTMENT LOSS		(195,598	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		15,452,776
Foreign currency transactions		(29,047	)

Net realized gain		15,423,729

Change in unrealized appreciation on:
Securities		4,582,739
Foreign currency translations		4,625

Net change in unrealized appreciation		4,587,364

NET REALIZED AND UNREALIZED GAIN		20,011,093

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,815,495

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE INTERNATIONAL GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(195,598	)	$	51,477
Net realized gain on investments and foreign currency transactions		15,423,729			12,593,094
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		4,587,364			(446,135	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		19,815,495			12,198,436

DIVIDENDS:
Dividends from net investment income
Class A		(151,536	)		(46,848	)
Class B		—			(27,276	)
Class C		—			(13,225	)
Class Y		(61,773	)		(21,114	)

TOTAL DIVIDENDS		(213,309	)		(108,463	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [3,472,682 and 736,075 shares, respectively]		63,755,499			10,422,519
Capital shares issued in reinvestment of dividends [8,939 and 3,297 shares, respectively]		147,118			45,501
Capital shares redeemed [(1,178,449) and (949,039) shares, respectively]		(21,043,237	)		(13,345,911	)

Total Class A transactions		42,859,380			(2,877,891	)

Class B
Capital shares sold [787,496 and 253,051 shares, respectively]		13,476,496			3,412,462
Capital shares issued in reinvestment of dividends [0 and 1,970 shares, respectively]		—			25,879
Capital shares redeemed [(565,497) and (399,801) shares, respectively]		(9,628,989	)		(5,336,902	)

Total Class B transactions		3,847,507			(1,898,561	)

Class C
Capital shares sold [1,689,549 and 189,931 shares, respectively]		29,678,402			2,570,702
Capital shares issued in reinvestment of dividends [0 and 918 shares, respectively]		—			12,129
Capital shares redeemed [(279,892) and (209,213) shares, respectively]		(4,753,384	)		(2,805,396	)

Total Class C transactions		24,925,018			(222,565	)

Class Y
Capital shares sold [1,651,508 and 83,266 shares, respectively]		30,584,096			1,194,295
Capital shares issued in reinvestment of dividends [3,676 and 1,500 shares, respectively]		61,544			21,083
Capital shares redeemed [(261,845) and (865,170) shares, respectively]		(4,813,563	)		(12,286,725	)

Total Class Y transactions		25,832,077			(11,071,347	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		97,463,982			(16,070,364	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		117,066,168			(3,980,391	)
NET ASSETS:
Beginning of year		70,953,255			74,933,646

End of year (a)	$	188,019,423		$	70,953,255


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(6,550	)	$	209,150

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE LARGE CAP GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Cost $79,915,970) (Securities on loan at market value $3,243,218)	$	81,530,305
Receivable for securities sold		2,248,990
Receivable for Fund shares sold		107,141
Dividends, interest and other receivables		32,632
Receivable from investment manager		70,073
Other assets		7,933

Total assets		83,997,074

LIABILITIES
Collateral held for loaned securities		3,325,850
Payable for Fund shares redeemed		692,050
Payable for securities purchased		612,063
Distribution fees payable		10,158
Trustees’ fees payable		4,766
Administrative fees payable		4,475
Accrued expenses		76,374

Total liabilities		4,725,736

NET ASSETS	$	79,271,338

Net assets were comprised of:
Paid in capital	$	192,655,465
Accumulated overdistributed net investment income		(1,857	)
Accumulated overdistributed net realized gain		(114,996,605	)
Unrealized appreciation on investments		1,614,335

Net assets	$	79,271,338

Class A
Net asset value, offering and redemption price per share, $30,243,624 / 2,723,281 shares outstanding (unlimited amount authorized: $0.001 par value).	$	11.11
Maximum sales charge (4.75% of offering price)		0.55

Maximum offering price to public	$	11.66

Class B
Net asset value and offering price per share, $35,384,704 / 3,253,755 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.88

Class C
Net asset value and offering price per share, $12,049,992 / 1,108,853 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.87

Class Y
Net asset value, offering and redemption price per share, $1,593,018 / 141,799 shares outstanding (unlimited amount authorized: $0.001 par value).	$	11.23

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006


INVESTMENT INCOME
Dividends	$	896,253
Interest		149,835
Securities lending (net)		5,290

Total income		1,051,378

EXPENSES
Investment management fees		654,297
Transfer agent fees		507,000
Administrative fees		50,796
Professional fees		38,758
Printing and mailing expenses		35,179
Trustees’ fees		13,029
Custodian fees		2,500
Distribution fees - Class A		153,321
Distribution fees - Class B		402,860
Distribution fees - Class C		136,757
Miscellaneous		68,368

Gross expenses		2,062,865
Less: Waiver from investment advisor		(339,177	)
Fees paid indirectly		(153,957	)

Net expenses		1,569,731

NET INVESTMENT LOSS		(518,353	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		7,953,412
Net change in unrealized depreciation on securities		(3,613,683	)

NET REALIZED AND UNREALIZED GAIN		4,339,729

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,821,376

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE LARGE CAP GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(518,353	)	$	(419,113	)
Net realized gain on investments		7,953,412			15,383,037
Net change in unrealized depreciation on investments		(3,613,683	)		(6,097,372	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		3,821,376			8,866,552

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(59,996	)		—
Class Y		(10,240	)		—

		(70,236	)		—

Distributions from net realized capital gains
Class A		(837,508	)		—
Class B		(990,356	)		—
Class C		(330,327	)		—
Class Y		(35,528	)		—

		(2,193,719	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(2,263,955	)		—

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [498,352 and 543,121 shares, respectively]		5,417,662			5,766,664
Capital shares issued in reinvestment of dividends and distributions [78,239 and 0 shares, respectively]		857,448			—
Capital shares issued in connection with merger (Note 11) [0 and 1,199,426 shares, respectively]		—			13,346,154
Capital shares redeemed [(1,437,466) and (1,326,969) shares, respectively]		(15,683,121	)		(14,085,110	)

Total Class A transactions		(9,408,011	)		5,027,708

Class B
Capital shares sold [271,587 and 271,039 shares, respectively]		2,890,895			2,813,190
Capital shares issued in reinvestment of distributions [85,995 and 0 shares, respectively]		927,904			—
Capital shares issued in connection with merger (Note 11) [0 and 1,212,101 shares, respectively]		—			13,275,743
Capital shares redeemed [(1,363,142) and (1,360,642) shares, respectively]		(14,638,203	)		(14,230,454	)

Total Class B transactions		(10,819,404	)		1,858,479

Class C
Capital shares sold [109,310 and 122,929 shares, respectively]		1,168,222			1,279,241
Capital shares issued in reinvestment of distributions [26,779 and 0 shares, respectively]		288,681			—
Capital shares issued in connection with merger (Note 11) [0 and 626,051 shares, respectively]		—			6,858,863
Capital shares redeemed [(458,627) and (442,850) shares, respectively]		(4,903,958	)		(4,647,676	)

Total Class C transactions		(3,447,055	)		3,490,428

Class Y
Capital shares sold [5,849 and 9,390 shares, respectively]		65,048			100,880
Capital shares issued in reinvestment of dividends and distributions [3,345 and 0 shares, respectively]		36,836			—
Capital shares issued in connection with merger (Note 11) [0 and 128,000 shares, respectively]		—			1,439,211
Capital shares redeemed [(17,184) and (18,018) shares, respectively]		(190,458	)		(190,989	)

Total Class Y transactions		(88,574	)		1,349,102

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(23,763,044	)		11,725,717

TOTAL INCREASE (DECREASE) IN NET ASSETS		(22,205,623	)		20,592,269
NET ASSETS:
Beginning of year		101,476,961			80,884,692

End of year (a)	$	79,271,338		$	101,476,961


(a) Includes accumulated overdistributed net investment income of	$	(1,857	)	$	(17	)

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE MONEY MARKET FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Amortized Cost $120,913,354)	$	120,913,354
Dividends, interest and other receivables		78,691
Receivable from investment manager		5,812
Other assets		47,031

Total assets		121,044,888

LIABILITIES
Overdraft payable		52,516
Dividends payable		506,824
Payable for Fund shares redeemed		53,973
Administrative fees payable		11,754
Trustees’ fees payable		10,609
Accrued expenses		1,091,441

Total liabilities		1,727,117

NET ASSETS	$	119,317,771

Net assets were comprised of:
Paid in capital	$	119,314,023
Accumulated undistributed net investment income		3,348
Accumulated undistributed net realized gain		400

Net assets	$	119,317,771

Class A
Net asset value, offering and redemption price per share, $75,189,360 / 75,187,322 shares outstanding (unlimited amount authorized: $0.001 par value).	$	1.00

Class B
Net asset value and offering price per share, $22,697,280 / 22,696,982 shares outstanding (unlimited amount authorized: $0.001 par value).	$	1.00

Class C
Net asset value and offering price per share, $9,825,967 / 9,825,623 shares outstanding (unlimited amount authorized: $0.001 par value)	$	1.00

Class Y
Net asset value, offering and redemption price per share, $11,605,164 / 11,604,781 shares outstanding (unlimited amount authorized: $0.001 par value).	$	1.00

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006


INVESTMENT INCOME
Interest	$	5,821,254
Securities lending (net)		56

Total Income		5,821,310

EXPENSES
Transfer agent fees		605,500
Investment management fees		389,298
Custodian fees		80,500
Administrative fees		72,881
Professional fees		42,652
Printing and mailing expenses		42,432
Trustees’ fees		19,717
Miscellaneous		111,526

Gross expenses		1,364,506
Less: Waiver from investment advisor		(462,179	)
Reimbursement from investment advisor		(76,544	)

Net expenses		825,783

NET INVESTMENT INCOME		4,995,527

REALIZED GAIN
Net realized gain on securities		1,766

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,997,293

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE MONEY MARKET FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,995,527		$	5,156,799
Net realized gain on investments		1,766			580

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		4,997,293			5,157,379

DIVIDENDS:
Dividends from net investment income
Class A		(3,096,132	)		(4,045,221	)
Class B		(1,045,702	)		(679,770	)
Class C		(417,000	)		(232,317	)
Class Y		(436,691	)		(198,091	)

TOTAL DIVIDENDS		(4,995,525	)		(5,155,399	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 65,038,063 and 124,259,401 shares, respectively]		65,038,067			124,259,390
Capital shares issued in reinvestment of dividends [ 2,864,832 and 3,794,102 shares, respectively ]		2,864,687			3,794,113
Capital shares redeemed [ (63,220,429) and (392,892,435) shares, respectively ]		(63,220,430	)		(392,892,435	)

Total Class A transactions		4,682,324			(264,838,932	)

Class B
Capital shares sold [ 14,721,638 and 18,195,748 shares, respectively ]		14,721,638			18,195,748
Capital shares issued in reinvestment of dividends [ 972,148 and 571,124 shares, respectively ]		972,140			571,174
Capital shares redeemed [ (21,122,199) and (29,310,758) shares, respectively ]		(21,122,200	)		(29,311,359	)

Total Class B transactions		(5,428,422	)		(10,544,437	)

Class C
Capital shares sold [ 6,364,283 and 11,615,452 shares, respectively ]		6,364,282			11,615,452
Capital shares issued in reinvestment of dividends [ 390,596 and 191,625 shares, respectively ]		390,633			191,605
Capital shares redeemed [ (8,451,734) and (11,585,816) shares, respectively ]		(8,451,733	)		(11,585,816	)

Total Class C transactions		(1,696,818	)		221,241

Class Y
Capital shares sold [ 3,140,592 and 13,065,165 shares, respectively ]		3,140,592			13,065,165
Capital shares issued in reinvestment of dividends [ 409,739 and 155,310 shares, respectively ]		409,739			155,310
Capital shares redeemed [ (896,091) and (11,839,149) shares, respectively ]		(896,091	)		(11,839,149	)

Total Class Y transactions		2,654,240			1,381,326

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		211,324			(273,780,802	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		213,092			(273,778,822	)
NET ASSETS:
Beginning of year		119,104,679			392,883,501

End of year (a)	$	119,317,771		$	119,104,679


(a) Includes accumulated undistributed net investment income of	$	3,348		$	1,980

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SHORT DURATION BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Cost $55,780,252) (Securities on loan at market value $5,432,467)	$	55,504,389
Dividends, interest and other receivables		260,241
Receivable for Fund shares sold		232,230
Receivable for securities sold		4,282
Other assets		43,403

Total assets		56,044,545

LIABILITIES
Overdraft payable		1,800
Collateral held for loaned securities		4,178,064
Payable for securities purchased		2,030,717
Dividends payable		171,355
Payable for Fund shares redeemed		39,765
Trustees’ fees payable		3,552
Administrative fees payable		2,852
Distribution fees payable		2,509
Investment management fees payable		384
Accrued expenses		54,678

Total liabilities		6,485,676

NET ASSETS	$	49,558,869

Net assets were comprised of:
Paid in capital	$	50,361,100
Accumulated undistributed net investment income		13,162
Accumulated net realized loss		(539,530	)
Unrealized depreciation on investments		(275,863	)

Net assets	$	49,558,869

Class A
Net asset value, offering and redemption price per share, $16,869,508 / 1,715,689 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.83
Maximum sales charge (3.50% of offering price)		0.36

Maximum offering price to public	$	10.19

Class B
Net asset value and offering price per share, $6,569,465 / 669,519 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.81

Class C
Net asset value and offering price per share, $4,496,112 / 458,328 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.81

Class Y
Net asset value, offering and redemption price per share, $21,623,784/ 2,199,038 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.83

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006


INVESTMENT INCOME
Interest	$	2,247,394
Securities lending (net)		6,071

Total income		2,253,465

EXPENSES
Investment management fees		204,853
Transfer agent fees		111,500
Professional fees		34,863
Administrative fees		27,201
Printing and mailing expenses		17,185
Custodian fees		9,000
Trustees’ fees		7,036
Distribution fees - Class A		43,749
Distribution fees - Class B		69,904
Distribution fees - Class C		50,895
Miscellaneous		56,870

Gross expenses		633,056
Less: Waiver from investment advisor		(158,847	)

Net expenses		474,209

NET INVESTMENT INCOME		1,779,256

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss on securities		(331,237	)
Net change in unrealized appreciation on securities		364,553

NET REALIZED AND UNREALIZED GAIN		33,316

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,812,572

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SHORT DURATION BOND FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,779,256		$	1,002,257
Net realized loss on investments		(331,237	)		(171,544	)
Net change in unrealized appreciation (depreciation) on investments		364,553			(516,353	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,812,572			314,360

DIVIDENDS:
Dividends from net investment income
Class A		(672,021	)		(463,875	)
Class B		(216,221	)		(191,997	)
Class C		(157,402	)		(143,164	)
Class Y		(743,603	)		(216,817	)

TOTAL DIVIDENDS		(1,789,247	)		(1,015,853	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 984,816 and 834,400 shares, respectively]		9,659,778			8,292,315
Capital shares issued in reinvestment of dividends [ 60,127 and 36,598 shares, respectively ]		588,479			363,287
Capital shares redeemed [ (1,016,068) and (558,360) shares, respectively ]		(9,955,383	)		(5,545,831	)

Total Class A transactions		292,874			3,109,771

Class B
Capital shares sold [ 81,123 and 148,977 shares, respectively]		791,845			1,477,882
Capital shares issued in reinvestment of dividends [ 15,885 and 13,442 shares, respectively ]		155,906			133,296
Capital shares redeemed [ (201,722) and (283,528) shares, respectively ]		(1,974,265	)		(2,810,385	)

Total Class B transactions		(1,026,514	)		(1,199,207	)

Class C
Capital shares sold [ 146,813 and 160,263 shares, respectively ]		1,431,480			1,588,787
Capital shares issued in reinvestment of dividends [ 10,831 and 8,696 shares, respectively ]		105,855			86,116
Capital shares redeemed [ (298,700) and (239,854) shares, respectively ]		(2,919,084	)		(2,378,497	)

Total Class C transactions		(1,381,749	)		(703,594	)

Class Y
Capital shares sold [ 951,791 and 1,456,508 shares, respectively ]		9,322,143			14,483,370
Capital shares issued in reinvestment of dividends [ 67,645 and 14,548 shares, respectively ]		662,411			144,106
Capital shares redeemed [ (227,573) and (206,242) shares, respectively ]		(2,228,990	)		(2,041,053	)

Total Class Y transactions		7,755,564			12,586,423

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		5,640,175			13,793,393

TOTAL INCREASE IN NET ASSETS		5,663,500			13,091,900
NET ASSETS:
Beginning of year		43,895,369			30,803,469

End of year (a)	$	49,558,869		$	43,895,369


(a) Includes accumulated undistributed net investment income of	$	13,162		$	6,957

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Cost $93,052,022) (Securities on loan at market value $31,731,617)	$	113,120,532
Repurchase Agreement (Amortized cost $32,662,131)		32,662,131
Receivable for Fund shares sold		281,592
Dividends, interest and other receivables		18,477
Other assets		33,669

Total assets		146,116,401

LIABILITIES
Overdraft payable		485,791
Collateral held for loaned securities		32,662,131
Payable for securities purchased		1,128,401
Payable for Fund shares redeemed		1,066,855
Investment management fees payable		30,369
Distribution fees payable		10,874
Trustees’ fees payable		8,654
Administrative fees payable		6,536
Accrued expenses		149,464

Total liabilities		35,549,075

NET ASSETS	$	110,567,326

Net assets were comprised of:
Paid in capital	$	84,378,115
Accumulated net investment loss		(8,631	)
Accumulated undistributed net realized gain		6,129,332
Unrealized appreciation on investments		20,068,510

Net assets	$	110,567,326

Class A
Net asset value and redemption price per share, $47,721,107 / 1,455,965 shares outstanding (unlimited amount authorized: $0.001 par value)	$	32.78
Maximum sales charge (4.75% of offering price)		1.63

Maximum offering price to public	$	34.41

Class B
Net asset value and offering price per share, $30,514,840 / 989,647 shares outstanding (unlimited amount authorized: $0.001 par value)	$	30.83

Class C
Net asset value and offering price per share, $13,294,125 / 429,394 shares outstanding (unlimited amount authorized: $0.001 par value)	$	30.96

Class Y
Net asset value, offering and redemption price per Share, $19,037,254 / 555,301 shares outstanding (unlimited amount authorized: $0.001 par value).	$	34.28

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006


INVESTMENT INCOME
Dividends	$	158,478
Interest		119,971
Securities lending (net)		103,180

Total income		381,629

EXPENSES
Investment management fees		1,059,461
Transfer agent fees		553,500
Administrative fees		61,958
Professional fees		42,018
Printing and mailing expenses		38,304
Trustees’ fees		16,278
Custodian fees		4,501
Distribution fees - Class A		207,439
Distribution fees - Class B		327,139
Distribution fees - Class C		138,616
Miscellaneous		93,868

Gross expenses		2,543,082
Less: Waiver from investment advisor		(571,706	)
Fees paid indirectly		(50,863	)

Net expenses		1,920,513

NET INVESTMENT LOSS		(1,538,884	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		6,136,345
Net change in unrealized appreciation on securities		17,302,020

NET REALIZED AND UNREALIZED GAIN		23,438,365

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,899,481

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(1,538,884	)	$	(1,233,331	)
Net realized gain on investments and foreign currency transactions		6,136,345			19,121,768
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		17,302,020			(10,747,702	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		21,899,481			7,140,735

DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		(2,512,921	)		—
Class B		(2,034,805	)		—
Class C		(836,467	)		—
Class Y		(688,031	)		—

TOTAL DISTRIBUTIONS		(6,072,224	)		—

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [466,515 and 475,037 shares, respectively]		14,406,847			13,500,312
Capital shares issued in reinvestment of distributions [85,233 and 0 shares, respectively]		2,404,980			—
Capital shares redeemed [(617,602) and (623,827) shares, respectively]		(18,860,972	)		(17,719,547	)

Total Class A transactions		(2,049,145	)		(4,219,235	)

Class B
Capital shares sold [115,855 and 144,901 shares, respectively]		3,381,612			3,905,074
Capital shares issued in reinvestment of distributions [71,443 and 0 shares, respectively]		1,905,295			—
Capital shares redeemed [(431,638) and (393,317) shares, respectively]		(12,550,581	)		(10,622,807	)

Total Class B transactions		(7,263,674	)		(6,717,733	)

Class C
Capital shares sold [90,723 and 96,641 shares, respectively]		2,645,800			2,611,285
Capital shares issued in reinvestment of distributions [27,767 and 0 shares, respectively]		743,269			—
Capital shares redeemed [(188,590) and (222,922) shares, respectively]		(5,482,809	)		(6,036,443	)

Total Class C transactions		(2,093,740	)		(3,425,158	)

Class Y
Capital shares sold [219,163 and 165,421 shares, respectively]		7,059,819			4,834,515
Capital shares issued in reinvestment of distributions [21,882 and 0 shares, respectively]		643,122			—
Capital shares redeemed [(89,377) and (143,254) shares, respectively]		(2,841,985	)		(4,231,913	)

Total Class Y transactions		4,860,956			602,602

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(6,545,603	)		(13,759,524	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		9,281,654			(6,618,789	)
NET ASSETS:
Beginning of year		101,285,672			107,904,461

End of year (a)	$	110,567,326		$	101,285,672


(a) Includes accumulated net investment loss of	$	(8,631	)	$	—

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Securities on loan at market value $139,999,441):
Unaffiliated issuers (Cost $345,579,990)	$	558,735,419
Affiliated issuer (Cost $563,822)		923,100
Repurchase Agreement
(Amortized cost $143,974,819)		143,974,819
Receivable for Fund shares sold		2,283,289
Dividends, interest and other receivables		229,937
Other assets		70,420

Total assets		706,216,984

LIABILITIES
Collateral held for loaned securities		143,974,819
Payable for Fund shares redeemed		3,285,732
Investment management fees payable		342,480
Distribution fees payable		64,080
Administrative fees payable		33,757
Trustees’ fees payable		14,406
Accrued expenses		532,577

Total liabilities		148,247,851

NET ASSETS	$	557,969,133

Net assets were comprised of:
Paid in capital	$	285,859,902
Accumulated undistributed net investment income		710,717
Accumulated undistributed net realized gain		57,883,807
Unrealized appreciation on investments		213,514,707

Net assets	$	557,969,133

Class A
Net asset value and redemption price per share, $264,595,088 / 20,056,688 shares outstanding (unlimited amount authorized: $0.001 par value).	$	13.19
Maximum sales charge (4.75% of offering price)		0.66

Maximum offering price to public	$	13.85

Class B
Net asset value and offering price per share, $175,297,364 / 14,389,520 shares outstanding (unlimited amount authorized: $0.001 par value).	$	12.18

Class C
Net asset value and offering price per share, $92,122,901 / 7,363,957 shares outstanding (unlimited amount authorized: $0.001 par value).	$	12.51

Class Y
Net asset value, offering and redemption price per share, $25,953,780 / 1,850,944 shares outstanding (unlimited amount authorized: $0.001 par value).	$	14.02

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006


INVESTMENT INCOME
Dividends (including $24,480 of dividend income received from affiliate)	$	10,378,952
Interest		565,939
Securities lending (net)		275,695

Total income		11,220,586

EXPENSES
Investment management fees		4,135,133
Transfer agent fees		1,441,000
Administrative fees		325,541
Printing and mailing expenses		200,347
Professional fees		94,496
Trustees’ fees		84,356
Custodian fees		67,000
Distribution fees - Class A		1,153,763
Distribution fees - Class B		1,885,628
Distribution fees - Class C		982,500
Miscellaneous		184,142

Gross expenses		10,553,906
Less: Fees paid indirectly		(47,680	)

Net expenses		10,506,226

NET INVESTMENT INCOME		714,360

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		60,857,816
Net change in unrealized appreciation on securities		37,690,507

NET REALIZED AND UNREALIZED GAIN		98,548,323

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	99,262,683

See Notes to Financial Statements.

