2002 Semi-Annual Report

June 30, 2002

Aggressive Stock

Mid-Cap Growth Portfolio

Multi-Cap Growth Portfolio

Small Company Growth Portfolio

Small Company Value Portfolio

Stock

Capital Appreciation Portfolio

Equity Portfolio

Equity Income Portfolio

Growth Portfolio

Growth and Income Portfolio

International/Global

Emerging Countries Portfolio

International Growth Portfolio

Worldwide Growth Portfolio

Sector/Specialty

Global Socially Responsive Portfolio

Domestic Hybrid

Balanced Portfolio

Managed Portfolio

Income

High-Yield Bond Portfolio

Total Return Portfolio

Enterprise Accumulation Trust

Mid-Cap Growth Portfolio

Subadviser’s Comments

Nicholas-Applegate Capital Management

San Diego, California

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

Nicholas-Applegate Capital Management (“Nicholas-Applegate”), which has approximately $22 billion in assets under management, became subadviser to the Portfolio on May 1, 2001. Nicholas-Applegate’s normal investment minimum is $10 million.

Investment Objective

The objective of the Enterprise Mid-Cap Growth Portfolio is to seek long-term capital appreciation.

Investment Strategies

The Mid-Cap Growth Portfolio primarily invests in U.S. companies with mid-sized market capitalizations. Mid-sized companies are those with market capitalizations corresponding to the middle 90 percent of the Russell Mid-Cap Growth Index, as measured at the time of purchase by the Portfolio. Normally, the Portfolio invests at least 80 percent of its net assets (plus any borrowings for investment purposes) in common stocks of mid-sized companies. The subadviser focuses on a “bottom-up” analysis that evaluates the financial conditions and competitiveness of individual companies. This means that the subadviser ordinarily looks for several of the following characteristics: above-average per share earnings growth; high return on invested capital; a healthy balance sheet; sound financial and accounting policies and overall financial strength; strong competitive advantages; effective research and product development and marketing; development of new technologies; efficient service; pricing flexibility; strong management; and general operating characteristics that will enable the companies to compete successfully in their respective markets. The subadviser expects a high portfolio turnover rate of 200 percent or more. The Portfolio may lend portfolio securities on a short-term or long-term basis up to 33 ¹/3 percent of its total assets, including collateral received for securities lent.

2002 First Half Performance Review

With the first half of the year now completed, a number of themes shaping 2002 have emerged. The first revolves around the credibility of corporate governance at U.S. companies, particularly the aggressive accounting practices that have led many firms to restate earnings, as well as alleged market manipulation by some energy firms in California. The second theme is one of conflict in the Middle East and in the disputed region of Kashmir. A third thread running through 2002 is the ongoing profits recession. Many companies are having difficulty meeting earnings guidance despite dramatically lowered targets, and a number of bellwether companies have sought to lower expectations for the second half of the year.

Technology and telecommunication stocks suffered the brunt of the market downturn, extending a theme that has plagued these areas since 2000. Production overcapacity, low customer demand and an unwinding of high inventory levels have resulted in declining profits for many tech and telecom firms.

Alongside investor wariness of tech stocks were fears that the American consumers’ ability to spend may be hampered following several months of rising consumer spending. The closely watched University of Michigan’s consumer sentiment index, which had managed to hold up despite stock market fluctuations, declined in May. The prospect of a weakening consumer provided a disconcerting thought for investors, especially since there have been few signs of a pickup in business investment to offset a decline in consumer spending.

ENTERPRISE Accumulation Trust

2

Enterprise Accumulation Trust — (Continued)

Mid-Cap Growth Portfolio

Subadviser’s Comments

Future Investment Strategy

Nicholas-Applegate has strictly adhered to its original equity philosophy since the inception of the firm, while continuously enhancing and refining the process, research, and resources utilized. Nicholas-Applegate’s investment approach focuses on individual security selection. Because Nicholas-Applegate is bottom-up stock pickers, buy candidates challenge current holdings so each stock must continue to earn its place in the portfolio everyday. Through extensive research, Nicholas-Applegate identifies growth stock opportunities. Sector and industry weightings are derived from this bottom-up approach, which typically finds investment candidates across a variety of industry/sectors, thereby providing ample diversification. The Portfolio remains fully invested to ensure full market participation and to reduce market-timing risk. Nicholas-Applegate’s bottom-up approach is very responsive to changes in the market and drives the Portfolio toward issues demonstrating the following investment criteria: positive fundamental change, sustainability and timeliness.

Investments in mid-capitalization stocks are generally riskier than large-capitalization stocks due to greater earnings and price fluctuations.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

ENTERPRISE Accumulation Trust

3

Enterprise Accumulation Trust

Mid-Cap Growth Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 93.78%
Advertising — 1.31%
Lamar Advertising Company (a)	1,100	$	40,931
Aerospace — 3.28%
L-3 Communications Holdings Inc. (a)	1,200		64,800
Northrop Grumman Corporation	300		37,500
			102,300
Apparel & Textiles — 1.20%
Jones Apparel Group Incorporated (a)	1,000		37,500
Automotive — 0.70%
Advanced Auto Parts (a)	400		21,804
Banking — 0.79%
TCF Financial Corporation	500		24,550
Broadcasting — 4.15%
Hispanic Broadcasting Corporation (a)	1,750		45,675
Radio One Inc. (a)	2,000		29,740
Univision Communications Inc. (Class A) (a)	870		27,318
Westwood One Inc. (a)	800		26,736
			129,469
Brokers — 1.18%
Bear Stearns Companies Inc.	600		36,720
Business Services — 0.83%
Manpower Inc.	700		25,725
Computer Services — 0.76%
Affiliated Computer Services Inc. (a)	500		23,740
Computer Software — 2.55%
Electronic Arts Inc. (a)	600		39,630
Intuit Inc. (a)	800		39,776
			79,406
Consumer Durables — 0.99%
Harley-Davidson Inc.	600		30,762
Consumer Services — 4.78%
Apollo Group Inc. (a)	1,750		68,985
Career Education Corporation (a)	1,200		54,000
Ticketmaster (a)	1,400		26,194
			149,179
Containers/Packaging — 1.99%
Crown Cork & Seal Inc. (a)	4,800		32,880
Smurfit-Stone Container Corporation (a)	1,900		29,298
			62,178

	Number of Shares or Principal Amount	Value
Electronics — 1.79%
International Rectifier Corporation (a)	1,000	$	29,150
QLogic Corporation (a)	700		26,670
			55,820
Finance — 5.78%
Bisys Group Inc. (a)	1,100		36,630
Concord EFS Inc. (a)	1,000		30,140
Lehman Brothers Holdings Inc.	600		37,512
SLM Corporation	400		38,760
Sungard Data Systems Inc. (a)	1,400		37,072
			180,114
Health Care — 3.64%
AMN Healthcare Services Inc. (a)	800		28,008
Anthem Inc. (a)	700		47,236
Cerner Corporation (a)	800		38,264
			113,508
Hotels & Restaurants — 3.15%
Darden Restaurants Inc.	1,300		32,110
Marriott International Inc. (Class A)	800		30,440
Starbucks Corporation (a)	1,440		35,784
			98,334
Manufacturing — 2.54%
Furniture Brands International Inc. (a)	700		21,175
Harman International Inds Inc.	500		24,625
Parker-Hannifin Corporation	700		33,453
			79,253
Medical Instruments — 4.82%
Beckman Coulter Inc.	700		34,930
Boston Scientific Corporation (a)	1,700		49,844
St. Jude Medical Inc. (a)	500		36,925
Zimmer Holdings Inc. (a)	800		28,528
			150,227
Medical Services — 6.57%
Health Management Associates Inc. (Class A) (a)	1,600		32,240
Humana Inc.	3,000		46,890
Laboratory Corporation of America Holdings (a)	1,000		45,650
Universal Health Services Inc. (Class B)	1,000		49,000
Wellpoint Health Networks Inc. (a)	400		31,124
			204,904
Metals & Mining — 0.93%
Newmont Mining Corporation	1,100		28,963
Multi-Line Insurance — 1.11%
Brown & Brown Inc.	1,100		34,650

ENTERPRISE Accumulation Trust

4

Enterprise Accumulation Trust

Mid-Cap Growth Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Oil Services — 11.84%
BJ Services Company (a)	1,500	$	50,820
EOG Resources Inc.	1,100		43,670
GlobalSantaFe Corporation	1,000		27,350
Nabors Industries Ltd. (a)	1,160		40,948
National Oilwell Inc. (a)	1,500		31,575
Noble Corporation (a)	1,200		46,320
Patterson-UTI Energy Inc. (a)	1,000		28,230
Rowan Companies Inc. (a)	2,190		46,976
Smith International Inc. (a)	780		53,188
			369,077
Paper & Forest Products — 0.95%
Georgia-Pacific Group	1,200		29,496
Pharmaceuticals — 5.37%
Allergan Inc.	400		26,700
AmerisourceBergen Corporation	400		30,400
Cephalon Inc. (a)	700		31,640
Forest Laboratories Inc. (a)	330		23,364
Gilead Sciences Inc. (a)	1,680		55,238
			167,342
Retail — 11.70%
Abercrombie and Fitch Company (Class A) (a)	1,100		26,532
AnnTaylor Stores Corporation (a)	1,400		35,546
Bed Bath & Beyond Inc. (a)	1,570		59,252
Coach Inc. (a)	800		43,920
PETCO Animal Supplies Inc. (a)	1,100		27,401
Pier 1 Imports Inc.	2,500		52,500
Staples Inc. (a)	1,600		31,520
TJX Companies Inc.	2,300		45,103
Williams Sonoma Inc. (a)	1,400		42,924
			364,698
Semiconductors — 2.31%
Fairchild Semiconductor International (a)	1,400		34,020
National Semiconductor Corporation (a)	1,300		37,921
			71,941
Technology — 3.75%
Alliant Techsystems Inc. (a)	700		44,660
Linear Technology Corporation	900		28,287
Microchip Technology Inc. (a)	1,600		43,888
			116,835
Transportation — 0.95%
J.B. Hunt Transport Services Inc. (a)	1,000		29,520
Travel/Entertainment/Leisure — 2.07%
Hotels.Com (a)	700		29,561
Regal Entertainment Group (a)	1,500		34,980
			64,541

	Number of Shares or Principal Amount		Value
Total Domestic Common Stocks
(Identified cost $2,934,156)			$2,923,487
Repurchase Agreement — 6.38%
State Street Bank & Trust Repurchase Agreement, 1.45% due 07/01/02 Maturity Value $199,024 Collateral: U.S. Treasury Bond $205,000, Zero Coupon due 9/26/02 Value $204,078	$	199,000	199,000
Total Repurchase Agreement
(Identified cost $199,000)			199,000
Total Investments
(Identified cost $3,133,156)			$3,122,487
Other Assets Less Liabilities — (0.16)%			(4,925)
Net Assets — 100%			$3,117,562

(a) Non-income producing security.

See notes to financial statements.

ENTERPRISE Accumulation Trust

5

Enterprise Accumulation Trust

Multi-Cap Growth Portfolio

Subadviser’s Comments

Fred Alger Management, Inc.

Jersey City, New Jersey

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

Fred Alger Management, Inc. (“Alger”), which has approximately $10.7 billion in assets under management, became the subadviser to the Portfolio on July 15, 1999. Alger’s normal investment minimum is $5 million.

Investment Objective

The objective of the Enterprise Multi-Cap Growth Portfolio is to seek long-term capital appreciation.

Investment Strategies

The Multi-Cap Growth Portfolio invests primarily in growth stocks. The subadviser believes that these companies tend to fall into one of two categories: High Unit Volume Growth and Positive Life Cycle Change. High Unit Volume Growth companies are those vital, creative companies that offer goods or services to a rapidly expanding marketplace. They include both established and emerging firms, offering new or improved products, or firms simply fulfilling an increased demand for an existing line. Positive Life Cycle Change companies are those companies experiencing a major change that is expected to produce advantageous results. These changes may be as varied as new management; new products or technologies; restructuring or reorganization; or merger and acquisition. The Portfolio may lend portfolio securities on a short-term or long-term basis up to 33 ¹/3 percent of its total assets, including collateral received for securities lent.

2002 First Half Performance Review

The first quarter of 2002 provided mixed results for equity markets. After slashing interest rates in dramatic fashion throughout 2001, the Federal Reserve (“the Fed”) failed to cut the Fed Portfolios rate any further during the first quarter. The Fed’s decision to maintain interest rates at current levels reinforced the notion of a looming economic recovery. However, the Enron affair and continued violence in Afghanistan and the Middle East cast a pall over the markets at a time when other news should have led to a modest rally. Most equity indices slipped lower during January and February, with value stocks holding up far better than growth stocks. Stock prices did recover somewhat during March, however, with growth stocks leading the rally. On aggregate over the three-month period, growth stock indices finished in negative territory while value stock indices were mostly flat.

The second quarter of 2002 brought more suffering to equity investors. Despite a steady stream of economic data indicating growth in the U.S. economy and a recovery of corporate profits, the market continued to drop on news of corporate malfeasance. At the heels of the Enron affair, accounting and regulatory scandals at Tyco International and WorldCom fueled fresh doubts about the credibility of corporate earnings numbers. Furthermore, while the Fed continued to maintain interest rates at historically low levels, the absence of further rate cuts provided no impetus for renewed investor optimism. April, May and June saw the continued collapse of most equity indices, with growth stocks and large-cap stocks leading the downturn. At the end of June, the Dow was nearing the 9000 level, and the Nasdaq was approaching lows that had not been seen since the early days of the Internet boom.

Alger’s aggressive style made the Portfolio susceptible to the weak performance of the market, as Alger’s growth stock philosophy impaired returns during a period in which value strongly out-performed growth. The Portfolio under-performed the S&P 500 benchmark over the six-month period due to an aggressive approach and over-weighting in the weak information technology sector. Poor performing health care stocks also contributed to the negative return, more than offsetting strong security selection in the consumer discretionary sector.

ENTERPRISE Accumulation Trust

6

Enterprise Accumulation Trust — (Continued)

Multi-Cap Growth Portfolio

Subadviser’s Comments

Future Investment Strategy

There is little question that the economy is on solid footing, with steady growth. In fact, over the long-term, growth in the 3 to 4 percent range may be more sustainable and hence more desirable than the oscillations that the market witnessed over the past ten years. Furthermore, recent market performance has been fed not by economic news, and not by corporate earnings news, but by scandal, fear, and unrealistic expectations. Alger’s belief of what the Dow and Nasdaq will do in the months ahead is based on decent, but by no means extraordinary, profit forecasts of $50 a share for the S&P 500 companies in 2002 and a continued modest economic expansion.

Investments in small-capitalization and mid-capitalization stocks are generally riskier than large-capitalization stocks due to greater earnings and price fluctuations.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

ENTERPRISE Accumulation Trust

7

Enterprise Accumulation Trust

Multi-Cap Growth Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 95.89%
Aerospace — 0.56%
L-3 Communications Holdings Inc. (a) (o)	7,800	$	421,200
Banking — 4.86%
Comerica Inc.	16,300		1,000,820
Fifth Third Bancorp	15,900		1,059,735
Greenpoint Financial Corporation (o)	17,200		844,520
Mellon Financial Corporation	23,300		732,319
			3,637,394
Building & Construction — 1.77%
D.R. Horton Inc.	29,849		776,969
Masco Corporation (o)	20,200		547,622
			1,324,591
Business Services — 1.31%
Concord EFS Inc. (a)	32,550		981,057
Communications — 1.54%
Brocade Communications Systems Inc. (a) (o)	65,800		1,150,184
Computer Hardware — 0.41%
Apple Computer Inc. (a)	17,500		310,100
Computer Services — 3.49%
Affiliated Computer Services Inc. (a) (o)	25,000		1,187,000
Bisys Group Inc. (a) (o)	26,400		879,120
Emulex Corporation (a) (o)	24,200		544,742
			2,610,862
Computer Software — 4.16%
Intuit Inc. (a)	8,700		432,564
Microsoft Corporation (a)	38,500		2,105,950
Siebel Systems Inc. (a)	40,500		575,910
			3,114,424
Consumer Non-Durables — 1.31%
Avon Products Inc.	18,800		982,112
Consumer Products — 2.44%
Mattel Inc.	36,300		765,204
Procter & Gamble Company	11,900		1,062,670
			1,827,874
Consumer Services — 2.89%
Apollo Group Inc. (a) (o)	13,050		514,431
Career Education Corporation (a)	11,700		526,500
First Data Corporation	30,200		1,123,440
			2,164,371

	Number of Shares or Principal Amount	Value
Electronics — 0.52%
Micron Technology Inc. (a) (o)	19,100	$	386,202
Entertainment & Leisure — 0.67%
MGM Mirage Inc. (a) (o)	14,950		504,563
Finance — 3.67%
Capital One Financial Corporation (o)	25,200		1,538,460
SLM Corporation	12,500		1,211,250
			2,749,710
Food, Beverages & Tobacco — 1.76%
Constellation Brands Inc. (a)	13,600		435,200
Dean Foods Company (a) (o)	12,800		477,440
Wendy’s International Inc. (o)	10,100		402,283
			1,314,923
Health Care — 3.57%
Anthem Inc. (a) (o)	25,400		1,713,992
HCA Inc. (o)	20,100		954,750
			2,668,742
Hotels & Restaurants — 0.66%
Starwood Hotels & Resorts Worldwide Inc. (o)	15,000		493,350
Insurance — 2.23%
AFLAC Inc. (a)	25,500		816,000
Radian Group Inc. (o)	17,545		857,073
			1,673,073
Manufacturing — 0.54%
Avery Dennison Corporation	6,400		401,600
Medical Instruments — 1.91%
Boston Scientific Corporation (a)	11,800		345,976
St. Jude Medical Inc. (a)	14,650		1,081,903
			1,427,879
Medical Services — 6.01%
Alcon Inc. (a)	17,100		585,675
Quest Diagnostics Inc. (a) (o)	16,150		1,389,708
Tenet Healthcare Corporation (a)	18,500		1,323,675
Wellpoint Health Networks Inc. (a)	15,400		1,198,274
			4,497,332
Metals & Mining — 0.63%
Fastenal Company (o)	12,200		469,822
Multi-Line Insurance — 0.56%
Willis Group Holdings Ltd. (a)	12,800		421,248
Oil Services — 4.09%
BJ Services Company (a) (o)	34,600		1,172,248
Cooper Cameron Corporation (a)	21,160		1,024,567
Nabors Industries Ltd. (a)	24,500		864,850
			3,061,665

ENTERPRISE Accumulation Trust

8

Enterprise Accumulation Trust

Multi-Cap Growth Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Pharmaceuticals — 12.93%
Allergan Inc.	5,900	$	393,825
AmerisourceBergen Corporation (o)	24,400		1,854,400
Baxter International Inc.	24,500		1,089,025
Express Scripts, Inc. (Class A) (a) (o)	8,300		415,913
Forest Laboratories Inc. (a)	11,400		807,120
Gilead Sciences Inc. (a) (o)	47,950		1,576,596
IDEC Pharmaceuticals Corporation (a) (o)	34,900		1,237,205
Johnson & Johnson	27,900		1,458,054
Pfizer Inc.	24,200		847,000
			9,679,138
Printing & Publishing — 1.45%
Lexmark International Group Inc. (a) (o)	19,980		1,086,912
Publishing — 0.88%
Tribune Company	15,100		656,850
Restaurants — 1.25%
Brinker International Inc. (a) (o)	29,400		933,450
Retail — 17.41%
Abercrombie and Fitch Company (Class A) (a)	41,600		1,003,392
Autozone Inc. (a)	6,600		510,180
Bed Bath & Beyond Inc. (a)	19,000		717,060
Chico’s FAS Inc. (a) (o)	19,425		705,516
eBay Inc. (a) (o)	33,250		2,048,865
Limited Brands	25,300		538,890
Lowe’s Companies Inc.	31,695		1,438,953
Michaels Stores Inc. (a)	25,100		978,900
Office Depot Inc. (a)	27,500		462,000
Petsmart Inc. (a)	23,200		372,128
Pier 1 Imports Inc.	18,700		392,700
Sears Roebuck & Company	17,800		966,540
Wal-Mart Stores Inc.	34,850		1,917,098
Walgreen Company	25,300		977,339
			13,029,561
Semiconductors — 7.64%
Applied Materials Inc. (a)	69,700		1,325,694
Fairchild Semiconductor International (a)	35,100		852,930
Intel Corporation	38,400		701,568
Intersil Corporation (Class A) (a)	34,700		741,886
Maxim Integrated Products Inc. (a)	42,100		1,613,693
Teradyne Inc. (a)	20,600		484,100
			5,719,871
Technology — 1.14%
Alliant Techsystems Inc. (a)	13,350		851,730
Travel/Entertainment/Leisure — 0.88%
Expedia Inc. (a) (o)	11,120		659,305

	Number of Shares or Principal Amount		Value
Wireless Communications — 0.75%
Motorola Inc.		38,800	$	559,496
Total Domestic Common Stocks
(Identified cost $75,594,463)				71,770,591
Foreign Stocks — 1.58%
Insurance — 1.08%
XL Capital Ltd. (Class A) (o)		9,500		804,650
Semiconductors — 0.50%
Marvell Technology Group Ltd. (a) (o)		18,800		373,932
Total Foreign Stocks
(Identified cost $1,495,695)				1,178,582
Repurchase Agreement — 1.48%
State Street Bank & Trust Repurchase Agreement, 1.45% due 07/01/02 Maturity Value $1,111,134 Collateral: U.S. Treasury Bond $1,140,000 Zero Coupon due 09/26/02
Value $1,134,870	$	1,111,000		1,111,000
Total Repurchase Agreement
(Identified cost $1,111,000)				1,111,000
Total Investments
(Identified cost $78,201,158)			$	74,060,173
Other Assets Less Liabilities — 1.05%				788,957
Net Assets — 100%			$	74,849,130

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2002.

See notes to financial statements.

ENTERPRISE Accumulation Trust

9

Enterprise Accumulation Trust

Small Company Growth Portfolio

Subadviser’s Comments

William D. Witter, Inc.

New York, New York

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

William D. Witter, Inc. (“Witter”), which has approximately $1.7 billion in assets under management, became subadviser to the Portfolio on December 1, 1998. Witter’s normal investment minimum is $1 million.

Investment Objective

The objective of the Enterprise Small Company Growth Portfolio is to seek capital appreciation.

Investment Strategies

The Small Company Growth Portfolio normally invests at least 80 percent of its net assets (plus any borrowings for investment purposes) in small capitalization stocks. The Portfolio invests in common stocks of small capitalization companies with above-average growth characteristics that are reasonably valued. These companies have a market capitalization of up to $1.5 billion. The subadviser uses a disciplined approach in evaluating growth companies. It relates the expected growth rate in earnings to the price-earnings ratio of the stock. Generally, the subadviser will not buy a stock if its price-earnings ratio exceeds its growth rate. By using this valuation parameter, the subadviser believes it moderates some of the inherent volatility in the small capitalization sector of the market. Securities will be sold when the subadviser believes the stock price exceeds the valuation criteria, or when the stock appreciates to a point where it is substantially overweighted in the portfolio, or when the company no longer meets expectations. The subadviser’s goal is to hold a stock for a minimum of one year but this may not always be feasible and there may be times when short-term gains or losses will be realized. The Portfolio may lend portfolio securities on a short-term or long-term basis up to 33 ¹/3 percent of its total assets, including collateral received for securities lent.

2002 First Half Performance Review

The reluctance on the part of corporate managements to purchase new equipment and software, even though the economy was expanding, affected the Portfolio’s results. A number of technology holdings, such as MKS Instruments (-25.7 percent), Trikon Technologies (-23.5 percent), and Electro Scientific Industries (-19.0 percent), were down significantly for the six-month period.

International tensions and OPEC’s restrictive policy led to a sharp increase in the price of oil (Nymex Crude futures) from $19.84 per barrel at the end of December to $26.86 on June 28th. Prices of oil equities responded positively. Devon Energy, Smith International, and Key Production were up 27.5 percent, 27.17 percent, and 14.71 percent respectively for the six months.

Other factors had a negative impact on the Portfolio’s performance. The policy of the Fed to remain accommodative during the entire first half was positive for some financial issues and housing stocks in which the Portfolio did not participate. In addition, investors continued to favor value stocks over growth because of the relative independence of value from the economic cycle and their lower price/earnings (“P/E”) ratios. The frequent government warnings about additional terrorist attacks also lessened investor enthusiasm for growth equities.

Future Investment Strategy

Witter anticipates a continuation of economic growth and, within one to two quarters, many companies may report sales and earnings increases. Witter is planning to keep the Portfolio virtually fully invested primarily in equities of companies that have well above average growth prospects. While the Portfolio’s significant participation in semi-conductor equipment, software developers, and in economically sensitive commercial services has impacted the Portfolio’s results this year, Witter believes that recognition of their earnings power may develop, and that their stock prices may rise from their current depressed levels. Witter also anticipates finding other good opportunities in medical devices, energy, and consumer growth.

There are specific risks associated with investments in small company stocks. Limited volume and frequency of trading may result in greater price deviations, and smaller capitalization companies may experience higher growth rates and higher failure rates than large companies.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

ENTERPRISE Accumulation Trust

10

Enterprise Accumulation Trust

Small Company Growth Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 92.53%
Airlines — 1.89%
Skywest Inc. (a) (o)	62,200	$	1,454,858
Business Services — 7.87%
Charles River Associates Inc. (a)	107,721		2,158,729
Maximus Inc. (a) (o)	64,900		2,057,330
On Assignment Inc. (a)	103,700		1,845,860
			6,061,919
Computer Hardware — 2.20%
Drexler Technology Corporation (a) (o)	78,500		1,695,600
Computer Services — 11.54%
CACI International Inc. (a) (o)	81,100		3,097,209
Integral Systems Inc. (a)	68,600		1,496,852
Manhattan Associates Inc. (a) (o)	35,000		1,125,600
MapInfo Corporation (a)	83,350		758,485
Secure Computing Corporation (a)	121,000		913,550
Tier Technologies Inc. (a)	83,900		1,495,098
			8,886,794
Computer Software — 2.42%
MSC Software Corporation (o)	89,900		804,605
PLATO Learning Inc. (a)	107,266		1,058,715
			1,863,320
Consumer Services — 1.78%
Navigant International Inc. (a)	88,460		1,368,476
Electrical Equipment — 6.59%
C & D Technologies (o)	66,500		1,198,330
Electro Scientific Industries Inc. (a) (o)	77,700		1,888,110
Signal Technology Corporation (a)	54,000		507,060
Woodhead Industries	86,600		1,484,324
			5,077,824
Electronics — 10.21%
AstroPower Inc. (a) (o)	38,250		751,230
Cymer Inc. (a) (o)	28,800		1,009,152
Planar Systems Inc. (a) (o)	102,000		1,963,500
Varian Inc. (o)	77,500		2,553,625
Veeco Instruments Inc. (a) (o)	68,700		1,587,657
			7,865,164
Food, Beverages & Tobacco — 3.78%
Delta & Pine Land Company (o)	86,200		1,732,620
Fleming Companies Inc. (o)	64,800		1,176,120
			2,908,740
Manufacturing — 1.30%
Flow International Corporation (a) (o)	89,300		601,793
Meade Instruments Corporation (a)	70,200		398,034
			999,827

	Number of Shares or Principal Amount	Value
Medical Instruments — 13.08%
Advanced Neuromodulation Systems (a) (o)	27,000	$	823,500
Candela Corporation (a)	278,550		1,532,025
Cytyc Corporation (a) (o)	108,100		823,722
ICU Medical Inc. (a)	62,550		1,932,795
Varian Medical Systems Inc.	64,400		2,611,420
Zoll Medical Corporation (a)	72,400		2,355,172
			10,078,634
Medical Services — 1.85%
Dianon Systems Inc. (a) (o)	26,700		1,426,314
Oil Services — 6.69%
Devon Energy Corporation	28,000		1,379,840
Key Production Company Inc. (a)	46,200		900,900
Smith International Inc. (a) (o)	42,100		2,870,799
			5,151,539
Restaurants — 1.77%
The Cheesecake Factory (a) (o)	38,500		1,365,980
Retail — 6.13%
Advanced Marketing Services Inc. (o)	121,950		2,231,685
Angelica Corporation	68,700		1,181,640
FreeMarkets Inc. (a) (o)	92,700		1,309,851
			4,723,176
Rubber & Plastics — 1.01%
Foamex International Inc. (a)	70,000		777,700
Semiconductors — 5.59%
Intermagnetics General Corporation (a) (o)	100,200		2,024,040
MKS Instruments Inc. (a) (o)	34,357		689,545
Photronics Inc. (a) (o)	84,100		1,592,854
			4,306,439
Technology — 4.36%
Flir Systems Inc. (a) (o)	47,100		1,976,787
Trikon Technologies Inc. (a)	153,500		1,379,965
			3,356,752
Telecommunications — 0.81%
Globecomm Systems Inc. (a) (o)	153,000		625,770
Travel/Entertainment/Leisure — 1.66%
Polaris Industries Inc. (o)	19,700		1,280,500
Total Domestic Common Stocks
(Identified cost $82,819,318)			71,275,326
Foreign Stocks — 1.15%
Oil Services — 1.15%
Core Laboratories (a) (o)	74,000		889,480

ENTERPRISE Accumulation Trust

11

Enterprise Accumulation Trust

Small Company Growth Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount		Value
Total Foreign Stocks
(Identified cost $1,033,457)			$	889,480
Commercial Paper — 4.54%
Ciesco L.P. 1.95% due 07/01/02	$	3,498,000		3,498,000
Total Commercial Paper
(Identified cost $3,498,000)				3,498,000
Total Investments
(Identified cost $87,350,775)			$	75,662,806
Other Assets Less Liabilities — 1.78%				1,370,820
Net Assets — 100%			$	77,033,626

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2002.

See notes to financial statements.

ENTERPRISE Accumulation Trust

12

Enterprise Accumulation Trust

Small Company Value Portfolio

Subadviser’s Comments

Gabelli Asset Management Company

Rye, New York

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

Gabelli Asset Management Company (“Gabelli”), which manages approximately $23.2 billion for institutional clients and whose normal investment minimum is $1 million, became subadviser to the Portfolio on July 1, 1996.

Investment Objective

The objective of the Enterprise Small Company Value Portfolio is to seek maximum capital appreciation.

Investment Strategies

The Small Company Value Portfolio normally invests at least 80 percent of its net assets (plus any borrowings for investment purposes) in small capitalization stocks. The Portfolio invests in common stocks of small capitalization companies that the subadviser believes are undervalued—that is, the stock’s market price does not fully reflect the company’s value. These companies have a market capitalization of up to $1.5 billion. The subadviser uses a proprietary research technique to determine which stocks have a market price that is less than the “private market value” or what an investor would pay for the company. The subadviser then determines whether there is an emerging valuation catalyst that will focus investor attention on the underlying assets of the company and increase the market price. Smaller companies may be subject to a valuation catalyst such as increased investor attention, takeover efforts or a change in management. The Portfolio may lend portfolio securities on a short-term or long-term basis up to 33 ¹/3 percent of its total assets, including collateral received for securities lent.

2002 First Half Performance Review

There is an old saying that bull markets are built on a “wall of worry.” If this is true, the U.S. should see a better market environment in the quarters ahead, because investors have had plenty to worry about this quarter. Escalating violence in the Middle East, a potential nuclear showdown between Pakistan and India over Kashmir, evidence that the U.S.’s quick victory over the Taliban in Afghanistan has not extinguished terrorism, the Arthur Andersen conviction, revelations regarding Wall Street improprieties, the insider trading investigation of American icon Martha Stewart, and most recently, the WorldCom accounting scandal have all generated headlines.

As usual, the Portfolio’s best performing holdings this year came from an eclectic group of industries including: gold mining (TVX Gold Inc.); auto parts (Tenneco Automotive); cosmetics (Elizabeth Arden), and gaming (Trump Hotels & Casino Resorts Inc.). Telecommunications companies, most notably small wireless operators such as Rural Cellular Corporation, Western Wireless, and Leap Wireless International Inc, dominated the Portfolio’s losers list. Wireless communications is an industry begging for consolidation to reduce competition and restore profit margins. Eventually, Gabelli thinks bigger competitors will gobble small, high quality wireless companies up. However, consolidation is currently on hold due to the capital market boycott of anything with a telecom label.

Future Investment Strategy

Gabelli anticipates the U.S. economy may have a very good year in 2002, with GDP up 3 to 4 percent. Inventories have been worked down to low levels. General Motors Corporation’s finance offers and incentives caused one million cars to be cleaned out of industry inventories. Even with much lower retail sales, production can go up. Secondly, consumers may feel better due to the sizable reduction in fuel costs and last year’s tax break. A family of four earning $40,000 a year will get $25 extra per week.

ENTERPRISE Accumulation Trust

13

Enterprise Accumulation Trust — (Continued)

Small Company Value Portfolio

Subadviser’s Comments

On the other side of the coin, the U.S. equity market is fully valued, and Gabelli assumes long-term interest rates may trend slightly higher. Given this scenario, Gabelli believes that there should be a cap on P/E multiples. For 2002, Gabelli anticipates that it will be important for the Portfolio to be stock specific. For the year, Gabelli expects the market to be roughly the same as it was as of June 30, 2002, plus or minus 10 percent, but Gabelli anticipates a lot of acquisition/merger transactions in 2002. Gabelli’s strategy for the Portfolio is to find good companies that somebody else wants to own.

