N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-05543

Enterprise Accumulation Trust

3343 Peachtree Road

Atlanta, GA 30326

(Address of Principal Executive Offices)

Enterprise Capital Management, Inc.

3343 Peachtree Road

Atlanta, GA 30326

(Name and Address of Agent for Service)

Registrant’s telephone number including area code: (800) 432-4320

Date of fiscal year end: December 31

Date of reporting period: June 30, 2003

Item 1.    Reports to Stockholders.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):

Enterprise Multi-Cap Growth Portfolio

SUBADVISER’S COMMENTS

Fred Alger Management, Inc.

New York, New York

Investment Management

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

Fred Alger Management, Inc. (“Alger”) is subadviser to the Enterprise Multi-Cap Growth Portfolio. Alger has approximately $9.8 billion in assets under management and its normal investment minimum is $10 million.

Investment Objective

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

First Half 2003 Performance Review

How did the Portfolio perform for the six months ended June 30, 2003?

For the six-month period, the Portfolio returned 20.51%. The Portfolio outperformed its benchmark, the S&P 500 Index, which returned 11.77%. The Portfolio outperformed its peer group, the Lipper Multi-Cap Growth Funds Index, which returned 15.63%.

How would you describe the investment environment during the period?

The 2003 New Year brought with it an end to the positive momentum experienced throughout the fourth quarter of 2002. With the U.S. trade deficit reaching record highs, industrial production on the decline and waning consumer sentiment, equity markets trended downward during the first month of the year. The negative momentum continued into February. Despite solid growth in the manufacturing sector and a substantial drop in unemployment, investors continued to sell, as fear about a potential war with Iraq began to trump economic fundamentals. Fortunately, with the outbreak of war in March, markets reversed course and recouped some of the losses experienced in January and February. Preferring war to the pre-combat uncertainty, investors pushed most indices higher during the final month of the quarter. Mid-and large-cap growth stocks led the upturn. Despite substantial market volatility throughout the period, the Fed decided against any further rate cuts during the first quarter of 2003.

The second quarter of 2003 sustained the positive momentum experienced at the end of the first quarter, with most equity indices moving substantially higher during the three-month period. Reassured by the swift and decisive allied victory in Iraq and better-than expected first quarter profits, investors found good reason to get back into the market in April. Stocks of all market capitalizations and styles surged higher during the first month of the quarter. The positive trend continued into May. Despite terrorist attacks in Saudi Arabia and Morocco, as well as large trade deficits, investors chose to focus on rising consumer confidence and upbeat earnings outlooks from tech giants like Computer Associates, IBM and Intuit, Inc. Most equity indices moved higher in May, with small-cap growth stocks leading the way. Markets continued to stay out of the red in June. With a larger-than-expected jump in the index of leading economic indicators as well as a 0.25% rate cut on June 25, investors pushed stocks slightly higher during the final month of the quarter.

What strategies affected Portfolio performance during the period?

During the first six months of the year, the Portfolio benefited from security selection in the consumer discretionary and healthcare sectors along with an over-weighting in the strong information technology sector. At the stock level, performance benefited from positions in eBay, Inc., Amgen Inc., Intersil Corp., Yahoo! Inc. and Best Buy Company Inc. Conversely, the Portfolio was negatively impacted by positions in Biogen, Inc., Alliant Techsystems, Inc., Affiliated Computer Services Inc., Anthem Inc. and Hotels.com.

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Enterprise Multi-Cap Growth Portfolio

SUBADVISER’S COMMENTS — (Continued)

What changes were made to the Portfolio over the period?

Throughout the first half of the year, the number of Portfolio holdings remained steady, while the cash position increased to approximately 5% of net assets. Significant additions included AOL Time Warner Inc., Dell Computer Corp., General Electric Co., Nike Inc. and Yahoo! Inc. Significant eliminations included Anthem Inc., Bed Bath & Beyond Inc. and Dollar Tree Stores Inc.

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.

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Enterprise Multi-Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2003

	Number of Shares	Value
Domestic Common Stocks — 92.77%
Banking — 3.47%
Bank of New York Company Inc.	31,600	$	908,500
Mellon Financial Corporation	43,900		1,218,225
			2,126,725
Biotechnology — 7.52%
Amgen Inc. (a)	23,900		1,587,916
Genentech Inc. (a)	16,600		1,197,192
Genzyme Corporation (a)	23,500		982,300
Gilead Sciences Inc. (a)	15,150		842,037
			4,609,445
Broadcasting — 2.27%
Liberty Media Corporation (Class A) (a)	70,000		809,200
Viacom Inc. (Class B) (a)	13,300		580,678
			1,389,878
Cable — 1.85%
Comcast Corporation (Class A) (a)	37,500		1,131,750
Computer Hardware — 5.97%
Cisco Systems Inc. (a)	93,000		1,552,170
Dell Computer Corporation (a)	26,000		830,960
EMC Corporation (a)	121,600		1,273,152
			3,656,282
Computer Services — 3.63%
Juniper Networks Inc. (a) (o)	60,800		752,096
Network Appliance Inc. (a)	35,200		570,592
Yahoo! Inc. (a)	27,500		900,900
			2,223,588
Computer Software — 10.16%
Microsoft Corporation	111,600		2,858,076
Oracle Corporation (a)	173,100		2,080,662
PeopleSoft Inc. (a)	37,600		661,384
Veritas Software Corporation (a)	21,700		622,139
			6,222,261
Consumer Products — 1.57%
Nike, Inc. (Class B)	18,000		962,820
Consumer Services — 1.08%
Apollo Group Inc. (Class A) (a)	10,750		663,920
Electrical Equipment — 4.29%
General Electric Company	60,300		1,729,404
Intersil Corporation (Class A) (a)	33,800		899,418
			2,628,822
Electronics — 0.49%
KLA-Tencor Corporation (a)	6,500		302,185

	Number of Shares	Value
Media — 2.16%
AOL Time Warner Inc. (a)	82,200	$	1,322,598
Medical Instruments — 3.39%
Boston Scientific Corporation (a)	20,500		1,252,550
Guidant Corporation	18,600		825,654
			2,078,204
Misc. Financial Services — 5.48%
Citigroup Inc.	44,500		1,904,600
Countrywide Credit Industries Inc.	7,900		549,603
Merrill Lynch & Company Inc.	19,400		905,592
			3,359,795
Multi-Line Insurance — 1.54%
American International Group Inc.	17,100		943,578
Oil Services — 3.44%
Halliburton Company	42,700		982,100
Smith International Inc. (a)	18,800		690,712
Transocean Sedco Forex Inc.	19,800		435,006
			2,107,818
Pharmaceuticals — 16.38%
Abbott Laboratories	27,300		1,194,648
Allergan Inc.	16,900		1,302,990
Barr Laboratories Inc. (a)	24,175		1,583,462
ImClone Systems Inc. (a) (o)	8,600		271,932
Merck & Company Inc.	28,600		1,731,730
Mylan Laboratories Inc.	22,300		775,371
Pfizer Inc.	66,280		2,263,462
Wyeth	20,050		913,278
			10,036,873
Retail — 12.96%
Abercrombie and Fitch Company (Class A) (a)	36,700		1,042,647
Best Buy Company Inc. (a)	28,600		1,256,112
eBay Inc. (a)	14,150		1,474,147
Gap Inc.	108,600		2,037,336
Home Depot Inc.	22,600		748,512
Wal-Mart Stores Inc.	25,750		1,382,002
			7,940,756
Semiconductors — 3.13%
Broadcom Corporation (Class A) (a)	38,100		949,071
Micron Technology Inc. (a)	59,700		694,311
National Semiconductor Corporation (a)	13,900		274,108
			1,917,490
Telecommunications — 0.98%
Comverse Technology Inc. (a)	19,600		294,588
General Motors Corporation (Class H) (a)	23,900		306,159
			600,747

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Enterprise Multi-Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Number of Shares or Principal Amount		Value
Wireless Communications — 1.01%
Nextel Communications Inc. (Class A) (a)		34,200	$	618,336
Total Domestic Common Stocks
(Identified cost $49,058,766)				56,843,871
Foreign Stocks — 2.39%
Medical Services — 0.74%
Alcon Inc. (o)		9,900		452,430
Pharmaceuticals — 1.65%
Teva Pharmaceutical Industries Ltd. (ADR) (o)		17,800		1,013,354
Total Foreign Stocks
(Identified cost $983,830)				1,465,784
Short-Term Agency Obligations — 2.45%
Freddie Mac Discount Note, 1.15% due 07/28/03 (e)	$	1,000,000		999,280
Fannie Mae Discount Note 1.18% due 07/09/03 (e)		500,000		499,869
Total Short-Term Agency Obligations
(Identified cost $1,499,149)				1,499,149

	Principal Amount		Value
Repurchase Agreement — 3.69%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/03 Proceeds $2,261,044 Collateral: U.S. Treasury Note $2,290,000, 1.75% due 12/31/04, Value $2,308,356	$	2,261,000	$	2,261,000
Total Repurchase Agreement
(Identified cost $2,261,000)				2,261,000
Total Investments
(Identified cost $53,802,745)			$	62,069,804
Other Assets Less Liabilities — (1.30)%				(798,996)
Net Assets — 100%			$	61,270,808

(a) Non-income producing security.

(e) The rate shown is the effective yield.

(o) Security, or portion thereof, out on loan at June 30, 2003.

(ADR) American Depository Receipt.

See notes to financial statements.

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Enterprise Multi-Cap Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	62,069,804
Investment purchased in connection with securities lending, at value (Note 5)		1,914,732
Investment income receivable		33,122
Receivable for fund shares sold		27,351
Receivable for investments sold		143,929
Cash		890
Other assets		1,266
Total assets		64,191,094
Liabilities:
Payable for fund shares redeemed		153,902
Payable for investments purchased		818,354
Payable due upon sale of investments in connection with securities lending (Note 5)		1,914,732
Shareholder serving fees payable		15,161
Accrued expenses and other liabilities		18,137
Total liabilities		2,920,286
Net Assets	$	61,270,808
Analysis of Net Assets:
Paid-in capital	$	153,426,745
Undistributed (accumulated) net investment income (loss)		(150,882	)
Undistributed (accumulated) net realized gain (loss)		(100,272,114	)
Unrealized appreciation (depreciation)		8,267,059
Net Assets	$	61,270,808
Shares outstanding		9,226,846
Net asset value per share		$6.64
Investments at cost	$	53,802,745

See notes to financial statements.

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Enterprise Multi-Cap Growth Portfolio

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2003 (Unaudited)

Investment income:
Dividends	$	160,283	(1)
Interest		15,225
Securities lending income		1,353
Total investment income		176,861
Expenses:
Investment advisory fees		272,962
Custodian and fund accounting fees		13,985
Trustees’ fees		1,124
Audit and legal fees		8,385
Shareholder servicing fees		29,808
Other expenses		1,565
Total expenses		327,829
Expenses reduced by expense offset arrangements		(86	)
Total expenses, net of expense offset arrangements		327,743
Net investment income (loss)		(150,882	)
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		(12,465	)
Net change in unrealized gain (loss) on investments		10,500,921
Net realized and unrealized gain (loss)		10,488,456
Net increase (decrease) in net assets resulting from operations	$	10,337,574

(1) Net of foreign taxes withheld of $1,718.

See notes to financial statements.

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Enterprise Multi-Cap Growth Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2003			Year Ended December 31, 2002
From operations:
Net investment income (loss)	$	(150,882	)	$	(512,199	)
Net realized gain (loss)		(12,465	)		(25,682,390	)
Net change in unrealized gain (loss)		10,500,921			(6,602,211	)
Increase (decrease) in net assets resulting from operations		10,337,574			(32,796,800	)
Distributions to shareholders from:
Net investment income		—			—
Net realized gains		—			—
Total distributions to shareholders		—			—
From capital share transactions:
Shares sold		3,499,273			6,856,018
Reinvestment of distributions		—			—
Shares redeemed		(5,152,280	)		(21,429,908	)
Total increase (decrease) in net assets resulting from capital share transactions		(1,653,007	)		(14,573,890	)
Total increase (decrease) in net assets		8,684,567			(47,370,690	)
Net assets:
Beginning of period		52,586,241			99,956,931
End of period	$	61,270,808		$	52,586,241
Capital share activity:
Shares issued		569,636			938,879
Shares issued in reinvestment of distributions		—			—
Shares redeemed		(889,249	)		(3,245,394	)
Net increase (decrease)		(319,613	)		(2,306,515	)
Undistributed (accumulated) net investment income (loss)	$	(150,882	)	$	—

See notes to financial statements.

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Enterprise Multi-Cap Growth Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2003			For the years ended December 31,									For the Period 7/15/99 through 12/31/1999
				2002			2001			2000
Net asset value, beginning of period	$	5.51		$	8.43		$	10.15		$	14.63		$	5.00
Income from investment operations:
Net investment income (loss)C		(0.02	)		(0.05	)		(0.02	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investments		1.15			(2.87	)		(1.70	)		(4.45	)		9.64
Total from investment operations		1.13			(2.92	)		(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	$	6.64		$	5.51		$	8.43		$	10.15		$	14.63
Total return		20.51	%B		(34.64	)%		(16.95	)%		(30.59	)%		192.60	%B
Net assets end of period (in thousands)	$	61,271		$	52,586		$	99,957		$	128,714		$	47,960
Ratio of expenses to average net assets		1.20	%A		1.13	%		1.10	%		1.10	%		1.40	%A
Ratio of expenses to average net assets (excluding reimbursement)		1.20	%A		1.13	%		1.10	%		1.10	%		1.52	%A
Ratio of net investment income (loss) to average net assets		(0.55	)%A		(0.68	)%		(0.23	)%		(0.13	)%		(0.21	)A
Portfolio turnover		71	%		192	%		107	%		128	%		21	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

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Notes to Financial Statements

June 30, 2003 (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 portfolios contained therein.

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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Multi-Cap Growth Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 — Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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 — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. The difference between the premium

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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.

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 1.00%. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $29,818 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.40%.

For the six months ended June 30, 2003, the Portfolio paid brokerage commissions of $73,748 to affiliates of the adviser or subadviser.

4. Investment Transactions

For the six months ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases	Sales
—	—	$36,984,002	$39,778,219

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on loan are denoted in the Portfolio of Investments.

The Portfolio generally 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 for the Portfolio as of June 30, 2003:

Current Value of Securities on Loan At June 30, 2003	Units of Prime Portfolio Owned	Current Value of Collateral Held At June 30, 2003
$1,851,550	1,941,732	$1,941,732

6. Directed Brokerage

The Portfolio may direct certain security trades to brokers who pay a portion of the commissions for those trades to offset certain expenses of the Portfolio. Under these arrangements, the Portfolio had expenses reduced by $86 during the six months ended June 30, 2003.

7. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the six months ended June 30, 2003.

8. 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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost	Tax Unrealized Gain	Tax Unrealized Loss	Net Unrealized Gain
$53,802,745	$8,580,500	$(313,441)	$8,267,059

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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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

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Enterprise Accumulation Trust

MULTI-CAP GROWTH PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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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Enterprise 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 $1.6 billion in assets under management, is subadviser to the Enterprise Small Company Growth Portfolio. Witter’s normal investment minimum is $1 million.

Investment Objective

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

First Half 2003 Performance Review

How did the Portfolio perform for the six months ended June 30, 2003?

For the six-month period, the Portfolio returned 7.19%. The Portfolio underperformed its benchmark, the Russell 2000 Index, which returned 17.88%. The Portfolio underperformed its peer group, the Lipper Small-Cap Growth Funds Index, which returned 18.75%.

How would you describe the investment environment during the period?

During the first two months of the period, the investment environment was cautious. The prospect of a war with Iraq was the greatest concern. The lack of a significant pick-up in economic activity and the continuing reluctance of corporations to invest in inventories, new employees or capital spending, also affected investor confidence. Manifestations of the caution included short positions estimated to be twice as large as normal in the equity market, the lowest interest rates in more than 40 years and a weakening in the U.S. dollar.

Beginning March 11, the stock market started to rise. The success of U.S. military action led investors to think more positively. The absence of significant signs of economic improvement was of less importance. From that point throughout the balance of the period, momentum investing took over. The Internet software/service, biotechnology and telecommunication sectors were among the leaders.

What strategies affected Portfolio performance during the period?

Witter’s strategy of being fully invested in equities during the period positively impacted the Portfolio. The focus on “growth at a reasonable price” detracted from the performance during the period. The lack of substantial participation in biotechnology, Internet software/service and the telecommunications equipment restrained the Portfolio’s performance. In general, these types of companies did not fit into the “growth at a reasonable price” strategy.

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Enterprise Small Company Growth Portfolio

SUBADVISER’S COMMENTS — (Continued)

What changes were made to the Portfolio over the period?

During the period, a major part of purchases were in the technology, healthcare and natural gas groups. Additions to existing technology holdings included Cray Inc., Genesis Microchip, Inc., MKS Instruments, Inc., MSC Software Corporation and Photronics, Inc. New healthcare positions included Healthcare Services Group and Kensey Nash Corp. Other new names included two retailers, Christopher & Banks Corp. and Tractor Supply Company, both of which are going through 16-20% growth phases.

Sales of securities included a reduction in Candela Corporation, which experienced strong appreciation in a short period of time. The largest amount of sales included the elimination of holdings in which growth had not developed as Witter had anticipated. Advanced Marketing Services, Inc., AstroPower, Inc., Flow International Corporation and Navigant International were included in this group.

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.

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Enterprise Small Company Growth Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2003

	Number of Shares	Value
Domestic Common Stocks — 94.55%
Airlines — 2.19%
SkyWest Inc.	80,700	$	1,538,142
Biotechnology — 2.09%
Pharmaceutical Product Development Inc. (a) (o)	51,000		1,465,230
Business Services — 5.56%
Charles River Associates Inc. (a)	80,700		2,281,389
MAXIMUS Inc. (a) (o)	58,900		1,627,407
			3,908,796
Computer Hardware — 1.73%
Drexler Technology Corporation (a) (o)	78,500		1,216,750
Computer Services — 9.38%
CACI International Inc. (a)	74,300		2,548,490
Cray Inc. (a) (o)	231,180		1,826,322
Integral Systems Inc. (a) (o)	62,100		1,234,548
MapInfo Corporation (a) (o)	83,350		594,285
Tier Technologies Inc. (a) (o)	50,000		387,500
			6,591,145
Computer Software — 1.76%
MSC.Software Corporation (a) (o)	89,900		605,926
PLATO Learning Inc. (a)	110,066		632,880
			1,238,806
Electrical Equipment — 8.46%
C & D Technologies	69,400		996,584
Electro Scientific Industries Inc. (a) (o)	77,700		1,177,932
Varian Inc. (a) (o)	77,500		2,686,925
Woodhead Industries (o)	86,600		1,084,232
			5,945,673
Electronics — 6.03%
Ceradyne Inc. (a)	32,000		599,360
Planar Systems Inc. (a) (o)	114,000		2,229,840
Veeco Instruments Inc. (a) (o)	82,700		1,408,381
			4,237,581
Hotels & Restaurants — 3.13%
The Cheesecake Factory Inc. (a)	61,200		2,196,468
Medical Instruments — 17.86%
Candela Corporation (a)	161,400		1,859,328
Cytyc Corporation (a)	172,100		1,810,492
ICU Medical Inc. (a) (o)	70,750		2,203,862
Kensey Nash Corporation (a) (o)	99,500		2,587,000
Varian Medical Systems Inc. (a) (o)	23,900		1,375,923
Zoll Medical Corporation (a) (o)	80,700		2,708,292
			12,544,897

	Number of Shares or Principal Amount		Value
Medical Services — 6.05%
Healthcare Services Group Inc. (a)		72,500	$	1,024,425
Impath Inc. (a) (o)		83,000		1,173,620
U.S. Physical Therapy Inc. (a) (o)		95,600		1,221,768
Vital Images Inc. (a) (o)		45,000		827,100
				4,246,913
Oil Services — 10.29%
Cimarex Energy Company (a)		105,200		2,498,500
Devon Energy Corporation (o)		25,800		1,377,720
Smith International Inc. (a) (o)		44,200		1,623,908
Ultra Petroleum Corporation (a)		134,000		1,729,940
				7,230,068
Real Estate — 1.75%
Meritage Corporation (a) (o)		25,000		1,231,500
Retail — 5.33%
Christopher & Banks Corporation (a)		44,500		1,646,055
Tractor Supply Company (a) (o)		44,000		2,101,000
				3,747,055
Semiconductors — 7.75%
Genesis Microchip Inc. (a) (o)		85,000		1,150,900
Intermagnetics General Corporation (a) (o)		100,200		1,987,968
MKS Instruments Inc. (a) (o)		44,357		801,531
Photronics Inc. (a) (o)		86,400		1,507,680
				5,448,079
Technology — 5.19%
Flir Systems Inc. (a) (o)		121,000		3,648,150
Total Domestic Common Stocks
(Identified cost $71,025,956)				66,435,253
Commercial Paper — 5.70%
Mortgage Interest Networking 1.31% due 07/01/03	$	4,005,000		4,005,000
Total Commercial Paper
(Identified cost $4,005,000)				4,005,000
Total Investments
(Identified cost $75,030,956)			$	70,440,253
Other Assets Less Liabilities — (0.25)%				(177,852)
Net Assets — 100%			$	70,262,401

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2003.

See notes to financial statements.

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Enterprise Small Company Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	70,440,253
Investment purchased in connection with securities lending, at value (Note 5)		17,108,260
Investment income receivable		4,926
Receivable for fund shares sold		2,255
Receivable for investments sold		241,461
Cash		959
Other assets		1,601
Total assets		87,799,715
Liabilities:
Payable for fund shares redeemed		200,516
Payable for investments purchased		193,285
Payable due upon sale of investments in connection with securities lending (Note 5)		17,108,260
Shareholder servicing fees payable		17,197
Accrued expenses and other liabilities		18,056
Total liabilities		17,537,314
Net Assets	$	70,262,401
Analysis of Net Assets:
Paid-in capital	$	89,784,072
Undistributed (accumulated) net investment income (loss)		(309,860	)
Undistributed (accumulated) net realized gain (loss)		(14,621,108	)
Unrealized appreciation (depreciation)		(4,590,703	)
Net Assets	$	70,262,401
Shares outstanding		10,966,119
Net asset value per share		$6.41
Investments at cost	$	75,030,956

See notes to financial statements.

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Enterprise Small Company Growth Portfolio

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2003 (Unaudited)

Investment income:
Dividends	$	40,677
Interest		20,498
Securities lending income		12,839
Total investment income		74,014
Expenses:
Investment advisory fees		319,539
Custodian and fund accounting fees		10,882
Reports to shareholders		3,525
Trustees’ fees		1,381
Audit and legal fees		12,458
Shareholder servicing fees		33,974
Other expenses		2,115
Total expenses		383,874
Net investment income (loss)		(309,860	)
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		(6,785,058	)
Net change in unrealized gain (loss) on investments		11,798,244
Net realized and unrealized gain (loss)		5,013,186
Net increase (decrease) in net assets resulting from operations	$	4,703,326

See notes to financial statements.

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Enterprise Small Company Growth Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2003			Year Ended December 31, 2002
From operations:
Net investment income (loss)	$	(309,860	)	$	(589,201	)
Net realized gain (loss)		(6,785,058	)		(3,542,977	)
Net change in unrealized gain (loss)		11,798,244			(17,724,488	)
Increase (decrease) in net assets resulting from operations		4,703,326			(21,856,666	)
Distributions to shareholders from:
Net investment income		—			—
Net realized gains		—			—
Total distributions to shareholders		—			—
From capital share transactions:
Shares sold		8,575,928			21,691,709
Reinvestment of distributions		—			—
Shares redeemed		(9,220,056	)		(16,222,694	)
Total increase (decrease) in net assets resulting from capital share transactions		(644,128	)		5,469,015
Total increase (decrease) in net assets		4,059,198			(16,387,651	)
Net assets:
Beginning of period		66,203,203			82,590,854
End of period	$	70,262,401		$	66,203,203
Capital share activity:
Shares issued		1,471,342			3,077,064
Shares issued in reinvestment of distributions		—			—
Shares redeemed		(1,583,421	)		(2,497,212	)
Net increase (decrease)		112,079			579,852
Undistributed (accumulated) net investment income (loss)	$	(309,860	)	$	—

See notes to financial statements.

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Enterprise Small Company Growth Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2003			For the years ended December 31,												For the Period 12/01/98 through 12/31/1998
				2002			2001			2000			1999
Net asset value, beginning of period	$	5.98		$	7.87		$	8.60		$	8.50		$	5.46		$	5.00
Income from investment operations:
Net investment income (loss)		(0.03	)C		(0.05	)C		(0.05	)C		(0.03	)C		(0.05	)C		0.00	E
Net realized and unrealized gain (loss) on investments		0.46			(1.84	)		(0.38	)		0.20	D		3.09			0.46
Total from investment operations		0.43			(1.89	)		(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	$	6.41		$	5.98		$	7.87		$	8.60		$	8.50		$	5.46
Total return		7.19	%B		(24.02	)%		(3.80	)%		1.90	%		55.68	%		9.20	%B
Net assets end of period (in thousands)	$	70,262		$	66,203		$	82,591		$	82,061		$	23,429		$	469
Ratio of expenses to average net assets		1.20	%A		1.12	%		1.10	%		1.11	%		1.40	%		1.40	%A
Ratio of expenses to average net assets (excluding reimbursement)		1.20	%A		1.12	%		1.10	%		1.11	%		1.55	%		60.67	%A
Ratio of net investment income (loss) to average net assets		(0.97	)%A		(0.79	)%		(0.62	)%		(0.32	)%		(0.81	)%		(1.26	)%A
Portfolio turnover		26	%		37	%		40	%		47	%		37	%		4	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

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

^E Less than $0.01 per share.

See notes to financial statements.

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Notes to Financial Statements

June 30, 2003 (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 portfolios contained therein.

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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Small Company Growth Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 — Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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 — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. 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

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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.

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 1.00%. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $33,975 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.30%, effective May 1, 2003. Prior to this date the expenses were limited to an annual ratio of 1.40%.

For the six months ended June 30, 2003, the Portfolio paid no brokerage commissions to affiliates of the adviser or subadviser.

4. Investment Transactions

For the six months ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases		Sales
—	—	$	16,178,134	$	17,815,672

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on loan are denoted in the Portfolio of Investments.

The Portfolio generally 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 for the Portfolio as of June 30, 2003:

Current Value of Securities on Loan At June 30, 2003		Units of Prime Portolio Owned	Current Value of Collateral Held At June 30, 2003
$	16,512,198	17,108,260	$	17,108,260

6. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the six months ended June 30, 2003.

ENTERPRISE Accumulation Trust

10

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost	Tax Unrealized Gain	Tax Unrealized Loss	Net Unrealized Loss
$75,030,956	$7,716,656	($12,307,359)	($4,590,703)

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11

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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 28 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

ENTERPRISE Accumulation Trust

12

Enterprise Accumulation Trust

SMALL COMPANY GROWTH PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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

ENTERPRISE Accumulation Trust

13

Enterprise 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 $21.0 billion for institutional clients and whose normal investment minimum is $1 million, is subadviser to the Enterprise Small Company Value Portfolio.

Investment Objective

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

First Half 2003 Performance Review

How did the Portfolio perform for the six months ended June 30, 2003?

For the six-month period, the Portfolio returned 10.90%. The Portfolio underperformed its benchmark, the Russell 2000 Index, which returned 17.88%. The Portfolio underperformed its peer group, the Lipper Small-Cap Value Funds Index, which returned 15.73%.

How would you describe the investment environment during the period?

Within the first half of 2003, the market shrugged off concerns of war, the corporate “crisis of confidence,” the possibility of future terrorist attacks on the U.S. and high oil prices. By the second quarter, the stock market soared, experiencing low inflation and interest rates, low labor costs, strong car sales, vibrant house refinancing, new corporate governance regulation, increased corporate earnings and a new tax bill, which Gabelli believed provided a powerful stimulus to the economy. Gabelli believes the stock market did what it was supposed to do: anticipate a stronger economy and better corporate earnings well ahead of the fact.

What strategies affected Portfolio performance during the period?

Technology was one of the best performing sectors in the small cap universe. Gabelli’s traditional under-weighting in technology, which has served shareholders well in recent years, restrained relative performance.