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY VALUE FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	714,360		$	(4,265,862	)
Net realized gain on investments and foreign currency transactions		60,857,816			25,593,148
Net change in unrealized appreciation on investments and foreign currency translations.		37,690,507			43,304,213

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		99,262,683			64,631,499

DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		(9,781,122	)		(3,477,468	)
Class B		(8,205,145	)		(3,030,602	)
Class C		(4,249,073	)		(1,633,776	)
Class Y		(817,771	)		(129,682	)

TOTAL DISTRIBUTIONS		(23,053,111	)		(8,271,528	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 4,147,350 and 4,533,453 shares, respectively]		50,500,677			51,797,222
Capital shares issued in reinvestment of distributions [ 761,799 and 272,811 shares, respectively]		8,632,827			3,104,424
Capital shares redeemed [ (6,830,035) and (7,169,650) shares, respectively]		(82,829,188	)		(81,756,762	)

Total Class A transactions.		(23,695,684	)		(26,855,116	)

Class B
Capital shares sold [ 954,945 and 1,743,761 shares, respectively]		10,714,387			18,501,773
Capital shares issued in reinvestment of distributions [719,590 and 261,661 shares, respectively]		7,563,403			2,786,796
Capital shares redeemed [ (5,817,686) and (4,761,446) shares, respectively]		(65,506,209	)		(50,862,596	)

Total Class B transactions		(47,228,419	)		(29,574,027	)

Class C
Capital shares sold [549,227 and 1,381,638 shares, respectively]		6,305,698			15,063,010
Capital shares issued in reinvestment of distributions [342,412 and 128,127 shares, respectively]		3,694,604			1,399,145
Capital shares redeemed [ (3,349,062) and (3,115,137) shares, respectively]		(38,476,880	)		(33,997,758	)

Total Class C transactions		(28,476,578	)		(17,535,603	)

Class Y
Capital shares sold [ 451,386 and 1,166,184 shares, respectively]		5,802,058			13,929,438
Capital shares issued in reinvestment of distributions [62,187 and 8,283 shares, respectively]		745,617			99,143
Capital shares redeemed [ (453,663) and (257,093) shares, respectively]		(5,750,295	)		(3,125,951	)

Total Class Y transactions.		797,380			10,902,630

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(98,603,301	)		(63,062,116	)

TOTAL DECREASE IN NET ASSETS		(22,393,729	)		(6,702,145	)
NET ASSETS:
Beginning of year		580,362,862			587,065,007

End of year (a)	$	557,969,133		$	580,362,862


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	710,717		$	(3,643	)

See Notes to Financial Statements.

100

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SOCIALLY RESPONSIBLE FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Cost $21,269,576) (Securities on loan at market value $1,930,421)	$	22,293,821
Foreign cash (Cost $91)		91
Dividends, interest and other receivables		48,846
Receivable for Fund shares sold		42,880
Receivable from investment manager		6,299
Other assets		39,090

Total assets		22,431,027

LIABILITIES
Collateral held for loaned securities		1,968,467
Payable for Fund shares redeemed		97,650
Distribution fees payable		2,292
Trustees' fees payable		1,395
Administrative fees payable		1,237
Accrued expenses		36,079

Total liabilities		2,107,120

NET ASSETS	$	20,323,907

Net assets were comprised of:
Paid in capital	$	15,149,165
Accumulated undistributed net investment income		75,836
Accumulated undistributed net realized gain		4,074,453
Unrealized appreciation on investments and foreign currency translations		1,024,453

Net assets	$	20,323,907

Class A
Net asset value, offering and redemption price per share, $10,241,077 / 850,708 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.04
Maximum sales charge (4.75% of offering price)		0.60

Maximum offering price to public	$	12.64

Class B
Net asset value and offering price per share, $3,682,948 / 315,645 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.67

Class C
Net asset value and offering price per share, $5,579,769 / 478,449 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.66

Class Y
Net asset value, offering and redemption price per share, $820,113 / 66,552 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.32

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006


INVESTMENT INCOME
Dividends	$	364,070
Interest		23,993
Securities lending (net)		1,298

Total income		389,361

EXPENSES
Investment management fees		170,803
Transfer agent fees		63,700
Professional fees		30,109
Custodian fees		16,500
Administrative fees		11,175
Printing and mailing expenses		7,319
Trustees’ fees		2,846
Distribution fees - Class A		35,295
Distribution fees - Class B		33,573
Distribution fees - Class C		44,591
Miscellaneous		40,555

Gross expenses		456,466
Less: Waiver from investment advisor		(90,493	)
Fees paid indirectly		(44,635	)

Net expenses		321,338

NET INVESTMENT INCOME		68,023

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		4,121,360
Foreign currency transactions		8,845

Net realized gain		4,130,205

Change in unrealized depreciation on:
Securities		(485,254	)
Foreign currency translations		(159	)

Net change in unrealized depreciation		(485,413	)

NET REALIZED AND UNREALIZED GAIN		3,644,792

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,712,815

See Notes to Financial Statements.

101

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AXA ENTERPRISE SOCIALLY RESPONSIBLE FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	68,023		$	12,476
Net realized gain on investments and foreign currency transactions		4,130,205			519,084
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(485,413	)		600,049

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		3,712,815			1,131,609

DIVIDENDS:
Dividends from net investment income
Class A		—			(13,998	)
Class Y		—			(15,412	)

TOTAL DIVIDENDS		—			(29,410	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [365,269 and 217,411 shares, respectively]		4,149,342			2,145,455
Capital shares issued in reinvestment of dividends [0 and 1,240 shares, respectively]		—			12,311
Capital shares redeemed [(201,165) and (133,125) shares, respectively]		(2,211,621	)		(1,318,480	)

Total Class A transactions		1,937,721			839,286

Class B
Capital shares sold [50,737 and 69,503 shares, respectively]		557,217			670,291
Capital shares redeemed [(44,043) and (39,622) shares, respectively]		(478,194	)		(379,061	)

Total Class B transactions		79,023			291,230

Class C
Capital shares sold [173,214 and 156,867 shares, respectively]		1,897,393			1,515,397
Capital shares redeemed [(63,104) and (32,204) shares, respectively]		(677,326	)		(311,746	)

Total Class C transactions		1,220,067			1,203,651

Class Y
Capital shares sold [239,007 and 314,229 shares, respectively]		2,656,592			3,169,188
Capital shares issued in reinvestment of dividends [0 and 654 shares, respectively]		—			6,592
Capital shares redeemed [(660,960) and (29,960) shares, respectively]		(7,782,529	)		(303,495	)

Total Class Y transactions		(5,125,937	)		2,872,285

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(1,889,126	)		5,206,452

TOTAL INCREASE IN NET ASSETS		1,823,689			6,308,651
NET ASSETS:
Beginning of year		18,500,218			12,191,567

End of year (a)	$	20,323,907		$	18,500,218


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	75,836		$	(1,032	)

See Notes to Financial Statements.

102

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE TAX-EXEMPT INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2006


ASSETS
Investments at value (Cost $21,148,351)	$	22,400,726
Dividends, interest and other receivables		341,942
Receivable for Fund shares sold		43,035
Receivable from investment manager		2,405
Other assets		21,186

Total assets		22,809,294

LIABILITIES
Dividends payable		70,267
Payable for Fund shares redeemed		27,589
Distribution fees payable		2,247
Trustees’ fees payable		2,201
Administrative fees payable		1,257
Accrued expenses		48,547

Total liabilities		152,108

NET ASSETS	$	22,657,186

Net assets were comprised of:
Paid in capital	$	21,175,416
Accumulated undistributed net investment income		7,495
Accumulated undistributed net realized gain		221,900
Unrealized appreciation on investments		1,252,375

Net assets	$	22,657,186

Class A
Net asset value, offering and redemption price per share, $16,199,423 / 1,174,651 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.79
Maximum sales charge (4.75% of offering price)		0.69

Maximum offering price to public	$	14.48

Class B
Net asset value and offering price per share, $3,856,406 / 279,348 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.81

Class C
Net asset value, and offering price per share, $2,551,427 / 184,850 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.80

Class Y
Net asset value, offering and redemption price per share, $49,930 / 3,618 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.80

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2006


INVESTMENT INCOME
Interest	$	1,158,848

EXPENSES
Investment management fees		113,954
Transfer agent fees		38,000
Professional fees		34,600
Administrative fees		13,557
Printing and mailing expenses		7,819
Custodian fees		6,500
Trustees’ fees		3,661
Distribution fees - Class A		72,778
Distribution fees - Class B		48,563
Distribution fees - Class C		26,429
Miscellaneous		72,593

Gross expenses		438,454
Less: Waiver from investment advisor		(127,511	)
Reimbursement from investment advisor		(8,866	)

Net expenses		302,077

NET INVESTMENT INCOME		856,771

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		221,960
Net change in unrealized depreciation on securities		(172,516	)

NET REALIZED AND UNREALIZED GAIN		49,444

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	906,215

See Notes to Financial Statements.

103

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE TAX-EXEMPT INCOME FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	856,771		$	1,023,965
Net realized gain on investments		221,960			154,424
Net change in unrealized depreciation on investments		(172,516	)		(836,603	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		906,215			341,786

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(611,589	)		(723,829	)
Class B		(156,832	)		(188,233	)
Class C		(85,482	)		(100,754	)
Class Y		(2,868	)		(4,258	)

		(856,771	)		(1,017,074	)

Distributions from net realized capital gains
Class A		(102,861	)		(18,705	)
Class B		(33,191	)		(5,560	)
Class C		(17,153	)		(2,800	)
Class Y		(629	)		(89	)

		(153,834	)		(27,154	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(1,010,605	)		(1,044,228	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [145,051 and 130,085 shares, respectively]		1,990,047			1,832,187
Capital shares issued in reinvestment of dividends and distributions [34,309 and 31,486 shares, respectively]		471,895			443,824
Capital shares redeemed [(299,500) and (419,995) shares, respectively]		(4,111,598	)		(5,920,723	)

Total Class A transactions		(1,649,656	)		(3,644,712	)

Class B
Capital shares sold [19,341 and 39,715 shares, respectively]		266,336			559,282
Capital shares issued in reinvestment of dividends and distributions [9,121 and 8,414 shares, respectively]		125,734			118,616
Capital shares redeemed [(163,003) and (107,224) shares, respectively]		(2,234,117	)		(1,511,483	)

Total Class B transactions		(1,842,047	)		(833,585	)

Class C
Capital shares sold [28,951 and 45,663 shares, respectively]		397,707			643,503
Capital shares issued in reinvestment of dividends and distributions [4,195 and 3,998 shares, respectively]		57,755			56,358
Capital shares redeemed [(52,553) and (86,389) shares, respectively]		(721,758	)		(1,216,503	)

Total Class C transactions		(266,296	)		(516,642	)

Class Y
Capital shares sold [0 and 392 shares, respectively]		—			5,504
Capital shares issued in reinvestment of dividends and distributions [90 and 141 shares, respectively]		1,240			1,986
Capital shares redeemed [(4,171) and (75) shares, respectively]		(57,797	)		(1,049	)

Total Class Y transactions		(56,557	)		6,441

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(3,814,556	)		(4,988,498	)

TOTAL DECREASE IN NET ASSETS		(3,918,946	)		(5,690,940	)
NET ASSETS:
Beginning of year		26,576,132			32,267,072

End of year (a)	$	22,657,186		$	26,576,132


(a) Includes accumulated undistributed net investment income of	$	7,495		$	7,495

See Notes to Financial Statements.

104

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE CAPITAL APPRECIATION FUND

FINANCIAL HIGHLIGHTS


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class A	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	33.86		$	29.94		$	29.66		$	22.47		$	27.23		$	34.21

Income (loss) from investment operations:
Net investment loss		(0.22	)		(0.19	)		(0.14	)		(0.21	)		(0.25	)		(0.24	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.29			4.11			0.42			7.40			(4.51	)		(6.75	)

Total from investment operations		2.07			3.92			0.28			7.19			(4.76	)		(6.99	)

Redemption fees		—	#		—	#		—	#		—	#		—	#		0.01

Net asset value, end of period	$	35.93		$	33.86		$	29.94		$	29.66		$	22.47		$	27.23

Total return (b)†		6.11	%		13.09	%		0.94	%		32.00	%		(17.48	)%		(20.40	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	196,491		$	195,039		$	159,201		$	147,894		$	96,878		$	128,957
Ratio of expenses to average net assets:
After waivers (a)		1.55	%		1.65	%		1.61	%		1.62	%		1.67	%		1.61	%
After waivers and fees paid indirectly (a)		1.54	%		1.62	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.55	%		1.65	%		1.63	%		1.62	%		1.67	%		1.63	%
Ratio of net investment loss to average net assets:
After waivers (a)		(0.63	)%		(0.60	)%		(0.56	)%		(0.82	)%		(0.95	)%		(0.84	)%
After waivers and fees paid indirectly (a)		(0.61	)%		(0.57	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(0.63	)%		(0.60	)%		(0.58	)%		(0.82	)%		(0.95	)%		(0.86	)%
Portfolio turnover rate (f)		63	%		74	%		69	%		82	%		111	%		111	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—			*	*		*	*		*	*		*	*

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class B	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	31.28		$	27.81		$	27.69		$	21.09		$	25.70		$	32.47

Income (loss) from investment operations:
Net investment loss		(0.38	)		(0.34	)		(0.25	)		(0.33	)		(0.37	)		(0.37	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.11			3.81			0.37			6.93			(4.24	)		(6.40	)

Total from investment operations		1.73			3.47			0.12			6.60			(4.61	)		(6.77	)

Redemption fees		—			—	#		—	#		—	#		—			—

Net asset value, end of period	$	33.01		$	31.28		$	27.81		$	27.69		$	21.09		$	25.70

Total return (b)†		5.50	%		12.51	%		0.43	%		31.29	%		(17.94	)%		(20.85	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	67,131		$	75,060		$	66,639		$	70,714		$	44,262		$	56,243
Ratio of expenses to average net assets:
After waivers (a)		2.10	%		2.20	%		2.16	%		2.17	%		2.22	%		2.16	%
After waivers and fees paid indirectly (a)		2.09	%		2.17	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.10	%		2.20	%		2.18	%		2.17	%		2.22	%		2.18	%
Ratio of net investment loss to average net assets:
After waivers (a)		(1.18	)%		(1.15	)%		(1.11	)%(e)		(1.39	)%		(1.51	)%		(1.40	)%
After waivers and fees paid indirectly (a)		(1.16	)%		(1.12	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(1.18	)%		(1.15	)%		(1.13	)%(e)		(1.39	)%		(1.51	)%		(1.42	)%
Portfolio turnover rate (f)		63	%		74	%		69	%		82	%		111	%		111	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—			*	*		*	*		*	*		*	*

See Notes to Financial Statements.

105

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE CAPITAL APPRECIATION FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class C	2006(c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	32.19		$	28.62		$	28.49		$	21.70		$	26.43		$	33.40

Income (loss) from investment operations:
Net investment loss		(0.39	)		(0.35	)		(0.26	)		(0.35	)		(0.38	)		(0.38	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.17			3.92			0.39			7.14			(4.35	)		(6.59	)

Total from investment operations		1.78			3.57			0.13			6.79			(4.73	)		(6.97	)

Redemption fees		—	#		—	#		—	#		—	#		—			—

Net asset value, end of period	$	33.97		$	32.19		$	28.62		$	28.49		$	21.70		$	26.43

Total return (b)†		5.53	%		12.47	%		0.46	%		31.29	%		(17.90	)%		(20.87	)%

Ratios/Supplemental Data:
Net assets, end of period (000's)	$	65,458		$	60,395		$	37,032		$	28,922		$	15,135		$	17,156
Ratio of expenses to average net assets:
After waivers (a)		2.10	%		2.20	%		2.16	%		2.16	%		2.22	%		2.16	%
After waivers and fees paid indirectly (a)		2.09	%		2.17	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.10	%		2.20	%		2.18	%		2.16	%		2.22	%		2.18	%
Ratio of net investment loss to average net assets:
After waivers (a)		(1.17	)%		(1.15	)%		(1.11	)%		(1.39	)%		(1.51	)%		(1.39	)%
After waivers and fees paid indirectly (a)		(1.16	)%		(1.12	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(1.17	)%		(1.15	)%		(1.13	)%		(1.39	)%		(1.51	)%		(1.41	)%
Portfolio turnover rate (f)		63	%		74	%		69	%		82	%		111	%		111	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—			*	*		*	*		*	*		*	*

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class Y	2006(c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	35.24		$	31.01		$	30.62		$	23.09		$	27.85		$	34.84

Income (loss) from investment operations:
Net investment loss		(0.06	)		(0.04	)		(0.03	)		(0.12	)		(0.14	)		(0.11	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.39			4.27			0.42			7.65			(4.62	)		(6.88	)

Total from investment operations		2.33			4.23			0.39			7.53			(4.76	)		(6.99	)

Redemption fees		—			—			—	#		—	#		—			—

Net asset value, end of period	$	37.57		$	35.24		$	31.01		$	30.62		$	23.09		$	27.85

Total return (b)		6.61	%		13.64	%		1.27	%		32.61	%		(17.09	)%		(20.06	)%

Ratios/Supplemental Data:
Net assets, end of period (000's)	$	69,467		$	49,158		$	7,125		$	4,033		$	970		$	433
Ratio of expenses to average net assets:
After waivers (a)		1.10	%		1.20	%		1.16	%(e)		1.16	%		1.23	%		1.16	%
After waivers and fees paid indirectly (a)		1.09	%		1.17	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.10	%		1.20	%		1.18	%(e)		1.16	%		1.23	%		1.18	%
Ratio of net investment loss to average net assets:
After waivers (a)		(0.17	)%		(0.15	)%		(0.11	)%		(0.46	)%		(0.56	)%		(0.40	)%
After waivers and fees paid indirectly (a)		(0.16	)%		(0.12	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(0.17	)%		(0.15	)%		(0.13	)%		(0.46	)%		(0.56	)%		(0.42	)%
Portfolio turnover rate (f)		63	%		74	%		69	%		82	%		111	%		111	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—			*	*		*	*		*	*		*	*

See Notes to Financial Statements.

106

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE DEEP VALUE FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,						May 31, 2001* to December 31, 2001(c)
Class A	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			May 31, 2001* to December 31, 2001(c)
Net asset value, beginning of period	$	11.11		$	9.92		$	9.71		$	7.59		$	9.93		$	10.00

Income (loss) from investment operations:
Net investment income		0.13			0.12			0.05			0.07			0.06			0.02
Net realized and unrealized gain (loss) on investments		1.44			1.14			0.16			2.12			(2.34	)		(0.06	)

Total from investment operations		1.57			1.26			0.21			2.19			(2.28	)		(0.04	)

Less distributions:
Dividends from net investment income		(0.12	)		(0.07	)		—			(0.07	)		(0.05	)		—
Distributions from realized gains		(1.03	)		—			—			—			(0.01	)		(0.03	)

Total dividends and distributions		(1.15	)		(0.07	)		—			(0.07	)		(0.06	)		(0.03	)

Redemption fees		—	#		—	#		—			—			—			—

Net asset value, end of period	$	11.53		$	11.11		$	9.92		$	9.71		$	7.59		$	9.93

Total return (b)†		15.34	%		12.75	%		2.16	%		28.87	%		(22.97	)%		(0.41	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	30,747		$	26,583		$	17,347		$	13,462		$	6,037		$	4,085
Ratio of expenses to average net assets:
After waivers (a)		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
After waivers and fees paid indirectly (a)		1.48	%		1.33	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.77	%		1.91	%		1.88	%		2.06	%		2.29	%		4.31	%
Ratio of net investment income to average net assets:
After waivers (a)		1.14	%		0.89	%		0.63	%		0.90	%		0.67	%		0.28	%
After waivers and fees paid indirectly (a)		1.16	%		1.06	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.87	%		0.48	%		0.25	%		0.34	%		(0.12	)%		(2.53	)%
Portfolio turnover rate (f)		29	%		101	%		34	%		30	%		43	%		16	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.06			*	*		*	*		*	*		*	*

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,						May 31, 2001* to December 31, 2001(c)
Class B	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			May 31, 2001* to December 31, 2001(c)
Net asset value, beginning of period	$	11.01		$	9.83		$	9.67		$	7.57		$	9.90		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.07			0.06			0.01			0.03			0.01			(0.02	)
Net realized and unrealized gain (loss) on investments		1.42			1.13			0.15			2.10			(2.32	)		(0.05	)

Total from investment operations		1.49			1.19			0.16			2.13			(2.31	)		(0.07	)

Less distributions:
Dividends from net investment income		(0.05	)		(0.01	)		—			(0.03	)		(0.01	)		—
Distributions from realized gains		(1.03	)		—			—			—			(0.01	)		(0.03	)

Total dividends and distributions		(1.08	)		(0.01	)		—			(0.03	)		(0.02	)		(0.03	)

Redemption Fees		—	#		—	#		—			—			—			—

Net asset value, end of period	$	11.42		$	11.01		$	9.83		$	9.67		$	7.57		$	9.90

Total return (b)†		14.69	%		12.14	%		1.65	%		28.14	%		(23.35	)%		(0.71	)%

Ratios/Supplemental Data:
Net assets, end of period (000's)	$	16,250		$	16,681		$	14,634		$	11,917		$	6,515		$	4,856
Ratio of expenses to average net assets:
After waivers (a)		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%
After waivers and fees paid indirectly (a)		2.03	%		1.88	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.32	%		2.46	%		2.43	%		2.62	%		2.86	%		4.87	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.61	%		0.34	%		0.08	%(e)		0.36	%		0.12	%		(0.28	)%
After waivers and fees paid indirectly (a)		0.62	%		0.51	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.33	%		(0.07	)%		(0.30	)%(e)		(0.21	)%		(0.69	)%		(3.10	)%
Portfolio turnover rate (f)		29	%		101	%		34	%		30	%		43	%		16	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.06			*	*		*	*		*	*		*	*

See Notes to Financial Statements.

107

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE DEEP VALUE FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,						May 31, 2001* to December 31,
Class C	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	11.01		$	9.83		$	9.67		$	7.57		$	9.90		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.07			0.06			0.01			0.03			0.01			(0.01	)
Net realized and unrealized gain (loss) on investments		1.42			1.13			0.15			2.10			(2.32	)		(0.06	)

Total from investment operations		1.49			1.19			0.16			2.13			(2.31	)		(0.07	)

Less distributions:
Dividends from net investment income		(0.05	)		(0.01	)		—			(0.03	)		(0.01	)		—
Distributions from realized gains		(1.03	)		—			—			—			(0.01	)		(0.03	)

Total dividends and distributions		(1.08	)		(0.01	)		—			(0.03	)		(0.02	)		(0.03	)

Net asset value, end of period	$	11.42		$	11.01		$	9.83		$	9.67		$	7.57		$	9.90

Total return (b)†		14.69	%		12.14	%		1.65	%		28.20	%		(23.38	)%		(0.71	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,390		$	7,034		$	6,805		$	5,020		$	2,374		$	2,039
Ratio of expenses to average net assets:
After waivers (a)		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%
After waivers and fees paid indirectly (a)		2.03	%		1.88	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.32	%		2.46	%		2.43	%		2.61	%		2.86	%		4.88	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.60	%		0.34	%		0.08	%(e)		0.35	%		0.13	%		(0.26	)%
After waivers and fees paid indirectly (a)		0.61	%		0.51	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.32	%		(0.07	)%		(0.30	)%(e)		(0.21	)%		(0.68	)%		(3.09	)%
Portfolio turnover rate (f)		29	%		101	%		34	%		30	%		43	%		16	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.06			*	*		*	*		*	*		*	*

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,						May 31, 2001* to December 31, 2001(c)
Class Y	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			May 31, 2001* to December 31, 2001(c)
Net asset value, beginning of period	$	11.19		$	10.00		$	9.75		$	7.61		$	9.95		$	10.00

Income (loss) from investment operations:
Net investment income		0.17			0.17			0.09			0.12			0.10			0.04
Net realized and unrealized gain (loss) on investments		1.45			1.14			0.16			2.12			(2.35	)		(0.06	)

Total from investment operations		1.62			1.31			0.25			2.24			(2.25	)		(0.02	)

Less distributions:
Dividends from net investment income		(0.17	)		(0.12	)		—			(0.10	)		(0.08	)		—
Distributions from realized gains		(1.03	)		—			—			—			(0.01	)		(0.03	)

Total dividends and distributions		(1.20	)		(0.12	)		—			(0.10	)		(0.09	)		(0.03	)

Net asset value, end of period	$	11.61		$	11.19		$	10.00		$	9.75		$	7.61		$	9.95

Total return (b)		15.81	%		13.16	%		2.56	%		29.45	%		(22.61	)%		(0.21	)%

Ratios/Supplemental Data:
Net assets, end of period (000's)	$	10,192		$	4,558		$	353		$	294		$	251		$	166
Ratio of expenses to average net assets:
After waivers (a)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly (a)		1.03	%		0.88	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.32	%(e)		1.46	%		1.43	%		1.63	%		1.88	%		3.90	%
Ratio of net investment income to average net assets:
After waivers (a)		1.53	%		1.34	%		1.08	%(e)		1.39	%		1.13	%		0.71	%
After waivers and fees paid indirectly (a)		1.55	%		1.51	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.25	%		0.93	%		0.70	%(e)		0.81	%		0.30	%		(2.14	)%
Portfolio turnover rate (f)		29	%		101	%		34	%		30	%		43	%		16	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.05			*	*		*	*		*	*		*	*

See Notes to Financial Statements.