There are specific risks associated with investments in small company stocks. Limited volume and frequency of trading may result in greater price deviations, and smaller capitalization companies may experience higher growth rates and higher failure rates than large companies.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

ENTERPRISE Accumulation Trust

14

Enterprise Accumulation Trust

Small Company Value Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 93.71%
Advertising — 0.04%
Interep National Radio Sales Inc. (a) (o)	40,000	$	156,000
Aerospace — 9.37%
AAR Corporation (o)	58,000		591,600
Ametek Inc.	100,000		3,725,000
Curtiss-Wright Corporation (o)	68,000		5,440,000
GenCorp Inc. (a) (o)	303,200		4,335,760
Kaman Corporation (Class A)	155,000		2,597,800
Lockheed Martin Corporation	40,000		2,780,000
Moog Inc. (Class A) (a)	60,000		2,572,800
Sequa Corporation (Class A) (a)	70,000		4,577,300
Sequa Corporation (Class B) (a)	44,000		2,882,000
SPS Technologies Inc. (a) (o)	150,000		5,725,500
			35,227,760
Apparel & Textiles — 0.37%
Carlyle Industries Inc. (a)	251,739		75,522
Hartmarx Corporation (a) (o)	240,000		600,000
Wolverine World Wide Inc.	40,000		698,000
			1,373,522
Automotive — 8.93%
A. O. Smith Corporation (Class A)	12,000		363,000
A. O. Smith Corporation (o)	23,000		717,830
Aaron Rents Inc.	2,500		56,250
ArvinMeritor Inc.	45,000		1,080,000
AutoNation Inc. (a) (o)	38,000		551,000
BorgWarner Inc. (o)	80,000		4,620,800
Clarcor Inc.	190,000		6,013,500
Earl Scheib Inc. (g)	225,000		675,000
Exide Technologies (o)	50,000		34,000
Federal-Mogul Corporation (o)	60,000		42,180
Lund International Holdings Inc. (a)	10,000		17,000
Midas Inc.	160,000		1,984,000
Modine Manufacturing Company	252,000		6,194,160
Navistar International Corporation (a) (o)	78,000		2,496,000
Raytech Corporation (o)	20,000		181,000
Standard Motor Products Inc. (o)	250,000		4,237,500
Superior Industries International Inc. (o)	62,000		2,867,500
Tenneco Automotive Inc. (a)	200,000		1,320,000
United Auto Group Inc. (a) (o)	6,000		125,400
			33,576,120
Banking — 0.68%
Sterling Bancorp (o)	72,050		2,572,185
Biotechnology — 0.07%
Invitrogen Corporation (a) (o)	8,000		256,080

	Number of Shares or Principal Amount	Value
Broadcasting — 4.19%
Beasley Broadcast Group Inc. (a)	60,000	$	884,940
Cablevision Systems Corporation - Rainbow Media Group (a) (o)	75,000		656,250
Clear Channel Communications Inc. (a) (o)	42,699		1,367,235
Cumulus Media Inc. (Class A) (a) (o)	10,000		137,800
Fisher Companies Inc.	52,400		3,076,928
Granite Broadcasting Corporation (a)	185,000		449,550
Gray Communications Systems Inc. (Class B)	240,000		3,192,000
Gray Communications Systems Inc. (o)	20,000		362,000
Liberty Media Corporation (Class A) (a) (o)	150,000		1,500,000
Paxson Communications Corporation (a) (o)	310,000		1,705,000
UnitedGlobalCom Inc. (a)	140,000		385,000
World Wrestling Federation Entertainment Inc. (a) (o)	40,000		584,000
Young Broadcasting Inc. (a)	81,000		1,440,180
			15,740,883
Building & Construction — 2.04%
Core Materials Corporation (a)	101,100		151,650
Fleetwood Enterprises Inc. (o)	20,000		174,000
Hughes Supply Inc.	1,000		44,900
Huttig Building Products Inc. (a)	45,444		244,034
Monaco Coach Corporation (a)	1,000		21,300
Rollins Inc.	345,000		7,017,300
			7,653,184
Business Services — 0.49%
Edgewater Technology Inc. (a)	210,000		858,900
Nashua Corporation (a)	68,000		482,800
National Processing Inc. (a) (o)	20,000		516,000
			1,857,700
Cable — 0.43%
Cablevision Systems Corporation (Class A) (a) (o)	120,000		1,135,200
Lamson & Sessions Company (a)	103,500		403,650
Pegasus Communications Corporation (a) (o)	120,000		87,600
			1,626,450
Chemicals — 3.04%
Church & Dwight Company Inc. (o)	35,000		1,096,550
Cytec Inds Incorporated (a)	2,000		62,880
Ethyl Corporation (a)	80,000		60,000
Ferro Corporation (o)	110,000		3,316,500
Great Lakes Chemical Corporation (o)	140,000		3,708,600
Hercules Inc. (a)	78,000		904,800
MacDermid Inc. (o)	10,200		219,300
Omnova Solutions Inc. (a)	245,000		2,058,000
			11,426,630

ENTERPRISE Accumulation Trust

15

Enterprise Accumulation Trust

Small Company Value Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Communications — 0.03%
Loral Space & Communications (a) (o)	100,000	$	99,000
Computer Hardware — 0.00%
Cerion Technologies Inc. (a) (d) (k)	90,000		—
Computer Services — 0.22%
Genuity Inc. (a) (o)	40,000		152,000
McAfee.com Corporation (a)	10,000		146,400
Startek Inc. (a)	10,000		267,400
Xanser Corp. (a)	150,000		273,000
			838,800
Computer Software — 0.02%
OpenTV Corp. (a)	19,000		60,610
Conglomerates — 0.08%
Harbor Global Company Ltd.	40,000		290,000
Consumer Durables — 0.38%
Noel Group Liquidating Trust Units (a) (d) (f) (k)	135,000		89,100
Noel Group Units (a) (d) (f) (k)	135,000		—
Oneida Ltd. (o)	70,000		1,340,500
			1,429,600
Consumer Products — 0.72%
Elizabeth Arden Inc. (a) (o)	49,500		866,250
New England Business Service Inc.	21,000		527,940
Revlon Inc. (a) (o)	30,000		148,500
Scotts Company (a)	4,000		181,600
Sola International Inc. (a)	35,000		402,500
The Dial Corporation (o)	15,000		300,300
Wd 40 Company	10,000		277,600
			2,704,690
Consumer Services — 0.70%
Chemed Corporation	70,000		2,638,300
Drugs & Medical Products — 0.28%
Owens & Minor Inc. (o)	20,000		395,200
Thermo Electron Corporation (a)	40,000		660,000
			1,055,200
Education — 0.03%
Whitman Education Group Inc. (a)	20,000		118,800
Electrical Equipment — 4.13%
Ampco-Pittsburgh Corporation	130,000		1,560,000
Baldor Electric Company	95,000		2,394,000
C & D Technologies (o)	4,000		72,080
Donaldson Company Inc.	20,000		700,800
DQE Inc. (o)	35,000		490,000
National Presto Industries Inc.	10,000		320,000
Oak Technology Inc. (a)	15,000		67,950
SL Industries Inc. (a)	82,000		615,000
Thomas & Betts Corporation (a)	160,000		2,976,000
Thomas Industries Inc.	220,000		6,336,000
			15,531,830

	Number of Shares or Principal Amount	Value
Electronics — 0.46%
CTS Corporation (o)	45,000	$	541,800
Park Electrochemical Corporation	45,000		1,192,500
			1,734,300
Energy — 1.32%
Conectiv Inc. (o)	80,000		2,064,800
El Paso Electric Company	154,000		2,132,900
ONEOK Inc.	30,000		658,500
SEMCO Energy Inc. (o)	10,000		90,500
			4,946,700
Entertainment & Leisure — 4.15%
Acme Communications Inc. (a) (o)	40,000		294,000
Bull Run Corporation (a)	140,000		126,000
Churchill Downs Inc. (o)	50,000		2,016,500
Dover Downs Gaming & Entertainment Inc.	57,000		729,600
Dover Motorsports Inc.	113,000		644,100
E.W. Scripps Company (Class A) (o)	19,000		1,463,000
Gaylord Entertainment Company (a)	275,000		6,063,750
Hearst-Argyle Television Inc. (a)	27,000		608,850
Magna Entertainment Corporation (a) (o)	80,000		559,200
Sinclair Broadcast Group Inc. (a)	150,000		2,165,850
Six Flags Inc. (o)	60,000		867,000
Thor Industries Inc.	1,000		71,260
			15,609,110
Finance — 0.88%
BKF Capital Group Inc.	44,000		1,254,000
Interactive Data Corp. (a)	140,000		2,038,400
			3,292,400
Food, Beverages & Tobacco — 7.21%
Brown Forman Corporation (o)	2,000		140,200
Corn Products International Inc.	75,000		2,334,000
Del Monte Foods Company (a) (o)	7,500		88,500
Flowers Foods Inc. (a)	152,000		3,929,200
Hain Celestial Group Inc. (a) (o)	8,000		148,000
Ingles Markets Inc. (Class A)	140,000		1,775,200
John B. Sanfilippo & Son Inc.	20,000		139,800
Opta Food Ingredients Inc. (a)	1,000		1,360
PepsiAmericas Inc. (a) (o)	355,000		5,303,700
Ralcorp Holdings Inc. (a)	105,000		3,281,250
Robert Mondavi Corporation (Class A) (a) (o)	45,000		1,540,350
Sensient Technologies Corporation (o)	100,000		2,276,000
Suprema Specialties Inc. (a) (d)	1,500		1
Tootsie Roll Industries Inc. (o)	103,000		3,971,680
Triarc Companies Inc. (o)	35,000		966,000
Weis Markets Inc.	33,000		1,212,750
			27,107,991

ENTERPRISE Accumulation Trust

16

Enterprise Accumulation Trust

Small Company Value Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Health Care — 0.07%
Henry Schein Inc. (a) (o)	4,000	$	178,000
Viasys Healthcare Inc. (a) (o)	4,191		73,133
			251,133
Hotels & Restaurants — 1.90%
Aztar Corporation (a)	190,000		3,952,000
Boca Resorts Inc. (a)	135,000		1,788,750
Extended Stay America Inc. (a)	6,000		97,320
Lakes Gaming Inc. (a)	50,000		338,000
Park Place Entertainment Corporation (a)	30,000		307,500
The Steak n Shake Company	30,400		475,760
Trump Hotels & Casino Resorts Inc. (a) (o)	75,000		161,250
Wyndham International Inc. (a)	30,000		34,800
			7,155,380
Insurance — 3.37%
Argonaut Group Inc. (o)	120,000		2,570,400
Danielson Holding Corporation (a)	84,000		413,280
Liberty Corporation	142,000		5,658,700
Midland Company (o)	80,000		4,037,600
			12,679,980
Machinery — 5.92%
Baldwin Technology Company Inc. (Class A)	200,000		282,000
Denison International Plc (a)	5,000		92,750
Fairchild Corporation (Class A) (a) (o)	200,000		630,000
Flowserve Corporation (a) (o)	90,000		2,682,000
Franklin Electric Company Inc.	37,000		1,741,590
Gorman Rupp Company	10,000		315,000
IDEX Corporation	82,000		2,747,000
Katy Industries Inc. (a)	160,000		800,000
Nortek Inc. (o)	130,000		5,863,000
Paxar Corporation (a)	105,000		1,758,750
Standex International Corporation	55,000		1,380,500
Tennant Company	35,000		1,386,000
Watts Industries Inc. (Class A)	130,000		2,580,500
			22,259,090
Manufacturing — 8.90%
Acuity Brands Inc.	55,600		1,011,920
Aviall Inc. (o)	125,000		1,750,000
Barnes Group Inc.	72,000		1,648,800
Belden Inc.	82,000		1,708,880
BWAY Corporation (a)	25,000		398,750
Crane Company	110,000		2,791,800
Cuno Inc. (a)	65,000		2,351,700
Energizer Holdings Inc. (a) (o)	100,000		2,742,000
Esco Technologies Inc. (a) (o)	1,500		52,500
Fedders Corporation	600,000		1,518,000
Gentek Incorporated (a)	15,000		3,300
Gerber Scientific Inc. (a)	30,000		105,300
GP Strategies Corporation (a)	12,000		55,800

	Number of Shares or Principal Amount	Value
Graco Inc.	93,000	$	2,338,020
Graftech International Ltd. (a) (o)	120,000		1,476,000
Industrial Distribution Group Inc. (a)	75,000		243,750
MagneTek Inc. (a)	52,000		514,800
Material Sciences Corporation (a)	208,000		2,916,160
Myers Industries Inc.	120,000		2,056,800
National Service Industries Inc. (o)	4,999		44,991
Oil-Drilling Corporation of America (g)	255,000		2,134,350
Park Ohio Holdings Corporation (a)	167,000		751,500
Precision Castparts Corporation (o)	30,000		990,000
Rawlings Sporting Goods Company Inc.	55,000		292,050
Roper Industries, Inc. (o)	50,000		1,865,000
Strattec Security Corporation (a)	31,000		1,714,920
			33,477,091
Media — 3.26%
Gemstar-TV Guide International Inc. (a) (o)	65,000		350,350
Media General Inc. (Class A)	147,000		8,820,000
Metro Goldwyn Mayer Inc. (a)	10,000		117,000
Salem Communications Corporation (Class A) (a)	120,000		2,984,400
			12,271,750
Medical Instruments — 0.44%
Sybron Dental Specialties (a)	90,000		1,665,000
Medical Services — 0.64%
Apogent Technologies Inc. (a) (o)	37,000		761,090
CIRCOR International Inc.	60,000		1,029,000
Inverness Medical Innovations Inc. (a)	30,000		606,000
			2,396,090
Metals & Mining — 0.04%
WHX Corporation (a) (o)	200,000		150,000
Multi-Line Insurance — 0.43%
Alleghany Corporation (a)	8,500		1,623,500
Neutraceuticals — 0.16%
Weider Nutrition International Inc. (a)	300,000		594,000
Oil Services — 0.08%
Keneb Services Llc	1		20
RPC Inc.	21,000		247,800
W-H Energy Services Inc. (a)	2,000		44,320
			292,140

ENTERPRISE Accumulation Trust

17

Enterprise Accumulation Trust

Small Company Value Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Paper Products — 0.91%
Greif Brothers Corporation (Class A)	100,000	$	3,336,100
Schweitzer Mauduit International Inc.	4,000		98,400
			3,434,500
Pharmaceuticals — 0.02%
Twinlab Corporation (a)	180,000		79,200
Printing & Publishing — 5.94%
A.H. Belo Corporation (Class A) (o)	108,000		2,441,880
Journal Register Company (a)	110,000		2,211,000
Lee Enterprises Inc.	67,000		2,345,000
McClatchy Company (Class A)	100,000		6,425,000
Meredith Corporation	55,000		2,109,250
Penton Media Inc. (a) (o)	50,000		107,500
PRIMEDIA Inc. (a) (o)	250,000		305,000
Pulitzer Inc.	80,000		4,152,000
Thomas Nelson Inc. (a)	50,000		528,000
Topps Company Inc. (a)	170,000		1,710,200
			22,334,830
Real Estate — 1.31%
Catellus Development Corporation (a)	140,000		2,858,800
Griffin Land & Nurseries Inc. (a)	112,000		1,540,000
Louisiana Quinta Corporation (a)	71,200		516,200
			4,915,000
Retail — 2.45%
Blockbuster Inc. (o)	6,000		161,400
Burlington Coat Factory Warehouse Corporation	100,000		2,125,000
Lillian Vernon Corporation (a)	330,000		2,310,000
Neiman Marcus Group (Class B) (a)	140,000		4,519,200
Phar-Mor Inc. (a) (d)	20,000		400
School Specialty Inc. (a) (o)	4,000		106,240
			9,222,240
Technology — 0.06%
J Net Enterprises Inc. (a)	245,000		196,000
Liberty Satellite & Technology (a)	13,200		29,700
			225,700
Telecommunications — 2.59%
Atlantic Tele-Network, Inc.	15,000		228,000
Broadwing Inc. (o)	200,000		520,000
Citizens Communications Company (a) (o)	250,000		2,090,000
Commonwealth Telephone Enterprises Inc. (a) (o)	28,577		1,149,939
Commonwealth Telephone Enterprises Inc. (Class B) (a)	62,733		2,572,053
Communications Systems Inc. (a)	78,000		487,500

	Number of Shares or Principal Amount	Value
Corecomm Ltd. (a)	700,000	$	28,000
D&E Communications Inc. (o)	41,940		440,789
Nextel Partners Inc. (a) (o)	44,000		132,440
Plantronics Inc. (a)	5,000		95,050
Rural Celluar Corporation (a)	60,000		62,400
Telephone and Data Systems Inc. (o)	32,000		1,937,600
			9,743,771
Transportation — 1.58%
GATX Corporation (o)	175,000		5,267,500
TransPro Inc. (a)	105,000		656,250
			5,923,750
Travel/Entertainment/Leisure — 0.03%
Bowlin Travel Centers Inc. (a)	70,000		122,500
Utilities — 1.15%
AGL Resources Inc. (o)	28,000		649,600
CH Energy Group Inc. (o)	40,000		1,970,000
Weststar Energy Inc.	110,000		1,688,500
			4,308,100
Waste Management — 0.85%
Allied Waste Industries Inc. (a)	155,000		1,488,000
Republic Services Inc. (a)	90,000		1,716,300
			3,204,300
Wireless Communications — 1.35%
Allen Telecom Inc. (a) (o)	120,000		516,000
Centennial Communications Corporation (a) (o)	41,000		100,040
Dobson Communications Corporation (a)	5,000		4,300
Leap Wireless International Inc. (a) (o)	130,000		140,400
Nextel Communications Inc. (Class A) (a) (o)	82,000		263,220
Price Communications Corporation (a)	170,000		2,720,000
United States Cellular Corporation (a) (o)	34,000		865,300
Western Wireless Corporation (a) (o)	150,000		480,000
			5,089,260
Total Domestic Common Stocks
(Identified cost $325,157,227)			352,342,150
Foreign Stocks — 1.61%
Broadcasting — 0.50%
News Corporation Ltd. (ADR) (o)	95,000		1,876,250
Business Services — 0.03%
MDC Corporation (Class A) (a)	20,000		92,240
Cable — 0.06%
Rogers Communications Inc. (Class B) (a)	25,000		228,500

ENTERPRISE Accumulation Trust

18

Enterprise Accumulation Trust

Small Company Value Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Hotels & Restaurants — 0.26%
Sun International Hotels Ltd. (a)	40,000	$	991,200
Metals & Mining — 0.26%
Barrick Gold Corporation (o)	40,000		759,600
TVX Gold Inc. (a)	150,000		210,000
			969,600
Telecommunications — 0.20%
AO VimpelCom (ADR) (a) (o)	30,000		763,800
GST Telecommunications Inc. (a)	120,000		96
			763,896
Wireless Communications — 0.30%
Rogers Wireless Communications (Class B) (a) (o)	145,000		1,117,950
Total Foreign Stocks
(Identified cost $9,765,849)			6,039,636
U.S. Treasury Bills — 1.60%
1.72% due 08/08/02	$6,026,000		6,015,060
Total U.S. Treasury Bills
(Identified cost $6,015,059)			6,015,060
Repurchase Agreement — 3.41%
State Street Bank & Trust Repurchase Agreement, 1.45% due 07/01/02 Maturity Value $12,824,549 Collateral: U.S. Treasury Bond $13,180,000, Zero Coupon due 12/05/02
Value $13,080,412	2,823,000		12,823,000
Total Repurchase Agreement
(Identified cost $12,823,000)			12,823,000

	Value
Total Investments
(Identified cost $353,761,135)	$	377,219,846
Other Assets Less Liabilities — (0.33)%		(1,225,308)
Net Assets — 100%	$	375,994,538

(a) Non-income producing security.

(d) Security is fair valued at June 30, 2002.

(f) Restricted securities as of June 30, 2002. At June 30, 2002, investments in restricted securities were as follows:

Description	Date of Acquisition	Number of Units	Unit Cost		Fair Value per Unit		Aggregate				Percentage of Net Assets
							Cost		Value
Noel Group Units	04/13/99	135,000	$	0.49	$	—	$	65,800		—	0.00	%
Noel Group Liquidating Trust Units	10/08/98	135,000	$	0.81	$	0.66	$	109,688	$	89,100	0.02	%

(g) Considered an affiliated company as the portfolio owns more than 5% of the outstanding voting securities of such company. The market value of investments in this affiliated company as of June 30, 2002 was $2,809,350.

(k) Illiquid Security.

(o) Security, or portion thereof, out on loan at June 30, 2002.

(ADR) American Depository Receipt.

See notes to financial statements.

ENTERPRISE Accumulation Trust

19

Enterprise Accumulation Trust

Capital Appreciation Portfolio

Subadviser’s Comments

Marsico Capital Management, LLC

Denver, Colorado

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

Marsico Capital Management, LLC (“Marsico”), which manages approximately $13.9 billion for institutional clients and whose usual investment minimum is $100 million, became subadviser to the Portfolio on November 1, 1999.

Investment Objective

The objective of the Enterprise Capital Appreciation Portfolio is to seek maximum capital appreciation.

Investment Strategies

The Capital Appreciation Portfolio’s investment strategy blends top-down economic and industry analysis with bottom-up stock selection. The subadviser’s investment approach emphasizes large capitalization U.S. companies that are believed to have the ability to produce above-average earnings growth. The investment process begins by establishing an overall macroeconomic outlook, which in turn forms the strategic backdrop for actual portfolio construction. Various economic, social and political factors are considered, including global trends (e.g., productivity enhancements), interest rates, inflation, central bank policies, the regulatory environment, and the overall competitive landscape. This analysis also seeks to uncover specific industries and companies that are expected to benefit from the macroeconomic environment. The potential for maximum capital appreciation is the basis for investment decisions; any income is incidental. Stock selection stresses rigorous hands-on fundamental internal research. The primary focus is to identify companies with market expertise/dominance, durable franchises, improving fundamentals (e.g., margins, Return on Equity, Return on Assets), strong balance sheets, global distribution capabilities and experienced management teams. Valuation is also an important consideration in selecting stocks. Stocks are sold for three primary reasons: overvaluation relative to expected earnings growth potential, other companies become more desirable or a permanent change in industry/company fundamentals that no longer supports the reason the stock was purchased. The Portfolio may lend portfolio securities on a short-term or long-term basis up to 33 ¹/3 percent of its total assets, including collateral received for securities lent.

2002 First Half Performance Review

As of June 30, 2002, the Portfolio’s primary economic sector emphasis was in the health care-related, consumer discretionary, industrials, and financial services sector. Within these general sector categories, there was a substantial amount of industry selectivity. Health care investments generally were concentrated in hospital management and medical devices companies, while de-emphasizing areas such as the pharmaceutical industry. The consumer-related investments favored companies in the retailing arena. Industrial holdings were primarily oriented towards aerospace/defense companies.

Equity markets have been buffeted by a combination of, among others, corporate accounting and governance issues, uncertainty regarding the timing and magnitude of an economic recovery, diminished investor confidence, concern about possible future terrorist attacks and geopolitical risks overseas. Concurrent with these major “headwinds” for investors has been major changes in the investment landscape. Many sectors and industries that were “high fliers” during the mid- to late-1990s have become market laggards and sustained severe losses since peaking in value just over two years ago. All of these factors are undoubtedly unsettling. And yet, Marsico is not certain that these types of “shocks” to the system are necessarily new or different.

The Portfolio’s investment results were helped by a variety of factors, including four economic sectors in particular: Industrials (primarily aerospace/defense positions), Consumer Discretionary (blend of automobiles, retailing, consumer durables, and media under-weighting), Health Care (primarily equipment and services companies), Information

ENTERPRISE Accumulation Trust

20

Enterprise Accumulation Trust — (Continued)

Capital Appreciation Portfolio

Subadviser’s Comments

Technology under-weighting (particularly hardware and equipment companies), and Telecommunications Services under-weighting. Within the Portfolio, the holdings that benefited the Portfolio’s performance were: Lockheed Martin Corporation, General Dynamics Corporation, Tiffany & Company, Bed Bath & Beyond, BMW, Porsche, Lennar, MDC Corp., Lowes Corporation, UnitedHealth Group Inc., Tenet Healthcare Corporation, and Quest Diagnostics Inc. In addition, some of the Portfolio’s financial services-related holdings performed well during the first half of the year, including SLM Corporation (“Sallie Mae”) and Washington Mutual Inc.

The Portfolio’s primary performance blemishes included an under-weighting in energy, banks, and materials.

Future Investment Strategy

Marsico remains cautious on the profit outlook for many companies that operate in the technology hardware/equipment and telecommunications services industries. Marsico’s rationale for this is two-pronged: capital spending for technology still appears to be in an overall downturn while the telecommunications industry continues to be bogged down by an inventory glut. Until there is compelling evidence that these factors have reversed, and that there is a more favorable earnings environment, it is unlikely Marsico will make investments for the Portfolio in these areas in the near future.

While the overall equity market environment has been extremely difficult, Marsico believes strongly that there is merit to the adage “it is always darkest before the dawn.” Stock markets tend to trade to extreme levels. Inflated price levels reached just over two years ago in many sectors and industries, with the benefit of 20/20 hindsight, were downright silly. Now, however, it seems increasingly possible that the stock market has overreacted in the other direction. There are encouraging signs that the U.S. economy is recovering. Productivity gains have remained solid: recent “same store sales” data indicates the retail industry is doing well, the housing industry, which has ripple effects to many other industries such as mortgage refinancing activity, insurance, construction and materials, has continued to be strong, and automobile sales have continued, on balance, to be quite good. Inflation remains constrained and, Marsico believes, could decelerate. The most recent unemployment claims data suggest that labor markets might be stabilizing.

Interest rates may move lower over time. Historically, the long bond interest rate, using the 10-year Treasury bond as a proxy for that rate, has offered a yield that ranges from approximately 2.5 percent to 3.0 percent above the prevailing inflation rate, as measured by the Consumer Price Index. Marsico believes the CPI could approach a range of 1.25 percent to 1.75 percent. Assuming that the spread between interest rates and inflation moved towards its long-term historical average, the market could see the long bond rate decline to approximately 4 percent. This would enhance the overall valuation profile for the equity market and may spur more robust economic activity.

There are abundant cross currents facing investors. Corporate accounting-related issues could continue to surface for some time. The country as a whole is still becoming acclimated to the notion that terrorist threats, either real or perceived, may regrettably now have become a part of our lives. Second quarter earnings reports will be very important in terms of assessing the near-term profit environment and the likelihood for better results going forward. Corporate profits may not necessarily increase dramatically across-the-board, but may generally be on an “up tick,” accompanied by more conservative accounting standards and better disclosures. Many companies appear to have what Marsico calls “high quality earnings,” driven by sales and revenue growth.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

ENTERPRISE Accumulation Trust

21

Enterprise Accumulation Trust

Capital Appreciation Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 90.56%
Aerospace — 10.64%
General Dynamics Corporation	18,883	$	2,008,207
L-3 Communications Holdings Inc. (a) (o)	11,670		630,180
Lockheed Martin Corporation	49,274		3,424,543
			6,062,930
Automotive — 3.14%
General Motors Corporation (o)	33,446		1,787,689
Building & Construction — 4.90%
D.R. Horton Inc.	22,683		590,439
Lennar Corporation (o)	13,336		816,163
Lowe’s Companies Inc. (o)	30,496		1,384,518
			2,791,120
Computer Hardware — 1.48%
Dell Computer Corporation (a)	32,282		843,851
Consumer Products — 0.98%
Procter & Gamble Company	6,232		556,518
Drugs & Medical Products — 0.67%
Becton, Dickinson & Company	11,022		379,708
Electrical Equipment — 1.04%
General Electric Company	20,310		590,006
Entertainment & Leisure — 1.22%
MGM Mirage Inc. (a) (o)	20,646		696,802
Finance — 15.55%
Capital One Financial Corporation (o)	24,062		1,468,985
Citigroup Inc.	52,050		2,016,937
Lehman Brothers Holdings Inc. (o)	24,900		1,556,748
MBNA Corporation	23,270		769,539
SLM Corporation	31,434		3,045,955
			8,858,164
Food, Beverages & Tobacco — 4.57%
Anheuser-Busch Companies Inc.	10,405		520,250
PepsiCo Inc.	34,558		1,665,696
Starbucks Corporation (a) (o)	16,860		418,971
			2,604,917
Health Care — 5.80%
Tenet Healthcare Corporation (a)	46,196		3,305,324
Hotels & Restaurants — 2.85%
Four Season Hotels Inc. (o)	32,775		1,537,148
Mandalay Resort Group (a) (o)	3,220		88,775
			1,625,923
Insurance — 6.23%
UnitedHealth Group Inc. (o)	38,798		3,551,957

	Number of Shares or Principal Amount	Value
Manufacturing — 3.29%
3M Company	15,258	$	1,876,734
Medical Services — 3.10%
Quest Diagnostics Inc. (a) (o)	20,502		1,764,197
Metals & Mining — 1.08%
El Paso Corporation	29,866		615,538
Misc. Financial Services — 1.67%
Ambac Financial Group Inc. (o)	3,394		228,077
Fannie Mae	9,824		724,520
			952,597
Multi-Line Insurance — 1.10%
American International Group Inc.	9,170		625,669
Pharmaceuticals — 5.99%
Baxter International Inc.	25,050		1,113,472
Johnson & Johnson (o)	33,230		1,736,600
Wyeth (a)	11,000		563,200
			3,413,272
Real Estate — 1.08%
M.D.C. Holdings Inc. (o)	11,792		613,184
Retail — 8.60%
Bed Bath & Beyond Inc. (a)	17,892		675,244
Blockbuster Inc. (o)	5,424		145,906
Tiffany & Company	61,807		2,175,606
Wal-Mart Stores Inc.	34,649		1,906,042
			4,902,798
Telecommunications — 2.28%
QUALCOMM Inc. (a) (o)	47,176		1,296,868
Transportation — 3.30%
FedEx Corporation	16,268		868,711
Southwest Airlines Company	62,654		1,012,489
			1,881,200
Total Domestic Common Stocks
(Identified cost $46,643,322)			51,596,966
Convertible Preferred Stocks — 0.79%
Metals & Mining — 0.79%
El Paso Corporation (TAPS)	8,774		450,106
Total Convertible Preferred Stocks
(Identified cost $443,644)			450,106

ENTERPRISE Accumulation Trust

22

Enterprise Accumulation Trust

Capital Appreciation Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Foreign Stocks — 5.52%
Automotive — 3.65%
Bayerische Motoren Werke (a)	51,040	$	2,077,691
Food, Beverages & Tobacco — 0.56%
Heineken (a)	7,304		321,409
Transportation — 1.31%
Ryanair Holdings (ADR) (a) (o)	21,412		746,658
Total Foreign Stocks
(Identified cost $2,714,616)			3,145,758
Foreign Preferred Stock — 1.45%
Automotive — 1.45%
Porsche (a)	1,738		830,367
Total Foreign Preferred Stock
(Identified cost $628,420)			830,367

	Number of Shares or Principal Amount		Value
Commercial Paper — 2.81%
Federal Home Loan Bank Discount Note, 1.87% due 07/01/02	$	1,600,000	$	1,600,000
Total Commercial Paper
(Identified cost $1,600,000)				1,600,000
Total Investments
(Identified cost $52,030,002)			$	57,623,197
Other Assets Less Liabilities — (1.13)%				(646,476)
Net Assets — 100%			$	56,976,721

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2002.

(ADR) American Depository Receipt.

(TAPS) Threshold Appreciation Price Security.

See notes to financial statements.

ENTERPRISE Accumulation Trust

23

Enterprise Accumulation Trust

Equity Portfolio

Subadviser’s Comments

TCW Investment Management Company

Los Angeles, California

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

TCW Investment Management Company (“TCW”), a wholly owned subsidiary of TCW Group, Inc., became subadviser to the Enterprise Equity Portfolio on November 1, 1999. TCW Group, Inc. manages approximately $88 billion for institutional clients and its normal investment minimum is $100 million.

Investment Objective

The objective of the Enterprise Equity Portfolio is long-term capital appreciation.

Investment Strategies

The Equity Portfolio invests normally at least 80 percent of its net assets (plus any borrowings for investment purposes) in equity securities. The Portfolio invests in U.S. common stocks of companies that meet the subadviser’s criteria of high return on investment capital, strong positions within their industries, sound financial fundamentals and management committed to shareholder interests. The subadviser selects companies with one or more of the following characteristics: superior business practices that will benefit from long-term trends, superior growth, profitability and leading market share versus others in their industry, strong enduring business models, valuable consumer or commercial franchises, high return on capital, favorable price to intrinsic value and undervalued assets. The Portfolio may lend portfolio securities on a short-term or long-term basis up to 33 ¹/3 percent of its total assets, including collateral received for securities lent.

2002 First Half Performance Review

In the face of surprising corporate malfeasance, investors showed a marked preference for mature easy to understand businesses with conservative managements. This is evidenced by the wide out-performance of the Russell 2000 (small) over the Russell 1000 (large) and the S&P BARRA Value over the S&P BARRA Growth indices. This tendency to gravitate to a more conservative posture is not unusual. However, what the market typically sees is as the economy begins to improve, large higher growth companies, which deliver superior earnings growth, again capture the attention of investors.

This period was especially challenging for growth-oriented investors as the “Value” indices out-performed. The market is now to the point that TCW is testing the lows established in September 2001. In this environment the Portfolio experienced actual losses and under-performed the broad market indices.

Generally, the broad economic indicators are improving and inflation remains benign. The Fed has indicated that it will not be raising the Fed Fund rates and Federal outlays continue to be stimulative. The market is seeing fewer negative earnings pre-announcements and, relative to government bond alternatives, stocks look as cheap as they have in long while. Typically at this stage, the markets are appreciating in anticipation of improving corporate earnings. To a great extent investor discontent can be attributable to two major influences: corporate malfeasance and geo-political concerns.

Within the Portfolio, weakness was widespread as all sectors declined. The Portfolio’s worst returns came from selected technology names where there was the assumption that new order growth was again weakening. Capital spending has been slow to materialize. Clearly managements are reticent to build up inventories and upgrade capital equipment until they have clear affirmation that their own business prospects are improving. TCW believes the issue with spending for technology products is not if but when.

Future Investment Strategy

In this adverse environment, a number of the Portfolio’s holdings had positive developments that have not contributed to price strength. TCW believes however, these companies may continue to enhance their sustainable competitive advantages. TCW anticipates that the Portfolio may derive greater earnings power from steps taken today and the markets should ultimately reward these accomplishments with superior price appreciation.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

ENTERPRISE Accumulation Trust

24

Enterprise Accumulation Trust

Equity Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Common Stocks — 100.27%
Biotechnology — 8.22%
Amgen Inc. (a)	239,200	$	10,017,696
Genentech Inc. (a)	317,980		10,652,330
			20,670,026
Business Services — 2.99%
Paychex Inc.	240,500		7,525,245
Computer Hardware — 7.30%
Cisco Systems Inc. (a)	396,100		5,525,595
Dell Computer Corporation (a)	491,100		12,837,354
			18,362,949
Computer Services — 4.30%
Juniper Networks Inc. (a) (o)	267,100		1,509,115
Pixar Inc. (a) (o)	211,200		9,313,920
			10,823,035
Computer Software — 8.32%
Microsoft Corporation (a)	240,000		13,128,000
Siebel Systems Inc. (a)	547,500		7,785,450
			20,913,450
Electrical Equipment — 2.33%
General Electric Company	202,000		5,868,100
Finance — 2.93%
Stilwell Financial Inc.	405,500		7,380,100
Insurance — 16.20%
Progressive Corporation (Ohio)	704,400		40,749,540
Medical Services — 3.20%
Biogen Inc. (a)	194,000		8,037,420
Misc. Financial Services — 3.74%
Charles Schwab Corporation	839,050		9,397,360
Multi-Line Insurance — 2.17%
American International Group Inc.	80,150		5,468,635
Pharmaceuticals — 4.53%
Eli Lilly & Company	93,500		5,273,400
Pfizer Inc.	174,550		6,109,250
			11,382,650
Retail — 6.88%
Home Depot Inc.	192,600		7,074,198
Wal-Mart Stores Inc.	185,700		10,215,357
			17,289,555

	Number of Shares or Principal Amount		Value
Semiconductors — 16.29%
Applied Materials Inc. (a)		623,060	$	11,850,601
Intel Corporation		375,100		6,853,077
Maxim Integrated Products Inc. (a)		376,900		14,446,577
Xilinx Inc. (a)		347,800		7,801,154
				40,951,409
Technology — 4.51%
Network Appliance Inc. (a)		911,300		11,336,572
Telecommunications — 3.68%
QUALCOMM Inc. (a)		336,700		9,255,883
Transportation — 2.68%
Southwest Airlines Company		416,250		6,726,600
Total Common Stocks
(Identified cost $364,902,113)				252,138,529
Repurchase Agreement — 0.28%
State Street Bank & Trust Repurchase Agreement 1.45% due 07/01/02
Maturity Value $700,085 Collateral: U.S. Treasury Bond $720,000, Zero Coupon due 9/26/02
Value $716,760	$	700,000		700,000
Total Repurchase Agreement
(Identified cost $700,000)				700,000
Total Investments
(Identified cost $365,602,113)			$	252,838,529
Other Assets Less Liabilities — (0.55)%				(1,371,901)
Net Assets — 100%			$	251,466,628

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2002.

See notes to financial statements.

ENTERPRISE Accumulation Trust

25

Enterprise Accumulation Trust

Equity Income Portfolio

Subadviser’s Comments

1740 Advisers, Inc.

New York, New York

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

1740 Advisers, Inc. (“1740 Advisers”) has been subadviser to the Enterprise Equity Income Portfolio since its inception. 1740 Advisers is a member of The MONY Group Inc. (NYSE: MNY) and manages approximately $1.2 billion for institutional clients. Its normal investment minimum is $20 million.

Investment Objective

The objective of the Enterprise Equity Income Portfolio is to seek a combination of growth and income to achieve an above-average and consistent total return.

Investment Strategies

The Equity Income Portfolio normally invests at least 80 percent of its net assets (plus any borrowings for investment purposes) in equity securities. The Portfolio generally invests in dividend-paying U.S. common stocks. The goal is capital appreciation combined with a high level of current income. Dividend yield relative to the S&P 500 average is used as a discipline and measure of value in selecting stocks for the Portfolio. To qualify for a purchase, a stock’s yield must be greater than the S&P 500’s average dividend yield. The stock must be sold within two quarters after its dividend yield falls below that of the S&P average. The effect of this discipline is that a stock will be sold if increases in its annual dividends do not keep pace with increases in its market price. The Portfolio may lend portfolio securities on a short-term or long-term basis up to 33 ¹/3 percent of its total assets, including collateral received for securities lent.

2002 First Half Performance Review

In the wake of all the corporate shortfalls and scandals, there seems to be an emerging investor preference for simpler, easier to understand business models, with less complex accounting and fewer financial gimmicks. There is also a renewed interest in stocks that pay dividends, and that increase them from time to time. The Equity Income Portfolio, with its dividend-related strategy, has a strong representation in those kinds of stocks.

Cyclical stocks helped the Portfolio’s performance in the first half; industrials, defense stocks (TRW Inc., Raytheon Corporation and Northrup Grumman), machinery (Textron Inc., Deere & Company and Ingersoll Rand) and railroads were strong in particular. In the materials sector, Weyerhaeuser and International Paper out-performed. At the same time, consumer staples were also strong with Coca Cola, Procter & Gamble, Avon and Anheuser Busch Companies making positive contributions. Finally some financial stocks such as Wells Fargo & Company, Bank of America and Allstate also did well.

The Portfolio’s strategy over the past several quarters has been to emphasize economy sensitive sectors and industries and this is still the case. About 45 percent of the Portfolio is represented by industrials (aerospace, conglomerates, machinery and railroads), materials (chemicals, metals, paper and forest products) and energy (oil and gas, equipment and drillers). This is roughly double the weight of the S&P 500 in these sectors and this investment is in anticipation of a continued economic recovery.