Gabelli had made several investments for the Portfolio over the years in electric, gas and water utilities and saw several catalysts in these companies: the stocks were cheap, the downfall of Enron created great opportunities and a repeal of utilities regulation encouraged mergers. The new 15% tax rate on qualifying dividends has helped these stocks.

For several years, Gabelli continued to buy media stocks for the Portfolio with the expectation that the FCC would have a less stringent regulatory stance. On June 2, the FCC relaxed many significant restrictions on broadcast and newspaper conglomerates, allowing them to expand into new markets and extend their reach in cities where they already had a presence.

What changes were made to the Portfolio over the period?

Gabelli did not make major changes to the Portfolio over the past six months. At the margin, Gabelli added to several names such as Flowers Foods Inc., the leading bakery company; Hercules Inc., which could be sold; Boston Beer Company Inc., which continues to buy back its stock; and Gaylord Entertainment Company, which is selling off certain assets. Gabelli sold their holdings in Nortek Holdings Inc. and Allen Telecom, Inc., which were taken over. Allen’s products were specifically used to strengthen wireless signal reception. Their customers include equipment

ENTERPRISE Accumulation Trust

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Enterprise Small Company Value Portfolio

SUBADVISER’S COMMENTS — (Continued)

maker Lucent Technologies Inc., Nortel Networks Corporation and Motorola Inc. and service providers such as AT&T Wireless Services Inc. and Verizon Wireless Inc. They agreed to be purchased by Andrew Corp. for about $500 million in stock.

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

2

Enterprise Small Company Value Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2003

	Number of Shares	Value
Domestic Common Stocks — 97.45%
Advertising — 0.04%
Interep National Radio Sales Inc. (a)	45,000	$	125,550
Aerospace — 7.65%
AAR Corporation (o)	36,000		254,160
Ametek Inc.	90,000		3,298,500
Curtiss-Wright Corporation (Class A)	58,000		3,665,600
Curtiss-Wright Corporation (Class B)	11,000		685,300
GenCorp Inc. (o)	313,000		2,782,570
Kaman Corporation (Class A)	170,000		1,987,300
Lockheed Martin Corporation	34,000		1,617,380
Moog Inc. (Class A) (a)	60,000		2,085,000
Sequa Corporation (Class A) (a)	69,000		2,366,700
Sequa Corporation (Class B)	44,000		1,819,840
SPS Technologies Inc. (a)	153,000		4,137,120
			24,699,470
Apparel & Textiles — 0.47%
Hartmarx Corporation (a)	240,000		717,600
Levcor International Inc. (a)	51,347		120,666
Wolverine World Wide Inc.	35,000		674,100
			1,512,366
Automotive — 9.50%
A. O. Smith Corporation	20,000		563,000
A. O. Smith Corporation (Class A)	12,000		318,000
Aaron Rents Inc. (Class A)	1,000		24,300
ArvinMeritor Inc.	40,000		807,200
AutoNation Inc. (a)	38,000		597,360
BorgWarner Inc.	76,000		4,894,400
Clarcor Inc.	195,000		7,517,250
Earl Scheib Inc. (a) (f)	225,000		612,000
Exide Technologies (a) (o)	50,000		14,500
Federal-Mogul Corporation (a) (o)	60,000		19,800
Midas Inc. (a) (o)	220,000		2,666,400
Modine Manufacturing Company	245,000		4,745,650
Navistar International Corporation (a)	60,000		1,957,800
Raytech Corporation (a) (o)	20,000		85,000
Standard Motor Products Inc. (o)	220,000		2,442,000
Superior Industries International Inc. (o)	51,000		2,126,700
Tenneco Automotive Inc. (a) (o)	200,000		720,000
United Auto Group Inc. (a) (o)	25,000		544,500
			30,655,860
Banking — 0.75%
Sterling Bancorp	86,460		2,411,369
Biotechnology — 0.15%
Invitrogen Corporation (a)	13,000		498,810

	Number of Shares	Value
Broadcasting — 5.12%
Beasley Broadcast Group Inc. (Class A) (a)	72,000	$	984,960
Cumulus Media Inc. (Class A) (a)	10,000		189,300
Fisher Communications Inc. (a)	51,400		2,513,974
Granite Broadcasting Corporation (a)	185,000		566,100
Gray Television Inc. (o)	260,000		3,223,000
Liberty Media Corporation (Class A) (a)	156,000		1,803,360
Paxson Communications Corporation (a)	325,000		1,946,750
Salem Communications Corporation (Class A) (a)	125,000		2,501,375
UnitedGlobalCom Inc. (a) (o)	140,000		723,800
World Wrestling Federation Entertainment Inc.	12,000		123,480
Young Broadcasting Inc. (Class A) (a)	92,000		1,943,960
			16,520,059
Building & Construction — 2.55%
Core Materials Corporation (a)	135,000		263,250
Hughes Supply Inc.	1,000		34,700
Huttig Building Products Inc. (a)	45,444		123,153
Monaco Coach Corporation (a) (o)	5,000		76,650
Rollins Inc. (o)	410,500		7,737,925
			8,235,678
Business Services — 0.61%
Edgewater Technology Inc. (a) (o)	210,000		1,008,000
Nashua Corporation (a)	73,000		649,700
National Processing Inc. (a)	20,000		321,600
			1,979,300
Cable — 1.35%
Cablevision Systems Corporation (Class A) (a)	185,000		3,840,600
Lamson & Sessions Company (a)	110,000		530,200
			4,370,800
Chemicals — 2.93%
Church & Dwight Company Inc.	50,000		1,636,500
Cytec Industries Inc. (a)	5,000		169,000
Ethyl Corporation (a)	18,000		179,100
Ferro Corporation	100,000		2,253,000
Great Lakes Chemical Corporation	140,000		2,856,000
Hercules Inc. (a)	100,000		990,000
MacDermid Inc.	15,000		394,500
Omnova Solutions Inc. (a)	245,000		989,800
			9,467,900
Computer Hardware — 0.00%
Cerion Technologies Inc. (a) (d) (m)	90,000		—

ENTERPRISE Accumulation Trust

3

Enterprise Small Company Value Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

June 30, 2003

	Number of Shares	Value
Computer Services — 0.20%
Startek Inc. (a)	6,000	$	157,800
Tyler Technologies Inc. (a)	25,000		106,250
Xanser Corp (a) (o)	175,000		376,250
			640,300
Computer Software — 0.01%
OpenTV Corporation (Class A) (a) (o)	19,000		26,030
Conglomerates — 0.09%
Harbor Global Company Ltd. (a)	40,000		300,000
Consumer Durables — 0.22%
Noel Group Liquidating Trust Units (a) (d) (g) (m)	135,000		37,800
Noel Group Units (a) (d) (g) (m)	135,000		—
Oneida Ltd. (o)	100,000		675,000
			712,800
Consumer Products — 0.92%
Elizabeth Arden Inc. (a) (o)	49,500		651,915
New England Business Service Inc.	21,000		630,000
Revlon Inc. (Class A) (a) (o)	67,005		201,015
Scotts Company (a)	3,000		148,500
Sola International Inc. (a)	36,000		626,400
The Dial Corporation	15,000		291,750
WD-40 Company (o)	15,000		428,250
			2,977,830
Consumer Services — 0.88%
Bull Run Corporation (a)	14,000		46,060
Roto Rooter Inc.	73,000		2,784,220
			2,830,280
Drugs & Medical Products — 0.46%
Owens & Minor Inc. (o)	20,000		447,000
Thermo Electron Corporation (a)	50,000		1,051,000
			1,498,000
Education — 0.09%
Whitman Education Group Inc. (a) (o)	18,000		276,300
Electrical Equipment  — 4.89%
Ampco-Pittsburgh Corporation	130,000		1,742,000
Baldor Electric Company (o)	95,000		1,957,000
C & D Technologies	4,000		57,440
Donaldson Company Inc.	20,000		889,000
DQE Inc. (o)	130,000		1,959,100
National Presto Industries Inc. (a)	10,000		316,000
Oak Technology Inc.	12,400		77,004
SL Industries Inc. (a)	82,000		537,100
Thomas & Betts Corporation (a)	160,000		2,312,000
Thomas Industries Inc.	220,000		5,951,000
			15,797,644

	Number of Shares	Value
Electronics — 0.53%
CTS Corporation (o)	80,000	$	836,000
Park Electrochemical Corporation	44,000		877,800
			1,713,800
Energy — 0.85%
Aquila Inc. (o)	50,000		129,000
El Paso Electric Company (a)	160,000		1,972,800
ONEOK Inc.	30,000		588,900
SEMCO Energy Inc. (o)	10,000		58,200
			2,748,900
Entertainment & Leisure — 4.59%
Acme Communications Inc. (a)	50,000		380,000
Churchill Downs Inc. (o)	52,000		1,992,120
Dover Downs Gaming & Entertainment Inc.	66,000		610,500
Dover Motorsports Inc.	113,000		463,300
E.W. Scripps Company (Class A)	19,000		1,685,680
Gaylord Entertainment Company (a)	300,000		5,871,000
K2 Inc. (a)	37,000		453,250
Magna Entertainment Corporation (Class A) (a) (o)	80,000		400,000
Metro Goldwyn Mayer Inc. (a)	25,000		310,500
Sinclair Broadcast Group Inc. (a) (o)	150,000		1,741,500
Six Flags Inc. (a) (o)	120,000		813,600
Thor Industries Inc. (o)	2,000		81,640
			14,803,090
Finance — 1.06%
BKF Capital Group Inc. (a) (o)	44,000		960,520
Interactive Data Corporation (a)	140,000		2,366,000
SWS Group Inc. (o)	5,000		100,750
			3,427,270
Food, Beverages & Tobacco — 6.80%
Boston Beer Inc. (Class A) (a) (o)	34,000		489,600
Corn Products International Inc.	80,000		2,402,400
Del Monte Foods Company (a)	32,000		282,880
Flowers Foods Inc.	228,000		4,505,280
Hain Celestial Group Inc. (a)	12,000		191,880
Ingles Markets Inc. (Class A) (o)	140,000		1,414,000
John B. Sanfilippo & Son Inc. (a)	14,000		226,100
PepsiAmericas Inc.	148,000		1,858,880
Ralcorp Holdings Inc. (a)	70,000		1,747,200
Robert Mondavi Corporation (Class A) (a) (o)	46,000		1,164,260
Sensient Technologies Corporation (o)	100,000		2,299,000
Suprema Specialties Inc. (a) (d) (m)	1,500		—
Tootsie Roll Industries Inc. (o)	107,120		3,266,089
Triarc Companies Inc. (Class A) (a) (o)	40,000		1,199,600
Weis Markets Inc.	29,000		899,580
			21,946,749
Gaming — 0.15%
Lakes Entertainment Inc. (a) (o)	62,000		495,318
Health Care — 0.02%
Viasys Healthcare Inc. (a)	3,500		72,450

ENTERPRISE Accumulation Trust

4

Enterprise Small Company Value Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

June 30, 2003

	Number of Shares	Value
Hotels & Restaurants — 2.04%
Aztar Corporation (a)	190,000	$	3,060,900
Boca Resorts Inc. (a) (o)	135,000		1,755,000
Extended Stay America Inc. (a)	6,000		80,940
Louisiana Quinta Corporation (a)	80,000		344,800
Park Place Entertainment Corporation (a)	30,000		272,700
RFS Hotel Investors Inc.	15,000		184,800
The Steak n Shake Company (a)	47,000		716,750
Trump Hotels & Casino Resorts Inc. (a)	75,000		146,250
Wyndham International Inc. (a)	30,000		13,200
			6,575,340
Insurance — 3.42%
Argonaut Group Inc.	114,000		1,405,620
Danielson Holding Corporation (a)	84,000		134,400
Liberty Corporation	142,000		6,035,000
Midland Company	156,500		3,475,865
			11,050,885
Machinery — 4.58%
Baldwin Technology Company Inc. (Class A) (a)	200,000		128,000
Fairchild Corporation (Class A) (a)	220,000		886,600
Flowserve Corporation (a)	82,000		1,612,940
Franklin Electric Company Inc.	37,000		2,059,050
Gorman Rupp Company	20,000		480,000
IDEX Corporation	75,000		2,718,000
Katy Industries Inc. (a)	160,000		780,800
Paxar Corporation (a)	121,100		1,332,100
Standex International Corporation	55,000		1,155,000
Tennant Company	36,000		1,323,000
Watts Industries Inc. (Class A)	130,000		2,320,500
			14,795,990
Manufacturing — 9.42%
Acuity Brands Inc.	55,600		1,010,252
Aviall Inc. (a) (o)	120,000		1,364,400
Barnes Group Inc.	70,000		1,523,200
Belden Inc.	100,000		1,589,000
Crane Company	110,000		2,489,300
Cuno Inc. (a)	63,000		2,275,560
Energizer Holdings Inc. (a)	75,000		2,355,000
Esco Technologies Inc. (a)	1,500		66,000
Fedders Corporation	665,000		2,041,550
Gentek Inc. (a)	15,000		270
Gerber Scientific Inc. (a)	30,000		199,800
GP Strategies Corporation (a)	12,000		72,960
Graco Inc.	93,000		2,976,000
Graftech International Ltd. (a) (o)	105,000		572,250
Industrial Distribution Group Inc. (a)	75,000		219,000
MagneTek Inc. (a)	70,000		177,800
Material Sciences Corporation (a)	205,000		1,988,500
Myers Industries Inc.	150,000		1,425,000
Oil-Drilling Corporation of America (f)	252,000		3,024,000
Park Ohio Holdings Corporation (a) (o)	170,000		839,800
Precision Castparts Corporation	35,000		1,088,500
Roper Industries Inc.	44,000		1,636,800
Strattec Security Corporation (a)	28,000		1,489,600
			30,424,542

	Number of Shares	Value
Media — 2.77%
Gemstar-TV Guide International Inc. (a)	100,000	$	509,000
Media General Inc. (Class A)	139,000		7,950,800
Pegasus Communications Corporation (Class A) (a) (o)	16,000		473,280
			8,933,080
Medical Instruments — 0.85%
Henry Schein Inc. (a)	3,000		157,020
Interpore International (a) (o)	5,000		63,650
Sybron Dental Specialties (a)	107,000		2,525,200
Young Innovations (a)	400		11,400
			2,757,270
Medical Services — 0.55%
CIRCOR International Inc.	62,000		1,105,460
Inverness Medical Innovations Inc. (a) (o)	34,400		663,920
PracticeWorks Inc. (o)	1,000		19,300
			1,788,680
Metals & Mining — 0.03%
WHX Corporation (a) (o)	44,000		92,400
Multi-Line Insurance — 0.43%
Alleghany Corporation (a)	7,340		1,401,940
Neutraceuticals — 0.24%
Weider Nutrition International Inc. (a)	340,000		768,400
Oil Services — 0.12%
RPC Inc. (o)	25,000		275,000
W-H Energy Services Inc. (a)	5,000		97,400
			372,400
Paper Products — 0.90%
Greif Brothers Corporation (Class A)	100,000		2,300,000
Schweitzer Mauduit International Inc.	25,000		603,500
			2,903,500
Pharmaceuticals — 0.01%
Twinlab Corporation (a)	190,000		43,700
Printing & Publishing — 6.53%
A.H. Belo Corporation (Class A)	110,000		2,459,600
Journal Register Company (a)	110,000		1,989,900
Lee Enterprises Inc.	65,000		2,439,450
McClatchy Company (Class A)	97,000		5,589,140
Meredith Corporation	55,000		2,420,000
Penton Media Inc. (a)	50,000		29,500
Pulitzer Inc.	80,000		3,953,600
Thomas Nelson Inc. (a)	60,000		750,000
Topps Company Inc. (a)	170,000		1,460,300
			21,091,490

ENTERPRISE Accumulation Trust

5

Enterprise Small Company Value Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

June 30, 2003

	Number of Shares	Value
Publishing — 0.33%
PRIMEDIA Inc. (a) (o)	350,000	$	1,067,500
Real Estate — 0.88%
Catellus Development Corporation (a)	60,000		1,320,000
Griffin Land & Nurseries Inc. (a) (o)	112,000		1,512,000
			2,832,000
Retail — 2.78%
Blockbuster Inc. (Class A) (o)	3,000		50,550
Burlington Coat Factory Warehouse Corporation	93,000		1,664,700
Lillian Vernon Corporation (a) (o)	328,500		2,371,770
Neiman Marcus Group (Class B) (a)	140,000		4,830,000
Phar-Mor Inc. (a) (d) (m)	20,000		—
School Specialty Inc. (a) (o)	2,000		56,920
			8,973,940
Telecommunications — 2.62%
Atlantic Tele-Network Inc.	14,000		312,060
ATX Communications Inc. (a)	30,000		10,800
Cincinnati Bell Inc. (a)	250,000		1,675,000
Citizens Communications Company (a) (o)	140,000		1,804,600
Commonwealth Telephone Enterprises Inc. (Class B) (a) (o)	62,733		2,760,252
Communications Systems Inc. (a)	78,500		612,300
D&E Communications Inc. (o)	49,000		561,050
Liberty Satellite & Technology (o)	10,000		26,000
Nextel Partners Inc. (Class A) (a) (o)	50,000		365,000
Plantronics Inc. (a) (o)	5,000		108,350
Rural Celluar Corporation (Class A) (a) (o)	55,000		231,000
			8,466,412
Transportation — 1.05%
GATX Corporation (o)	168,000		2,746,800
Oshkosh Truck Corporation	3,000		177,960
TransPro Inc. (a)	105,000		470,400
			3,395,160
Travel/Entertainment/Leisure — 0.04%
Bowlin Travel Centers Inc. (a)	70,000		122,500
Utilities — 1.40%
AES Corporation (a)	30,000		190,500
AGL Resources Inc.	19,000		483,360
Allegheny Energy Inc. (o)	30,000		253,500
CH Energy Group Inc. (o)	46,000		2,070,000
Weststar Energy Inc. (o)	93,000		1,509,390
			4,506,750
Waste Management — 1.19%
Allied Waste Industries Inc. (a) (o)	155,000		1,557,750
Republic Services Inc. (a)	100,000		2,267,000
			3,824,750

	Number of Shares	Value
Wireless Communications — 2.39%
Allen Telecom Inc. (a) (o)	75,000	$	1,239,000
Centennial Communications Corporation (a)	40,000		160,000
Dobson Communications Corporation (a) (o)	5,000		27,250
Loral Space & Communications Ltd. (o)	10,000		30,500
Nextel Communications Inc. (Class A) (a)	80,000		1,446,400
Price Communications Corporation (a)	160,000		2,065,600
United States Cellular Corporation (a)	35,000		890,750
Western Wireless Corporation (Class A) (a) (o)	160,000		1,844,800
			7,704,300
Total Domestic Common Stocks
(Identified cost $299,442,943)			314,636,852
Foreign Stocks — 2.01%
Aerospace — 0.01%
Embraer Empresa Brasileira de Aeronautica (ADR)	2,000		38,200
Business Services — 0.05%
MDC Corporation (Class A) (a) (o)	20,000		153,980
Cable — 0.12%
Rogers Communications Inc. (Class B)	25,000		401,250
Hotels & Restaurants — 0.38%
Kerzner International Ltd. (a)	38,000		1,223,980
Manufacturing — 0.03%
Denison International	5,200		100,100
Medical Instruments — 0.03%
Orthofix International (o)	3,000		98,220
Metals & Mining — 0.25%
Barrick Gold Corporation (a)	35,000		626,500
Kinross Gold Corporation	28,167		190,127
			816,627
Telecommunications — 0.43%
GST Telecommunications Inc. (a)(d) (m)	120,000		—
Vimpel-Communications (ADR) (a) (o)	30,000		1,393,200
			1,393,200
Wireless Communications — 0.71%
Rogers Wireless Communications (Class B) (a)	135,000		2,281,500
Total Foreign Stocks
(Identified cost $6,443,958)			6,507,057

ENTERPRISE Accumulation Trust

6

Enterprise Small Company Value Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

June 30, 2003

	Principal Amount		Value
Repurchase Agreement — 0.97%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/03 Proceeds $3,134,061 Collateral: U.S. Treasury Note $3,175,000, 1.75% due 12/31/04, Value $3,200,449	$	3,134,000	$	3,134,000
Total Repurchase Agreement
(Identified cost $3,134,000)				3,134,000
Total Investments
(Identified cost $309,020,901)			$	324,277,909
Other Assets Less Liabilities — (0.43)%				(1,403,625)
Net Assets — 100%			$	322,874,284

(a) Non-income producing security.

(d) Security is fair valued at June 30, 2003.

(f) Considered an affiliated company as the Portfolio owns more than 5% of the outstanding voting securities of such company. The total market value of investments in these affiliated companies as of June 30, 2003 was $3,636,000.

(g) Restricted securities as of June 30, 2003 were as follows:

Description	Date of Acquisition	Number of Units	Unit Cost		Fair Value per Unit		Aggregate				Percent 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	$	0.28	$	109,688	$	37,800	0.01%

(m) Illiquid security

(o) Security, or portion thereof, out on loan at June 30, 2003

(ADR) American Depository Receipt

See notes to financial statements.

ENTERPRISE Accumulation Trust

7

Enterprise Small Company Value Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	324,277,909
Investment purchased in connection with securities lending, at value (Note 5)		35,187,885
Investment income receivable		248,992
Receivable for fund shares sold		3,649
Cash		226
Other assets		7,964
Total assets		359,726,625
Liabilities:
Payable for fund shares redeemed		1,521,942
Payable due upon sale of investments in connection with securities lending (Note 5)		35,187,885
Shareholder servicing fees payable		80,280
Accrued expenses and other liabilities		62,234
Total liabilities		36,852,341
Net Assets	$	322,874,284
Analysis of Net Assets:
Paid-in capital	$	312,259,370
Undistributed (accumulated) net investment income (loss)		788,215
Undistributed (accumulated) net realized gain (loss)		(5,430,309	)
Unrealized appreciation (depreciation)		15,257,008
Net Assets	$	322,874,284
Shares outstanding		16,971,053
Net asset value per share		$19.03
Investments at cost	$	309,020,901

See notes to financial statements.

ENTERPRISE Accumulation Trust

8

Enterprise Small Company Value Portfolio

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2003 (Unaudited)

Investment Income:
Dividends	$	1,742,565	(1)(2)
Interest		19,305
Securities lending income		26,032
Total investment income		1,787,902
Expenses:
Investment advisory fees		1,195,561
Custodian and fund accounting fees		44,683
Reports to shareholders		1,781
Trustees’ fees		7,086
Audit and legal fees		38,941
Shareholder servicing fees		159,900
Other expenses		7,258
Total expenses		1,455,210
Net investment income (loss)		332,692
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		3,137,227
Net change in unrealized gain (loss) on investments		27,934,906
Net realized and unrealized gain (loss)		31,072,133
Net increase (decrease) in net assets resulting from operations	$	31,404,825

(1) Net of foreign taxes withheld of $49.

(2) Includes income of $45,900 earned from an affiliated company.

See notes to financial statements.

ENTERPRISE Accumulation Trust

9

Enterprise Small Company Value Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2003			Year Ended December 31, 2002
From operations:
Net investment income (loss)	$	332,692		$	481,803
Net realized gain (loss)		3,137,227			(4,562,741	)
Net change in unrealized gain (loss)		27,934,906			(30,907,526	)
Increase (decrease) in net assets resulting from operations		31,404,825			(34,988,464	)
Distributions to shareholders from:
Net investment income		—			(1,249,304	)
Net realized gains		—			(9,439,515	)
Total distributions to shareholders		—			(10,688,819	)
From capital share transactions:
Shares sold		14,295,104			62,749,371
Reinvestment of distributions		—			10,688,819
Shares redeemed		(29,270,180	)		(80,797,628	)
Total increase (decrease) in net assets resulting from capital share transactions		(14,975,076	)		(7,359,438	)
Total increase (decrease) in net assets		16,429,749			(53,036,721	)
Net assets:
Beginning of period		306,444,535			359,481,256
End of period	$	322,874,284		$	306,444,535
Capital share activity:
Shares issued		813,689			3,205,054
Shares issued in reinvestment of distributions		—			648,200
Shares redeemed		(1,704,947	)		(4,340,724	)
Net increase (decrease)		(891,258	)		(487,470	)
Undistributed net investment income (loss)	$	788,215		$	455,523

See notes to financial statements.

ENTERPRISE Accumulation Trust

10

Enterprise Small Company Value Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2003			For the years ended December 31,
				2002			2001			2000			1999			1998
Net asset value, beginning of period	$	17.16		$	19.59		$	26.19		$	31.45		$	27.36		$	26.70
Income from investment operations:
Net investment income (loss)		0.02	C		0.03	C		0.08	C		0.07	C		0.04	C		0.16
Net realized and unrealized gain (loss) on investments		1.85			(1.87	)		0.21			0.71			6.27			2.33
Total from investment operations		1.87			(1.84	)		0.29			0.78			6.31			2.49
Less dividends and distributions:
Dividends from net investment income		—			(0.07	)		(0.07	)		(0.05	)		(0.16	)		(0.08	)
Distributions from capital gains		—			(0.52	)		(6.82	)		(5.99	)		(2.06	)		(1.75	)
Total distributions		—			(0.59	)		(6.89	)		(6.04	)		(2.22	)		(1.83	)
Net asset value, end of period	$	19.03		$	17.16		$	19.59		$	26.19		$	31.45		$	27.36
Total return		10.90	%B		(9.25	)%		5.25	%		2.52	%		24.02	%		9.61	%
Net assets end of period (in thousands)	$	322,874		$	306,445		$	359,481		$	351,270		$	455,563		$	406,801
Ratio of expenses to average net assets		0.97	%A		0.92	%		0.90	%		0.89	%		0.84	%		0.85	%
Ratio of net investment income (loss) to average net assets		0.22	%A		0.14	%		0.35	%		0.23	%		0.12	%		0.56	%
Portfolio turnover		2	%		10	%		29	%		41	%		23	%		37	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

ENTERPRISE Accumulation Trust

11

Notes to Financial Statements

June 30, 2003 (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 portfolios contained therein.

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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Small Company Value Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 — Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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 — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. The difference between the premium

ENTERPRISE Accumulation Trust

12

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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.

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from

ENTERPRISE Accumulation Trust

13

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

operations during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 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. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $159,921 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.30%.

For the six months ended June 30, 2003, the Portfolio paid brokerage commissions of $54,928 to affiliates of the adviser or subadviser.

4. Investment Transactions

For the six months ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases	Sales
—	—	$7,495,940	$22,244,098

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on are denoted in the Portfolio of Investments.

The Portfolio generally 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 for the Portfolio as of June 30, 2003:

Current Value of Securities on Loan At June 30, 2003		Units of Prime Portfolio Owned	Current Value of Collateral Held At June 30, 2003
$	34,120,323	35,187,885	$	35,187,885

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14

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

6. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the six months ended June 30, 2003.

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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost	Tax Unrealized Gain	Tax Unrealized Loss	Net Unrealized Gain
$309,020,901	$68,658,697	($53,401,689)	$15,257,008

ENTERPRISE Accumulation Trust

15

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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

ENTERPRISE Accumulation Trust

16

Enterprise Accumulation Trust

SMALL COMPANY VALUE PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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

ENTERPRISE Accumulation Trust

17

Enterprise 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 $21.7 billion for institutional clients and whose usual investment minimum is $100 million, is subadviser to the Enterprise Capital Appreciation Portfolio.

Investment Objective

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

First Half 2003 Performance Review

How did the Portfolio perform for the six months ended June 30, 2003?

For the six-month period, the Portfolio returned 14.59%. The Portfolio outperformed its benchmark, the S&P 500 Index, which returned 11.77%. The Portfolio outperformed its peer group, the Lipper Large-Cap Growth Funds Index, which returned 11.76%.

How would you describe the investment environment during the period?

Marsico believes the period captured two prevailing, and quite discrete, schools of thought regarding equity prices. The first three months of the year were characterized by a substantial amount of pessimism, fueled in large part by geopolitical-related concerns. The ensuing three months were an about-face; stock market gains were widespread, substantial and geopolitical concerns seemed to subside and some degree of confidence was restored in the equity markets. Volatility throughout the period, accordingly, was relatively high.