108

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE EQUITY FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,
Class A	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	6.49		$	5.98		$	5.82		$	3.86		$	5.50		$	6.81

Income (loss) from investment operations:
Net investment loss		(0.07	)		(0.08	)		(0.06	)		(0.06	)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss) on investments		(0.03	)		0.59			0.22			2.02			(1.58	)		(1.21	)

Total from investment operations		(0.10	)		0.51			0.16			1.96			(1.64	)		(1.28	)

Less distributions:
Distributions from realized gains		—			—			—			—			—			(0.03	)

Redemption fees		—	#		—	#		—	#		—	#		—	#		—

Net asset value, end of period	$	6.39		$	6.49		$	5.98		$	5.82		$	3.86		$	5.50

Total return (b)†		(1.54	)%		8.53	%		2.75	%		50.78	%		(29.82	)%		(18.75	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	42,821		$	71,516		$	74,983		$	74,468		$	34,148		$	55,677
Ratio of expenses to average net assets:
After waivers (a)		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
After waivers and fees paid indirectly (a)		1.55	%		1.59	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.74	%		1.74	%		1.64	%		1.66	%		1.78	%		1.70	%
Ratio of net investment loss to average net assets:
After waivers (a)		(1.17	)%		(1.30	)%		(1.27	)%		(1.24	)%		(1.29	)%		(1.21	)%
After waivers and fees paid indirectly (a)		(1.12	)%		(1.29	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(1.31	)%		(1.44	)%		(1.31	)%		(1.30	)%		(1.47	)%		(1.31	)%
Portfolio turnover rate (f)		34	%		13	%		16	%		19	%		15	%		19	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.01		$	0.01			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,
Class B	2006(c)			2005(c)(e)			2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	6.21		$	5.76		$	5.63		$	3.76		$	5.38		$	6.69

Income (loss) from investment operations:
Net investment loss		(0.10	)		(0.11	)		(0.09	)		(0.09	)		(0.08	)		(0.10	)
Net realized and unrealized gain (loss) on investments		(0.02	)		0.56			0.22			1.96			(1.54	)		(1.18	)

Total from investment operations		(0.12	)		0.45			0.13			1.87			(1.62	)		(1.28	)

Less distributions:
Distributions from realized gains		—			—			—			—			—			(0.03	)

Redemption fees		—	#		—	#		—	#		—	#		—			—

Net asset value, end of period	$	6.09		$	6.21		$	5.76		$	5.63		$	3.76		$	5.38

Total return (b)†		(1.93	)%		7.81	%		2.31	%		49.73	%		(30.11	)%		(19.09	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	33,192		$	46,583		$	54,059		$	54,939		$	32,037		$	52,441
Ratio of expenses to average net assets:
After waivers (a)		2.15	%		2.15	%		2.15	%		2.15	%		2.15	%		2.15	%
After waivers and fees paid indirectly (a)		2.10	%		2.14	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.29	%		2.29	%		2.19	%		2.22	%		2.34	%		2.25	%
Ratio of net investment loss to average net assets:
After waivers (a)		(1.71	)%		(1.85	)%		(1.82	)%		(1.80	)%		(1.84	)%		(1.76	)%
After waivers and fees paid indirectly (a)		(1.66	)%		(1.84	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(1.85	)%		(1.99	)%		(1.86	)%		(1.87	)%		(2.03	)%		(1.86	)%
Portfolio turnover rate (f)		34	%		13	%		16	%		19	%		15	%		19	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.01		$	0.01			**			**			**			**

See Notes to Financial Statements.

109

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE EQUITY FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,
Class C	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	6.22		$	5.76		$	5.63		$	3.76		$	5.39		$	6.69

Income (loss) from investment operations:
Net investment loss		(0.10	)		(0.11	)		(0.09	)		(0.09	)		(0.08	)		(0.10	)
Net realized and unrealized gain (loss) on investments		(0.03	)		0.57			0.22			1.96			(1.55	)		(1.17	)

Total from investment operations		(0.13	)		0.46			0.13			1.87			(1.63	)		(1.27	)

Less distributions:
Distributions from realized gains		—			—			—			—			—			(0.03	)

Redemption fees		—	#		—	#		—	#		—	#		—			—

Net asset value, end of period	$	6.09		$	6.22		$	5.76		$	5.63		$	3.76		$	5.39

Total return (b)†		(2.09	)%		7.99	%		2.31	%		49.73	%		(30.24	)%		(18.94	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	22,729		$	36,834		$	42,206		$	38,988		$	21,557		$	35,995
Ratio of expenses to average net assets:
After waivers (a)		2.15	%		2.15	%		2.15	%		2.15	%		2.15	%		2.15	%
After waivers and fees paid indirectly (a)		2.10	%		2.14	%		N/A			N/A			N/A			N/A
Before waivers (a)		2.29	%		2.29	%		2.19	%(e)		2.22	%		2.34	%		2.25	%
Ratio of net investment loss to average net assets:
After waivers (a)		(1.72	)%		(1.85	)%		(1.82	)%		(1.80	)%		(1.84	)%		(1.76	)%
After waivers and fees paid indirectly (a)		(1.66	)%		(1.84	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(1.85	)%		(1.99	)%		(1.86	)%		(1.87	)%		(2.03	)%		(1.86	)%
Portfolio turnover rate (f)		34	%		13	%		16	%		19	%		15	%		19	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.01		$	0.01			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,
Class Y	2006(c)			2005(c)(e)			2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	6.69		$	6.13		$	5.94		$	3.93		$	5.57		$	6.85

Income (loss) from investment operations:
Net investment loss		(0.04	)		(0.05	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investments		(0.03	)		0.61			0.23			2.05			(1.60	)		(1.21	)

Total from investment operations		(0.07	)		0.56			0.19			2.01			(1.64	)		(1.25	)

Less distributions:
Distributions from realized gains		—			—			—			—			—			(0.03	)

Redemption fees		—			—			—	#		—	#		—			—

Net asset value, end of period	$	6.62		$	6.69		$	6.13		$	5.94		$	3.93		$	5.57

Total return (b)		(1.05	)%		9.14	%		3.20	%		51.15	%		(29.44	)%		(18.21	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,746		$	9,408		$	4,802		$	2,166		$	918		$	1,004
Ratio of expenses to average net assets:
After waivers (a)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
After waivers and fees paid indirectly (a)		1.10	%		1.14	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.29	%		1.29	%		1.19	%(e)		1.22	%		1.35	%		1.24	%
Ratio of net investment loss to average net assets:
After waivers (a)		(0.71	)%		(0.85	)%		(0.82	)%		(0.79	)%		(0.83	)%		(0.77	)%
After waivers and fees paid indirectly (a)		(0.66	)%		(0.84	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(0.85	)%		(0.99	)%		(0.86	)%		(0.86	)%		(1.03	)%		(0.86	)%
Portfolio turnover rate (f)		34	%		13	%		16	%		19	%		15	%		19	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.01		$	0.01			**			**			**			**

See Notes to Financial Statements.

110

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,
Class A	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	27.03		$	25.21		$	22.98		$	18.40		$	22.12		$	25.72

Income (loss) from investment operations:
Net investment income		0.38			0.35			0.21			0.25			0.19			0.20
Net realized and unrealized gain (loss) on investments and foreign currency transactions		3.41			1.98			2.15			4.58			(3.55	)		(3.24	)

Total from investment operations		3.79			2.33			2.36			4.83			(3.36	)		(3.04	)

Less distributions:
Dividends from net investment income		(0.33	)		(0.16	)		(0.13	)		(0.25	)		(0.19	)		(0.18	)
Distributions from realized gains		(1.94	)		(0.35	)		—			—			(0.17	)		(0.38	)

Total dividends and distributions		(2.27	)		(0.51	)		(0.13	)		(0.25	)		(0.36	)		(0.56	)

Redemption fees		—	#		—	#		—	#		—			—			—

Net asset value, end of period	$	28.55		$	27.03		$	25.21		$	22.98		$	18.40		$	22.12

Total return (b)†		14.89	%		9.27	%		10.28	%		26.38	%		(15.23	)%		(11.83	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	115,580		$	110,097		$	90,020		$	70,505		$	60,165		$	79,215
Ratio of expenses to average net assets:
After waivers (a)		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
After waivers and fees paid indirectly (a)		1.49	%		1.48	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.65	%		1.71	%		1.62	%		1.65	%		1.67	%		1.58	%
Ratio of net investment income to average net assets:
After waivers (a)		1.37	%		1.29	%		1.05	%		1.33	%		0.91	%		0.84	%
After waivers and fees paid indirectly (a)		1.38	%		1.31	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.22	%		1.08	%		0.93	%		1.18	%		0.74	%		0.76	%
Portfolio turnover rate (f)		83	%		96	%		57	%		105	%		41	%		48	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.04		$	0.06			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,
Class B	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	26.44		$	24.74		$	22.60		$	18.11		$	21.77		$	25.32

Income (loss) from investment operations:
Net investment income		0.22			0.20			0.10			0.15			0.07			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		3.34			1.93			2.10			4.49			(3.48	)		(3.18	)

Total from investment operations		3.56			2.13			2.20			4.64			(3.41	)		(3.11	)

Less distributions:
Dividends from net investment income		(0.17	)		(0.08	)		(0.06	)		(0.15	)		(0.08	)		(0.06	)
Distributions from realized gains		(1.94	)		(0.35	)		—			—			(0.17	)		(0.38	)

Total dividends and distributions		(2.11	)		(0.43	)		(0.06	)		(0.15	)		(0.25	)		(0.44	)

Redemption fees		—	#		—	#		—			—			—			—

Net asset value, end of period	$	27.89		$	26.44		$	24.74		$	22.60		$	18.11		$	21.77

Total return (b)†		14.24	%		8.65	%		9.76	%		25.68	%		(15.67	)%		(12.28	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	43,039		$	49,907		$	43,698		$	37,491		$	30,879		$	38,273
Ratio of expenses to average net assets:
After waivers (a)		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%
After waivers and fees paid indirectly (a)		2.04	%		2.03	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.20	%		2.26	%		2.17	%		2.19	%		2.22	%		2.13	%
Ratio of net investment income to average net assets:
After waivers (a)		0.82	%		0.74	%		0.50	%		0.78	%		0.36	%		0.29	%
After waivers and fees paid indirectly (a)		0.83	%		0.76	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.67	%		0.53	%		0.38	%		0.64	%		0.19	%		0.21	%
Portfolio turnover rate (f)		83	%		96	%		57	%		105	%		41	%		48	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.04		$	0.06			**			**			**			**

See Notes to Financial Statements.

111

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class C	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	26.63		$	24.90		$	22.75		$	18.23		$	21.92		$	25.49

Income (loss) from investment operations:
Net investment income		0.22			0.20			0.10			0.15			0.07			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		3.37			1.96			2.12			4.52			(3.51	)		(3.20	)

Total from investment operations		3.59			2.16			2.22			4.67			(3.44	)		(3.13	)

Less distributions:
Dividends from net investment income		(0.17	)		(0.08	)		(0.07	)		(0.15	)		(0.08	)		(0.06	)
Distributions from realized gains		(1.94	)		(0.35	)		—			—			(0.17	)		(0.38	)

Total dividends and distributions		(2.11	)		(0.43	)		(0.07	)		(0.15	)		(0.25	)		(0.44	)

Redemption fees		—	#		—	#		—	#		—			—			—

Net asset value, end of period	$	28.11		$	26.63		$	24.90		$	22.75		$	18.23		$	21.92

Total return (b)†		14.26	%		8.71	%		9.76	%		25.70	%		(15.69	)%		(12.28	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	15,763		$	15,741		$	12,910		$	9,452		$	6,829		$	8,093
Ratio of expenses to average net assets:
After waivers (a)		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%
After waivers and fees paid indirectly (a)		2.04	%		2.03	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.20	%		2.26	%		2.17	%(e)		2.19	%		2.22	%		2.13	%
Ratio of net investment income to average net assets:
After waivers (a)		0.82	%		0.74	%		0.50	%(e)		0.78	%		0.36	%		0.29	%
After waivers and fees paid indirectly (a)		0.83	%		0.76	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.67	%		0.53	%		0.38	%(e)		0.64	%		0.19	%		0.21	%
Portfolio turnover rate (f)		83	%		96	%		57	%		105	%		41	%		48	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.04		$	0.06			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class Y	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	27.13		$	25.24		$	22.97		$	18.38		$	22.10		$	25.70

Income (loss) from investment operations:
Net investment income		0.50			0.48			0.30			0.34			0.28			0.30
Net realized and unrealized gain (loss) on investments and foreign currency transactions		3.40			1.98			2.15			4.59			(3.55	)		(3.23	)

Total from investment operations		3.90			2.46			2.45			4.93			(3.27	)		(2.93	)

Less distributions:
Dividends from net investment income		(0.45	)		(0.22	)		(0.18	)		(0.34	)		(0.28	)		(0.29	)
Distributions from realized gains		(1.94	)		(0.35	)		—			—			(0.17	)		(0.38	)

Total dividends and distributions		(2.39	)		(0.57	)		(0.18	)		(0.34	)		(0.45	)		(0.67	)

Redemption fees		—			—			—	#		—			—			—

Net asset value, end of period	$	28.64		$	27.13		$	25.24		$	22.97		$	18.38		$	22.10

Total return (b)		15.35	%		9.79	%		10.68	%		26.99	%		(14.85	)%		(11.44	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	15,275		$	8,277		$	681		$	265		$	273		$	321
Ratio of expenses to average net assets:
After waivers (a)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly (a)		1.04	%		1.03	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.20	%		1.26	%		1.17	%(e)		1.20	%		1.22	%		1.15	%
Ratio of net investment income to average net assets:
After waivers (a)		1.83	%		1.74	%		1.50	%(e)		1.79	%		1.36	%		1.28	%
After waivers and fees paid indirectly (a)		1.84	%		1.76	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.68	%		1.53	%		1.38	%(e)		1.64	%		1.19	%		1.18	%
Portfolio turnover rate (f)		83	%		96	%		57	%		105	%		41	%		48	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.04		$	0.06			**			**			**			**

See Notes to Financial Statements.

112

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GLOBAL FINANCIAL SERVICES FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class A	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	8.21		$	7.64		$	6.97		$	5.11		$	5.82		$	6.62

Income (loss) from investment operations:
Net investment income		0.07			0.06			0.07			0.07			0.09			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.06			0.97			0.60			1.88			(0.63	)		(0.60	)

Total from investment operations		2.13			1.03			0.67			1.95			(0.54	)		(0.56	)

Less distributions:
Dividends from net investment income		(0.12	)		(0.20	)		—			(0.07	)		(0.08	)		(0.05	)
Distributions from realized gains		(0.51	)		(0.26	)		—			(0.02	)		(0.09	)		(0.19	)

Total dividends and distributions		(0.63	)		(0.46	)		—			(0.09	)		(0.17	)		(0.24	)

Redemption fees		—	#		—	#		—	#		—	#		—			—

Net asset value, end of period	$	9.71		$	8.21		$	7.64		$	6.97		$	5.11		$	5.82

Total return (b)†		27.17	%		13.80	%		9.61	%		38.21	%		(9.21	)%		(8.37	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	23,912		$	13,802		$	12,943		$	11,152		$	8,760		$	13,715
Ratio of expenses to average net assets:
After waivers (a)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
After waivers and fees paid indirectly (a)		1.74	%		1.74	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.88	%		2.20	%		1.92	%		1.96	%		1.99	%		1.92	%
Ratio of net investment income to average net assets:
After waivers (a)		0.83	%		0.76	%		1.20	%		1.32	%		1.55	%		0.67	%
After waivers and fees paid indirectly (a)		0.83	%		0.77	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.69	%		0.31	%		1.03	%		1.11	%		1.31	%		0.50	%
Portfolio turnover rate (f)		19	%		25	%		25	%		87	%		9	%		56	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.03			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class B	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	8.11		$	7.55		$	6.92		$	5.08		$	5.78		$	6.57

Income (loss) from investment operations:
Net investment income		0.03			0.02			0.04			0.04			0.05			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.03			0.96			0.59			1.86			(0.61	)		(0.59	)

Total from investment operations		2.06			0.98			0.63			1.90			(0.56	)		(0.58	)

Less distributions:
Dividends from net investment income		(0.07	)		(0.16	)		—			(0.04	)		(0.05	)		(0.02	)
Distributions from realized gains		(0.51	)		(0.26	)		—			(0.02	)		(0.09	)		(0.19	)

Total dividends and distributions		(0.58	)		(0.42	)		—			(0.06	)		(0.14	)		(0.21	)

Redemption fees		—			—			—	#		—	#		—			—

Net asset value, end of period	$	9.59		$	8.11		$	7.55		$	6.92		$	5.08		$	5.78

Total return (b)†		26.50	%		13.15	%		9.10	%		37.41	%		(9.58	)%		(8.84	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	15,657		$	12,294		$	10,878		$	10,264		$	7,725		$	9,429
Ratio of expenses to average net assets:
After waivers (a)		2.30	%		2.30	%		2.30	%		2.30	%		2.30	%		2.30	%
After waivers and fees paid indirectly (a)		2.29	%		2.29	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.43	%		2.75	%		2.47	%(e)		2.51	%		2.55	%		2.47	%
Ratio of net investment income to average net assets:
After waivers (a)		0.34	%		0.21	%		0.65	%(e)		0.77	%		0.96	%		0.14	%
After waivers and fees paid indirectly (a)		0.34	%		0.22	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.20	%		(0.24	)%		0.48	%(e)		0.56	%		0.71	%		(0.03	)%
Portfolio turnover rate (f)		19	%		25	%		25	%		87	%		9	%		56	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.03			**			**			**			**

See Notes to Financial Statements.

113

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GLOBAL FINANCIAL SERVICES FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class C	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	8.09		$	7.53		$	6.90		$	5.07		$	5.78		$	6.57

Income (loss) from investment operations:
Net investment income		0.03			0.02			0.04			0.05			0.06			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.02			0.96			0.59			1.85			(0.63	)		(0.59	)

Total from investment operations		2.05			0.98			0.63			1.90			(0.57	)		(0.58	)

Less distributions:
Dividends from net investment income		(0.07	)		(0.16	)		—			(0.05	)		(0.05	)		(0.02	)
Distributions from realized gains		(0.51	)		(0.26	)		—			(0.02	)		(0.09	)		(0.19	)

Total dividends and distributions		(0.58	)		(0.42	)		—			(0.07	)		(0.14	)		(0.21	)

Redemption fees		—	#		—			—	#		—	#		—			—

Net asset value, end of period	$	9.56		$	8.09		$	7.53		$	6.90		$	5.07		$	5.78

Total return (b)†		26.44	%		13.19	%		9.13	%		37.48	%		(9.80	)%		(8.73	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,867		$	3,964		$	3,548		$	2,980		$	1,553		$	2,056
Ratio of expenses to average net assets:
After waivers (a)		2.30	%		2.30	%		2.30	%		2.30	%		2.30	%		2.30	%
After waivers and fees paid indirectly (a)		2.29	%		2.29	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.43	%		2.75	%		2.47	%		2.49	%		2.54	%		2.47	%
Ratio of net investment income to average net assets:
After waivers (a)		0.34	%		0.21	%		0.65	%(e)		0.65	%		0.98	%		0.10	%
After waivers and fees paid indirectly (a)		0.34	%		0.22	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.20	%		(0.24	)%		0.48	%(e)		0.46	%		0.74	%		(0.07	)%
Portfolio turnover rate (f)		19	%		25	%		25	%		87	%		9	%		56	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.03			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class Y	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	8.26		$	7.69		$	6.98		$	5.12		$	5.84		$	6.64

Income (loss) from investment operations:
Net investment income		0.12			0.10			0.10			0.10			0.11			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.06			0.97			0.61			1.87			(0.63	)		(0.60	)

Total from investment operations		2.18			1.07			0.71			1.97			(0.52	)		(0.53	)

Less distributions:
Dividends from net investment income		(0.16	)		(0.24	)		—			(0.09	)		(0.11	)		(0.08	)
Distributions from realized gains		(0.51	)		(0.26	)		—			(0.02	)		(0.09	)		(0.19	)

Total dividends and distributions		(0.67	)		(0.50	)		—			(0.11	)		(0.20	)		(0.27	)

Redemption fees		—			—			—	#		—	#		—			—

Net asset value, end of period	$	9.77		$	8.26		$	7.69		$	6.98		$	5.12		$	5.84

Total return (b)		27.75	%		14.27	%		10.17	%		38.67	%		(8.80	)%		(7.89	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	14,440		$	9,974		$	8,737		$	7,941		$	5,754		$	6,258
Ratio of expenses to average net assets:
After waivers (a)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
After waivers and fees paid indirectly (a)		1.29	%		1.29	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.43	%		1.75	%		1.47	%(e)		1.51	%		1.55	%		1.47	%
Ratio of net investment income to average net assets:
After waivers (a)		1.31	%		1.21	%		1.65	%		1.78	%		1.96	%		1.12	%
After waivers and fees paid indirectly (a)		1.32	%		1.22	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.18	%		0.76	%		1.48	%		1.57	%		1.71	%		0.95	%
Portfolio turnover rate (f)		19	%		25	%		25	%		87	%		9	%		56	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.04			**			**			**			**

See Notes to Financial Statements.

114

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GOVERNMENT SECURITIES FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,
Class A	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	12.41		$	12.73		$	12.67		$	12.88		$	12.38		$	12.11

Income (loss) from investment operations:
Net investment income		0.49			0.46			0.37			0.49			0.59			0.66
Net realized and unrealized gain (loss) on investments		—	#		(0.33	)		0.06			(0.22	)		0.48			0.24

Total from investment operations		0.49			0.13			0.43			0.27			1.07			0.90

Less distributions:
Dividends from net investment income		(0.50	)		(0.45	)		(0.37	)		(0.45	)		(0.58	)		(0.64	)
Distributions from realized gains		—			—			—			(0.03	)		—			—

Total dividends and distributions		(0.50	)		(0.45	)		(0.37	)		(0.48	)		(0.58	)		(0.64	)

Redemption fees		—	#		—	#		—	#		—	#		0.01			0.01

Net asset value, end of period	$	12.40		$	12.41		$	12.73		$	12.67		$	12.88		$	12.38

Total return (b)†		4.09	%		1.00	%		3.49	%		2.13	%		8.96	%		7.67	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	103,852		$	111,083		$	113,032		$	110,070		$	125,270		$	94,130
Ratio of expenses to average net assets:
After waivers (a)		1.25	%		1.25	%		1.25	%		1.25	%		1.27	%		1.30	%
Before waivers (a)		1.60	%		1.64	%		1.52	%		1.49	%		1.47	%		1.37	%
Ratio of net investment income to average net assets:
After waivers (a)		4.00	%		3.62	%		3.52	%		3.82	%		4.70	%		5.32	%
Before waivers (a)		3.65	%		3.23	%		3.25	%		3.58	%		4.50	%		5.25	%
Portfolio turnover rate (f)		24	%		21	%		8	%		50	%		11	%		15	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.04		$	0.05			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,
Class B	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	12.39		$	12.71		$	12.65		$	12.86		$	12.37		$	12.11

Income (loss) from investment operations:
Net investment income		0.43			0.39			0.31			0.42			0.52			0.59
Net realized and unrealized gain (loss) on investments		—	#		(0.33	)		0.07			(0.22	)		0.48			0.24

Total from investment operations		0.43			0.06			0.38			0.20			1.00			0.83

Less distributions:
Dividends from net investment income		(0.44	)		(0.38	)		(0.32	)		(0.38	)		(0.51	)		(0.57	)
Distributions from realized gains		—			—			—			(0.03	)		—			—

Total dividends and distributions		(0.44	)		(0.38	)		(0.32	)		(0.41	)		(0.51	)		(0.57	)

Redemption fees		—	#		—	#		—	#		—	#		—	#		—

Net asset value, end of period	$	12.38		$	12.39		$	12.71		$	12.65		$	12.86		$	12.37

Total return (b)†		3.53	%		0.45	%		3.02	%		1.57	%		8.29	%		7.00	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	47,644		$	62,764		$	75,214		$	88,538		$	104,677		$	66,898
Ratio of expenses to average net assets:
After waivers (a)		1.80	%		1.80	%		1.80	%		1.80	%		1.82	%		1.85	%
Before waivers (a)		2.15	%(e)		2.19	%		2.07	%		2.04	%		2.03	%		1.92	%
Ratio of net investment income to average net assets:
After waivers (a)		3.46	%		3.07	%		2.97	%(e)		3.25	%		4.13	%		4.75	%
Before waivers (a)		3.10	%		2.68	%		2.70	%(e)		3.01	%		3.92	%		4.68	%
Portfolio turnover rate (f)		24	%		21	%		8	%		50	%		11	%		15	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.04		$	0.05			**			**			**			**

See Notes to Financial Statements.