Future Investment Strategy

The market needs some indication that earnings will stop declining and start to grow again. Rising profits, especially if they are reported on newly scrubbed financial statements, may go a long way towards solving the market’s ills. Fortunately there are some reasons for hope and some positive news in this area. First, the recent revelations should result in accountants, auditors, analysts, regulators and board members being especially diligent and skeptical. Second,

ENTERPRISE Accumulation Trust

26

Enterprise Accumulation Trust — (Continued)

Equity Income Portfolio

Subadviser’s Comments

a stronger economy, good productivity and a weaker dollar, which may allow for some price increases, may permit a recovery in corporate earnings as the year goes on.

The market’s severe decline has corrected a lot of the over enthusiasm and over valuation which prevailed two years ago. P/E ratios are still high because earnings have collapsed, but a cyclical earnings recovery may help. Interest rates are low, and no meaningful increase is expected in the near term. The bond market is also involved in the correction process by increasing credit spreads for all but the very best borrowers. Investor expectations have been diminished and speculation has virtually disappeared. It is always difficult to make new investments when all the news seems bad and the problems never ending, but the current environment is becoming much healthier for long-term investors. Investors have to get used to a lower rate of return, more in line with historical norms, going forward, but in a moderate inflation and interest rate environment, today’s valuations look attractive.

Consumer stocks are also an important part of the Portfolio, but not over-weight. Consumer staples were a safe haven last year, but surprisingly soft drinks, personal care and household products stocks continue to do well this year. As the year goes on some of this sector will likely be shifted into consumer discretionary names (retailers, autos and auto parts). Financial and healthcare are currently under-weights, but are becoming more attractive, and will likely be the beneficiaries of some money stifled out of cyclicals later in the year.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

ENTERPRISE Accumulation Trust

27

Enterprise Accumulation Trust

Equity Income Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 89.68%
Aerospace — 5.96%
Honeywell International Inc.	16,000	$	563,680
Northrop Grumman Corporation (o)	7,000		875,000
Raytheon Company	15,000		611,250
United Technologies Corporation	9,000		611,100
			2,661,030
Automotive — 6.75%
Cummins Inc. (o)	11,000		364,100
Ford Motor Company (o)	19,000		304,000
General Motors Corporation (o)	12,000		641,400
Johnson Controls Inc.	9,000		734,490
TRW Inc.	17,000		968,660
			3,012,650
Banking — 3.10%
Bank of America Corporation	7,000		492,520
J. P. Morgan Chase & Company (o)	13,000		440,960
Wells Fargo & Company	9,000		450,540
			1,384,020
Chemicals — 2.52%
Dow Chemical Company	12,000		412,560
Du Pont (E. I.) de Nemours & Company	16,000		710,400
			1,122,960
Computer Hardware — 0.44%
Hewlett-Packard Company	13,000		198,640
Conglomerates — 1.47%
Textron Inc.	14,000		656,600
Construction — 0.79%
Fluor Corporation (o)	9,000		350,550
Consumer Non-Durables — 1.40%
Avon Products Inc.	12,000		626,880
Consumer Products — 3.41%
Gillette Company	9,000		304,830
Kimberly-Clark Corporation	4,000		248,000
Procter & Gamble Company	5,000		446,500
Whirlpool Corporation	8,000		522,880
			1,522,210
Crude & Petroleum — 3.60%
Burlington Resources Inc.	8,000		304,000
ChevronTexaco Corporation	5,000		442,500
Exxon Mobil Corporation	21,000		859,320
			1,605,820

	Number of Shares or Principal Amount	Value
Electrical Equipment — 3.72%
Dominion Resources Inc. (o)	8,000	$	529,600
Emerson Electric Company	13,000		695,630
General Electric Company	15,000		435,750
			1,660,980
Energy — 1.97%
Duke Energy Corporation	10,000		311,000
Entergy Corporation	12,000		509,280
Williams Companies Inc. (o)	10,000		59,900
			880,180
Food, Beverages & Tobacco — 3.43%
Anheuser-Busch Companies Inc.	9,000		450,000
Coca-Cola Company	9,000		504,000
PepsiCo Inc.	12,000		578,400
			1,532,400
Machinery — 4.86%
Caterpillar Inc.	15,000		734,250
Deere & Company	15,000		718,500
Pitney Bowes Inc. (o)	18,000		714,960
			2,167,710
Manufacturing — 5.43%
3M Company	7,500		922,500
Eaton Corporation	10,000		727,500
Ingersoll-Rand Company Ltd.	17,000		776,220
			2,426,220
Metals & Mining — 2.29%
Alcoa Inc.	17,000		563,550
Nucor Corporation (o)	7,000		455,280
			1,018,830
Misc. Financial Services — 3.78%
Citigroup Inc.	15,000		581,250
Fannie Mae	8,000		590,000
Morgan Stanley Dean Witter & Company	12,000		516,960
			1,688,210
Multi-Line Insurance — 2.21%
Lincoln National Corporation	12,000		504,000
Marsh & McLennan Companies Inc.	5,000		483,000
			987,000
Oil Services — 5.60%
Baker Hughes Inc.	8,000		266,320
Diamond Offshore Drilling Inc. (o)	10,000		285,000
El Paso Corporation	7,000		144,270
Kerr-McGee Corporation (o)	5,000		267,750

ENTERPRISE Accumulation Trust

28

Enterprise Accumulation Trust

Equity Income Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
KeySpan Corporation (o)	13,000	$	489,450
Murphy Oil Corporation	2,500		206,250
Phillips Petroleum Company	5,000		294,400
Schlumberger Ltd.	4,000		186,000
Tidewater Inc.	11,000		362,120
			2,501,560
Paper & Forest Products — 2.65%
Georgia-Pacific Group	18,000		442,440
International Paper Company	17,000		740,860
			1,183,300
Paper Products — 1.35%
MeadWestvaco Corporation (o)	18,000		604,080
Pharmaceuticals — 7.56%
Abbott Laboratories	10,000		376,500
Baxter International Inc.	11,000		488,950
Bristol-Myers Squibb Company	11,000		282,700
Eli Lilly & Company	4,000		225,600
Johnson & Johnson (o)	11,000		574,860
Merck & Company Inc.	7,000		354,480
Pfizer Inc.	18,000		630,000
Pharmacia Corporation	5,000		187,250
Wyeth	5,000		256,000
			3,376,340
Printing & Publishing — 1.47%
McGraw-Hill Companies Inc.	11,000		656,700
Property-Casualty Insurance — 2.64%
Allstate Corporation	9,000		332,820
Chubb Corporation	7,000		495,600
St. Paul Companies Inc.	9,000		350,280
			1,178,700
Raw Materials — 1.72%
Weyerhaeuser Company	12,000		766,200
Real Estate — 0.77%
Equity Residential Properties Trust	12,000		345,000
Retail — 2.00%
J. C. Penney Company Inc. (o)	11,000		242,220
Sears Roebuck & Company	12,000		651,600
			893,820

	Number of Shares or Principal Amount		Value
Telecommunications — 3.41%
BellSouth Corporation		15,000	$	472,500
SBC Communications Inc.		16,000		488,000
Verizon Communications Inc.		14,000		562,100
				1,522,600
Transportation — 3.38%
Canadian National Railway Company		10,000		518,000
CSX Corporation		12,000		420,600
Union Pacific Corporation		9,000		569,520
				1,508,120
Total Domestic Common Stocks
(Identified cost $41,665,635)				40,039,310
Foreign Stocks — 0.79%
Crude & Petroleum — 0.79%
BP Amoco (ADR)		7,000		353,430
Total Foreign Stocks
(Identified cost $364,514)				353,430
Repurchase Agreement — 9.58%
State Street Bank & Trust Repurchase Agreement, 1.45% due 07/01/02
Maturity Value $4,278,517 Collateral: U.S. Treasury Bond $4,385,000, Zero Coupon due 09/26/02
Value $4,365,268	$	4,278,000		4,278,000
Total Repurchase Agreement
(Identified cost $4,278,000)				4,278,000
Total Investments
(Identified cost $46,308,149)			$	44,670,740
Other Assets Less Liabilities — (0.05)%				(22,618)
Net Assets — 100%			$	44,648,122

(o) Security, or portion thereof, out on loan at June 30, 2002.

(ADR) American Depository Receipt.

See notes to financial statements.

ENTERPRISE Accumulation Trust

29

Enterprise Accumulation Trust

Growth Portfolio

Subadviser’s Comments

Montag & Caldwell, Inc.

Atlanta, Georgia

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

Montag & Caldwell, Inc. (“Montag & Caldwell”) has served as subadviser to the Enterprise Growth Portfolio since the Portfolio was organized December 1, 1998. Montag & Caldwell manages approximately $23.8 billion for institutional clients, and its normal investment minimum is $40 million.

Investment Objective

The objective of the Enterprise Growth Portfolio is to seek capital appreciation.

Investment Strategies

The Growth Portfolio invests primarily in U.S. common stocks. The “Growth at a Reasonable Price” strategy employed by the Portfolio combines growth and value style investing. This means that the Portfolio invests in the stocks of companies with long-term earnings potential but which are currently selling at a discount to their estimated long-term value. The Portfolio’s equity selection process is generally lower risk than a typical growth stock approach. Valuation is the key selection criterion that makes the investment style risk averse. Also emphasized are growth characteristics to identify companies whose shares are attractively priced and may experience strong earnings growth relative to other companies.

2002 First Half Performance Review

Montag & Caldwell viewed the first half of 2002 as a transition period for the stock market with hopefully a moderate, but positive, bias to the year as a whole. So far, the stock market has suffered from geopolitical concerns, the dramatic revelations of past corporate misconduct and uncertainty about the strength and quality of the recovery in corporate profits. Montag & Caldwell expected the first half of the year to be generally volatile and defensive in nature, as investors tempered their earnings forecasts and the remaining excesses of the technology bubble were corrected.

After being essentially unchanged in value during the first quarter of 2002, the stock market, as measured by the S&P 500 Index, showed a sharp decline during the second quarter of the year. The Portfolio’s performance was similar to the market’s performance during the same periods. The Portfolio’s better performing sectors were consumer staples and industrials, while financial, healthcare and technology issues penalized the Portfolio’s results.

Future Investment Strategy

While Montag & Caldwell believes that it is difficult to say whether the large capitalization stock market indices, such as the S&P 500 Index, will now experience a positive return in 2002, share prices may have a positive bias in the second half of the year. Montag & Caldwell anticipates this positive trend to continue into 2003, and the ongoing rebound in the economy and corporate profits coupled with low inflation and low interest rates may lead to the better stock market performance.

In the current stock market environment, Montag & Caldwell favors the shares of global growth companies that can achieve solid double-digit earnings growth. These global growth companies include both consumer and industrial companies that have strong global franchises that will benefit from both a recovery in global economies and, for the first time in seven years, a weakening trend in the exchange value of the dollar. While their share prices were weak in the first half of the year, pharmaceutical and medical technology companies seem poised for a good recovery, as their earnings prospects are above average and their valuations very attractive. Montag & Caldwell favors well-positioned financial issues that have global reach and that will benefit from a better capital market environment. Montag & Caldwell believes oil service issues may do well, as exploration and drilling activity rebound. In technology, valuations are becoming more attractive, and emphasis may be on those companies that Montag & Caldwell believes can achieve a meaningful earnings recovery in a very difficult industry environment.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

ENTERPRISE Accumulation Trust

30

Enterprise Accumulation Trust

Growth Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 94.60%
Banking — 1.03%
Bank of New York Company Inc.	74,300	$	2,507,625
Biotechnology — 1.72%
Amgen Inc. (a)	99,800		4,179,624
Building & Construction — 3.53%
Masco Corporation (o)	316,500		8,580,315
Business Services — 1.36%
BEA Systems Inc. (a)	348,500		3,314,235
Computer Services — 3.13%
Electronic Data Systems Corporation	204,800		7,608,320
Computer Software — 3.64%
Electronic Arts Inc. (a)	84,100		5,554,805
Siebel Systems Inc. (a)	231,000		3,284,820
			8,839,625
Consumer Products — 14.90%
Colgate-Palmolive Company	210,900		10,555,545
Gillette Company	279,300		9,459,891
Newell Rubbermaid Inc.	115,500		4,049,430
Procter & Gamble Company	136,000		12,144,800
			36,209,666
Entertainment & Leisure — 3.14%
Walt Disney Company	404,400		7,643,160
Finance — 5.21%
Citigroup Inc.	260,766		10,104,683
Paychex Inc.	81,400		2,547,006
			12,651,689
Food, Beverages & Tobacco — 8.02%
Coca-Cola Company	204,900		11,474,400
PepsiCo Inc.	166,200		8,010,840
			19,485,240
Hotels & Restaurants — 1.39%
Marriott International Inc. (Class A)	89,100		3,390,255
Machinery — 2.64%
Caterpillar Inc.	131,000		6,412,450
Manufacturing — 3.37%
3M Company	66,500		8,179,500
Medical Instruments — 4.36%
Medtronic Inc.	247,500		10,605,375
Multi-Line Insurance — 6.45%
American International Group Inc.	153,550		10,476,716
Marsh & McLennan Companies Inc.	53,700		5,187,420
			15,664,136

	Number of Shares or Principal Amount		Value
Oil Services — 6.32%
GlobalSantaFe Corporation		79,500	$	2,174,325
Schlumberger Ltd.		166,000		7,719,000
Transocean Sedco Forex Inc.		175,400		5,463,710
				15,357,035
Pharmaceuticals — 12.39%
Johnson & Johnson		193,900		10,133,214
Lilly (Eli) & Company		65,400		3,688,560
Pfizer Inc.		328,400		11,494,000
Pharmacia Corporation		127,900		4,789,855
				30,105,629
Retail — 5.22%
Costco Wholesale Corporation (a)		160,900		6,213,958
Home Depot Inc.		175,900		6,460,807
				12,674,765
Telecommunications — 3.73%
QUALCOMM Inc. (a)		330,000		9,071,700
Transportation — 3.05%
United Parcel Service Inc.		119,900		7,403,825
Total Domestic Common Stocks
(Identified cost $244,281,351)				229,884,169
Foreign Stocks — 2.25%
Wireless Communications — 2.25%
Nokia Corporation (Class A) (ADR)		376,600		5,453,168
Total Foreign Stocks
(Identified cost $9,724,039)				5,453,168
Repurchase Agreement — 3.73%
State Street Bank & Trust Repurchase Agreement 1.45% due 07/01/02 Maturity Value $9,065,095 Collateral: U.S. Treasury Bond $9,290,000, Zero Coupon due 09/26/02
Value $9,248,195	$	9,064,000		9,064,000
Total Repurchase Agreement
(Identified cost $9,064,000)				9,064,000
Total Investments
(Identified cost $263,069,390)			$	244,401,337
Other Assets Less Liabilities — (0.58)%				(1,404,755)
Net Assets — 100%			$	242,996,582

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2002.

(ADR) American Depository Receipt.

See notes to financial statements.

ENTERPRISE Accumulation Trust

31

Enterprise Accumulation Trust

Growth and Income Portfolio

Subadviser’s Comments

Retirement System Investors Inc.

New York, New York

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

Retirement System Investors Inc. (“RSI”) has served as subadviser to the Enterprise Growth and Income Portfolio since 1998. RSI manages approximately $0.8 billion for all of its clients, and its normal investment minimum is $5 million.

Investment Objective

The objective of the Enterprise Growth and Income Portfolio is total return through capital appreciation with income as a secondary consideration.

Investment Strategies

The Growth and Income Portfolio invests primarily in U.S. common stocks of large capitalization companies that have the potential to provide dividend income. The Portfolio selects stocks that it believes will appreciate in value, seeking to take advantage of temporary stock price inefficiencies, which may be caused by market participants focusing heavily on short-term developments. In selecting stocks for the Portfolio, the subadviser employs a “value-oriented” strategy. This means that the subadviser attempts to identify stocks of companies that have greater value than is recognized by the market generally. The subadviser considers a number of factors, such as sales, growth and profitability prospects for the economic sector and markets in which the company operates and sells its products and services, the company’s stock market price, earnings level and projected earnings growth rate. The subadviser also considers current and projected dividend yields. The subadviser compares this information to that of other companies in determining relative value and dividend potential. The Portfolio may lend portfolio securities on a short-term or long-term basis up to 33 ¹/3 percent of its total assets, including collateral received for securities lent.

2002 First Half Performance Review

The Portfolio’s returns were impacted by its exposure to growth stocks within in its growth/value blend style. In the large-cap stock area, value stocks continued to strongly out-perform growth stocks.

Sectors with the best performance were energy, materials, and consumer staples, while the laggards were technology, health care, industrials and utilities. The Portfolio’s large position in the energy sector, particularly Exxon Mobil Corporation, BP Amoco, Royal Dutch Petroleum and Apache Corporation and in the consumer area, including holdings in Anheuser Busch Companies and Tiffany & Company, helped Portfolio results. Though the Portfolio was under-weighted by about one-third in the under-performing technology sector.

In industrials, the decline in Tyco International more than offset gains in United Technologies, Honeywell International, and Ingersoll Rand. RSI has carefully reviewed their research and holding rationale on companies where there is an earnings, quality or accounting issue.

Future Investment Strategy

Going forward, RSI anticipates continued economic recovery and good earnings gains from present depressed levels. Risks of renewed terrorism and lack of trust in corporate governance and earnings accounting should continue to keep the market near its lows. Over time, the fundamentals should prevail and given current valuations, stocks are attractive holdings for future gains.

RSI is positioning the Portfolio for more exposure to industrial and economically sensitive companies favorably suited to benefit earnings gains from a rebound in economic activity, productivity gains, and a weaker dollar.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

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32

Enterprise Accumulation Trust

Growth and Income Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 88.88%
Aerospace — 6.82%
Honeywell International Inc.	84,700	$	2,983,981
L-3 Communications Holdings Inc. (a) (o)	15,800		853,200
Raytheon Company	53,150		2,165,862
United Technologies Corporation	55,850		3,792,215
			9,795,258
Banking — 2.72%
J. P. Morgan Chase & Company	115,275		3,910,128
Biotechnology — 1.60%
Amgen Inc. (a)	52,250		2,188,230
Genentech Inc. (a)	3,300		110,550
			2,298,780
Building & Construction — 0.75%
Armstrong Holdings Inc. (a) (o)	1,200		2,148
Martin Marietta Materials Inc.	27,675		1,079,325
			1,081,473
Chemicals — 1.40%
Praxair Inc.	35,250		2,008,192
Computer Hardware — 2.42%
Cisco Systems Inc. (a)	15,620		217,899
EMC Corporation (a)	75,900		573,045
International Business Machines Corporation	37,160		2,675,520
			3,466,464
Computer Services — 0.59%
Bisys Group Inc. (a)	21,000		699,300
Safeguard Scientifics Inc. (a)	19,250		38,500
Sun Microsystems Inc. (a)	21,930		109,869
			847,669
Computer Software — 0.07%
Veritas Software Corporation (a)	5,350		105,877
Consumer Products — 3.42%
Kimberly-Clark Corporation	79,150		4,907,300
Containers/Packaging — 0.72%
Smurfit-Stone Container Corporation (a)	67,000		1,033,140
Crude & Petroleum — 7.92%
ChevronTexaco Corporation	38,480		3,405,480
Exxon Mobil Corporation	183,664		7,515,531
Unocal Corporation	12,000		443,280
			11,364,291
Electrical Equipment — 4.94%
Emerson Electric Company	132,590		7,094,891

	Number of Shares or Principal Amount	Value
Electronics — 0.39%
Integrated Device Technology (a)	30,600		555,084
		$
Energy — 0.42%
Duke Energy Corporation	19,200		597,120
Fiber Optics — 0.26%
Corning Inc. (a)	106,000		376,300
Food, Beverages & Tobacco — 6.34%
Anheuser-Busch Companies Inc.	123,800		6,190,000
PepsiCo Inc.	59,750		2,879,950
Philip Morris Companies Inc.	740		32,323
			9,102,273
Manufacturing — 2.47%
Ingersoll-Rand Company Ltd.	61,950		2,828,637
Millipore Corporation (a)	22,300		713,154
			3,541,791
Media — 0.26%
AOL Time Warner Inc. (a)	24,855		365,617
Metals & Mining — 4.06%
Alcoa Inc.	120,940		4,009,161
El Paso Corporation	88,500		1,823,985
			5,833,146
Misc. Financial Services — 4.03%
Citigroup Inc.	106,883		4,141,716
Fannie Mae	22,350		1,648,313
			5,790,029
Multi-Line Insurance — 1.82%
American International Group Inc.	38,318		2,614,437
Oil Services — 4.73%
Apache Corporation	63,800		3,667,224
BJ Services Company (a)	9,400		318,472
Schlumberger Ltd.	43,000		1,999,500
Transocean Sedco Forex Inc.	25,600		797,440
			6,782,636
Paper & Forest Products — 0.26%
International Paper Company	8,400		366,072
Pharmaceuticals — 7.39%
Bristol-Myers Squibb Company	45,060		1,158,042
Johnson & Johnson	103,330		5,400,026
Merck & Company Inc.	30,720		1,555,661
Pfizer Inc.	71,422		2,499,770
			10,613,499
Printing & Publishing — 2.25%
McGraw-Hill Companies Inc.	54,100		3,229,770
Retail — 7.74%
Costco Wholesale Corporation (a)	60,583		2,339,715
CVS Corporation	39,550		1,210,230

ENTERPRISE Accumulation Trust

33

Enterprise Accumulation Trust

Growth and Income Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Home Depot Inc.	62,600	$	2,299,298
Safeway Inc. (a)	146,400		4,273,416
Tiffany & Company	4,100		144,320
Wal-Mart Stores Inc.	15,450		849,905
			11,116,884
Savings and Loan — 0.89%
Washington Mutual Inc.	34,425		1,277,512
Semiconductors — 3.88%
Applied Materials Inc. (a)	32,350		615,299
Cypress Semiconductor Corporation (a)	34,800		528,264
Intel Corporation	14,400		263,088
Maxim Integrated Products Inc. (a)	63,319		2,427,017
Mykrolis Corporation (a)	15,092		178,237
Nvidia Corporation (a)	8,600		147,748
Texas Instruments Inc.	59,400		1,407,780
			5,567,433
Telecommunications — 5.56%
Lucent Technologies Inc. (a) (o)	57,730		95,832
QUALCOMM Inc. (a)	65,265		1,794,135
SBC Communications Inc.	74,395		2,269,047
Verizon Communications Inc.	95,300		3,826,295
			7,985,309
Transportation — 1.84%
FedEx Corporation	49,450		2,640,630
Wireless Communications — 0.92%
Motorola Inc. (o)	91,850		1,324,477
Total Domestic Common Stocks
(Identified cost $160,896,982)			127,593,482
Foreign Stocks — 7.22%
Computer Software — 0.12%
Check Point Software Technologies Ltd. (a) (o)	12,350		167,466
Crude & Petroleum — 5.31%
BP Amoco (ADR)	89,550		4,521,380
Royal Dutch Petroleum Company (ADR)	56,145		3,103,134
			7,624,514
Manufacturing — 1.53%
Tyco International Ltd.	162,800		2,199,428
Pharmaceuticals — 0.17%
Elan Corporation (ADR) (a)	44,900		245,603

	Number of Shares or Principal Amount		Value
Telecommunications — 0.09%
Nortel Networks Corporation (a) (o)		91,830	$	133,153
Total Foreign Stocks
(Identified cost $18,993,746)				10,370,164
Convertible Preferred Stocks — 0.30%
Wireless Communications — 0.30%
Motorola Inc. (TAPS), 7.00%, 11/16/04		9,300		426,591
Total Convertible Preferred Stocks
(Identified cost $446,678)				426,591
U.S. Government Agency Obligations — 4.07%
Federal National Mortgage Association
Discount Notes 1.09% due 07/01/02	$	5,850,000		5,850,000
Total U.S. Government Agency Obligations
(Identified cost $5,850,000)				5,850,000
Repurchase Agreement — 0.11%
State Street Bank & Trust Repurchase Agreement, 1.45% due 07/01/02 Maturity Value $157,019 Collateral: U.S. Treasury Bond $165,000, Zero Coupon due 09/26/02
Value $164,258		157,000		157,000
Total Repurchase Agreement
(Identified cost $157,000)				157,000
Total Investments
(Identified cost $186,344,406)			$	144,397,237
Other Assets Less Liabilities — (0.58)%				(835,921)
Net Assets — 100%			$	143,561,316

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2002.

(ADR) American Depository Receipt.

(TAPS) Threshold Appreciation Price Security.

See notes to financial statements.

ENTERPRISE Accumulation Trust

34

Enterprise Accumulation Trust

Emerging Countries Portfolio

Subadviser’s Comments

Nicholas-Applegate Capital Management

San Diego, California

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

Nicholas-Applegate Capital Management (“Nicholas-Applegate”), which has approximately $29.4 billion in assets under management, became subadviser to the Portfolio on May 1, 2001. Nicholas-Applegate’s normal investment minimum is $10 million.

Investment Objective

The objective of the Enterprise Emerging Countries Portfolio is to seek long-term capital appreciation.

Investment Strategies

The Emerging Countries Portfolio normally invests at least 80 percent of its assets in equity securities of foreign companies located in at least three countries with emerging securities markets (countries that have an emerging stock market as defined by the International Finance Corporation). The subadviser further considers whether a market is less sophisticated than more developed markets in terms of participation, analyst coverage, liquidity and regulation. These are markets that have yet to reach a level of maturity associated with developed foreign stock markets, especially in terms of participation by investors. The subadviser currently selects Portfolio securities from an investment universe of approximately 6,000 foreign companies in over 35 emerging markets. The Portfolio may invest up to 35 percent of its assets in U.S. companies. The Portfolio normally will invest at least 75 percent of its assets in equity securities.

The Portfolio seeks out growth companies that are in the early stages of development and that it believes are undergoing a basic change in operations. In selecting companies, the subadviser focuses on a “bottom-up” analysis that evaluates the financial conditions and competitiveness of individual companies worldwide. This means that the subadviser ordinarily looks for several of the following characteristics: above-average per share earnings growth; high return on invested capital; a healthy balance sheet; sound financial and accounting policies and overall financial strength; strong competitive advantages; effective research and product development and marketing; development of new technologies; efficient service; pricing flexibility; strong management; and general operating characteristics that will enable the companies to compete successfully in their respective markets. The subadviser considers whether to sell a particular security when any of these factors materially changes. The subadviser will allocate Portfolio assets among securities of companies in countries that it expects to provide the best opportunities for meeting the Portfolio’s investment objective.

The subadviser expects a high portfolio turnover rate of 200 percent or more. The Portfolio may also lend portfolio securities on a short-term or long-term basis, up to 33 ¹/3 percent of its total assets, including collateral received for securities lent.

2002 First Half Performance Review

In the first quarter, emerging markets were strong, fueled by increased liquidity and signs of worldwide economic recovery. The greatest strength in during the period continued to be in Asia, particularly South Korea and Taiwan, where technology stocks rallied strongly. The Argentine crisis caused uncertainty in Latin America, but it continued to be contained. A rally in smaller Asian markets (Thailand & Indonesia) in January, where the Portfolio was under-weighted, hurt performance, but stock selection in the region later in the quarter offset this.

Pacific Basin markets clearly benefited from the low interest rate environment and an improving U.S. economy. Asia (ex-Japan) markets were among the top performers throughout the world. Moody’s Investors Service upgraded South Korea’s debt rating by two notches to A3 from Baa2, praising efforts by the government to restructure the financial system. Europe’s markets were also up modestly. However, there was a large divergence in sector performance, with economic cyclicals such as autos advancing sharply while telecommunications stocks languished.

ENTERPRISE Accumulation Trust

35

Enterprise Accumulation Trust — (Continued)

Emerging Countries Portfolio

Subadviser’s Comments

In the second quarter, emerging markets delivered mixed results, with the MSCI Emerging Markets Free Index sliding 7.5 percent in June, but gaining 2.1 percent year to date. Many bourses in Asia, Latin America and the Europe, Middle East and Africa region finished lower for the month. On a regional basis, the Argentine crisis caused continued uncertainty in Latin America, which was the weakest region, down 24 percent. Year to date, however, many markets in Asia and Eastern Europe delivered positive returns.

Future Investment Strategy

Nicholas-Applegate has strictly adhered to their original equity philosophy since the inception of the firm, while continuously enhancing and refining the process, research, and resources utilized. Nicholas-Applegate’s investment approach focuses on individual security selection. Because Nicholas-Applegate is a bottom-up stock picker, buy candidates challenge current holdings so each stock must continue to earn its place in the portfolio everyday. Through extensive research, Nicholas-Applegate identifies growth stock opportunities. Country, sector and industry weightings are derived from this bottom-up approach, which typically finds investment candidates across a variety of industry/sectors, thereby providing ample diversification. Portfolios remain fully invested to ensure full market participation and to reduce market-timing risk. Nicholas-Applegate’s bottom-up approach is very responsive to changes in the market and drives the portfolio toward issues demonstrating the following investment criteria: positive fundamental change, sustainability and timeliness.

The Portfolio carries additional risks associated with possibly less stable foreign securities, currencies, lack of uniform accounting standards and political instability, and these risks are greater in countries with emerging markets since these countries may have unstable governments and less established markets and economies.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

ENTERPRISE Accumulation Trust

36

Enterprise Accumulation Trust

Emerging Countries Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Foreign Stocks and Equity Linked Notes — 92.28%
Aerospace — 0.67%
Mexico — 0.67%
Embraer Empresa Brasileira de Aeronautica (ADR)	414	$	8,860
Automotive — 1.95%
Indonesia — 0.70%
Astra International (a)	19,000		9,268
Korea — 1.25%
Kia Motors Corporation (a)	1,800		16,459
			25,727
Banking — 5.13%
Brazil — 0.30%
Banco Bradesco S A	200		3,950
India — 0.41%
Merrill Lynch Call Warrants  (ICICI Bank Ltd.) (q)	1,327		3,730
Merrill Lynch Call Warrants (HDFC Bank Ltd.) (p)	400		1,650
Indonesia — 1.47%
Bank Central Asia (a)	65,000		19,396
Korea — 1.15%
Kookmin Bank (a)	260		12,622
Kookmin Bank (ADR) (a)	50		2,457
South Africa — 0.85%
ABSA Group Ltd.	2,100		6,639
Nedcor Ltd.	400		4,557
Turkey — 0.95%
Turkiye Is Bankasi	2,042,000		5,291
Yapi ve Kredi Bankasi (a)	7,307,000		7,272
			67,564
Biotechnology — 3.52%
Korea — 3.52%
Lg Chemical Ltd.	1,280		46,284
Broadcasting — 1.51%
Mexico — 1.51%
Grupo Televisa (ADR) (a)	200		7,476
TV Azteca (ADR)	1,100		7,491
Tv Azteca S.A.	11,500		4,853
			19,820
Brokers — 1.21%
Korea — 1.21%
Good Morning Securities Company Ltd. (a)	3,340		15,992

	Number of Shares or Principal Amount	Value
Building & Construction — 2.40%
India — 1.93%
UBS Equity Linked Notes (Associated Cement Company Ltd.) (m)	7,800	$	25,367
Mexico — 0.14%
Grupo Cementos Chihuahua (a)	2,700		1,890
South Africa — 0.33%
Barloworld Ltd.	700		4,294
			31,551
Chemicals — 3.94%
Taiwan — 3.94%
CSFB Equity Linked Notes (Formosa Plastic) (l)	21,000		25,137
Formosa Plastic Corporation	3,000		3,601
Taiwan Styrene Monomer	32,000		23,083
			51,821
Computer Hardware — 2.02%
India — 0.68%
Wipro Limited (ADR)	300		8,991
Taiwan — 0.55%
CSFB Equity Linked Notes (UMC Ltd.) (l)	6,000		7,182
India — 0.79%
Satyam Computer Services (a)	1,000		10,470
			26,643
Computer Services — 0.61%
Taiwan — 0.61%
Gemtek Technology	3,000		7,992
Consumer Products — 1.64%
Mexico — 0.73%
Coca-Cola Femsa (ADR)	400		9,600
Taiwan — 0.91%
Accton Technology Corporation (a)	7,000		12,047
			21,647
Electronics — 12.67%
Korea — 12.26%
LG Electronics Investment Ltd. (a)	40		1,177
LG Electronics Inc. (a)	590		23,541
Samsung Electronics Ltd.	250		33,874
Samsung Electronic Mechanics	990		47,977
Samsung Electronics Ltd. (GDR)	400		54,920
Taiwan — 0.21%
Compeq Manufacturing	3,000		2,784

ENTERPRISE Accumulation Trust

37

Enterprise Accumulation Trust

Emerging Countries Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Turkey — 0.20%
Vestel Elektronik Sanayi ve Ticaret (a)	1,284,000	$	2,596
			166,869
Energy — 0.87%
Russia — 0.87%
Gazprom O A O (ADR) (Reg S)	700		11,480
Finance — 3.54%
Korea — 0.78%
Kookmin Credit Card Company Ltd. (a)	292		10,231
South Africa — 0.68%
Sanlam Ltd.	10,700		8,949
Thailand — 2.08%
Kiatnakin Finance	29,400		15,139
Siam Panich Leasing (a)	13,500		12,262
			46,581
Food, Beverages & Tobacco — 1.49%
Mexico — 1.49%
Fomento Economico Mexicano	500		19,610
Gaming — 1.39%
Korea — 1.39%
Kangwon Land	137		18,278
Machinery — 3.01%
Korea — 3.01%
Doosan Heavy Industries	1,200		6,743
Hyundai Heavy Industries	1,570		32,823
			39,566
Manufacturing — 3.41%
Mexico — 1.11%
Alfa (a)	8,700		14,616
United Kingdom — 2.11%
Billiton	5,300		27,866
Turkey — 0.19%
Trakya Cam Sanayii	1,141,938		2,454
			44,936
Metals & Mining — 9.68%
Brazil — 1.68%
Companhia Siderurgica Nacional	993,800		15,849
Gerdau (ADR)	600		6,270
China — 2.16%
Aluminium Corporation of China	154,000		28,431
Korea — 1.03%
Dongkuk Steel Mill	2,620		13,612
Russia — 0.79%
Jsc Mmc Norilsk Nickel (ADR) (a)	500		10,438

	Number of Shares or Principal Amount	Value
South Africa — 1.48%
Impala Platinum Holdings Ltd.	200	$	11,135
Kumba Resources Ltd. (a)	1,800		8,272
United Kingdom — 2.54%
Anglo American	2,000		33,490
			127,497
Oil Services — 9.71%
Brazil — 1.06%
Petroleo Brasileiro — Petrobras (ADR)	800		13,920
China — 0.13%
China Petrolium & Chemical	10,000		1,782
Korea — 2.55%
Sk Corporation	1,950		33,554
Poland — 0.47%
Polski Koncern Naftowy	1,400		6,171
Russia — 5.50%
Siberian Oil Company (ADR) (a)	100		1,810
Surgutneftegaz (ADR)	1,500		29,137
Yukos Corporation (ADR)	300		41,462
			127,836
Other — 2.80%
Malaysia — 1.89%
Ioi Corporation	15,500		24,881
Mexico — 0.56%
Vitro	6,700		7,370
Thailand — 0.35%
Bangkok Expressway	12,000		4,649
			36,900
Paper & Forest Products — 0.57%
Brazil — 0.57%
Votorantim Celulose (ADR)	400		7,560
Paper Products — 1.06%
Brazil — 1.06%
Aracruz Celulose (ADR)	700		14,000
Printing & Publishing — 0.24%
Turkey — 0.24%
Hurriyet Gazetecilik ve Matbaacilik	1,058,805		3,178
Publishing — 0.21%
Poland — 0.21%
Agora (GDR) (144A) (a)	200		2,770
Real Estate — 0.47%
Mexico — 0.02%
Consorcio (a)	200		290
Thailand — 0.45%
Quality Houses Company (a)	26,100		5,840
			6,130

ENTERPRISE Accumulation Trust

38

Enterprise Accumulation Trust

Emerging Countries Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Retail— 0.49%
Mexico — 0.49%
Grupo Elektras	300	$	2,595
New Grupo Elektra	4,300		3,629
Wal-mart de Mexico (Series C) (non-voting)	82		189
			6,413
Semiconductors — 9.17%
Taiwan — 9.17%
Nanya Technology Corporation (a)	16,000		14,463
Powerchip Semiconductor (a)	28,000		14,834
Siliconware Precision Industries (a)	61,000		42,723
United Microelectronics Corporation	29,000		34,807
United Microelectronics Corporation (ADR) (a)	1,900		13,965
			120,792
Telecommunications — 5.48%
Brazil — 1.72%
Telecomunicacoes Brasileiras (ADR)	1,000		22,680
Hong Kong — 0.35%
China Unicom	6,000		4,615
Indonesia — 1.05%
PT Telekomunikasi Indonesia (Series B)	32,000		13,773
Mexico — 2.19%
Telefonos de Mexico (ADR)	900		28,872
South Africa — 0.17%
M Cell	2,000		2,278
			72,218
Transportation — 0.10%
South Africa — 0.10%
Super Group Ltd.	1,900		1,295
Wireless Communications — 1.32%
Malaysia — 0.26%
Maxis Communications Bhd (a)	3,000		3,442
Mexico — 0.82%
America Movil (ADR)	800		10,720
Thailand — 0.24%
Advanced Info Service PCL	3,300		3,176
			17,338
Total Foreign Stocks and Equity Linked Notes
(Identified cost $1,246,176)			1,215,148
Foreign Preferred Stock — 4.05%
Automotive — 0.57%
Korea — 0.57%
Hyundai Motor Company	660		7,544

	Number of Shares or Principal Amount	Value
Banking — 1.41%
Brazil — 1.41%
Banco Bradesco	2,700,000	$	10,624
Banco Itau (a)	140,600		7,974
			18,598
Electronics — 1.27%
Brazil — 1.27%
Centrias Eletricas Brasileiras (Series B)	1,761,000		16,730
Finance — 0.58%
Mexico — 0.58%
Grupo Financiero BBVA Bancomer (Series O)	9,300		7,561
Metals & Mining — 0.22%
Brazil — 0.22%
Usiminas Usi	1,200		2,914
Total Foreign Preferred Stock
(Identified cost $60,016)			53,347
Total Investments
(Identified cost $1,306,192)		$	1,268,495
Other Assets Less Liabilities — 3.67%			48,394
Net Assets — 100%		$	1,316,889

(a) Non-income producing security.