What strategies affected Portfolio performance during the period?

Positive factors impacting the Portfolio’s performance included pharmaceuticals and biotechnology positions such as Genentech Inc., Amgen Inc.; consumer durable positions, particularly homebuilding-related investments; select retailing positions, such as Tiffany & Co. and eBay Inc.; and telecommunications services position Nextel Communications Inc. An under-weighting in insurance companies and energy-related companies, as compared to the S&P 500 Index also positively impacted performance.

Factors that negatively affected the Portfolio’s performance included capital goods positions, particularly those in the aerospace/defense industry such as Lockheed-Martin Corporation and General Dynamics Corporation; technology hardware and equipment positions like Hewlett-Packard Company, QUALCOMM Inc. and Nokia Inc. and healthcare equipment/services positions such as HCA.

What changes were made to the Portfolio over the period?

In aggregate, the Portfolio’s positions were adjusted to reflect somewhat of a tilt towards economically sensitive companies that, in Marsico’s opinion, may have been early beneficiaries of an economic recovery. These included companies such as General Electric Company, Citigroup Inc. and Intel Corporation. The Portfolio continued to have a substantial investment in consumer-related companies. Retailing positions were encompassed under that theme, along with an increased allocation to industries such as media. Positions were sold in the aerospace/defense industry. Pharmaceutical and biotechnology investments rose, primarily due to a major price gain experienced by Genentech. As of June 30, 2003, the Portfolio’s primary economic sector allocations were consumer discretionary, healthcare, financials, information technology and industrials.

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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Enterprise Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2003

	Number of Shares	Value
Domestic Common Stocks — 94.04%
Airlines — 0.18%
JetBlue Airways Corporation (a) (o)	2,004	$	84,749
Biotechnology — 9.23%
Amgen Inc. (a)	28,566		1,897,925
Genentech Inc. (a)	34,604		2,495,641
			4,393,566
Broadcasting — 4.87%
Clear Channel Communications Inc. (a)	21,138		896,040
Viacom Inc. (Class B) (a)	32,530		1,420,260
			2,316,300
Building & Construction — 3.04%
Jacobs Engineering Group Inc. (a)	2,578		108,663
Lennar Corporation (Class A) (o)	17,080		1,221,220
Lennar Corporation (Class B)	1,708		117,339
			1,447,222
Cable — 0.82%
EchoStar Communications Corporation (Class A) (a)	11,218		388,367
Computer Hardware — 5.77%
Cisco Systems Inc. (a)	104,561		1,745,123
Dell Computer Corporation (a)	31,242		998,494
			2,743,617
Computer Software — 4.00%
Electronic Arts Inc. (a)	15,463		1,144,108
Oracle Corporation (a)	63,360		761,587
			1,905,695
Consumer Durables — 0.43%
Harley-Davidson Inc.	5,130		204,482
Consumer Products — 3.08%
Procter & Gamble Company	16,441		1,466,208
Electrical Equipment — 4.24%
General Electric Company	70,346		2,017,523
Entertainment & Leisure — 1.57%
Walt Disney Company	37,884		748,209
Finance — 8.91%
Goldman Sachs Group Inc.	9,981		835,909
Lehman Brothers Holdings Inc.	7,835		520,871
SLM Corporation	73,608		2,883,225
			4,240,005
Food, Beverages & Tobacco — 1.12%
Anheuser-Busch Companies Inc.	10,405		531,175

	Number of Shares	Value
Health Care — 5.12%
UnitedHealth Group Inc.	48,454	$	2,434,814
Hotels & Restaurants — 3.88%
Four Season Hotels Inc. (o)	31,874		1,378,869
McDonald’s Corporation	2,475		54,599
Starbucks Corporation (a)	16,860		413,407
			1,846,875
Medical Instruments — 2.72%
Boston Scientific Corporation (a)	3,052		186,477
Zimmer Holdings Inc. (a)	24,597		1,108,095
			1,294,572
Medical Services — 2.77%
Quest Diagnostics Inc. (a)	20,642		1,316,960
Misc. Financial Services — 7.13%
Citigroup Inc.	54,301		2,324,083
Fannie Mae	15,862		1,069,733
			3,393,816
Oil Services — 0.75%
Devon Energy Corporation	6,676		356,498
Pharmaceuticals — 3.89%
Caremark Rx Inc. (a)	16,301		418,610
Eli Lilly & Company	19,912		1,373,330
IDEC Pharmaceuticals Corporation (a)	1,804		61,336
			1,853,276
Real Estate — 1.56%
M.D.C. Holdings Inc.	15,383		742,691
Retail — 12.24%
Amazon.com Inc. (a)	21,998		802,707
Bed Bath & Beyond Inc. (a)	11,284		437,932
Best Buy Company Inc. (a)	12,583		552,645
eBay Inc. (a)	3,839		399,947
Lowe’s Companies Inc.	21,460		921,707
Tiffany & Company	53,267		1,740,766
Wal-Mart Stores Inc.	18,097		971,266
			5,826,970
Semiconductors — 1.89%
Intel Corporation	43,353		901,049
Transportation — 3.19%
FedEx Corporation	24,510		1,520,355
Wireless Communications — 1.64%
Nextel Communications Inc. (Class A) (a)	43,100		779,248
Total Domestic Common Stocks
(Identified cost $37,579,697)			44,754,242

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Enterprise Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Number of Shares or Principal Amount		Value
Foreign Stocks — 3.60%
Automotive — 0.99%
Bayerische Motoren Werke (a)		12,253	$	471,329
Transportation — 2.02%
Ryanair Holdings (ADR) (a) (o)		21,412		961,399
Wireless Communications — 0.59%
Nokia Corporation (Class A) (ADR)		16,998		279,277
Total Foreign Stocks
(Identified cost $1,374,746)				1,712,005
Short-Term Government Securities — 3.99%
Federal Home Loan Bank Discount Note, 0.70% due 07/01/03	$	1,900,000		1,900,000
Total Short-Term Government Securities
(Identified cost $1,900,000)				1,900,000
Total Investments
(Identified cost $40,854,443)			$	48,366,247
Other Assets Less Liabilities — (1.63)%				(776,053	)
Net Assets — 100%			$	47,590,194

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2003.

(ADR) American Depository Receipt.

See notes to financial statements.

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Enterprise Capital Appreciation Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	48,366,247
Foreign currency at value (cost — $8,541)		8,266
Investment purchased in connection with securities lending, at value (Note 5)		3,754,028
Investment income receivable		23,769
Receivable for fund shares sold		6,423
Receivable for investments sold		306,165
Cash		76,439
Other assets		3,663
Total assets		52,545,000
Liabilities:
Payable for fund shares redeemed		155,673
Payable for investments purchased		1,017,538
Payable due upon sale of investments in connection with securities lending (Note 5)		3,754,028
Shareholder servicing fees payable		11,883
Accrued expenses and other liabilities		15,684
Total liabilities		4,954,806
Net Assets	$	47,590,194
Analysis of Net Assets:
Paid-in capital	$	68,779,745
Undistributed (accumulated) net investment income (loss)		(34,419	)
Undistributed (accumulated) net realized gain (loss)		(28,669,035	)
Unrealized appreciation (depreciation)		7,513,903
Net Assets	$	47,590,194
Shares outstanding		8,780,945
Net asset value per share		$5.42
Investments at cost	$	40,854,443

See notes to financial statements

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Enterprise Capital Appreciation Portfolio

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2003 (Unaudited)

Investment income:
Dividends	$	162,308	(1)
Interest		3,333
Securities lending income		1,252
Total investment income		166,893
Expenses:
Investment advisory fees		163,061
Custodian and fund accounting fees		13,330
Reports to shareholders		888
Trustees’ fees		1,003
Audit and legal fees		5,731
Shareholder servicing fees		23,256
Other expenses		1,063
Total expenses		208,332
Expenses reduced by expense offset arrangements		(7,020	)
Total expenses, net of expense offset arrangements		201,312
Net investment income (loss)		(34,419	)
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		(1,088,763	)
Net realized gain (loss) on foreign currency transactions		(14,807	)
Net change in unrealized gain (loss) on investments		7,187,978
Net change in unrealized gain (loss) on foreign currency transactions		(275	)
Net realized and unrealized gain (loss)		6,084,133
Net increase (decrease) in net assets resulting from operations	$	6,049,714

(1) Net of foreign taxes withheld of $5,178.

See notes to financial statements.

ENTERPRISE Accumulation Trust

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Enterprise Capital Appreciation Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2003			Year Ended December 31, 2002
From operations:
Net investment income (loss)	$	(34,419	)	$	(78,910	)
Net realized gain (loss)		(1,103,570	)		(5,851,923	)
Net change in unrealized gain (loss)		7,187,703			(3,616,410	)
Increase (decrease) in net assets resulting from operations		6,049,714			(9,547,243	)
Distributions to shareholders from:
Net investment income		—			—
Net realized gains		—			—
Total distributions to shareholders		—			—
From capital share transactions:
Shares sold		2,099,264			6,546,468
Reinvestment of distributions		—			—
Shares redeemed		(4,172,555	)		(10,927,371	)
Total increase (decrease) in net assets resulting from capital share transactions		(2,073,291	)		(4,380,903	)
Total increase (decrease) in net assets		3,976,423			(13,928,146	)
Net assets:
Beginning of period		43,613,771			57,541,917
End of period	$	47,590,194		$	43,613,771
Capital share activity:
Shares issued		417,795			1,168,694
Shares issued in reinvestment of distributions		—			—
Shares redeemed		(864,856	)		(2,045,954	)
Net increase (decrease)		(447,061	)		(877,260	)
Undistributed (accumulated) net investment income (loss)	$	(34,419	)	$	—

See notes to financial statements.

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Enterprise Capital Appreciation Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2003			For the years ended December 31,												For the Period 12/01/98 through 12/31/1998
				2002			2001			2000			1999
Net asset value, beginning of period	$	4.73		$	5.69		$	7.09		$	8.65		$	5.57		$	5.00
Income from investment operations:
Net investment income (loss)		0.00	C,D		(0.01	)C		0.00	C,D		0.05	C		(0.03	)C		0.00	D
Net realized and unrealized gain (loss) on investments		0.69			(0.95	)		(1.36	)		(1.20	)		3.11			0.57
Total from investment operations		0.69			(0.96	)		(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	$	5.42		$	4.73		$	5.69		$	7.09		$	8.65		$	5.57
Total return		14.59	%B		(16.87	)%		(19.11	)%		(13.82	)%		55.30	%		11.40	%B
Net assets end of period (in thousands)	$	47,590		$	43,614		$	57,542		$	72,982		$	33,129		$	511
Ratio of expenses to average net assets		0.93	%A		0.87	%		0.86	%		0.86	%		1.16	%		1.30	%A
Ratio of expenses to average net assets (excluding expense offset arrangements)		0.96	%A		0.88	%		0.87	%		0.86	%		1.16	%		1.30	%A
Ratio of net investment income (loss) to average net assets		(0.16	)%A		(0.15	)%		(0.04	)%		0.62	%		(0.41	)%		(0.95	)%A
Portfolio turnover		42	%		109	%		115	%		123	%		247	%		1	%

^A  Annualized.

^B  Not annualized.

^C  Based on average shares outstanding.

^D  Less than $0.01 per share

See notes to financial statements.

ENTERPRISE Accumulation Trust

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Notes to Financial Statements

June 30, 2003 (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 portfolios contained therein.

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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Capital Appreciation Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 — Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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 — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. The difference between the premium

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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.

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, which is wholly-owned by The MONY Group Inc. and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 0.85%. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $23,263 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.30%.

For the six months ended June 30, 2003, the Portfolio paid no brokerage commissions to affiliates of the adviser or subadviser.

4. Investment Transactions

For the six months ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases		Sales
—	—	$	18,142,882	$	21,273,270

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on loan are denoted in the Portfolio of Investments.

The Portfolio generally 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 for the Portfolio as of June 30, 2003:

Current Value of Securities on Loan At June 30, 2003		Units of Prime Portfolio owned	Current Value of Collateral Held At June 30, 2003
$	3,646,044	3,754,028	$	3,754,028

6. Directed Brokerage

The Portfolio may direct certain security trades to brokers who pay a portion of the commissions for those trades to offset certain expenses of the Portfolio. Under these arrangements, the Portfolio had expenses reduced by $7,020 during the six months ended June 30, 2003.

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

7. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the six months ended June 30, 2003.

8. 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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain
$	40,854,443	$	8,184,112	($	672,308	)	$	7,511,804

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11

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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

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12

Enterprise Accumulation Trust

CAPITAL APPRECIATION PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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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13

Enterprise Deep Value Portfolio

SUBADVISER’S COMMENTS

Wellington Management Company, LLP

Boston, Massachusetts

Investment Management

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

Wellington Management Company, LLP (“Wellington”), which manages approximately $337 billion for institutional clients and whose usual investment minimum for this investment objective is $20 million, is subadviser to the Enterprise Deep Value Portfolio.

Investment Objective

The objective of the Enterprise Deep Value Portfolio is to seek total return through capital appreciation with income as a secondary consideration.

First Half 2003 Performance Review

How did the Portfolio perform for the period from May 1- June 30, 2003?

The Portfolio commenced operations on May 1, 2003. For the two-month period, the Portfolio returned 7.80%. The Portfolio outperformed its benchmark, the Russell 1000 Value Index, which returned 7.79%. The Portfolio outperformed its peer group, the Lipper Large-Cap Value Funds Index, which returned 7.37%.

How would you describe the investment environment during the period?

The equity market rally that began in March continued throughout the second quarter. Hints of an economic rebound bolstered confidence that the worst was behind us. Risk premia declined and time horizons expanded, consequently many of the worst performing stocks of 2002 rebounded significantly. In this environment, the Russell 1000 Value Index return of 17.3% outperformed the Russell 1000 Growth Index return of 14.3% by roughly 3% as the consumer discretionary, financials, utilities and telecommunication services sectors led the rally.

What strategies affected Portfolio performance during the period?

For the two-month period, the Portfolio benefited from strong stock selection in the consumer discretionary sector. A strong performer in this sector was fast food chain McDonald’s Corporation. McDonald’s is currently in a turnaround mode with the launch of new products in the U.S. market, for example, salads and the focus on improving customer service. Further, in Europe, the company is building sales momentum with the scare of mad cow disease now behind it. The performance of this stock has also been buoyed by the weak U.S. dollar as nearly 50% of the company’s operating income is derived from international markets.

The Portfolio’s performance was negatively impacted by the information technology sector. Among the Portfolio’s holdings, Nokia was the weakest performer. Nokia has suffered due to weaker than normal unit sales and the weakness of the U.S. dollar.

What changes were made to the Portfolio over the period?

The two-month period since the launch of the Portfolio in May was spent getting fully invested. As of June 30, 2003, the Portfolio’s largest overweight relative to the Russell 1000 Value Index was in the telecommunication services sector, while the largest relative underweight was in the consumer discretionary sector.

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

1

Enterprise Deep Value Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2003

	Number of Shares	Value
Domestic Common Stocks — 94.47%
Automotive — 0.76%
AutoNation Inc. (a)	600	$	9,432
Banking — 11.99%
Bank of America Corporation	600		47,418
Bank One Corporation	300		11,154
Comerica Inc.	200		9,300
National City Corporation	1,400		45,794
Wells Fargo & Company	700		35,280
			148,946
Cable — 1.86%
Comcast Corporation (Class A) (a)	800		23,064
Chemicals — 3.00%
Ashland Inc.	400		12,272
Du Pont (E. I.) de Nemours & Company	600		24,984
			37,256
Computer Hardware — 1.89%
Hewlett-Packard Company	1,100		23,430
Consumer Products — 1.70%
Kimberly-Clark Corporation	200		10,428
Nike, Inc. (Class B)	200		10,698
			21,126
Crude & Petroleum — 6.95%
ChevronTexaco Corporation	400		28,880
ExxonMobil Corporation	1,600		57,456
			86,336
Electrical Equipment — 0.82%
Emerson Electric Company	200		10,220
Electronics — 0.38%
Rockwell Automation Inc.	200		4,768
Energy — 2.98%
Exelon Corporation	400		23,924
Progress Energy Inc.	300		13,170
			37,094
Finance — 1.35%
Goldman Sachs Group Inc.	200		16,750
Food, Beverages & Tobacco — 3.09%
Kellogg Company	600		20,622
PepsiCo Inc.	400		17,800
			38,422
Health Care — 1.15%
C.R. Bard Inc.	200		14,262
Hotels & Restaurants — 1.60%
McDonald’s Corporation	900		19,854

	Number of Shares	Value
Insurance — 2.65%
ACE Ltd.	400	$	13,716
Cigna Corporation	300		14,082
Marsh & McLennan Companies Inc.	100		5,107
			32,905
Machinery — 1.79%
Caterpillar Inc.	400		22,264
Media — 1.55%
AOL Time Warner Inc. (a)	1,200		19,308
Medical Instruments — 1.31%
Beckman Coulter Inc.	400		16,256
Metals & Mining — 2.00%
Alcoa Inc.	400		10,200
Nucor Corporation	300		14,655
			24,855
Misc. Financial Services — 6.79%
Citigroup Inc.	1,400		59,920
Fannie Mae	300		20,232
Morgan Stanley Dean Witter & Company	100		4,275
			84,427
Multi-Line Insurance — 1.22%
Hartford Financial Services Group Inc.	300		15,108
Oil Services — 1.88%
GlobalSantaFe Corporation	1,000		23,340
Paper & Forest Products — 1.74%
Weyerhaeuser Company	400		21,600
Pharmaceuticals — 3.02%
Pfizer Inc.	1,100		37,565
Property-Casualty Insurance — 3.02%
Chubb Corporation	200		12,000
St. Paul Companies Inc.	700		25,557
			37,557
Real Estate — 0.39%
Archstone Smith Trust	200		4,800
Retail — 2.53%
CVS Corporation	600		16,818
Dollar General Corporation	800		14,608
			31,426
Savings and Loan — 3.99%
Washington Mutual Inc.	1,200		49,560
Semiconductors — 4.65%
Applied Materials Inc. (a)	1,000		15,860
Intel Corporation	1,100		22,862
Teradyne Inc. (a)	1,100		19,041
			57,763

ENTERPRISE Accumulation Trust

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Enterprise Deep Value Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Number of Shares	Value
Telecommunications — 9.36%
AT&T Corporation	700	$	13,475
BellSouth Corporation	1,000		26,630
SBC Communications Inc.	1,900		48,545
Verizon Communications Inc.	700		27,615
			116,265
Transportation — 1.97%
CSX Corporation	300		9,027
Southwest Airlines Company	900		15,480
			24,507
Utilities — 3.08%
Dominion Resources Inc.	300		19,281
National Fuel Gas Company	300		7,815
PPL Corporation	100		4,300
SCANA Corporation	200		6,856
			38,252
Waste Management — 2.01%
Republic Services Inc. (a)	1,100		24,937
Total Domestic Common Stocks
(Identified cost $1,103,797)			1,173,655

	Number of Shares	Value
Foreign Stocks — 5.02%
Manufacturing — 1.38%
Tyco International Ltd.	900	$	17,082
Oil Services — 1.92%
Shell Transport & Trading Company (ADR)	600		23,910
Wireless Communications — 1.72%
Nokia Corporation (Class A) (ADR)	1,300		21,359
Total Foreign Stocks
(Identified cost $59,576)			62,351
Total Investments
(Identified cost $1,163,373)		$	1,236,006
Other Assets Less Liabilities — 0.51%			6,329
Net Assets — 100%		$	1,242,335

(a) Non-income producing security.

(ADR) American Depository Receipt.

See notes to financial statements.

ENTERPRISE Accumulation Trust

3

Enterprise Deep Value Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	1,236,006
Investment income receivable		1,257
Receivable for fund shares sold		4,869
Due from investment adviser		1,170
Cash		2,167
Total assets		1,245,469
Liabilities:
Payable for fund shares redeemed		25
Shareholder servicing fees payable		10
Accrued expenses and other liabilities		3,099
Total liabilities		3,134
Net Assets	$	1,242,335
Analysis of Net Assets:
Paid-in capital	$	1,164,397
Undistributed (accumulated) net investment income (loss)		1,589
Undistributed (accumulated) net realized gain (loss)		3,716
Unrealized appreciation (depreciation)		72,633
Net Assets	$	1,242,335
Shares outstanding		115,255
Net asset value per share		$10.78
Investments at cost	$	1,163,373

See notes to financial statements.

ENTERPRISE Accumulation Trust

4

Enterprise Deep Value Portfolio

STATEMENT OF OPERATIONS

	(Unaudited) For the Period May 1, 2003(1) to June 30, 2003
Investment income:
Dividends	$	3,488
Interest		50
Total investment income		3,538
Expenses:
Investment advisory fees		1,392
Custodian and fund accounting fees		1,952
Trustees’ fees		153
Audit and legal fees		690
Shareholder servicing fees		16
Other expenses		308
Total expenses		4,511
Expense reimbursement		(2,562	)
Total expenses, net of reimbursement		1,949
Net investment income (loss)		1,589
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		3,716
Net change in unrealized gain (loss) on investments		72,633
Net realized and unrealized gain (loss)		76,349
Net increase (decrease) in net assets resulting from operations	$	77,938

(1) Commencement of operations.

See notes to financial statements.

ENTERPRISE Accumulation Trust

5

Enterprise Deep Value Portfolio

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

	For the Period May 1, 2003 through June 30, 2003
From operations:
Net investment income (loss)	$	1,589
Net realized gain (loss)		3,716
Net change in unrealized gain (loss)		72,633
Increase (decrease) in net assets resulting from operations		77,938
Distributions to shareholders from:
Net investment income		—
Net realized gains		—
Total distributions to shareholders		—
From capital share transactions:
Shares sold		1,164,422
Reinvestment of distributions		—
Shares redeemed		(25	)
Total increase (decrease) in net assets resulting from capital share transactions		1,164,397
Total increase (decrease) in net assets		1,242,335
Net assets:
Beginning of period		—
End of period	$	1,242,335
Capital share activity:
Shares issued		115,257
Shares issued in reinvestment of distributions		—
Shares redeemed		(2	)
Net increase (decrease)		115,255
Undistributed net investment income (loss)	$	1,589

See notes to financial statements.

ENTERPRISE Accumulation Trust

6

Enterprise Deep Value Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) For the Period May 1, 2003 to June 30, 2003
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income (loss)C		0.01
Net realized and unrealized gain (loss) on investments		0.77
Total from investment operations		0.78
Less dividends and distributions:
Dividends from net investment income		—
Distributions from capital gains		—
Total distributions		—
Net asset value, end of period	$	10.78
Total return		7.80	%B
Net assets end of period (in thousands)	$	1,242
Ratio of expenses to average net assets		1.05	%A
Ratio of expenses to average net assets (excluding reimbursement)		2.43	%A
Ratio of net investment income (loss) to average net assets		0.86	%A
Portfolio turnover rate		4	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

ENTERPRISE Accumulation Trust

7

Notes to Financial Statements

June 30, 2003 (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 portfolios contained therein.

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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Deep Value Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 — Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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 — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. 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

ENTERPRISE Accumulation Trust

8

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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.

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of

ENTERPRISE Accumulation Trust

9

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 0.75%. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the period ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $29 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.05%.

The MONY Group Inc. and its subsidiaries and affiliates had an investment of $1,078,000 in the Portfolio at June 30, 2003.

For the period ended June 30, 2003, the Portfolio paid no brokerage commissions to affiliates of the adviser or subadviser.

4. Investment Transactions

For the period ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases		Sales
—	—	$	1,203,840	$	44,182

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on loan are denoted in the Portfolio of Investments.

The Portfolio generally 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. There was no securities lending activity for the period ended June 30, 2003.

6. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the period ended June 30, 2003.

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10

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain
$	1,163,373	$	78,617	$	(5,984	)	$	72,633

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11

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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

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Enterprise Accumulation Trust

DEEP VALUE PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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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Enterprise 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., is subadviser to the Enterprise Equity Portfolio. TCW manages approximately $84.2 billion for institutional clients and its normal investment minimum for this investment objective is $100 million.

Investment Objective

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

First Half 2003 Performance Review

How did the Portfolio perform for the six months ended June 30, 2003?

For the six-month period, the Portfolio returned 27.21%. The Portfolio outperformed its benchmark, the S&P 500 Index, which returned 11.77%. The Portfolio outperformed its peer group, the Lipper Large-Cap Growth Funds Index, which returned 11.76%.

How would you describe the investment environment during the period?

In the face of widespread negative sentiment, the markets have rallied nicely over the past six months. Corporate earnings have provided positive surprises throughout the period. As the first half of the year progressed, investors were treated to more good news in the form of lower energy prices resulting from a quick resolution of the Iraq war, a further reduction in the Fed Funds Rate to 1% and the passage of a substantial fiscal stimulus package. This market has taken many by surprise, as economic indicators, while improving, appear mixed. After the trauma of the past “bear” market many investors remain on the sidelines. High-quality growth companies have been the best performers, as investors have come to realize how well positioned these businesses are in an improving economy.

What strategies affected Portfolio performance during the period?

As always, TCW has emphasized leading companies that possess sustainable competitive advantages and sell their products into growing addressable markets. This has led TCW to technology companies, which are seeing improved cyclical demand, well established bio-tech companies with potentially attractive new products, profitable electronic commerce businesses and a number of other attractive investments.

What changes were made to the Portfolio over the period?

During the six-month period, Harley-Davidson, Inc., Viacom Inc., Walgreen Company and Yahoo! Inc. were added to the Portfolio. Harley-Davidson, Inc. has developed a remarkably strong brand that has enabled them to maintain among the highest levels of profitability for an industrial company. Viacom has an impressive set of top tier media properties. Through these and a wide array of media distribution assets, they have a leading market share in most entertainment segments. Both Harley-Davidson, Inc. and Viacom Inc. benefit from a continued long-term trend of growth in spending for leisure and tourism. TCW believes that Walgreen Company is the best run retail pharmacy chain in the U.S. and will continue to consistently gain share from weaker competitors in the $150 billion U.S. drug market. Yahoo! Inc. is the best-known web-based media company in the world, which is well positioned for substantial long-term growth.

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Enterprise Equity Portfolio

SUBADVISER’S COMMENTS — (Continued)

During the same period, TCW sold the Portfolio’s positions in Biogen Inc., Juniper Networks Inc., Paychex Inc. and Pfizer Inc. Biogen Inc. was sold as TCW realized the company might lose its product advantage in the multiple sclerosis and arthritis product categories. Juniper Networks Inc. possesses a distinct advantage in some of their high-end network equipment products. Presently, their customer base is experiencing difficulties and it is not clear when business conditions will improve. In light of this, TCW has sold the Portfolio’s positions in Juniper in case a lack of cash flow prevents Juniper from maintaining their product advantage. Paychex Inc. was sold as a result of a belief that the growth rate of the payroll processing industry may be maturing and the company may face pricing pressure from new competitors. Pfizer Inc. was sold on the belief that their organic growth rate has slowed and more of their earnings growth will be derived from cost cutting related acquisitions.