115

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GOVERNMENT SECURITIES FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,
Class C	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	12.39		$	12.71		$	12.65		$	12.86		$	12.37		$	12.11

Income (loss) from investment operations:
Net investment income		0.43			0.39			0.31			0.42			0.52			0.59
Net realized and unrealized gain (loss) on investments		—	#		(0.33	)		0.07			(0.22	)		0.48			0.24

Total from investment operations		0.43			0.06			0.38			0.20			1.00			0.83

Less distributions:
Dividends from net investment income		(0.44	)		(0.38	)		(0.32	)		(0.38	)		(0.51	)		(0.57	)
Distributions from realized gains		—			—			—			(0.03	)		—			—

Total dividends and distributions		(0.44	)		(0.38	)		(0.32	)		(0.41	)		(0.51	)		(0.57	)

Redemption fees		—			—	#		—	#		—	#		—			—

Net asset value, end of period	$	12.38		$	12.39		$	12.71		$	12.65		$	12.86		$	12.37

Total return (b)†		3.53	%		0.45	%		3.02	%		1.57	%		8.28	%		6.99	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	12,975		$	16,880		$	20,321		$	23,930		$	27,942		$	16,798
Ratio of expenses to average net assets:
After waivers (a)		1.80	%		1.80	%		1.80	%		1.80	%		1.82	%		1.85	%
Before waivers (a)		2.15	%(e)		2.19	%		2.07	%		2.04	%		2.03	%		1.92	%
Ratio of net investment income to average net assets:
After waivers (a)		3.46	%		3.07	%		2.97	%(e)		3.26	%		4.12	%		4.72	%
Before waivers (a)		3.10	%		2.68	%		2.70	%(e)		3.02	%		3.91	%		4.65	%
Portfolio turnover rate (f)		24	%		21	%		8	%		50	%		11	%		15	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.04		$	0.05			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,
Class Y	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	12.39		$	12.72		$	12.65		$	12.86		$	12.37		$	12.11

Income (loss) from investment operations:
Net investment income		0.55			0.51			0.42			0.56			0.65			0.72
Net realized and unrealized gain (loss) on investments		—	#		(0.33	)		0.07			(0.23	)		0.48			0.24

Total from investment operations		0.55			0.18			0.49			0.33			1.13			0.96

Less distributions:
Dividends from net investment income		(0.56	)		(0.51	)		(0.42	)		(0.51	)		(0.64	)		(0.70	)
Distributions from realized gains		—			—			—			(0.03	)		—			—

Total dividends and distributions		(0.56	)		(0.51	)		(0.42	)		(0.54	)		(0.64	)		(0.70	)

Redemption fees		—			—			—	#		—	#		—			—

Net asset value, end of period	$	12.38		$	12.39		$	12.72		$	12.65		$	12.86		$	12.37

Total return (b)		4.56	%		1.38	%		3.95	%		2.59	%		9.37	%		8.07	%

Ratios/Supplemental Data:
Net assets, end of period (000's)	$	44,720		$	34,008		$	22,222		$	18,720		$	10,242		$	7,669
Ratio of expenses to average net assets:
After waivers (a)		0.80	%		0.80	%		0.80	%		0.80	%		0.82	%		0.85	%
Before waivers (a)		1.15	%		1.19	%		1.07	%		1.05	%		1.03	%		0.92	%
Ratio of net investment income to average net assets:
After waivers (a)		4.46	%		4.07	%		3.97	%(e)		4.37	%		5.18	%		5.78	%
Before waivers (a)		4.11	%		3.68	%		3.70	%(e)		4.12	%		4.97	%		5.71	%
Portfolio turnover rate (f)		24	%		21	%		8	%		50	%		11	%		15	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.04		$	0.05			**			**			**			**

See Notes to Financial Statements.

116

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GROWTH AND INCOME FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,
Class A	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	35.92		$	31.85		$	30.52		$	24.11		$	32.88		$	38.55

Income (loss) from investment operations:
Net investment income		0.10			0.19			0.04			0.09			0.03			0.07
Net realized and unrealized gain (loss) on investments		5.28			3.88			1.29			6.35			(8.80	)		(5.59	)

Total from investment operations		5.38			4.07			1.33			6.44			(8.77	)		(5.52	)

Less distributions:
Dividends from net investment income		(0.21	)		—			—			(0.03	)		—			—
Distributions from realized gains		—			—			—			—			—			(0.15	)

Total dividends and distributions		(0.21	)		—			—			(0.03	)		—			(0.15	)

Redemption Fees		—	#		—	#		—			—			—			—

Net asset value, end of period	$	41.09		$	35.92		$	31.85		$	30.52		$	24.11		$	32.88

Total return (b)†		15.03	%		12.81	%		4.33	%		26.71	%		(26.67	)%		(14.32	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	91,459		$	77,158		$	68,849		$	60,352		$	50,361		$	84,159
Ratio of expenses to average net assets:
After waivers (a)		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
After waivers and fees paid indirectly (a)		1.49	%		1.49	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.78	%		1.83	%		1.72	%		1.74	%		1.71	%		1.59	%
Ratio of net investment income to average net assets:
After waivers (a)		0.26	%		0.55	%		0.16	%		0.37	%		0.11	%		0.21	%
After waivers and fees paid indirectly (a)		0.27	%		0.56	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(0.02	)%		0.22	%		(0.06	)%		0.13	%		(0.10	)%		0.12	%
Portfolio turnover rate (f)		43	%		42	%		33	%		118	%		17	%		3	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.11		$	0.11			*	*		**			**			**

	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,
Class B	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	34.50		$	30.76		$	29.60		$	23.49		$	32.22		$	37.99

Income (loss) from investment operations:
Net investment income (loss)		(0.10	)		—	#		(0.10	)		(0.05	)		(0.12	)		(0.12	)
Net realized and unrealized gain (loss) on investments		5.07			3.74			1.26			6.16			(8.61	)		(5.50	)

Total from investment operations		4.97			3.74			1.16			6.11			(8.73	)		(5.62	)

Less distributions:
Dividends from net investment income		—	#		—			—			—			—			—
Distributions from realized gains		—			—			—			—			—			(0.15	)

Total dividends and distributions		—	#		—			—			—			—			(0.15	)

Redemption Fees		—	#		—	#		—			—			—			—

Net asset value, end of period	$	39.47		$	34.50		$	30.76		$	29.60		$	23.49		$	32.22

Total return (b)†		14.41	%		12.20	%		3.89	%		26.01	%		(27.09	)%		(14.80	)%

Ratios/Supplemental Data:
Net assets, end of period (000's)	$	59,223		$	72,198		$	77,038		$	84,510		$	73,049		$	118,866
Ratio of expenses to average net assets:
After waivers (a)		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%
After waivers and fees paid indirectly (a)		2.04	%		2.04	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.33	%		2.38	%		2.27	%(e)		2.29	%		2.26	%		2.14	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		(0.28	)%		0.00	%@		(0.39	)%		(0.18	)%		(0.43	)%		(0.35	)%
After waivers and fees paid indirectly (a)		(0.27	)%		0.01	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(0.56	)%		(0.33	)%		(0.61	)%		(0.42	)%		(0.64	)%		(0.44	)%
Portfolio turnover rate (f)		43	%		42	%		33	%		118	%		17	%		3	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.08		$	0.11			*	*		**			**			**

See Notes to Financial Statements.

117

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE GROWTH AND INCOME FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class C	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	34.54		$	30.80		$	29.64		$	23.52		$	32.25		$	38.03

Income (loss) from investment operations:
Net investment income (loss)		(0.10	)		—	#		(0.10	)		(0.05	)		(0.12	)		(0.12	)
Net realized and unrealized gain (loss) on investments		5.07			3.74			1.26			6.17			(8.61	)		(5.51	)

Total from investment operations		4.97			3.74			1.16			6.12			(8.73	)		(5.63	)

Less distributions:
Dividends from net investment income		—	#		—			—			—			—			—
Distributions from realized gains		—			—			—			—			—			(0.15	)

Total dividends and distributions		—	#		—			—			—			—			(0.15	)

Redemption fees		—			—	#		—			—			—			—

Net asset value, end of period	$	39.51		$	34.54		$	30.80		$	29.64		$	23.52		$	32.25

Total return (b)†		14.39	%		12.18	%		3.88	%		26.02	%		(27.07	)%		(14.81	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	17,562		$	16,729		$	16,060		$	15,884		$	13,380		$	22,263
Ratio of expenses to average net assets:
After waivers (a)		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%
After waivers and fees paid indirectly (a)		2.04	%		2.04	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.33	%		2.38	%		2.27	%		2.29	%		2.26	%		2.14	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		(0.29	)%		0.00	%@		(0.39	)%		(0.18	)%		(0.43	)%		(0.35	)%
After waivers and fees paid indirectly (a)		(0.28	)%		0.01	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(0.57	)%		(0.33	)%		(0.61	)%		(0.42	)%		(0.64	)%		(0.44	)%
Portfolio turnover rate (f)		43	%		42	%		33	%		118	%		17	%		3	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.09		$	0.11			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class Y	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	37.10		$	32.75		$	31.26		$	24.67		$	33.50		$	39.08

Income (loss) from investment operations:
Net investment income		0.28			0.36			0.16			0.22			0.16			0.23
Net realized and unrealized gain (loss) on investments		5.45			3.99			1.33			6.52			(8.99	)		(5.66	)

Total from investment operations		5.73			4.35			1.49			6.74			(8.83	)		(5.43	)

Less distributions:
Dividends from net investment income		(0.39	)		—			—			(0.15	)		—			—
Distributions from realized gains		—			—			—			—			—			(0.15	)

Total dividends and distributions		(0.39	)		—			—			(0.15	)		—			(0.15	)

Redemption fees		—			—	#		—			—			—			—

Net asset value, end of period	$	42.44		$	37.10		$	32.75		$	31.26		$	24.67		$	33.50

Total return (b)		15.56	%		13.32	%		4.73	%		27.33	%		(26.36	)%		(13.90	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	29,023		$	22,631		$	19,403		$	17,118		$	10,011		$	13,217
Ratio of expenses to average net assets:
After waivers (a)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly (a)		1.04	%		1.04	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.33	%		1.38	%		1.27	%		1.29	%		1.26	%		1.14	%
Ratio of net investment income to average net assets:
After waivers (a)		0.70	%		1.00	%		0.61	%		0.81	%		0.56	%		0.66	%
After waivers and fees paid indirectly (a)		0.72	%		1.01	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.43	%		0.67	%		0.39	%		0.57	%		0.35	%		0.57	%
Portfolio turnover rate (f)		43	%		42	%		33	%		118	%		17	%		3	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.12		$	0.12			**			**			**			**

See Notes to Financial Statements.

118

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE HIGH-YIELD BOND FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class A	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	9.56		$	9.97		$	9.80		$	8.76		$	9.48		$	9.74

Income (loss) from investment operations:
Net investment income		0.65			0.63			0.52			0.65			0.69			0.81
Net realized and unrealized gain (loss) on investments		0.02			(0.41	)		0.17			1.04			(0.73	)		(0.26	)

Total from investment operations		0.67			0.22			0.69			1.69			(0.04	)		0.55

Less distributions:
Dividends from net investment income		(0.65	)		(0.63	)		(0.52	)		(0.65	)		(0.69	)		(0.81	)

Redemption fees		—	#		—	#		—	#		—	#		0.01			—

Net asset value, end of period	$	9.58		$	9.56		$	9.97		$	9.80		$	8.76		$	9.48

Total return (b)†		7.22	%		2.20	%		7.28	%		19.90	%		(0.18	)%		5.73	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	90,452		$	100,731		$	108,142		$	123,603		$	96,790		$	63,928
Ratio of expenses to average net assets:
After waivers (a)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
After waivers and fees paid indirectly (a)		1.30	%		1.30	%		NA			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.44	%		1.46	%		1.38	%		1.39	%		1.47	%		1.45	%
Ratio of net investment income to average net assets:
After waivers (a)		6.82	%		6.40	%		6.39	%		6.92	%		7.69	%		8.27	%
After waivers and fees paid indirectly (a)		6.82	%		6.40	%		NA			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		6.68	%		6.24	%		6.31	%		6.83	%		7.52	%		8.12	%
Portfolio turnover rate (f)		66	%		46	%		58	%		55	%		66	%		75	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02			*	*		*	*		*	*		*	*

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class B	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	9.55		$	9.96		$	9.79		$	8.75		$	9.48		$	9.74

Income (loss) from investment operations:
Net investment income		0.60			0.57			0.47			0.60			0.64			0.76
Net realized and unrealized gain (loss) on investments		0.01			(0.41	)		0.17			1.04			(0.73	)		(0.26	)

Total from investment operations		0.61			0.16			0.64			1.64			(0.09	)		0.50

Less distributions:
Dividends from net investment income		(0.59	)		(0.57	)		(0.47	)		(0.60	)		(0.64	)		(0.76	)

Redemption fees		—	#		—	#		—	#		—	#		—			—

Net asset value, end of period	$	9.57		$	9.55		$	9.96		$	9.79		$	8.75		$	9.48

Total return (b)†		6.65	%		1.65	%		6.79	%		19.26	%		(0.83	)%		5.15	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	42,301		$	56,237		$	71,373		$	78,059		$	54,214		$	47,564
Ratio of expenses to average net assets:
After waivers (a)		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%
After waivers and fees paid indirectly (a)		1.85	%		1.85	%		NA			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.99	%		2.01	%		1.93	%		1.94	%		2.02	%		2.00	%
Ratio of net investment income to average net assets:
After waivers (a)		6.28	%		5.85	%		5.84	%		6.37	%		7.15	%		7.71	%
After waivers and fees paid indirectly (a)		6.28	%		5.85	%		NA			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		6.14	%		5.69	%		5.76	%		6.28	%		6.98	%		7.56	%
Portfolio turnover rate (f)		66	%		46	%		58	%		55	%		66	%		75	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02			*	*		*	*		*	*		*	*

See Notes to Financial Statements.

119

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE HIGH-YIELD BOND FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class C	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	9.55		$	9.96		$	9.79		$	8.75		$	9.48		$	9.74

Income (loss) from investment operations:
Net investment income		0.60			0.57			0.47			0.60			0.64			0.76
Net realized and unrealized gain (loss) on investments		0.01			(0.41	)		0.17			1.04			(0.73	)		(0.26	)

Total from investment operations		0.61			0.16			0.64			1.64			(0.09	)		0.50

Less distributions:
Dividends from net investment income		(0.59	)		(0.57	)		(0.47	)		(0.60	)		(0.64	)		(0.76	)

Redemption fees		—	#		—			—	#		—	#		—			—

Net asset value, end of period	$	9.57		$	9.55		$	9.96		$	9.79		$	8.75		$	9.48

Total return (b)†		6.65	%		1.65	%		6.79	%		19.25	%		(0.84	)%		5.15	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	24,655		$	33,661		$	45,239		$	56,936		$	29,060		$	13,902
Ratio of expenses to average net assets:
After waivers (a)		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%
After waivers and fees paid indirectly (a)		1.85	%		1.85	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.99	%		2.01	%		1.93	%		1.94	%		2.02	%		1.99	%
Ratio of net investment income to average net assets:
After waivers (a)		6.29	%		5.85	%		5.84	%(e)		6.29	%		7.12	%		7.64	%
After waivers and fees paid indirectly (a)		6.29	%		5.85	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		6.15	%		5.69	%		5.76	%(e)		6.20	%		6.95	%		7.50	%
Portfolio turnover rate (f)		66	%		46	%		58	%		55	%		66	%		75	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class Y	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	9.56		$	9.98		$	9.81		$	8.77		$	9.49		$	9.74

Income (loss) from investment operations:
Net investment income		0.69			0.67			0.55			0.68			0.73			0.86
Net realized and unrealized gain (loss) on investments		0.03			(0.42	)		0.17			1.05			(0.72	)		(0.25	)

Total from investment operations		0.72			0.25			0.72			1.73			0.01			0.61

Less distributions:
Dividends from net investment income		(0.69	)		(0.67	)		(0.55	)		(0.69	)		(0.73	)		(0.86	)

Redemption fees		—			—			—	#		—	#		—			—

Net asset value, end of period	$	9.59		$	9.56		$	9.98		$	9.81		$	8.77		$	9.49

Total return (b)		7.81	%		2.55	%		7.67	%		20.41	%		0.29	%		6.32	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	13,663		$	32,879		$	30,572		$	26,677		$	5,555		$	4,189
Ratio of expenses to average net assets:
After waivers (a)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
After waivers and fees paid indirectly (a)		0.85	%		0.85	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.99	%(e)		1.01	%		0.93	%		0.94	%		1.02	%		1.00	%
Ratio of net investment income to average net assets:
After waivers (a)		7.25	%		6.85	%		6.84	%(e)		7.15	%		8.17	%		8.72	%
After waivers and fees paid indirectly (a)		7.25	%		6.85	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		7.12	%		6.69	%		6.76	%(e)		7.06	%		8.00	%		8.57	%
Portfolio turnover rate (f)		66	%		46	%		58	%		55	%		66	%		75	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02			**			**			**			**

See Notes to Financial Statements.

120

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class A	2006(c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	15.24		$	12.86		$	13.39		$	10.30		$	12.82		$	18.35

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		0.04			0.01			0.01			0.04			(0.07	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		3.77			2.36			(0.54	)		3.04			(2.58	)		(5.49	)

Total from investment operations		3.76			2.40			(0.53	)		3.05			(2.54	)		(5.56	)

Less distributions:
Dividends from net investment income		(0.07	)		(0.02	)		—			—			—			—

Redemption fees		—	#		—	#		—	#		0.04			0.02			0.03

Net asset value, end of period	$	18.93		$	15.24		$	12.86		$	13.39		$	10.30		$	12.82

Total return (b)†		24.79	%		18.59	%		(3.96	)%		30.00	%		(19.66	)%		(30.14	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	87,839		$	35,599		$	32,757		$	30,444		$	23,226		$	34,589
Ratio of expenses to average net assets:
After waivers (a)		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%		1.96	%
After waivers and fees paid indirectly (a)		1.75	%(e)		1.74	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.85	%(e)		2.19	%		1.88	%		1.95	%		2.10	%		1.96	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		(0.15	)%		0.14	%		0.05	%		0.06	%		0.35	%		(0.50	)%
After waivers and fees paid indirectly (a)		(0.04	)%		0.25	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(0.15	)%		(0.20	)%		0.02	%		(0.04	)%		0.10	%		(0.50	)%
Portfolio turnover rate (f)		74	%		136	%		115	%		56	%		182	%		99	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	—		$	0.05			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)s			Year Ended December 31,
Class B	2006(c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)s			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	14.40		$	12.23		$	12.78		$	9.89		$	12.40		$	17.89

Income (loss) from investment operations:
Net investment loss		(0.10	)		(0.04	)		(0.05	)		(0.05	)		(0.02	)		(0.16	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		3.58			2.23			(0.50	)		2.87			(2.49	)		(5.33	)

Total from investment operations		3.48			2.19			(0.55	)		2.82			(2.51	)		(5.49	)

Less distributions:
Dividends from net investment income		—			(0.02	)		—			—			—			—

Redemption fees		—	#		—	#		—			0.07			—			—

Net asset value, end of period	$	17.88		$	14.40		$	12.23		$	12.78		$	9.89		$	12.40

Total return (b)†		24.17	%		17.91	%		(4.30	)%		29.22	%		(20.24	)%		(30.69	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	27,959		$	19,327		$	18,181		$	21,726		$	16,905		$	21,738
Ratio of expenses to average net assets:
After waivers (a)		2.40	%		2.40	%		2.40	%		2.40	%		2.40	%		2.53	%
After waivers and fees paid indirectly (a)		2.30	%(e)		2.29	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.40	%(e)		2.74	%		2.43	%(e)		2.50	%		2.65	%		2.53	%
Ratio of net investment loss to average net assets:
After waivers (a)		(0.70	)%		(0.41	)%		(0.45	)%		(0.49	)%		(0.21	)%		(1.13	)%
After waivers and fees paid indirectly (a)		(0.56	)%		(0.30	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(0.72	)%		(0.75	)%		(0.48	)%		(0.59	)%		(0.46	)%		(1.13	)%
Portfolio turnover rate (f)		74	%		136	%		115	%		56	%		182	%		99	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	0.05			**			**			**			**

See Notes to Financial Statements.

121

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class C	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	14.50		$	12.31		$	12.88		$	9.97		$	12.50		$	18.04

Income (loss) from investment operations:
Net investment loss		(0.10	)		(0.04	)		(0.05	)		(0.05	)		(0.02	)		(0.15	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		3.59			2.25			(0.52	)		2.89			(2.52	)		(5.39	)

Total from investment operations		3.49			2.21			(0.57	)		2.84			(2.54	)		(5.54	)

Less distributions:
Dividends from net investment income		—			(0.02	)		—			—			—			—

Redemption fees		—	#		—	#		—	#		0.07			0.01			—

Net asset value, end of period	$	17.99		$	14.50		$	12.31		$	12.88		$	9.97		$	12.50

Total return (b)†		24.07	%		17.96	%		(4.43	)%		29.19	%		(20.24	)%		(30.71	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	37,889		$	10,091		$	8,796		$	8,718		$	6,375		$	8,512
Ratio of expenses to average net assets:
After waivers (a)		2.40	%		2.40	%		2.40	%		2.40	%		2.40	%		2.52	%
After waivers and fees paid indirectly (a)		2.30	%		2.29	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.40	%(e)		2.74	%		2.43	%(e)		2.50	%		2.65	%		2.52	%
Ratio of net investment loss to average net assets:
After waivers (a)		(0.68	)%		(0.41	)%		(0.45	)%(e)		(0.51	)%		(0.19	)%		(1.12	)%
After waivers and fees paid indirectly (a)		(0.58	)%		(0.30	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(0.68	)%		(0.75	)%		(0.48	)%		(0.61	)%		(0.44	)%		(1.12	)%
Portfolio turnover rate (f)		74	%		136	%		115	%		56	%		182	%		99	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	0.05			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class Y	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	15.56		$	13.08		$	13.56		$	10.39		$	12.90		$	18.41

Income (loss) from investment operations:
Net investment income (loss)		0.09			0.10			0.06			0.06			0.09			(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		3.83			2.40			(0.54	)		3.04			(2.61	)		(5.49	)

Total from investment operations		3.92			2.50			(0.48	)		3.10			(2.52	)		(5.51	)

Less distributions:
Dividends from net investment income		(0.14	)		(0.02	)		—			—			—			—

Redemption fees		—	#		—			—	#		0.07			0.01			—

Net asset value, end of period	$	19.34		$	15.56		$	13.08		$	13.56		$	10.39		$	12.90

Total return (b)		25.35	%		19.12	%		(3.54	)%		30.51	%		(19.46	)%		(29.93	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	34,332		$	5,937		$	15,199		$	15,097		$	10,616		$	13,797
Ratio of expenses to average net assets:
After waivers (a)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%		1.53	%
After waivers and fees paid indirectly (a)		1.30	%(e)		1.29	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.40	%(e)		1.74	%		1.43	%(e)		1.50	%		1.65	%		1.53	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.39	%		0.59	%		0.55	%(e)		0.50	%		0.80	%		(0.12	)%
After waivers and fees paid indirectly (a)		0.48	%		0.70	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.39	%		0.25	%		0.52	%		0.40	%		0.55	%		(0.12	)%
Portfolio turnover rate (f)		74	%		136	%		115	%		56	%		182	%		99	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	0.05			**			**			**			**

See Notes to Financial Statements.

122

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE LARGE CAP GROWTH FUND (g)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class A	2006(c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	10.88		$	9.62		$	9.91		$	7.41		$	11.55		$	13.98

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		—	#		(0.13	)		(0.12	)		(0.13	)		(0.12	)
Net realized and unrealized gain (loss) on investments		0.52			1.26			(0.16	)		2.62			(4.01	)		(2.31	)

Total from investment operations		0.49			1.26			(0.29	)		2.50			(4.14	)		(2.43	)

Less distributions:
Dividends from net investment income		(0.02	)		—			—			—			—			—
Distributions from realized gains		(0.24	)		—			—			—			—			—

Total dividends and distributions		(0.26	)		—			—			—			—			—

Redemption fees		—	#		—	#		—			—			—			—

Net asset value, end of period	$	11.11		$	10.88		$	9.62		$	9.91		$	7.41		$	11.55

Total return (b)†		4.42	%		13.09	%		(2.95	)%		33.73	%		(35.82	)%		(17.36	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	30,244		$	38,980		$	30,501		$	32,770		$	26,114		$	55,095
Ratio of expenses to average net assets:
After waivers (a)		1.60	%		1.88	%		2.00	%		1.96	%		1.85	%		1.85	%
After waivers and fees paid indirectly (a)		1.43	%		1.67	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.98	%		2.21	%		2.09	%		2.15	%		2.20	%		2.02	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		(0.43	)%		(0.36	)%		(1.66	)%		(1.33	)%		(1.43	)%		(0.98	)%
After waivers and fees paid indirectly (a)		(0.25	)%		(0.15	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(0.80	)%		(0.69	)%		(1.75	)%		(1.52	)%		(1.78	)%		(1.15	)%
Portfolio turnover rate (f)		147	%		159	%		143	%		161	%		189	%		105	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.04		$	0.03			**			**			**			**
	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class B	2006(c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	10.69		$	9.52		$	9.84		$	7.40		$	11.59		$	14.12

Income (loss) from investment operations:
Net investment loss		(0.09	)		(0.04	)		(0.18	)		(0.16	)		(0.18	)		(0.18	)
Net realized and unrealized gain (loss) on investments		0.52			1.21			(0.14	)		2.60			(4.01	)		(2.35	)

Total from investment operations		0.43			1.17			(0.32	)		2.44			(4.19	)		(2.53	)

Less distributions:
Distributions from realized gains		(0.24	)		—			—			—			—			—

Redemption fees		—			—	#		—			—			—			—

Net asset value, end of period	$	10.88		$	10.69		$	9.52		$	9.84		$	7.40		$	11.59

Total return (b)†		3.95	%		12.24	%		(3.18	)%		33.00	%		(36.20	)%		(17.91	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	35,385		$	45,551		$	39,379		$	46,888		$	36,329		$	68,173
Ratio of expenses to average net assets:
After waivers (a)		2.15	%		2.43	%		2.55	%		2.51	%		2.40	%		2.40	%
After waivers and fees paid indirectly (a)		1.98	%		2.22	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.53	%		2.76	%		2.64	%		2.70	%		2.75	%		2.57	%
Ratio of net investment loss to average net assets:
After waivers (a)		(0.98	)%		(0.91	)%		(2.21	)%		(1.88	)%		(1.98	)%		(1.54	)%
After waivers and fees paid indirectly (a)		(0.81	)%		(0.70	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(1.35	)%		(1.24	)%		(2.30	)%		(2.07	)%		(2.33	)%		(1.71	)%
Portfolio turnover rate (f)		147	%		159	%		143	%		161	%		189	%		105	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.04		$	0.03			**			**			**			**

See Notes to Financial Statements.