(l) Securities are issued by Credit Suisse First Boston and are designed to track investment in the local shares of the underlying company and subject the portfolio to the credit risk of both the issuer and the underlying company. The notes carry no ownership or voting rights and represent no equity interest in the underlying company. Payment of dividends or proceeds received upon disposition may be subject to certain costs, expenses, duties, taxes or other charges incurred by the issuer.

(m) Securities are issued by UBS Warburg and are designed to track investment in the local shares of the underlying company and subject the portfolio to the credit risk of both the issuer and the underlying company. The notes carry no ownership or voting rights and represent no equity interest in the underlying company. Payment of dividends or proceeds received upon disposition may be subject to certain costs, expenses, duties, taxes or other charges incurred by the issuer.

(p) The warrants entitle the portfolio to purchase 1 share of HDFC Bank Ltd. for every warrant held and .000001 INR until May 14, 2003.

(q) The warrants entitle the portfolio to purchase 1 share of ICICI Bank Ltd. for every .5 warrants held and .000001 INR until February 4, 2003.

(144A) The security may only be offered and sold to “qualified institutional buyers” under Rule 144A of the Securities Act of 1933.

(ADR) American Depository Receipt.

(GDR) Global Depository Receipt.

See notes to financial statements.

ENTERPRISE Accumulation Trust

39

Enterprise Accumulation Trust

International Growth Portfolio

Subadviser’s Comments

SSgA Funds Management, Inc.

Boston, Massachusetts

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

Vontobel USA, Inc. (“Vontobel USA”) served as subadviser through June 16, 2002. SSgA Funds Management, Inc. (“SSgA”) became the subadviser on June 17, 2002. SSgA manages approximately $74.1 billion and its normal investment minimum is $10 million.

Investment Objective

The objective of the Enterprise International Growth Portfolio is to seek capital appreciation.

Investment Strategies

The International Growth Portfolio normally invests at least 80 percent of its net assets (plus any borrowings for investment purposes) in non-U.S. equity securities that the subadviser believes are undervalued. The subadviser uses an approach that involves bottom-up stock selection. The subadviser looks for companies that are good predictable businesses selling at attractive prices relative to an estimate of intrinsic value. The subadviser diversifies investments among European, Australian and Far East (“EAFE”) markets. The Portfolio may lend portfolio securities on a short-term or long-term basis up to 33 ¹/3 percent of its total assets, including collateral received for securities lent.

2002 First Half Performance Review

In the first half of the year, Vontobel USA became more discriminating and found themselves with fewer businesses they really trusted. As a result, Vontobel USA reduced the holdings in the Portfolio to about 60 stocks. The ones that had won a much-coveted place among the Portfolio’s select constituency of outstanding businesses have a lot in common. They had been around for quite a while and tended to be simpler and more understandable. They have enriched their shareholders for years and Vontobel USA believed they could continue to do so well into the future. They generate high returns on assets and carried little or no debt on their balance sheets to Portfolio their operations. They were companies that enjoyed a special, defensible and durable competitive advantage. In other words, Vontobel USA’s preference has been to own deep franchises.

The Portfolio’s holdings were fully transitioned to reflect SSgA’s investment strategy by June 30, 2002. A central element of SSgA philosophy, the Portfolio’s focus on large cap blue chip names, has been out of favor so far this year. In SSgA’s view, this provides the Portfolio’s holders with an excellent opportunity to buy into high quality names, which have lagged the market. Investors should once again begin to distinguish between high quality and second-rate companies, a distinction that the market has lacked during periods of indiscriminate free-fall.

Future Investment Strategy

Looking forward, SSgA is very encouraged by the recent decline in the U.S. dollar, which SSgA has been anticipating for some time. The prospect of a weakening currency boosts the value of overseas holdings when translated back into the U.S. currency base. Although SSgA does not expect the Yen to appreciate as much as the Euro in the time to come, SSgA is using this period to research stocks oriented to the domestic Japanese economy. Switches into these companies are likely from the exporters should recent currency trends be confirmed.

Other major factors favoring a market rally include the relatively undemanding multiples on which many of the Asian and European stocks are now trading compared to their U.S. peers. So far this year the overseas markets have outperformed the U.S. by a considerable margin; a trend that Vontobel believes is set to continue. As more evidence emerges of a pickup in global activity, SSgA believes that these markets, taking comfort from the low level of

ENTERPRISE Accumulation Trust

40

Enterprise Accumulation Trust — (Continued)

International Growth Portfolio

Subadviser’s Comments

inflation currently prevailing, have significant upside. The Portfolio’s holdings, high quality companies all, may benefit fully from a return of investor confidence.

As with all international Portfolios, the Portfolio carries additional risks associated with possibly less stable foreign securities, currencies, lack of uniform accounting standards and political instability.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

Industry classifications for the portfolio as a percentage of total market value at June 30, 2002 are as follows (unaudited):

Industry
Aerospace & Defense	2.92%
Automobiles	3.61%
Banks	14.76%
Beverages	0.87%
Biotechnology	3.46%
Commercial Services & Supplies	2.92%
Communication Equipment	2.00%
Construction Materials	2.48%
Electronic Equipment & Instruments	2.45%
Energy Equipment & Services	1.92%
Food & Drug Retailing	2.19%
Food Products	3.67%

Industry
Household Durables	7.89%
Insurance	11.44%
Media	2.50%
Metals & Mining	2.33%
Office Electronics	3.22%
Oil & Gas	6.77%
Personal Products	0.42%
Pharmaceuticals	6.55%
Semiconductor Equipment & Products	5.08%
Utilities — Electric & Gas	3.43%
Wireless Telecommunications	6.75%
Cash/Other	0.37%
Total	100.00%

See notes to financial statements.

ENTERPRISE Accumulation Trust

41

Enterprise Accumulation Trust

International Growth Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares of Principal Amount	Value
Foreign Stocks — 99.93%
Belgium — 1.58%
Dexia	61,200	$	945,970
Canada — 3.52%
Encana Corp	68,700		2,102,220
France — 16.13%
AXA	103,900		1,905,370
BNP Paribas	47,300		2,622,842
Schlumberger Ltd.	24,000		1,116,000
Suez	77,100		2,061,299
TotalFinaElf	11,900		1,937,188
			9,642,699
Germany — 4.10%
Allianz	12,100		2,449,601
Ireland — 2.49%
CRH	88,700		1,488,731
Japan — 16.60%
Advantest	24,000		1,495,552
Canon Inc.	51,000		1,929,833
Honda Motor Company Ltd.	53,400		2,167,849
NTT DoCoMo Inc.	665		1,638,683
Sony Corporation	50,500		2,670,217
Takeda Chemical Industries	500		21,969
			9,924,103
Korea — 1.18%
Lotte Chilsung Beverage	700		482,959
Pacific Corp.	1,910		222,278
			705,237
Netherlands — 6.07%
ASML Holdings (a)	98,100		1,557,132
Philips Electronics	73,900		2,068,679
			3,625,811
Singapore — 2.44%
Flextronics International Ltd. (a)	204,800		1,460,224
Sweden — 2.01%
LM Ericsson Telephone Company (Class B)	795,000		1,204,349

	Number of Shares of Principal Amount	Value
Switzerland — 15.67%
Nestle	9,400	$	2,198,275
Novartis	44,400		1,958,471
Swiss Reinsurance	25,800		2,529,923
UBS	53,100		2,678,619
			9,365,288
United Kingdom — 28.14%
BAE Systems	343,200		1,758,842
Celltech Group (a)	261,600		2,081,018
GlaxoSmithKline	90,700		1,967,516
Hays	745,600		1,756,554
Lloyds TSB Group	261,800		2,615,277
Rio Tinto	76,100		1,400,506
TESCO	360,800		1,316,406
Vodafone Group	1,756,900		2,418,936
WPP Group	177,800		1,506,872
			16,821,927
Total Foreign Stocks
(Identified cost $60,107,280)			59,736,160
Preferred Stocks — 0.42%
Korea — 0.42%
Hite Brewery Co.	10,820		253,636
Total Preferred Stocks
(Identified cost $258,270)			253,636
Total Investments
(Identified cost $60,365,550)		$	59,989,796
Other Assets Less Liabilities — (0.35)%			(210,877)
Net Assets — 100%		$	59,778,919

(a) Non-income producing security.

See notes to financial statements.

ENTERPRISE Accumulation Trust

42

Enterprise Accumulation Trust

Worldwide Growth Portfolio

Subadviser’s Comments

Nicholas-Applegate Capital Management

San Diego, California

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

Nicholas-Applegate Capital Management (“Nicholas-Applegate”), which has approximately $29.4 billion in assets under management, became subadviser to the Portfolio on May 1, 2001. Nicholas-Applegate’s normal investment minimum is $10 million.

Investment Objective

The objective of the Enterprise Growth Portfolio is to seek long-term capital appreciation.

Investment Strategies

The Worldwide Growth Portfolio invests primarily in equity securities of foreign and domestic companies, and normally it will invest at least 65 percent of its total assets in securities of companies that are located in at least three different countries, which may include countries with emerging securities markets. The subadviser focuses on a “bottom-up” analysis that evaluates the financial conditions and competitiveness of individual companies worldwide. This means that the subadviser ordinarily looks for several of the following characteristics: above-average per share earnings growth; high return on invested capital; a healthy balance sheet; sound financial and accounting policies and overall financial strength; strong competitive advantages; effective research and product development and marketing; development of new technologies; efficient service; pricing flexibility; strong management; and general operating characteristics that will enable the companies to compete successfully in their respective markets. The subadviser considers whether to sell a particular security when any of these factors change. The subadviser will allocate Portfolio assets among securities of companies in countries that it expects to provide the best opportunities for meeting the Portfolio’s investment objective.

The subadviser expects a high portfolio turnover rate of 200 percent or more. The Portfolio may also lend portfolio assets on a short-term and long-term basis, up to 33 ¹/3 percent of its total assets, including collateral received for securities lent.

2002 First Half Performance Review

With the second half of the year upon us, investors seem to be bracing for more of the same competing influences that characterized the market’s performance in the first half.

In the first quarter, the U.S. stock market retrenched in January and February as investors became concerned about the Enron bankruptcy and accounting scandal as well as the escalating conflict in the Middle East. However, a series of positive economic reports buoyed investor spirits. To underscore the renewed confidence, the U.S. Federal Reserve Board left interest rates unchanged, and shifted from an easing bias to a neutral stance.

In addition, Pacific Basin markets clearly benefited from the low interest rate environment and an improving U.S. economy. Asia (ex-Japan) markets were among the top performers throughout the world. Moody’s Investors Service upgraded South Korea’s debt rating by two notches to A3 from Baa2, praising efforts by the government to restructure the financial system.

Europe’s markets were also up modestly. However, there was a large divergence in sector performance, with economic cyclicals such as autos advancing sharply while telecommunications stocks languished. In emerging countries, weakness in Latin America contributed to the 10.3 percent decline in the MSCI EMF Index. Despite the quarter’s losses, emerging market equities posted a slight gain during the first half of the year.

ENTERPRISE Accumulation Trust

43

Enterprise Accumulation Trust — (Continued)

Worldwide Growth Portfolio

Subadviser’s Comments

In the second quarter, the Portfolio’s performance was helped by stock selection in energy, financial services and transportation. In particular, energy and transportation companies are benefiting from improving economic conditions worldwide. However, performance was hurt by stock selection in retail and technology.

On a stock-by-stock basis, Nicholas-Applegate decreased exposure to the United States and added to positions in Japan. Nicholas-Applegate’s company-specific analysis did not result in any major changes to sector weights. As of June 30, the Portfolio remained well diversified, with a modest overweight in Canada and the Cayman Islands and in technology and consumer services stocks. Underweights also modest were in the UK and United States as well as the financial services and utilities sectors.

Future Investment Strategy

Nicholas-Applegate has strictly adhered to its original equity philosophy since the inception of the firm, while continuously enhancing and refining the process, research, and resources utilized. Nicholas-Applegate’s investment approach focuses on individual security selection. Because Nicholas-Applegate is a bottom-up stock picker, buy candidates challenge current holdings so each stock must continue to earn its place in the Portfolio everyday. Through extensive research, Nicholas-Applegate identifies growth stock opportunities. Sector and industry weightings are derived from this bottom-up approach, which typically finds investment candidates across a variety of industry/sectors, thereby providing ample diversification. The portfolio remains fully invested to ensure full market participation and to reduce market-timing risk. Nicholas-Applegate’s bottom-up approach is very responsive to changes in the market and drives the Portfolio toward issues demonstrating the following investment criteria: positive fundamental change, sustainability and timeliness.

The Portfolio carries additional risks associated with possibly less stable foreign securities, currencies, lack of uniform accounting standards and political instability, and these risks are greater in countries with emerging markets since these countries may have unstable governments and less established markets and economies.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

ENTERPRISE Accumulation Trust

44

Enterprise Accumulation Trust

Worldwide Growth Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 51.92%
Aerospace — 2.42%
Northrop Grumman Corporation	100	$	12,500
Raytheon Company	300		12,225
			24,725
Apparel & Textiles — 0.73%
Jones Apparel Group Inc. (a)	200		7,500
Automotive — 2.85%
Cummins Engine Company Inc.	250		8,275
Delphi Automotive Systems Corporation	800		10,560
Harley-Davidson Inc.	200		10,254
			29,089
Banking — 3.93%
Bank of America Corporation	300		21,108
Wachovia Corporation	500		19,090
			40,198
Broadcasting — 0.78%
Clear Channel Communications Inc. (a)	250		8,005
Chemicals — 0.49%
Sigma-Aldrich Corporation	100		5,015
Computer Hardware — 1.59%
Cisco Systems Inc. (a)	600		8,370
Dell Computer Corporation (a)	300		7,842
			16,212
Computer Software — 1.61%
Microsoft Corporation (a)	300		16,410
Consumer Products — 0.87%
Procter & Gamble Company	100		8,930
Entertainment & Leisure — 2.54%
MGM Mirage Inc. (a)	600		20,250
Walt Disney Company	300		5,670
			25,920
Food, Beverages & Tobacco — 5.07%
Coca-Cola Company	300		16,800
Kraft Foods Inc.	400		16,380
Philip Morris Companies Inc.	200		8,736
Starbucks Corporation (a)	400		9,940
			51,856
Health Care — 3.05%
Aetna Inc.	200		9,594
Anthem Inc. (a)	200		13,496
Health Management Associates Inc. (Class A) (a)	400		8,060
			31,150

	Number of Shares or Principal Amount	Value
Manufacturing — 1.20%
3M Company	100	$	12,300
Medical Services — 1.34%
Laboratory Corporation of America Holdings (a)	300		13,695
Metals & Mining — 1.21%
Phelps Dodge Corporation (a)	300		12,360
Misc. Financial Services — 3.07%
American Express Company	650		23,608
Citigroup Inc.	200		7,750
			31,358
Oil Services — 5.20%
BJ Services Company (a)	300		10,164
GlobalSantaFe Corporation	500		13,675
Nabors Industries Ltd. (a)	300		10,590
Noble Corporation (a)	340		13,124
Patterson-UTI Energy Inc. (a)	200		5,646
			53,199
Paper & Forest Products — 0.72%
Georgia-Pacific Group	300		7,374
Pharmaceuticals — 4.84%
AmerisourceBergen Corporation	140		10,640
Gilead Sciences Inc. (a)	200		6,576
Johnson & Johnson	200		10,452
Perrigo Company (a)	600		7,800
Pfizer Inc.	400		14,000
			49,468
Real Estate — 0.70%
Cendant Corporation (a)	450		7,146
Retail — 3.43%
Autozone Inc. (a)	100		7,730
Michaels Stores Inc. (a)	100		3,900
Neiman-Marcus Group Inc. (Class A) (a)	200		6,940
Wal-Mart Stores Inc.	300		16,503
			35,073
Semiconductors — 2.10%
Intel Corporation	400		7,308
Teradyne Inc. (a)	300		7,050
Texas Instruments Inc.	300		7,110
			21,468
Transportation — 1.04%
FedEx Corporation	200		10,680

ENTERPRISE Accumulation Trust

45

Enterprise Accumulation Trust

Worldwide Growth Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Travel/Entertainment/Leisure — 1.14%
Royal Caribbean Cruises Ltd.	600	$	11,700
Total Domestic Common Stocks
(Identified cost $557,270)			530,831
Foreign Stocks — 46.41%
Advertising — 0.30%
France — 0.30%
Havas Advertising	500		3,084
Airlines — 1.80%
Canada — 1.24%
WestJet Airlines Ltd.	925		12,696
United Kingdom — 0.56%
British Airways	200		5,730
			18,426
Automotive — 2.15%
Germany — 0.80%
Bayerische Motoren Werke (a)	200		8,142
Japan — 1.35%
Nissan Motor Company	2,000		13,866
			22,008
Banking — 4.73%
Hong Kong — 0.90%
HSBC Holdings	800		9,205
Ireland — 1.22%
Bank Of Ireland	1,000		12,457
Italy — 1.06%
UniCredito Italiano	2,400		10,884
Singapore — 0.70%
United Overseas Bank	1,000		7,185
United Kingdom — 0.85%
Bank of Scotland	304		8,662
			48,393
Broadcasting — 0.79%
France — 0.79%
Societe Television Francaise	300		8,053
Building & Construction — 1.69%
Spain — 1.69%
Acciona	100		4,376
Acs Actividades Company	400		12,912
			17,288
Chemicals — 0.42%
Japan — 0.42%
Shin-Etsu Chemical Company Ltd.	100		4,302

	Number of Shares or Principal Amount	Value
Computer Hardware — 1.59%
India — 0.66%
Merrill Lynch Call Warrant (Infosys Technologies) (a) (j)	100	$	6,720
Malaysia — 0.93%
CSFB Equity Linked Notes (UMC Ltd.) (l)	8,000		9,576
			16,296
Consumer Products — 0.87%
France — 0.50%
Lvmh Moet Hennessy	100		5,050
United States — 0.37%
Luxottica Group S.P.A.	200		3,800
			8,850
Electrical Equipment — 0.80%
Japan — 0.80%
Toshiba Corporation	2,000		8,153
Electronics — 4.88%
Japan — 3.06%
FANUC Ltd.	200		10,057
Sony Corporation (ADR)	400		21,240
Korea — 1.33%
Samsung Electronics	60		8,130
Samsung Electronics (GDR)	20		5,470
Singapore — 0.49%
Flextronics International Ltd. (a)	700		4,991
			49,888
Energy — 0.76%
United Kingdom — 0.76%
Centrica	2,500		7,764
Food, Beverages & Tobacco — 2.06%
Canada — 1.28%
Molson Inc.	600		13,077
United Kingdom — 0.78%
Tesco	2,200		8,027
			21,104
Hotels & Restaurants — 1.01%
Canada — 1.01%
Fairmont Hotels Resorts Inc.	400		10,312
Insurance — 1.90%
France — 0.89%
AXA	500		9,169
Switzerland — 1.01%
Converium Holding AG	400		10,300
			19,469
Metals & Mining — 1.53%
Netherlands — 1.53%
Arcelor (a)	1,100		15,652

ENTERPRISE Accumulation Trust

46

Enterprise Accumulation Trust

Worldwide Growth Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Misc. Financial Services — 0.93%
Switzerland — 0.93%
Credit Suisse Group (a)	300	$	9,553
Oil Services — 4.69%
Bermuda — 0.85%
Weatherford Bermuda (a)	200		8,640
Canada — 1.02%
Precision Drilling Corporation (a)	300		10,422
Italy — 0.94%
ENI	600		9,565
Korea — 0.50%
Sk Corporation	300		5,162
Russia — 0.57%
Surgutneftegaz (ADR)	300		5,865
United Kingdom — 0.81%
Shell Transporation & Trading Company	1,100		8,330
			47,984
Other — 0.75%
Bermuda — 0.75%
Frontline Ltd.	800		7,621
Paper Products — 2.05%
Canada — 1.09%
Abitibi Consolidated Inc.	1,200		11,128
Finland — 0.96%
Stora Enso	700		9,836
			20,964
Pharmaceuticals — 2.70%
France — 1.39%
Aventis	200		14,209
Israel — 1.31%
Teva Pharmaceutical Industries Ltd. (ADR)	200		13,356
			27,565
Printing & Publishing — 1.30%
Japan — 1.30%
Dai Nippon Printing Company Ltd.	1,000		13,290
Real Estate — 0.80%
Japan — 0.80%
Mitsubishi Estate	1,000		8,186
Retail — 1.19%
Australia — 1.09%
Woolworths Ltd.	1,500		11,100
Switzerland — 0.10%
Richemont	45		1,027
			12,127
Security & Investigation Services — 0.46%
India — 0.46%
Merrill Lynch Call Warrant (Satyam Computer) (a) (r)	1,000		4,711

	Number of Shares or Principal Amount	Value
Semiconductors — 2.49%
Japan — 0.71%
Hoya Corporation	100	$	7,284
Netherlands — 0.90%
ASML Holdings (NY Registered) (a)	400		6,048
ASML Holdings (a)	200		3,174
Taiwan — 0.88%
CSFB Equity Linked Notes (Taiwan Semiconductor Ltd.) (a) (l)	4,400		8,928
			25,434
Transportation — 0.63%
United Kingdom — 0.63%
Exel	500		6,391
Utilities — 1.14%
Germany — 1.14%
E.On	200		11,635
Total Foreign Stocks
(Identified cost $482,714)			474,503
Repurchase Agreement — 12.03%
State Street Bank & Trust Repurchase Agreement 1.45% due 07/01/02 Maturity Value $123,015 Collateral: U.S. Treasury Bond $130,000, Zero Coupon, due 09/26/02
Value $129,415	$123,000	$	123,000
Total Repurchase Agreement
(Identified cost $123,000)			123,000
Total Investments
(Identified cost $1,162,984)		$	1,128,334
Other Assets Less Liabilities — (10.36)%			(105,906)
Net Assets — 100%		$	1,022,428

(a) Non-income producing security.

(j) The warrants entitle the portfolio to purchase 1 share of Infosys Technologies Limited for every warrant held and .000001 INR until October 11, 2002.

(l) Securities are issued by Credit Suisse First Boston and are designed to track investment in the local shares of the underlying company and subject the portfolio to the credit risk of both the issuer and the underlying company. The notes carry no ownership or voting rights and represent no equity interest in the underlying company. Payment of dividends or proceeds received upon disposition may be subject to certain costs, expenses, duties, taxes or other charges incurred by the issuer.

(r) The warrants entitle the portfolio to purchase 1 share of Satyam Computer for every warrant held and .000001 INR until November 18, 2002.

(ADR) American Depository Receipt.

(GDR) Global Depository Receipt.

See notes to financial statements.

ENTERPRISE Accumulation Trust

47

Enterprise Accumulation Trust

Global Socially Responsive Portfolio

Subadviser’s Comments

Rockefeller & Company

New York, New York

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

Rockefeller & Company, Inc. (“Rockefeller”), which has approximately $3.4 billion in assets under management, became subadviser to the Portfolio on January 24, 2002. Rockefeller’s normal investment minimum is $10 million.

Investment Objective

The objective of the Global Socially Responsive Portfolio is total return.

Investment Strategies

The Global Socially Responsive Portfolio invests in equity securities of companies that the subadviser believes are socially responsible and which are located in countries that are included in the MSCI World Index, including the U.S., Canada and Australia, and certain developed markets located in Europe and the Far East. The term “responsive” is used to distinguish between absolute and relative standards of corporate social responsibility. The subadviser believes that no company is perfect on any of the relevant social criteria, but looks for companies that demonstrate a commitment to progress. To find companies that are socially responsive, the subadviser actively looks for companies that are demonstrating leadership in one or more of the following areas: human rights, public health, governance, products, services and marketing, workplace environment, environmental stewardship and community. These companies also may show a commitment to improving the quality of communication to shareholders and stakeholders and to developing solution-oriented policies and practices. Like other socially responsible investment vehicles, the Portfolio does not invest in companies that are known to ignore human rights issues, violate environmental laws and regulations, have significant and continuing records of discrimination or unfair labor practices, or companies that have a history of poor governance. The Portfolio also does not invest in companies that derive more than 2 percent of their revenue from alcohol, tobacco, gambling, weapons or weapons systems. The Portfolio avoids companies that produce, own or operate nuclear power plants, and companies that conduct unnecessary product testing on animals for personal care products or that do not subscribe to and rigorously enforce appropriate care standards for legally required animal testing. The subadviser believes that good corporate citizenship has the potential to create good investment opportunities; wherever possible, the Portfolio seeks to invest in companies that the subadviser believes derive a competitive advantage from the socially responsive products, policies and practices developed by such companies. The subadviser seeks companies that combine these social criteria with an investment management criterion of potentially high return on investment capital, strong quality of management, sound financial resources and good overall business prospects. In selecting equity securities, the subadviser uses its own valuation models to determine fair value and looks for securities that are selling at discounts to their fair value, independent of region or style bias. The Portfolio seeks to own growth and/or value stocks depending on their relative attractiveness. The Portfolio may lend portfolio securities on a short-term or long-term basis up to 33 ¹/3 percent of its total assets, including collateral received for securities lent.

2002 First Half Performance Review

The first half of 2002 was the worst six months in the U.S. markets, since the first OPEC oil embargo in 1973. Several factors contributed to the bloodletting, among them a less than stellar recovery in corporate earnings, rising tensions in the Middle East, and fears of further terrorism. The dominant force, however, was the Enron/Arthur Andersen debacle and its aftermath. Each time the market tried to shake off one shock, another rose to jolt it again. This too shall pass but hopefully not before meaningful reforms are put in place. To date, a number of promising ideas have been put forward to tighten corporate governance and the proxy season that just ended witnessed a significant increase in shareholder activity.

ENTERPRISE Accumulation Trust

48

Enterprise Accumulation Trust — (Continued)

Global Socially Responsive Portfolio

Subadviser’s Comments

The integrity of the independent audit is the first order of business for restoring confidence. A number of shareholders introduced resolutions asking that auditing firms not be given consulting assignments and Congress is considering meaningful legislation. But other reforms are also essential. Among the priorities are restoring the accountability of the board of directors to the shareholders, the independence of boards, especially of the audit and compensation committees, and the restructuring of management incentives to focus on the long-term performance of the corporation. Shareholder resolutions addressing these governance issues typically garnered 50 percent of the vote this season, a level that cannot be ignored. Social resolutions also did well. Those calling on companies to adopt international labor standards and to abide by UN human rights resolutions got as much as 20 percent of the vote.

Future Investment Strategy

There continues to be reasons for concern about the economy in the short-term. The plunge in the market is raising the cost of capital for a number of companies and making it difficult to predict a rise in capital spending. Improved capital spending is sorely needed, especially by the technology and telecom companies. While the consumer has proven very resilient so far, there is no evidence that confidence will be maintained in the face of repeated disappointments.

Still, while the markets were in intensive care, the economy remained basically healthy. Inflation and interest rates remained low, the housing market remained robust, and productivity growth was amazing. Unemployment decreased a bit, which came as a pleasant surprise given the new round of downsizing the market has experienced. On net, the restated GDP data showed a red-hot annual growth rate of 5 percent for the first quarter. This cooled off to a more reasonable 2.5 percent in the second quarter that implies a 4.3 percent rate for the first half. Overall, the recovery has been slower than investors would like but it has been solid and sustainable. Thus, while no one knows when the market psychology will improve, there is a solid foundation for growth when it does and there are compelling opportunities among companies that have been beaten down by the psychology. Rockefeller’s strategy going forward will be to identify these companies and take positions in them selectively.

As with all global Portfolios, the Portfolio carries additional risks associated with possibly less stable foreign securities, currencies, lack of uniform accounting standards and political instability.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

ENTERPRISE Accumulation Trust

49

Enterprise Accumulation Trust

Global Socially Responsive Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 44.43%
Banking — 7.55%
Bank of America Corporation	400	$	28,144
Bank of Hawaii Corporation	400		11,200
J. P. Morgan Chase & Company	500		16,960
Wells Fargo & Company	500		25,030
			81,334
Cable — 1.40%
Cablevision Systems Corporation (Class A) (a)	900		8,514
McKesson Corporation	200		6,540
			15,054
Computer Hardware — 1.34%
International Business Machines Corporation	200		14,400
Computer Services — 1.63%
Convergys Corporation (a)	900		17,532
Computer Software — 0.75%
Cadence Design Systems Inc. (a)	500		8,060
Crude & Petroleum — 1.83%
Anadarko Petroleum Corporation	400		19,720
Entertainment & Leisure — 2.28%
Walt Disney Company	1,300		24,570
Food & Beverages — 2.24%
PepsiCo Inc.	500		24,100
Insurance — 2.97%
AFLAC Inc. (a)	1,000		32,000
Manufacturing — 3.81%
Leggett & Platt Inc.	800		18,720
Pall Corporation	800		16,600
Teleflex Inc.	100		5,715
			41,035
Media — 0.96%
AOL Time Warner Inc. (a)	700		10,297
Medical Services — 1.44%
Wellpoint Health Networks Inc. (a)	200		15,562
Misc. Financial Services — 3.24%
Citigroup Inc.	900		34,875
Pharmaceuticals — 4.99%
Johnson & Johnson	300		15,678
Merck & Company Inc.	200		10,128
Pfizer Inc.	800		28,000
			53,806

	Number of Shares or Principal Amount	Value
Printing & Publishing — 1.51%
Lexmark International Group Inc. (Class A) (a)	300	$	16,320
Retail — 3.07%
Target Corporation	500		19,050
Tiffany & Company	400		14,080
			33,130
Semiconductors — 0.44%
Texas Instruments Inc.	200		4,740
Telecommunications — 2.44%
AT&T Corporation	1,600		17,120
SBC Communications Inc.	300		9,150
			26,270
Travel/Entertainment/Leisure — 0.54%
Six Flags Inc. (a)	400		5,780
Total Domestic Common Stocks
(Identified cost $541,675)			478,585
Foreign Stocks — 44.96%
Automotive — 1.17%
Korea — 1.17%
Hyundai Motor Company	1,100		12,573
Banking — 10.80%
Belgium — 2.30%
Dexia	1,600		24,731
Canada — 0.93%
National Bank of Canada	500		10,021
Denmark — 1.03%
Danske Bank	600		11,081
France — 2.06%
BNP Paribas	400		22,181
Germany — 1.29%
Deutsche Bank	200		13,942
Netherlands — 3.19%
ABN Amro Holdings	900		16,389
ING Groep	700		18,022
			116,367
Chemicals — 2.43%
Netherlands — 2.43%
Akzo Nobel	600		26,195
Computer Software — 0.63%
Israel — 0.63%
Check Point Software Technologies Ltd. (a)	500		6,780
Consumer Durables — 1.17%
United Kingdom — 1.17%
Reckitt Benckiser	700		12,604

ENTERPRISE Accumulation Trust

50

Enterprise Accumulation Trust

Global Socially Responsive Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Crude & Petroleum — 1.54%
Netherlands — 1.54%
Royal Dutch Petroleum Company (ADR)	300	$	16,581
Electrical Equipment — 1.96%
Japan — 1.96%
Sony Corporation	400		21,150
Electronics — 1.91%
Japan — 0.61%
Tokyo Electron Ltd.	100		6,524
Netherlands — 1.30%
Philips Electronics	500		13,996
			20,520
Energy — 1.70%
United Kingdom — 1.70%
Scottish Power	3,400		18,348
Food, Beverages & Tobacco — 8.31%
Japan — 1.05%
ITO EN Ltd.	300		11,377
Netherlands — 1.57%
Koninklijke Ahold	800		16,873
United Kingdom — 5.69%
Cadbury Schweppes	4,500		33,835
Unilever	3,000		27,445
			89,530
Machinery — 1.74%
United Kingdom — 1.74%
FKI	7,800		18,704
Manufacturing — 1.82%
Sweden — 1.16%
Sandvik	500		12,506
United Kingdom — 0.66%
Invensys	5,200		7,080
			19,586
Oil Services — 2.19%
United Kingdom — 2.19%
BP Amoco	2,800		23,602
Pharmaceuticals — 3.86%
Switzerland — 2.05%
Novartis	500		22,055
United Kingdom — 1.81%
GlaxoSmithKline	900		19,523
			41,578

	Number of Shares or Principal Amount		Value
Publishing — 1.02%
United Kingdom — 1.02%
Pearson		1,100	$	10,980
Semiconductors — 0.93%
France — 0.93%
STMicroelectronics		400		10,001
Telecommunications — 1.78%
Japan — 1.14%
NTT Corporation		3		12,354
Spain — 0.64%
Telefonica (a)		816		6,868
				19,222
Total Foreign Stocks
(Identified cost $480,168)				484,321
Repurchase Agreement — 11.98%
State Street Bank & Trust Repurchase Agreement, 1.45% due 07/01/02 Maturity Value $129,016 Collateral: U.S. Treasury Bond $135,000, Zero Coupon due 09/26/02 Value $134,393	$	129,000		129,000
Total Repurchase Agreement
(Identified cost $129,000)				129,000
Total Investments
(Identified cost $1,150,843)			$	1,091,906
Other Assets Less Liabilities — (1.37)%				(14,760)
Net Assets — 100%			$	1,077,146

(a) Non-income producing security.

(ADR) American Depository Receipt.

ENTERPRISE Accumulation Trust

51

Enterprise Accumulation Trust

Balanced Portfolio

Subadviser’s Comments

Montag & Caldwell, Inc.

Atlanta, Georgia

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

Montag & Caldwell, Inc. (“Montag & Caldwell”), which has approximately $24.1 billion in assets under management, became subadviser to the Portfolio on July 15, 1999. Montag & Caldwell’s normal investment minimum for a separate account is $40 million.

Investment Objective

The Enterprise Balanced Portfolio seeks long-term total return.

Investment Strategies

Generally, between 55 percent and 75 percent of the Balanced Portfolio’s total assets will be invested in equity securities, and at least 25 percent of the Balanced Portfolio’s total assets will be invested in fixed-income securities. The portfolio allocation will vary based upon the subadviser’s assessment of the return potential of each asset class. For equity investments, the subadviser uses a bottom-up approach to stock selection, focusing on high quality, well-established companies that have a strong history of earnings growth; attractive prices relative to the company’s potential for above average growth; long-term earnings and revenue growth; strong balance sheets; a sustainable competitive advantage; positions as (or the potential to become) industry leaders; and the potential to outperform the market during downturns. When selecting fixed-income securities, the subadviser will seek to maintain the Portfolio’s weighted average duration within 20 percent of the duration of the Lehman Brothers Government Corporate Index. Emphasis is also placed on diversification and credit analysis. The Portfolio will only invest in fixed-income securities with an “A” or better rating. Fixed-income investments will include: U.S. Government securities; corporate bonds; mortgage/asset-backed securities; money market securities and repurchase agreements.

2002 First Half Performance Review

Montag & Caldwell viewed the first half of 2002 as a transition year for the stock market with hopefully a moderate, but positive, bias to the year as a whole. So far this year the stock market has suffered from geopolitical concerns, the dramatic revelations of past corporate misconduct and uncertainty about the strength and quality of the recovery in corporate profits. Montag & Caldwell expected the first half of the year to be generally volatile and defensive in nature, as investors tempered their earnings forecasts and the remaining excesses of the technology bubble were corrected. While it is difficult to say whether the large capitalization stock market indices, such as the S&P 500 Index, will now experience a positive return in 2002, Montag & Caldwell believes share prices should have a positive bias to them in the second half of the year, and that this positive trend will continue into 2003. The ongoing rebound in the economy and corporate profits coupled with low inflation and low interest rates should lead to the better stock market performance.