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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Enterprise Equity Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2003

	Number of Shares	Value
Domestic Common Stocks — 99.95%
Automotive — 0.84%
Harley-Davidson Inc.	50,500	$	2,012,930
Biotechnology — 15.00%
Amgen Inc. (a)	182,200		12,105,368
Genentech Inc. (a)	230,380		16,615,006
MedImmune Inc. (a)	195,300		7,103,061
			35,823,435
Broadcasting — 1.84%
Viacom Inc. (Class B) (a)	100,700		4,396,562
Computer Hardware — 6.83%
Cisco Systems Inc. (a)	337,000		5,624,530
Dell Computer Corporation (a)	334,600		10,693,816
			16,318,346
Computer Services — 14.37%
Network Appliance Inc. (a) (o)	911,300		14,772,173
Pixar Inc. (a) (o)	143,000		8,700,120
Yahoo! Inc. (a)	331,700		10,866,492
			34,338,785
Computer Software — 4.94%
Microsoft Corporation	256,900		6,579,209
Siebel Systems Inc. (a)	547,500		5,223,150
			11,802,359
Electrical Equipment — 2.03%
General Electric Company	168,800		4,841,184
Insurance — 13.30%
AFLAC Inc.	235,100		7,229,325
Progressive Corporation	335,885		24,553,193
			31,782,518
Misc. Financial Services — 2.20%
Charles Schwab Corporation	521,250		5,259,412
Multi-Line Insurance — 1.67%
American International Group Inc.	72,150		3,981,237
Pharmaceuticals — 3.77%
Eli Lilly & Company	130,500		9,000,585

	Number of Shares or Principal Amount		Value
Retail — 14.63%
Amazon.com Inc. (a)		364,230	$	13,290,753
eBay Inc. (a)		104,300		10,865,974
Wal-Mart Stores Inc.		123,800		6,644,346
Walgreen Company		138,200		4,159,820
				34,960,893
Semiconductors — 13.62%
Applied Materials Inc. (a)		512,160		8,122,858
Intel Corporation		375,100		7,796,078
Maxim Integrated Products Inc.		299,600		10,243,324
Xilinx Inc. (a)		251,800		6,373,058
				32,535,318
Telecommunications — 1.91%
QUALCOMM Inc. (a)		127,700		4,565,275
Transportation — 3.00%
Southwest Airlines Company		416,450		7,162,940
Total Domestic Common Stocks
(Identified cost $276,166,661)				238,781,779
Repurchase Agreement — 0.57%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/03 Proceeds $1,357,026 Collateral: U.S. Treasury Note $1,375,000, 1.75% due 12/31/04 Value $1,386,021	$	1,357,000		1,357,000
Total Repurchase Agreement
(Identified cost $1,357,000)				1,357,000
Total Investments
(Identified cost $277,523,661)			$	240,138,779
Other Assets Less Liabilities — (0.52)%				(1,243,441)
Net Assets — 100%			$	238,895,338

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2003.

See notes to financial statements.

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Enterprise Equity Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	240,138,779
Investment purchased in connection with securities lending, at value (Note 5)		23,580,700
Investment income receivable		44,996
Receivable for fund shares sold		401
Cash		472
Other assets		4,638
Total assets		263,769,986
Liabilities:
Payable for fund shares redeemed		1,187,341
Payable due upon sale of investments in connection with securities lending (Note 5)		23,580,700
Shareholder servicing fees payable		59,350
Accrued expenses and other liabilities		47,257
Total liabilities		24,874,648
Net Assets	$	238,895,338
Analysis of Net Assets:
Paid-in capital	$	386,465,250
Undistributed (accumulated) net investment income (loss)		(578,530	)
Undistributed (accumulated) net realized gain (loss)		(109,606,500	)
Unrealized appreciation (depreciation)		(37,384,882	)
Net Assets	$	238,895,338
Shares outstanding		15,338,755
Net asset value per share		$15.57
Investments at cost	$	277,523,661

See notes to financial statements.

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Enterprise Equity Portfolio

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2003 (Unaudited)

Investment income:
Dividends	$	388,030
Interest		32,737
Securities lending income		10,232
Total investment income		430,999
Expenses:
Investment advisory fees		844,897
Custodian and fund accounting fees		30,756
Reports to shareholders		174
Trustees’ fees		3,415
Audit and legal fees		23,462
Shareholder servicing fees		116,822
Other expenses		7,038
Total expenses		1,026,564
Expenses reduced by expense offset arrangements		(17,035	)
Total expenses, net of expense offset arrangements		1,009,529
Net investment income (loss)		(578,530	)
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		(19,890,250	)
Net change in unrealized gain (loss) on investments		72,115,834
Net realized and unrealized gain (loss)		52,225,584
Net increase (decrease) in net assets resulting from operations	$	51,647,054

See notes to financial statements.

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Enterprise Equity Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2003			Year Ended December 31, 2002
From operations:
Net investment income (loss)	$	(578,530	)	$	(1,528,915	)
Net realized gain (loss)		(19,890,250	)		(62,598,017	)
Net change in unrealized gain (loss)		72,115,834			(34,182,575	)
Increase (decrease) in net assets resulting from operations		51,647,054			(98,309,507	)
Distributions to shareholders from:
Net investment income		—			—
Net realized gains		—			—
Total distributions to shareholders		—			—
From capital share transactions:
Shares sold		11,114,504			29,106,977
Reinvestment of distributions		—			—
Shares redeemed		(23,453,071	)		(78,530,627	)
Total increase (decrease) in net assets resulting from capital share transactions		(12,338,567	)		(49,423,650	)
Total increase (decrease) in net assets		39,308,487			(147,733,157	)
Net assets:
Beginning of period		199,586,851			347,320,008
End of period	$	238,895,338		$	199,586,851
Capital share activity:
Shares issued		788,409			1,883,773
Shares issued in reinvestment of distributions		—			—
Shares redeemed		(1,753,137	)		(5,615,529	)
Net increase (decrease)		(964,728	)		(3,731,756	)
Undistributed (accumulated) net investment income (loss)	$	(578,530	)	$	—

See notes to financial statements.

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Enterprise Equity Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2003			For the years ended December 31,
				2002			2001			2000			1999			1998
Net asset value, beginning of period	$	12.24		$	17.34		$	27.92		$	38.62		$	36.82		$	35.09
Income from investment operations:
Net investment income (loss)		(0.04	)C		(0.08	)C		(0.14	)C		(0.21	)C		0.23	C		0.46
Net realized and unrealized gain (loss) on investments		3.37			(5.02	)		(6.42	)		0.27	D		4.86			3.00
Total from investment operations		3.33			(5.10	)		(6.56	)		0.06			5.09			3.46
Less dividends and distributions:
Dividends from net investment income		—			—			—			(0.29	)		(0.52	)		(0.37	)
Distributions from capital gains		—			—			(4.02	)		(10.47	)		(2.77	)		(1.36	)
Total distributions		—			—			(4.02	)		(10.76	)		(3.29	)		(1.73	)
Net asset value, end of period	$	15.57		$	12.24		$	17.34		$	27.92		$	38.62		$	36.82
Total return		27.21	%B		(29.41	)%		(18.81	)%		(5.18	)%		15.61	%		9.90	%
Net assets end of period (in thousands)	$	238,895		$	199,587		$	347,320		$	487,915		$	587,324		$	621,338
Ratio of expenses to average net assets (excluding expense offset arrangements)		0.96	%A		0.90	%		0.88	%		0.87	%		0.82	%		0.83	%
Ratio of expenses to average net assets		0.96	%A		0.89	%		0.88	%		0.87	%		0.82	%		0.83	%
Ratio of net investment income (loss) to average net assets		(0.55	)%A		(0.58	)%		(0.65	)%		(0.55	)%		0.63	%		1.42	%
Portfolio turnover rate		14	%		15	%		21	%		44	%		155	%		30	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

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

See notes to financial statements.

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Notes to Financial Statements

June 30, 2003 (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 portfolios contained therein.

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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Equity Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 — Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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 — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. 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

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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, the 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.

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 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. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $116,849 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.15%.

For the six months ended June 30, 2003, the Portfolio paid no brokerage commissions to affiliates of the adviser or subadviser.

4. Investment Transactions

For the six months ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases	Sales
—	—	$30,345,374	$41,150,015

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on loan are denoted in the Portfolio of Investments.

The Portfolio generally 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 as of June 30, 2003:

Current Value of Securities on Loan At June 30, 2003	Units of Prime Portfolio Owned	Current Value of Collateral Held At June 30, 2003
$23,316,644	23,580,700	$23,580,700

6. Directed Brokerage

The Portfolio may direct certain security trades to brokers who pay a portion of the commissions for those trades to offset certain expenses of the Portfolio. Under these arrangements, the Portfolio had expenses reduced by $17,035 during the six months ended June 30, 2003.

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

7. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the six months ended June 30, 2003.

8. 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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Loss
$	277,523,661	$	40,622,225	($	78,007,107	)	($	37,384,882	)

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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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

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Enterprise Accumulation Trust

EQUITY PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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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Enterprise Equity Income Portfolio

SUBADVISER’S COMMENTS

Boston Advisors, Inc.

New York, New York

Investment Management

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

Boston Advisors, Inc. (“Boston Advisors”) is subadviser to the Enterprise Equity Income Portfolio. Boston Advisors is a member of The MONY Group Inc. (NYSE: MNY) and manages approximately $3.9 billion for institutional clients. Its normal investment minimum is $5 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.

First Half 2003 Performance Review

How did the Portfolio perform for the six months ended June 30, 2003?

For the six-month period, the Portfolio returned 7.35%. The Portfolio underperformed its benchmark, the S&P 500/Barra Value Index, which returned 12.29%. The Portfolio underperformed its peer group, the Lipper Equity Income Funds Index, which returned 9.49%.

How would you describe the investment environment during the period?

The investment environment at the beginning of the year was as challenging as any. Despite an improving economy, investor preoccupation with terrorism, war with Iraq and corporate governance issues prevented stocks from making any headway. Indeed, most stock indices had registered declines by the end of the first quarter. The environment improved dramatically during the latter part of the period largely due to an unwinding of investor anxiety. As a result, stock price gains were significant.

What strategies affected Portfolio performance during the period?

Higher than average cash levels provided ballast early in the period when markets were weak and also mitigated the Portfolio’s over-weight position in industrial stocks. The industrial sector over-weight proved too early and possibly too aggressive a posture for the Portfolio, given the relatively modest pace of the economic improvement experienced this year.

What changes were made to the Portfolio over the period?

The Portfolio’s weighting in pharmaceutical and industrial stocks was reduced while its exposure to financial and utility stocks was increased. Boston Advisors also modestly increased the Portfolio’s exposure to basic material and technology stocks.

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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Enterprise Equity Income Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2003

	Number of Shares	Value
Domestic Common Stocks — 88.79%
Aerospace — 0.82%
Raytheon Company	10,000	$	328,400
Automotive — 4.37%
Cummins Inc. (o)	7,100		254,819
Ford Motor Company	37,700		414,323
General Motors Corporation (o)	8,000		288,000
Genuine Parts Company	10,000		320,100
Johnson Controls Inc.	5,500		470,800
			1,748,042
Banking — 7.59%
Bank of America Corporation	7,000		553,210
Bank One Corporation	10,000		371,800
J. P. Morgan Chase & Company	15,200		519,536
KeyCorp	15,000		379,050
SouthTrust Corporation	13,500		367,200
U.S. Bancorp	18,000		441,000
Wells Fargo & Company	8,000		403,200
			3,034,996
Chemicals — 2.95%
Cabot Corporation	12,600		361,620
Dow Chemical Company	16,000		495,360
RPM International Inc.	23,600		324,500
			1,181,480
Computer Hardware — 0.96%
Hewlett-Packard Company	18,000		383,400
Computer Services — 0.71%
Electronic Data Systems Corporation	13,200		283,140
Consumer Products — 3.20%
Gillette Company	16,000		509,760
Procter & Gamble Company	1,500		133,770
Whirlpool Corporation	10,000		637,000
			1,280,530
Crude & Petroleum — 1.53%
ExxonMobil Corporation	17,000		610,470
Electrical Equipment — 1.79%
General Electric Company	25,000		717,000
Electronics — 1.78%
PerkinElmer Inc.	24,500		338,345
Rockwell Automation Inc.	15,600		371,904
			710,249
Energy — 7.09%
Energen Corporation	11,000		366,300
Entergy Corporation	14,000		738,920
Equitable Resources Inc.	10,000		407,400
Exelon Corporation	9,000		538,290
Questar Corporation	12,000		401,640
UGI Corporation	12,000		380,400
			2,832,950

	Number of Shares	Value
Food, Beverages & Tobacco — 5.36%
Archer-Daniels-Midland Company	29,400	$	378,378
Coca-Cola Company	12,000		556,920
General Mills Inc.	10,700		507,287
J.M. Smucker Company (o)	10,000		398,900
Sara Lee Corporation	16,000		300,960
			2,142,445
Insurance — 1.66%
Marsh & McLennan Companies Inc.	13,000		663,910
Machinery — 4.79%
Caterpillar Inc.	10,500		584,430
Deere & Company	14,000		639,800
Pitney Bowes Inc.	18,000		691,380
			1,915,610
Manufacturing — 2.58%
3M Company	1,900		245,062
Eaton Corporation	10,000		786,100
			1,031,162
Metals & Mining — 1.36%
Alcoa Inc.	8,000		204,000
Worthington Industries Inc.	25,400		340,360
			544,360
Misc. Financial Services — 4.34%
Citigroup Inc.	14,000		599,200
Fannie Mae	8,000		539,520
Morgan Stanley Dean Witter & Company	14,000		598,500
			1,737,220
Multi-Line Insurance — 1.86%
Lincoln National Corporation	7,000		249,410
SAFECO Corporation	14,000		493,920
			743,330
Oil Services — 6.90%
ConocoPhillips	5,000		274,000
Kerr-McGee Corporation	6,000		268,800
KeySpan Corporation	15,000		531,750
Marathon Oil Corporation	11,600		305,660
Occidental Petroleum Corporation	18,000		603,900
Schlumberger Ltd.	8,000		380,560
Sunoco Inc.	10,400		392,496
			2,757,166
Paper & Forest Products — 3.08%
Georgia-Pacific Group	17,000		322,150
MeadWestvaco Corporation	15,000		370,500
Weyerhaeuser Company	10,000		540,000
			1,232,650

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Enterprise Equity Income Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Number of Shares	Value
Paper Products — 0.89%
International Paper Company	10,000	$	357,300
Pharmaceuticals — 8.10%
Abbott Laboratories	12,000		525,120
Bristol-Myers Squibb Company	16,000		434,400
Eli Lilly & Company	4,350		300,020
Merck & Company Inc.	14,000		847,700
Pfizer Inc.	17,100		583,965
Wyeth	12,000		546,600
			3,237,805
Printing & Publishing — 1.71%
McGraw-Hill Companies Inc.	11,000		682,000
Property-Casualty Insurance — 3.54%
Allstate Corporation	16,000		570,400
Chubb Corporation	8,000		480,000
St. Paul Companies Inc.	10,000		365,100
			1,415,500
Real Estate — 0.78%
Equity Residential Properties Trust	12,000		311,400
Savings and Loan — 0.83%
Washington Mutual Inc.	8,000		330,400
Technology — 1.01%
Monsanto Company	18,600		402,504
Telecommunications — 2.71%
BellSouth Corporation	20,000		532,600
Verizon Communications Inc.	14,000		552,300
			1,084,900
Utilities — 4.50%
Dominion Resources Inc.	11,000		706,970
FPL Group Inc.	6,000		401,100
Weststar Energy Inc.	24,500		397,635
WGL Holdings Inc.	11,000		293,700
			1,799,405
Total Domestic Common Stocks
(Identified cost $35,922,373)			35,499,724

	Number of Shares or Principal Amount		Value
Foreign Stocks — 0.86%
Crude & Petroleum — 0.86%
BP (ADR)		8,200	$	344,564
Total Foreign Stocks
(Identified cost $329,023)				344,564
Commercial Paper — 11.44%
UBS Finance Inc. 1.31% due 07/01/03	$	4,572,000		4,572,000
Total Commercial Paper
(Identified cost $4,572,000)				4,572,000
Total Investments
(Identified cost $40,823,396)			$	40,416,288
Other Assets Less Liabilities — (1.09)%				(436,066)
Net Assets — 100%			$	39,980,222

(o) Security, or portion thereof, out on loan at June 30, 2003.

(ADR) American Depository Receipt.

See notes to financial statements.

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Enterprise Equity Income Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$40,416,288
Investment purchased in connection with securities lending, at value (Note 5)	862,258
Investment income receivable	61,897
Receivable for fund shares sold	6,458
Cash	890
Other assets	983
Total assets	41,348,774
Liabilities:
Payable for fund shares redeemed	153,786
Payable for investments purchased	332,131
Payable due upon sale of investments in connection with securities lending (Note 5)	862,258
Shareholder servicing fees payable	9,912
Accrued expenses and other liabilities	10,465
Total liabilities	1,368,552
Net Assets	$39,980,222
Analysis of Net Assets:
Paid-in capital	$47,920,677
Undistributed (accumulated) net investment income (loss)	915,031
Undistributed (accumulated) net realized gain (loss)	(8,448,378)
Unrealized appreciation (depreciation)	(407,108)
Net Assets	$39,980,222
Shares outstanding	8,834,968
Net asset value per share	$4.53
Investments at cost	$40,823,396

See notes to financial statements.

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Enterprise Equity Income Portfolio

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2003 (Unaudited)

Investment income:
Dividends	$	485,678	(1)
Interest		14,855
Securities lending income		495
Total investment income		501,028
Expenses:
Investment advisory fees		138,010
Custodian and fund accounting fees		10,022
Reports to shareholders		667
Trustees’ fees		886
Audit and legal fees		5,611
Shareholder servicing fees		19,575
Other expenses		1,157
Total expenses		175,928
Net investment income (loss)		325,100
Realized and unrealized gain (loss) —net:
Net realized gain (loss) on investments		(2,482,059	)
Net change in unrealized gain (loss) on investments		4,743,006
Net realized and unrealized gain (loss)		2,260,947
Net increase (decrease) in net assets resulting from operations	$	2,586,047

(1) Net of foreign taxes withheld of $310.

See notes to financial statements.

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Enterprise Equity Income Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2003			Year Ended December 31, 2002
From operations:
Net investment income (loss)	$	325,100		$	594,384
Net realized gain (loss)		(2,482,059	)		(3,051,882	)
Net change in unrealized gain (loss)		4,743,006			(4,586,154	)
Increase (decrease) in net assets resulting from operations		2,586,047			(7,043,652	)
Distributions to shareholders from:
Net investment income		—			(508,560	)
Net realized gains		—			—
Total distributions to shareholders		—			(508,560	)
From capital share transactions:
Shares sold		3,920,042			14,598,799
Reinvestment of distributions		—			505,733
Shares redeemed		(4,241,425	)		(10,343,089	)
Total increase (decrease) in net assets resulting from capital share transactions		(321,383	)		4,761,443
Total increase (decrease) in net assets		2,264,664			(2,790,769	)
Net assets:
Beginning of period		37,715,558			40,506,327
End of period	$	39,980,222		$	37,715,558
Capital share activity:
Shares issued		923,849			3,020,675
Shares issued in reinvestment of distributions		—			125,181
Shares redeemed		(1,015,658	)		(2,290,761	)
Net increase (decrease)		(91,809	)		855,095
Undistributed net investment income (loss)	$	915,031		$	589,931

See notes to financial statements.

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Enterprise Equity Income Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2003			For the years ended December 31,												For the Period 12/01/98 through 12/31/1998
				2002			2001			2000			1999
Net asset value, beginning of period	$	4.22		$	5.02		$	5.69		$	5.37		$	5.09		$	5.00
Income from investment operations:
Net investment income (loss)		0.04	C		0.07C			0.07C			0.08C			0.06C			—
Net realized and unrealized gain (loss) on investments		0.27			(0.81	)		(0.69	)		0.26			0.23			0.09
Total from investment operations		0.31			(0.74	)		(0.62	)		0.34			0.29			0.09
Less dividends and distributions:
Dividends from net investment income		—			(0.06	)		(0.05	)		(0.02	)		(0.01	)		—
Distributions from capital gains		—			—			—			—			—			—
Total distributions		—			(0.06	)		(0.05	)		(0.02	)		(0.01	)		—
Net asset value, end of period	$	4.53		$	4.22		$	5.02		$	5.69		$	5.37		$	5.09
Total return		7.35	%B		(14.76	)%		(10.75	)%		6.45	%		5.70	%		1.80	%B
Net assets end of period (in thousands)	$	39,980		$	37,716		$	40,506		$	32,829		$	27,997		$	465
Ratio of expenses to average net assets		0.96	%A		0.90	%		0.88	%		0.88	%		1.05	%		1.05	%A
Ratio of expenses to average net assets (excluding reimbursement)		0.96	%A		0.90	%		0.88	%		0.88	%		1.20	%		66.67	%A
Ratio of net investment income (loss) to average net assets		1.77	%A		1.44	%		1.43	%		1.43	%		1.21	%		0.54	%A
Portfolio turnover		36	%		35	%		36	%		37	%		18	%		0	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

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Notes to Financial Statements 

June 30, 2003 (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 portfolios contained therein.

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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Equity Income Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 — Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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 — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. 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

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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.

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 0.75%. A portion of the management fee received by ECM is paid to the subadviser. Boston Advisors, Inc., a wholly-owned subsidiary of The MONY Group Inc., is the subadviser for the Portfolio. For the six months ended June 30, 2003, ECM incurred subadvisory fees payable to Boston Advisors, Inc. of $55,204. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $19,528 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.05%.

The MONY Group Inc. and its subsidiaries and affiliates had an investment of $226,500 in the Portfolio at June 30, 2003.

For the six months ended June 30, 2003, the Portfolio paid no brokerage commissions to affiliates of the adviser or subadviser.

4. Investment Transactions

For the six months ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases		Sales
—	—	$	12,397,471	$	13,730,849

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on loan are denoted in the Portfolio of Investments.

The Portfolio generally 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 for the Portfolio as of June 30, 2003:

Current Value of Securities on Loan At June 30, 2003		Units of Prime Portfolio Owned	Current Value of Collateral Held At June 30, 2003
$	838,085	862,257	$	862,257

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

6. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the six months ended June 30, 2003.

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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Loss
$	40,823,396	$	1,502,054	$	(1,909,162	)	$	(407,108	)

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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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

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Enterprise Accumulation Trust

EQUITY INCOME PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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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Enterprise 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”) is subadviser to the Enterprise Growth Portfolio. Montag & Caldwell manages approximately $27.9 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.

First Half 2003 Performance Review

How did the Portfolio perform for the six months ended June 30, 2003?

For the six-month period, the Portfolio returned 8.29%. The Portfolio underperformed its benchmark, the S&P 500 Index, which returned 11.77%. The Portfolio underperformed its peer group, the Lipper Large-Cap Growth Funds Index, which returned 11.76%.

How would you describe the investment environment during the period?

The modest economic recovery stalled during the first quarter as war broke out with Iraq, energy costs remained high, labor markets softened and consumer spending slowed. These economic and geopolitical trends contributed to a weak stock market environment during the first quarter of the year.

The stock market surged in the second quarter as investors reacted favorably to the swift resolution of major military action in Iraq and the federal fiscal and monetary stimulus applied to the domestic economy. With exuberance exceeding the fundamentals in many areas, the rebound was strongest in those sectors of the market that had been hit the hardest over the past three years, including utilities, telecom services and information technology. In addition, lower-quality stocks generally outperformed higher-quality issues, as evidenced by the 10.7% average quarterly gain for stocks rated “A” or “B” by Standard and Poor’s compared to a 30% gain for stocks rated “C” or “D.”

What strategies affected Portfolio performance during the period?

The Portfolio’s under-weighting in technology and the weak returns experienced by its consumer discretionary holdings were the primary factors in the Portfolio’s six month return being less than that of the market. Also, many higher-quality issues in the consumer staple and healthcare sectors lagged during the period. Issues that boosted relative returns included Walt Disney Company, Marriott International Inc. Costco Wholesale Corporation, Schlumberger Ltd., Amgen Inc., Masco Corporation and Caterpillar Inc.

What changes were made to the Portfolio over the period?

Montag did not add any new positions during the first quarter, but used market weakness to increase the Portfolio’s holdings in Walt Disney Company, Kohl’s Corporation, Microsoft Corporation, Newell Rubbermaid Inc. and Nokia Corporation. Montag trimmed the Portfolio’s positions in Citigroup, eBay and QUALCOMM.

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Enterprise Growth Portfolio

SUBADVISER’S COMMENTS — (Continued)

There were several changes during the second quarter. In the energy area, the Portfolio sold GlobalSanteFe Corporation and redeployed the funds in Baker Hughes, where Montag & Caldwell sees better diversification within the oil services area. In the technology area, the Portfolio added First Data Corporation, a transaction processing company; and Oracle Corporation, which provides enterprise software to major corporations. A position was initiated in Omnicom Group, a leading marketing and corporate communications firm. Montag & Caldwell also began a buy program in Genentech Inc., a biotechnology company with a very promising new product pipeline. Montag & Caldwell sold eBay Inc. as it exceeded its price objective. Existing positions that were added included Gannett Company, Nokia Corporation, QUALCOMM and UPS. Montag trimmed their positions in Amgen Inc., Costco Wholesale Corporation, Electronic Arts Inc., Kohl’s Corporation, Microsoft Corporation, Pfizer Corporation and TransOcean Inc.

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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Enterprise Growth Portfolio

PORTFOLIO OF INVESTMENTS

 June 30, 2003  (Unaudited)

	Number of Shares	Value
Domestic Common Stocks — 93.19%
Advertising — 1.53%
Omnicom Group Inc.	52,100	$	3,735,570
Biotechnology — 4.96%
Amgen Inc. (a)	150,752		10,015,963
Genentech Inc. (a)	28,700		2,069,844
			12,085,807
Building & Construction — 3.25%
Masco Corporation	331,964		7,917,341
Computer Services — 1.49%
First Data Corporation	87,700		3,634,288
Computer Software — 4.49%
Electronic Arts Inc. (a)	74,406		5,505,300
Microsoft Corporation	101,700		2,604,537
Oracle Corporation (a)	235,300		2,828,306
			10,938,143
Consumer Products — 15.71%
Colgate-Palmolive Company	210,673		12,208,500
Gillette Company	292,930		9,332,750
Newell Rubbermaid Inc.	214,600		6,008,800
Procter & Gamble Company	120,284		10,726,927
			38,276,977
Consumer Services — 2.53%
United Parcel Service Inc.	96,900		6,172,530
Entertainment & Leisure — 3.21%
Walt Disney Company	396,160		7,824,160
Food, Beverages & Tobacco —  6.91%
Coca-Cola Company	215,300		9,992,073
PepsiCo Inc.	154,045		6,855,003
			16,847,076
Hotels & Restaurants — 2.60%
Marriott International Inc. (Class A)	164,789		6,331,193
Insurance — 2.79%
Marsh & McLennan Companies Inc.	133,328		6,809,061
Machinery — 1.21%
Caterpillar Inc.	52,931		2,946,139
Manufacturing — 3.59%
3M Company	67,800		8,744,844
Media — 3.49%
Gannett Company Inc.	110,600		8,495,186

	Number of Shares or Principal Amount		Value
Medical Instruments — 4.91%
Medtronic Inc.		249,460	$	11,966,596
Misc. Financial Services — 1.93%
Citigroup Inc.		110,000		4,708,000
Multi-Line Insurance  — 3.64%
American International Group Inc.		160,777		8,871,675
Oil Services — 6.60%
Baker Hughes Inc.		82,000		2,752,740
Schlumberger Ltd.		225,174		10,711,527
Transocean Sedco Forex Inc. (a)		118,900		2,612,233
				16,076,500
Pharmaceuticals — 12.49%
Eli Lilly & Company		102,000		7,034,940
Johnson & Johnson		203,200		10,505,440
Pfizer Inc.		377,290		12,884,454
				30,424,834
Retail — 2.40%
Costco Wholesale Corporation (a)		65,428		2,394,665
Kohl’s Corporation (a)		67,100		3,447,598
				5,842,263
Telecommunications — 3.46%
QUALCOMM Inc.		235,500		8,419,125
Total Domestic Common Stocks
(Identified cost $217,123,731)				227,067,308
Foreign Stocks — 3.32%
Wireless Communications — 3.32%
Nokia Corporation (Class A) (ADR)		492,300		8,088,489
Total Foreign Stocks
(Identified cost $8,226,011)				8,088,489
Commercial Paper — 0.78%
General Electric Capital Corporation 1.24% due 07/15/03	$	1,000,000		999,518
General Electric Capital Corporation 1.20% due 07/30/03		900,000		899,130
				1,898,648
Total Commercial Paper
(Identified cost $1,898,648)				1,898,648

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Enterprise Growth Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Principal Amount		Value
Repurchase Agreement — 3.02%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/03 Proceeds $7,361,143 Collateral: U.S. Treasury Note $7,450,000, 1.75% due 12/31/04, Value $7,509,716	$	7,361,000	$	7,361,000
Total Repurchase Agreement
(Identified cost $7,361,000)				7,361,000
Total Investments
(Identified cost $234,609,390)			$	244,415,445
Other Assets Less Liabilities — (0.31)%				(748,685)
Net Assets — 100%			$	243,666,760

(a) Non-income producing security.

(ADR) American Depository Receipt.