123

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE LARGE CAP GROWTH FUND (g)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class C	2006(c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	10.69		$	9.51		$	9.84		$	7.41		$	11.60		$	14.13

Income (loss) from investment operations:
Net investment loss		(0.09	)		(0.04	)		(0.18	)		(0.16	)		(0.18	)		(0.18	)
Net realized and unrealized gain (loss) on investments		0.51			1.22			(0.15	)		2.59			(4.01	)		(2.35	)

Total from investment operations		0.42			1.18			(0.33	)		2.43			(4.19	)		(2.53	)

Less distributions:
Distributions from realized gains		(0.24	)		—			—			—			—			—

Redemption fees		—			—	#		—			—			—			—

Net asset value, end of period	$	10.87		$	10.69		$	9.51		$	9.84		$	7.41		$	11.60

Total return (b)†		3.95	%		12.41	%		(3.33	)%		32.80	%		(36.12	)%		(17.93	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	12,050		$	15,298		$	10,709		$	12,597		$	9,956		$	20,646
Ratio of expenses to average net assets:
After waivers (a)		2.15	%		2.43	%		2.55	%		2.51	%		2.40	%		2.40	%
After waivers and fees paid indirectly (a)		1.98	%(e)		2.22	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.53	%		2.76	%		2.64	%		2.70	%		2.75	%		2.57	%
Ratio of net investment loss to average net assets:
After waivers (a)		(0.98	)%		(0.91	)%		(2.21	)%		(1.88	)%		(1.98	)%		(1.53	)%
After waivers and fees paid indirectly (a)		(0.81	)%		(0.70	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(1.36	)%		(1.24	)%		(2.30	)%		(2.07	)%		(2.33	)%		(1.70	)%
Portfolio turnover rate (f)		147	%		159	%		143	%		161	%		189	%		105	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.04		$	0.03			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class Y	2006(c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	11.00		$	9.70		$	9.96		$	7.41		$	11.50		$	13.87

Income (loss) from investment operations:
Net investment income (loss)		0.02			0.05			(0.10	)		(0.08	)		(0.08	)		(0.06	)
Net realized and unrealized gain (loss) on investments		0.52			1.25			(0.16	)		2.63			(4.01	)		(2.31	)

Total from investment operations		0.54			1.30			(0.26	)		2.55			(4.09	)		(2.37	)

Less distributions:
Dividends from net investment income		(0.07	)		—			—			—			—			—
Distributions from realized gains		(0.24	)		—			—			—			—			—

Total dividends and distributions		(0.31	)		—	#		—			—			—			—

Net asset value, end of period	$	11.23		$	11.00		$	9.70		$	9.96		$	7.41		$	11.50

Total return (b)		4.95	%		13.39	%		(2.60	)%		34.44	%		(35.59	)%		(17.05	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,593		$	1,648		$	295		$	1,318		$	312		$	403
Ratio of expenses to average net assets:
After waivers (a)		1.15	%		1.43	%		1.55	%		1.51	%		1.40	%		1.40	%
After waivers and fees paid indirectly (a)		0.98	%		1.22	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.53	%		1.76	%		1.64	%(e)		1.68	%		1.76	%		1.57	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.00	%		0.09	%		(1.21	)%		(0.88	)%		(0.98	)%		(0.53	)%
After waivers and fees paid indirectly (a)		0.17	%		0.30	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(0.41	)%		(0.24	)%		(1.30	)%		(1.05	)%		(1.34	)%		(0.70	)%
Portfolio turnover rate (f)		147	%		159	%		143	%		161	%		189	%		105	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.04		$	0.03			**			**			**			**

See Notes to Financial Statements.

124

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE MONEY MARKET FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class A	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Income from investment operations:
Net investment income		0.04			0.02			0.01			0.01			0.01			0.04
Net realized and unrealized gain (loss) on investments		—			—	#		—			—	#		—			—

Total from investment operations		0.04			0.02			0.01			0.01			0.01			0.04

Less distributions:
Dividends from net investment income		(0.04	)		(0.02	)		(0.01	)		(0.01	)		(0.01	)		(0.04	)

Payment by Affiliate		—			—			—			—	#		—			—

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return (b)(d)†		4.32	%		2.19	%		0.53	%		0.68	%		1.34	%		3.71	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	75,189		$	70,506		$	335,344		$	357,586		$	264,161		$	251,503
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.70	%		0.70	%		0.69	%		0.65	%		0.68	%		0.62	%
Before waivers and reimbursements (a)		1.16	%		0.92	%		N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		4.24	%		1.95	%		0.63	%		0.67	%		1.32	%		3.65	%
Before waivers and reimbursements (a)		3.78	%		1.73	%		N/A			N/A			N/A			N/A
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—	#		*	*		*	*		*	*		*	*

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class B	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Income from investment operations:
Net investment income		0.04			0.02			0.01			0.01			0.01			0.04
Net realized and unrealized gain (loss) on investments		—			—	#		—			—	#		—			—

Total from investment operations		0.04			0.02			0.01			0.01			0.01			0.04

Less distributions:
Dividends from net investment income		(0.04	)		(0.02	)		(0.01	)		(0.01	)		(0.01	)		(0.04	)

Payment by Affiliate		—			—			—			—	#		—			—

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return (b)(d)†		4.32	%		2.19	%		0.53	%		0.68	%		1.34	%		3.71	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	22,697		$	28,125		$	38,670		$	46,452		$	56,323		$	44,045
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.70	%		0.70	%		0.69	%		0.65	%		0.68	%		0.62	%
Before waivers and reimbursements (a)		1.16	%		0.92	%		N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		4.21	%		1.95	%		0.63	%		0.67	%		1.32	%		3.65	%
Before waivers and reimbursements (a)		3.75	%		1.73	%		N/A			N/A			N/A			N/A
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—	#		*	*		*	*		*	*		*	*

See Notes to Financial Statements.

125

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE MONEY MARKET FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class C	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Income from investment operations:
Net investment income		0.04			0.02			0.01			0.01			0.01			0.04
Net realized and unrealized gain (loss) on investments		—			—	#		—			—	#		—			—

Total from investment operations		0.04			0.02			0.01			0.01			0.01			0.04

Less distributions:
Dividends from net investment income		(0.04	)		(0.02	)		(0.01	)		(0.01	)		(0.01	)		(0.04	)

Payment by Affiliate		—			—			—			—	#		—			—

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return (b)(d)†		4.32	%		2.19	%		0.53	%		0.68	%		1.34	%		3.71	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	9,826		$	11,523		$	11,301		$	10,735		$	12,775		$	10,632
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.70	%		0.70	%		0.69	%		0.65	%		0.68	%		0.62	%
Before waivers and reimbursements (a)		1.16	%		0.92	%		N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		4.23	%		1.95	%		0.63	%		0.67	%		1.32	%		3.65	%
Before waivers and reimbursements (a)		3.77	%		1.73	%		N/A			N/A			N/A			N/A
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—	#		*	*		*	*		*	*		*	*

	Year Ended December 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class Y	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Income from investment operations:
Net investment income		0.04			0.02			0.01			0.01			0.01			0.04
Net realized and unrealized gain (loss) on investments		—			—	#		—			—	#		—			—

Total from investment operations		0.04			0.02			0.01			0.01			0.01			0.04

Less distributions:
Dividends from net investment income		(0.04	)		(0.02	)		(0.01	)		(0.01	)		(0.01	)		(0.04	)

Payment by Affiliate		—			—			—			—	#		—			—

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return (b)(d)		4.32	%		2.19	%		0.53	%		0.68	%		1.34	%		3.71	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	11,605		$	8,951		$	7,569		$	4,939		$	4,298		$	3,160
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.70	%		0.70	%		0.69	%		0.65	%		0.68	%		0.62	%
Before waivers and reimbursements (a)		1.16	%(e)		0.92	%		N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		4.27	%		1.95	%		0.63	%		0.67	%		1.32	%		3.65	%
Before waivers and reimbursements (a)		3.82	%		1.73	%		N/A			N/A			N/A			N/A
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—	#		*	*		*	*		*	*		*	*

See Notes to Financial Statements.

126

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SHORT DURATION BOND FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,			November 29, *2002to December 31,**
Class A	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)
Net asset value, beginning of period	$	9.83		$	10.00		$	10.07		$	10.02		$	10.00

Income (loss) from investment operations:
Net investment income		0.37			0.30			0.20			0.24			0.01
Net realized and unrealized gain (loss) on investments		0.01			(0.17	)		(0.06	)		0.05			0.02

Total from investment operations		0.38			0.13			0.14			0.29			0.03

Less distributions:
Dividends from net investment income		(0.38	)		(0.30	)		(0.21	)		(0.24	)		(0.01	)

Redemption fees		—	#		—	#		—	#		—			—

Net asset value, end of period	$	9.83		$	9.83		$	10.00		$	10.07		$	10.02

Total return (b)†		3.91	%		1.35	%		1.53	%		2.96	%		0.34	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	16,870		$	16,582		$	13,747		$	11,479		$	2,155
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.90	%		0.90	%		0.90	%		0.90	%		0.25	%
Before waivers and reimbursements (a)		1.23	%		1.47	%		1.21	%		1.39	%		8.04	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.82	%		3.04	%		2.43	%		2.33	%		1.40	%
Before waivers and reimbursements (a)		3.49	%		2.47	%		2.12	%		1.84	%		(6.39	)%
Portfolio turnover rate (f)		134	%		94	%		23	%		18	%		0	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.06			*	*		*	*		*	*

	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,			November 29, 2002*to December 31,
Class B	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)
Net asset value, beginning of period	$	9.81		$	9.98		$	10.05		$	10.01		$	10.00

Income (loss) from investment operations:
Net investment income		0.30			0.23			0.14			0.16			0.01
Net realized and unrealized gain (loss) on investments		—			(0.17	)		(0.07	)		0.06			0.01

Total from investment operations		0.30			0.06			0.07			0.22			0.02

Less distributions:
Dividends from net investment income		(0.30	)		(0.23	)		(0.14	)		(0.18	)		(0.01	)

Redemption fees		—	#		—	#		—	#		—			—

Net asset value, end of period	$	9.81		$	9.81		$	9.98		$	10.05		$	10.01

Total return (b)†		3.14	%		0.60	%		0.91	%		2.22	%		0.23	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,569		$	7,597		$	8,940		$	9,290		$	2,268
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.65	%		1.65	%		1.65	%		1.65	%		1.00	%
Before waivers and reimbursements (a)		1.98	%(e)		2.22	%		1.96	%		2.15	%		8.71	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.07	%		2.29	%		1.68	%(e)		1.58	%		0.61	%
Before waivers and reimbursements (a)		2.74	%		1.72	%		1.37	%(e)		1.08	%		(7.10	)%
Portfolio turnover rate (f)		134	%		94	%		23	%		18	%		0	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.06			*	*		*	*		*	*

See Notes to Financial Statements.

127

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SHORT DURATION BOND FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,			November 29, 2002to December 31,*
Class C	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)
Net asset value, beginning of period	$	9.81		$	9.98		$	10.05		$	10.01		$	10.00

Income (loss) from investment operations:
Net investment income		0.30			0.23			0.14			0.16			0.01
Net realized and unrealized gain (loss) on investments		—			(0.17	)		(0.07	)		0.06			0.01

Total from investment operations		0.30			0.06			0.07			0.22			0.02

Less distributions:
Dividends from net investment income		(0.30	)		(0.23	)		(0.14	)		(0.18	)		(0.01	)

Redemption fees		—	#		—	#		—	#		—			—

Net asset value, end of period	$	9.81		$	9.81		$	9.98		$	10.05		$	10.01

Total return (b)†		3.15	%		0.59	%		0.90	%		2.21	%		0.24	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,496		$	5,880		$	6,692		$	5,429		$	2,110
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.65	%		1.65	%		1.65	%		1.65	%		1.00	%
Before waivers and reimbursements (a)		1.98	%(e)		2.22	%		1.96	%(e)		2.17	%		8.63	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.07	%		2.29	%		1.68	%		1.55	%		0.63	%
Before waivers and reimbursements (a)		2.74	%		1.72	%		1.37	%		1.03	%		(7.00	)%
Portfolio turnover rate (f)		134	%		94	%		23	%		18	%		0	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.06			**			**			**

	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,			November 29, 2002*to December 31,
Class Y	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)
Net asset value, beginning of period	$	9.83		$	10.01		$	10.08		$	10.02		$	10.00

Income (loss) from investment operations:
Net investment income		0.40			0.33			0.23			0.26			0.01
Net realized and unrealized gain (loss) on investments		—			(0.18	)		(0.07	)		0.07			0.02

Total from investment operations		0.40			0.15			0.16			0.33			0.03

Less distributions:
Dividends from net investment income		(0.40	)		(0.33	)		(0.23	)		(0.27	)		(0.01	)

Redemption fees		—			—			—	#		—			—

Net asset value, end of period	$	9.83		$	9.83		$	10.01		$	10.08		$	10.02

Total return (b)		4.17	%		1.50	%		1.75	%		3.28	%		0.34	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	21,624		$	13,837		$	1,425		$	1,213		$	1,102
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.65	%		0.65	%		0.65	%		0.65	%		0.00	%@
Before waivers and reimbursements (a)		0.98	%		1.22	%		0.96	%		1.25	%		7.69	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		4.10	%		3.29	%		2.68	%(e)		2.55	%		1.57	%
Before waivers and reimbursements (a)		3.76	%		2.72	%		2.37	%(e)		1.95	%		(6.12	)%
Portfolio turnover rate (f)		134	%		94	%		23	%		18	%		0	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.06			**			**			**

See Notes to Financial Statements.

128

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY GROWTH FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,
Class A	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	28.23		$	26.45		$	26.74		$	21.76		$	28.90		$	30.90

Income (loss) from investment operations:
Net investment loss		(0.38	)		(0.26	)		(0.29	)		(0.33	)		(0.35	)		(0.39	)
Net realized and unrealized gain (loss) on investments		6.64			2.04			—	#		5.31			(6.79	)		(1.40	)

Total from investment operations		6.26			1.78			(0.29	)		4.98			(7.14	)		(1.79	)

Less distributions:
Distributions from realized gains		(1.71	)		—			—			—			—			(0.22	)

Redemption fees		—	#		—	#		—	#		—	#		—	#		0.01

Net asset value, end of period	$	32.78		$	28.23		$	26.45		$	26.74		$	21.76		$	28.90

Total return (b)†		23.15	%		6.69	%		(1.08	)%		22.89	%		(24.71	)%		(5.72	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	47,721		$	42,959		$	44,184		$	44,265		$	31,714		$	37,413
Ratio of expenses to average net assets:
After waivers (a)		1.65	%		1.65	%		1.65	%		1.65	%		1.73	%		1.85	%
After waivers and fees paid indirectly (a)		1.60	%		1.20	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.18	%		2.23	%		2.02	%		2.04	%		2.09	%		2.01	%
Ratio of net investment loss to average net assets:
After waivers (a)		(1.30	)%		(1.37	)%		(1.34	)%		(1.41	)%		(1.43	)%		(1.40	)%
After waivers and fees paid indirectly (a)		(1.25	)%		(0.92	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(1.83	)%		(1.95	)%		(1.71	)%		(1.80	)%		(1.79	)%		(1.56	)%
Portfolio turnover rate (f)		60	%		146	%		88	%		81	%		35	%		42	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.16		$	0.29			*	*		*	*		*	*		*	*

	Year Ended October 31,						Ten Months Ended October 31,			Year Ended December 31,
Class B	2006 (c)			2005(c)(e)			2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	26.79		$	25.25		$	25.64		$	20.98		$	28.02		$	30.11

Income (loss) from investment operations:
Net investment loss		(0.52	)		(0.40	)		(0.40	)		(0.44	)		(0.47	)		(0.53	)
Net realized and unrealized gain (loss) on investments		6.27			1.94			0.01			5.10			(6.57	)		(1.34	)

Total from investment operations		5.75			1.54			(0.39	)		4.66			(7.04	)		(1.87	)

Less distributions:
Distributions from realized gains		(1.71	)		—			—			—			—			(0.22	)

Redemptions fees		—			—	#		—	#		—	#		—			—

Net asset value, end of period	$	30.83		$	26.79		$	25.25		$	25.64		$	20.98		$	28.02

Total return (b)†		22.40	%		6.14	%		(1.52	)%		22.21	%		(25.12	)%		(6.17	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	30,515		$	33,060		$	37,430		$	42,327		$	33,447		$	41,749
Ratio of expenses to average net assets:
After waivers (a)		2.20	%		2.20	%		2.20	%		2.20	%		2.28	%		2.40	%
After waivers and fees paid indirectly (a)		2.15	%		1.75	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.73	%		2.78	%		2.57	%		2.59	%		2.64	%		2.56	%
Ratio of net investment loss to average net assets:
After waivers (a)		(1.85	)%		(1.92	)%		(1.89	)%		(1.95	)%		(1.98	)%		(1.95	)%
After waivers and fees paid indirectly (a)		(1.80	)%		(1.47	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(2.37	)%		(2.50	)%		(2.26	)%		(2.34	)%		(2.34	)%		(2.11	)%
Portfolio turnover rate (f)		60	%		146	%		88	%		81	%		35	%		42	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.15		$	0.28			*	*		*	*		*	*		*	*

See Notes to Financial Statements.

129

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY GROWTH FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class C	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	26.89		$	25.34		$	25.73		$	21.05		$	28.11		$	30.21

Income (loss) from investment operations:
Net investment loss		(0.52	)		(0.40	)		(0.40	)		(0.45	)		(0.46	)		(0.53	)
Net realized and unrealized gain (loss) on investments		6.30			1.95			0.01			5.13			(6.60	)		(1.35	)

Total from investment operations		5.78			1.55			(0.39	)		4.68			(7.06	)		(1.88	)

Less distributions:
Distributions from realized gains		(1.71	)		—			—			—			—			(0.22	)

Redemption fees		—	#		—	#		—	#		—	#		—			—

Net asset value, end of period	$	30.96		$	26.89		$	25.34		$	25.73		$	21.05		$	28.11

Total return (b)†		22.48	%		6.12	%		(1.52	)%		22.23	%		(25.12	)%		(6.18	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	13,294		$	13,431		$	15,856		$	16,567		$	10,448		$	9,367
Ratio of expenses to average net assets:
After waivers (a)		2.20	%		2.20	%		2.20	%		2.20	%		2.27	%		2.40	%
After waivers and fees paid indirectly (a)		2.15	%		1.75	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.73	%		2.78	%		2.57	%		2.59	%		2.66	%		2.56	%
Ratio of net investment loss to average net assets:
After waivers (a)		(1.85	)%		(1.92	)%		(1.89	)%		(1.95	)%		(1.97	)%		(1.95	)%
After waivers and fees paid indirectly (a)		(1.80	)%		(1.47	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(2.37	)%		(2.50	)%		(2.26	)%		(2.34	)%		(2.36	)%		(2.11	)%
Portfolio turnover rate (f)		60	%		146	%		88	%		81	%		35	%		42	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.15		$	0.28			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class Y	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	29.32		$	27.35		$	27.55		$	22.31		$	29.51		$	31.39

Income (loss) from investment operations:
Net investment loss		(0.26	)		(0.14	)		(0.20	)		(0.23	)		(0.26	)		(0.27	)
Net realized and unrealized gain (loss) on investments		6.93			2.11			—	#		5.47			(6.94	)		(1.39	)

Total from investment operations		6.67			1.97			(0.20	)		5.24			(7.20	)		(1.66	)

Less distributions:
Distributions from realized gains		(1.71	)		—			—			—			—			(0.22	)

Redemption fees		—			—			—	#		—	#		—			—

Net asset value, end of period	$	34.28		$	29.32		$	27.35		$	27.55		$	22.31		$	29.51

Total return (b)		23.71	%		7.20	%		(0.73	)%		23.49	%		(24.40	)%		(5.25	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	19,037		$	11,836		$	10,434		$	11,317		$	7,375		$	9,257
Ratio of expenses to average net assets:
After waivers (a)		1.20	%		1.20	%		1.20	%		1.20	%		1.29	%		1.40	%
After waivers and fees paid indirectly (a)		1.15	%		0.75	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.73	%		1.78	%		1.57	%		1.59	%		1.64	%		1.56	%
Ratio of net investment loss to average net assets:
After waivers (a)		(0.85	)%		(0.92	)%		(0.89	)%		(0.95	)%		(0.98	)%		(0.95	)%
After waivers and fees paid indirectly (a)		(0.80	)%		(0.47	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(1.38	)%		(1.50	)%		(1.26	)%		(1.34	)%		(1.33	)%		(1.11	)%
Portfolio turnover rate (f)		60	%		146	%		88	%		81	%		35	%		42	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.17		$	0.29			**			**			**			**

See Notes to Financial Statements.

130

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY VALUE FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class A	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	11.49		$	10.45		$	9.78		$	7.09		$	8.17		$	7.84

Income (loss) from investment operations:
Net investment income (loss)		0.05			(0.05	)		(0.03	)		(0.04	)		(0.04	)		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.10			1.23			0.70			2.73			(0.93	)		0.38

Total from investment operations		2.15			1.18			0.67			2.69			(0.97	)		0.36

Less distributions:
Distributions from realized gains		(0.45	)		(0.14	)		—			—			(0.11	)		(0.03	)

Redemption fees		—	#		—	#		—	#		—			—	#		—	#

Net asset value, end of period	$	13.19		$	11.49		$	10.45		$	9.78		$	7.09		$	8.17

Total return (b)†		19.38	%		11.35	%		6.85	%		37.94	%		(11.88	)%		4.63	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	264,595		$	252,526		$	254,300		$	250,241		$	188,979		$	218,905
Ratio of expenses to average net assets:
After waivers (a)		1.60	%		1.64	%		1.59	%		1.60	%		1.64	%		1.57	%
After waivers and fees paid indirectly (a)		1.59	%		1.63	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.60	%		1.64	%		1.59	%		1.60	%		1.64	%		1.57	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.37	%		(0.41	)%		(0.38	)%		(0.46	)%		(0.50	)%		(0.21	)%
After waivers and fees paid indirectly (a)		0.38	%		(0.40	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.37	%		(0.41	)%		(0.38	)%		(0.46	)%		(0.50	)%		(0.21	)%
Portfolio turnover rate (f)		4	%		4	%		10	%		8	%		19	%		32	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	—		$	—			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class B	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	10.70		$	9.79		$	9.21		$	6.71		$	7.78		$	7.52

Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.10	)		(0.07	)		(0.08	)		(0.08	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.95			1.15			0.65			2.58			(0.88	)		0.35

Total from investment operations		1.93			1.05			0.58			2.50			(0.96	)		0.29

Less distributions:
Distributions from realized gains		(0.45	)		(0.14	)		—			—			(0.11	)		(0.03	)

Redemption fees		—	#		—	#		—	#		—			—			—

Net asset value, end of period	$	12.18		$	10.70		$	9.79		$	9.21		$	6.71		$	7.78

Total return (b)		18.73	%		10.78	%		6.30	%		37.26	%		(12.35	)%		3.89	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	175,297		$	198,305		$	208,457		$	210,248		$	156,569		$	161,373
Ratio of expenses to average net assets:
After waivers (a)		2.15	%		2.19	%		2.14	%		2.15	%		2.19	%		2.12	%
After waivers and fees paid indirectly (a)		2.14	%		2.18	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.15	%		2.19	%		2.14	%		2.15	%		2.19	%		2.12	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		(0.16	)%		(0.96	)%		(0.93	)%		(1.01	)%		(1.04	)%		(0.76	)%
After waivers and fees paid indirectly (a)		(0.15	)%		(0.95	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(0.16	)%		(0.96	)%		(0.93	)%		(1.01	)%		(1.04	)%		(0.76	)%
Portfolio turnover rate (f)		4	%		4	%		10	%		8	%		19	%		32	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—			**			**			**			**

See Notes to Financial Statements.