The Portfolio declined in value during the first half of 2002. Bonds provided a positive return, but stocks were lower in value. The stock market, as measured by the S&P 500 Index, and the Portfolio’s equities recorded almost their entire decline during the second quarter of 2002. During the first half of the year, the Portfolio’s better performing equity sectors were consumer staples and industrials, while financial, healthcare and technology issues penalized the Portfolio’s results.

Future Investment Strategy

In the current stock market environment, Montag & Caldwell favors the shares of global growth companies that can achieve solid double-digit earnings growth. These include both consumer and industrial companies that have strong

ENTERPRISE Accumulation Trust

52

Enterprise Accumulation Trust — (Continued)

Balanced Portfolio

Subadviser’s Comments

global franchises, which will benefit from both a recovery in global economies and, for the first time in seven years, a weakening trend in the exchange value of the dollar. While their share prices were weak in the first half of the year, pharmaceutical and medical technology companies seem poised for a good recovery, as their earnings prospects are above average and their valuations very attractive. Montag & Caldwell favors well-positioned financial issues that have global reach and that will benefit from a better capital market environment. Montag & Caldwell believes oil service issues may do well, as exploration and drilling activity rebound. In technology, valuations are becoming more attractive, and emphasis will be on those companies that Montag & Caldwell believes can achieve a meaningful earnings recovery in a very difficult industry environment.

Montag & Caldwell recently shortened the duration of bond portfolios to be slightly shorter than the benchmark indices. This reflects Montag & Caldwell’s anticipation of the economy to continue to recover and not “double-dip” into recession. Montag & Caldwell continues to own high quality corporate bond issues of intermediate maturity. This sector has held up very well versus more speculative portions of the bond market. Furthermore, as additional data points to continued economic recovery, corporate bonds should outperform their Treasury counterparts.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

ENTERPRISE Accumulation Trust

53

Enterprise Accumulation Trust

Balanced Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 57.24%
Banking — 0.59%
Bank of New York Company Inc.	3,531	$	119,171
Biotechnology — 1.03%
Amgen Inc. (a)	4,952		207,390
Building & Construction — 2.08%
Masco Corporation	15,464		419,229
Business Services — 0.59%
Paychex Inc.	3,810		119,215
Computer Services — 1.79%
Electronic Data Systems Corporation	9,700		360,355
Computer Software — 3.02%
BEA Systems Inc. (a)	16,600		157,866
Electronic Arts Inc. (a)	4,406		291,016
Siebel Systems Inc. (a)	11,300		160,686
			609,568
Consumer Products — 8.84%
Colgate-Palmolive Company	10,673		534,184
Gillette Company	13,630		461,648
Newell Rubbermaid Inc.	5,700		199,842
Procter & Gamble Company	6,584		587,951
			1,783,625
Entertainment & Leisure — 2.13%
Walt Disney Company	22,760		430,164
Food, Beverages & Tobacco — 4.95%
Coca-Cola Company	10,400		582,400
PepsiCo Inc.	8,645		416,689
			999,089
Hotels & Restaurants — 0.79%
Marriott International Inc. (Class A)	4,189		159,391
Machinery — 1.66%
Caterpillar Inc.	6,831		334,378
Manufacturing — 2.13%
3M Company	3,500		430,500
Medical Instruments — 2.86%
Medtronic Inc.	13,460		576,761
Misc. Financial Services — 2.61%
Citigroup Inc.	13,591		526,651
Multi-Line Insurance — 3.70%
American International Group Inc.	7,227		493,098
Marsh & McLennan Companies Inc.	2,614		252,513
			745,611

	Number of Shares or Principal Amount	Value
Oil Services — 3.76%
GlobalSantaFe Corporation	3,800	$	103,930
Schlumberger Ltd.	7,974		370,791
Transocean Sedco Forex Inc.	9,100		283,465
			758,186
Pharmaceuticals — 7.32%
Eli Lilly & Company	3,200		180,480
Johnson & Johnson	9,300		486,018
Pfizer Inc.	16,410		574,350
Pharmacia Corporation	6,300		235,935
			1,476,783
Retail — 3.27%
Costco Wholesale Corporation (a)	8,328		321,627
Home Depot Inc.	9,190		337,549
			659,176
Transportation — 1.93%
United Parcel Service Inc.	6,300		389,025
Wireless Communications — 2.19%
QUALCOMM Inc. (a)	16,100		442,589
Total Domestic Common Stocks
(Identified cost $12,267,592)			11,546,857
Foreign Stocks — 1.27%
Wireless Communications — 1.27%
Nokia Corporation (Class A) (ADR)	17,650		255,572
Total Foreign Stocks
(Identified cost $409,086)			255,572
Corporate Bonds and Notes — 19.05%
Banking — 3.22%
Discover Card 5.85% due 01/17/06	$200,000		206,949
Nationsbank Corporation 7.00% due 05/15/03	150,000		155,899
Wells Fargo & Company 6.375% due 08/01/11	275,000		285,931
			648,779
Computer Hardware — 1.32%
Hewlett Packard Company 7.15% due 06/15/05	250,000		265,611
Electrical Equipment — 0.98%
General Electric Capital Corporation Medium Term Note, 5.875% due 02/15/12	200,000		198,078
Energy — 1.44%
Peco Energy Transport Trust 6.05% due 03/01/09	275,000		291,448

ENTERPRISE Accumulation Trust

54

Enterprise Accumulation Trust

Balanced Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Finance — 5.28%
American Express Company 6.75% due 06/23/04	$225,000	$	239,914
Goldman Sachs Group Inc. 7.50% due 01/28/05	250,000		270,650
Merrill Lynch & Company Inc. 6.00% due 02/17/09	325,000		330,461
National Rural Utilities Cooperative Finance, 5.75% due 11/01/08	225,000		225,097
			1,066,122
Food, Beverages & Tobacco — 0.77%
Kraft Foods Inc. 6.25% due 06/01/12	150,000		154,562
Manufacturing — 1.10%
Honeywell International Inc. 7.50% due 03/01/10	200,000		222,392
Pharmaceuticals — 1.64%
Merck & Company Inc. 4.125% due 01/18/05	325,000		329,875
Retail — 1.51%
Wal Mart Stores Inc. 4.15% due 06/15/05	300,000		304,513
Telecommunications — 1.79%
BellSouth Capital Funding Corporation, 7.75% due 02/15/10	325,000		360,905
Total Corporate Bonds and Notes
(Identified cost $3,692,306)			3,842,285
U.S. Government Obligations — 16.74%
Fannie Mae — 4.42%
5.75% due 04/15/03	400,000		411,259
7.00% due 07/15/05	175,000		191,380
6.00% due 05/15/11	275,000		288,207
			890,846
Freddie Mac — 4.00%
5.125% due 10/15/08	125,000		127,323
6.625% due 09/15/09	400,000		438,744
6.75% due 03/15/31	225,000		241,790
			807,857
U.S. Treasury Bonds — 5.16%
7.25% due 05/15/16	300,000		353,567
8.125% due 08/15/19	150,000		192,134
8.00% due 11/15/21	275,000		351,742
6.875% due 08/15/25	125,000		144,067
			1,041,510

	Number of Shares or Principal Amount		Value
U.S. Treasury Notes — 3.16%
7.875% due 11/15/04	$	200,000	$	221,644
6.50% due 10/15/06		100,000		110,087
6.25% due 02/15/07		75,000		82,068
6.50% due 02/15/10		200,000		223,576
				637,375
Total U.S. Government Obligations
(Identified cost $3,264,119)				3,377,588
Repurchase Agreement — 5.62%
State Street Bank & Trust Repurchase Agreement, 1.45% due 07/01/02 Maturity Value $1,133,137 Collateral: U.S. Treasury Bond $1,165,000, Zero Coupon due 09/26/02
Value $1,159,758		1,133,000		1,133,000
Total Repurchase Agreement
(Identified cost $1,133,000)				1,133,000
Total Investments
(Identified cost $20,766,103)			$	20,155,302
Other Assets Less Liabilities — 0.08%				16,827
Net Assets — 100%			$	20,172,129

(a) Non-income Producing Security.

(ADR) American Depository Receipt.

See notes to financial statements.

ENTERPRISE Accumulation Trust

55

Enterprise Accumulation Trust

Managed Portfolio

Subadvisers’ Comments

Sanford C. Bernstein & Co., LLC

New York, New York

Wellington Management Company, LLP

Boston, Massachusetts

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

Sanford C. Bernstein & Co., LLC (“Bernstein”), which has approximately $11.2 billion in assets under management, became co-subadviser of the Portfolio on November 1, 1999. Bernstein’s normal investment minimum is $5 million.

Wellington Management Company, LLP (“Wellington”), which manages approximately $312 billion for institutional clients and whose usual investment minimum is $20 million, became co-subadviser to the Enterprise Managed Portfolio on January 1, 2001.

Investment Objective

The objective of the Enterprise Managed Portfolio is to seek growth of capital over time.

Investment Strategies

The Managed Portfolio invests in a diversified portfolio of common stocks, bonds and cash equivalents. The allocation of the Portfolio’s assets among the different types of permitted investments will vary from time to time based upon the subadvisers’ evaluation of economic and market trends and its perception of the relative values available from such types of securities at any given time. There is neither a minimum nor a maximum percentage of the Portfolio’s assets that may, at any given time, be invested in any specific types of investments. However, the Portfolio invests primarily in equity securities at times when the subadvisers believe that the best investment values are available in the equity markets. The Portfolio may invest almost all of its assets in high-quality short-term money market and cash equivalent securities when the subadvisers deem it advisable to preserve capital. Consequently, while the Portfolio will earn income to the extent it is invested in bonds or cash equivalents, the Portfolio does not have any specific income objective. The bonds in which the Portfolio may invest will normally be investment grade intermediate to long-term U.S. Government and corporate debt. The Portfolio is managed by two subadvisers, each of which is allocated cash flows into and out of the Portfolio on a 50/50 basis. The subadvisers expect a high portfolio turnover rate of 100 percent or more. The Portfolio may lend portfolio securities on a short-term or long-term basis up to 33 ¹/3 percent of its total assets, including collateral received for securities lent.

2002 First Half Performance Review — Bernstein

Stock selection in the health care sector was the largest contributor to the Portfolio’s performance, thanks to over-weightings in stocks such as UnitedHealth Group and Humana. In the financial sector, relatively low exposure financial firms with high capital-markets exposure, such as Morgan Stanley Dean Witter & Company, helped returns. The Portfolio also benefited from the long-standing emphasis on consumer-oriented banks and thrifts such as Bank of America, Wachovia Corporation and Golden West Financial Corporation. Stock selection in the consumer discretionary sector, particularly the emphasis on housing-related stocks like Sherwin Williams Company, Centex Corporation and Black & Decker Corporation, and in the technology sector, where Bernstein focused on the larger and more stable companies, also helped returns.

Along with UnitedHealth Group and Humana, the five largest contributors to performance included overweighted positions Norfolk Southern Corporation, Fortune Brands and TRW. Norfolk Southern benefited from indications that the economy is rebounding strongly; similarly, Fortune Brands has benefited from sustained strength in consumer spending. TRW traded up on Northrop Grumman Corporation’s takeover offer.

The five holdings, all overweights, that detracted most from performance were spread across a variety of sectors. WorldCom’s questionable accounting sent the stock, and the overall market, tumbling. AOL Time Warner Inc. under-

ENTERPRISE Accumulation Trust

56

Enterprise Accumulation Trust — (Continued)

Managed Portfolio

Subadvisers’ Comments

performed due to worries about its high debt level and continued weakness in online advertising. Tyco International’s under-performance was related to the on-again, off-again break-up of the company and the accounting controversy that surfaced following Enron’s collapse. Xcel Energy was hurt following a downgrade of its debt rating. Uncertainty regarding the timing of a recovery in PC demand depressed Intel’s stock price.

The Portfolio’s sector weights were generally close to those of the benchmark. Modest differences in sector weights detracted slightly from returns. Underweights in materials and consumer staples hurt performance, but this was somewhat offset by an underweight in technology, which continued to lag the broad market.

2002 First Half Performance Review — Wellington

In the first six months of 2002, the S&P 500 experienced its worst first half since it was down 21 percent in the first half of 1970. Although the economy showed signs of moderate growth, including manufacturing gains, the stock market fell sharply. External factors have shaken investor sentiment, namely the corporate accounting scandals and the threats of terrorism. The Portfolio lagged the S&P 500 benchmark for year to date period primarily due to stock selection within the Industrials and Consumer Staples sectors. Stock selection in the Financials and Utilities sectors augmented the Portfolio’s performance during the period.

Much of the under-performance for the six-month period can be attributed to one name, Tyco International. Wellington had reasonable confidence in Tyco’s ability to meet its already reduced earnings guidance and that it would be able to successfully execute an initial public offering (IPO) of Tyco Capital (CIT Group). The proceeds from such an IPO, along with the anticipated cash flows from ongoing operations are required to meet the company’s debt obligations over the next 12-18 months. However, in early June the company’s CEO resigned after being indicted in New York State for tax evasion. In light of this new information and the significant turmoil surrounding the company in the aftermath of these events, it was Wellington’s expectation that earnings guidance would be significantly reduced for 2002 and 2003. Wellington was also concerned that these events would derail the IPO of Tyco Capital. While the IPO of Tyco Capital subsequently received SEC approval, the potential earnings shortfall has not been resolved, and it is possible that the company faces significant hurdles to meet its debt obligations over the next 12-18 months. Wellington believed that it would be prudent to exit the Portfolio’s position now and revisit this company at a later time when the new management has had an opportunity to understand and disclose all relevant information.

Future Investment Strategy — Bernstein

Bernstein anticipates equity risk premiums to rise. These higher risk premiums are simply one of the earliest effects of a backlash that Bernstein expects to have, far-reaching consequences for financial markets. Bernstein believes that the WorldCom debacle may trigger major changes in attitude and behavior on the part of both regulators and corporate managers, spurring regulators to tighten reporting standards and increase enforcement, while accountants and audit committees may err on the side of caution. This shift in what constitutes acceptable reporting practices, particularly with respect to revenue recognition, capitalization of expenses and the definition of what kind of expenses can be deemed extraordinary, will be positive in the long-term. But in the near-term, the impact is likely to be more volatility and uncertainty for the stock market. As companies rush to re-evaluate their reported earnings, Bernstein expects to see lower earnings and more financial restatements, which may contribute further to the anxiety that haunts financial markets.

Future Investment Strategy — Wellington

Economic conditions are improving, and the manufacturing sector is in an accelerating mode. Orders and production are posting solid gains. Consumer spending remains steady and importantly supported by an improving labor market. Profits are at an inflection point. Wellington believes that second half earnings comparisons will show strong positive growth from a year ago. As this earnings recovery gets underway, business investment may begin to recover. Wellington does not believe that the poor equity market performance will derail the economic recovery, though it may delay any interest rate rise contemplated by the Fed.

The views expressed in this report reflect those of the subadvisers only through the end of the period of the report as stated on the cover. The subadvisers’ views are subject to change at any time based on market and other conditions.

ENTERPRISE Accumulation Trust

57

Enterprise Accumulation Trust

Managed Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 97.68%
Advertising — 0.07%
Omnicom Group Inc.	13,500	$	618,300
Aerospace — 0.85%
Boeing Company	50,200		2,259,000
Honeywell International Inc.	30,200		1,063,946
Lockheed Martin Corporation	31,200		2,168,400
Raytheon Company	38,000		1,548,500
			7,039,846
Airlines — 0.44%
Continental Airlines Inc. (Class B) (a) (o)	233,500		3,684,630
Automotive — 0.37%
Dana Corporation	29,000		537,370
Genuine Parts Company	9,900		345,213
TRW Inc.	38,000		2,165,240
			3,047,823
Banking — 7.12%
AmSouth Bancorporation	60,000		1,342,800
Bank of America Corporation	130,500		9,181,980
Bank One Corporation	73,700		2,835,976
FleetBoston Financial Corporation	70,600		2,283,910
J. P. Morgan Chase & Company	119,040		4,037,837
KeyCorp	548,000		14,960,400
National City Corporation	37,300		1,240,225
U.S. Bancorp	35,000		817,250
UnionBanCal Corporation (o)	314,800		14,748,380
Wachovia Corporation	156,000		5,956,080
Wells Fargo & Company	33,000		1,651,980
			59,056,818
Biotechnology — 0.33%
Amgen Inc. (a)	64,700		2,709,636
Broadcasting — 0.20%
Viacom Inc. (Class B) (a)	37,500		1,663,875
Business Services — 0.30%
Automatic Data Processing Inc.	9,200		400,660
Concord EFS Inc. (a)	34,000		1,024,760
Paychex Inc.	33,900		1,060,731
			2,486,151
Cable — 0.20%
Comcast Corporation (Class A) (a)	70,000		1,668,800
Chemicals — 0.86%
Ashland Inc.	28,000		1,134,000
Dow Chemical Company	101,242		3,480,700
Du Pont (E. I.) de Nemours & Company	55,900		2,481,960
			7,096,660

	Number of Shares or Principal Amount	Value
Computer Hardware — 5.49%
Cisco Systems Inc. (a)	1,605,000	$	22,389,750
Dell Computer Corporation (a)	101,200		2,645,368
Hewlett-Packard Company	1,042,393		15,927,765
International Business Machines Corporation	64,100		4,615,200
			45,578,083
Computer Services — 0.46%
Electronic Data Systems Corporation	27,000		1,003,050
Unisys Corporation	313,000		2,817,000
			3,820,050
Computer Software — 2.45%
Mercury Interactive Corporation (a) (o)	13,000		298,480
Microsoft Corporation (a)	344,700		18,855,090
Oracle Corporation (a)	48,900		463,083
Veritas Software Corporation (a)	34,000		672,860
			20,289,513
Conglomerates — 0.16%
Textron Inc.	28,000		1,313,200
Construction — 0.30%
Centex Corporation (o)	43,000		2,484,970
Consumer Non-Durables — 0.35%
Avon Products Inc.	56,000		2,925,440
Consumer Products — 1.87%
Black & Decker Corporation	10,900		525,380
Eastman Kodak Company (o)	65,000		1,896,050
Procter & Gamble Company	62,900		5,616,970
Sherwin-Williams Company	120,800		3,615,544
Tupperware Corporation	33,400		694,386
Whirlpool Corporation	48,000		3,137,280
			15,485,610
Consumer Services — 2.44%
First Data Corporation	543,600		20,221,920
Crude & Petroleum — 4.88%
Burlington Resources Inc.	534,800		20,322,400
ChevronTexaco Corporation	48,266		4,271,541
Conoco Inc.	50,600		1,406,680
Exxon Mobil Corporation	354,354		14,500,166
			40,500,787
Electrical Equipment — 2.37%
Emerson Electric Company	28,000		1,498,280
General Electric Company	605,400		17,586,870
Tektronix Inc. (a)	30,100		563,171
			19,648,321

ENTERPRISE Accumulation Trust

58

Enterprise Accumulation Trust

Managed Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Energy — 1.42%
Cinergy Corporation	59,300	$	2,134,207
Exelon Corporation	185,100		9,680,730
			11,814,937
Entertainment & Leisure — 0.32%
Walt Disney Company	140,000		2,646,000
Fiber Optics — 0.09%
Corning Inc. (a) (o)	150,000		532,500
JDS Uniphase Corporation (a)	85,000		226,950
			759,450
Finance — 1.11%
Capital One Financial Corporation	30,000		1,831,500
Fiserv Inc. (a)	25,000		917,750
Household International Inc.	59,900		2,977,030
Lehman Brothers Holdings Inc.	25,300		1,581,756
MGIC Investment Corporation	9,000		610,200
Moody’s Corporation	26,400		1,313,400
			9,231,636
Food, Beverages & Tobacco — 6.49%
Anheuser-Busch Companies Inc.	111,800		5,590,000
Archer-Daniels-Midland Company	217,980		2,787,964
Coca-Cola Company	123,800		6,932,800
Conagra Inc.	108,800		3,008,320
Fortune Brands Inc.	27,500		1,540,000
General Mills Inc.	27,300		1,203,384
Pepsi Bottling Group Inc.	305,500		9,409,400
PepsiCo Inc.	40,000		1,928,000
Philip Morris Companies Inc.	189,300		8,268,624
R.J. Reynolds Tobacco Holdings Inc.	227,600		12,233,500
Sara Lee Corporation	45,000		928,800
			53,830,792
Health Care — 1.51%
Bausch & Lomb Inc. (o)	41,000		1,387,850
McKesson Corporation	340,600		11,137,620
			12,525,470
Hotels & Restaurants — 0.38%
Hilton Hotels Corporation	61,700		857,630
McDonald’s Corporation	80,400		2,287,380
			3,145,010
Machinery — 0.11%
Caterpillar Inc.	18,000		881,100
Manufacturing — 2.80%
3M Company	24,400		3,001,200
Cooper Industries Ltd.	31,000		1,218,300
Eaton Corporation	40,000		2,910,000
Ingersoll-Rand Company Ltd.	23,000		1,050,180
ITT Industries Inc.	12,000		847,200
Precision Castparts Corporation	430,200		14,196,600
			23,223,480

	Number of Shares or Principal Amount	Value
Media — 2.06%
AOL Time Warner Inc. (a)	1,020,550	$	15,012,290
Gannett Company Inc.	27,500		2,087,250
			17,099,540
Medical Instruments — 1.83%
Cambrex Corporation	289,000		11,588,900
Medtronic Inc.	83,000		3,556,550
			15,145,450
Medical Services — 2.48%
Cardinal Health Inc.	44,000		2,702,040
Genzyme Corporation (a)	362,400		6,972,576
Health Management Associates Inc. (Class A) (a)	95,000		1,914,250
Humana Inc.	115,000		1,797,450
Manor Care Inc.	95,000		2,185,000
UnitedHealth Group Inc.	44,200		4,046,510
Wellpoint Health Networks Inc. (a)	12,000		933,720
			20,551,546
Metals & Mining — 0.32%
United States Steel Corporation	135,000		2,685,150
Misc. Financial Services — 10.23%
Ambac Financial Group Inc.	255,200		17,149,440
American Express Company	55,000		1,997,600
Citigroup Inc.	842,100		32,631,375
Fannie Mae	283,500		20,908,125
Freddie Mac	25,600		1,566,720
Merrill Lynch & Company Inc.	239,100		9,683,550
Morgan Stanley Dean Witter & Company	20,900		900,372
			84,837,182
Multi-Line Insurance — 2.60%
American International Group Inc.	138,324		9,437,847
Lincoln National Corporation	48,900		2,053,800
Marsh & McLennan Companies Inc.	93,800		9,061,080
MetLife Inc.	12,000		345,600
UnumProvident Corporation	25,000		636,250
			21,534,577
Oil Services — 0.39%
Occidental Petroleum Corporation	108,900		3,265,911
Paper Products — 0.29%
Louisiana Pacific Corporation	135,000		1,429,650
MeadWestvaco Corporation	30,000		1,006,800
			2,436,450
Pharmaceuticals — 10.63%
Abbott Laboratories	438,900		16,524,585
Baxter International Inc.	34,600		1,537,970
Bristol-Myers Squibb Company	73,800		1,896,660
Eli Lilly & Company	40,200		2,267,280

ENTERPRISE Accumulation Trust

59

Enterprise Accumulation Trust

Managed Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount	Value
Johnson & Johnson	172,400	$	9,009,624
Merck & Company Inc.	108,300		5,484,312
Pfizer Inc.	437,200		15,302,000
Pharmacia Corporation	518,161		19,405,129
Schering-Plough Corporation	414,700		10,201,620
Wyeth	128,200		6,563,840
			88,193,020
Printing & Publishing — 2.00%
Donnelley (R. R.) & Sons Company	60,000		1,653,000
Lexmark International Group Inc. (a) (o)	274,700		14,943,680
			16,596,680
Property-Casualty Insurance — 0.32%
St. Paul Companies Inc.	68,500		2,666,020
Publishing — 0.10%
New York Times Company	16,800		865,200
Retail — 8.91%
American Greetings Corporation (o)	61,800		1,029,588
Bed Bath & Beyond Inc. (a)	60,000		2,264,400
Dillards Inc.	419,000		11,015,510
Equity Office Properties Trust	65,000		1,956,500
Federated Department Stores Inc. (a)	46,100		1,830,170
Home Depot Inc.	437,800		16,080,394
Kohl’s Corporation (a)	58,000		4,064,640
May Department Stores Company	57,800		1,903,354
Safeway Inc. (a)	409,100		11,941,629
Target Corporation	235,300		8,964,930
Wal-Mart Stores Inc.	184,400		10,143,844
Walgreen Company	70,000		2,704,100
			73,899,059
Savings and Loan — 0.97%
Golden West Financial Corporation	46,300		3,184,514
Washington Mutual Inc.	130,050		4,826,156
			8,010,670
Semiconductors — 2.02%
Advanced Micro Devices Inc. (a)	94,000		913,680
Altera Corporation (a)	65,000		884,000
Applied Materials Inc. (a)	116,000		2,206,320
Intel Corporation	397,800		7,267,806
Maxim Integrated Products Inc. (a)	61,500		2,357,295
Micron Technology Inc. (a)	100,000		2,022,000
Texas Instruments Inc.	46,900		1,111,530
			16,762,631
Telecommunications — 3.16%
AT&T Corporation	805,500		8,618,850
BellSouth Corporation	94,500		2,976,750
SBC Communications Inc.	191,400		5,837,700

	Number of Shares or Principal Amount		Value
Sprint Corporation		152,400	$	1,616,964
Verizon Communications Inc.		177,716		7,135,297
WorldCom Inc. (a)		170,400		17,040
				26,202,601
Transportation — 2.53%
Burlington Northern Santa Fe Corporation		8,800		264,000
FedEx Corporation		268,900		14,359,260
Norfolk Southern Corporation		205,900		4,813,942
Union Pacific Corporation		24,800		1,569,344
				21,006,546
Utilities — 0.93%
Ameren Corporation		61,200		2,632,212
American Electric Power Inc.		70,700		2,829,414
Xcel Energy Inc.		133,877		2,245,117
				7,706,743
Wireless Communications — 0.17%
AT&T Wireless Services Inc. (a)		76,202		445,782
Motorola Inc.		52,000		749,840
Sprint PCS (a)		51,440		229,937
				1,425,559
Total Domestic Common Stocks
(Identified cost $917,763,231)				810,288,843
Foreign Stocks — 0.85%
Crude & Petroleum — 0.80%
Royal Dutch Petroleum Company (ADR)		119,800		6,621,346
Food, Beverages & Tobacco — 0.05%
Unilever		7,000		453,600
Total Foreign Stocks
(Identified cost $7,609,963)				7,074,946
U.S. Treasury Obligations — 0.09%
U.S. Treasury Bills — 0.09%
1.685% due 09/12/02	$	370,000		368,548
1.915% due 10/03/02		350,000		348,250
Total U.S. Treasury Obligations
(Identified cost $716,798)				716,798

ENTERPRISE Accumulation Trust

60

Enterprise Accumulation Trust

Managed Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount		Value
Repurchase Agreement — 1.59%
State Street Bank & Trust Repurchase Agreement 1.45% due 07/01/02 Maturity Value $13,222,598 Collateral: U.S. Treasury Bond $13,555,000, Zero Coupon,     due 9/26/02, Value $13,494,003	$	13,221,000	$	13,221,000
Total Repurchase Agreement
(Identified cost $13,221,000)				13,221,000

	Value
Total Investments
(Identified cost $939,310,992)	$	831,301,587
Other Assets Less Liabilities — (0.21)%		(1,772,070)
Net Assets — 100%	$	829,529,517

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2002.

(ADR) American Depository Receipt.

Open futures contracts as of June 30, 2002 are as follows:

Description	Expiration Month	Contracts	Unrealized Appreciation/Depreciation
S&P 500 Index	09/02	38	$	(232,173	)

See notes to financial statements.

ENTERPRISE Accumulation Trust

61

Enterprise Accumulation Trust

High-Yield Bond Portfolio

Subadviser’s Comments

Caywood-Scholl Capital Management

San Diego, California

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

Caywood-Scholl Capital Management (“Caywood-Scholl”) has been subadviser to the Enterprise High-Yield Bond Portfolio since November 19, 1994. Caywood-Scholl manages approximately $1.5 billion for institutional clients, and its normal investment minimum is $3 million.

Investment Objective

The objective of the Enterprise High-Yield Bond Portfolio is to seek maximum current income.

Investment Strategies

The High-Yield Bond Portfolio normally invests at least 80 percent of its net assets (plus any borrowings for investment purposes) in bonds that are below investment grade. The Portfolio generally invests in high-yield, income producing U.S. corporate bonds that are rated B3 to Ba1 by Moody’s Investors Service, Inc. (“Moody’s”) or B– to BB+ by Standard & Poor’s Corporation (“S&P”), which are commonly known as “junk bonds.” The Portfolio’s investments are selected by the subadviser after examination of the economic outlook to determine those industries that appear favorable for investment. Industries going through a perceived decline generally are not candidates for selection. After the industries are selected, the subadviser identifies bonds of issuers within those industries based on their creditworthiness; their yields in relation to their credit and the relative value in relation to the high yield market. Companies near or in bankruptcy are not considered for investment. The Portfolio does not purchase bonds in the lowest ratings categories (rated Ca or lower by Moody’s or CC or lower by S&P or which, if unrated, in the judgment of the subadviser have characteristics of such lower-grade bonds). Should an investment be subsequently downgraded to Ca or lower or CC or lower, the subadviser has discretion to hold or liquidate the security. Subject to the restrictions described above, under normal circumstances, up to 20 percent of the Portfolio’s assets may include: (1) bonds rated Caa by Moody’s or CCC by S&P; (2) unrated debt securities which, in the judgment of the subadviser, have characteristics similar to those described above; (3) convertible debt securities; (4) puts, calls and futures as hedging devices; (5) foreign issuer debt securities; and (6) short-term money market instruments, including certificates of deposit, commercial paper, U.S. Government securities and other income-producing cash equivalents. The Portfolio may lend portfolio securities on a short-term or long-term basis up to 33 ¹/3 percent of its total assets, including collateral received for securities lent.

2002 First Half Performance Review

The macro themes of accounting integrity and corporate credibility overwhelmed the high-yield market’s positive technical characteristics resulting in a very difficult quarter. In particular, the high-yield market has been significantly impacted by the rapid collapse of Adelphia Communications Corporation and WorldCom. The magnitude of the questionable accounting practices of these companies has disillusioned many investors. The heightened level of investor distrust created by these financial implosions has caused bond investors to reassess some of the traditional metrics used to evaluate credit risk, such as, EBITDA, operating cash flow, and asset values. The impact has been a contagion effect whereby several industries have been hit hard with respect to the prices of their securities and access to capital. Included within these industries are cable, independent power producers, media, pipelines, and telecommunications. Caywood-Scholl witnessed the spread of a contagion effect whereby many traditionally asset rich, investment grade companies found their bonds trading at high-yield levels. Included in this group were AOL Time Warner Inc., AT&T, Cox Communications, El Paso Energy, Sprint, and Williams. As these high-grade issuers’ bonds depreciated in value, their high-yield brethren’s securities adjusted downward in value to reflect the appropriate risk discounts. Accordingly, the high-yield indices had their worst month ever in June. However, because the indices had such a heavy weighting in

ENTERPRISE Accumulation Trust

62

Enterprise Accumulation Trust — (Continued)

High-Yield Bond Portfolio

Subadviser’s Comments

Qwest Communications and WorldCom, they were hit much harder than money managers with well-diversified portfolios.

In addition to problems experienced in high-yield, the economy has seen the broader market reduce its expectations of a recovery in corporate profitability. The combination of waning confidence in corporate America and the capital markets caused investors to hem in their appetite for risk. In the high-yield market, this risk reduction trend has manifested itself in the further reinforcement of the bifurcated market. Whereby the higher quality portion of the market generally trades in a 7.5 percent to 9.0 percent range, the lower quality portion trades between 12 percent and 25 percent.

Future Investment Strategy

The consensus expectation for the second half of the year is for a modest economic pickup. Any sort of improvement should help lower the high-yield bond default rate. Moody’s expects the default rate to decline from 10.25 percent in May to 8.3 percent by year-end on a modest recovery assumption. In addition to economic expectations, The Fed’s survey of senior loan officers is known to be a statistically reliable leading indicator of default rates. In the most recent survey, April 2002, there was a decline in tightening standards from the preceding survey, thus a positive indication of lower future default rates.

As the economy improves and capital becomes more readily available, Caywood-Scholl expects high-yields to provide attractive risk adjusted returns. Extremely wide spreads for the Merrill Lynch High-Yield Index at 0.781 percent and 0.734 percent over treasuries for June 2002 and December 2001, respectively, may help provide upside potential for the second half of the year. The Portfolio will maintain its defensive posture, emphasizing liquidity and diversification while investing in the higher quality tiers of the market.