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Enterprise Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	244,415,445
Investment income receivable		133,628
Receivable for fund shares sold		13,815
Cash		301
Other assets		6,037
Total assets		244,569,226
Liabilities:
Payable for fund shares redeemed		803,185
Shareholder servicing fees payable		60,816
Accrued expenses and other liabilities		38,465
Total liabilities		902,466
Net Assets	$	243,666,760
Analysis of Net Assets:
Paid-in capital	$	332,959,548
Undistributed (accumulated) net investment income (loss)		1,552,141
Undistributed (accumulated) net realized gain (loss)		(100,650,984	)
Unrealized appreciation (depreciation)		9,806,055
Net Assets	$	243,666,760
Shares outstanding		56,555,645
Net asset value per share		$4.31
Investments at cost	$	234,609,390

See notes to financial statements.

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Enterprise Growth Portfolio

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2003 (Unaudited)

Investment income:
Dividends	$	1,491,528	(1)
Interest		43,731
Securities lending income		13,246
Total investment income		1,548,505
Expenses:
Investment advisory fees		832,393
Custodian and fund accounting fees		27,721
Reports to shareholders		2,208
Trustees’ fees		2,223
Audit and legal fees		26,138
Shareholder servicing fees		121,212
Other expenses		5,501
Total expenses		1,017,396
Net investment income (loss)		531,109
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		(3,938,852	)
Net change in unrealized gain (loss) on investments		22,068,190
Net realized and unrealized gain (loss)		18,129,338
Net increase (decrease) in net assets resulting from operations	$	18,660,447

(1) Net of foreign taxes withheld of $20,308.

See notes to financial statements.

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Enterprise Growth Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2003			Year Ended December 31, 2002
From operations:
Net investment income (loss)	$	531,109		$	1,021,083
Net realized gain (loss)		(3,938,852	)		(40,972,525	)
Net change in unrealized gain (loss)		22,068,190			(26,628,400	)
Increase (decrease) in net assets resulting from operations		18,660,447			(66,579,842	)
Distributions to shareholders from:
Net investment income		—			(944,092	)
Net realized gains		—			—
Total distributions to shareholders		—			(944,092	)
From capital share transactions:
Shares sold		18,066,351			45,061,705
Shares exchanged due to merger		16,158,177
Reinvestment of distributions		—			943,206
Shares redeemed		(17,828,306	)		(50,150,263	)
Total increase (decrease) in net assets resulting from capital share transactions		16,396,222			(4,145,352	)
Total increase (decrease) in net assets		35,056,669			(71,669,286	)
Net assets:
Beginning of period		208,610,091			280,279,377
End of period	$	243,666,760		$	208,610,091
Capital share activity:
Shares issued		4,287,758			9,733,913
Shares issued due to merger		4,364,109			—
Shares issued in reinvestment of distributions		—			244,988
Shares redeemed		(4,449,680	)		(11,375,918	)
Net increase (decrease)		4,202,187			(1,397,017	)
Undistributed net investment income (loss)	$	1,552,141		$	1,021,032

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Enterprise Growth Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2003			For the years ended December 31,												For the Period 12/01/98 through 12/31/1998
				2002			2001			2000			1999
Net asset value, beginning of period	$	3.98		$	5.21		$	5.99		$	6.56		$	5.27		$	5.00
Income from investment operations:
Net investment income (loss)		0.01	C		0.02C			0.02C			0.03C			0.02C			0.00	D
Net realized and unrealized gain (loss) on investments		0.32			(1.23	)		(0.78	)		(0.54	)		1.27			0.27
Total from investment operations		0.33			(1.21	)		(0.76	)		(0.51	)		1.29			0.27
Less dividends and distributions:
Dividends from net investment income		—			(0.02	)		(0.02	)		(0.01	)		—			—
Distributions from capital gains		—			—			—			(0.05	)		—			—
Total distributions		—			(0.02	)		(0.02	)		(0.06	)		—			—
Net asset value, end of period	$	4.31		$	3.98		$	5.21		$	5.99		$	6.56		$	5.27
Total return		8.29	%B		(23.26	)%		(12.56	)%		(7.79	)%		24.48	%		5.40	%B
Net assets end of period (in thousands)	$	243,667		$	208,610		$	280,279		$	319,207		$	230,720		$	1,943
Ratio of expenses to average net assets		0.92	%A		0.86	%		0.84	%		0.83	%		0.84	%		1.15	%A
Ratio of expenses to average net assets (excluding reimbursement)		0.92	%A		0.86	%		0.84	%		0.83	%		0.84	%		25.33	%A
Ratio of net investment income (loss) to average net assets		0.48	%A		0.42	%		0.34	%		0.45	%		0.29	%		(0.25	)%A
Portfolio turnover rate		13	%		42	%		52	%		56	%		30	%		1	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

^D Less than $0.01 per share

See notes to financial statements.

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Notes to Financial Statements

June 30, 2003 (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 portfolios contained therein.

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.

Effective February 28, 2003 the Growth Portfolio acquired all of the net assets of the Balanced Portfolio in a tax-free exchange of shares wherein the shareholders of the Balanced Portfolio received for each share owned approximately 1.05 shares of the Growth Portfolio. The aggregate net assets and unrealized appreciation/(depreciation) of the portfolios immediately before and after the merger were as follows:

	Net Assets				Unrealized Appreciation/(Depreciation)
Portfolio	Before Merger		After Merger		Before Merger			After Merger
Growth	$	199,034,794	$	215,792,972	$	(17,240,287	)	$	(18,141,555	)
Balanced		16,758,178				(901,268	)

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Growth Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 — Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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 — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. 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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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.

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

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10

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 0.75%. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $121,167 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.15%.

The MONY Group Inc. and its subsidiaries and affiliates had an investment of $215,500 in the Portfolio at June 30, 2003.

For the six months ended June 30, 2003, the Portfolio paid no brokerage commissions to affiliates of the adviser or subadviser.

4. Investment Transactions

For the six months ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases		Sales
—	—	$	29,945,353	$	28,072,158

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on loan are denoted in the Portfolio of Investments.

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11

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

The Portfolio generally 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. There was no securities lending activity at June 30, 2003.

6. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the six months ended June 30, 2003.

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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain
$	234,609,390	$	17,694,340	$	(7,888,285	)	$	9,806,055

Shareholder Proxy Voting Information (Unaudited)

On February 28, 2003, shareholders of the Balanced Portfolio voted on and approved their agreement and Plan of Reorganization into the Growth Portfolio as follows:

	No. of Shares
Affirmative	3,810,949.276
Against	162,471.704
Abstain	291,923.598
Total	4,265,344.578

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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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

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Enterprise Accumulation Trust

GROWTH PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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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Enterprise Growth and Income Portfolio

SUBADVISER’S COMMENTS 

UBS Global Asset Management (Americas) Inc.

New York, New York

Investment Management

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

UBS Global Asset Management (Americas) Inc. (“UBS”) is subadviser to the Enterprise Growth and Income Portfolio. UBS manages approximately $32.1 billion for all of its clients and its normal investment minimum is $25 million.

Investment Objective

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

First Half 2003 Performance Review

How did the Portfolio perform for the six months ended June 30, 2003?

For the six-month period, the Portfolio returned 10.38%. The Portfolio underperformed its benchmark, the S&P 500 Index, which returned 11.77%. In contrast, the Portfolio outperformed its peer group, the Lipper Large-Cap Core Funds Index, which returned 10.15%.

How would you describe the investment environment during the period?

The investment environment was volatile, and heavily influenced by geopolitical issues revolving around the war in Iraq, which began in the closing weeks of the first quarter. From a fundamental perspective, economic data was suggestive of a gradually recovering economy, with the fits and starts that are typical of early stages of such recoveries. However, with the uncertainties created by these data and by the war, many companies took the opportunity of their year-end earnings reports to lower their official guidance for 2003. As the quarter wore on, and the war loomed, many executives reported that business slowed markedly, as customers deferred decisions pending further clarity on its outcome. A much anticipated war rally did materialize in the days leading up to the commencement of military action, and through the first euphoric reports of easy progress, which put the major indices into the black for a brief time. However, as the war news became mixed, investors took profits, and the quarter closed on a down note.

The market recovered in the second quarter after a very volatile and worrisome period for U.S. investors. Fortunately, UBS was able to position the Portfolio to take advantage of the return to fundamentals in the market. There continue to be pockets of overvaluation in the market and UBS will position the Portfolio accordingly. The economic recovery has been mild, but so was the recession. The media and sell side have over-dramatized the depth of the recession. UBS believes that as companies become profitable and cash flow improves, capital spending will follow even though some companies will be burdened by pension funding requirements. UBS believes there is still plenty of opportunity for active management.

During the first four months of the year under Retirement System Investors Inc., the Portfolio took advantage of temporary dislocations in price created by the volatile market to selectively exit certain positions and add to others. Portfolio holdings in BP and Tyco International Ltd. were reduced and Raytheon Company was eliminated, all as part of strategies to reduce weaker competitors in selected markets. All three subsequently underperformed the market. Conversely, the Portfolio took advantage of temporary drops in Forest Laboratories, Inc., Walt Disney Company and Kohl’s Corporation to initiate positions.

UBS became subadviser on May 1, 2003. As a result of the transition to UBS, the portfolio turnover was 102%. Strong performers in May and June included United Technologies Corporation, Masco Corporation and Costco Wholesale Corporation. Masco’s stock price appreciated as concerns of a housing bubble began to subside and the market began to reward the company for their expansion in the installation services segment. Sector allocation was strong as the Portfolio benefited from exposure to medical services, construction and electric utilities sectors. UBS’s cautious stance towards media was rewarded, as this area underperformed.

ENTERPRISE Accumulation Trust

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Enterprise Growth and Income Portfolio

SUBADVISER’S COMMENTS — (Continued)

What changes were made to the Portfolio over the period?

The Portfolio was restructured by UBS upon becoming subadviser. From a sector standpoint, UBS has identified opportunities in banks, utilities and drug stocks. From a factor standpoint, the period presented no strong underlying themes, as most of the opportunities the market presented were more stock specific in nature.

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

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Enterprise Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2003

	Number of Shares	Value
Domestic Common Stocks — 97.21%
Advertising — 3.01%
Interpublic Group of Companies Inc.	47,200	$	631,536
Omnicom Group Inc.	39,000		2,796,300
			3,427,836
Aerospace — 1.92%
United Technologies Corporation	30,800		2,181,564
Airlines — 0.95%
Continental Airlines Inc. (Class B) (a)	25,800		386,226
Delta Air Lines Inc. (o)	47,200		692,896
			1,079,122
Automotive — 0.78%
Johnson Controls Inc.	10,400		890,240
Banking — 9.18%
FleetBoston Financial Corporation	46,400		1,378,544
J. P. Morgan Chase & Company	86,200		2,946,316
Mellon Financial Corporation	44,500		1,234,875
PNC Financial Services Group	23,500		1,147,035
Wells Fargo & Company	74,300		3,744,720
			10,451,490
Biotechnology —  0.52%
Genzyme Corporation (a)	14,200		593,560
Broadcasting — 1.77%
Viacom Inc. (Class B) (a)	46,100		2,012,726
Building & Construction —  3.47%
Martin Marietta Materials Inc.	40,000		1,344,400
Masco Corporation	109,400		2,609,190
			3,953,590
Business Services — 0.60%
Viad Corporation	30,600		685,134
Chemicals — 1.89%
Dow Chemical Company	36,400		1,126,944
Eastman Chemical Company	19,400		614,398
IMC Global Inc.	61,600		413,336
			2,154,678
Computer Hardware — 1.44%
Hewlett-Packard Company	76,800		1,635,840
Computer Services — 1.69%
Computer Sciences Corporation (a)	12,500		476,500
First Data Corporation	34,800		1,442,112
			1,918,612

	Number of Shares	Value
Computer Software — 2.98%
Microsoft Corporation	132,500	$	3,393,325
Consumer Products — 2.91%
Kimberly-Clark Corporation	32,300		1,684,122
Newell Rubbermaid Inc.	58,100		1,626,800
			3,310,922
Crude & Petroleum — 1.24%
Exxon Mobil Corporation	39,300		1,411,263
Energy — 3.88%
Entergy Corporation	20,800		1,097,824
Exelon Corporation	38,400		2,296,704
Progress Energy Inc.	23,200		1,018,480
			4,413,008
Health Care — 4.58%
Anthem Inc. (a)	24,100		1,859,315
UnitedHealth Group Inc.	66,800		3,356,700
			5,216,015
Manufacturing — 6.70%
American Standard Companies Inc. (a)	27,800		2,055,254
Illinois Tool Works Inc.	38,300		2,522,055
Ingersoll-Rand Company Ltd.	39,200		1,854,944
Pentair Inc.	30,500		1,191,330
			7,623,583
Medical Instruments — 0.44%
Biomet Inc.	17,600		504,416
Medical Services — 0.66%
Baxter International Inc.	29,000		754,000
Misc. Financial Services — 7.66%
Citigroup Inc.	102,800		4,399,840
Freddie Mac	46,100		2,340,497
Morgan Stanley Dean Witter & Company	46,400		1,983,600
			8,723,937
Multi-Line Insurance — 2.43%
American International Group Inc.	30,200		1,666,436
Hartford Financial Services Group Inc.	21,800		1,097,848
			2,764,284
Oil Services — 1.88%
ConocoPhillips	30,600		1,676,880
Kerr-McGee Corporation	10,400		465,920
			2,142,800
Paper & Forest Products — 0.65%
MeadWestvaco Corporation	29,800		736,060

ENTERPRISE Accumulation Trust

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Enterprise Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

June 30, 2003

	Number of Shares	Value
Pharmaceuticals — 12.06%
Allergan Inc.	38,400	$	2,960,640
Bristol-Myers Squibb Company	75,700		2,055,255
Cephalon Inc. (a) (o)	25,200		1,037,232
Johnson & Johnson	72,000		3,722,400
Sicor Inc. (a)	86,795		1,765,410
Wyeth	48,100		2,190,955
			13,731,892
Printing & Publishing — 0.76%
McGraw-Hill Companies Inc.	14,000		868,000
Retail — 2.93%
Costco Wholesale Corporation (a)	44,500		1,628,700
Radioshack Corporation	34,400		905,064
TJX Companies Inc.	42,300		796,932
			3,330,696
Savings and Loan — 2.68%
Greenpoint Financial Corporation	59,800		3,046,212
Semiconductors — 0.62%
Texas Instruments Inc.	40,300		709,280
Technology — 0.96%
Linear Technology Corporation	34,000		1,095,140
Telecommunications — 1.06%
SBC Communications Inc.	47,200		1,205,960
Transportation — 2.92%
Burlington Northern Santa Fe Corporation	116,900		3,324,636
Utilities — 4.91%
CMS Energy Corporation (o)	54,000		437,400
Consolidated Edison Inc.	25,000		1,082,000
Dominion Resources Inc.	13,500		867,645
FirstEnergy Corporation	54,700		2,103,215
Sempra Energy	38,600		1,101,258
			5,591,518
Wireless Communications — 5.08%
Motorola Inc.	113,700		1,072,191
Nextel Communications Inc. (Class A) (a)	260,700		4,713,456
			5,785,647
Total Domestic Common Stocks
(Identified cost $108,417,931)			110,666,986

	Number of Shares or Principal Amount		Value
Foreign Stocks — 1.20%
Travel/Entertainment/Leisure — 1.20%
Royal Caribbean Cruises Ltd.		58,900	$	1,364,124
Total Foreign Stocks
(Identified cost $1,078,385)				1,364,124
Repurchase Agreement — 1.65%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/03 Proceeds $1,876,036 Collateral U. S. Treasury Note $1,900,000, 1.75% due 12/31/04 Value $1,915,230	$	1,876,000		1,876,000
Total Repurchase Agreement
(Identified cost $1,876,000)				1,876,000
Total Investments
(Identified cost $111,372,316)			$	113,907,110
Other Assets Less Liabilities — (0.06)%				(70,698	)
Net Assets — 100%			$	113,836,412

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2003.

See notes to financial statements.

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Enterprise Growth and Income Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	113,907,110
Investment purchased in connection with securities lending, at value (Note 5)		2,241,800
Investment income receivable		113,463
Receivable for fund shares sold		1,336
Receivable for investments sold		315,870
Cash		978
Other assets		2,435
Total assets		116,582,992
Liabilities:
Payable for fund shares redeemed		453,830
Payable due upon sale of investments in connection with securities lending (Note 5)		2,241,800
Shareholder servicing fees payable		28,408
Accrued expenses and other liabilities		22,542
Total liabilities		2,746,580
Net Assets	$	113,836,412
Analysis of Net Assets:
Paid-in capital	$	166,612,520
Undistributed (accumulated) net investment income (loss)		1,644,268
Undistributed (accumulated) net realized gain (loss)		(56,955,170	)
Unrealized appreciation (depreciation)		2,534,794
Net Assets	$	113,836,412
Shares outstanding		26,099,520
Net asset value per share		$4.36
Investments at cost	$	111,372,316

See notes to financial statements

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Enterprise Growth and Income Portfolio

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2003 (Unaudited)

Investment income:
Dividends	$	978,707	(1)
Interest		13,455
Securities lending income		121
Total investment income		992,283
Expenses:
Investment advisory fees		401,747
Custodian and fund accounting fees		19,800
Trustees’ fees		2,396
Audit and legal fees		13,102
Shareholder servicing fees		56,235
Other expenses		183
Total expenses		493,463
Net investment income (loss)		498,820
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		(19,216,801	)
Net change in unrealized gain (loss) on investments		29,342,597
Net realized and unrealized gain (loss)		10,125,796
Net increase (decrease) in net assets resulting from operations	$	10,624,616

(1) Net of foreign taxes withheld of $5,348.

See notes to financial statements

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Enterprise Growth and Income Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2003			Year Ended December 31, 2002
From operations:
Net investment income (loss)	$	498,820		$	1,145,458
Net realized gain (loss)		(19,216,801	)		(36,304,934	)
Net change in unrealized gain (loss)		29,342,597			(9,884,249	)
Increase (decrease) in net assets resulting from operations		10,624,616			(45,043,725	)
Distributions to shareholders from:
Net investment income		—			(1,575,030	)
Net realized gains		—			—
Total distributions to shareholders		—			(1,575,030	)
From capital share transactions:
Shares sold		4,147,734			21,100,991
Reinvestment of distributions		—			1,572,359
Shares redeemed		(12,364,898	)		(37,157,047	)
Total increase (decrease) in net assets resulting from capital share transactions		(8,217,164	)		(14,483,697	)
Total increase (decrease) in net assets		2,407,452			(61,102,452	)
Net assets:
Beginning of period		111,428,960			172,531,412
End of period	$	113,836,412		$	111,428,960
Capital share activity:
Shares issued		1,023,838			4,364,770
Shares issued in reinvestment of distributions		—			419,296
Shares redeemed		(3,141,668	)		(8,430,251	)
Net increase (decrease)		(2,117,830	)		(3,646,185	)
Undistributed net investment income (loss)	$	1,644,268		$	1,145,448

See notes to financial statements.

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Enterprise Growth and Income Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2003			For the years ended December 31,												For the Period 12/01/98 through 12/31/1998
				2002			2001			2000			1999
Net asset value, beginning of period	$	3.95		$	5.41		$	6.20		$	6.16		$	5.11		$	5.00
Income from investment operations:
Net investment income (loss)		0.02	C		0.04	C		0.05	C		0.07	C		0.07	C		0.00	D
Net realized and unrealized gain (loss) on investments		0.39			(1.45	)		(0.79	)		(0.01	)		0.98			0.11
Total from investment operations		0.41			(1.41	)		(0.74	)		0.06			1.05			0.11
Less dividends and distributions:
Dividends from net investment income		—			(0.05	)		(0.05	)		(0.02	)		—			—
Distributions from capital gains		—			—			—			(0.00	)D		(0.00	)D		—
Total distributions		—			(0.05	)		(0.05	)		(0.02	)		—			—
Net asset value, end of period	$	4.36		$	3.95		$	5.41		$	6.20		$	6.16		$	5.11
Total return		10.38	%B		(25.95	)%		(11.87	)%		0.91	%		20.55	%		2.20	%B
Net assets end of period (in thousands)	$	113,836		$	111,429		$	172,531		$	171,353		$	89,887		$	537
Ratio of expenses to average net assets		0.92	%A		0.86	%		0.85	%		0.85	%		0.94	%		1.05	%A
Ratio of expenses to average net assets (excluding reimbursement)		0.92	%A		0.86	%		0.85	%		0.85	%		0.94	%		60.68	%A
Ratio of net investment income (loss) to average net assets		0.93	%A		0.81	%		0.92	%		1.09	%		1.22	%		(0.45	)%A
Portfolio turnover rate		102	%		19	%		2	%		6	%		1	%		9	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

^D Less than $0.01 per share.

See notes to financial statements.

ENTERPRISE Accumulation Trust

8

Notes to Financial Statements 

June 30, 2003 (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 portfolios contained therein.

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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Growth and Income Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 — Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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 — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. The difference between the premium

ENTERPRISE Accumulation Trust

9

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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.

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 0.75%. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $56,198 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.05%.

The MONY Group Inc. and its subsidiaries and affiliates had an investment of $218,000 in the Portfolio at June 30, 2003.

For the six months ended June 30, 2003, the Portfolio paid no brokerage commissions to affiliates of the adviser or subadviser.

4. Investment Transactions

For the six months ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases		Sales
—	—	$	107,414,739	$	113,946,138

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on loan are denoted in the Portfolio of Investments.

The Portfolio generally 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 for the Portfolio as of June 30, 2003:

Current Value of Securities on Loan At June 30, 2003		Units of Prime Portfolio Owned	Current Value of Collateral Held At June 30, 2003
$	2,164,756	2,241,800	$	2,241,800

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

6. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the six months ended June 30, 2003.

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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain
$	111,372,316	$	7,827,479	$	(5,292,685	)	$	2,534,794

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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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—
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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

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Enterprise Accumulation Trust

GROWTH AND INCOME PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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

ENTERPRISE Accumulation Trust

14

Enterprise 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.

SSgA Funds Management, Inc. (“SSgA”) is subadviser to the Enterprise International Growth Portfolio. SSgA manages approximately $77.8 billion and its normal investment minimum is $10 million.

Investment Objective

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

First Half 2003 Performance Review

How did the Portfolio perform for the six months ended June 30, 2003?

For the six-month period, the Portfolio returned 6.07%. The Portfolio underperformed its benchmark, the MSCI EAFE Index, which returned 9.47%. The Portfolio underperformed its peer group, the Lipper International Funds Index, which returned 9.18%.

How would you describe the investment environment during the period?

The first half continued the extraordinary volatility seen last year in international developed markets. With markets in near-panic mode prior to the declaration of overt hostilities in Iraq in mid-March, market levels have since moved up impressively after an apparently swift resolution to the crisis and aggressive easing by the world’s central banks.

What strategies affected Portfolio performance during the period?

First, SSgA’s over-weight to financials in the early part of the year hurt performance, only to contribute strongly in the second quarter when some of the more highly leveraged insurance companies that own money managers, rebounded. Stocks like Amvescap, AXA and ING Group ended strongly. Conversely, SSgA sold out of Lloyds TSB Group and Mitsubishi-Tokyo Financial Group, Inc., which had lagged.

Some of the positions within the consumer area did not perform well. Despite having previously reduced the over-weight to Sony Corporation, the announcement that the company was to take restructuring charges hurt the Portfolio’s performance. The sale of WPP Group proved preemptive, as did that of Celltech Group in the healthcare area and Suez within utilities.

On the other hand, a continuing over-weight in the energy sector to companies exposed to the natural gas price paid off well: EnCana Corporation was a top performing stock over the period. In the latter part of the half, some of the more depressed technology names that SSgA had retained and accumulated at the lowest levels in the Portfolio – Flextronics International Ltd. and ASML Holding, for example – recovered sharply.

What changes were made to the Portfolio over the period?

SSgA moved the Portfolio from an over-weight to an under-weight position in financials, selling out of Lloyds TSB Group and Mitsubishi Tokyo Financial Group, Inc., while adding to Halifax Bank of Scotland, HSBC Holding and ING Group. Within the consumer sector, the Portfolio sold out of WPP Group and Philips Electronics, reduced weight in Sony Corporation and initiated a new position in Sharp Corporation. The Portfolio also sold out of Honda Motor Company and bought into LVMH-Moet Hennessy Louis Vuitton, a luxury goods stock. In the tech and telecoms sectors, the Portfolio added to Nokia and initiated positions in SAP and Telefonica. The Portfolio sold out of BAE SYSTEMS, moving into Komatsu Ltd. on the industrials side.

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1

Enterprise International Growth Portfolio

SUBADVISER’S COMMENTS — (Continued)

Generally speaking, SSgA has been increasing its exposure to Japan wherever possible, as SSgA believes this market offers some attractive opportunities at current levels

As with all international funds, 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, 2003 are as follows (unaudited):

Industry
Advertising	0.02%
Aerospace & Defense	0.07%
Automobiles	0.02%
Banks	18.50%
Construction Materials	4.27%
Consumer Products	2.06%
Electronic Equipment & Instruments	14.82%
Energy Equipment & Services	2.23%
Food & Drug Retailing	6.76%

Industry
Information Technology	2.14%
Insurance	7.16%
Media	0.03%
Metals & Mining	5.75%
Oil & Gas	7.73%
Pharmaceuticals	11.63%
Printing & Publishing	1.95%
Semiconductor Equipment & Products	0.19%
Telecommunication Service	14.67%
Total	100.00%

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Enterprise International Growth Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2003

	Number of Shares	Value
Common Stocks — 99.93%
Argentina — 0.03%
BBVA Banco Frances (ADR) (a)	800	$	4,912
Telecom Argentina Stet-France Telecom (o)	1,000		6,500
			11,412
Australia — 0.01%
Woolworths Ltd.	800		6,723
Brazil — 0.04%
Petroleo Brasileiro (ADR) (o)	1,000		19,760
Canada — 6.55%
EnCana Corporation	47,000		1,803,390
Precision Drilling Corporation (a) (o)	31,100		1,171,067
Telus Corporation	600		10,629
WestJet Airlines Ltd. (a)	1,025		12,136
			2,997,222
Chile — 0.01%
Compania DE Telecomunicaciones Chile (ADR) (a)	400		4,720
Finland — 4.61%
Nokia (a)	127,660		2,102,038
Stora Enso	700		7,821
			2,109,859
France — 15.07%
Alcatel (a) (o)	1,000		9,014
AXA	98,050		1,521,036
BNP Paribas	25,565		1,298,960
France Telecom (o)	300		7,358
JC Decaux (a)	600		7,510
LVMH-Moet Hennessy Louis Vuitton	19,103		947,374
Sanofi-Synthelabo (o)	24,623		1,441,942
TotalFinaElf	10,960		1,656,163
Vivendi Universal (a)	200		3,640
			6,892,997
Germany — 4.36%
E.ON	20,000		1,028,144
SAP (o)	8,100		955,195
Volkswagen	200		8,453
			1,991,792
India — 0.07%
Satyam Computer Services (o)	3,200		31,776
Ireland — 2.96%
Bank of Ireland	500		6,057
CRH	85,089		1,333,653
Ryanair Holdings (ADR) (a) (o)	300		13,470
			1,353,180

	Number of Shares	Value
Italy — 0.02%
ENI (o)	300	$	4,537
Telecom Italia (o)	1,029		5,636
			10,173
Japan — 14.51%
Advantest	20,500		909,174
Canon Inc.	28,000		1,286,149
Dai Nippon Printng Company Ltd.	1,000		10,587
Komatsu Ltd.	166,000		636,572
NTT DoCoMo Inc.	769		1,666,792
Sharp Corporation	97,000		1,246,109
Shiseido Company Ltd.	1,000		9,729
Sony Corporation (ADR) (o)	200		5,600
Sony Corporation	30,700		865,041
			6,635,753
Korea — 0.20%
Kookmin Bank (a)	620		18,686
Kookmin Bank (ADR) (o)	350		10,588
LG Electronics Inc.	570		23,764
Samsung Electronic (GDR) (144A)	300		44,625
Sappi Ltd (ADR) (o)	200		2,470
			100,133
Luxembourg — 0.02%
Arcelor (o)	900		10,479
Mexico — 0.13%
Grupo Financiero BBVA Bancomer	35,800		30,159
Telefonos DE Mexico (ADR) (o)	900		28,278
			58,437
Netherlands — 4.95%
ASML Holdings (a)	115,911		1,100,695
ING Groep	66,568		1,156,488
Unilever	100		5,364
			2,262,547
Russia — 0.18%
Gazprom (ADR)	700		13,160
GMK Norilsk Nickel (ADR)	300		10,260
Lukoil Holdings (ADR)	500		39,550
Yukos (ADR) (o)	375		20,869
			83,839
Singapore — 3.04%
Flextronics International Ltd. (a) (o)	133,800		1,390,182
Spain — 2.38%
Telefonica (a)	93,600		1,086,585
Switzerland — 14.29%
Alcon Inc. (o)	300		13,710
Nestle	4,486		925,751
Novartis	51,942		2,055,590
Swiss Reinsurance (o)	24,599		1,363,079
UBS (o)	39,127		2,176,772
			6,534,902

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Enterprise International Growth Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Number of Shares	Value
Thailand — 0.00%
Quality Houses Public Company Ltd.	20	$	4
United Kingdom — 26.39%
Amvescap	202,085		1,399,144
British Sky Broadcasting (a)	700		7,786
Centrica	1,200		3,493
Diageo (a)	117,345		1,257,538
Exel	1,000		10,302
GlaxoSmithKline	91,400		1,851,505
HBOS	116,686		1,516,226
HSBC Holdings	74,186		879,807
HSBC Holdings (Hong Kong Registered)	1,600		19,030
Imperial Tobacco Group	400		7,175
Man Group	500		9,905
Reed International	107,000		893,680
Rio Tinto	76,100		1,436,950
Royal Bank of Scotland Group	404		11,376
Shell Transportation & Trading Company	700		4,638
Tesco	250,650		910,247
Vodafone Group	934,573		1,834,357
Vodafone Group (ADR) (o)	700		13,755
			12,066,914
United States — 0.09%
Apache Corporation	210		13,663
Barr Laboratories Inc. (a)	50		3,275
Softbank	900		5,265
SPDR Trust Series 1 (o)	200		19,526
			41,729
Total Common Stocks
(Identified cost $44,895,879)			45,701,118
Preferred Stocks — 0.14%
Brazil — 0.04%
Companhia Vale do Rio Doce (Class A)	700		19,204
Korea — 0.10%
Samsung Electronics Company Ltd.	310		44,249
Total Preferred Stocks
(Identified cost $61,057)			63,453

	Number of Shares or Contracts	Value
Mutual Funds — 0.04%
United States — 0.04%
Ishares MSCI EAFE Index Fund	100	$	10,831
Ishares United Kingdom Index Fund	700		9,191
Total Mutual Funds
(Identified cost $18,004)			20,022
Warrants — 0.00%
Thailand — 0.00%
Quality Houses Public Company Ltd. (e)	4		—
Total Warrants
(Identified cost $0)			—
Foreign Currency Option Purchased — 0.00%
United States — 0.00%
Hong Kong Dollar, Strike Price 7.82, Expiration Date 10/07/03	50,000		31
Total Foreign Currency Option Purchased
(Identified cost $285)			31
Total Investments
(Identified cost $44,975,225)		$	45,784,624
Other Assets Less Liabilities — (0.11)%			(52,144)
Net Assets — 100%		$	45,732,480

(a) Non-income producing security.