131

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SMALL COMPANY VALUE FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class C	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	10.98		$	10.04		$	9.45		$	6.88		$	7.98		$	7.71

Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.11	)		(0.08	)		(0.08	)		(0.08	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.00			1.19			0.67			2.65			(0.91	)		0.36

Total from investment operations		1.98			1.08			0.59			2.57			(0.99	)		0.30

Less distributions:
Distributions from realized gains		(0.45	)		(0.14	)		—			—			(0.11	)		(0.03	)

Redemption fees		—	#		—	#		—	#		—			—			—

Net asset value, end of period	$	12.51		$	10.98		$	10.04		$	9.45		$	6.88		$	7.98

Total return (b)†		18.71	%		10.81	%		6.24	%		37.35	%		(12.42	)%		3.93	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	92,123		$	107,803		$	114,721		$	111,311		$	78,811		$	78,665
Ratio of expenses to average net assets:
After waivers (a)		2.15	%		2.19	%		2.14	%		2.15	%		2.19	%		2.13	%
After waivers and fees paid indirectly (a)		2.14	%		2.18	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		2.15	%		2.19	%		2.14	%		2.15	%		2.19	%		2.13	%
Ratio of net investment loss to average net assets:
After waivers (a)		(0.17	)%		(0.96	)%		(0.93	)%		(1.01	)%		(1.04	)%		(0.76	)%
After waivers and fees paid indirectly (a)		(0.16	)%		(0.95	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		(0.17	)%		(0.96	)%		(0.93	)%		(1.01	)%		(1.04	)%		(0.76	)%
Portfolio turnover rate (f)		4	%		4	%		10	%		8	%		19	%		32	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class Y	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	12.13		$	10.97		$	10.24		$	7.39		$	8.47		$	8.09

Income (loss) from investment operations:
Net investment income		0.11			—	#		0.01			—	#		—	#		0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.23			1.30			0.72			2.85			(0.97	)		0.40

Total from investment operations		2.34			1.30			0.73			2.85			(0.97	)		0.41

Less distributions:
Distributions from realized gains		(0.45	)		(0.14	)		—			—			(0.11	)		(0.03	)

Redemption fees		—			—			—	#		—			—			—

Net asset value, end of period	$	14.02		$	12.13		$	10.97		$	10.24		$	7.39		$	8.47

Total return (b)		19.94	%		11.91	%		7.13	%		38.57	%		(11.46	)%		5.10	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	25,954		$	21,728		$	9,587		$	10,072		$	7,029		$	7,067
Ratio of expenses to average net assets:
After waivers (a)		1.15	%		1.19	%		1.14	%		1.15	%		1.19	%		1.15	%
After waivers and fees paid indirectly (a)		1.14	%		1.18	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.15	%		1.19	%		1.14	%		1.15	%		1.19	%		1.15	%
Ratio of net investment income to average net assets:
After waivers (a)		0.82	%		0.04	%		0.07	%		(0.01	)%		(0.04	)%		0.18	%
After waivers and fees paid indirectly (a)		0.82	%		0.05	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.82	%		0.04	%		0.07	%		(0.01	)%		(0.04	)%		0.18	%
Portfolio turnover rate (f)		4	%		4	%		10	%		8	%		19	%		32	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—			**			**			**			**

See Notes to Financial Statements.

132

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SOCIALLY RESPONSIBLE FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class A	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	10.03		$	9.24		$	8.96		$	7.09		$	8.69		$	9.75

Income (loss) from investment operations:
Net investment income		0.05			0.02			0.03			0.01			—	#		0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.96			0.79			0.25			1.86			(1.63	)		(1.05	)

Total from investment operations		2.01			0.81			0.28			1.87			(1.63	)		(1.04	)

Less distributions:
Dividends from net investment income		—			(0.02	)		—			—			—			—
Distributions from realized gains		—			—	#		—			—			—			(0.02	)

Total dividends and distributions		—			(0.02	)		—			—			—			(0.02	)

Redemption fees		—	#		—	#		—	#		—			0.03			—

Net asset value, end of period	$	12.04		$	10.03		$	9.24		$	8.96		$	7.09		$	8.69

Total return (b)†		20.04	%		8.79	%		3.13	%		26.38	%		(18.41	)%		(10.70	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	10,241		$	6,888		$	5,554		$	3,640		$	2,314		$	2,053
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
After waivers, reimbursements and fees paid indirectly (a)		1.56	%		1.74	%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		2.26	%		2.75	%		2.53	%		3.28	%		3.55	%		4.05	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.27	%		0.17	%		0.33	%		0.08	%		0.01	%		0.10	%
After waivers, reimbursements and fees paid indirectly (a)		0.47	%		0.18	%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		(0.23	)%		(0.83	)%		(0.45	)%		(1.45	)%		(1.79	)%		(2.20	)%
Portfolio turnover rate (f)		154	%		45	%		32	%		39	%		32	%		44	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.06		$	0.10			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class B	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	9.77		$	9.03		$	8.80		$	7.00		$	8.62		$	9.74

Income (loss) from investment operations:
Net investment loss		(0.01	)		(0.04	)		(0.01	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.91			0.78			0.24			1.84			(1.60	)		(1.06	)

Total from investment operations		1.90			0.74			0.23			1.80			(1.64	)		(1.10	)

Less distributions:
Distributions from realized gains		—			—			—			—			—			(0.02	)

Redemption fees		—			—			—	#		—			0.02			—

Net asset value, end of period	$	11.67		$	9.77		$	9.03		$	8.80		$	7.00		$	8.62

Total return (b)†		19.33	%		8.31	%		2.61	%		25.71	%		(18.79	)%		(11.33	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,683		$	3,020		$	2,521		$	1,903		$	1,057		$	1,036
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.30	%		2.30	%		2.30	%		2.30	%		2.30	%		2.30	%
After waivers, reimbursements and fees paid indirectly (a)		2.11	%(e)		2.29	%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		2.81	%(e)		3.30	%		3.08	%(e)		3.83	%		4.08	%		4.61	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.29	)%		(0.38	)%		(0.22	)%(e)		(0.48	)%		(0.53	)%		(0.43	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.09	)%		(0.37	)%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		(0.78	)%		(1.38	)%		(1.00	)%(e)		(2.01	)%		(2.31	)%		(2.74	)%
Portfolio turnover rate (f)		154	%		45	%		32	%		39	%		32	%		44	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.05		$	0.10			**			**			**			**

See Notes to Financial Statements.

133

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE SOCIALLY RESPONSIBLE FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class C	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	9.77		$	9.03		$	8.79		$	6.99		$	8.62		$	9.74

Income (loss) from investment operations:
Net investment loss		(0.01	)		(0.04	)		(0.01	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.90			0.78			0.25			1.84			(1.61	)		(1.06	)

Total from investment operations		1.89			0.74			0.24			1.80			(1.65	)		(1.10	)

Less distributions:
Distributions from realized gains		—			—			—			—			—			(0.02	)

Redemption fees		—			—			—	#		—			0.02			—

Net asset value, end of period	$	11.66		$	9.77		$	9.03		$	8.79		$	6.99		$	8.62

Total return (b)†		19.34	%		8.19	%		2.73	%		25.75	%		(18.91	)%		(11.33	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,580		$	3,598		$	2,200		$	1,439		$	632		$	475
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		2.30	%		2.30	%		2.30	%		2.30	%		2.30	%		2.30	%
After waivers, reimbursements and fees paid indirectly (a)		2.11	%		2.29	%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		2.81	%		3.30	%		3.08	%		3.80	%		4.14	%		4.63	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.27	)%		(0.38	)%		(0.22	)%(e)		(0.51	)%		(0.57	)%		(0.43	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.08	)%		(0.37	)%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		(0.78	)%		(1.38	)%		(1.00	)%(e)		(2.01	)%		(2.41	)%		(2.76	)%
Portfolio turnover rate (f)		154	%		45	%		32	%		39	%		32	%		44	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.06		$	0.10			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class Y	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	10.22		$	9.42		$	9.10		$	7.17		$	8.74		$	9.76

Income (loss) from investment operations:
Net investment income (loss)		0.11			0.06			0.03			(0.04	)		0.03			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.99			0.81			0.29			1.97			(1.62	)		(1.05	)

Total from investment operations		2.10			0.87			0.32			1.93			(1.59	)		(1.00	)

Less distributions:
Dividends from net investment income		—			(0.07	)		—			—			—			—
Distributions from realized gains		—			—			—			—			—			(0.02	)

Total dividends and distributions		—			(0.07	)		—			—			—			(0.02	)

Redemption fees		—			—			—	#		—			0.02			—

Net asset value, end of period	$	12.32		$	10.22		$	9.42		$	9.10		$	7.17		$	8.74

Total return (b)		20.55	%		9.22	%		3.52	%		26.92	%		(17.96	)%		(10.28	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	820		$	4,994		$	1,917		$	225		$	126		$	120
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
After waivers, reimbursements and fees paid indirectly (a)		1.11	%(e)		1.29	%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		1.81	%(e)		2.30	%		2.08	%(e)		2.80	%		3.12	%		3.63	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.64	%		0.62	%		0.78	%(e)		0.50	%		0.44	%		0.57	%
After waivers, reimbursements and fees paid indirectly (a)		1.02	%		0.63	%		N/A			N/A			N/A			N/A
Before waivers, reimbursements and fees paid indirectly (a)		0.32	%		(0.38	)%		0.00	%@(e)		(1.00	)%		(1.38	)%		(1.76	)%
Portfolio turnover rate (f)		154	%		45	%		32	%		39	%		32	%		44	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.04		$	0.10			**			**			**			**

See Notes to Financial Statements.

134

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE TAX-EXEMPT INCOME FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class A	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	13.83		$	14.19		$	14.19		$	14.16		$	13.49		$	13.60

Income (loss) from investment operations:
Net investment income		0.52			0.51			0.40			0.48			0.51			0.53
Net realized and unrealized gain (loss) on investments		0.04			(0.35	)		0.03			0.14			0.70			(0.11	)

Total from investment operations		0.56			0.16			0.43			0.62			1.21			0.42

Less distributions:
Dividends from net investment income		(0.52	)		(0.51	)		(0.40	)		(0.48	)		(0.51	)		(0.53	)
Distributions from realized gains		(0.08	)		(0.01	)		(0.03	)		(0.11	)		(0.03	)		—

Total dividends and distributions		(0.60	)		(0.52	)		(0.43	)		(0.59	)		(0.54	)		(0.53	)

Redemption fees		—			—			—	#		—			—			—

Net asset value, end of period	$	13.79		$	13.83		$	14.19		$	14.19		$	14.16		$	13.49

Total return (b)†		4.16	%		1.11	%		3.06	%		4.43	%		9.09	%		3.09	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	16,199		$	17,913		$	22,034		$	22,753		$	24,296		$	21,992
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Before waivers and reimbursements (a)		1.67	%		1.59	%		1.32	%		1.33	%		1.34	%		1.33	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.78	%		3.61	%		3.39	%		3.36	%		3.66	%		3.86	%
Before waivers and reimbursements (a)		3.21	%		3.12	%		3.17	%		3.13	%		3.42	%		3.63	%
Portfolio turnover rate (f)		40	%		12	%		14	%		15	%		20	%		34	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.08		$	0.07			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class B	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	13.84		$	14.19		$	14.19		$	14.17		$	13.50		$	13.60

Income (loss) from investment operations:
Net investment income		0.44			0.43			0.33			0.40			0.43			0.45
Net realized and unrealized gain (loss) on investments		0.05			(0.34	)		0.03			0.13			0.70			(0.10	)

Total from investment operations		0.49			0.09			0.36			0.53			1.13			0.35

Less distributions:
Dividends from net investment income		(0.44	)		(0.43	)		(0.33	)		(0.40	)		(0.43	)		(0.45	)
Distributions from realized gains		(0.08	)		(0.01	)		(0.03	)		(0.11	)		(0.03	)		—

Total dividends and distributions		(0.52	)		(0.44	)		(0.36	)		(0.51	)		(0.46	)		(0.45	)

Redemption fees		—			—			—	#		—			—			—

Net asset value, end of period	$	13.81		$	13.84		$	14.19		$	14.19		$	14.17		$	13.50

Total return (b)†		3.59	%		0.63	%		2.59	%		3.78	%		8.49	%		2.60	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,856		$	5,729		$	6,712		$	7,915		$	8,760		$	6,939
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Before waivers and reimbursements (a)		2.22	%		2.14	%		1.87	%		1.88	%		1.90	%		1.87	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.23	%		3.06	%		2.84	%		2.80	%		3.11	%		3.29	%
Before waivers and reimbursements (a)		2.66	%		2.57	%		2.62	%		2.57	%		2.86	%		3.07	%
Portfolio turnover rate (f)		40	%		12	%		14	%		15	%		20	%		34	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.08		$	0.07			**			**			**			**

See Notes to Financial Statements.

135

AXA ENTERPRISE FUNDS TRUST

AXA ENTERPRISE TAX-EXEMPT INCOME FUND

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class C	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	13.84		$	14.19		$	14.19		$	14.16		$	13.49		$	13.60

Income (loss) from investment operations:
Net investment income		0.44			0.43			0.33			0.40			0.43			0.45
Net realized and unrealized gain (loss) on investments		0.04			(0.34	)		0.03			0.14			0.70			(0.11	)

Total from investment operations		0.48			0.09			0.36			0.54			1.13			0.34

Less distributions:
Dividends from net investment income		(0.44	)		(0.43	)		(0.33	)		(0.40	)		(0.43	)		(0.45	)
Distributions from realized gains		(0.08	)		(0.01	)		(0.03	)		(0.11	)		(0.03	)		—

Total dividends and distributions		(0.52	)		(0.44	)		(0.36	)		(0.51	)		(0.46	)		(0.45	)

Redemption fees		—			—			—	#		—			—			—

Net asset value, end of period	$	13.80		$	13.84		$	14.19		$	14.19		$	14.16		$	13.49

Total return (b)†		3.59	%		0.63	%		2.59	%		3.88	%		8.49	%		2.52	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,551		$	2,827		$	3,419		$	3,393		$	3,767		$	1,821
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Before waivers and reimbursements (a)		2.22	%(e)		2.14	%		1.87	%		1.88	%		1.90	%		1.87	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.23	%		3.06	%		2.84	%		2.82	%		3.07	%		3.28	%
Before waivers and reimbursements (a)		2.66	%		2.57	%		2.62	%		2.59	%		2.82	%		3.06	%
Portfolio turnover rate (f)		40	%		12	%		14	%		15	%		20	%		34	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.08		$	0.07			**			**			**			**

	Year Ended October 31,						Ten Months Ended October 31, 2004(c)			Year Ended December 31,
Class Y	2006 (c)			2005(c)(e)			Ten Months Ended October 31, 2004(c)			2003(c)			2002(c)			2001(c)
Net asset value, beginning of period	$	13.84		$	14.19		$	14.19		$	14.17		$	13.49		$	13.60

Income (loss) from investment operations:
Net investment income		0.58			0.57			0.45			0.54			0.57			0.59
Net realized and unrealized gain (loss) on investments		0.04			(0.34	)		0.03			0.13			0.71			(0.11	)

Total from investment operations		0.62			0.23			0.48			0.67			1.28			0.48

Less distributions:
Dividends from net investment income		(0.58	)		(0.57	)		(0.45	)		(0.54	)		(0.57	)		(0.59	)
Distributions from realized gains		(0.08	)		(0.01	)		(0.03	)		(0.11	)		(0.03	)		—

Total dividends and distributions		(0.66	)		(0.58	)		(0.48	)		(0.65	)		(0.60	)		(0.59	)

Redemption fees		—			—			—	#		—			—			—

Net asset value, end of period	$	13.80		$	13.84		$	14.19		$	14.19		$	14.17		$	13.49

Total return (b)		4.63	%		1.64	%		3.45	%		4.83	%		9.66	%		3.56	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	50		$	107		$	103		$	102		$	102		$	78
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Before waivers and reimbursements (a)		1.22	%		1.14	%		0.87	%		0.88	%		0.90	%		0.88	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		4.21	%		4.06	%		3.84	%		3.82	%		4.11	%		4.31	%
Before waivers and reimbursements (a)		3.64	%		3.57	%		3.62	%		3.59	%		3.86	%		4.08	%
Portfolio turnover rate (f)		40	%		12	%		14	%		15	%		20	%		34	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.08		$	0.07			**			**			**			**

See Notes to Financial Statements.

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*	Commencement of Operations.

**	Prior to the year ended 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 and Class C do not include sales charges.

(a)

Ratios for periods 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 per share are based on daily average shares outstanding.

(d)

In 2003, 0.21% of the Fund’s total return consisted of a voluntary reimbursement by the investment advisor for a realized investment loss.

(e)

Reflects overall fund ratios adjusted for class specific expenses.

(f)

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

(g)

The financial highlights for the periods prior to July 29, 2005 (the “merger date”) reflect the per share amounts and ratios of the Enterprise Multi-Cap Growth Fund. All per share amounts prior to the merger date have been adjusted to reflect the conversion ratio applied to the Multi-Cap Growth Fund shares in connection with the merger transaction, as described in the notes to the financial statements.

See Notes to Financial Statements.

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NOTES TO FINANCIAL STATEMENTS

October 31, 2006

Note 1 Organization and Significant Accounting Policies

AXA Enterprise Funds Trust (“Trust”) is a Delaware trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with sixteen Funds (each a “Fund” and together the “Funds”). 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 is provided by an investment sub-adviser (each an “Adviser”) selected by the Manager.

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 vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this involves 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.

During the reporting period, each Fund had four classes of shares outstanding: Class A, Class B, Class C and Class Y. There are an unlimited number of shares with a par value of $0.001 authorized. 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 fees under the Distribution Plan.

The investment objectives of each Fund are as follows:

AXA Enterprise Capital Appreciation Fund (advised by Marsico Capital Management, LLC) — Maximum capital appreciation.

AXA Enterprise Deep Value Fund (advised by Barrow, Hanley, Mewhinney & Strauss, Inc.) — Total return through capital appreciation with income as a secondary consideration.

AXA Enterprise Equity Fund (advised by TCW Investment Management Company (“TCW”)) — Long-term capital appreciation.

AXA Enterprise Equity Income Fund (advised by Boston Advisors, LLC) — Above average and consistent total return through a combination of growth and income investing.

AXA Enterprise Global Financial Services Fund (advised by AllianceBernstein L.P.) — Capital appreciation.

AXA Enterprise Government Securities Fund (advised by TCW) — Current income and safety of principal.

AXA Enterprise Growth and Income Fund (advised by UBS Global Asset Management (Americas), Inc.) — Total return through capital appreciation with income as a secondary consideration.

AXA Enterprise High-Yield Bond Fund (advised by Caywood-Scholl Capital Management) — Maximum current income.

AXA Enterprise International Growth Fund (advised by Wentworth, Hauser, and Violich, Inc.) — Capital appreciation. Effective at the close of business January 17, 2006, Wentworth, Hauser, and Violich, Inc. replaced Walter Scott & Partners Ltd.

AXA Enterprise Large Cap Growth Fund (advised by Ark Asset Management Co., Inc.) — Capital appreciation. Effective at the close of business March 16, 2006, Ark replaced Montag & Caldwell, Inc.

AXA Enterprise Money Market Fund (advised by The Dreyfus Corporation) — Highest possible level of current income consistent with preservation of capital and liquidity.

AXA Enterprise Short Duration Bond Fund (advised by BlackRock Financial Management, Inc. (“BlackRock Financial”)). Effective October 1, 2006, BlackRock Financial replaced Fund Asset

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October 31, 2006

Management, L.P. (doing business as Mercury Advisors) — Current income with reduced volatility of principal.

AXA Enterprise Small Company Growth Fund (advised by Eagle Asset Management, Inc.) — Capital appreciation.

AXA Enterprise Small Company Value Fund (advised by GAMCO Asset Management, Inc.) — Maximum capital appreciation.

AXA Enterprise Socially Responsible Fund (formerly AXA Enterprise Global Socially Responsive Fund) (advised by Brandywine Global Investment Management, LLC (formerly, Brandywine Asset Management, LLC)) — Total return. Effective at the close of business March 16, 2006, Brandywine replaced Rockefeller & Co., Inc.

AXA Enterprise Tax-Exempt Income Fund (advised by MBIA Capital Management Corp.) — High level of current income exempt from federal income tax, with consideration given to preservation of principal.

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

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

Valuation:

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

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

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

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.

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October 31, 2006

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 Depository 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. The AXA Enterprise Money Market Fund values all short-term debt securities at amortized cost.

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.

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.

Distributions of capital gains, if any, from each of the Funds, other than the AXA Enterprise Money Market Fund, are made at least annually. Dividends from net investment income, if any, for all Funds other than the fixed-income Funds (“Fixed-Income Funds” are the AXA Enterprise Government Securities Fund, AXA Enterprise High-Yield Bond Fund, AXA Enterprise Money Market Fund, AXA Short Duration Bond Fund and AXA Enterprise Tax-Exempt Income Fund), are declared and paid at least annually. Dividends from net investment income for the Fixed-Income Funds are declared daily and paid monthly. Dividends from net investment income and any net realized capital gains for the AXA Enterprise Money Market Fund are declared daily and paid or reinvested monthly in additional shares of the AXA Enterprise Money Market Fund at net asset value. Income distributions are paid out at the class level, whereas capital gains are paid out at the Fund level.

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

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

Expenses attributable to a single Fund or class are charged to that Fund or class. Expenses of the Trust not attributable to a single Fund or class are charged to each Fund or class in proportion to the average net assets of each Fund or other appropriate allocation methods. Custodian fees for the Funds are shown gross of expense offsets, if any, for custodian balance credits on uninvested cash or for credits earned by the Funds under certain directed brokerage arrangements. The Funds may direct certain security trades to brokers who may pay a portion of the commissions for those trades to offset certain expenses of the Funds. These amounts, if any, are reported in the statements of operations.

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October 31, 2006

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, 2006 and October 31, 2005, were as follows:

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October 31, 2006


	Year Ended October 31, 2006										Year Ended October 31, 2005
	Distributed Ordinary Income			Distributed Long Term Gains		Accumulated Undistributed Ordinary Income			Accumulated Undistributed Long Term Gains		Distributed Ordinary Income			Distributed Long Term Gains		Accumulated Undistributed Ordinary Income			Accumulated Undistributed Long Term Gains
AXA Enterprise Capital Appreciation Fund	$	—		$	—	$	—		$	—	$	—		$	—	$	—		$	—
AXA Enterprise Deep Value Fund		2,017,664			3,624,394		582,247			1,826,420		150,723			—		1,879,669			3,624,122
AXA Enterprise Equity Fund		—			—		—			—		—			—		—			—
AXA Enterprise Equity Income Fund		1,850,801			13,090,160		1,761,767			16,818,629		792,905			2,201,642		1,517,252			13,089,905
AXA Enterprise Global Financial Services Fund		593,177			2,537,057		386,657			3,265,403		1,851,689			319,124		592,542			2,536,585
AXA Enterprise Government Securities Fund		8,595,621			—		1,219,451			—		7,571,669			—		1,253,538			—
AXA Enterprise Growth and Income Fund		696,282			—		135,546			—		—			—		650,262			—
AXA Enterprise High-Yield Bond Fund		13,760,365			—		1,303,942			—		13,762,159			—		1,322,147			—
AXA Enterprise International Growth Fund		213,309			—		—			—		108,463			—		213,123			—
AXA Enterprise Large Cap Growth Fund		70,236			2,193,719		—			—		—			—		—			2,193,129
AXA Enterprise Money Market Fund		4,995,525			—		520,212			400		4,845,635			—		319,372			—
AXA Enterprise Short Duration Bond Fund		1,789,247			—		188,059			—		898,472			—		126,912			—
AXA Enterprise Small Company Growth Fund		—			6,072,224		—			6,247,261		—			—		—			6,072,033
AXA Enterprise Small Company Value Fund		—			23,053,111		5,243,280			57,713,947		—			8,271,528		—			23,052,259
AXA Enterprise Socially Responsible Fund		—			—		1,150,964			3,042,850		29,410			—		—			—
AXA Enterprise Tax-Exempt Income Fund		856,771	#		153,834		79,934	**		221,900		1,017,074	*		27,154		7,496	**		153,774

*	$1,009,408 of the $1,017,074 distributed ordinary is tax-exempt.