There are specific risks associated with the types of bonds held in the Portfolio, which include defaults by the issuer, market valuation, and interest rate sensitivity.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

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63

Enterprise Accumulation Trust

High-Yield Bond Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount		Value
Domestic Corporate Bonds — 86.18%
Apparel & Textiles — 0.87%
Fruit of the Loom Inc. (b) 8.875% due 04/15/06	$	300,000	$	6,750
Levi Strauss & Company (o) 7.00% due 11/01/06		600,000		498,000
Levi Strauss & Company (o) 11.625% due 01/15/08		450,000		427,500
				932,250
Automotive — 3.86%
Autonation Inc. 9.00% due 08/01/08		1,300,000		1,339,000
Avis Group Holdings Inc. 11.00% due 05/01/09		650,000		708,500
Navistar International Corporation 9.375% due 06/01/06		350,000		360,500
Sonic Automotive Inc. 11.00% due 08/01/08		850,000		892,500
United Rentals Inc. (Series B) (o) 8.80% due 08/15/08		850,000		841,500
				4,142,000
Banking — 0.61%
Western Financial Bank 9.625% due 05/15/12		650,000		650,000
Broadcasting — 5.22%
Echostar DBS Corporation (144A) 9.125% due 01/15/09		500,000		457,500
Echostar DBS Corporation (o) 9.375% due 02/01/09		850,000		786,250
Fox Family Worldwide Inc. (c) 0%/10.25% due 10/31/07		316,705		337,686
Fox Family Worldwide Inc. 9.25% due 11/01/07		500,000		528,750
Fox Sports Networks LLC (c) 0%/9.75% due 08/15/07		2,000,000		2,040,000
Sinclair Broadcast Group Inc. (o) 8.75% due 12/15/07		800,000		796,000
Sinclair Broadcast Group Inc. 8.75% due 12/15/11		300,000		300,000
Sinclair Broadcast Group Inc. (o) 8.00% due 03/15/12		350,000		344,750
				5,590,936
Building & Construction — 1.64%
Building Materials Corporation America 7.75% due 07/15/05		300,000		264,375
Integrated Electrical Services (o) 9.375% due 02/01/09		900,000		864,000
Nortek Inc. 8.875% due 08/01/08		400,000		403,000
Nortek Inc. (Series B) 9.125% due 09/01/07		225,000		227,812
				1,759,187

	Number of Shares or Principal Amount		Value
Business Services — 1.41%
Xerox Corporation (144A) 9.75% due 01/15/09	$	550,000	$	451,000
Xerox Corporation (o) 7.20% due 04/01/16		1,500,000		1,065,000
				1,516,000
Cable — 2.76%
Adelphia Communications Corporation 7.875% due 05/01/09 (b)		50,000		19,250
Adelphia Communications Corporation 9.375% due 11/15/09 (b)		400,000		162,000
Charter Communication Holdings (o) 8.25% due 04/01/07		1,375,000		921,250
Charter Communications Holdings 10.00% due 04/01/09		650,000		448,500
CSC Holdings Inc. (o) 7.625% due 04/01/11		1,750,000		1,408,015
				2,959,015
Chemicals — 0.94%
Lyondell Chemical Company 9.875% due 05/01/07		350,000		335,125
PCI Chemicals Canada Company (o) 10.00% due 12/31/08		198,502		135,229
Pioneer Americas Inc. (v) 5.355% due 09/30/02	$	66,166		43,091
Pioneer Companies Inc.		12,835		25,670
Scotts Company (144A) 8.625% due 01/15/09	$	450,000		464,063
				1,003,178
Communications — 0.00%
Globalstar Telecommunications (Wts) (a)(d)		450		—
Loral Space & Communications Ltd. (Wts) (a)		600		278
Loral Space & Communications (Wts) (a)		5,235		3,141
				3,419
Computer Services — 0.00%
Axiohm Transaction Solutions (b)	$	4,056		—
Computer Software — 0.00%
Verado Holdings Inc. (Wts) (144A)		300		89
Consumer Products — 2.83%
Chattem Inc. (Series B) 8.875% due 04/01/08	$	427,000		431,270
Elizabeth Arden Inc. (o) 11.75% due 02/01/11		600,000		615,000
French Fragrances Inc. (Series B) 10.375% due 05/15/07		350,000		323,750

ENTERPRISE Accumulation Trust

64

Enterprise Accumulation Trust

High-Yield Bond Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount		Value
French Fragrances Inc. (Series D) 10.375% due 05/15/07	$	200,000	$	182,000
Sealy Mattress Company (Series B) (c) (o) 0%/10.875% due 12/15/07		1,500,000		1,477,500
				3,029,520
Containers/Packaging — 1.07%
Owens Illinois Inc. 8.10% due 05/15/07		550,000		519,750
Owens Illinois Inc. (o) 7.35% due 05/15/08		700,000		630,000
				1,149,750
Electrical Equipment — 0.97%
BRL Universal Equipment 8.875% due 02/15/08		1,050,000		1,039,500
Energy — 2.78%
Calpine Canada Energy Finance (o) 8.50% due 05/01/08		2,100,000		1,438,500
Calpine Corporation (o) 7.75% due 04/15/09		250,000		162,500
Calpine Corporation (o) 8.625% due 08/15/10		300,000		195,000
CMS Energy Corporation (o) 9.875% due 10/15/07		100,000		75,000
CMS Energy Corporation 7.50% due 01/15/09		650,000		448,500
Cogentrix Energy Inc. 8.75% due 10/15/08		350,000		347,318
Ocean Energy Inc. (Series B) 8.375% due 07/01/08		300,000		316,500
				2,983,318
Entertainment & Leisure — 0.24%
Mohegan Tribal Gaming Authority 8.75% due 01/01/09		250,000		259,063
Fiber Optics — 0.04%
Williams Communications Group (b) 11.70% due 08/01/08		575,000		44,563
Finance — 1.93%
Ford Motor Credit Company (o) 6.50% due 01/25/07		450,000		450,411
Midland Funding Corporation 10.33% due 07/23/02		17,875		17,875
Pemex Project Funding Master Trust, 9.125% due 10/13/10		500,000		525,000
Qwest Capital Funding Inc. (o) 7.25% due 02/15/11		950,000		532,000
UCAR Finance Inc. (144A) 10.25% due 02/15/12		300,000		306,000
Western Financial Bank 8.875% due 08/01/07		250,000		240,789
				2,072,075

	Number of Shares or Principal Amount		Value
Food, Beverages & Tobacco — 4.70%
Canandaigua Brands Inc. (o) 8.625% due 08/01/06	$	750,000	$	787,500
Canandaigua Brands Inc. (144A) 8.50% due 03/01/09		200,000		206,000
Cott Beverages Inc. 8.00% due 12/15/11		400,000		404,000
Dole Food Inc. (144A) 7.25% due 05/01/09		800,000		817,982
Ingles Markets Inc. 8.875% due 12/01/11		500,000		497,500
NBTY Inc. (Series B) 8.625% due 09/15/07		550,000		545,875
Stater Brothers Holdings Inc. 10.75% due 08/15/06		850,000		875,500
Winn-Dixie Stores Inc. (o) 8.875% due 04/01/08		900,000		900,000
				5,034,357
Gaming — 0.57%
Circus Circus Enterprises Inc. (o) 9.25% due 12/01/05		400,000		411,000
Mirage Resorts Inc. 6.75% due 08/01/07		200,000		200,835
				611,835
Health Care — 2.45%
Beverly Enterprises Inc. 9.625% due 04/15/09		850,000		871,250
Dade International Inc. (Series B) (b) 11.125% due 05/01/06		500,000		467,375
Healthsouth Corporation (o) 8.50% due 02/01/08		750,000		787,500
Healthsouth Corporation (o) 10.75% due 10/01/08		450,000		497,250
				2,623,375
Hotels & Restaurants — 10.33%
Boyd Gaming Corporation 9.50% due 07/15/07		500,000		505,000
Foodmaker Corporation (Series B) 9.75% due 11/01/03		150,000		151,500
Foodmaker Inc. 8.375% due 04/15/08		1,250,000		1,282,812
Hilton Hotels Corporation 7.625% due 05/15/08		950,000		969,419
HMH Properties Inc. 7.875% due 08/01/08		150,000		142,875
Host Marriott 8.375% due 02/15/06		500,000		490,000
Host Marriott (144A) 9.50% due 01/15/07		800,000		807,000
John Q Hammons Hotels LP (144A) 8.875% due 05/15/12		300,000		294,000
Mandalay Resort Group (o) 10.25% due 08/01/07		450,000		471,938

ENTERPRISE Accumulation Trust

65

Enterprise Accumulation Trust

High-Yield Bond Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount		Value
Meristar Hospitality Corporation 9.125% due 01/15/11	$	800,000	$	764,000
MGM Grand Inc. (o) 9.75% due 06/01/07		850,000		896,750
MGM Mirage Inc. 8.50% due 09/15/10		600,000		625,714
Park Place Entertainment Corporation (144A) (o) 7.875% due 03/15/10		850,000		843,625
Park Place Entertainment Corporation, 8.125% due 05/15/11		1,225,000		1,218,875
Starwood Hotels & Resorts (144A) 7.875% due 05/01/12		750,000		735,000
Station Casinos Inc. (o) 8.875% due 12/01/08		600,000		609,000
Station Casinos Inc. (o) 9.875% due 07/01/10		250,000		264,375
				11,071,883
Machinery — 3.11%
Briggs & Stratton Corporation (o) 8.875% due 03/15/11		1,000,000		1,050,000
Columbus McKinnon Corporation (o) 8.50% due 04/01/08		300,000		276,000
Dresser Inc. (144A) 9.375% due 04/15/11		450,000		455,625
Flowserve Corporation 12.25% due 08/15/10		325,000		367,250
Navistar International Corporation (Series B) (o) 8.00% due 02/01/08		150,000		144,375
Teekay Shipping Corporation 8.875% due 07/15/11		1,000,000		1,040,000
				3,333,250
Media — 2.28%
AOL Time Warner Inc. (o) 5.625% due 05/01/05		1,000,000		981,212
AOL Time Warner Inc. (o) 6.875% due 05/01/12		500,000		461,124
Corus Entertainment Inc. 8.75% due 03/01/12		1,000,000		1,000,000
				2,442,336
Medical Instruments — 2.71%
Advanced Medical Optics Inc. (144A) 9.25% due 07/15/10	$	1,100,000		1,086,250
Charles River Labs Inc.  (Wts) (a) (144A)		250		56,677
Fisher Scientific International Inc. 9.00% due 02/01/08	$	650,000		664,625
Fisher Scientific International Inc. (144A) 8.125% due 05/01/12		750,000		746,250
Fisher Scientific International Inc. 7.125% due 12/15/05		350,000		347,375
				2,901,177

	Number of Shares or Principal Amount		Value
Medical Services — 1.71%
Amerisourcebergen Corporation 8.125% due 09/01/08	$	150,000	$	154,875
Triad Hospitals Holdings Inc. 11.00% due 05/15/09		700,000		770,000
Triad Hospitals Inc. 8.75% due 05/01/09		50,000		52,250
Warner Chilcott Inc. 12.625% due 02/15/08		750,000		856,875
				1,834,000
Metals & Mining — 2.72%
Alaska Steel Corporation (144A) 7.75% due 06/15/12		700,000		693,000
Steel Dynamics Inc. (144A) 9.50% due 03/15/09		250,000		263,750
United States Steel LLC (144A) 10.75% due 08/01/08		1,100,000		1,144,000
Williams Companies Inc. (o) 7.125% due 09/01/11		1,000,000		809,800
				2,910,550
Oil Services — 6.64%
Chesapeake Energy Corporation 8.375% due 11/01/08		700,000		700,000
Chesapeake Energy Corporation (o) 8.125% due 04/01/11		650,000		638,625
El Paso Corporation (o) 7.00% due 05/15/11		550,000		526,365
El Paso Corporation (144A) 7.875% due 06/15/12		200,000		201,354
EOTT Energy Partners LP 11.00% due 10/01/09		125,000		90,000
Forest Oil Corporation (144A) 7.75% due 05/01/14		100,000		96,500
Grant Prideco Inc. (o) 9.625% due 12/01/07		450,000		470,250
Key Energy Services Inc. 8.375% due 03/01/08		750,000		768,750
Nuevo Energy Company (o) 9.50% due 06/01/08		650,000		654,875
Pioneer Natural Resources Company (144A) 9.625% due 04/01/10		1,575,000		1,731,051
Tesoro Petroleum Corporation (144A) (o) 9.625% due 04/01/12		700,000		640,500
Trico Marine Services Inc. (144A) 8.875% due 05/15/12		600,000		594,000
				7,112,270
Other — 0.10%
Vicar Operating Inc. 9.875% due 12/01/09		100,000		105,000

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66

Enterprise Accumulation Trust

High-Yield Bond Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount		Value
Paper & Forest Products — 1.06%
Buckeye Cellulose Corporation (o) 8.50% due 12/15/05	$	250,000	$	225,000
Georgia Pacific Corporation (o) 8.125% due 05/15/11		950,000		909,243
				1,134,243
Pharmaceuticals — 1.57%
AdvancePCS 8.50% due 04/01/08		700,000		722,750
Biovail Corporation 7.875% due 04/01/10		1,000,000		965,000
				1,687,750
Printing & Publishing — 0.60%
Nebraska Book Company Inc. 8.75% due 02/15/08		350,000		341,250
Primedia Inc. (o) 8.875% due 05/15/11		400,000		300,000
				641,250
Real Estate — 0.75%
Felcor Lodging LP 8.50% due 06/01/11		475,000		465,500
Meristar Hospitality Corporation Operating Partnership (144A) 9.125% due 01/15/11		350,000		334,250
				799,750
Retail — 6.33%
Amerigas Partners LP/Amerigas Eagle Finance Corporation (o) 8.875% due 05/20/11		950,000		988,000
Buhrmann U.S. Inc. 12.25% due 11/01/09		325,000		338,000
Cole National Group Inc. 8.625% due 08/15/07		950,000		938,125
Gap Inc. (c) (o) 0%/10.55% due 12/15/08		450,000		464,218
K Mart Corporation (144A) (b) 9.875% due 06/15/08		800,000		316,000
Michaels Stores Inc. 9.25% due 07/01/09		1,000,000		1,060,000
Penney (JC) Company Inc. 7.65% due 08/15/16		400,000		340,000
Penney (JC) Company Inc. 8.25% due 08/15/22		1,000,000		877,500
Petco Animal Supplies Inc. (o) 10.75% due 11/01/11		1,050,000		1,134,000
Saks Inc. (o) 8.25% due 11/15/08		350,000		330,750
				6,786,593
Semiconductors — 0.42%
Amkor Technology Inc. 9.25% due 05/01/06		550,000		451,000
Telecommunications — 4.31%
Block Communications (144A) 9.25% due 04/15/09		200,000		200,000

	Number of Shares or Principal Amount		Value
Crown Castle International Corporation (c) (o) 0%/10.625% due 11/15/07	$	900,000	$	603,000
Crown Castle International Corporation (o) 9.375% due 08/01/11	$	300,000		189,000
E. Spire Communications Inc. (Wts) (a) (d) (144A)		300		—
Global Crossings Holdings Ltd. (b) (o) 9.625% due 05/15/08	$	950,000		9,500
Intermedia Communications Inc. (c) (n) (o) (Series B) 0%/11.25% due 07/15/07		100,000		31,000
Intermedia Communications Inc. (n) (o) (Series B) 8.50% due 01/15/08		150,000		46,500
Level 3 Communications Inc. 6.00% due 09/15/09		300,000		78,000
Level 3 Communications Inc. 6.00% due 03/15/10		650,000		153,563
Lucent Technologies Inc. 6.45% due 03/15/29		650,000		334,750
Nextel Communications (c) 0%/10.65% due 09/15/07		900,000		490,500
Nextel Communications (c) (o) 0%/9.95% due 02/15/08		200,000		96,000
Nextlink Communications (b) (c) 0%/9.45% due 04/15/08		1,050,000		15,750
Nextlink Communications (b) 10.75% due 11/15/08		50,000		1,250
Panamsat Corporation (144A) 8.50% due 02/01/12		1,450,000		1,334,000
Pathnet Inc. (b) 12.25% due 04/15/08	$	250,000		2,500
Pathnet Inc. (Wts) (a) (d) (144A)		250		—
Sprint Capital Corporation (144A) 8.375% due 03/15/12	$	700,000		579,918
Telecorp PCS Inc. (o) 10.625% due 07/15/10		422,000		394,570
Worldcom Inc. (n) (o) 7.50% due 05/15/11		400,000		60,000
				4,619,801
Textiles — 1.99%
Interface Inc. 10.375% due 02/01/10		600,000		639,000
Phillips Van Heusen Corporation 9.50% due 05/01/08		1,050,000		1,065,750
Polymer Group Inc. (Series B) (b) (o) 9.00% due 07/01/07		525,000		105,000
Westpoint Stevens Inc. 7.875% due 06/15/08		525,000		320,250
				2,130,000
Utilities — 2.10%
AES Corporation 9.50% due 06/01/09		200,000		132,000
AES Corporation (o) 9.375% due 09/15/10		400,000		260,000

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67

Enterprise Accumulation Trust

High-Yield Bond Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount		Value
AES Corporation (o) 8.875% due 02/15/11	$	450,000	$	279,000
Ferrellgas Partners LP (Series B) 9.375% due 06/15/06		600,000		618,000
Mirant Americas Generation LLC (o) 8.30% due 05/01/11		1,200,000		960,000
				2,249,000
Waste Management — 1.91%
Allied Waste North America Inc. 7.625% due 01/01/06		600,000		579,000
Allied Waste North America Inc. 7.875% due 01/01/09		750,000		720,000
Allied Waste North America Inc. (o) 10.00% due 08/01/09		500,000		491,290
Waste Management Inc. 7.375% due 08/01/10		250,000		259,588
				2,049,878
Wireless Communications — 0.65%
AT&T Wireless 8.125% due 05/01/12	$	100,000		81,544
Leap Wireless International Inc. (Wts) (a) (d) (144A)		4,500		—
Voicestream Wireless Corporation 11.50% due 09/15/09	$	500,000		455,000
Voicestream Wireless Corporation 10.375% due 11/15/09		171,918		165,041
				701,585
Total Domestic Corporate Bonds
(Identified cost $101,166,903)				92,364,746
Foreign Bonds — 7.73%
Broadcasting — 2.37%
Grupo Televisa 8.00% due 09/13/11		1,350,000		1,269,000
Rogers Communications Inc. 9.125% due 01/15/06		200,000		184,000
Rogers Communications Inc. (o) 8.875% due 07/15/07		500,000		455,000
Satelites Mexicanos 10.125% due 11/01/04		1,100,000		528,000
Tv Azteca 10.50% due 02/15/07		100,000		97,000
				2,533,000
Energy — 0.28%
YPF Sociedad Anonima (o) 9.125% due 02/24/09		500,000		300,000
Finance — 0.37%
PDVSA Finance Ltd. (o) 9.375% due 11/15/07		400,000		395,000
Government Bond — 2.01%
United Mexican States 9.875% due 01/15/07		250,000		280,000

	Number of Shares or Principal Amount		Value
United Mexican States (o) 8.625% due 03/12/08	$	500,000	$	534,250
United Mexican States 9.875% due 02/01/10		1,200,000		1,344,000
				2,158,250
Manufacturing — 0.39%
Tyco International Group (o) 6.375% due 10/15/11		550,000		421,031
Oil Services — 0.45%
Petroleos Mexicano (144A) 9.375% due 12/02/08	$	450,000		482,625
Telecommunications — 1.08%
AT&T Canada Inc. Deposit Receipts (Class B) (a) (o)		342		10,872
Flag Ltd. (b) (o) 8.25% due 01/30/08	$	550,000		49,500
Rogers Cantel Inc. (o) 8.80% due 10/01/07		650,000		422,500
Telewest Communications (c) (o) 0/9.25% due 04/15/09		1,450,000		435,000
Telewest Communications (o) 9.875% due 02/01/10		350,000		136,500
Telewest PLC 11.00% due 10/01/07	$	250,000		100,000
				1,154,372
Transportation — 0.19%
TBS Shipping International Ltd. (Common Stock) (a) (d) (k)		5,000		—
TBS Shipping International Ltd. (Preferred Stock) (a) (d) (k)		5,356		—
TBS International Limited (Wts) (a) (d) (k)		13,333		—
TBS Shipping International Ltd. 10.00% due 02/08/08 (d) (k) (o)	$	216,375		62,749
TFM (o) 10.25% due 06/15/07		150,000		140,250
				202,999
Wireless Communications — 0.59%
Grupo Iusacell 14.25% due 12/01/06		850,000		637,500
Total Foreign Bonds
(Identified cost $11,457,567)				8,284,777
Convertible Corporate Bonds — 0.42%
Wireless Communications — 0.42%
Nextel Communications (o) 5.25% due 01/15/10		1,100,000		455,125
Total Convertible Corporate Bonds
(Identified cost $739,820)				455,125

ENTERPRISE Accumulation Trust

68

Enterprise Accumulation Trust

High-Yield Bond Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount		Value
U.S. Treasury Obligations — 0.14%
U.S. Treasury Bonds — 0.14%
4.375% due 05/15/07	$	150,000	$	152,063
Total U.S. Treasury Obligations
(Identified cost $150,625)				152,063
Repurchase Agreement — 2.85%
State Street Bank & Trust Repurchase Agreement, 1.45% due 07/01/02 Maturity Value $3,058,370 Collateral: U.S. Treasury Bond $3,135,000, Zero Coupon, due 09/26/02, Value $3,120,893		3,058,000		3,058,000
Total Repurchase Agreement
(Identified cost $3,058,000)				3,058,000

	Value
Total Investments
(Identified cost $116,572,916)	$	104,314,711
Other Assets Less Liabilities — 2.68%		2,871,484
Net Assets — 100%	$	107,186,195

(a) Non-income producing security.

(b) Security is in bankruptcy and/or is in default of interest payment. Portfolio has ceased accrual of interest.

(c) Zero Coupon or Step Bond — The interest rate on a step bond represents the rate of interest that will commence its accrual on a predetermined date. The rate shown for zero coupon bonds is the current effective yield.

(d) Security is fair valued at June 30, 2002.

(k) Illiquid Security.

(n) Declared bankruptcy since June 30, 2002. Portfolio has since ceased accrual.

(o) Security, or portion thereof, out on loan at June 30, 2002.

(v) Variable interest rate security, Interest rate is as of June 30, 2002.

(Wts) Warrants — Warrants entitle the portfolio to purchase a predetermined number of shares of stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date.

(144A) The security may only be offered and sold to “qualified institutional buyers” under Rule 144A of the Securities Act of 1933.

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69

Enterprise Accumulation Trust

Total Return Portfolio

Subadviser’s Comments

Pacific Investment Management Company, LLC

Newport Beach, California

Investment Management

Enterprise Capital Management, Inc. is the registered investment adviser for Enterprise Accumulation Trust.

Founded in 1971, Pacific Investment Management Company (“PIMCO”) has grown to become a worldwide leader in fixed income money management. PIMCO is headquartered in Newport Beach, Calif. with offices in Munich, London, Tokyo, Sydney and Singapore. The firm has approximately $274 billion in assets under management, and its normal investment minimum is $75 million.

Investment Objective

The objective of the Enterprise Total Return Portfolio is capital appreciation.

Investment Strategies

The Total Return Portfolio invests primarily in a diversified portfolio of fixed income instruments of varying maturities. These instruments will be primarily investment grade debt securities, but may include high yield securities, known as “junk bonds,” rated CCC to BB by S&P, Caa to Ba by Moody’s, or, if unrated, determined by the subadviser to be of comparable quality. Junk bonds may comprise no more than 20 percent of the Portfolio’s total assets. In selecting fixed income securities, the subadviser will use various techniques, including economic forecasting, interest rate anticipation, credit and call risk analysis, foreign currency exchange rate forecasting and other securities selection techniques. The Portfolio’s performance will be measured against the Lehman Brothers U.S. Universal Index. This Index is designed to capture a broad range of fixed income securities issued in U.S. dollars, including U.S. government and investment grade debt, as well as junk bonds, Eurobonds, illiquid securities and emerging market debt. The Portfolio may invest in any of the components of the index. The “total return” sought by the Portfolio consists of income earned on the Portfolio’s investments, plus capital appreciation, if any, which generally arises from decreases in interest rates or improving credit fundamental for a particular sector or security. The Portfolio may invest up to 30 percent of its assets in securities denominated in foreign currencies and without limit in U.S. dollar denominated securities of foreign issuers. The Portfolio will normally hedge at least 75 percent of its exposure to foreign currency to reduce the risk of loss due to fluctuations in currency exchange rates. For risk management purposes or as part of its investment strategy, the Portfolio may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities. The subadviser expects a high portfolio turnover rate of 100 percent or more. The Portfolio may also lend portfolio securities on a short-term or long-term basis, up to 33 ¹/3 percent of its total assets.

2002 First Half Performance Review

Interest rates fell and most bonds gained as investors sought a safe haven amid turbulent financial markets. Sources of volatility were: outrage at accounting and corporate governance scandals among telecom and energy/pipeline companies, losses in Brazilian bonds amid election-related uncertainty, and a sharp fall in the dollar. Treasuries outpaced corporate bonds and non-U.S. bonds amid strong demand for safe, stable and liquid assets. Mortgages also performed well given their high yields and strong credit quality.

The Portfolio lagged its benchmark for the six-month period ended June 30, 2002. PIMCO sought to anticipate reflationary forces in the markets by moving toward near-index duration and increasing exposure to stable, attractively priced corporates. While positioning the Portfolio early for an expected turn in the economy may pay off in the long run, these strategies detracted from year-to-date returns. Near-index duration was neutral for returns. A near-index yield curve position was neutral for returns. Increased corporate exposure, especially holdings of telecom and energy/pipeline companies, was negative for returns. Asset-backed bonds were positive as investors sought their strong collateral protection and premium yields. Emerging market bonds detracted from returns as Brazil’s problems adversely

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70

Enterprise Accumulation Trust — (Continued)

Total Return Portfolio

Subadviser’s Comments

affected the entire asset class. An increased allocation to developed non-U.S. bonds was modestly negative as the flight to safety caused U.S. interest rates to fall the most.

Future Investment Strategy

PIMCO believes the era of disinflation is over. Reflation may dominate over the next several years, sustaining a mild recovery with inflation peaking at 3 to 4 percent. This turning point may prove difficult for financial assets, as interest rates may trend higher in a reflationary environment. PIMCO believes that the cyclical recovery in the U.S. may slow as concerns about corporate governance and accounting issues will discourage a revival in business investment.

PIMCO will limit interest rate risk and focus the Portfolio on higher-yielding mortgage, corporate and emerging market bonds that provide a margin of safety. Target duration will be near or modestly below the benchmark given PIMCO’s expectations for an upward bias in rates. Focus on short/intermediate maturity issues, which are less sensitive to reflationary pressures than longer maturities. PIMCO will continue to overweight mortgages to capture premium yields with minimal credit risk, but target allocation closer to benchmark levels following the strong rally in this sector. PIMCO’s target for the Portfolio will be near-index weighting of corporates, focusing security selection on stable credits with sound corporate governance and transparent accounting practices. PIMCO’s outlook for telecom and energy/pipeline holdings that hurt performance in the second quarter is positive given their strong cash flow and asset coverages. Emerging market bonds with solid credit fundamentals, such as Brazil, may be an attractive source of yield going forward despite recent negative performance. The Portfolio will hold high quality asset-backed securities to benefit from strong collateral protection and attractive yields and increase developed non-U.S. positions, especially in the Eurozone, which continue to offer attractive relative value.

There are specific risks associated with some of the securities held in this Portfolio. High-yield bonds are subject to defaults by the issuer, market valuation and interest rate sensitivity; investments in foreign securities are subject to currency fluctuations, foreign taxation, differences in accounting standards and political or economic instability; and investments in derivatives could subject the Portfolio to loss of principal. In addition, this Portfolio is expected to have a higher-than-average turnover rate, which could generate more taxable short-term gains and negatively affect performance.

The views expressed in this report reflect those of the subadviser only through the end of the period of the report as stated on the cover. The subadviser’s views are subject to change at any time based on market and other conditions.

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Total Return Portfolio

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount		Value
Domestic Corporate Bonds and Notes — 50.95%
Aerospace — 3.14%
Martin Marietta Corporation 6.50% due 04/15/03	$	50,000	$	51,225
Raytheon Company 6.45% due 08/15/02		110,000		110,583
Raytheon Company 7.90% due 03/01/03		85,000		87,177
				248,985
Airlines — 0.95%
American Airlines Inc. (144A) 7.858% due 10/01/11		60,000		65,111
Delta Air Lines Inc. 7.111% due 03/18/13		10,000		10,575
				75,686
Automotive — 4.20%
Daimlerchrysler North America 6.84% due 10/15/02		100,000		101,137
Daimlerchrysler North America (v) 2.22% due 08/16/02		50,000		49,688
Daimlerchrysler North America (v) 2.657% due 09/16/02		50,000		50,124
General Motors Acceptance Corporation 5.48% due 12/16/02		30,000		30,438
General Motors Acceptance Corporation 5.63% due 01/15/03		100,000		101,747
				333,134
Cable — 5.90%
Continental Cablevision Inc. 8.30% due 05/15/06		50,000		51,145
Cox Communications Inc. (u) 6.15% due 08/01/03		150,000		151,255
Cox Communications Inc. 6.75% due 03/15/11		40,000		35,682
CSC Holdings Inc. 8.125% due 07/15/09		50,000		41,325
Tele Communications Inc. 8.25% due 01/15/03		85,000		86,251
Tele Communications Inc. 6.375% due 05/01/03		100,000		102,126
				467,784
Energy — 3.38%
Dynegy Holdings Inc. 8.75% due 02/15/12		50,000		37,250
Dynegy Holdings Inc. 6.875% due 07/15/02		85,000		82,450
El Paso Natural Gas Company (144A) 8.375% due 06/15/32		50,000		51,422

	Number of Shares or Principal Amount		Value
Niagara Mohawk Power Corporation 5.875% due 09/01/02	$	50,000	$	50,220
WCG Corporation Inc. (144A) 8.25% due 03/15/04		50,000		46,266
				267,608
Entertainment & Leisure — 0.45%
Station Casinos Inc. 8.875% due 12/01/08		35,000		35,525
Finance — 3.32%
Ford Motor Credit Company 7.50% due 01/15/03		150,000		153,167
Ford Motor Credit Company 6.125% due 04/28/03		10,000		10,198
National Rural Utilities Cooperative Finance (v) 2.94% due 07/26/02		100,000		99,991
				263,356
Food, Beverages & Tobacco — 2.38%
Kroger Company (v) (u) 2.65% due 08/16/02		50,000		50,009
Reynolds R J Tobacco Holdings Inc. 7.375% due 05/15/03		85,000		87,416
RJR Nabisco Inc. (144A) 7.375% due 05/15/03		50,000		51,544
				188,969
Forest Products — 1.14%
Weyerhaeuser Company (144A) 3.012% due 09/16/02		90,000		90,027
Health Care — 1.64%
HCA Healthcare Company (v) 3.379% due 09/19/02		130,000		130,043
Hotels & Restaurants — 5.68%
Hilton Hotels Corporation 7.70% due 07/15/02		50,000		50,039
Host Marriott 8.375% due 02/15/06		40,000		39,200
ITT Corporation 6.75% due 11/15/05		50,000		49,403
MGM Mirage Inc. 6.95% due 02/01/05		100,000		101,416
MGM Mirage Inc. 8.50% due 09/15/10		50,000		52,143
Mirage Resorts Inc. 6.75% due 08/01/07		45,000		45,188
Park Place Entertainment Corporation 8.50% due 11/15/06		10,000		10,575
Park Place Entertainment Corporation 7.95% due 08/01/03		100,000		102,227
				450,191
Media — 0.58%
AOL Time Warner Inc. 6.875% due 05/01/12		50,000		46,113

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Enterprise Accumulation Trust

Total Return Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount		Value
Misc. Financial Services — 4.83%
CIT Group Inc. (v) 2.01% due 07/15/02	$	100,000	$	99,150
Ford Motor Credit Company (v) 2.168% due 09/03/02		50,000		49,574
Household Finance Corporation 5.875% due 11/01/02		45,000		45,530
Household Finance Corporation (v) 3.14% due 09/11/02		50,000		50,330
HSBC Capital Funding (144A) 10.176% due 06/30/30		100,000		127,994
United States West Capital Funding Inc. 6.125% due 07/15/02		10,000		9,800
				382,378
Oil Services — 2.81%
CMS Panhandle Holding Company 6.50% due 07/15/09		20,000		16,948
Coastal Corporation 8.125% due 09/15/02		50,000		50,123
Dominion Resources Inc. 6.00% due 01/31/03		50,000		50,760
El Paso Corporation 7.00% due 05/15/11		30,000		28,711
El Paso Energy Corporation 7.75% due 01/15/32		30,000		27,820
Williams Companies Inc. 6.50% due 11/15/02		50,000		48,083
				222,445
Other — 1.17%
GS Escrow Corporation 7.00% due 08/01/03		70,000		72,620
GS Escrow Corporation (v) 2.913% due 08/01/02		20,000		19,898
				92,518
Paper & Forest Products — 0.64%
Boise Cascade Corporation 7.50% due 02/01/08		50,000		50,709
Real Estate — 0.64%
EOP Operating L.P. 6.375% due 02/15/03		50,000		51,033
Retail — 0.64%
Safeway Inc. 3.625% due 11/05/03		50,000		50,315
Telecommunications — 4.43%
Qwest Corporation (144A) 8.875% due 03/15/12		40,000		35,600
Sprint Capital Corporation 5.70% due 11/15/03		100,000		88,862
Sprint Capital Corporation (144A) 8.375% due 03/15/12		50,000		41,423

	Number of Shares or Principal Amount		Value
U.S. West Communications Inc. 6.375% due 10/15/02	$	125,000	$	118,750
United Telecommunications 9.50% due 04/01/03		50,000		52,330
Worldcom Inc. (144A) (n) (u) 7.375% due 01/15/03		75,000		14,625
				351,590
Transportation — 1.26%
Norfolk Southern Corporation (v) 2.621% due 07/30/02		100,000		99,977
Waste Management — 1.26%
Waste Management Inc. 6.625% due 07/15/02		100,000		100,158
Wireless Communications — 0.51%
AT&T Wireless 8.125% due 05/01/12		50,000		40,772
Total Domestic Corporate Bonds and Notes
(Identified cost $4,147,081)				4,039,316
Foreign Bonds — 3.47%
Broadcasting — 0.62%
British Sky Broadcasting Group 8.20% due 07/15/09		50,000		49,151
Cable — 0.39%
Rogers Cablesystems Ltd. 10.00% due 03/15/05		30,000		31,200
Telecommunications — 2.46%
British Telecom (v) 3.182% due 09/16/02		100,000		100,189
Deutsche Telekom 9.25% due 06/01/32		50,000		50,399
France Telecom 9.00% due 09/01/02		50,000		44,226
				194,814
Total Foreign Bonds
(Identified cost $291,487)				275,165
Asset-Backed Securities — 2.74%
Finance — 2.29%
Merrill Lynch Mortgage Investors Inc., Series 2002-AFC1, Class AV1, (v) 2.198% due 07/25/02		81,341		81,543
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A1, 3.28% due 01/07/13		100,000		99,993
				181,536

ENTERPRISE Accumulation Trust

73

Enterprise Accumulation Trust

Total Return Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares or Principal Amount		Value
Misc. Financial Services — 0.45%
Bear Stearns Home Loan Owner Trust, Series 2001-A, Class AI1, (v) 2.02% due 07/15/02	$	35,727	$	35,727
Total Asset-Backed Securities
(Identified cost $217,061)				217,263
Mortgage-Backed Securities — 14.22%
Finance — 2.01%
Credit Suisse First Boston Mortgage, Series 2002-P1, Class A-1, (v) 2.478% due 3/25/32		68,168		68,168
Washington Mutual Mortgage Securities Corporation, Series 2001-2, Class A3, 6.01% due 04/25/31		91,084		90,871
				159,039
Misc. Financial Services — 5.34%
Bear Stearns Arm Trust, Series 2002-2, Class IIIA, 6.952% due 06/25/32		40,047		40,898
C Bass Trust, Series 2002-CB1, (v) Class A2A, 2.18% due 6/25/32		90,410		90,576
First Horizon Asset Securities, Series 2000-H, Class 1A, 7.00% due 05/25/30		45,829		47,218
Structured Asset Securities Corporation, Series 2002-9, Class A 2, (v) 2.14% due 10/25/27		95,688		95,732
Structured Asset Securities Corporation, Series 2002-BC3M, Class A, (v) 2.11% due 06/25/32		99,401		99,370
Structured Asset Securities Corporation, Series 2002-HF1, Class A, (v) 2.13% due 1/25/33		49,406		49,418
				423,212
Freddie Mac — 6.87%
Series 2142, Class Z 6.50% due 04/15/29		122,787		120,167
Series 2411, Class FJ (v) 2.19% due 12/15/29		159,660		159,731
Series 2412, Class OR 5.25% due 07/15/11		183,267		187,035
Series 2429, Class OA 6.00% due 12/15/28		75,270		78,144
				545,077
Total Mortgage-Backed Securities
(Identified cost $1,118,850)				1,127,328

	Number of Shares or Principal Amount		Value
Agency Obligations — 42.09%
Fannie Mae — 19.00%
6.00% due 12/ 01/99 (TBA)	$	500,000	$	507,970
6.00% due 12/15/99 (TBA)		500,000		498,280
5.50% due 12/31/99 (TBA)		500,000		500,470
				1,506,720
Freddie Mac — 5.04%
Discount Note 1.75% due 07/24/02		400,000		399,553
Ginnie Mae — 16.03%
6.50% due 12/15/99 (TBA)		1,000,000		1,020,000
6.00% due 12/31/99 (TBA)		250,000		250,625
				1,270,625
U. S. Treasury Bills — 0.75%
0%/1.66% due 08/15/02 (c) (s)		60,000		59,877
U. S. Treasury Notes — 1.27%
4.875% due 02/15/12		100,000		100,375
Total Agency Obligations
(Identified cost $3,330,151)				3,337,150
Foreign Government Obligations — 4.17%
Brazil Federative Republic 11.50% due 03/12/08		25,000		17,000
Brazil Federative Republic 11.00% due 01/11/12		50,000		30,250
Peru Republic (144A) 9.125% due 02/21/12		50,000		45,275
Republic of Croatia (t) 2.875% due 07/31/02		30,909		30,912
Republic of Panama 8.25% due 04/22/08		30,000		28,800
Republic of Peru 9.125% due 02/21/12		20,000		17,974
Republic of South Africa 9.125% due 05/19/09		25,000		28,000
United Mexican States 7.50% due 01/14/12		60,000		59,310
United Mexican States 8.30% due 08/15/31		75,000		72,937
				330,458
Total Foreign Government Obligations
(Identified cost $357,178)				330,458

ENTERPRISE Accumulation Trust

74

Enterprise Accumulation Trust

Total Return Portfolio — (Continued)

Portfolio of Investments (Unaudited) — June 30, 2002

	Number of Shares, Contracts, Notional or Principal Amount		Value
Commercial Paper — 13.83%
Abbey National 1.79% due 09/09/02	$	300,000	$	298,956
Anz Delaware Inc. 1.79% due 09/05/02		300,000		299,015
Swedbank Forenings 1.85% due 08/22/02		200,000		199,466
UBS Finance Inc. 1.77% due 08/29/02		300,000		299,130
Total Commercial Paper
(Identified cost $1,096,567)				1,096,567
Repurchase Agreement — 2.65%
State Street Bank & Trust Repurchase Agreement 1.45% due 07/01/02 Maturity Value $210,025 Collateral: U.S. Treasury Bond $220,000 Zero Coupon due 09/26/02, Value $219,010		210,000		210,000
Total Repurchase Agreement
(Identified cost $210,000)				210,000
Put Options — 0.00%
Eurodollar Futures, Strike Price 95.50, Expires 12/16/02		13		162
Eurodollar Futures, Strike Price 95.75, Expires 12/16/02		2		25
				187
Total Put Options
(Identified cost $244)				187
Total Investments
(Identified cost $10,768,619)			$	10,633,434
Call Options Written — (0.07)%
United States Treasury Notes 10-Year Futures, Strike Price 108, Expires 08/24/02		300,000		(2,578)
United States Treasury Notes 10-Year Futures, Strike Price 109, Expires 08/24/02		300,000		(1,828)
United States Treasury Notes 10-Year Futures, Strike Price 110, Expires 08/24/02		300,000		(1,125)
Total Call Options Written
(Premiums received $(2,685))				(5,531)

	Number of Shares, Contracts, Notional or Principal Amount	Value
Put Options Written — (0.07)%
Eurodollar Futures, Strike Price 96.50, Expires 03/17/03	3,000,000	$	(1,125)
Eurodollar Futures, Strike Price 96.75, Expires 03/17/03	8,000,000		(4,000)
Eurodollar Futures, Strike Price 96.50, Expires 12/16/02	5,000,000		(188)
United States Treasury Notes 10 Year Futures, Strike Price 100, Expires 08/24/02	500,000		(156)
Total Put Options Written
(Premiums received $(13,490))			(5,469)
Other Assets Less Liabilities — (33.98)%			(2,694,375)
Net Assets — 100%		$	7,928,059

(c) Zero Coupon or Step Bond — The interest rate on a step bond represents the rate of interest that will commence its accrual on a predetermined date. The rate shown for zero coupon bonds is the current effective yield.