(e) The warrants entitle the Portfolio to purchase quarterly 1 share of Quality Houses Public Company Ltd. for every 1 warrant held and 5 THB until October 19, 2006.

(o) Security, or portion thereof, out on loan at June 30, 2003.

(ADR) American Depository Receipt.

(GDR) Global Depository Receipt.

See notes to financial statements

ENTERPRISE Accumulation Trust

4

Enterprise International Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	45,784,624
Foreign currency at value (cost — $40,626)		40,555
Investment purchased in connection with securities lending, at value (Note 5)		4,783,806
Investment income receivable		93,919
Receivable for fund shares sold		3,901
Receivable for investments sold		45,307
Other assets		10,949
Total assets		50,763,061
Liabilities:
Payable for fund shares redeemed		152,542
Payable due upon sale of investments in connection with securities lending (Note 5)		4,783,806
Shareholder servicing fees payable		11,755
Accrued expenses and other liabilities		82,478
Total liabilities		5,030,581
Net Assets	$	45,732,480
Analysis of Net Assets:
Paid-in capital	$	74,644,028
Undistributed (accumulated) net investment income (loss)		680,279
Undistributed (accumulated) net realized gain (loss)		(30,410,954	)
Unrealized appreciation (depreciation)		819,127
Net Assets	$	45,732,480
Shares outstanding		12,477,465
Net asset value per share		$3.67
Investments at cost	$	44,975,225

See notes to financial statements

ENTERPRISE Accumulation Trust

5

Enterprise International Growth Portfolio

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2003 (Unaudited)

Investment income:
Dividends	$	678,193	(1)
Interest		13
Securities lending income		11,472
Total investment income		689,678
Expenses:
Investment advisory fees		184,004
Custodian and fund accounting fees		24,470
Trustees’ fees		1,019
Audit and legal fees		5,768
Shareholder servicing fees		23,059
Other expenses		810
Total expenses		239,130
Expenses reduced by expense offset arrangements		(640	)
Total expenses, net of expense offset arrangements		238,490
Net investment income (loss)		451,188
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		(6,959,144	)
Net realized gain (loss) on foreign currency transactions		9,701
Net change in unrealized gain (loss) on investments		9,171,515
Net change in unrealized gain (loss) on foreign currency transactions		(392	)
Net change in unrealized gain (loss) on options transactions		(254	)
Net realized and unrealized gain (loss)		2,221,426
Net increase (decrease) in net assets resulting from operations	$	2,672,614

(1) Net of foreign taxes withheld of $83,171.

See notes to financial statements

ENTERPRISE Accumulation Trust

6

Enterprise International Growth Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2003			Year Ended December 31, 2002
From operations:
Net investment income (loss)	$	451,188		$	660,627
Net realized gain (loss)		(6,949,443	)		(7,404,125	)
Net change in unrealized gain (loss)		9,170,869			(4,673,357	)
Increase (decrease) in net assets resulting from operations		2,672,614			(11,416,855	)
Distributions to shareholders from:
Net investment income		—			(340,574	)
Net realized gains		—			—
Total distributions to shareholders		—			(340,574	)
From capital share transactions:
Shares sold		10,247,765			22,640,621
Shares exchanged due to merger		1,998,365			—
Reinvestment of distributions		—			340,574
Shares redeemed		(13,338,574	)		(29,813,401	)
Total increase (decrease) in net assets resulting from capital share transactions		(1,092,444	)		(6,832,206	)
Total increase (decrease) in net assets		1,580,170			(18,589,635	)
Net assets:
Beginning of period		44,152,310			62,741,945
End of period	$	45,732,480		$	44,152,310
Capital share activity:
Shares issued		2,982,441			5,968,408
Shares issued due to merger		622,543			—
Shares issued in reinvestment of distributions		—			105,115
Shares redeemed		(3,895,772	)		(7,791,983	)
Net increase (decrease)		(290,788	)		(1,718,460	)
Undistributed net investment income (loss)	$	680,279		$	229,091

See notes to financial statements

ENTERPRISE Accumulation Trust

7

Enterprise International Growth Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2003			For the years ended December 31,
				2002			2001			2000			1999			1998
Net asset value, beginning of period	$	3.46		$	4.33		$	6.94		$	9.29		$	6.74		$	6.18
Income from investment operations:
Net investment income (loss)		0.04	C		0.05	C		0.02	C		(0.01	)C		0.03	C		0.06
Net realized and unrealized gain (loss) on investments		0.17			(0.89	)		(2.02	)		(1.57	)		2.74			0.84
Total from investment operations		0.21			(0.84	)		(2.00	)		(1.58	)		2.77			0.90
Less dividends and distributions:
Dividends from net investment income		—			(0.03	)		(0.04	)		(0.02	)		(0.12	)		(0.07	)
Distributions from capital gains		—			—			(0.57	)		(0.75	)		(0.10	)		(0.27	)
Total distributions		—			(0.03	)		(0.61	)		(0.77	)		(0.22	)		(0.34	)
Net asset value, end of period	$	3.67		$	3.46		$	4.33		$	6.94		$	9.29		$	6.74
Total return		6.07	%B		(19.46	)%		(27.80	)%		(17.21	)%		42.12	%		14.83	%
Net assets end of period (in thousands)	$	45,732		$	44,152		$	62,742		$	100,550		$	134,255		$	91,794
Ratio of expenses to average net assets (excluding expense offset arrangements)		1.11	%A		1.06	%		1.09	%		1.04	%		1.01	%		1.22	%
Ratio of expenses to average net assets		1.10	%A		1.06	%		1.09	%		1.04	%		1.01	%		1.22	%
Ratio of net investment income (loss) to average net assets		2.08	%A		1.22	%		0.30	%		(0.06	)%		0.41	%		1.04	%
Portfolio turnover		28	%		176	%		95	%		73	%		129	%		55	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

ENTERPRISE Accumulation Trust

8

Notes to Financial Statements

June 30, 2003 (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 portfolios contained therein.

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.

Effective February 28, 2003 the International Growth Portfolio acquired all of the net assets of the Worldwide Growth and Emerging Countries Portfolios in tax-free exchanges of shares wherein the shareholders of the Worldwide Growth and Emerging Countries Portfolios received for each share owned approximately 1.97 and 2.42 shares, respectively of the International Growth Portfolio. The aggregate net assets and unrealized appreciation/(depreciation) of the funds immediately before and after the mergers were as follows:

	Net Assets				Unrealized Appreciation/(Depreciation)
Portfolio	Before Merger		After Merger		Before Merger			After Merger
International Growth	$	40,211,216	$	42,209,580	$	(11,305,050	)	$	(11,398,851	)
Worldwide Growth		821,424				(58,381	)
Emerging Countries		1,176,940				(35,420	)

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the International Growth Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 — Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event

ENTERPRISE Accumulation Trust

9

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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 — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. 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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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.

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

ENTERPRISE Accumulation Trust

10

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 0.85%. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $22,978 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.55%.

The MONY Group Inc. and its subsidiaries and affiliates had an investment of $222,086 in the Portfolio at June 30, 2003.

For the six months ended June 30, 2003, the Portfolio paid brokerage commissions of $597 to affiliates of the adviser or subadviser.

4. Investment Transactions

For the six months ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government /Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases		Sales
—	—	$	13,531,711	$	13,689,429

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on loan are denoted in the Portfolio of Investments.

ENTERPRISE Accumulation Trust

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

The Portfolio generally 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 for the Portfolio as of June 30, 2003:

Current Value of Securities on Loan At June 30, 2003		Units of Prime Portfolio Owned	Current Value of Collateral Held At June 30, 2003
$	4,498,276	4,783,806	$	4,783,806

6. Directed Brokerage

The Portfolio may direct certain security trades to brokers who pay a portion of the commissions for those trades to offset certain expenses of the Portfolio. Under these arrangements, the Portfolio had expenses reduced by $640 during the six months ended June 30, 2003.

7. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the six months ended June 30, 2003.

8. 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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain
$	44,975,225	$	3,738,006	$	(2,928,607	)	$	809,399

ENTERPRISE Accumulation Trust

12

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

Shareholder Proxy Voting Information (Unaudited)

On February 28, 2003, shareholders of the Worldwide Growth and Emerging Countries Portfolios voted on and approved their respective agreements and Plans of Reorganization into the International Growth Portfolio as follows:

Worldwide Growth:

	No. of Shares
Affirmative	128,500.031
Against	1,544.642
Abstain	13,496.828
Total	143,541.501

Emerging Countries:

	No. of Shares
Affirmative	98,217.898
Against	23,438.156
Abstain	5,045.745
Total	126,701.799

ENTERPRISE Accumulation Trust

13

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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

ENTERPRISE Accumulation Trust

14

Enterprise Accumulation Trust

INTERNATIONAL GROWTH PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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

ENTERPRISE Accumulation Trust

15

Enterprise Global Socially Responsive Portfolio

SUBADVISER’S COMMENTS

Rockefeller & Co., Inc

New York, New York

Investment Management

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

Rockefeller & Co., Inc. (“Rockefeller”), which has approximately $3.3 billion in assets under management, is subadviser to the Enterprise Global Socially Responsive Portfolio. Rockefeller’s normal investment minimum is $10 million.

Investment Objective

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

First Half 2003 Performance Review

How did the Portfolio perform for the six months ended June 30, 2003?

For the six-month period, the Portfolio returned 9.80%. The Portfolio underperformed its benchmark, the MSCI World Index, which returned 11.12%. In contrast, the Portfolio outperformed its peer group, the Lipper Global Funds Index, which returned 9.69%.

How would you describe the investment environment during the period?

The year began with fears of impending war keeping investors and businesses frozen and waiting for developments. Once the war began, the market bottomed in mid-March. Economic signals were mixed with productivity and inflation posting outstanding numbers, but, for the first time, consumer sentiment was negative. Capital spending was sluggish and some sectors of the economy, such as travel and tourism, came to a virtual standstill. During the next three months, the market experienced a sharp upswing as concerns faded about Iraq and the Middle East. Hope of a strong economic recovery was fueled by: low inflation and interest rates, consumer spending, lower oil prices, refinancing, and monetary and fiscal stimulus. But expectations may have been too high as the market retreated in the last days of trading and economic numbers came in weaker than anticipated.

What strategies affected Portfolio performance during the period?

In a continuation of a strategy that has been in place for several quarters, the Portfolio is broadly diversified with an under-weight in technology and over-weight in consumer discretionary and healthcare. Technology stocks performed particularly well in the markets, as exemplified by the Nasdaq having a strong showing. Rockefeller continues to be skeptical of a broad-based recovery in IT spending. The Portfolio’s under-weight in technology hurt performance even though some of the holdings did very well. Canon Inc. and Check Point Software Technologies Ltd. outperformed. Microsoft Corporation lagged, posting a negative return. Rockefeller believes that Microsoft Corporation, with cash on its balance sheet, is in a good position to reward investors in the future. The Portfolio’s healthcare and financial stocks put in a mixed showing. Several of their holdings including McKesson Corporation, Edwards LifeSciences Corporation, Eli Lilly and Co., Citigroup Inc., BNP Paribas and Sampo Leonia outperformed, but HCA Inc. and AFLAC Inc. underperformed. The largest drag in performance came from energy. Consumer discretionary posted the largest gains in the Portfolio with names like Samsung Corporation, Target Corporation and Philips Electronics. However, two stocks that the Portfolio recently purchased were the real stars: Tiffany and Co. and AOL Time Warner.

What changes were made to the Portfolio over the period?

During the period, Rockefeller made few changes to the Portfolio. The Portfolio sold Pearson, the UK publishing company, on concern of a cut back in U.S. school budgets. Pearson derives 60% of its revenues from elementary school

ENTERPRISE Accumulation Trust

1

Enterprise Global Socially Responsive Portfolio

SUBADVISER’S COMMENTS — (Continued)

books in the U.S. and, given the budget crises faced by state governments, Rockefeller became concerned that earnings pressure would be greater than anticipated. The Portfolio also sold Chubb Plc., the UK security company, after rumors of an imminent takeover by United Technology in the U.S. sent the stock higher. The Portfolio also purchased China Mobil Ltd. and Praxair Inc.

As with all global funds, 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

2

Enterprise Global Socially Responsive Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2003

	Number of Shares	Value
Common Stocks — 91.66%
Bermuda — 1.60%
XL Capital Ltd. (Class A)	300	$	24,900
Canada — 1.81%
Alcan Inc. (a)	190		5,945
National Bank of Canada	810		22,110
			28,055
Denmark — 2.04%
Danske Bank	1,630		31,735
France — 4.16%
BNP Paribas	930		47,253
Schneider Electric	370		17,394
			64,647
Hong Kong — 0.99%
China Mobile Ltd.	6,500		15,336
Israel — 1.13%
Check Point Software Technologies Ltd. (a)	900		17,595
Japan — 3.62%
Canon Inc (ADR)	260		11,869
ITO EN Ltd.	300		10,079
KAO Corporation	1,000		18,632
NTT Corporation	4		15,706
			56,286
Netherlands — 3.56%
Philips Electronics	990		18,825
Royal Dutch Petroleum Company (ADR)	450		20,979
STMicroelectronics	740		15,515
			55,319
Spain — 1.54%
Telefonica (a)	2,066		23,984
Sweden — 1.68%
Sandvik	1,000		26,158
Switzerland — 1.43%
Novartis	560		22,162
United Kingdom — 11.09%
BP Amoco	8,010		55,756
Cadbury Schweppes	4,930		29,234
GlaxoSmithKline	1,490		30,183
Reckitt Benckiser	1,660		30,575
Scottish Power	4,400		26,528
			172,276

	Number of Shares	Value
United States — 57.01%
AFLAC Inc.	1,430	$	43,972
Anadarko Petroleum Corporation	810		36,021
AOL Time Warner Inc. (a)	1,590		25,583
Bank of America Corporation	600		47,418
Bank of Hawaii Corporation	620		20,553
Cadence Design Systems Inc. (a)	820		9,889
Citigroup Inc.	1,480		63,344
Comcast Corporation (Class A) (a)	810		23,352
Costco Wholesale Corporation (a)	450		16,470
Diebold Inc.	420		18,165
Edwards Lifesciences Corporation (a)	490		15,749
Eli Lilly & Company	780		53,797
HCA Inc.	880		28,195
Ingersoll-Rand Company Ltd.	510		24,133
International Business Machines Corporation	200		16,500
Johnson & Johnson	300		15,510
Lexmark International Group Inc. (a)	290		20,523
McKesson Corporation	900		32,166
Microsoft Corporation	840		21,512
PepsiCo Inc.	1,140		50,730
Pfizer Inc.	1,780		60,787
Praxair Inc.	390		23,439
Target Corporation	1,080		40,867
Tiffany & Company	560		18,301
UnionBanCal Corporation	350		14,480
Wal-Mart Stores Inc.	750		40,253
Walt Disney Company	1,170		23,108
WellPoint Health Networks Inc. (a)	660		55,638
Wells Fargo & Company	500		25,200
			885,655
Total Common Stocks
(Identified cost $1,323,991)			1,424,108
Preferred Stocks — 2.67%
Korea — 2.67%
Hyundai Motor Company	1,680		21,449
Samsung Electronics Company Ltd.	140		19,983
			41,432
Total Preferred Stocks
(Identified cost $38,115)			41,432

ENTERPRISE Accumulation Trust

3

Enterprise Global Socially Responsive Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Principal Amount		Value
Repurchase Agreement — 7.14%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/03 Proceeds $111,002 Collateral: U. S. Treasury Note $115,000, 1.75% due 12/31/04, Value $115,922	$	111,000	$	111,000
Total Repurchase Agreement
(Identified cost $111,000)				111,000
Total Investments
(Identified cost $1,473,107)			$	1,576,540
Other Assets Less Liabilities — (1.47)%				(22,877)
Net Assets — 100%			$	1,553,663

(a) Non-income producing security.

(ADR) American Depository Receipts

Industry classifications for the Portfolio as a percentage of total market value at June 30, 2003 are as follows:

Industry
Automotive	1.47%
Banking	14.24%
Business Services	0.81%
Cable	1.59%
Chemicals	1.60%
Computer Hardware	1.13%
Computer Software	4.58%
Consumer Durables	2.09%
Consumer Products	1.27%
Crude & Petroleum	3.89%
Electronics	3.83%
Energy	1.81%
Entertainment & Leisure	1.58%
Food, Beverages & Tobacco	6.14%
Health Care	4.12%
Insurance	4.70%
Media	1.75%
Manufacturing	3.43%
Medical Instruments	1.07%
Medical Services & Products	3.80%
Metals & Mining	0.41%
Misc. Financial Services	4.32%
Oil Services	3.80%
Pharmaceuticals	12.45%
Printing & Publishing	1.40%
Retail	7.91%
Semiconductors	1.06%
Telecommunications	3.75%
Total	100.00%

See notes to financial statements.

ENTERPRISE Accumulation Trust

4

Enterprise Global Socially Responsive Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	1,576,540
Foreign currency at value (cost $59)		60
Investment income receivable		1,141
Receivable for fund shares sold		3,416
Receivable for investments sold		7,894
Cash		223
Other assets		89
Total assets		1,589,363
Liabilities:
Payable for fund shares redeemed		402
Payable for investments purchased		23,334
Shareholder servicing fees payable		115
Accrued expenses and other liabilities		11,849
Total liabilities		35,700
Net Assets	$	1,553,663
Analysis of Net Assets:
Paid-in capital	$	1,589,295
Undistributed (accumulated) net investment income (loss)		6,315
Undistributed (accumulated) net realized gain (loss)		(145,426	)
Unrealized appreciation (depreciation)		103,479
Net Assets	$	1,553,663
Shares outstanding		165,139
Net asset value per share		$9.41
Investments at cost	$	1,473,107

See notes to financial statements.

ENTERPRISE Accumulation Trust

5

Enterprise Global Socially Responsive Portfolio

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2003 (Unaudited)

Investment Income:
Dividends	$	14,806	(1)
Interest		193
Total investment income		14,999
Expenses:
Investment advisory fees		6,012
Custodian and fund accounting fees		5,625
Reports to shareholders		86
Trustees’ fees		2,488
Audit and legal fees		212
Shareholder servicing fees		256
Total expenses		14,679
Expense reimbursement		(5,995	)
Total expenses, net of reimbursement		8,684
Net investment income (loss)		6,315
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		(15,954	)
Net realized gain (loss) on foreign currency transactions		(158	)
Net change in unrealized gain (loss) on investments		146,429
Net realized and unrealized gain (loss)		130,317
Net increase (decrease) in net assets resulting from operations	$	136,632

(1) Net of foreign taxes withheld of $1,374.

See notes to financial statements.

ENTERPRISE Accumulation Trust

6

Enterprise Global Socially Responsive Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2003			For the Period January 24, 2002 through December 31, 2002
From operations:
Net investment income (loss)	$	6,315		$	4,298
Net realized gain (loss)		(16,112	)		(129,133	)
Net change in unrealized gain (loss)		146,429			(42,950	)
Increase (decrease) in net assets resulting from operations		136,632			(167,785	)
Distributions to shareholders from:
Net investment income		—			(4,510	)
Net realized gains		—			—
Total distributions to shareholders		—			(4,510	)
From capital share transactions:
Shares sold		299,293			1,463,509
Reinvestment of distributions		—			1,324
Shares redeemed		(105,457	)		(69,343	)
Total increase (decrease) in net assets resulting from capital share transactions		193,836			1,395,490
Total increase (decrease) in net assets		330,468			1,223,195
Net assets:
Beginning of period		1,223,195			—
End of period	$	1,553,663		$	1,223,195
Capital share activity:
Shares issued		34,389			150,287
Shares issued in reinvestment of distributions		—			155
Shares redeemed		(11,987	)		(7,705	)
Net increase (decrease)		22,402			142,737
Undistributed net investment income (loss)	$	6,315		$	—

See notes to financial statements.

ENTERPRISE Accumulation Trust

7

Enterprise Global Socially Responsive Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2003			For the Period 01/24/02 through 12/31/02
Net asset value, beginning of period	$	8.57		$	10.00
Income from investment operations:
Net investment income (loss)C		0.01			0.04
Net realized and unrealized gain (loss) on investments		0.83			(1.44	)
Total from investment operations		0.84			(1.40	)
Less dividends and distributions:
Dividends from net investment income		—			(0.03	)
Distributions from capital gains		—			—
Total distributions		—			(0.03	)
Net asset value, end of period	$	9.41		$	8.57
Total return		9.80	%B		(13.98	)%B
Net assets end of period (in thousands)	$	1,554		$	1,223
Ratio of expenses to average net assets		1.30	%A		1.30	%A
Ratio of expenses to average net assets (excluding reimbursement)		2.20	%A		2.84	%A
Ratio of net investment income (loss) to average net assets		0.95	%A		0.42	%A
Portfolio turnover rate		14	%		46	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

ENTERPRISE Accumulation Trust

8

Notes to Financial Statements

June 30, 2003 (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 portfolios contained therein.

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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Global Socially Responsive Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 — Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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 — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. The difference between the premium

ENTERPRISE Accumulation Trust

9

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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.

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of

ENTERPRISE Accumulation Trust

10

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 0.90%. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $291 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.30%.

The MONY Group Inc. and its subsidiaries and affiliates had an investment of $941,000 in the Portfolio at June 30, 2003.

For the six months ended June 30, 2003, the Portfolio paid no brokerage commissions to affiliates of the adviser or subadviser.

4. Investment Transactions

For the six months ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases	Sales
—	—	$377,314	$175,790

5. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the six months ended June 30, 2003.

6. 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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost	Tax Unrealized Gain	Tax Unrealized Loss	Net Unrealized Gain
$1,473,107	$133,535	($30,102)	$103,433

ENTERPRISE Accumulation Trust

11

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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (83) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

ENTERPRISE Accumulation Trust

12

Enterprise Accumulation Trust

GLOBAL SOCIALLY RESPONSIVE PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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

ENTERPRISE Accumulation Trust

13

Enterprise Mergers and Acquisitions 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 $21.0 billion for institutional clients and whose normal investment minimum is $1 million, is subadviser to the Enterprise Mergers and Acquisitions Portfolio.

Investment Objective

The objective of the Enterprise Mergers and Acquisitions Portfolio is to seek capital appreciation.

First Half 2003 Performance Review

How did the Portfolio perform for the period from May 1- June 30, 2003?

The Portfolio commenced operations on May 1, 2003. For the two-month period, the Portfolio returned 4.30%. The Portfolio underperformed its benchmark, the S&P 500 Index, which returned 6.62%.

How would you describe the investment environment during the period?

The second calendar quarter got off to a fast start with the announcement of First Data’s agreement to buy rival payment processor Concord EFS for $6.9 billion. This was the largest U.S. deal announced to date this year. Following that, because of the war and SARS, activity slowed into the month of May. But the second quarter ended strong with several multi-billion dollar deals in late May and June. These opportunities are affording Gabelli better investment options in risk arbitrage. In the U.S., the value of second quarter deals came in at approximately $92 billion.

The stock market soared in the second quarter. The market registered its best quarterly performance since the end of 1988. Although technology stocks led the way, the rally was broad based and instilled confidence in many retail investors. Stocks rose as the news from the war improved and investors were encouraged that an economic recovery had begun.

What strategies affected Portfolio performance during the period?

Gabelli stuck to their knitting in the M&A portion of the Portfolio. The Portfolio will hold cash in the absence of conservative deals to invest in. Although the Portfolio put some cash to work as the stock market firmed, it maintained a large cash position through the period, a reflection of Gabelli’s safety first approach.

Gabelli’s strategy of holding a significant position in media and telecommunications stocks in the potential announced deals portion of the portfolio paid off nicely. The FCC relaxed many of the most significant restrictions on the ability of broadcast and newspaper conglomerates to both expand into new markets and to extend their reach in the cities where they already had a presence. This ruling was one of the most important industry catalysts, and many of the holdings in these industries had stellar returns.

ENTERPRISE Accumulation Trust

1

Enterprise Mergers and Acquisitions Portfolio

SUBADVISER’S COMMENTS — (Continued)

What changes were made to the Portfolio over the period?

Purchases in the two-month period included Clayton Homes Inc., Signal Technology Corp., PanAmerican Beverages Inc., RFS Hotel Investors Inc., and Quintiles Transnational Corp. Sales for the period included Concord EFS Inc., Dupont Canada Inc., and Probusiness Services Inc.