**	The stated amount is 100% tax-exempt.

#	$849,060 of the $856,771 distributed ordinary is tax-exempt.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

October 31, 2006

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


	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
AXA Enterprise Capital Appreciation Fund	$	2,931,079		$	424		$	(2,931,503	)
AXA Enterprise Deep Value Fund		(51,961	)		12,390			39,571
AXA Enterprise Equity Fund		1,874,411			—			(1,874,411	)
AXA Enterprise Equity Income Fund		(227,752	)		91,518			136,234
AXA Enterprise Global Financial Services Fund		224,675			(224,675	)		—
AXA Enterprise Government Securities Fund		131,343			(131,343	)		—
AXA Enterprise Growth and Income Fund		—			—			—
AXA Enterprise High-Yield Bond Fund		6,195			(6,195	)		—
AXA Enterprise International Growth Fund		193,207			6,145			(199,352	)
AXA Enterprise Large Cap Growth Fund		586,749			2,008			(588,757	)
AXA Enterprise Money Market Fund		1,366			(1,366	)		—
AXA Enterprise Short Duration Bond Fund		16,196			(16,196	)		—
AXA Enterprise Small Company Growth Fund		1,530,253			—			(1,530,253	)
AXA Enterprise Small Company Value Fund		—			4,641			(4,641	)
AXA Enterprise Socially Responsible Fund		8,845			(8,845	)		—
AXA Enterprise Tax-Exempt Income Fund		—			—			—

Fees Paid Indirectly:

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


Fund	Amount
AXA Enterprise Capital Appreciation Fund	$	49,452
AXA Enterprise Deep Value Fund		10,354
AXA Enterprise Equity Fund		70,812
AXA Enterprise Equity Income Fund		14,143
AXA Enterprise Global Financial Services Fund		2,801
AXA Enterprise Growth and Income Fund		22,369
AXA Enterprise International Growth Fund		145,461
AXA Enterprise Large Cap Growth Fund		153,957
AXA Enterprise Small Company Growth Fund		50,863
AXA Enterprise Small Company Value Fund		47,680
AXA Enterprise Socially Responsible Fund		44,635

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

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October 31, 2006

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 and liquid debt securities at least equal at all times to the market value of the security loaned. The securities loaned are marked to market on a daily basis to ensure the collateral is sufficient. 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.

Illiquid Securities:

At times, the Funds may hold, up to their SEC or prospectus defined limitations, illiquid securities that they may not be able to sell at their current fair value price. Although it is expected that the fair value represents the current realizable value on disposition of such securities, there is no guarantee that the Funds will be able to do so. In addition, the Funds may incur certain costs related to the disposition of such securities. Any securities the investment manager has deemed to be illiquid have been denoted as such in the Portfolios of Investments.

Repurchase Agreements:

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

Options Written:

Certain Funds may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the Fund or to enhance investment performance. Certain Funds may purchase and sell exchange traded options on foreign currencies. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options that expire unexercised are recognized as gains on the expiration date. Premiums received from writing options that 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.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

October 31, 2006

Short Sales Against the Box:

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

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

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

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NOTES TO FINANCIAL STATEMENTS — (Continued)

October 31, 2006

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 owed 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. Swaps agreements are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized appreciation or depreciation in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or termination of swap agreements. Notional principal amounts are used to express the extent of involvement in these transactions, but the amount potentially subject to credit risk is much smaller. None of the Funds had swap contracts outstanding at October 31, 2006.

Inflation Indexed Bonds:

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

Dollar Roll Transactions:

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

Market and Credit Risk:

Written options, futures contracts, forward commitments, forward foreign currency exchange contracts and swaps involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The risk involved in writing an option on a security is that, if the

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October 31, 2006

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.

As part of their investment program, certain Funds may invest in collateralized mortgage obligations (“CMOs”). Payments of principal and interest on the mortgages are passed through to the holders of the CMOs on the same schedule as they are received, although certain classes of CMOs have priority over others with respect to the receipt of prepayments on the mortgages. Therefore, depending on the type of CMOs in which the Funds invest, the investment may be subject to a greater valuation risk due to prepayment than other types of mortgage-related securities.

The high-yield securities in which certain Funds may invest may be considered speculative in regard to the issuer’s continuing ability to meet principal and interest payments. The value of the lower rated securities in which the Funds may invest will be affected by the creditworthiness of individual issuers, general economic and specific industry conditions and will generally fluctuate inversely with changes in interest rates. In addition, the secondary trading market for lower quality bonds may be less active and less liquid than the trading market for higher quality bonds.

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

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

Note 2 Management of the Trust

The Funds are charged investment advisory fees by the Manager for furnishing advisory and administrative services. The advisory fees are equal to the following annual percentages of average daily net assets for each Fund:


Fund	Management Fees
	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
AXA Enterprise Capital Appreciation Fund	0.730	%	0.705	%	0.680	%	0.655	%	0.630	%
AXA Enterprise Deep Value Fund	0.730	%	0.705	%	0.680	%	0.655	%	0.630	%
AXA Enterprise Equity Fund	0.730	%	0.705	%	0.680	%	0.655	%	0.630	%
AXA Enterprise Equity Income Fund	0.730	%	0.705	%	0.680	%	0.655	%	0.630	%
AXA Enterprise Global Financial Services Fund	0.830	%	0.805	%	0.780	%	0.755	%	0.730	%
AXA Enterprise Government Securities Fund	0.580	%	0.555	%	0.530	%	0.505	%	0.480	%

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October 31, 2006


Fund	Management Fees
	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
AXA Enterprise Growth and Income Fund	0.730	%	0.705	%	0.680	%	0.655	%	0.630	%
AXA Enterprise High-Yield Bond Fund	0.600	%	0.575	%	0.550	%	0.525	%	0.500	%
AXA Enterprise International Growth Fund	0.830	%	0.805	%	0.780	%	0.755	%	0.730	%
AXA Enterprise Large Cap Growth Fund	0.730	%	0.705	%	0.680	%	0.655	%	0.630	%
AXA Enterprise Money Market Fund	0.330	%	0.305	%	0.280	%	0.255	%	0.230	%
AXA Enterprise Short Duration Bond Fund	0.430	%	0.405	%	0.380	%	0.355	%	0.330	%
AXA Enterprise Small Company Growth Fund	0.980	%	0.955	%	0.930	%	0.905	%	0.880	%
AXA Enterprise Small Company Value Fund	0.730	%	0.705	%	0.680	%	0.655	%	0.630	%
AXA Enterprise Socially Responsible Fund	0.880	%	0.855	%	0.830	%	0.805	%	0.780	%
AXA Enterprise Tax-Exempt Income Fund	0.480	%	0.455	%	0.430	%	0.405	%	0.380	%

Note 3 Administrative Fees

Pursuant to a Mutual Funds Service Agreement, AXA Equitable provides the Trust with certain fund accounting and compliance services. For these services, the Trust pays AXA Equitable a fee at an annual rate for each Fund of 0.055% of total average daily net assets.

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 Custodian Fees

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

Note 5 Transfer Agent Fees

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

Note 6 Distribution Plan

Enterprise Fund Distributors, Inc., (the “Distributor”) an indirect wholly-owned subsidiary of Enterprise, serves as the principal underwriter for shares of the Trust. The Trust has adopted in the manner prescribed under Rule 12b-1 under the 1940 Act a Distributor’s Agreement and Plan of Distribution (the “Plan”). The Plan provides that each Fund, (except AXA Enterprise Short Duration Bond Fund and AXA Enterprise Money Market Fund) pay an annual distribution fee, accrued daily and payable monthly, of 0.45% of its average daily net assets for Class A shares and 1.00% for Class B shares

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October 31, 2006

and Class C shares. Class Y shares are not included in the Plan and the Funds pay no distribution fees with respect to those shares. The AXA Enterprise Short Duration Bond Fund’s distribution fees are 0.25%, 1.00% and 1.00%, respectively, for its Class A, B and C shares. The AXA Enterprise Money Market Fund pays no distribution fees.

The Distributor uses its distribution fee from the Trust to pay expenses on behalf of the Trust related to the distribution and servicing of its shares. These expenses include a distribution fee to securities dealers that enter into a sales agreement with the Distributor. For the year ended October 31, 2006, the Distributor incurred approximate distribution fees of $1,244,377 and $9,381 payable to AXA Advisors LLC and The Advest Group Inc., respectively.

For the year ended October 31, 2006, the portions of the sales charges paid to AXA Advisors LLC and The Advest Group, Inc., each a wholly-owned subsidiary of AXA Financial, Inc. and affiliates of AXA Equitable and Enterprise Capital Management (“ECM”), were $965,929 and $6,336, respectively.

Excluding the AXA Enterprise Money Market Fund, the Distributor received sales charges on each Fund’s Class A 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 Distributor has advised the Funds that for the year ended October 31, 2006, the proceeds retained from sales and redemptions are as follows:


	Class A				Class B		Class C
	Front End sales charge		Contingent deferred sales charge		Contingent deferred sales charge		Contingent deferred sales charge
AXA Enterprise Capital Appreciation Fund	$	1,152	$	5,293	$	154,079	$	13,819
AXA Enterprise Deep Value Fund		—		387		36,450		1,010
AXA Enterprise Equity Fund		291		2,832		114,742		4,360
AXA Enterprise Equity Income Fund		—		2,901		105,590		3,036
AXA Enterprise Global Financial Services Fund		430		3,201		21,135		907
AXA Enterprise Government Securities Fund		132		—		159,060		3,229
AXA Enterprise Growth and Income Fund		423		2,397		125,495		3,315
AXA Enterprise High-Yield Bond Fund		242		1,221		145,840		3,990
AXA Enterprise International Growth Fund		15,208		2,463		65,027		5,373
AXA Enterprise Large Cap Growth Fund		216		2,169		104,541		2,037
AXA Enterprise Money Market Fund		—		683		89,522		3,787
AXA Enterprise Short Duration Bond Fund		21		744		15,228		1,251
AXA Enterprise Small Company Growth Fund		189		2,929		100,198		3,471
AXA Enterprise Small Company Value Fund		509		6,975		345,994		14,351
AXA Enterprise Socially Responsible Fund		2		207		4,321		518
AXA Enterprise Tax-Exempt Income Fund		10		—		28,502		156

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

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October 31, 2006

Note 7 Redemption Fees

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


	Class A		Class B		Class C		Class Y
AXA Enterprise Capital Appreciation Fund	$	1,715	$	—	$	552	$	—
AXA Enterprise Deep Value Fund		2,190		194		—		—
AXA Enterprise Equity Fund		1,425		91		205		—
AXA Enterprise Equity Income Fund		4,092		230		173		—
AXA Enterprise Global Financial Services Fund		4,175		—		145		—
AXA Enterprise Government Securities Fund		1,817		2,486		—		—
AXA Enterprise Growth and Income Fund		1,040		184		—		—
AXA Enterprise High-Yield Bond Fund		371		119		777		—
AXA Enterprise International Growth Fund		8,966		523		395		258
AXA Enterprise Large Cap Growth Fund		714		—		—		—
AXA Enterprise Short Duration Bond Fund		338		5		714		—
AXA Enterprise Small Company Growth Fund		2,949		—		660		—
AXA Enterprise Small Company Value Fund		2,903		156		2		—
AXA Enterprise Socially Responsible Fund		85		—		—		—
AXA Enterprise Tax-Exempt Income Fund		—		—		—		—

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, 2007 (“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. The expenses for each Fund were limited to the following, based on annual average daily net assets:


	Class A		Class B		Class C		Class Y
AXA Enterprise Capital Appreciation Fund	1.75	%	2.30	%	2.30	%	1.30	%
AXA Enterprise Deep Value Fund	1.50	%	2.05	%	2.05	%	1.05	%
AXA Enterprise Equity Fund	1.60	%	2.15	%	2.15	%	1.15	%
AXA Enterprise Equity Income Fund	1.50	%	2.05	%	2.05	%	1.05	%
AXA Enterprise Global Financial Services Fund	1.75	%	2.30	%	2.30	%	1.30	%
AXA Enterprise Government Securities Fund	1.25	%	1.80	%	1.80	%	0.80	%
AXA Enterprise Growth and Income Fund	1.50	%	2.05	%	2.05	%	1.05	%
AXA Enterprise High-Yield Bond Fund	1.30	%	1.85	%	1.85	%	0.85	%
AXA Enterprise International Growth Fund	1.85	%	2.40	%	2.40	%	1.40	%
AXA Enterprise Large Cap Growth Fund	1.60	%	2.15	%	2.15	%	1.15	%
AXA Enterprise Money Market Fund	0.70	%	0.70	%	0.70	%	0.70	%
AXA Enterprise Short Duration Bond Fund	0.90	%	1.65	%	1.65	%	0.65	%
AXA Enterprise Small Company Growth Fund	1.65	%	2.20	%	2.20	%	1.20	%
AXA Enterprise Small Company Value Fund	1.75	%	2.30	%	2.30	%	1.30	%
AXA Enterprise Socially Responsible Fund	1.75	%	2.30	%	2.30	%	1.30	%
AXA Enterprise Tax-Exempt Income Fund	1.10	%	1.65	%	1.65	%	0.65	%

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October 31, 2006

During the year ended October 31, 2006, the Manager received a total of $36,291 in reimbursement for all the Funds in the Trust. As of October 31, 2006, under the Expense Limitation Agreement, the amount that would be recoverable from each Fund is as follows:


	Amount Eligible through						Total Eligible for Reimbursement
	2007		2008		2009		Total Eligible for Reimbursement
AXA Enterprise Capital Appreciation Fund	$	—	$	—	$	—	$	—
AXA Enterprise Deep Value Fund		25,407		191,810		162,183		379,400
AXA Enterprise Equity Fund		25,574		240,388		189,836		455,798
AXA Enterprise Equity Income Fund		51,250		376,675		282,369		710,294
AXA Enterprise Global Financial Services Fund.		11,463		175,777		64,942		252,182
AXA Enterprise Government Securities Fund		123,191		878,741		759,905		1,761,837
AXA Enterprise Growth and Income Fund		78,315		628,620		536,558		1,243,493
AXA Enterprise High-Yield Bond Fund		43,922		375,571		289,352		708,845
AXA Enterprise International Growth Fund		—		174,454		59,636		234,090
AXA Enterprise Large Cap Growth Fund		7,258		289,417		339,177		635,852
AXA Enterprise Money Market Fund		—		572,531		538,723		1,111,254
AXA Enterprise Short Duration Bond Fund		36,368		205,408		158,847		400,623
AXA Enterprise Small Company Growth Fund		66,905		622,367		571,706		1,260,978
AXA Enterprise Small Company Value Fund		—		—		—		—
AXA Enterprise Socially Responsible Fund		15,279		162,040		90,493		267,812
AXA Enterprise Tax-Exempt Income Fund		19,320		145,214		136,377		300,911

Note 9 Trustees Deferred Compensation Plan

A deferred compensation plan (the “Plan”) for the benefit of the Independent Trustees has been adopted by the Trust. Under the Plan, each Trustee may defer payment of all or part of the fees payable for such Trustee's services. Each Trustee may defer payment of such fees until their retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the Plan, together with accrued earnings thereon, will be disbursed to a participating Trustee in monthly installments over a five to twenty year period elected by such Trustee. At October 31, 2006, the total amount owed to the Trustees participating in the Plan was $133,787.

Note 10 Transactions with Affiliates

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


	Percentage of Ownership
AXA Enterprise Capital Appreciation Fund	1.7	%
AXA Enterprise Deep Value Fund	12.9
AXA Enterprise Equity Fund	4.3
AXA Enterprise Equity Income Fund	7.8
AXA Enterprise Government Securities Fund	7.1
AXA Enterprise High-Yield Bond Fund	0.9
AXA Enterprise International Growth Fund	7.3
AXA Enterprise Large Cap Growth Fund	0.1
AXA Enterprise Money Market Fund	0.8
AXA Enterprise Short Duration Bond Fund	41.0
AXA Enterprise Small Company Growth Fund	3.9

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October 31, 2006


	Percentage of Ownership
AXA Enterprise Small Company Value Fund	2.0	%
AXA Enterprise Socially Responsible Fund.	5.8
AXA Enterprise Tax Exempt Income Fund	0.2

Shares of some of the Funds are held by the AXA Enterprise Allocation Funds of the AXA Enterprise Multimanager Funds Trust, an entity also advised by AXA Equitable. The AXA Enterprise Allocation Funds invest exclusively in shares of other mutual funds managed by the Manager. The following table represents the percentage of ownership that each AXA Allocation Fund has in the underlying investment companies net assets as of October 31, 2006.


Funds:	AXA Enterprise Conservative Allocation		AXA Enterprise Moderate Allocation		AXA Enterprise Moderate-Plus Allocation		AXA Enterprise Aggressive Allocation
AXA Enterprise Capital Appreciation Fund	0.01	%	0.17	%	1.25	%	0.27	%
AXA Enterprise Deep Value Fund	0.27		1.51		8.87		2.29
AXA Enterprise Equity Fund	0.01		0.36		3.56		0.37
AXA Enterprise Equity Income Fund	0.17		0.73		5.62		1.11
AXA Enterprise Government Securities Fund	0.66		1.20		4.97		0.28
AXA Enterprise High-Yield Bond Fund	0.28		0.62		—		—
AXA Enterprise International Growth Fund	0.09		0.97		4.72		1.46
AXA Enterprise Money Market Fund	—	#	—	#	—		—
AXA Enterprise Short Duration Bond Fund	5.80		10.61		24.61		—
AXA Enterprise Small Company Growth Fund	—		0.52		2.66		0.67
AXA Enterprise Small Company Value Fund	—		0.19		1.54		0.29

#	Percentage of ownership is less than 0.005%.

Note 11 Substitution and Reorganization Transactions

On July 29, 2005, AXA Enterprise Growth Fund (“Growth Fund”) merged with the Enterprise Multi-Cap Growth Fund (now known as AXA Enterprise Large Cap Growth Fund), an affiliate of the Trust, pursuant to a Plan of Reorganization and Termination (the “Plan”). The reorganization was accomplished by a tax-free exchange resulting in the Growth Fund issuing 2,575,076 Class A shares, 3,309,552 Class B shares, 896,183 Class C and 19,666 Class Y shares in exchange for 3,762,791 Class A shares, 4,923,858 Class B shares, 1,335,129 Class C shares and 28,340 Class Y shares of Enterprise Multi-Cap Growth Fund (valued at $28,634,841, $36,239,595, $9,813,198 and $221,048, respectively) Included in these amounts are $2,367,574 of unrealized appreciation. For financial reporting purposes, Enterprise Multi-Cap Growth Fund is considered the surviving entity and, accordingly, the merged entity’s operations, changes in net assets and financial highlights for each period prior to the date of the merger, is that of Enterprise Multi-Cap Growth Fund. Historical per share amounts for periods prior to the merger, as presented in the financial highlights, and the transacted shares for each class, as presented parenthetically in the statement of changes in net assets, have been restated to reflect the conversion ratio applied in the merger.

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October 31, 2006

Note 12 New Accounting Pronouncements

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

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

Note 13 Estimated Loss Contingency

During 2003, the Enron Corp. bankruptcy court sought to recoup proceeds from the AXA Enterprise Money Market Fund’s $1,182,379 early disposition of Enron Corp. commercial paper in 2001. In 2003, based upon current available information, the Fund recorded an estimated loss contingency of $886,784, which is reflected on the Statement of Assets and Liabilities as a component of accrued expenses. ECM has reimbursed the Fund to cover the estimated loss. The net result had no effect on the Fund’s net assets or Net Asset Value. As of October 31, 2006, no cash disbursements have been required to be paid to the bankruptcy court.

153

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the 16 funds constituting the AXA Enterprise Funds Trust (the "Trust") at October 31, 2006, the results of each of their operations for the year then ended, the changes in each of their net assets for the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Trust’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2006 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, NY

December 15, 2006

154

APPROVALS AND RENEWALS OF INVESTMENT MANAGEMENT AND INVESTMENT

ADVISORY AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED OCTOBER 31, 2006

During the six-month period ended October 31, 2006, the Board of Trustees, including the Independent Trustees, unanimously approved or renewed, as applicable, the Investment Management Agreement with AXA Equitable (“Manager”) (the “Management Agreement”) and the Investment Advisory Agreement (each, an “Advisory Agreement” and together with the Management Agreement, the “Agreements”) with each investment sub-adviser (“Adviser”) as shown in the table below with respect to the Fund(s) listed.


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

AXA Enterprise Capital Appreciation Fund		Management Agreement with AXA Equitable Advisory Agreement with Marsico Capital Management, LLC

AXA Enterprise Deep Value Fund		Management Agreement with AXA Equitable Advisory Agreement with Barrow, Hanley, Mewhinney & Strauss, Inc

AXA Enterprise Equity Fund		Management Agreement with AXA Equitable Advisory Agreement with TCW Investment Management Company

AXA Enterprise Equity Income Fund		Management Agreement with AXA Equitable Advisory Agreement with Boston Advisors, Inc.

AXA Enterprise Global Financial Services Fund		Management Agreement with AXA Equitable Advisory Agreement with AllianceBernstein L.P.

AXA Enterprise Government Securities Fund		Management Agreement with AXA Equitable Advisory Agreement with TCW Investment Management Company

AXA Enterprise Growth and Income Fund		Management Agreement with AXA Equitable Advisory Agreement with UBS Global Asset Management (Americas) Inc.

AXA Enterprise High-Yield Bond Fund		Management Agreement with AXA Equitable Advisory Agreement with Caywood-Scholl Capital Management

AXA Enterprise International Growth Fund*		Management Agreement with AXA Equitable

AXA Enterprise Large Cap Growth Fund**		Management Agreement with AXA Equitable

AXA Enterprise Money Market Fund		Management Agreement with AXA Equitable Advisory Agreement with The Dreyfus Corporation

AXA Enterprise Short Duration Bond Fund		Management Agreement with AXA Equitable Advisory Agreement with Fund Asset Management, L.P. d/b/a Mercury Advisors Advisory Agreement with BlackRock Financial Management, Inc.

AXA Enterprise Small Company Growth Fund		Management Agreement with AXA Equitable Advisory Agreement with Eagle Asset Management, Inc.

AXA Enterprise Small Company Value Fund		Management Agreement with AXA Equitable Advisory Agreement with GAMCO Asset Management, Inc.

AXA Enterprise Socially Responsible Fund***		Management Agreement with AXA Equitable

AXA Enterprise Tax-Exempt Income Fund		Management Agreement with AXA Equitable Advisory Agreement with MBIA Capital Management Corp.

155

*	Wentworth, Hauser and Violich serves as the Adviser to this Fund. Its Advisory Agreement with respect to this Fund is not included in the table because the Board was not required to take any action pursuant to that agreement during the six-month period ended October 31, 2006.

**	Ark Asset Management Co, Inc. serves as the Adviser to this Fund. Its Advisory Agreement with respect to this Fund is not included in the table because the Board was not required to take any action pursuant to that agreement during the six-month period ended October 31, 2006.

***	Brandywine Global Investment Management, LLC serves as the Adviser to this Fund. Its Advisory Agreement with respect to this Fund is not included in the table because the Board was not required to take any action pursuant to that agreement during the six-month period ended October 31, 2006.

In approving each Agreement, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interest of the affected Fund. The Board further considered factors it deemed relevant with respect to each Fund, including, as applicable: (1) the nature, quality and extent of the services provided to the Fund by the Manager, the Adviser and their respective affiliates; (2) the performance of the Fund (or, in the case of a new Adviser, the performance of comparable accounts) as compared to a peer group and, as applicable, an appropriate benchmark; (3) the level of the Fund’s management and subadvisory fees; (4) the costs of the services provided and profits realized by the Manager and, to the extent information was available, the Adviser and their respective affiliates from the relationship with the Fund; (5) the anticipated effect of growth and size on the Fund’s performance and expenses; (6) the Manager’s and the Adviser’s investment process, personnel and operations; (7) the Manager’s and the Adviser’s financial condition; (8) the adequacy of the Manager’s and the Adviser’s compliance programs and records; (9) the “fall out” benefits to be realized by the Manager, the Adviser and their respective affiliates (i.e., any direct or indirect benefits to be derived by the Manager, the Adviser and their respective affiliates from their relationship with the Trust); (10) the profitability of the Manager and, to the extent information was available, the Adviser under their respective Agreements; and (11) possible conflicts of interest. In considering each Agreement, the Board did not identify any single factor or information as all-important or controlling.

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 Adviser regarding the factors set forth above and met with senior representatives of the Manager to discuss the Agreements. The Board received, and primarily considered, the most current information available at the time of the meeting and also took into account the totality of the performance, fee, expense and other information regarding each Fund provided to them on a periodic basis throughout the year. The Independent Trustees were assisted by independent counsel during their deliberations and received materials discussing the legal standards applicable to their consideration of the Agreements.

The Board, in examining the nature and quality of the services provided by the Manager and each Adviser to the Funds, considered the Manager’s and each 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 that the Manager has as investment manager to the Trust and the Funds. In particular, the Board considered that the Manager is responsible for the selection and monitoring of sub-advisers for the Funds, oversight of compliance with the Funds’ policies and objectives, as well as oversight of compliance with applicable law, review of brokerage matters, and implementation of Board directives as related to the Funds. The Board also noted the responsibilities of each Adviser to the Fund it advises. In particular, the Board considered that each Adviser is responsible for making investment decisions on behalf of the Fund(s) it advises, placing all orders for the purchase and sale of investments with brokers or dealers for the Fund(s) it advises, and performing related administrative functions. In addition, the Board reviewed requested information regarding each Adviser’s investment process and the background of each fund manager of each Adviser who provides services to the Funds. The Board also reviewed information regarding the adequacy of the Manager’s and each Adviser’s compliance program and its results. Further, the Board reviewed financial information regarding the Manager and each Adviser.