(n) Declared bankruptcy since June 30, 2002. Portfolio has since ceased accrual of interest.

(s) Security segregated at the custodian as collateral for open futures contracts.

(t) Represents a Brady Bond. Brady Bonds are securities which have been issued to refinance commercial bank loans and other debt. The risk associated with these instruments is the amount of any uncollateralized principal or interest payments since there is a high default rate of commercial bank loans by countries issuing these securities.

(v) Variable rate security: interest rate is as of June 30, 2002.

(u) Remarketable security. With remarketable securities the remarking dealer or lead manager may opt to either redeem or remarket the securities during a specified period of time.

(144A) The security may only be offered and sold to “qualified institutional buyers” under Rule 144A of the Securities Act of 1933.

(TBA) To Be Announced — certain specific security details such as final par amount and maturity date have not yet been determined.

Open futures contracts as of June 30, 2002 are as follows:

Description	Expiration Month	Contracts		Unrealized Appreciation/ (Depreciation)
Short U.S. Treasury 5-Year Notes	09/02	(2	)	$	(2,969	)
Long U.S. Treasury 10-Year Notes	09/02	6			516
Long U.S. Treasury Bonds	09/02	3			2,836
Long Germany Federated Republic Bonds	09/02	7			1,555
Long Eurodollar	12/02	9			23,250
				$	25,188

See notes to financial statements.

ENTERPRISE Accumulation Trust

75

Statements of Assets and Liabilities

June 30, 2002 (Unaudited)

	AGGRESSIVE STOCK											STOCK
	Mid-Cap Growth Portfolio			Multi-Cap Growth Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio		Capital Appreciation Portfolio			Equity Portfolio
Assets:
Investments at value	$	2,923,487		$	72,949,173		$	75,662,806		$	377,219,846	$	57,623,197		$	252,138,529
Repurchase agreements at value		199,000			1,111,000			—			—		—			700,000
Foreign currency at value (cost — $159, $22,769, $751, $182 and $20,694)		—			—			—			—		174			—
Collateral for securities loaned, at value		—			19,332,971			19,508,543			72,355,353		14,806,996			11,097,000
Receivable for securities lending income		—			3,580			5,847			13,729		1,820			1,921
Receivable for margin variation on open futures
Receivable for fund shares sold		8,779			4,802			64,508			47,479		10,790			2,075
Receivable for investments sold		69,964			2,579,477			2,081,359			—		210,264			—
Dividends and interest receivable		127			15,542			8,534			281,887		16,565			66,785
Forward currency contracts (net) receivable		—			—			—			—		—			—
Due from investment adviser		1,846			—			—			—		—			—
Cash and other assets		408			551			1,078			2,185		33,773			1,922
Total assets		3,203,611			95,997,096			97,332,675			449,920,479		72,703,579			264,008,232
Liabilities:
Payable for fund shares redeemed		10,534			413,912			391,910			1,200,044		124,464			1,137,353
Call options written, at market value (premiums received $16,175)		—			—			—			—		—			—
Payable for investments purchased		58,228			1,294,073			304,220			—		731,403			—
Payable due upon return of securities loaned		—			19,332,971			19,508,543			72,355,353		14,806,996			11,097,000
Payable for margin variation on open futures		—			—			—			—		—			—
Forward currency contracts (net) payable		—			—			—			—		—			—
Investment advisory fees payable		1,958			65,217			65,110			250,469		35,933			174,614
Due to investment adviser		—			—			—			—		—			—
Accrued expenses and other liabilities		15,329			41,793			29,266			120,075		28,062			132,637
Total liabilities		86,049			21,147,966			20,299,049			73,925,941		15,726,858			12,541,604
Net Assets	$	3,117,562		$	74,849,130		$	77,033,626		$	375,994,538	$	56,976,721		$	251,466,628
Analysis of Net Assets:
Paid-in capital	$	3,918,249		$	165,113,896		$	93,034,561		$	341,069,333	$	74,784,408		$	428,232,909
Undistributed (accumulated) net investment income (loss)		(13,387	)		(307,393	)		(312,554	)		1,454,551		3,605			(1,008,508	)
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency		(776,631	)		(85,816,388	)		(4,000,412	)		10,011,943		(23,404,696	)		(62,994,189	)
Unrealized appreciation (depreciation) on investments and foreign currency denominated amounts		(10,669	)		(4,140,985	)		(11,687,969	)		23,458,711		5,593,404			(112,763,584	)
Net Assets	$	3,117,562		$	74,849,130		$	77,033,626		$	375,994,538	$	56,976,721		$	251,466,628
Fund shares outstanding		505,202			11,163,375			11,446,147			18,650,936		10,010,734			18,642,361
Net asset value per share		$6.17			$6.70			$6.73			$20.16		$5.69			$13.49
Investments at cost	$	3,133,156		$	78,201,158		$	87,350,775		$	353,761,135	$	52,030,002		$	365,602,113

See notes to financial statements.

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76

STOCK									INTERNATIONAL/GLOBAL									SECTOR/ SPECIALTY			DOMESTIC HYBRID
Equity Income Portfolio			Growth Portfolio			Growth and Income Portfolio			Emerging Countries Portfolio			International Growth Portfolio			Worldwide Growth			Global Socially Responsive			Balanced Portfolio			Managed Portfolio
$	40,392,740		$	235,337,337		$	144,240,237		$	1,268,495		$	59,989,796		$	1,005,334		$	962,906		$	19,022,302		$	818,080,587
	4,278,000			9,064,000			157,000			—			—			123,000			129,000			1,133,000			13,221,000
	—			—			—			22,960			—			755			183			—			—
	5,506,511			5,496,848			1,647,010			—			—			—			—			—			12,851,028
	1,078			758			484			—			5,733			—			—			—			2,111
																						—			—
	65,305			43,761			23,271			379			47,660			40			131			—			52,601
	102,508			—			—			174,515			—			18,387			11,833			—			2,088,992
	46,594			79,040			71,761			3,890			138,575			878			746			122,592			1,174,548
	—			—			—			—			—			—			—			—			—
	—			—			—			6,747			—			4,824			1,505			—			—
	209			1,001			1,269			3			428,972			749			299			222			5,005
	50,392,945			250,022,745			146,141,032			1,476,989			60,610,736			1,153,967			1,106,603			20,278,116			847,475,872
	197,524			1,277,007			777,858			2,955			663,661			2,814			249			83,606			4,080,350
	—			—			—			—			—			—			—			—			—
	—			—			—			92,588			—			97,209			22,874			—			—
	5,506,511			5,496,848			1,647,010			—			—			—			—			—			12,851,028
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	28,154			157,099			92,563			1,561			42,410			850			788			12,916			554,004
	—			—			—			—			—			—			—			—			—
	12,634			95,209			62,285			62,995			125,746			30,666			5,546			9,465			460,973
	5,744,823			7,026,163			2,579,716			160,099			831,817			131,539			29,457			105,987			17,946,355
$	44,648,122		$	242,996,582		$	143,561,316		$	1,316,890		$	59,778,919		$	1,022,428		$	1,077,146		$	20,172,129		$	829,529,517
$	49,537,071		$	323,049,485		$	187,915,251		$	1,380,823		$	79,296,782		$	1,174,193		$	1,139,566		$	22,257,737		$	989,267,790
	782,741			1,426,788			2,134,787			1,548			955,750			(1,477	)		3,143			590,948			10,498,458
	(4,034,281	)		(62,811,638	)		(4,541,553	)		(27,753	)		(20,109,318	)		(115,662	)		(6,742	)		(2,065,755	)		(61,995,153	)
	(1,637,409	)		(18,668,053	)		(41,947,169	)		(37,728	)		(364,295	)		(34,626	)		(58,821	)		(610,801	)		(108,241,578	)
$	44,648,122		$	242,996,582		$	143,561,316		$	1,316,890		$	59,778,919		$	1,022,428		$	1,077,146		$	20,172,129		$	829,529,517
	9,246,793			54,291,459			31,492,785			141,817			13,751,032			127,387			113,904			4,496,856			50,454,466
	$4.83			$4.48			$4.56			$9.29			$4.35			$8.03			$9.46			$4.49			$16.44
$	46,308,149		$	263,069,390		$	186,344,406		$	1,306,192		$	60,365,550		$	1,162,984		$	1,150,843		$	20,766,103		$	939,310,992

See notes to financial statements.

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77

Statements of Assets and Liabilities — (Continued)

June 30, 2002 (Unaudited)

	INCOME
	High-Yield Bond Portfolio			Total Return
Assets:
Investments at value	$	101,256,711		$	10,423,434
Repurchase agreements at value		3,058,000			210,000
Foreign currency at value (cost — $159, $22,769, $751, $182 and $20,694)		—			20,981
Collateral for securities loaned, at value		29,009,443			—
Receivable for securities lending income		5,184			—
Receivable for margin variation on open futures		—			5
Receivable for fund shares sold		2,334			52,258
Receivable for investments sold		500,165			509,922
Dividends and interest receivable		2,727,084			98,406
Forward currency contracts (net) receivable		—			—
Due from investment adviser		—			2,645
Cash and other assets		14,377			436
Total assets		136,573,298			11,318,087
Liabilities:
Payable for fund shares redeemed		275,629			434
Call options written, at market value (premiums received $16,175)		—			11,000
Payable for investments purchased		—			3,345,565
Payable due upon return of securities loaned		29,009,443			—
Payable for margin variation on open futures		—			681
Forward currency contracts (net) payable		—			—
Investment advisory fees payable		54,972			3,235
Due to investment adviser		—			—
Accrued expenses and other liabilities		47,059			29,113
Total liabilities		29,387,103			3,390,028
Net Assets	$	107,186,195		$	7,928,059
Analysis of Net Assets:
Paid-in capital	$	139,770,425		$	7,979,400
Undistributed (accumulated) net investment income (loss)		(35	)		(540	)
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency		(20,325,990	)		53,736
Unrealized appreciation (depreciation) on investments and foreign currency denominated amounts		(12,258,205	)		(104,537	)
Net Assets	$	107,186,195		$	7,928,059
Fund shares outstanding		26,427,066			797,660
Net asset value per share		$4.06			$9.94
Investments at cost	$	116,572,916		$	10,789,314

See notes to financial statements.

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79

Statements of Operations

For the Six Months Ended June 30, 2002 (Unaudited)

	AGGRESSIVE STOCK
	Mid-Cap Growth Portfolio			Multi-Cap Growth Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio
Investment Income:
Dividends	$	2,868		$	148,455	(1)	$	73,673		$	1,654,739	(1)
Interest		951			38,048			46,403			153,174
Securities lending		—			6,427			26,286			65,245
Total investment income		3,819			192,930			146,362			1,873,158
Expenses:
Investment advisory fees		11,221			447,322			417,807			1,506,842
Custodian and fund accounting fees		17,172			21,450			11,093			46,514
Reports and notices to shareholders		498			21,178			17,452			76,480
Trustees’ fees and expenses		27			1,191			963			4,242
Audit and legal fees		1,189			7,253			9,605			30,313
Miscellaneous		127			1,929			1,996			8,383
Total expenses		30,234			500,323			458,916			1,672,774
Less: Expense reimbursement		(13,028	)					—
Total expenses, net of reimbursement		17,206			500,323			458,916			1,672,774
Net investment income (loss)		(13,387	)		(307,393	)		(312,554	)		200,384
Realized and unrealized gain(loss) on investments — net:
Net realized gain (loss) on investments		(536,536	)		(11,239,131	)		292,662			4,608,369
Net realized gain (loss) on foreign currency transactions		—			—			—			—
Net change in unrealized gain (loss) on investments and foreign currency denominated amounts		(133,534	)		(8,509,334	)		(13,023,510	)		5,229,083
Net realized and unrealized gain (loss) on investments		(670,070	)		(19,748,465	)		(12,730,848	)		9,837,452
Net increase (decrease) in net assets resulting from operations	$	(683,457	)	$	(20,055,858	)	$	(13,043,402	)	$	10,037,836

(1) Net of foreign taxes withheld of $773 for Multi-Cap Growth, $1,931 for Small Company Value, $8,510 for Capital Appreciation, $796 for Equity Income, $13,361 for Growth, $14,305 for Growth and Income, $1,622 for Emerging Countries, $92,325 for International Growth, $555 for Worldwide Growth.

(3) Includes credits earned under an expense offset arrangement of $400 for Capital Appreciation and $1,179 for Equity.

See notes to financial statements.

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STOCK															INTERNATIONAL/GLOBAL
Capital Appreciation Portfolio			Equity Portfolio			Equity Income Portfolio			Growth Portfolio			Growth and Income Portfolio			Emerging Countries Portfolio			International Growth Portfolio			Worldwide Growth Portfolio
$	232,927	(1)	$	372,746		$	418,587	(1)	$	1,524,358	(1)	$	1,127,194	(1)	$	8,727	(1)	$	852,685	(1)	$	6,163	(1)
	15,821			5,655			40,203			81,660			119,873			241			78,681			298
	5,380			19,529			2,448			11,764			6,029						22,717
	254,128			397,930			461,238			1,617,782			1,253,096			8,968			954,083			6,461
	219,799			1,257,543			164,849			1,014,808			613,475			7,030			257,154			4,757
	12,857			31,023			9,948			26,281			22,327			44,205			61,302			31,981
	12,302			77,408			8,634			59,937			36,572			187			13,439			168
	690			6,282			789			3,341			3,364			19			760			15
	4,215			28,210			2,833			25,216			15,632			1,102			4,728			1,088
	1,113			7,151			512			5,452			1,959			2,516			1,523			1,809
	250,976			1,407,617			187,565			1,135,035			693,329			55,059			338,906			39,818
	(400	)(3)		(1,179	)(3)											(44,935	)					(33,158	)
	250,576			1,406,438			187,565			1,135,035			693,329			10,124			338,906			6,660
	3,552			(1,008,508	)		273,673			482,747			559,767			(1,156	)		615,177			(199	)
	(1,688,543	)		(35,875,956	)		(1,114,884	)		(7,072,031	)		(3,108,118	)		29,925			(3,620,397	)		(39,175	)
	(246	)		—			—			—						1,960			—			3,327
	1,650,794			(37,445,443	)		(1,073,449	)		(33,935,586	)		(25,023,615	)		(122,907	)		3,220,289			(68,287	)
	(37,995	)		(73,321,399	)		(2,188,333	)		(41,007,617	)		(28,131,733	)		(91,022	)		(400,108	)		(104,135	)
$	(34,443	)	$	(74,329,907	)	$	(1,914,660	)	$	(40,524,870	)	$	(27,571,966	)	$	(92,178	)	$	215,069		$	(104,334	)

See notes to financial statements.

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Statements of Operations — (Continued)

For the Six Months Ended June 30, 2002 (Unaudited)

	SECTOR/ SPECIALTY			DOMESTIC HYBRID						INCOME
	Global Socially Responsive Portfolio			Balanced Portfolio			Managed Portfolio			High-Yield Bond Portfolio			Total Return Portfolio
	01/24/02- 06/30/02(2)												01/24/02- 06/30/02(2)
Investment Income:
Dividends	$	8,283	(1)	$	72,263	(1)	$	6,671,721	(1)	$	2,738		$	—
Interest		758			224,762			102,570			5,086,417			113,316
Securities lending		—						483,766			22,435			—
Total investment income		9,041			297,025			7,258,057			5,111,590			113,316
Expenses:
Investment advisory fees		4,083			81,549			3,733,690			331,747			13,355
Custodian and fund accounting fees		7,686			7,274			192,785			25,998			15,224
Reports and notices to shareholders		204			4,664			229,989			22,949			1,022
Trustees’ fees and expenses		60			257			20,585			2,108			63
Audit and legal fees		977			1,511			79,968			10,311			1,199
Miscellaneous		1,087			468			12,734			26,807			668
Total expenses		14,097			95,723			4,269,751			419,920			31,531
Less: Expense reimbursement		(8,199	)					(80,576	)(3)					(15,748	)
Total expenses, net of reimbursement		5,898			95,723			4,189,175			419,920			15,783
Net investment income (loss)		3,143			201,302			3,068,882			4,691,670			97,533
Realized and unrealized gain(loss) on investments — net:
Net realized gain (loss) on investments		(9,632	)		(197,856	)		(48,901,837	)		(6,410,570	)		53,574
Net realized gain (loss) onforeign currency transactions		2,890			—			—			—			162
Net change in unrealized gain (loss) on investments and foreign currency denominated amounts		(58,821	)		(1,696,102	)		(119,209,899	)		(1,167,671	)		(104,536	)
Net realized and unrealized gain (loss) on investments		(65,563	)		(1,893,958	)		(168,111,736	)		(7,578,241	)		(50,800	)
Net increase (decrease) in net assetsresulting from operations	$	(62,420	)	$	(1,692,656	)	$	(165,042,854	)	$	(2,886,571	)	$	46,733

(1) Net of foreign taxes withheld of $822 for Global Socially Responsive, $626 for Balanced and $16,889 for Managed.

(2) Commencement of operations.

(3) Includes credits earned under an expense offset arrangement of $80,576 for Managed.

See notes to financial statements.

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Statements of Changes in Net Assets

	AGGRESSIVE STOCK
	Mid-Cap Growth Portfolio						Multi-Cap Growth Portfolio						Small Company Growth Portfolio						Small Company Value Portfolio
	(Unaudited) Six Months Ended June 30, 2002			For the Period May 1, 2001 through December 31, 2001			(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31, 2001			(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31, 2001			(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31, 2001
From Operations:
Net investment income (loss)	$	(13,387	)	$	(5,878	)	$	(307,393	)	$	(250,130	)	$	(312,554	)	$	(473,533	)	$	200,384		$	1,254,199
Net realized gain (loss) on investments and foreign currency transactions		(536,536	)		(240,095	)		(11,239,131	)		(43,924,848	)		292,662			(4,158,949	)		4,608,369			9,244,162
Net change in unrealized gain (loss) on investments and foreign currency denominated amounts		(133,534	)		122,865			(8,509,334	)		21,811,599			(13,023,510	)		1,167,884			5,229,083			6,881,719
Increase (decrease) in net assets resulting from operations		(683,457	)		(123,108	)		(20,055,858	)		(22,363,379	)		(13,043,402	)		(3,464,598	)		10,037,836			17,380,080
Distributions to Shareholders From:
Net investment income		—			—			—			—			—			—			—			(889,935	)
Net realized gains on investments		—			—			—			—			—			(2,999,360	)		—			(90,064,191	)
Total distributions to shareholders		—			—			—			—			—			(2,999,360	)		—			(90,954,126	)
From Capital Share Transactions:
Shares sold		1,782,801			2,835,147			5,275,486			21,203,085			15,441,133			23,486,943			45,292,833			87,283,407
Reinvestment of distributions		—			—			—			—			—			2,984,169			—			90,954,126
Shares redeemed		(370,395	)		(323,426	)		(10,327,429	)		(27,596,880	)		(7,954,959	)		(19,477,141	)		(38,817,387	)		(96,452,135	)
Total increase (decrease) in net assets resulting from capital share transactions		1,412,406			2,511,721			(5,051,943	)		(6,393,795	)		7,486,174			6,993,971			6,475,446			81,785,398
Total increase (decrease) in net assets		728,949			2,388,613			(25,107,801	)		(28,757,174	)		(5,557,228	)		530,013			16,513,282			8,211,352
Net Assets:
Beginning of period		2,388,613			—			99,956,931			128,714,105			82,590,854			82,060,841			359,481,256			351,269,904
End of period	$	3,117,562		$	2,388,613		$	74,849,130		$	99,956,931		$	77,033,626		$	82,590,854		$	375,994,538		$	359,481,256
Capital Share Activity:
Shares sold		246,422			353,083			671,838			2,413,405			1,998,958			3,025,533			2,201,540			3,595,528
Shares issued in reinvestment of distributions		—			—			—			—			—			503,232			—			5,375,539
Shares redeemed		(52,040	)		(42,263	)		(1,361,437	)		(3,243,328	)		(1,051,157	)		(2,570,222	)		(1,900,385	)		(4,031,266	)
Net increase (decrease)		194,382			310,820			(689,599	)		(829,923	)		947,801			958,543			301,155			4,939,801

See notes to financial statements.

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STOCK
Capital Appreciation Portfolio						Equity Portfolio						Equity Income Portfolio						Growth Portfolio						Growth and Income Portfolio
(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31, 2001			(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31, 2001			(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31, 2001			(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31, 2001			(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31, 2001
$	3,552		$	(22,162	)	$	(1,008,508	)	$	(2,485,657	)	$	273,673		$	518,938		$	482,747		$	944,373		$	559,767		$	1,575,053
	(1,688,789	)		(14,700,111	)		(35,875,956	)		(26,961,273	)		(1,114,884	)		(1,106,815	)		(7,072,031	)		(27,891,294	)		(3,108,118	)		(1,195,993	)
	1,650,794			424,502			(37,445,443	)		(62,098,607	)		(1,073,449	)		(3,465,145	)		(33,935,586	)		(13,703,520	)		(25,023,615	)		(22,359,578	)
	(34,443	)		(14,297,771	)		(74,329,907	)		(91,545,537	)		(1,914,660	)		(4,053,022	)		(40,524,870	)		(40,650,441	)		(27,571,966	)		(21,980,518	)
	—			(379,194	)		—			—			—			(398,514	)		—			(1,278,763	)		—			(1,510,786
	—			—			—			(64,010,440	)		—			—			—			—			—			—
	—			(379,194	)		—			(64,010,440	)		—			(398,514	)		—			(1,278,763	)		—			(1,510,786	)
	4,743,355			14,904,203			22,391,627			80,473,076			10,468,772			21,035,959			26,364,593			60,374,413			15,499,945			58,810,807
	—			377,340			—			64,010,440			—			395,853			—			1,277,577			—			1,508,382
	(5,274,108	)		(16,045,111	)		(43,915,100	)		(129,522,115	)		(4,412,317	)		(9,302,707	)		(23,122,518	)		(58,649,988	)		(16,898,075	)		(35,649,573	)
	(530,753	)		(763,568	)		(21,523,473	)		14,961,401			6,056,455			12,129,105			3,242,075			3,002,002			(1,398,130	)		24,669,616
	(565,196	)		(15,440,533	)		(95,853,380	)		(140,594,576	)		4,141,795			7,677,569			(37,282,795	)		(38,927,202	)		(28,970,096	)		1,178,312
	57,541,917			72,982,450			347,320,008			487,914,584			40,506,327			32,828,758			280,279,377			319,206,579			172,531,412			171,353,100
$	56,976,721		$	57,541,917		$	251,466,628		$	347,320,008		$	44,648,122		$	40,506,327		$	242,996,582		$	280,279,377		$	143,561,316		$	172,531,412
	810,752			2,475,376			1,336,328			3,674,197			2,049,837			4,023,293			5,215,147			11,519,790			2,976,434			10,301,919
	—			80,114			—			4,893,764			—			86,810			—			287,743			—			314,902
	(905,284	)		(2,738,697	)		(2,729,206	)		(6,007,688	)		(874,726	)		(1,810,230	)		(4,674,163	)		(11,362,223	)		(3,347,184	)		(6,403,660	)
	(94,532	)		(183,207	)		(1,392,878	)		2,560,273			1,175,111			2,299,873			540,984			445,310			(370,750	)		4,213,161

See notes to financial statements.

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Statements of Changes in Net Assets — (Continued)

	INTERNATIONAL GLOBAL																		SECTOR/SPECIALTY
	Emerging Countries Portfolio						International Growth Portfolio						Worldwide Growth Portfolio						Global Socially Responsive
	(Unaudited) Six Months Ended June 30, 2002			For the Period May 1, 2001 through December 31, 2001			(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31, 2001			(Unaudited) Six Months Ended June 30, 2002			For the Period May 1, 2001 through December 31, 2001			For the Period January 24, 2002 through June 30, 2002
From Operations:
Net investment income (loss)	$	(1,156	)	$	4,113		$	615,177		$	224,890		$	(199	)	$	(1,278	)	$	3,143
Net realized gain (loss) on investments and foreign currency transactions		31,885			(61,046	)		(3,620,397	)		(15,387,647	)		(35,848	)		(79,814	)		(6,742	)
Net change in unrealized gain (loss) on investments and foreign currency denominated amounts		(122,907	)		85,179			3,220,289			(11,353,742	)		(68,287	)		33,661			(58,821	)
Increase (decrease) in net assets resulting from operations		(92,178	)		28,246			215,069			(26,516,499	)		(104,334	)		(47,431	)		(62,420
Distributions to Shareholders From:
Net investment income		—			—			—			(478,048	)					—			—
Net realized gains on investments		—			—			—			(7,404,831	)		—			—			—
Total distributions to shareholders		—			—			—			(7,882,879	)		—			—			—
From Capital Share Transactions:
Shares sold		831,364			938,285			9,021,036			25,163,759			420,721			930,296			1,166,051
Reinvestment of distributions		—			—			—			7,882,879			—			—			—
Shares redeemed		(298,047	)		(90,780	)		(12,199,131	)		(36,455,754	)		(63,451	)		(113,373	)		(26,485	)
Total increase (decrease) in net assets resulting from capital share transactions		533,317			847,505			(3,178,095	)		(3,409,116	)		357,270			816,923			1,139,566
Total increase (decrease) in net assets		441,139			875,751			(2,963,026	)		(37,808,494	)		252,936			769,492			1,077,146
Net Assets:
Beginning of period		875,751			—			62,741,945			100,550,439			769,492			—			—
End of period	$	1,316,890		$	875,751		$	59,778,919		$	62,741,945		$	1,022,428		$	769,492		$	1,077,146
Capital Share Activity:
Shares sold		81,603			103,079			2,116,645			4,701,209			48,438			98,691			116,564
Shares issued in reinvestment of distributions		—			—			—			2,036,920
Shares redeemed		(31,788	)		(11,077	)		(2,852,326	)		(6,749,390	)		(7,293	)		(12,449	)		(2,660	)
Net increase (decrease)		49,815			92,002			(735,681	)		(11,261	)		41,145			86,242			113,904

See notes to financial statements.

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DOMESTIC HYBRID												INCOME
Balanced Portfolio						Managed Portfolio						High-Yield Bond Portfolio						Total Return Portfolio
(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31, 2001			(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31, 2001			(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31, 2001			For the Period January 24, 2002 through June 30, 2002
$	201,302		$	389,668		$	3,068,882		$	7,429,601		$	4,691,670		$	9,002,242		$	97,533
	(197,856	)		(1,019,456	)		(48,901,837	)		(1,304,144	)		(6,410,570	)		(6,344,265	)		53,736
	(1,696,102	)		31,326			(119,209,899	)		(161,631,470	)		(1,167,671	)		2,718,860			(104,536	)
	(1,692,656	)		(598,462	)		(165,042,854	)		(155,506,013	)		(2,886,571	)		5,376,837			46,733
	—			(302,038	)		—			(25,088,627	)		(4,691,670	)		(9,002,003	)		(98,073	)
	—			—			—			(60,029,869	)		—			—			—
	—			(302,038	)		—			(85,118,496	)		(4,691,670	)		(9,002,003	)		(98,073	)
	3,509,888			8,787,404			34,278,139			127,860,176			13,488,093			41,709,920			8,429,370
	—			298,361			—			85,118,496			4,691,670			9,002,002			11,784
	(3,562,194	)		(3,431,098	)		(114,688,664	)		(350,234,987	)		(11,101,183	)		(27,737,041	)		(461,755	)
	(52,306	)		5,654,667			(80,410,525	)		(137,256,315	)		7,078,580			22,974,881			7,979,399
	(1,744,962	)		4,754,167			(245,453,379	)		(377,880,824	)		(499,661	)		19,349,715			7,928,059
	21,917,091			17,162,924			1,074,982,896			1,452,863,720			107,685,856			88,336,141			—
$	20,172,129		$	21,917,091		$	829,529,517		$	1,074,982,896		$	107,186,195		$	107,685,856		$	7,928,059
	732,644			1,829,143			5,848,008			5,848,008			3,135,256			9,215,860			842,623
	—			67,964			5,090,819			5,090,819			1,101,935			2,011,686			11,784
	(749,577	)		(719,631	)		(16,158,233	)		(16,158,233	)		(2,595,501	)		(6,143,407	)		(461,755	)
	(16,933	)		1,177,476			(5,219,406	)		(5,219,406	)		1,641,690			5,084,139			392,652

See notes to financial statements.

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Enterprise Accumulation Trust

Financial Highlights

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
Mid-Cap Growth Portfolio	(Unaudited) Six Months Ended June 30, 2002			For the Period 5/01/01 through 12/31/01
Net asset value, beginning of period	$	7.68		$	10.00
Income from investment operations:
Net investment income (loss)		(0.03	)C		(0.04	)C
Net realized and unrealized gain (loss) on investments		(1.48	)		(2.28	)
Total from investment operations		(1.51	)		(2.32	)
Less dividends and distributions:
Dividends from net investment income		—			—
Distributions from capital gains		—			—
Total distributions		—			—
Net asset value, end of period	$	6.17		$	7.68
Total return		(19.66	)%B		(23.20	)%B
Net assets end of period (000)	$	3,118		$	2,389
Ratio of expenses to average net assets		1.15	%A		1.15	%A
Ratio of expenses to average net assets (excluding reimbursement)		2.02	%A		3.80	%A
Ratio of net investment income (loss) to average net assets		(0.89	)%A		(0.81	)%A
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		(1.77	)%A		(3.46	)%A
Portfolio turnover		79	%		135	%

	(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31,						For the Period 7/15/99 through 12/31/1999
Multi-Cap Growth Portfolio				2001			2000
Net asset value, beginning of period	$	8.43		$	10.15		$	14.63		$	5.00
Income from investment operations:
Net investment income (loss)		(0.03	)C		(0.02	)C		(0.02	)C		(0.01	)C
Net realized and unrealized gain (loss) on investments		(1.70	)		(1.70	)		(4.45	)		9.64
Total from investment operations		(1.73	)		(1.72	)		(4.47	)		9.63
Less dividends and distributions:
Dividends from net investment income		—			—			—			—
Distributions from capital gains		—			—			(0.01	)		—
Total distributions		—			—			(0.01	)		—
Net asset value, end of period	$	6.70		$	8.43		$	10.15		$	14.63
Total return		(20.52	)%B		(16.95	)%		(30.59	)%		192.60	%B
Net assets end of period (000)	$	74,849		$	99,957		$	128,714		$	47,960
Ratio of expenses to average net assets		1.12	%A		1.10	%		1.10	%		1.40	%A
Ratio of expenses to average net assets (excluding reimbursement)		1.12	%A		1.10	%		1.10	%		1.52	%A
Ratio of net investment income (loss) to average net assets		(0.69	)%A		(0.23	)%		(0.13	)%		(0.21	)A
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		(0.69	)%A		(0.23	)%		(0.13	)%		(0.32	)A
Portfolio turnover		102	%		107	%		128	%		21	%

See notes to financial statements.

ENTERPRISE Accumulation Trust

88

Enterprise Accumulation Trust

Financial Highlights

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31,									For the Period 12/01/98 through 12/31/1998
Small Company Growth Portfolio				2001			2000			1999
Net asset value, beginning of period	$	7.87		$	8.60		$	8.50		$	5.46		$	5.00
Income from investment operations:
Net investment income (loss)		(0.03	)C		(0.05	)C		(0.03	)C		(0.05	)C		—
Net realized and unrealized gain (loss) on investments		(1.11	)		(0.38	)		0.20E			3.09			0.46
Total from investment operations		(1.14	)		(0.43	)		0.17			3.04			0.46
Less dividends and distributions:
Dividends from net investment income		—			—			—			—			—
Distributions from capital gains		—			(0.30	)		(0.07	)		—			—
Total distributions		—			(0.30	)		(0.07	)		—			—
Net asset value, end of period	$	6.73		$	7.87		$	8.60		$	8.50		$	5.46
Total return		(14.49	)%B		(3.80	)%		1.90	%		55.68	%		9.20	%B
Net assets end of period (000)	$	77,034		$	82,591		$	82,061		$	23,429		$	469
Ratio of expenses to average net assets		1.10	%A		1.10	%		1.11	%		1.40	%		1.40	%A
Ratio of expenses to average net assets (excluding reimbursement)		1.10	%A		1.10	%		1.11	%		1.55	%		60.67	%A
Ratio of net investment income (loss) to average net assets		(0.75	)%A		(0.62	)%		(0.32	)%		(0.81	)%		(1.26	)%A
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		(0.75	)%A		(0.62	)%		(0.32	)%		(0.96	)%		(60.54	)%A
Portfolio turnover		20	%		40	%		47	%		37	%		4	%

	(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31,
Small Company Value Portfolio				2001			2000			1999			1998			1997
Net asset value, beginning of period	$	19.59		$	26.19		$	31.45		$	27.36		$	26.70		$	20.22
Income from investment operations:
Net investment income (loss)		0.01	C		008	C		0.07	C		0.04	C		0.16			0.05
Net realized and unrealized gain (loss) on investments		0.56			0.21			0.71			6.27			2.33			8.91
Total from investment operations		0.57			0.29			0.78			6.31			2.9			8.96
Less dividends and distributions:
Dividends from net investment income		—			(0.07	)		(0.05	)		(0.16	)		(0.08	)		(0.15	)
Distributions from capital gains		—			(6.82	)		(5.99	)		(2.06	)		(1.75	)		(2.33	)
Total distributions		—			(6.89	)		(6.04	)		(2.22	)		(1.83	)		(2.48	)
Net asset value, end of period	$	20.16		$	19.59		$	26.19		$	31.45		$	27.36		$	26.70
Total return		2.91	%B		5.25	%		252	%		24.02	%		9.61	%		44.32	%
Net assets end of period (000)	$	375,995		$	359,481		$	351,270		$	455,563		$	406,801		$	365,266
Ratio of expenses to average net assets		0.89	%A		0.90	%		0.89	%		0.84	%		0.85	%		0.86	%
Ratio of expenses to average net assets (excluding reimbursement)		0.89	%A		0.90	%		0.89	%		0.84	%		0.85	%		0.86	%
Ratio of net investment income (loss) to average net assets		0.11	%A		0.35	%		0.3	%		0.12	%		0.56	%		0.21	%
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		0.11	%A		0.35	%		0.23	%		0.12	%		0.56	%		0.21	%
Portfolio turnover		7	%		29	%		41	%		23	%		37	%		58	%

See notes to financial statements.