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

2

Enterprise Mergers and Acquisitions Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2003

	Number of Shares	Value
Domestic Common Stocks — 52.18%
Aerospace — 4.33%
Verdian Corporation (a)	1,000	$	34,890
Banking — 0.99%
First Republic Bank	300		7,980
Broadcasting — 1.31%
Young Broadcasting Inc. (Class A) (a)	500		10,565
Cable — 2.58%
Cablevision Systems Corporation (Class A) (a)	1,000		20,760
Chemicals — 1.23%
Hercules Inc. (a)	1,000		9,900
Computer Services — 0.26%
StorageNetworks Inc. (a)	1,500		2,085
Computer Software — 6.15%
J.D. Edwards & Company (a)	1,000		14,330
PeopleSoft Inc. (a)	2,000		35,180
			49,510
Electrical Equipment — 2.77%
DQE Inc.	1,000		15,070
Thomas & Betts Corporation (a)	500		7,225
			22,295
Energy — 1.12%
Fording Canadian Coal Trust (a)	500		9,060
Entertainment & Leisure — 1.54%
Metro Goldwyn Mayer Inc. (a)	1,000		12,420
Food, Beverages & Tobacco — 5.94%
Del Monte Foods Company (a)	1,000		8,840
Horizon Organic Holding Corporation (a)	1,000		23,750
Tootsie Roll Industries Inc.	500		15,245
			47,835
Hotels & Restaurants — 3.06%
RFS Hotel Investors Inc.	2,000		24,640
Medical Instruments — 2.64%
Interpore International (a)	1,000		12,730
Young Innovations Inc. (a)	300		8,550
			21,280
Medical Services — 3.92%
Cobalt Corporation (a)	500		10,275
Quintiles Transnational Corporation (a)	1,500		21,285
			31,560

	Number of Shares or Principal Amount		Value
Pharmaceuticals — 1.68%
Bristol-Myers Squibb Company		500	$	13,575
Printing & Publishing — 2.68%
Pulitzer Inc.		300		14,826
Readers Digest Association Inc.		500		6,740
				21,566
Real Estate — 6.05%
Chateau Communities Inc.		1,000		29,590
Taubman Centers Inc.		1,000		19,160
				48,750
Utilities — 1.31%
Southwest Gas Corporation		500		10,590
Wireless Communications — 2.62%
AT&T Wireless Services Inc. (a)		1,000		8,210
Price Communications Corporation (a)		1,000		12,910
				21,120
Total Domestic Common Stocks
(Identified cost $403,418)				420,381
Foreign Stocks — 8.08%
Apparel & Textiles — 4.87%
Gucci Group (ADR)		400		39,200
Manufacturing — 1.54%
Cooper Industries Ltd. (Class A)		300		12,390
Medical Instruments — 1.67%
Centerpulse Ltd. (ADR)		500		13,500
Total Foreign Stocks
(Identified cost $62,393)				65,090
U. S. Treasury Obligations — 28.40%
U. S. Treasury Bills — 28.40%
0.97% due 07/03/03 (e)	$	76,000		75,996
1.107% due 07/31/03 (e)		50,000		49,954
0.80% due 09/18/03 (e)		103,000		102,819
				228,769
Total U. S. Treasury Obligations
(Identified cost $228,769)				228,769

ENTERPRISE Accumulation Trust

3

Enterprise Mergers and Acquisitions Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Principal Amount		Value
Repurchase Agreement — 13.66%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/03 Proceeds $110,002 Collateral: U.S. Treasury Note $115,000, 1.75% due 12/31/04, Value $115,922	$	110,000	$	110,000
Total Repurchase Agreement
(Identified cost $110,000)				110,000
Total Investments
(Identified cost $804,580)			$	824,240
Other Assets Less Liabilities — (2.32)%				(18,701)
Net Assets — 100%			$	805,539

(a) Non-income producing security.

(e) The rate shown is the effective yield.

(ADR) American Depository Receipt.

See notes to financial statements.

ENTERPRISE Accumulation Trust

4

Enterprise Mergers and Acquisitions Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	824,240
Investment income receivable		1,479
Receivable for fund shares sold		5,016
Receivable for investments sold		276
Due from investment adviser		1,128
Cash		240
Total assets		832,379
Liabilities:
Payable for fund shares redeemed		12
Payable for investments purchased		23,758
Shareholder servicing fees payable		5
Accrued expenses and other liabilities		3,065
Total liabilities		26,840
Net Assets	$	805,539
Analysis of Net Assets:
Paid-in capital	$	782,179
Undistributed (accumulated) net investment income (loss)		498
Undistributed (accumulated) net realized gain (loss)		3,202
Unrealized appreciation (depreciation)		19,660
Net Assets	$	805,539
Shares outstanding		77,227
Net asset value per share		$10.43
Investments at cost	$	804,580

See notes to financial statements.

ENTERPRISE Accumulation Trust

5

Enterprise Mergers and Acquisitions Portfolio

STATEMENT OF OPERATIONS

		(Unaudited) For the Period May 1, 2003(2) to June 30, 2003
Investment Income:
Dividends	$	1,538	(1)
Interest		374
Total investment income		1,912
Expenses:
Investment advisory fees		878
Custodian and fund accounting fees		1,952
Trustees’ fees		229
Audit and legal fees		688
Shareholder servicing fees		10
Other expenses		155
Total expenses		3,912
Expense reimbursement		(2,498	)
Total expenses, net of reimbursement		1,414
Net investment income (loss)		498
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		3,793
Net realized gain (loss) on foreign currency transactions		(591	)
Net change in unrealized gain (loss) on investments		19,660
Net realized and unrealized gain (loss)		22,862
Net increase (decrease) in net assets resulting from operations	$	23,360

(1) Net of foreign taxes withheld of $42.

(2) Commencement of operations.

See notes to financial statements.

ENTERPRISE Accumulation Trust

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Enterprise Mergers and Acquisitions Portfolio

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

	For the Period May 1, 2003 through June 30, 2003
From operations:
Net investment income (loss)	$	498
Net realized gain (loss)		3,202
Net change in unrealized gain (loss)		19,660
Increase (decrease) in net assets resulting from operations		23,360
Distributions to shareholders from:
Net investment income		—
Net realized gains		—
Total distributions to shareholders		—
From capital share transactions:
Shares sold		782,232
Reinvestment of distributions		—
Shares redeemed		(53	)
Total increase (decrease) in net assets resulting from capital share transactions		782,179
Total increase (decrease) in net assets		805,539
Net assets:
Beginning of period		—
End of period	$	805,539
Capital share activity:
Shares issued		77,232
Shares issued in reinvestment of distributions		—
Shares redeemed		(5	)
Net increase (decrease)		77,227
Undistributed net investment income (loss)	$	498

See notes to financial statements.

ENTERPRISE Accumulation Trust

7

Enterprise Mergers and Acquisitions Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) For the Period May 1, 2003 through June 30, 2003
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income (loss)C		0.01
Net realized and unrealized gain (loss) on investments		0.42
Total from investment operations		0.43
Less dividends and distributions:
Dividends from net investment income		—
Distributions from capital gains		—
Total distributions		—
Net asset value, end of period	$	10.43
Total return		4.30	%B
Net assets end of period (in thousands)	$	806
Ratio of expenses to average net assets		1.45	%A
Ratio of expenses to average net assets (excluding reimbursement)		4.01	%A
Ratio of net investment income (loss) to average net assets		0.51	%A
Portfolio turnover rate		32	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

ENTERPRISE Accumulation Trust

8

Notes to Financial Statements

June 30, 2003 (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 portfolios contained therein.

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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Mergers and Acquisitions Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 — Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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 — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. The difference between the premium

ENTERPRISE Accumulation Trust

9

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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.

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 0.90%. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the period ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $40 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.45%.

The MONY Group Inc. and its subsidiaries and affiliates had an investment of $521,500 in the Portfolio at June 30, 2003.

For the period ended June 30, 2003, the Portfolio paid no brokerage commissions to affiliates of the adviser or subadviser.

4. Investment Transactions

For the period ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases	Sales
—	—	$597,045	$135,007

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on loan are denoted in the Portfolio of Investments.

The Portfolio generally 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. There was no securities lending activity at June 30, 2003.

6. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the period ended June 30, 2003.

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Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

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 of America. These differences, if any due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost	Tax Unrealized Gain	Tax Unrealized Loss	Net Unrealized Gain
$804,581	$22,828	($3,168)	$19,660

ENTERPRISE Accumulation Trust

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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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

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Enterprise Accumulation Trust

MERGERS AND ACQUISITIONS PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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

ENTERPRISE Accumulation Trust

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Enterprise Managed Portfolio

SUBADVISER’S COMMENTS

Wellington Management Company, LLP

Boston, Massachusetts

Investment Management

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

Wellington Management Company, LLP (“Wellington”), which manages approximately $337 billion for institutional clients and whose usual investment minimum for this investment objective is $25 million, is subadviser to the Enterprise Managed Portfolio.

Investment Objective

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

First Half 2003 Performance Review

How did the Portfolio perform for the six months ended June 30, 2003?

For the six-month period, the Portfolio returned 9.16%. The Portfolio underperformed its benchmark, the S&P 500 Index, which returned 11.77%. The Portfolio underperformed its peer group, the Lipper Flexible Portfolio Funds Index, which returned 9.73%.

How would you describe the investment environment during the period?

Following strong returns from fourth quarter 2002, investors entered 2003 with hope of the first annual positive return for the broad equity market since 1999. The first quarter provided no such relief. A number of concerns kept many investors on the sidelines. Concerns ranged from the geopolitical, as the U.S. began war with Iraq, to the economy, where the recovery seemed muted at best; additionally, deteriorating fundamentals in many industries and poor weather added to the lack of conviction among investors. The second quarter saw broad and robust gains in the equity market, led by information technology stocks. With equities languishing at three-year lows and a lack of compelling alternative investments, market sentiment for equities turned positive. Additionally, many companies used the economic downturn to clean up their balance sheets, and reduced their workforces to the point where they should perform well when the economy does rebound. Frustrated by the seemingly slow pace of economic pick-up, the Federal Reserve cut the discount rate an additional 0.25% in June.

What strategies affected Portfolio performance during the period?

In the aggregate, Wellington’s asset allocation positioning contributed modestly to relative results during the period. Heading into 2003, Wellington maintained the Portfolio with an under-weight to equities, believing that there would be disappointing news on the economic front and a growing certainty of war. This under-weight positioning positively impacted performance during the first quarter. After a rally in early January, equity markets faded until the second week in March due to the rising likelihood of war, a steady stream of poor global economic news and persistent outflows from equity mutual funds. In February, Wellington eliminated the equity under-weight as general sentiment regarding the war and its likely outcome pointed to a possible equity rally. As March progressed, this equity rally materialized and was quite strong. Consequently, the Portfolio’s over-weight to equities positively benefited performance.

The Portfolio also benefited from strength in the consumer discretionary sector, where AOL Time Warner rose sharply on asset sales intended to strengthen its balance sheet and improve fundamentals. Another strong media related name was Omnicom. This stock continued to benefit from its strong competitive position in a modestly positive environment for advertising spending. In the retailing sub-sector of the consumer discretionary sector, Michael’s Stores stands out as a strong contributor to performance. The stock continues to perform well due to continued progress with its automated inventory system.

ENTERPRISE Accumulation Trust

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Enterprise Managed Portfolio

SUBADVISER’S COMMENTS — (Continued)

Weak stock selection in the information technology sector negatively impacted performance for the period. Specifically, Texas Instruments Inc. and Microsoft Corporation were weak for the period. Despite the fact that the information technology sector led the market for the period, investors preferred more speculative names with greater leverage to an economic recovery.

What changes were made to the Portfolio over the period?

The Portfolio began the year with an under-weight to equities, which proved to be additive to performance during the equity market decline in January and February. The strong equity market rally that began in March saw the Portfolio with a neutral-to-slight over-weight to equities. As the period progressed, the Portfolio gradually built an over-weight equity position. The Portfolio ended the period with a slight over-weight to equities.

In the equity portion of the Portfolio, Wellington has begun to increase cyclical exposure. In particular, Wellington added several new positions in the technology and consumer discretionary sectors, such as Analog Devices, Applied Materials Inc., Target Corporation, Lamar Advertising Company and The Gap Inc. Wellington funded these purchases by reducing the over-weight to healthcare via sales of HCA Inc. and Baxter International Inc. and increasing the under-weight to financials via sales of Federated Investors and UnionBanCal Corporation.

In the fixed-income portion of the Portfolio, Wellington continues to under-weight exposure to government securities and continues to over-weight the mortgage-backed and corporate sectors. This over-weight to the corporate sector, however, has been reduced as the corporate bond yield spread to Treasuries has narrowed while corporations improve their balance sheets.

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

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Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2003

	Number of Shares	Value
Domestic Common Stocks — 68.17%
Advertising — 1.04%
Catalina Marketing Corporation (a)	59,800	$	1,055,470
Lamar Advertising Company (a)	64,100		2,256,961
Omnicom Group Inc.	50,000		3,585,000
			6,897,431
Aerospace — 1.66%
General Dynamics Corporation	39,600		2,871,000
Lockheed Martin Corporation	111,700		5,313,569
United Technologies Corporation	39,700		2,811,951
			10,996,520
Airlines — 0.17%
JetBlue Airways Corporation (a) (o)	26,600		1,124,914
Apparel & Textiles — 0.53%
American Eagle Outfitters Inc. (a)	45,700		838,138
Liz Claiborne Inc.	47,600		1,677,900
Mohawk Industries Inc. (a)	18,200		1,010,646
			3,526,684
Automotive — 0.28%
O’Reilly Automotive Inc. (a) (o)	56,400		1,883,196
Banking — 3.48%
Bank of America Corporation	91,900		7,262,857
Bank of Hawaii Corporation	37,700		1,249,755
Bank One Corporation	153,900		5,722,002
Banknorth Group Inc.	69,500		1,773,640
Sovereign Bancorp Inc.	89,300		1,397,545
Wachovia Corporation	143,500		5,734,260
			23,140,059
Biotechnology — 0.01%
Genzyme Corporation (a)	1,000		41,800
Broadcasting — 0.24%
Univision Communications Inc. (Class A) (a) (o)	50,600		1,538,240
Westwood One Inc. (a)	800		27,144
			1,565,384
Building & Construction — 0.74%
D.R. Horton Inc. (o)	62,400		1,753,440
Masco Corporation	131,600		3,138,660
			4,892,100
Business Services — 0.63%
Aramark Corporation (Class B) (a)	45,000		1,008,900
Automatic Data Processing Inc.	49,700		1,682,842
ChoicePoint Inc. (a)	44,000		1,518,880
			4,210,622

	Number of Shares	Value
Cable — 0.93%
Comcast Corporation (Class A) (a)	212,800	$	6,135,024
EchoStar Communications Corporation (Class A) (a)	1,600		55,392
			6,190,416
Chemicals — 0.85%
Cabot Microelectronics Corporation (a) (o)	38,600		1,948,142
Du Pont (E. I.) de Nemours & Company	87,300		3,635,172
Praxair Inc.	600		36,060
			5,619,374
Computer Hardware — 3.14%
CDW Corporation (a)	12,200		558,760
Cisco Systems Inc. (a)	426,700		7,121,623
Hewlett-Packard Company	324,000		6,901,200
International Business Machines Corporation	76,200		6,286,500
			20,868,083
Computer Services — 1.52%
Checkfree Corporation (a) (o)	38,200		1,063,488
InterActiveCorp (a)	88,400		3,497,988
Manhattan Associates Inc. (a) (o)	24,800		644,056
Sungard Data Systems Inc. (a)	188,300		4,878,853
Symantec Corporation (a)	700		30,702
			10,115,087
Computer Software — 3.50%
Adobe Systems Inc.	16,300		522,741
Cadence Design Systems Inc. (a)	77,829		938,618
Intuit Inc. (a)	59,300		2,640,629
Microsoft Corporation	672,300		17,217,603
PeopleSoft Inc. (a)	39,100		687,769
Siebel Systems Inc. (a)	61,200		583,848
Verity Inc. (a)	49,400		625,404
			23,216,612
Consumer Products — 1.54%
Gillette Company	162,300		5,170,878
Procter & Gamble Company	57,100		5,092,178
			10,263,056
Containers/Packaging — 0.39%
Pactiv Corporation (a)	130,200		2,566,242
Crude & Petroleum — 2.49%
ChevronTexaco Corporation	86,700		6,259,740
ExxonMobil Corporation	286,700		10,295,397
			16,555,137
Electrical Equipment — 1.85%
General Electric Company	429,000		12,303,720

ENTERPRISE Accumulation Trust

3

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Number of Shares	Value
Electronics — 0.20%
Sanmina-SCI Corporation (a)	207,300	$	1,308,063
Energy — 1.26%
Chesapeake Energy Corporation (o)	179,600		1,813,960
Cinergy Corporation	43,000		1,581,970
Exelon Corporation	66,800		3,995,308
Swift Energy Company (a) (o)	90,300		993,300
			8,384,538
Finance — 1.05%
Capital One Financial Corporation	1,300		63,934
E*TRADE Group Inc. (a)	97,100		825,350
Legg Mason Inc.	74,500		4,838,775
Providian Financial Corporation (a) (o)	136,000		1,259,360
			6,987,419
Food, Beverages & Tobacco — 3.76%
Altria Group Inc.	78,000		3,544,320
Coca-Cola Company	148,600		6,896,526
Coca-Cola Enterprises Inc.	153,000		2,776,950
Constellation Brands Inc. (a)	70,100		2,201,140
General Mills Inc.	85,200		4,039,332
PepsiCo Inc.	124,400		5,535,800
			24,994,068
Gaming — 0.21%
International Game Technology (a)	13,500		1,381,455
Health Care — 0.73%
Anthem Inc. (a)	10,100		779,215
Oxford Health Plans Inc. (a)	40,200		1,689,606
Triad Hospitals Inc. (a)	95,200		2,362,864
			4,831,685
Hotels & Restaurants — 1.22%
Brinker International Inc. (a)	109,800		3,954,996
Darden Restaurants Inc.	40,700		772,486
McDonald’s Corporation	150,500		3,320,030
Starbucks Corporation (a)	1,640		40,213
			8,087,725
Insurance — 1.01%
Gallagher Arthur J & Company	63,000		1,713,600
Marsh & McLennan Companies Inc.	97,200		4,964,004
			6,677,604
Manufacturing — 1.10%
3M Company	24,000		3,095,520
Danaher Corporation	600		40,830
ITT Industries Inc.	63,400		4,150,164
			7,286,514

	Number of Shares	Value
Media — 1.93%
AOL Time Warner Inc. (a)	571,600	$	9,197,044
Gannett Company Inc.	47,400		3,640,794
			12,837,838
Medical Instruments — 1.32%
Diagnostic Products Corporation (o)	17,500		718,375
Edwards Lifesciences Corporation (a)	81,400		2,616,196
Guidant Corporation	63,200		2,805,448
Henry Schein Inc. (a)	20,500		1,072,970
Waters Corporation (a)	51,548		1,501,593
Zimmer Holdings Inc. (a)	950		42,798
			8,757,380
Medical Services — 1.60%
Cardinal Health Inc.	74,400		4,783,920
IMS Health Inc.	130,400		2,345,896
Laboratory Corporation of America Holdings (a) (o)	36,200		1,091,430
Lincare Holdings Inc. (a)	700		22,057
Quest Diagnostics Inc. (a) (o)	36,000		2,296,800
WellPoint Health Networks Inc. (a)	700		59,010
			10,599,113
Metals & Mining — 0.80%
Alcoa Inc.	208,600		5,319,300
Misc. Financial Services — 4.08%
Ambac Financial Group Inc.	26,300		1,742,375
Citigroup Inc.	353,700		15,138,360
Countrywide Credit Industries Inc.	39,200		2,727,144
Merrill Lynch & Company Inc.	160,900		7,510,812
			27,118,691
Multi-Line Insurance — 1.58%
American International Group Inc.	189,300		10,445,574
Brown & Brown Inc.	1,600		52,000
			10,497,574
Oil Services — 1.35%
Apache Corporation	630		40,988
EOG Resources Inc.	83,800		3,506,192
GlobalSantaFe Corporation	43,200		1,008,288
Halliburton Company	2,000		46,000
Schlumberger Ltd.	92,400		4,395,468
			8,996,936
Paper Products — 0.50%
International Paper Company	93,100		3,326,463

ENTERPRISE Accumulation Trust

4

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

June 30, 2003

	Number of Shares	Value
Pharmaceuticals — 8.10%
Abbott Laboratories	186,700	$	8,169,992
Albany Molecular Research Inc. (a) (o)	132,500		2,000,750
Caremark Rx Inc. (a)	48,100		1,235,208
Eli Lilly & Company	108,500		7,483,245
IDEC Pharmaceuticals Corporation (a) (o)	75,400		2,563,600
King Pharmaceuticals Inc. (a)	118,700		1,752,012
Pfizer Inc.	477,500		16,306,625
Schering-Plough Corporation	205,500		3,822,300
Watson Pharmaceuticals Inc. (a)	37,500		1,513,875
Wyeth	195,900		8,923,245
			53,770,852
Property-Casualty Insurance — 0.97%
St. Paul Companies Inc.	77,000		2,811,270
Travelers Property Casualty Corporation (Class B)	232,000		3,658,640
			6,469,910
Retail — 3.77%
Bed Bath & Beyond Inc. (a)	1,370		53,169
Chico’s FAS Inc. (a) (o)	67,200		1,414,560
CVS Corporation	67,900		1,903,237
Fastenal Company (o)	900		30,546
Gap Inc.	146,300		2,744,588
Home Depot Inc.	190,700		6,315,984
Linens ‘n Things Inc. (a) (o)	12,400		292,764
Michaels Stores Inc. (a)	54,200		2,062,852
Pacific Sunwear of California (a) (o)	45,600		1,098,504
Target Corporation	42,500		1,608,200
Wal-Mart Stores Inc.	140,200		7,524,534
			25,048,938
Semiconductors — 3.26%
Analog Devices Inc. (a)	66,400		2,312,048
Applied Materials Inc. (a)	243,000		3,853,980
Emulex Corporation (a)	1,400		31,878
Fairchild Semiconductor International (Class A) (a)	103,300		1,321,207
Integrated Circuit Systems Inc. (a) (o)	35,400		1,112,622
Intel Corporation	355,100		7,380,399
International Rectifier Corporation (a)	113,000		3,030,660
Lattice Semiconductor Corporation (a) ( o)	45,800		376,934
Novellus Systems Inc. (a)	18,400		673,826
Texas Instruments Inc.	85,300		1,501,280
Xilinx Inc. (a)	1,300		32,903
			21,627,737
Telecommunications — 1.38%
Comverse Technology Inc. (a)	50,400		757,512
SBC Communications Inc.	280,500		7,166,775
Tekelec (a)	108,100		1,221,530
			9,145,817

	Number of Shares or Principal Amount		Value
Transportation — 0.94%
EGL Inc. (a) (o)		114,000	$	1,732,800
FedEx Corporation		72,274		4,483,156
				6,215,956
Travel/Entertainment/Leisure — 0.14%
Polaris Industries Inc. (o)		14,700		902,580
Utilities — 0.34%
FPL Group Inc.		34,000		2,272,900
Waste Management — 0.58%
Waste Management Inc.		160,200		3,859,218
Wireless Communications — 0.00%
Nextel Communications Inc. (Class A) (a)		1,800		32,544
Total Domestic Common Stocks
(Identified cost $457,536,689)				452,715,255
Foreign Stocks — 0.63%
Technology — 0.63%
Accenture LTD. (a)		230,300		4,166,127
Total Foreign Stocks
(Identified cost $4,064,639)				4,166,127
Corporate Bonds and Notes — 8.62%
Aerospace — 0.14%
McDonnell Douglas Corporation 6.875% due 11/01/06	$	425,000		473,308
United Technologies Corporation 7.125% due 11/15/10		400,000		482,587
				955,895
Airlines — 0.24%
American Airlines Inc. 7.024% due 10/15/09		450,000		429,589
American Airlines Pass Through Trust 3.857% due 07/01/10		80,000		80,000
Continental Airlines 6.703% due 06/15/21		628,531		609,288
Delta Air Lines Inc. 7.111% due 09/18/11		450,000		456,344
				1,575,221

ENTERPRISE Accumulation Trust

5

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Principal Amount		Value
Banking — 0.33%
First Massachusetts Bank 7.625% due 06/15/11	$	300,000	$	360,410
First Union National Bank 7.875% due 02/15/10		95,000		116,376
First Union National Bank 6.18% due 02/15/36		400,000		449,794
NCNB Corporation 10.20% due 07/15/15		250,000		370,548
People’s Bank 9.875% due 11/15/10		250,000		303,063
Popular North America Inc. 6.625% due 01/15/04		550,000		564,953
				2,165,144
Broadcasting — 0.09%
Clear Channel Communications 6.00% due 11/01/06		255,000		279,230
Liberty Media Corporation 7.75% due 07/15/09		300,000		349,478
				628,708
Building & Construction — 0.23%
Centex Corporation 5.80% due 09/15/09		500,000		549,154
Lennar Corporation 7.625% due 03/01/09		110,000		130,454
Lennar Corporation 5.95% due 03/01/13		120,000		131,337
Masco Corporation 5.875% due 07/15/12		225,000		249,869
Pulte Homes Inc. 6.25% due 02/15/13		425,000		471,483
				1,532,297
Cable — 0.24%
Cox Communications Inc. 7.125% due 10/01/12		320,000		382,123
TCI Communications Inc. 8.75% due 08/01/15		300,000		388,926
TCI Communications Inc. 7.125% due 02/15/28		250,000		275,602
USA Networks Inc. 6.75% due 11/15/05		500,000		545,096
				1,591,747
Chemicals — 0.19%
Chevron Phillips Chemical 7.00% due 03/15/11		425,000		494,748
Dow Chemical Company 6.00% due 10/01/12		350,000		380,758
Monsanto Company 7.375% due 08/15/12		300,000		357,701
				1,233,207

	Principal Amount		Value
Computer Services — 0.03%
Computer Sciences Corporation 7.375% due 06/15/11	$	175,000	$	212,804
Electrical Equipment — 0.03%
Oncor Electric Delivery Company 6.375% due 05/01/12		200,000		228,309
Energy — 1.02%
Alabama Power Company 5.875% due 12/01/22		375,000		402,345
Alliant Energy Resources Inc. 9.75% due 01/15/13		100,000		128,782
American Electric Power Inc. 6.125% due 05/15/06		575,000		630,287
Calenergy Inc. 7.52% due 09/15/08		185,000		220,792
Carolina Power & Light Company 5.95% due 03/01/09		150,000		168,901
Consolidated Natural Gas Company 5.375% due 11/01/06		350,000		379,448
Florida Power Corporation 5.90% due 03/01/33		300,000		320,942
Keyspan Corporation 6.15% due 06/01/06		210,000		233,450
NSTAR 8.00% due 02/15/10		425,000		521,548
Old Dominion Electric Cooperative 6.25% due 06/01/11		650,000		744,375
Peco Energy Company 4.75% due 10/01/12		165,000		172,749
Pennsylvania Electric Company 6.625% due 04/01/19		175,000		192,228
PPL Energy Supply 6.40% due 11/01/11		250,000		277,535
PSEG Power 7.75% due 04/15/11		450,000		536,939
SCANA Corporation 6.25% due 02/01/12		200,000		227,018
Schlumberger Technology Corporation 6.50% due 04/15/12 (144A)		675,000		783,696
South Carolina Electric & Gas Company 5.80% due 01/15/33		180,000		191,856
Southern California Gas Company 4.80% due 10/01/12		350,000		367,847
Wisconsin Energy Corporation 6.50% due 04/01/11		255,000		291,961
				6,792,699
Finance — 0.40%
Erac USA Finance Company 8.00% due 01/15/11 (144A)		550,000		655,271
Household Finance Corporation 6.375% due 10/15/11		950,000		1,080,210
Household Finance Corporation 7.625% due 05/17/32		105,000		133,096
Newcourt Credit Group Inc. 6.875% due 02/16/05		750,000		803,421
				2,671,998