As discussed further below with respect to each Fund, the Board also considered the short-, intermediate-and long-term performance of each Fund (or, in the case of a new Adviser, of comparable accounts) relative to its peer group and primary benchmark. The Board generally considered long-term performance to be more important in its evaluation than short-term 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 and the Advisers to similar funds they manage. In evaluat-

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ing the management fee schedules, the Board considered the quality and level of services provided and the Manager’s responsibilities to each Fund. In connection with the annual renewal of the Agreements, the Board also considered a report provided by Lipper Inc., an independent third party company, containing information regarding the management fee (including the administration fee) and the expense ratios for each Fund relative to the median and average management fees and expense ratios of its peer group, as discussed further below with respect to each Fund. The Board also considered that the management fee structure for each Fund has breakpoints that provide a reduction of the applicable management fee rate as assets increase. The Board further considered that the Manager had undertaken contractual expense limitations with respect the Funds, which are subject to renewal by the Board and the Manager on an annual basis.

In addition, the Board evaluated the Manager’s costs and profitability in providing services to the Funds, including the costs associated with the research and investment processes, personnel, systems and equipment 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 Funds than each Adviser’s costs and profitability.

As part of its evaluation of the Manager’s and each Adviser’s compensation, the Board considered other benefits that may be realized by the Manager, the Adviser and each of their respective affiliates from their relationship with the Trust. 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 one of the Manager’s affiliates, AllianceBernstein, L.P., serves as an Adviser to one of the Funds and, as such, receives advisory fees that are paid by 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 payments pursuant to Rule 12b-1 from the Funds with respect to their Class A, Class B and Class C shares to compensate it for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. Further, the Board recognized that Sanford C. Bernstein & Co., LLC (“Bernstein”), 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 best execution.

With respect to the Advisers, the Board noted that each 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 Adviser’s procedures for executing fund transactions for its Fund(s) and each Adviser’s policies and procedures for the selection of brokers and dealers and obtaining research from those brokers and dealers. In addition, the Board recognized that many Advisers are affiliated with registered broker-dealers, who may, from time to time, receive brokerage commissions from the Funds in connection with the purchase and sale of fund securities, provided, however, that such transactions, among other things, must be consistent with best execution. The Board also considered conflicts of interest that may arise between the Trust and the Manager and the Advisers in connection with the services provided 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 an 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 Adviser has a greater financial incentive, such as a performance fee account. In this connection, the Board also considered the manner in which such conflicts are addressed by the Manager and the 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, quality and extent of the Manager’s and the Adviser’s services; (2) the Fund was reasonably likely to benefit from the Manager’s and the Adviser’s investment process, personnel and operations; (3) the Manager and the Adviser have the resources to provide the services and to carry out their responsibilities under their respective Agreements; and (4) the Manager and the Adviser have adequate compliance programs. The Board also reached the determinations

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described below with respect to the Manager’s and each Adviser’s compensation, including any direct or indirect benefits derived by them and their respective affiliates, and performance with respect to each Fund. Based on the foregoing, the information described below and the more detailed information provided at the relevant meeting, the Board, including the Independent Trustees, approved or renewed, as applicable, each Agreement with respect to the relevant Fund(s).

AXA Enterprise Capital Appreciation Fund

With respect to the AXA Enterprise Capital Appreciation Fund, the Board considered, among other things, that (1) the management fee for the Fund is slightly higher than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is higher than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the second quartile relative to its Lipper peer group for the one-year period ended May 31, 2006 and was in the first quartile for the three- and five-year periods ended on that date (the first quartile being the best performers and the fourth quartile being the worst performers), and (4) the Fund generally outperformed its benchmark for the one, three-, five- and ten-year periods ended May 31, 2006. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Fund generally has been reasonable in relation to the performance of its benchmark and peer group.

AXA Enterprise Deep Value Fund

With respect to the AXA Enterprise Deep Value Fund, the Board considered, among other things, that (1) the management fee for the Fund is higher than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is lower than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the second quartile relative to its Lipper peer group for the five-year period ended May 31, 2006, but was in the third quartile for three-year period and the fourth quartile for the one-year period ended that same date (the first quartile being the best performers and the fourth quartile being the worst performers); (4) the Fund generally underperformed its benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2006; and (5) the Manager had recommended, and the Board had approved, the appointment of Barrow, Hanley, Mewhin-ney & Strauss, Inc. to replace another sub-adviser effective in May 2005 due to performance issues. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board also was satisfied that the actions taken by the Manager to address the performance issues were reasonably likely to enhance the Fund’s performance over the long-term. The Board noted that the Fund is operating at its expense cap.

AXA Enterprise Equity Fund

With respect to the AXA Enterprise Equity Fund, the Board considered, among other things, that (1) the management fee for the Fund is higher than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is slightly higher than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the first quartile relative to its Lipper peer group for the three- and five-year periods ended May 31, 2006, but was in the fourth quartile for the one-year period ended that same date (the first quartile being the best performers and the fourth quartile being the worst performers); and (4) the Fund generally outperformed its benchmark for the three- and five-year periods ended May 31, 2006, but underperformed its benchmark for the one-year and since inception periods ended that same date. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Fund generally has been reasonable in relation to the performance of its benchmark and peer group. The Board noted that the Fund’s performance is being closely monitored due to recent below average performance, but that the performance was still within the expected tracking error. The Board further noted that the Fund is operating at its expense cap.

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AXA Enterprise Equity Income Fund

With respect to the AXA Enterprise Equity Income Fund, the Board considered, among other things, that (1) the management fee for the Fund is slightly higher than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is higher than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the first quartile relative to its Lipper peer group for the three-year period ended May 31, 2006 and was in the second quartile for the one- and five-year periods ended that same date (the first quartile being the best performers and the fourth quartile being the worst performers); and (4) the Fund generally outperformed its benchmark for the three-year period ended May 31, 2006, but underperformed its benchmark for the one-year, five-year and since inception periods ended that same date. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Fund generally has been reasonable in relation to the performance of its benchmark and peer group. The Board noted that the Fund is operating at its expense cap.

AXA Enterprise Global Financial Services Fund

With respect to the AXA Enterprise Global Financial Services Fund, the Board considered, among other things, that (1) the management fee for the Fund is slightly higher than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is higher than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the first quartile relative to its Lipper peer group for the one-, three- and five-year periods ended May 31, 2006 (the first quartile being the best performers and the fourth quartile being the worst performers); and (4) the Fund generally outperformed or had comparable performance to its benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2006. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Fund generally has been reasonable in relation to the performance of its benchmark and peer group. The Board noted that the Fund is operating at its expense cap.

AXA Enterprise Government Securities Fund

With respect to the AXA Enterprise Government Securities Fund, the Board considered, among other things, that (1) the management fee for the Fund is higher than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is higher than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the first quartile relative to its Lipper peer group for the one-, three- and five-year periods ended May 31, 2006 (the first quartile being the best performers and the fourth quartile being the worst performers); and (4) the Fund generally outperformed its benchmark for the three- and five-year periods ended May 31, 2006, but slightly underperformed its benchmark for the one-year and since inception periods ended that same date. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Fund generally has been reasonable in relation to the performance of its benchmark and peer group. The Board noted that the Fund is operating at its expense cap.

AXA Enterprise Growth and Income Fund

With respect to the AXA Enterprise Growth and Income Fund, the Board considered, among other things, that (1) the management fee for the Fund is slightly higher than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is higher than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the first quartile relative to its Lipper peer group for the one-, three- and ten-year periods ended May 31, 2006 and was in the second quartile for the five-year period ended that same date (the first quartile being the best performers and the fourth quartile being the worst performers); and (4) the Fund generally outperformed its benchmark for the one-, three- and ten-year periods ended May 31, 2006, but underperformed its benchmark for the five-year period ended that same date. The Board was satisfied that the Manager’s and the Adviser’s compen-

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sation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Fund generally has been reasonable in relation to the performance of its benchmark and peer group. The Board noted that, despite recent below average performance, the Fund has a great long-term performance record. The Board further noted that the Fund is operating at its expense cap.

AXA Enterprise High-Yield Bond Fund

With respect to the AXA Enterprise High-Yield Bond Fund, the Board considered, among other things, that (1) the management fee for the Fund is lower than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is moderately higher than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the third quartile relative to its Lipper peer group for the three- and five-year periods ended May 31, 2006 and was in the fourth quartile for the one-year period ended that same date (the first quartile being the best performers and the fourth quartile being the worst performers); and (4) the Fund generally had comparable performance to its benchmark for the ten-year period ended May 31, 2006, but underperformed its benchmark for the one-year, three-year and five-year periods ended that same date. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Fund generally has been reasonable in relation to the performance of its benchmark and peer group given the Fund’s focus on high-quality high-yield securities. The Board further noted that the Fund is operating at its expense cap.

AXA Enterprise International Growth Fund

With respect to the AXA Enterprise International Growth Fund, the Board considered, among other things, that (1) the management fee for the Fund is lower than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is lower than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the first quartile relative to its Lipper peer group for the one-year period ended May 31, 2006 and was in the second quartile for the three- and five-year periods ended that same date, but was in the fourth quartile for the ten-year period ended that same date (the first quartile being the best performers and the fourth quartile being the worst performers); (4) the Fund generally outperformed its benchmark for the one-year period ended May 31, 2006, but underperformed its benchmark for the three-, five- and ten-year periods ended that same date; and (5) the Manager had recommended, and the Board had approved, the appointment of Wentworth, Hauser and Violich, Inc. to replace another sub-adviser effective in January 2006 and the Fund’s performance generally had improved since that time. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Fund generally has been reasonable in relation to the performance of its benchmark and peer group. The Board also was satisfied that the actions taken by the Manager to appoint the new sub-adviser were reasonably likely to enhance the Fund’s performance over the long-term. The Board further noted that the Fund is operating at its expense cap.

AXA Enterprise Large Cap Growth Fund

With respect to the AXA Enterprise Large Cap Growth Fund, the Board considered, among other things, that (1) the management fee for the Fund is higher than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is higher than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the third quartile relative to its Lipper peer group for the three- and five-year periods ended May 31, 2006 and was in the fourth quartile for the one-year period ended that same date (the first quartile being the best performers and the fourth quartile being the worst performers); (4) the Fund generally underperformed its benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2006; and (5) the Manager had recommended, and the Board had approved, the appointment of Ark Asset Management Co., Inc. to replace another sub-adviser effective in March 2006. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective

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affiliates from their relationships with the Trust, is fair and reasonable. The Board also was satisfied that the actions taken by the Manager to appoint the new sub-adviser were reasonably likely to enhance the Fund’s performance over the long-term. The Board noted that the Fund is operating at its expense cap.

AXA Enterprise Money Market Fund

With respect to the AXA Enterprise Money Market Fund, the Board considered, among other things, that (1) the management fee for the Fund is lower than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is lower than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the fourth quartile relative to its Lip-per peer group for the one-, three- and five-year periods ended May 31, 2006 (the first quartile being the best performers and the fourth quartile being the worst performers); and (4) the Fund generally slightly underperformed its benchmark for the one-, three-, five- and ten-year periods ended May 31, 2006. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Fund generally has been reasonable in relation to the performance of its benchmark and peer group given its focus on money market instruments. The Board noted that the Fund is operating at its expense cap.

AXA Enterprise Short Duration Bond Fund

With respect to the AXA Enterprise Short Duration Bond Fund, the Board considered, among other things, that (1) the management fee for the Fund is moderately higher than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is higher than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the second quartile relative to its Lipper peer group for the three-year period ended May 31, 2006, but was in the third quartile for the one-year period ended that same date (the first quartile being the best performers and the fourth quartile being the worst performers); (4) the Fund outperformed its benchmark for the three-year period ended May 31, 2006 and had comparable performance to its benchmark for the one-year and since inception periods ended that same date; and (5) the Manager had recommended, and the Board had approved, the appointment of BlackRock Financial Management, Inc. to replace another sub-adviser in July 2006. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Fund generally has been reasonable in relation to the performance of its benchmark and peer group. The Board further noted that the Fund is operating at its expense cap.

AXA Enterprise Small Company Growth Fund

With respect to the AXA Enterprise Small Company Growth Fund, the Board considered, among other things, that (1) the management fee for the Fund is higher than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is lower than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the second quartile relative to its Lipper peer group for the one-year period ended May 31, 2006, but was in the third quartile for the three-, five- and ten-year periods ended that same date (the first quartile being the best performers and the fourth quartile being the worst performers); (4) the Fund generally outperformed its benchmark for the one- and ten-year periods ended May 31, 2006, but underperformed its benchmark for the three- and five-year periods ended that same date; and (5) the Manager had recommended, and the Board had approved, the appointment of Eagle Asset Management, Inc. to replace another sub-adviser effective in December 2004. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Fund generally has been reasonable in relation to the performance of its benchmark and peer group. The Board also was satisfied that the actions taken by the Manager to appoint the new sub-adviser were reasonably likely to enhance the Fund’s performance over the long-term. The Board further noted that the Fund is operating at its expense cap.

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AXA Enterprise Small Company Value Fund

With respect to the AXA Enterprise Small Company Value Fund, the Board considered, among other things, that (1) the management fee for the Fund is lower than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is slightly higher than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the second quartile relative to its Lipper peer group for the ten-year period ended May 31, 2006, but was in the third quartile for the three- and five-year periods and the fourth quartile for the one-year period ended that same date (the first quartile being the best performers and the fourth quartile being the worst performers); and (4) the Fund generally outperformed its benchmark for the ten-year period ended May 31, 2006, but under-performed its benchmark for the one-, three- and five-year periods ended that same date. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the Fund’s long-term performance was reasonable in relation to its peer group and benchmark. The Board noted, however, that the Fund generally had underperformed its peer group and benchmark for more recent time periods and that it was closely monitoring the Fund’s performance. The Board noted that the Fund is currently operating at its expense cap.

AXA Enterprise Socially Responsible Fund

With respect to the AXA Enterprise Socially Responsible Fund, the Board considered, among other things, that (1) the management fee for the Fund is higher than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is lower than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the second quartile relative to its Lipper peer group for the five-year period ended May 31, 2006, but was in the third quartile for the one-and three-year periods ended that same date (the first quartile being the best performers and the fourth quartile being the worst performers); (4) the Fund generally had outperformed its benchmark for the one-year period ended May 31, 2006, but had underperformed its benchmark for the three- and five-year periods ended that same date; and (5) the Manager had recommended, and the Board had approved, the appointment of Brandywine Global Investment Management, LLC (formerly, Brandywine Asset Management, LLC) to replace another sub-adviser effective in March 2006. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied that the actions taken by the Manager to appoint the new sub-adviser were reasonably likely to enhance the Fund’s performance over the long-term. The Board further noted that the Fund is operating at its expense cap.

AXA Enterprise Tax-Exempt Income Fund

With respect to the AXA Enterprise Tax-Exempt Income Fund, the Board considered, among other things, that (1) the management fee for the Fund is slightly higher than the median management fee of its peer group; (2) the expense ratio of the Class B shares of the Fund is higher than the median expense ratio of its peer group; (3) the performance of the Class Y shares of the Fund was in the second quartile relative to its Lipper peer group for the five-year period ended May 31, 2006, but was in the third quartile for the one- and three-year periods ended that same date (the first quartile being the best performers and the fourth quartile being the worst performers); and (4) the Fund generally slightly underperformed its benchmark for the one-, three-, five- and ten-year periods ended May 31, 2006. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Fund generally has been reasonable in relation to the performance of its benchmark and peer group. The Board noted that the Fund is operating at its expense cap.

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Federal Income Tax Information (Unaudited)

The Tax-Exempt Income Fund has designated 99.10% of the income distributions paid monthly by each class of the Fund during its taxable year ended October 31, 2006 as tax-exempt interest dividends for Federal income tax purposes.

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


	70% Dividend Received Deduction		Foreign Taxes		Foreign Source Income		Long Term Capital Gain			Treasury Income
Funds:
AXA Enterprise Deep Value Fund	51.64	%	$	—	$	—	$	3,624,394		—	%
AXA Enterprise Equity Income Fund	100.00			—		—		13,090,160		—
AXA Enterprise Global Financial Services Fund	51.61			66,098		909,348		2,537,057		—
AXA Enterprise Growth and Income Fund	100.00			—		—		—		—
AXA Enterprise International Growth Fund	—			91,461		1,836,718		—		—
AXA Enterprise Large Cap Growth Fund	—			—		—		2,193,129	*	—
AXA Enterprise Short Duration Bond Fund	—			—		—		—		22.54
AXA Enterprise Small Company Growth Fund	—			—		—		6,072,224		—
AXA Enterprise Small Company Value Fund	—			—		—		23,053,111		—
AXA Enterprise Tax-Exempt Income Fund	—			—		—		153,834		—

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


Fund	Qualifying Dividend Income
AXA Enterprise Deep Value Fund	$	53,779
AXA Enterprise Equity Income Fund		438,401

*	These amounts relate to the Enterprise Strategic Fund, which merged into the AXA Enterprise Large Cap Growth Fund on June 3, 2005, which was then known as the AXA Enterprise Growth Fund.

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MANAGEMENT OF THE TRUST (UNAUDITED)

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

The Trustees and Officers


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Funds in Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustee
Steven M. Joenk* 1290 Avenue of the Americas, New York, New York (47)	Trustee, Chairman, President and Chief Executive Officer	From January 2005 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 2004, Chairman and President of Enterprise Capital Management, Inc., Co-Chairman of Enterprise Funds Distributor, Inc. and a director of 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).	111	None
Independent Trustees
Theodossios Athanassiades c/o AXA Enterprise Funds Trust 1290 Avenue of the Americas New York, New York (67)	Trustee	From January 2005 to present	Retired. 1996, Vice-Chairman, and 1993 to 1995, President and Chief Operating Officer Metropolitan Life Insurance Company.	78	None

*	Affiliated with the Manager and Distributors.

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

164


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Funds in Complex Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees (Continued)
Jettie M. Edwards c/o AXA Enterprise Funds Trust 1290 Avenue of the Americas New York, New York (60)	Trustee	From January 2005 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	78	From 1997 to present, Director, Old Mutual Advisor Funds II (18 portfolios); from 1997 to present, Director, Old Mutual Insurance Series Fund (8 portfolios).

David W. Fox c/o AXA Enterprise Funds Trust 1290 Avenue of the Americas New York, New York (75)	Lead Independent Trustee	From January 2005 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange. From 1990-1995, Chairman and Chief Executive Officer, Northern Trust Company.	78	From 2004 to present, Director, Miami Corporation; from 1987 to present, Director of USG Corporation.

William M. Kearns, Jr. c/o AXA Enterprise Funds Trust 1290 Avenue of the Americas New York, New York (71)	Trustee	From January 2005 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman, Keefe Managers, Inc. (money management firm).	78	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc. From 1999 to present, Advisory Director, Proudfoot PLC (N.A.) (consulting firm). From 2001 to present, Advisory Director, Gridley & Company LLC. From 2002 to present, Director, United States Shipping Corp.

Christopher P.A. Komisarjevsky c/o AXA Enterprise Funds Trust 1290 Avenue of the Americas New York, New York (61)	Trustee	From January 2005 to present	Retired. From 1998 to December 2004, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations). From 1996 to 1998, President and Chief Executive Officer, Burson-Marsteller U.S.A.	78	None

Harvey Rosenthal c/o AXA Enterprise Funds Trust 1290 Avenue of the Americas New York, New York (63)	Trustee	From January 2005 to present	Retired. From 1997 to 2005, Consultant/ Director. From 1994 to 1996, President and Chief Operating Officer of CVS Corporation.	78	From 1997 to present, Director, LoJack Corporation

Gary S. Schpero c/o AXA Enterprise Funds Trust 1290 Avenue of the Americas New York, New York (53)	Trustee	From January 2005 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of the Investment Management and Investment Company Practice Group.	78	None

*	Affiliated with the Manager and Distributors.

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

165


Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers

Steven M. Joenk 1290 Avenue of the Americas, New York, New York (47)	Trustee, Chairman, President and Chief Executive Officer	From January 2005 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 2004, Chairman and President of Enterprise Capital Management, Inc., Co-Chairman of Enterprise Funds Distributor, Inc. and a Director of 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).

Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York (51)	Vice President, Secretary	From January 2005 to present	From May 2003 to present, Vice President and Associate General Counsel, AXA Financial and AXA Equitable; July 1999 to May 2003, Vice President and Counsel, AXA Financial and AXA Equitable.

Kenneth T. Kozlowski 1290 Avenue of the Americas, New York, New York (44)	Chief Financial Officer and Treasurer	From January 2005 to present	From February 2001 to present, Vice President, AXA Financial; from July 2004 to present, Director, Enterprise Capital Management, Inc.; from December 1999 to December 2002, Controller, EQ Advisors Trust.

Mary E. Cantwell 1290 Avenue of the Americas, New York, New York (45)	Vice President	From January 2005 to present	From February 2001 to present, Vice President, AXA Financial; from July 2004 to present, Director of Enterprise Capital Management, Inc.

Kenneth B. Beitler 1290 Avenue of the Americas, New York, New York (48)	Vice President	From January 2005 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.

Brian E. Walsh 1290 Avenue of the Americas, New York, New York (38)	Vice President and Controller	From January 2005 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.

Andrew S. Novak, Esq. 1290 Avenue of the Americas, New York, New York (38)	Chief Compliance Officer	From September 2005 to present	From September 2005 to present, Chief Compliance Officer of AXA Financial’s Funds Management Group; From May 2003 to September 2005, Vice President and Counsel, AXA Financial and AXA Equitable; from May 2002 to May 2003, Counsel, AXA Financial and AXA Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.

Patricia A. Cox 1290 Avenue of the Americas, New York, New York (48)	Vice President and Anti-Money Laundering Compliance Officer	From November 2005 to present	From September 2001 to present, Senior Vice President of Operations for Enterprise Funds Distributors, Inc.

Joseph J. Paolo 1290 Avenue of the Americas, New York, New York (36)	Vice President	From November 2005 to present	From August 2005 to present, Vice President, AXA Financial and AXA Equitable and Deputy Chief Compliance Officer of AXA Financial’s Funds Management Group; from March 2004 to September 2005, Vice President, AXA Financial and AXA Equitable and Compliance Officer, AXA Funds Management Group; from May 2002 to March 2004, Compliance Director and Assistant Vice President, AXA Financial and AXA Equitable; from February 2001 to May 2002, Compliance Officer, AXA Financial and AXA Equitable.

*	Affiliated with the Manager and Distributors.

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

166


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

William MacGregor 1290 Avenue of the Americas New York, New York (31)	Vice President and Assistant Secretary	From September 2006 to present	From May 2006 to present, Counsel of AXA Equitable; from March 2005 to April 2006, Associate Attorney, Sidley, Austin LLP; from September 2003 to February 2005, Contract Attorney, Prudential Financial, Inc.; from September 2000 to April 2002, Associate Attorney, Zack Kosnitzky P.A.

Jeremy Dardick 1290 Avenue of the Americas New York, New York (31)	Vice President and Assistant Secretary	From September 2006 to present	From February 2006 to present, Counsel of AXA Equitable; from September 2004 to January 2006, Associate Attorney, Kaye Scholer LLP; from September 2001 to May 2004, Student, University of Michigan Law School.

Paraskevou Charalambous 1290 Avenue of the Americas New York, New York (44)	Assistant Secretary	From November 2005 to present	From March 2000 to present, Senior Legal Assistant for AXA Equitable.

David Shagawat 1290 Avenue of the Americas, New York, New York (32)	Assistant Anti-Money Laundering Compliance Officer	From November 2005 to present	From August 2005 to present, Associate Compliance Officer, AXA Equitable; from June 2004 to August 2005, Fiduciary Oversight Analyst, Citigroup Asset Management; from April 2002 to June 2004, Project Manager, AllianceBernstein LP; from January 1999 to April 2002, Business Analyst, Alliance Bernstein LP.

*	Affiliated with the Manager and Distributors.

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

167

PROXY VOTING INFORMATION (UNAUDITED)

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

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

QUARTERLY FUND HOLDINGS INFORMATION (UNAUDITED)

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

168

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 Theodossios Athanassiades each serve on its audit committee as an “audit committee financial expert” as defined in Item 3. Mr. Athanassiades is considered to be “independent” for purposes of Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees for fiscal year 2006: $196,100 and fiscal year 2005: $156,100.

(b) Audit-Related Fees for fiscal year 2006: $27,468 and fiscal year 2005: $0.

These services were primarily for work related to reviewing the annual report.

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

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

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

does not exceed $25,000 per engagement) to be provided by the registrant’s principal accountant for the registrant, provided that each such service is brought to the attention of the audit committee prior to the completion of the audit of the registrant’s financial statements.

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

(f) Not applicable.

(g) For fiscal year 2006: $3,963,418

For fiscal year 2005: $4,110,484

(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 Funds Trust

/s/ Steven M. Joenk

Steven M. Joenk

President and Chief Executive Officer

December 29, 2006

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

/s/ Steven M. Joenk

Steven M. Joenk

Chief Executive Officer

December 29, 2006

/s/ Kenneth T. Kozlowski

Kenneth T. Kozlowski

Chief Financial Officer

December 29, 2006