ENTERPRISE Accumulation Trust

89

Enterprise Accumulation Trust

Financial Highlights

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31,									For the Period 12/01/98 through 12/31/1998
Capital Appreciation Portfolio				2001			2000			1999
Net asset value, beginning of period	$	5.69		$	7.09		$	8.65		$	5.57		$	5.00
Income from investment operations:
Net investment income (loss)		0.00C,D			0.00C,D			0.05C			(0.03	)C		—
Net realized and unrealized gain (loss) on investments		—			(1.36	)		(1.20	)		3.11			0.57
Total from investment operations		—			(1.36	)		(1.15	)		3.08			0.57
Less dividends and distributions:
Dividends from net investment income		—			(0.04	)		—			—			—
Distributions from capital gains		—			—			(0.41	)		—			—
Total distributions		—			(0.04	)		(0.41	)		—			—
Net asset value, end of period	$	5.69		$	5.69		$	7.09		$	8.65		$	5.57
Total return		(0.00	)%B		(19.12	)%		(13.82	)%		55.30	%		11.40	%B
Net assets end of period (000)	$	56,977		$	57,542		$	72,982		$	33,129		$	511
Ratio of expenses to average net assets		0.86	%A		0.86	%		0.86	%		1.16	%		1.30	%A
Ratio of expenses to average net assets (excluding reimbursement)		0.86	%A		0.86	%		0.86	%		1.16	%		63.71	%A
Ratio of net investment income (loss) to average net assets		(0.01	)%A		(0.04	)%		0.62	%		(0.41	)%		(0.95	)%A
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		(0.01	)%A		(0.04	)%		0.62	%		(0.41	)%		(63.36	)%A
Portfolio turnover		58	%		115	%		123	%		247	%		1	%

	(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31,
Equity Portfolio				2001			2000			1999			1998			1997
Net asset value, beginning of period	$	17.34		$	27.92		$	38.62		$	36.82		$	35.09		$	28.86
Income from investment operations:
Net investment income (loss)		(0.05	)C		(0.14	)C		(0.21	)C		0.23C			0.46			0.30
Net realized and unrealized gain (loss) on investments		(3.80	)		(6.42	)		0.27E			4.86			3.00			7.13
Total from investment operations		(3.85	)		(6.56	)		0.06			5.09			3.46			7.43
Less dividends and distributions:
Dividends from net investment income		—			—			(0.29	)		(0.52	)		(0.37	)		(0.32	)
Distributions from capital gains		—			(4.02	)		(10.47	)		(2.77	)		(1.36	)		(0.88	)
Total distributions		—			(4.02	)		(10.76	)		(3.29	)		(1.73	)		(1.20	)
Net asset value, end of period	$	13.49		$	17.34		$	27.92		$	38.62		$	36.82		$	35.09
Total return		(22.20	)%B		(18.81	)%		(5.18	)%		15.61	%		9.90	%		25.76	%
Net assets end of period (000)	$	251,467		$	347,320		$	487,915		$	587,324		$	621,338		$	517,803
Ratio of expenses to average net assets		0.90	%A,F		0.88	%		0.87	%		0.82	%		0.83	%		0.84	%
Ratio of expenses to average net assets (excluding reimbursement)		0.90	%A,F		0.88	%		0.87	%		0.82	%		0.83	%		0.84	%
Ratio of net investment income (loss) to average net assets		(0.64	)%A,F		(0.65	)%		(0.55	)%		0.63	%		1.42	%		1.42	%
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		(0.64	)%A,F		(0.65	)%		(0.55	)%		0.63	%		1.42	%		1.42	%
Portfolio turnover		6	%		21	%		44	%		155	%		30	%		17	%

See notes to financial statements.

ENTERPRISE Accumulation Trust

90

Enterprise Accumulation Trust

Financial Highlights

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31,									For the Period 12/01/98 through 12/31/1998
Equity Income Portfolio				2001			2000			1999
Net asset value, beginning of period	$	5.02		$	5.69		$	5.37		$	5.09		$	5.00
Income from investment operations:
Net investment income (loss)		0.03	C		0.07	C		0.08	C		0.06	C		—
Net realized and unrealized gain (loss) on investments		(0.22	)		(0.69	)		0.26			0.23			0.09
Total from investment operations		(0.19	)		(0.62	)		0.34			0.29			0.09
Less dividends and distributions:
Dividends from net investment income		—			(0.05	)		(0.02	)		(0.01	)		—
Distributions from capital gains		—			—			—			—			—
Total distributions		—			(0.05	)		(0.02	)		(0.01	)		—
Net asset value, end of period	$	4.83		$	5.02		$	5.69		$	5.37		$	5.09
Total return		(3.78	)%B		(10.75	)%		6.45	%		5.70	%		1.80	%B
Net assets end of period (000)	$	44,648		$	40,506		$	32,829		$	27,997		$	465
Ratio of expenses to average net assets		0.85	%A		0.88	%		0.88	%		1.05	%		1.05	%A
Ratio of expenses to average net assets (excluding reimbursement)		0.85	%A		0.88	%		0.88	%		1.20	%		66.67	%A
Ratio of net investment income (loss) to average net assets		1.25	%A		1.43	%		1.43	%		1.21	%		0.54	%A
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		1.25	%A		1.43	%		1.43	%		1.06	%		(65.07	)%A
Portfolio turnover		14	%		36	%		37	%		18	%		0	%

	(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31,									For the Period 12/01/98 through 12/31/1998
Growth Portfolio				2001			2000			1999
Net asset value, beginning of period	$	5.21		$	5.99		$	6.56		$	5.27		$	5.00
Income from investment operations:
Net investment income (loss)		0.01	C		0.02	C		0.03	C		0.02	C		0.00
Net realized and unrealized gain (loss) on investments		(0.74	)		(0.78	)		(0.54	)		1.27			0.27
Total from investment operations		(0.73	)		(0.76	)		(0.51	)		1.29			0.27
Less dividends and distributions:
Dividends from net investment income		—			(0.02	)		(0.01	)		—			—
Distributions from capital gains		—			—			(0.05	)		—			—
Total distributions		—			(0.02	)		(0.06	)		—			—
Net asset value, end of period	$	4.48		$	5.21		$	5.99		$	6.56		$	5.27
Total return		(14.01	)%B		(12.56	)%		(7.79	)%		24.48	%		5.40	%B
Net assets end of period (000)	$	242,997		$	280,279		$	319,207		$	230,720		$	1,943
Ratio of expenses to average net assets		0.84	%A		0.84	%		0.83	%		0.84	%		1.15	%A
Ratio of expenses to average net assets (excluding reimbursement)		0.84	%A		0.84	%		0.83	%		0.84	%		25.33	%A
Ratio of net investment income (loss) to average net assets		0.36	%A		0.34	%		0.45	%		0.29	%		(0.25	)%A
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		0.36	%A		0.34	%		0.45	%		0.29	%		(24.43	)%A
Portfolio turnover		18	%		52	%		56	%		30	%		1	%

See notes to financial statements.

ENTERPRISE Accumulation Trust

91

Enterprise Accumulation Trust

Financial Highlights

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31,									For the Period 12/01/98 through 12/31/1998
Growth and Income Portfolio				2001			2000			1999
Net asset value, beginning of period	$	5.41		$	6.20		$	6.16		$	5.11		$	5.00
Income from investment operations:
Net investment income (loss)		0.02	C		0.05	C		0.07	C		0.07	C		0.00
Net realized and unrealized gain (loss) on investments		(0.87	)		(0.79	)		(0.01	)		0.98			0.11
Total from investment operations		(0.85	)		(0.74	)		0.06			1.05			0.11
Less dividends and distributions:
Dividends from net investment income		—			(0.05	)		(0.02	)		—			—
Distributions from capital gains		—			—			(0.00	)D		(0.00	)D		—
Total distributions		—			(0.05	)		(0.02	)		—			—
Net asset value, end of period	$	4.56		$	5.41		$	6.20		$	6.16		$	5.11
Total return		(15.71	)%B		(11.87	)%		0.91	%		20.55	%		2.20	%B
Net assets end of period (000)	$	143,561		$	172,531		$	171,353		$	89,887		$	537
Ratio of expenses to average net assets		0.85	%A		0.85	%		0.85	%		0.94	%		1.05	%A
Ratio of expenses to average net assets (excluding reimbursement)		0.85	%A		0.85	%		0.85	%		0.94	%		60.68	%A
Ratio of net investment income (loss) to average net assets		0.68	%A		0.92	%		1.09	%		1.22	%		(0.45	)%A
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		0.68	%A		0.92	%		1.09	%		1.22	%		60.08	%A
Portfolio turnover		2	%		2	%		6	%		1	%		9	%

Emerging Countries	(Unaudited) Six Months Ended June 30, 2002			For the Period 5/01/01 through 12/31/01
Net asset value, beginning of period	$	9.52		$	10.00
Income from investment operations:
Net investment income (loss)		(0.01	)C		0.06	C
Net realized and unrealized gain (loss) on investments		(0.22	)		(0.54	)
Total from investment operations		(0.23	)		(0.48	)
Less dividends and distributions:
Dividends from net investment income		—			—
Distributions from capital gains		—			—
Total distributions		—			—
Net asset value, end of period	$	9.29		$	9.52
Total return		(2.42	)%B		(4.80	)%B
Net assets end of period (000)	$	1,317		$	876
Ratio of expenses to average net assets		1.80	%A		1.80	%A
Ratio of expenses to average net assets (excluding reimbursement)		9.79	%A		13.32	%A
Ratio of net investment income (loss) to average net assets		(0.21	)%A		1.14	%A
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		(8.20	)%A		(10.39	)%A
Portfolio turnover		146	%		112	%

See notes to financial statements.

ENTERPRISE Accumulation Trust

92

Enterprise Accumulation Trust

Financial Highlights

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31,
International Growth Portfolio				2001			2000			1999			1998			1997
Net asset value, beginning of period	$	4.33		$	6.94		$	9.29		$	6.74		$	6.18		$	6.05
Income from investment operations:
Net investment income (loss)		0.04	C		0.02	C		(0.01	)C		0.03	C		0.06			0.06
Net realized and unrealized gain (loss) on investments		(0.02	)		(2.02	)		(1.57	)		2.74			0.84			0.26
Total from investment operations		0.02			(2.00	)		(1.58	)		2.77			0.90			0.32
Less dividends and distributions:
Dividends from net investment income		—			(0.04	)		(0.02	)		(0.12	)		(0.07	)		(0.04	)
Distributions from capital gains		—			(0.57	)		(0.75	)		(0.10	)		(0.27	)		(0.15	)
Total distributions		—			(0.61	)		(0.77	)		(0.22	)		(0.34	)		(0.19	)
Net asset value, end of period	$	4.35		$	4.33		$	6.94		$	9.29		$	6.74		$	6.18
Total return		0.46	%B		(27.80	)%		(17.21	)%		42.12	%		14.83	%		5.26	%
Net assets end of period (000)	$	59,779		$	62,742		$	100,550		$	134,255		$	91,794		$	78,148
Ratio of expenses to average net assets		1.12	%A		1.09	%		1.04	%		1.01	%		1.22	%		1.19	%
Ratio of expenses to average net assets (excluding reimbursement)		1.12	%A		1.09	%		1.04	%		1.01	%		1.22	%		1.19	%
Ratio of net investment income (loss) to average net assets		2.03	%A		0.30	%		(0.06	)%		0.41	%		1.04	%		1.34	%
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		2.03	%A		0.30	%		(0.06	)%		0.41	%		1.04	%		1.34	%
Portfolio turnover		143	%		95	%		73	%		129	%		55	%		28	%

Worldwide Growth	(Unaudited) Six Months Ended June 30, 2002			For the Period 5/01/01 through 12/31/01
Net asset value, beginning of period	$	8.92		$	10.00
Income from investment operations:
Net investment income (loss)		0.00	C		(0.02	)C
Net realized and unrealized gain (loss) on investments		(0.89	)		(1.06	)
Total from investment operations		(0.89	)		(1.08	)
Less dividends and distributions:
Dividends from net investment income		—			—
Distributions from capital gains		—			—
Total distributions		—			—
Net asset value, end of period	$	8.03		$	8.92
Total return		(9.98	)%B		(10.80	)%B
Net assets end of period (000)	$	1,022		$	769
Ratio of expenses to average net assets		1.40	%A		1.40	%A
Ratio of expenses to average net assets (excluding reimbursement)		8.37	%A		11.63	%A
Ratio of net investment income (loss) to average net assets		(0.04	)%A		(0.37	)%A
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		(7.01	)%A		(10.61	)%A
Portfolio turnover		129	%		128	%

See notes to financial statements.

ENTERPRISE Accumulation Trust

93

Enterprise Accumulation Trust

Financial Highlights

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

Global Socially Responsive	(Unaudited) For the Period 01/24/02 through 06/30/02
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income (loss)		0.03	C
Net realized and unrealized gain (loss) on investments		(0.57	)
Total from investment operations		(0.54	)
Less dividends and distributions:
Dividends from net investment income		—
Distributions from capital gains		—
Total distributions		—
Net asset value, end of period	$	9.46
Total return		(5.40	)%B
Net assets end of period (000)	$	1,077
Ratio of expenses to average net assets		1.30	%A
Ratio of expenses to average net assets (excluding reimbursement)		3.11	%A
Ratio of net investment income (loss) to average net assets		0.69	%A
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		(1.11	)%A
Portfolio turnover		12	%

	(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31,						For the Period 7/15/99 through 12/31/99
Balanced Portfolio				2001			2000
Net asset value, beginning of period	$	4.86		$	5.14		$	5.20		$	5.00
Income from investment operations:
Net investment income (loss)		0.04	C		0.10	C		0.11	C		0.04	C
Net realized and unrealized gain (loss) on investments		(0.41	)		(0.31	)		(0.14	)		0.16
Total from investment operations		(0.37	)		(0.21	)		(0.03	)		0.20
Less dividends and distributions:
Dividends from net investment income		—			(0.07	)		(0.01	)		—
Distributions from capital gains		—			—			(0.02	)		—
Total distributions		—			(0.07	)		(0.03	)		—
Net asset value, end of period	$	4.49		$	4.86		$	5.14		$	5.20
Total return		(7.61	)%B		(3.86	)%		(0.49	)%		4.00	%B
Net assets end of period (000)	$	20,172		$	21,917		$	17,163		$	9,886
Ratio of expenses to average net assets		0.88	%A		0.89	%		0.95	%		0.95	%A
Ratio of expenses to average net assets (excluding reimbursement)		0.88	%A		0.89	%		0.95	%		1.89	%A
Ratio of net investment income (loss) to average net assets		1.89	%A		2.09	%		2.18	%		1.93	%A
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		1.89	%A		2.09	%		2.18	%		0.99	%A
Portfolio turnover		17	%		41	%		56	%		13	%

See notes to financial statements.

ENTERPRISE Accumulation Trust

94

Enterprise Accumulation Trust

Financial Highlights

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31,
Managed Portfolio				2001			2000			1999			1998			1997
Net asset value, beginning of period	$	19.60		$	24.19		$	36.30		$	40.56		$	40.78		$	34.31
Income from investment operations:
Net investment income (loss)		0.06	C		0.13	C		0.45	C		0.50	C		0.71			0.35
Net realized and unrealized gain (loss) on investments		(3.22	)		(3.10	)		(0.23	)		2.65			2.53			8.06
Total from investment operations		(3.16	)		(2.97	)		0.22			3.15			3.24			8.41
Less dividends and distributions:
Dividends from net investment income		—			(0.48	)		(0.75	)		(0.79	)		(0.43	)		(0.55	)
Distributions from capital gains		—			(1.14	)		(11.58	)		(6.62	)		(3.03	)		(1.39	)
Total distributions		—			(1.62	)		(12.33	)		(7.41	)		(3.46	)		(1.94	)
Net asset value, end of period	$	16.44		$	19.60		$	24.19		$	36.30		$	40.56		$	40.78
Total return		(16.12	)%B		(11.15	)%		1.46	%		9.22	%		7.95	%		24.50	%
Net assets end of period (000)	$	829,530		$	1,074,983		$	1,452,864		$	2,292,467		$	2,739,305		$	2,672,932
Ratio of expenses to average net assets		0.87	%A,F		0.84	%		0.82	%		0.76	%		0.76	%		0.76	%
Ratio of expenses to average net assets (excluding reimbursement)		0.87	%A,F		0.84	%		0.82	%		0.76	%		0.76	%		0.76	%
Ratio of net investment income (loss) to average net assets		0.63	%A,F		0.60	%		1.44	%		1.23	%		1.66	%		1.14	%
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		0.63	%A,F		0.60	%		1.44	%		1.23	%		1.66	%		1.14	%
Portfolio turnover		35	%		141	%		19	%		90	%		46	%		32	%

	(Unaudited) Six Months Ended June 30, 2002			Year Ended December 31,
High-Yield Bond Portfolio				2001			2000			1999			1998			1997
Net asset value, beginning of period	$	4.34		$	4.48		$	5.06		$	5.37		$	5.71		$	5.51
Income from investment operations:
Net investment income (loss)		0.18	C		0.40	C		0.46	C		0.46	C		0.46			0.51
Net realized and unrealized gain (loss) on investments		(0.28	)		(0.14	)		(0.58	)		(0.26	)		(0.26	)		0.20
Total from investment operations		(0.10	)		0.26			(0.12	)		0.20			0.20			0.71
Less dividends and distributions:
Dividends from net investment income		(0.18	)		(0.40	)		(0.46	)		(0.46	)		(0.46	)		(0.51	)
Distributions from capital gains		—			—			—			(0.05	)		(0.08	)		—
Total distributions		(0.18	)		(0.40	)		(0.46	)		(0.51	)		(0.54	)		(0.51	)
Net asset value, end of period	$	4.06		$	4.34		$	4.48		$	5.06		$	5.37		$	5.71
Total return		(2.41	)%B		5.90	%		(2.52	)%		3.86	%		3.60	%		13.38	%
Net assets end of period (000)	$	107,186		$	107,686		$	88,336		$	109,816		$	101,865		$	68,364
Ratio of expenses to average net assets		0.76	%A		0.77	%		0.75	%		0.69	%		0.72	%		0.77	%
Ratio of expenses to average net assets (excluding reimbursement)		0.76	%A		0.77	%		0.75	%		0.69	%		0.72	%		0.77	%
Ratio of net investment income (loss) to average net assets		8.49	%A		8.92	%		9.57	%		8.76	%		8.19	%		8.47	%
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		8.49	%A		8.92	%		9.57	%		8.76	%		8.19	%		8.47	%
Portfolio turnover		44	%		73	%		54	%		97	%		109	%		175	%

See notes to financial statements.

ENTERPRISE Accumulation Trust

95

Enterprise Accumulation Trust

Financial Highlights

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

Total Return	(Unaudited) For the Period 01/24/02 through 06/30/02
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income (loss)		0.16C
Net realized and unrealized gain (loss) on investments		(0.06	)
Total from investment operations		0.10
Less dividends and distributions:
Dividends from net investment income		(0.16	)
Distributions from capital gains		—
Total distributions		(0.16	)
Net asset value, end of period	$	9.94
Total return		1.13	%B
Net assets end of period (000)	$	7,928
Ratio of expenses to average net assets		0.65	%A
Ratio of expenses to average net assets (excluding reimbursement)		1.30	%A
Ratio of net investment income (loss) to average net assets		4.02	%A
Ratio of net investment income (loss) to average net assets (excluding reimbursement)		3.37	%A
Portfolio turnover		232	%

^A Annualized.

^B Not Annualized.

^C Based on average shares outstanding.

^D Less than $0.01 per share.

^E Per share income from investment operations may vary from anticipated results depending on the timing of capital share purchases and redemptions.

^F Does not reflect 0.01% for Equity and 0.02% for Managed of expense reduction due to an expense offset arrangement.

See notes to financial statements.

ENTERPRISE Accumulation Trust

96

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

Enterprise Accumulation Trust (the “Trust”) was organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest at $0.01 par value for the following portfolios: Mid-Cap Growth, Multi-Cap Growth, Small Company Growth, Small Company Value, Capital Appreciation, Equity, Equity Income, Growth, Growth and Income, Emerging Countries, International Growth, Worldwide Growth, Global Socially Responsive, Managed, Balanced, High-Yield Bond and Total Return.

The Trust is currently offered only to separate accounts of certain insurance companies as an investment medium for both variable annuity contracts and variable life insurance policies. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements.

2. Significant Accounting Policies

Valuation of Investments — Investment securities, other than debt securities, listed on either a national or foreign securities exchange or traded in the over-the-counter National Market System are valued each business day at the last reported sale price on the exchange on which the security is primarily traded. In certain instances a fair value will be assigned when ECM believes that a significant event has occurred after the close of an exchange or market, but before the net asset value calculation. If there are no current day sales, the securities are valued at their last quoted bid price. Other securities traded over-the-counter and not part of the National Market System are valued at their last quoted bid price. Debt securities (other than certain short-term obligations) are valued each business day by an independent pricing service approved by the Board of Trustees. Short-term debt securities with 61 days or more to maturity at time of purchase are valued at market value through the 61st day prior to maturity, based on quotations received from market makers or other appropriate sources; thereafter, any unrealized appreciation or depreciation existing on the 61st day is amortized to par on a straight-line basis over the remaining number of days to maturity. Short-term securities with 60 days or less to maturity at time of purchase are valued at amortized cost, which approximates market value. Any securities for which market quotations are not readily available are valued at their fair value as determined in good faith by the Board of Trustees.

Special Valuation Risks — The high-yield securities in which certain portfolios 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 portfolios may invest will be affected by the credit worthiness of individual issuers, general economic and specific industry conditions, and will 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. Foreign denominated assets held by a portfolio 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 political or economic instability.

Repurchase Agreements — Each portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, a portfolio would acquire a debt security for a relatively short period (usually for one day and not for more than one week) subject to an obligation of the seller to repurchase and of the portfolio to resell the debt security at an agreed-upon higher price, thereby establishing a fixed investment return during the portfolio’s holding period. Under each repurchase agreement, the portfolio receives, as collateral, securities whose market value (including interest) is at least equal to the repurchase price.

Illiquid Securities — At times, the portfolios 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 currently represents the current realizable value on disposition of such securities, there is no guarantee that the portfolios will be able to do so. In addition, the portfolios may incur certain costs related to the disposition of such securities. Any securities that have been deemed to be illiquid have been denoted as such in the portfolio of investments.

Written Options — When a portfolio writes an option, an amount equal to the premium received by the portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums

ENTERPRISE Accumulation Trust

97

Notes to Financial Statements — (Continued)

June 30, 2002 (Unaudited)

received from writing options that expire unexercised are treated as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the portfolio has realized a gain or loss. The risk associated with writing call options is that the portfolio may forego the opportunity for a profit if the market value of the underlying security increases and the option is exercised.

Futures Contracts — A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into such a contract, a portfolio is required to pledge to the broker an amount of cash or securities equal to the minimum “initial margin” requirements of the exchange. Pursuant to the contract, the portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin,” and are recorded by the portfolio as unrealized appreciation or depreciation. When the contract is closed the portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and value at the time it was closed.

As part of their investment programs, the portfolios may enter into futures contracts (up to their prospectus defined limitations) to hedge against anticipated future price and interest rate changes. Risks of entering into futures contracts include: (1) the risk that the price of the futures contracts may not move in the same direction as the price of the securities in the various markets; (2) the risk that there will be no liquid secondary market when the portfolio attempts to enter into a closing position; (3) the risk that the portfolio will lose amount in excess of the initial margin deposit; and (4) the fact that the success or failure of these transactions for the portfolio depends on the ability of the Portfolio Manager to predict movements in stock, bond, and currency prices as well as interest rates.

Foreign Currency Translation — Securities, other assets and liabilities of the portfolios whose values are initially expressed in foreign currencies are translated to U.S. dollars at the bid price of such currency against U.S. dollars last quoted by a major bank on the valuation date. Dividend and interest income and certain expenses denominated in foreign currencies are translated to U.S. dollars based on the exchange rates in effect on the date the income is earned and the expense is incurred; and exchange gains and losses are realized upon ultimate receipt or disbursement. The portfolios do not isolate that portion of their realized and unrealized gains on investments from changes in foreign exchange rates from the fluctuations arising due to changes in the market prices of the investments.

Forward Foreign Currency Contracts — As part of its investment program, a portfolio may utilize forward currency exchange contracts to manage exposure to currency fluctuations and hedge against adverse changes in connection with purchases and sales of securities. The portfolio will enter into forward contracts only for hedging purposes. Risks arise from the possible inability of counterparties to meet their contracts and from movements in currency values.

Security Transactions and Investment Income — Security transactions are accounted for on the trade date. Realized gains and losses from security transactions are determined on the basis of identified cost and realized gains and losses from currency transactions are determined on the basis of average cost. Dividend income received and distributions to shareholders are recognized on the ex-dividend date, and interest income is recognized on the accrual basis. Corporate actions, including dividends on foreign securities are recorded on the ex-dividend date. Premiums and discounts on securities are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — Each portfolio bears expenses incurred specifically on its behalf, such as advisory and custodian fees, as well as a portion of the common expenses of the Trust, which are generally allocated based on average net assets.

Federal Income Taxes — No provision for Federal income or excise taxes is required because the Trust intends to continue to qualify as a regulated investment company and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conormity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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98

Notes to Financial Statements — (Continued)

June 30, 2002 (Unaudited)

Dividends and Distributions — Except with respect to the Income Portfolios, dividends and distributions to shareholders from net investment income and net realized capital gains, if any, are declared and paid at least annually. For the Income Portfolios, dividends from net investment income are declared daily and paid monthly and distributions from net realized capital gains, if any, are declared and paid at least annually. Dividends and Distributions are recorded on the ex-dividend date.

3. Transactions with Affiliates

An investment advisory fee is payable monthly to Enterprise Capital Management, Inc. (“ECM”), a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of each portfolio’s average daily net assets as of the close of business each day at the following annual rates: for Small Company Value, Equity, and Managed, 0.80% for the first $400 million, 0.75% for the next $400 million, and 0.70% for average daily net assets over $800 million, 1.25% for Emerging Countries, 1.00% for Multi-Cap Growth, Small Company Growth and Worldwide Growth, 0.90% for Global Socially Responsive, 0.85% for International Growth, 0.75% for Mid-Cap Growth, Capital Appreciation, Equity Income, Growth, Growth and Income, and Balanced, 0.60% for High-Yield Bond and 0.55% for Total Return.

ECM has contractually agreed to limit the portfolios’ expenses through May 1, 2003, to the following expense ratios: Mid-Cap Growth — 1.15%, Multi-Cap Growth — 1.40%, Small Company Growth — 1.40%, Small Company Value — 1.30%, Capital Appreciation — 1.30%, Equity — 1.15%, Equity Income — 1.05%, Growth — 1.15%, Growth and Income — 1.05%, Emerging Countries — 1.80%, International Growth — 1.55%, Worldwide Growth — 1.40%, Global Socially Responsive — 1.30%, Balanced — 0.95%, Managed — 1.05%, High-Yield Bond — 0.85% and Total Return — 0.65%.

ECM is a wholly-owned subsidiary of MONY Life Insurance Company, which is wholly-owned by The MONY Group Inc. The MONY Group Inc. and its subsidiaries and affiliates had the following investments in the Trust as of June 30, 2002: Mid-Cap Growth — $154,250, Multi-Cap Growth — $335,000, Small Company Growth — $336,500, Growth —$224,000, Capital Appreciation — $284,500, Equity Income — $241,500, Growth and Income — $228,000, Emerging Countries — $232,250, Worldwide Growth — $200,750, Global Socially Responsive — $946,000, Balanced —$224,500 and Total Return — $4,970,000.

ECM has entered into subadvisory agreements with various investment advisers as subadvisers for the Trust. A portion of the management fee received by ECM is paid to the respective Subadvisers. 1740 Advisers, Inc., a wholly-owned subsidiary of The MONY Group Inc., is the subadviser for the Equity Income Portfolio. For the period ended June 30, 2002, ECM incurred subadvisory fees payable to 1740 Advisers, Inc. related to the Equity Income Portfolio of $65,940 with a related payable balance of $11,262 as of June 30, 2002.

For the six months ended June 30, 2002, the following portfolios paid brokerage commissions to affiliates including affiliates of the adviser and subadvisers, as follows:

Fund	Commissions
Mid-Cap Growth	$	1,434
Multi-Cap Growth		172,808
Small Company Value		80,048
Capital Appreciation		13,261
Equity		4,460
Equity Income		6,270
Growth		18,311
Growth and Income		60
Emerging Countries		1,681
International Growth		23,837
Worldwide Growth		520
Global Socially Responsive		78
Balanced		858
Managed		195,753

ENTERPRISE Accumulation Trust

99

Notes to Financial Statements — (Continued)

June 30, 2002 (Unaudited)

4. Investment Transactions

For the six months ended June 30, 2002, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

	U.S. Government Obligations				Other Investment Securities
Portfolio	Purchases		Sales		Purchases		Sales
Mid-Cap Growth		—		—	$	3,587,297	$	2,262,825
Multi-Cap Growth		—		—		86,436,021		88,224,714
Small Company Growth		—		—		23,311,545		15,756,663
Small Company Value		—		—		25,666,077		23,864,500
Capital Appreciation		—		—		33,665,404		33,217,338
Equity		—		—		18,113,007		39,251,429
Equity Income		—		—		12,481,415		5,416,266
Growth		—		—		51,653,990		47,888,840
Growth and Income		—		—		14,300,893		3,251,228
Emerging Countries		—		—		2,079,899		1,571,066
International Growth		—		—		84,625,702		86,598,447
Worldwide Growth		—		—		1,595,628		1,149,548
Global Socially Responsive		—		—		1,148,678		120,102
Balanced	$	109,141	$	316,730		4,370,279		3,007,631
Managed		—		—		367,323,145		433,883,152
High-Yield Bond		150,633		737,109		51,438,668		45,774,393
Total Return		18,112,486		14,662,975		8,352,259		2,656,944

Transactions in call options written for the six months ended June 30, 2002, were as follows:

	Number of Contracts/ Notional Amounts		Premiums Received
Total Return Portfolio
Outstanding options written at December 31, 2001	—			—
Call options written	2,500,000		$	7,016
Put options written	18,400,000			19,445
Call options expired	(1,000,000	)		(2,150	)
Put options expired	(1,900,000	)		(5,955	)
Call options closed	(600,000	)		(2,181	)
Outstanding options written at June 30, 2002	17,400,000		$	16,175

5. Securities Lending

The portfolios may lend portfolio securities to qualified institutions. Loans are required to be secured at all times by collateral at least equal to 102% (105% for foreign securities) of the market value of securities loaned. The portfolio receives a portion of the income earned on the collateral and also continues to earn income on the loaned securities. Any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the portfolio. Security loans are subject to the risk of failure by the borrower to return the loaned securities in which case a portfolio could incur a loss. Securities currently out on loan have been denoted in the Portfolios of Investments.

ENTERPRISE Accumulation Trust

100

Notes to Financial Statements — (Continued)

June 30, 2002 (Unaudited)

The portfolio receives cash as collateral for securities lending. The cash is invested in the State Street Navigator Securities Lending Prime Portfolio, a money market fund registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The following summarizes the securities lending activity, if any, for each portfolio for the six months ended June 30, 2002:

Portfolio	Current Value of Securities on Loan At June 30, 2002		Current Value of Collateral Held At June 30, 2002		Income Earned
Mid-Cap Growth	$	—	$	—	$	—
Multi-Cap Growth		18,735,661		19,332,971		7,752
Small Company Growth		18,878,453		19,508,543		26,036
Small Company Value		69,625,432		72,355,353		63,994
Capital Appreciation		13,947,139		14,806,996		5,812
Equity		10,714,284		11,097,000		15,891
Equity Income		5,366,259		5,506,511		2,834
Growth		5,322,127		5,496,848		22,420
Growth and Income		1,532,620		1,647,010		5,302
Emerging Countries		—		—		—
International Growth		—		—		19,367
Worldwide Growth		—		—		—
Global Socially Responsive		—		—		—
Balanced		—		—		—
Managed		12,369,981		12,851,028		20,569
High-Yield Bond		28,026,452		29,009,443		25,480
Total Return		—		—		—

6. Borrowings

The Trust, and another affiliated mutual fund are parties to a $40 million redemption line of credit with State Street Bank and Trust Co. whereby each portfolio may borrow up to its prospectus defined limitation. EAT pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. There were no loans outstanding at any time during the six months ended June 30, 2002.

7. Federal Income Tax Information

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States. These differences are primarily due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, market discounts, losses deferred due to wash sale and investments in passive foreign investment companies.

Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid in capital. These reclassifications have no effect on net assets or net asset values per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

ENTERPRISE Accumulation Trust

101

Notes to Financial Statements — (Continued)

June 30, 2002 (Unaudited)

The tax character of distributable earnings/(accumulated losses) at December 31, 2001 were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Gain		Capital Loss Carryforward
Mid-Cap Growth		—		—	$	180,7291
Multi-Cap Growth		—		—		74,529,4372
Small Company Growth		—		—		4,293,0741
Small Company Value	$	3,923,847	$	2,674,550		—
Capital Appreciation		—		—		21,345,6902
Equity		—		—		27,118,2331
Equity Income		508,556		—		2,752,8113
Growth		944,041		—		53,560,0912
Growth and Income		1,575,019		—		1,369,8102
Emerging Countries		2,681		—		42,7271
International Growth		340,573		—		15,794,6341
Worldwide Growth		—		—		79,3051
Balanced		387,647		—		1,756,4282
Managed		7,429,575		—		8,820,0851
High-Yield Bond		214,262		—		13,889,2693

¹ Expires in 2009

² Expires in 2008-2009

³ Expires in 2007-2009

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2002, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value were as follows:

Portfolio	Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain (Loss)
Mid-Cap Growth	$	3,133,156	$	172,071	$	(182,741	)	$	(10,670	)
Multi-Cap Growth		78,201,158		3,849,531		(7,990,513	)		(4,140,985	)
Small Company Growth		87,350,775		6,323,841		(18,011,810	)		(11,687,969	)
Small Company Value		353,761,135		82,475,924		(59,017,213	)		23,458,711
Capital Appreciation		52,030,161		7,677,789		(2,084,580	)		5,593,209
Equity		365,602,113		31,014,099		(143,777,683	)		(112,763,584	)
Equity Income		46,308,149		2,199,626		(3,837,034	)		(1,637,409	)
Growth		263,069,390		13,857,373		(32,525,426	)		(18,668,053	)
Growth and Income		186,344,406		6,748,746		(48,695,915	)		(41,947,169	)
Emerging Countries		1,328,961		62,923		(100,429	)		(37,507	)
International Growth		60,283,996		1,364,135		(1,742,076	)		(377,941	)
Worldwide Growth		1,163,603		38,170		(72,816	)		(34,646	)
Global Socially Responsive		1,151,026		48,407		(107,344	)		(58,937	)
Balanced		20,766,103		883,271		(1,494,072	)		(610,801	)
Managed		948,949,115		60,525,943		(168,767,522	)		(108,241,578	)
High-Yield Bond		116,572,916		2,053,860		(14,312,065	)		(12,258,205	)
Total Return		10,768,619		43,134		(178,319	)		(135,185	)

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Notes to Financial Statements — (Continued)

June 30, 2002 (Unaudited)

Investment Adviser

Enterprise Capital Management, Inc.

Atlanta Financial Center

3343 Peachtree Road, Suite 450

Atlanta, Georgia 30326

Custodian and Transfer Agent

State Street Bank and Trust Company

P. O. Box 1713

Boston, Massachusetts 02105

Independent Accountants

PricewaterhouseCoopers LLP

Two Commerce Square

Philadelphia, Pennsylvania 19103

This report is authorized for distribution only to contractholders and to others who have received a copy of this Trust’s prospectus.

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Trustees and Officers

NAME, AGE, AND ADDRESS	POSITIONS HELD	LENGTH OF SERVICE (YEARS)	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz, Atlanta, GA (78)	Trustee and Audit Committee Member	16	President, ATD Advisory Corp.	17	EGF - 24 Funds
Arthur Howell, Esquire, Atlanta, GA (83)	Trustee and Audit Committee Chairman	16	Of Counsel, Alston & Bird LLP	17	EGF - 24 Funds
William A. Mitchell, Jr., Atlanta, GA (62)	Trustee	14	Chairman/CEO, Carter & Associates (real estate development)	17	EGF - 24 Funds
Lonnie H. Pope, Macon, GA (68)	Trustee and Audit Committee Member	16	CEO, Longleaf Industries, Inc., (chemical manufacturing)	17	EGF - 24 Funds
INTERESTED PARTIES:
Victor Ugolyn, Atlanta, GA (54)	Chairman, President & Chief Executive Officer, Trustee	10	Chairman, President & CEO, ECM, EGF, and EFD	17	EGF - 24 Funds, EGF plc. - 14 Portfolios,
Michael I. Roth, New York, NY (56)	Trustee	10	Chairman and CEO, The MONY Group Inc.	17	EGF - 24 Funds
Samuel J. Foti, New York, NY (50)	Trustee	6	President and COO, The MONY Group Inc.	17	EGF - 24 Funds
Phillip G. Goff, Atlanta, GA (38)	Vice President and Chief Financial Officer	6	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	17	—
Herbert M. Williamson, Atlanta, GA (50)	Treasurer and Assistant Secretary	7	Assistant Secretary and Treasurer, EGF, ECM and EFD	17	—
Catherine R. McClellan, Atlanta, GA (46)	Secretary	7	Secretary, EGF, Senior Vice President, Secretary and Chief Counsel, ECM and EFD	17	—

Footnotes:
EGF - The Enterprise Group of Funds, Inc.	EFD - Enterprise Fund Distributors, Inc.
EAT - Enterprise Accumulation Trust	EGF plc - Enterprise Global Funds plc
ECM - Enterprise Capital Management, Inc.

The Enterprise Accumulation Trust Statement of Additional Information (SAI) includes additional information about Trustees and is available, without charge, upon request by calling 1-800-487-6669.

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