ENTERPRISE Accumulation Trust

6

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Principal Amount		Value
Food, Beverages & Tobacco — 0.35%
Altria Group Inc. 7.75% due 01/15/27	$	150,000	$	160,773
Archer Daniels Midland Company 8.875% due 04/15/11		200,000		261,552
Kraft Foods Inc. 4.625% due 11/01/06		220,000		233,658
Pepsi Bottling Group Inc. 7.00% due 03/01/29		330,000		401,777
Tyson Foods Inc. 6.625% due 10/01/04		350,000		362,791
Unilever Capital Corporation 5.90% due 11/15/32		430,000		462,987
Whitman Corporation 6.50% due 02/01/06		425,000		467,348
				2,350,886
Gaming — 0.06%
International Game Technology 8.375% due 05/15/09		325,000		398,712
Insurance — 0.36%
Allstate Financial Global Funding 6.50% due 06/14/11 (144A)		275,000		309,465
Amerus Group Company 6.95% due 06/15/05		350,000		357,420
Equitable Life Assured Society 6.95% due 12/01/05 (144A)		500,000		557,511
Liberty Mutual Insurance Company 7.697% due 10/15/2097 (144A)		110,000		80,919
Prudential Insurance Company America 6.375% due 07/23/06 (144A)		300,000		335,533
Prudential Insurance Company America 7.65% due 07/01/07 (144A)		200,000		232,920
RenaissanceRe Holdings Ltd. 5.875% due 02/15/13		460,000		489,320
				2,363,088
Machinery — 0.06%
Caterpillar Inc. 6.55% due 05/01/11 (o)		350,000		413,760
Media — 0.15%
AOL Time Warner Inc. 7.70% due 05/01/32		850,000		992,317

	Principal Amount		Value
Medical Services — 0.06%
Cardinal Health Inc. 6.25% due 07/15/08	$	200,000	$	230,541
Cardinal Health Inc. 7.00% due 10/15/26		150,000		180,584
				411,125
Metals & Mining — 0.08%
Alcoa Inc. 6.50% due 06/01/11		450,000		523,868
Misc. Financial Services — 1.51%
American Express Company 5.50% due 09/12/06		110,000		121,406
American Express Credit Corporation, 7.20% due 09/17/07		750,000		819,293
Canadian Oil Sands Ltd. 7.90% due 09/01/21 (144A)		300,000		337,897
Citigroup Inc. 7.25% due 10/01/10		1,100,000		1,332,778
Ford Motor Credit Company 7.60% due 08/01/05		130,000		139,579
Ford Motor Credit Company 7.25% due 10/25/11		1,350,000		1,387,899
Frank Russell Company 5.625% due 01/15/09 (144A)		500,000		561,908
General Electric Capital Corporation 6.125% due 02/22/11		1,100,000		1,254,322
General Motors Acceptance Corporation 6.875% due 08/28/12		1,075,000		1,072,480
Goldman Sachs Group Inc. 6.875% due 01/15/11		575,000		678,470
Hartford Financial Services Group Inc. 7.90% due 06/15/10		200,000		243,849
Merrill Lynch & Company Inc. 6.00% due 02/17/09		900,000		1,011,743
Morgan Stanley Group Inc. 6.75% due 04/15/11		900,000		1,052,713
				10,014,337
Multi-Line Insurance — 0.33%
American Financial Group Inc. 7.125% due 04/15/09		215,000		218,214
American General Corporation 7.50% due 08/11/10		900,000		1,111,455
John Hancock Global Funding 7.90% due 07/02/10 (144A)		700,000		863,639
				2,193,308

ENTERPRISE Accumulation Trust

7

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Principal Amount		Value
Oil Services — 1.06%
Burlington Resources Financial Company, 7.40% due 12/01/31	$	450,000	$	562,980
Canadian Natural Resources Ltd. 6.45% due 06/30/33		475,000		535,822
ChevronTexaco Capital Company 3.50% due 09/17/07		450,000		467,649
Conagra Inc. 7.875% due 09/15/10		575,000		725,692
Devon Funding Corporation 6.875% due 09/30/11		600,000		703,820
Duke Energy Field Services 5.75% due 11/15/06		215,000		228,996
Energen Corporation 7.625% due 12/15/10		200,000		220,720
Kinder Morgan Energy Partners 6.75% due 03/15/11		400,000		465,134
Kinder Morgan Inc. 6.50% due 09/01/12		675,000		773,751
Motiva Enterprises 5.20% due 09/15/12 (144A)		700,000		740,514
Murphy Oil Corporation 6.375% due 05/01/12		350,000		403,411
Northern Border Partners 8.875% due 06/15/10		220,000		268,225
Tosco Corporation 7.625% due 05/15/06		410,000		465,050
Valero Energy Corporation 7.50% due 04/15/32		400,000		453,434
				7,015,198
Paper Products — 0.18%
International Paper Company 6.75% due 09/01/11		375,000		433,734
Mead Corporation 7.35% due 03/01/17		175,000		206,226
Temple Inland Inc. 7.875% due 05/01/12		270,000		322,061
Willamette Industries Inc. 7.00% due 02/01/18		175,000		199,677
				1,161,698
Pharmaceuticals — 0.09%
Bristol Myers Squibb Company 4.75% due 10/01/06		200,000		215,265
Wyeth 6.70% due 03/15/11		300,000		351,962
				567,227
Property-Casualty Insurance — 0.36%
Ace Capital Trust 9.70% due 04/01/30		575,000		774,891
Everest Reinsurance Holdings Inc. 8.50% due 03/15/05		370,000		402,504

	Principal Amount		Value
Fidelity National Financial Inc. 7.30% due 08/15/11	$	225,000	$	261,279
Mercury General Corporation 7.25% due 08/15/11		425,000		480,592
W.R. Berkley Corporation 5.875% due 02/15/13		195,000		207,389
W.R. Berkley Corporation 8.70% due 01/01/22		200,000		248,945
				2,375,600
Real Estate — 0.25%
AMB Property 7.50% due 06/30/18		350,000		401,029
Duke Realty Limited Partnership 5.25% due 01/15/10		300,000		320,220
Health Care Property Investments Inc. 6.00% due 03/01/15		300,000		311,009
Liberty Property Trust 8.50% due 08/01/10		220,000		276,403
Spieker Properties 7.25% due 05/01/09		300,000		349,535
				1,658,196
Retail — 0.36%
Kohl’s Corporation 6.00% due 01/15/33		430,000		465,177
Lowe’s Companies Inc. 6.50% due 03/15/29		675,000		765,491
Staples Inc. 7.375% due 10/01/12		340,000		402,478
Target Corporation 5.40% due 10/01/08		390,000		437,011
Wal-Mart Stores Inc. 8.00% due 09/15/06		275,000		323,741
				2,393,898
Telecommunications — 0.37%
Alltel Corporation 7.00% due 07/01/12		450,000		546,209
Ameritech Capital Funding Corporation, 6.45% due 01/15/18		200,000		232,471
AT & T Corporation 7.80% due 11/15/11		325,000		371,511
CenturyTel Inc. 7.875% due 08/15/12		125,000		157,754
SBC Communications Inc. 5.875% due 08/15/12		300,000		338,205
Verizon Global Funding Corporation 7.375% due 09/01/12		660,000		805,005
				2,451,155

ENTERPRISE Accumulation Trust

8

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Principal Amount		Value
Wireless Communications — 0.05%
AT&T Wireless Services Inc. 8.75% due 03/01/31	$	275,000	$	339,918
Total Corporate Bonds and Notes
(Identified cost $52,875,296)				57,212,320
Foreign Bonds — 0.87%
Banking — 0.10%
Bayerische Landesbank Girozentrale 5.65% due 02/01/09		200,000		224,377
National Australia Bank Ltd. 8.60% due 05/19/10		175,000		226,217
Royal Bank of Scotland Group 6.375% due 02/01/11		200,000		231,772
				682,366
Chemicals — 0.03%
Potash Corporation Saskatchewan Inc. 7.75% due 05/31/11		175,000		215,104
Insurance — 0.10%
XL Capital Finance Europe 6.50% due 01/15/12		575,000		657,606
Manufacturing — 0.06%
Norsk Hydro 7.15% due 11/15/25		300,000		366,463
Misc. Financial Services — 0.05%
Corporacion Nacional del Cobre, 6.375% due 11/30/12 (144A)		310,000		341,419
Oil Services — 0.15%
Pemex Project Funding Master Trust, 9.125% due 10/13/10		550,000		665,500
Petroleos Mexicanos 9.50% due 09/15/27		275,000		339,625
				1,005,125
Telecommunications — 0.30%
British Telecommunications 8.375% due 12/15/10		300,000		379,404
Deutsche Telekom International 8.50% due 06/15/10		250,000		307,095
France Telecom 9.25% due 03/01/11		550,000		692,211
Singapore Telecommunications, 7.375% due 12/01/31 (144A)		520,000		635,025
				2,013,735

	Principal Amount		Value
Wireless Communications — 0.08%
Vodafone Airtouch 7.75% due 02/15/10	$	275,000	$	338,369
Vodafone Airtouch 7.875% due 02/15/30		125,000		161,028
				499,397
Total Foreign Bonds
(Identified cost $5,237,610)				5,781,215
Asset-Backed Securities — 1.34%
Automotive — 0.77%
Capital Auto Receivables Asset Trust, Series 2002-1, Class A4 4.16% due 07/16/07		1,000,000		1,043,925
Capital One Auto Financial Trust, Series 2002-B, Class A4A 3.32% due 04/15/09		1,500,000		1,554,097
Daimlerchrysler Auto Trust, Series 2002-B, Class A4 3.53% due 12/06/07		1,200,000		1,245,563
Nissan Auto Receivables Trust, Series 2002 B, Class A4 4.60% due 09/17/07		1,200,000		1,266,418
				5,110,003
Finance — 0.19%
Onyx Acceptance Owner Trust, Series 2001-D, Class A4 4.32% due 10/15/08		1,200,000		1,251,921
Misc. Financial Services — 0.19%
Citibank Credit Card Issuance Trust, Series 2001, Class A8, 4.10% due 12/07/06		1,200,000		1,246,682
Utilities — 0.19%
Massachusetts Special Purpose Trust, Series 1999-1, Class A3 6.62% due 03/15/07		1,200,000		1,277,267
Total Asset-Backed Securities
(Identified cost $8,676,796)				8,885,873

ENTERPRISE Accumulation Trust

9

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Principal Amount		Value
Collateralized Mortgage Obligations — 1.63%
Misc. Financial Services — 1.63%
Asset Securitization Corporation, Series 1997-D4, Class AID 7.49% due 04/14/29	$	845,000	$	983,546
Bear Stearns Commercial Mortgage Securities Inc., Series 2001-TOPC, Class A2 6.48% due 02/15/35		650,000		758,498
Chase Commercial Mortgage Securities Corporation, Series 1998-2, Class A2 6.39% due 11/18/30		820,000		943,846
Morgan Stanley Dean Witter Capital Corporation, Series 1998-WF1, Class A-2 6.55% due 03/15/30		1,080,000		1,235,336
Morgan Stanley Dean Witter Capital Corporation, Series 2001-TOP1, Class A4 6.66% due 02/15/33		425,000		500,051
Morgan Stanley Dean Witter Capital Corporation, Series 2001-TOP3, Class A-4 6.39% due 07/15/33		845,000		982,421
Morgan Stanley Dean Witter Capital Corporation, Series 2001-TOP5, Class A4 6.39% due 10/15/35		1,150,000		1,337,670
Morgan Stanley Dean Witter Capital Corporation, Series 2002-HQ, Class A3 6.51% due 04/15/34		245,000		287,826
Morgan Stanley Dean Witter Capital Corporation, Series 2002-TOP7, Class A2 5.98% due 01/15/39		1,150,000		1,308,142
Nomura Asset Securities Corporation, Series 1998-D6, Class A1B 6.59% due 03/15/30		1,150,000		1,328,654
UBS Commercial Mortgage Trust, Series 2002-C1, Class A4 6.462% due 03/15/31		1,020,000		1,190,781
				10,856,771
Total Collateralized Mortgage Obligations
(Identified cost $10,288,336)				10,856,771
U. S. Treasury Obligations — 2.02%
U. S. Treasury Bills — 0.06%
1.20% due 08/07/03 (e) (s)		420,000		419,538
U. S. Treasury Bonds — 1.08%
8.125% due 05/15/21		3,500,000		5,111,232
5.60% due 08/15/25 (e)		3,400,000		1,130,469
6.00% due 02/15/26		750,000		896,514
				7,138,215

	Principal Amount		Value
U. S. Treasury Notes — 0.88%
3.50% due 01/15/11 (TIPS)	$	5,164,427	$	5,865,658
Total U. S. Treasury Obligations
(Identified cost $12,612,550)				13,423,411
U.S. Agency Obligations — 14.01%
Fannie Mae — 3.00%
7.00% due 02/01/07		33,727		35,641
6.79% due 11/01/07		1,378,360		1,553,185
6.525% due 06/01/09		658,818		762,215
7.00% due 07/01/09		20,781		21,961
6.625% due 09/15/09		900,000		1,079,834
7.512% due 02/01/10		389,319		467,580
6.97% due 10/01/10		1,215,404		1,448,151
6.30% due 03/01/11		1,047,973		1,189,449
6.03% due 05/01/11		1,370,629		1,580,460
6.01% due 11/01/11		1,376,858		1,571,929
6.115% due 02/01/12		1,183,955		1,359,585
5.898% due 04/01/12		1,384,094		1,570,663
7.00% due 11/01/12		19,065		20,289
7.00% due 12/01/12		612,314		651,644
7.00% due 03/01/15		616,795		656,210
7.00% due 05/01/15		50,076		53,276
7.00% due 06/01/15		384,191		408,742
7.00% due 11/01/15		3,280		3,489
7.00% due 04/01/17		908,258		966,109
6.00% due 12/01/22		939,098		979,170
6.00% due 01/01/23		1,521,238		1,586,151
6.00% due 02/01/23		891,951		930,011
5.50% due 06/01/33		999,901		1,035,249
				19,930,993
Federal Home Loan Banks — 2.15%
4.125% due 01/14/05		8,700,000		9,074,709
6.50% due 06/01/16		83,577		87,784
6.50% due 07/01/16		3,432,141		3,604,922
6.50% due 08/01/16		158,818		166,814
6.50% due 09/01/16		660,954		694,228
6.50% due 11/01/16		365,858		384,276
6.50% due 03/01/17		74,092		77,818
7.00% due 05/01/29		208,472		218,671
				14,309,222
Freddie Mac — 0.90%
7.00% due 07/15/05		1,875,000		2,083,727
5.125% due 07/15/12		1,000,000		1,103,246
6.50% due 01/01/17		2,663,216		2,797,287
				5,984,260

ENTERPRISE Accumulation Trust

10

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

June 30, 2003

	Principal Amount		Value
Ginnie Mae — 7.96%
6.50% due 04/15/28	$	1,984,510	$	2,086,919
6.50% due 05/15/28		811,940		853,839
6.50% due 08/15/28		409,778		431,031
7.00% due 09/15/28		2,525,537		2,671,431
6.50% due 10/15/28		819,247		861,523
6.50% due 11/15/28		3,483,987		3,681,025
6.00% due 12/15/28		5,682,563		5,979,376
7.00% due 03/15/29		79,660		84,198
7.00% due 06/15/29		86,196		91,106
7.00% due 08/15/29		92,141		97,389
7.00% due 01/15/31		259,204		273,765
7.00% due 04/15/31		81,927		86,530
7.00% due 06/15/31		78,621		83,038
7.00% due 08/15/31		1,933,460		2,042,082
7.00% due 09/15/31		69,055		72,935
6.00% due 11/15/31		432,971		454,079
6.00% due 12/15/31		2,000,199		2,097,709
6.00% due 01/15/32		2,000,199		2,097,686
6.00% due 02/15/32		1,000,100		1,048,843
6.00% due 04/15/32		323,895		339,681
7.00% due 08/15/32		999,726		1,055,927
6.00% due 09/15/32		1,091,816		1,145,922
6.00% due 10/15/32		5,006,837		5,250,862
5.00% due 12/15/32 (TBA)		4,500,000		4,608,279
6.00% due 12/15/32		967,199		1,014,339
6.00% due 01/15/33		11,109,403		11,655,599
6.00% due 03/15/33		826,283		866,564
6.00% due 05/15/33		1,740,448		1,825,295
				52,856,972
Total Agency Obligations
(Identified cost $91,921,144)				93,081,447
Foreign Government Obligations — 0.20%
State of Israel 4.625% due 06/15/13		335,000		326,262
Trinidad & Tobago Republic 9.75% due 07/01/20 (REG S)		250,000		320,000
United Mexican States 8.375% due 01/14/11		550,000		658,900
				1,305,162
Total Foreign Government Obligations
(Identified cost $1,222,661)				1,305,162
Municipal Bond — 0.01%
Utilities — 0.01%
State of Illinois Taxable Pension, 4.95% due 06/01/23		85,000		85,318
Total Municipal Bond
(Identified cost $84,891)				85,318

	Principal Amount		Value
Repurchase Agreement — 2.97%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/03 Proceeds $19,707,383 Collateral: U.S. Treasury Note $19,945,000, 1.75% due 12/31/04, Value $20,104,870	$	19,707,000	$	19,707,000
Total Repurchase Agreement
(Identified cost $19,707,000)				19,707,000
Total Investments
(Identified cost $664,227,612)			$	667,219,899
Other Assets Less Liabilities — (0.47)%				(3,133,835)
Net Assets — 100%			$	664,086,064

(a) Non-income producing security.

(e) The rate shown is the effective yield.

(o) Security, or portion thereof, out on loan at June 30, 2003.

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

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

(REG S) Regulation S Security. Security is offered and sold outside the United States, therefore, it need not be registered with the SEC under rules 103 & 904 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.

(TIPS) Treasury Inflation Protected Security. Principal amount of the security is periodically adjusted for inflation.

Open futures contracts as of June 30, 2003 are as follows:

Description	Expiration Month	Number of Contracts	Unrealized Appreciation (Depreciation)
Short S&P 500 Index Futures	9/3	28	$	31,625

See notes to financial statements

ENTERPRISE Accumulation Trust

11

Enterprise Managed Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	667,219,899
Investment purchased in connection with securities lending, at value (Note 5)		25,210,874
Investment income receivable		2,306,222
Receivable for fund shares sold		3,226
Receivable for investments sold		7,677,903
Cash		768
Other assets		16,131
Total assets		702,435,023
Liabilities:
Payable for fund shares redeemed		2,648,159
Payable for investments purchased		10,222,806
Payable due upon sale of investments in connection with securities lending (Note 5)		25,210,874
Shareholder servicing fees payable		166,466
Accrued expenses and other liabilities		100,654
Total liabilities		38,348,959
Net Assets	$	664,086,064
Analysis of Net Assets:
Paid-in capital	$	827,542,674
Undistributed (accumulated) net investment income (loss)		12,007,807
Undistributed (accumulated) net realized gain (loss)		(178,488,329	)
Unrealized appreciation (depreciation)		3,023,912
Net Assets	$	664,086,064
Shares outstanding		39,803,958
Net asset value per share		$16.68
Investments at cost	$	664,227,612

See notes to financial statements.

ENTERPRISE Accumulation Trust

12

Enterprise Managed Portfolio

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2003 (Unaudited)

Investment income:
Dividends	$	3,125,629
Interest		4,259,863
Securities lending income		14,497
Total investment income		7,399,989
Expenses:
Investment advisory fees		2,507,015
Custodian and fund accounting fees		88,293
Trustees’ fees		13,951
Audit and legal fees		78,428
Shareholder servicing fees		332,836
Other expenses		6,708
Total expenses		3,027,231
Expenses reduced by expense offset arrangements		(66,754	)
Total expenses, net of expense offset arrangements		2,960,477
Net investment income (loss)		4,439,512
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		(13,282,488	)
Net realized gain (loss) on futures transactions		1,346,109
Net change in unrealized gain (loss) on investments		63,933,718
Net change in unrealized gain (loss) on futures transactions		31,625
Net realized and unrealized gain (loss)		52,028,964
Net increase (decrease) in net assets resulting from operations	$	56,468,476

See notes to financial statements.

ENTERPRISE Accumulation Trust

13

Enterprise Managed Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2003			Year Ended December 31, 2002
From operations:
Net investment income (loss)	$	4,439,512		$	7,169,397
Net realized gain (loss)		(11,936,379	)		(153,059,693	)
Net change in unrealized gain (loss)		63,965,343			(71,878,581	)
Increase (decrease) in net assets resulting from operations		56,468,476			(217,768,877	)
Distributions to shareholders from:
Net investment income		—			(7,429,619	)
Net realized gains		—			—
Total distributions to shareholders		—			(7,429,619	)
From capital share transactions:
Shares sold		10,581,095			47,768,878
Shares exchanged due to merger		2,815,931			—
Reinvestment of distributions		—			7,429,619
Shares redeemed		(69,374,256	)		(241,388,079	)
Total increase (decrease) in net assets resulting from capital share transactions		(55,977,230	)		(186,189,582	)
Total increase (decrease) in net assets		491,246			(411,388,078	)
Net assets:
Beginning of period		663,594,818			1,074,982,896
End of period	$	664,086,064		$	663,594,818
Capital share activity:
Shares issued		675,191			2,697,893
Shares issued due to merger		188,735			—
Shares issued in reinvestment of distributions		—			503,703
Shares redeemed		(4,480,771	)		(14,623,886	)
Net increase (decrease)		(3,616,845	)		(11,422,290	)
Undistributed net investment income (loss)	$	12,007,807		$	7,568,295

See notes to financial statements.

ENTERPRISE Accumulation Trust

14

Enterprise Managed Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2003			For the years ended December 31,
				2002			2001			2000			1999			1998
Net asset value, beginning of period	$	15.28		$	19.60		$	24.19		$	36.30		$	40.56		$	40.78
Income from investment operations:
Net investment income (loss)		0.11	C		0.14	C		0.13	C		0.45	C		0.50	C		0.71
Net realized and unrealized gain (loss) on investments		1.29			(4.30	)		(3.10	)		(0.23	)		2.65			2.53
Total from investment operations		1.40			(4.16	)		(2.97	)		0.22			3.15			3.24
Less dividends and distributions:
Dividends from net investment income		—			(0.16	)		(0.48	)		(0.75	)		(0.79	)		(0.43	)
Distributions from capital gains		—			—			(1.14	)		(11.58	)		(6.62	)		(3.03	)
Total distributions		—			(0.16	)		(1.62	)		(12.33	)		(7.41	)		(3.46	)
Net asset value, end of period	$	16.68		$	15.28		$	19.60		$	24.19		$	36.30		$	40.56
Total return		9.16	%B		(21.20	)%		(11.15	)%		1.46	%		9.22	%		7.95	%
Net assets end of period (in thousands)	$	664,086		$	663,595		$	1,074,983		$	1,452,864		$	2,292,467		$	2,739,305
Ratio of expenses to average net assets (excluding expense offset arrangements)		0.94	%A		0.88	%		0.85	%		0.82	%		0.76	%		0.76	%
Ratio of expenses to average net assets		0.92	%A		0.85	%		0.84	%		0.82	%		0.76	%		0.76	%
Ratio of net investment income (loss) to average net assets		1.38	%A		0.85	%		0.60	%		1.44	%		1.23	%		1.66	%
Portfolio turnover rate		39	%		109	%		141	%		19	%		90	%		46	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

ENTERPRISE Accumulation Trust

15

Notes to Financial Statements

June 30, 2003 (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 portfolios contained therein.

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.

Effective February 28, 2003 the Managed Portfolio acquired all of the net assets of the Mid-Cap Growth Portfolio in a tax-free exchange of shares wherein the shareholders of the Mid-Cap Growth Portfolio received for each share owned approximately 0.35 shares of the Managed Portfolio. The aggregate net assets and unrealized appreciation/(depreciation) of the portfolios immediately before and after the merger were as follows:

Portfolio	Net Assets				Unrealized Appreciation/(Depreciation)
	Before Merger		After Merger		Before Merger			After Merger
Managed	$	630,395,453	$	633,211,384	$	(74,192,412	)	$	(74,223,583	)
Mid-Cap Growth		2,815,931				(31,171	)

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Managed Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 the Portfolio 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 Portfolio 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. Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price.

ENTERPRISE Accumulation Trust

16

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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 — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. 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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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.

Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the subadviser or the Portfolio will set aside or earmark internally until the settlement date, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Portfolio assumes the rights and risks of ownership, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Forward sales commitments are accounted for by the Portfolio in the same manner as forward currency exchange contracts discussed above.

ENTERPRISE Accumulation Trust

17

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

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

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 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. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $332,703 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.05%.

The MONY Group Inc. and its subsidiaries and affiliates had an investment of $143,938 in the Portfolio at June 30, 2003.

For the six months ended June 30, 2003, the Portfolio paid no brokerage commissions to affiliates of the adviser or subadviser.

4. Investment Transactions

For the six months ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases	Sales
$81,304,278	$75,907,918	$169,345,089	$206,897,270

ENTERPRISE Accumulation Trust

18

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on loan are denoted in the Portfolio of Investments.

The Portfolio generally 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 for the Portfolio as of June 30, 2003:

Current Value of Securities on Loan At June 30, 2003		Units of Prime Portfolio Owned	Current Value of Collateral Held At June 30, 2003
$	24,409,648	25,210,874	$	25,210,874

6. Directed Brokerage

The Portfolio may direct certain security trades to brokers who pay a portion of the commissions for those trades to offset certain expenses of the Portfolio. Under these arrangements, the Portfolio had expenses reduced by $66,754 during the six months ended June 30, 2003.

7. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the six months ended June 30, 2003.

8. 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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost	Tax Unrealized Gain	Tax Unrealized Loss	Net Unrealized Gain
$664,227,612	$39,598,077	$(36,605,790)	$2,992,287

ENTERPRISE Accumulation Trust

19

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

Shareholder Proxy Voting Information (Unaudited)

On February 28, 2003, shareholders of the Mid-Cap Growth Portfolio voted on and approved their agreement and Plan of Reorganization into the Managed Portfolio as follows:

	No. of Shares
Affirmative	438,639.074
Against	17,886.310
Abstain	58,073.842
Total	514,599.226

ENTERPRISE Accumulation Trust

20

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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

ENTERPRISE Accumulation Trust

21

Enterprise Accumulation Trust

MANAGED PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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

ENTERPRISE Accumulation Trust

22

Enterprise 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”) is subadviser to the Enterprise High-Yield Bond Portfolio. Caywood-Scholl manages approximately $1.8 billion for institutional clients, and its normal investment minimum is $3 million.

Investment Objective

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

First Half 2003 Performance Review

How did the Portfolio perform for the six months ended June 30, 2003?

For the six-month period, the Portfolio returned 13.22%. The Portfolio outperformed its benchmark, the Lehman Brothers High-Yield BB Bond Index, which returned 12.41%. In contrast, the Portfolio underperformed its peer group, the Lipper High Yield Bond Funds Index, which returned 15.74%.

How would you describe the investment environment during the period?

Throughout the first half of the year, the bubble in the U.S. Treasury market fueled a tremendous rally for all fixed-income sectors. As U.S. Treasuries achieved the lowest yields seen in a generation, fixed-income investors were motivated to seek additional yield in the credit markets. As investors sought higher yield, the technical conditions for all corporate markets improved dramatically.

The high-yield technicals propelled the market with strong demand in the first half of the year. The first six months recorded approximately $22.7 billion in high-yield mutual fund inflows versus $8.4 billion in the first half of 2002. This is in addition to money that was added as a result of institutional high-yield searches where many firms are adding high-yield as a separate asset class (half of all pension placements in the first quarter went to high-yield). Supply has been strong as well, but not in line with demand. This year recorded the second largest first half on record with $74.7 billion versus a first half long-term average of $49.5 billion. Caywood-Scholl observed that a significant portion of the proceeds from new issues were used to retire higher cost debt, thus it did not represent true new supply to the market.

What strategies affected Portfolio performance during the period?

Caywood-Scholl continues to emphasize investments in the BB and B sectors of the high-yield market, which is consistent with its investment philosophy of investing in higher quality, high-yield credits. Returns for high-yield investors throughout the first half of 2003 were very strong. However, it was the lower quality high-yield names that performed the best, followed by Bs at 16.29% and double Bs at 12.27%, according to the Merrill Lynch High-Yield Index. The Portfolio’s underperformance was due to its under-weighting of the lower quality high-yield names. Merrill Lynch’s weighting to the lower tiered bonds was significant with 13.7% at year-end and 15.3% at the end of the second quarter versus approximately 3.6% and 2.7% respectively for the Portfolio.

What changes were made to the Portfolio over the period?

Consistent with Caywood-Scholl’s investment philosophy, the Portfolio remained fully invested in the higher quality, high-yield bonds. Throughout the first half of the year, the Portfolio increased its exposure to electric power, printing/publishing, and telecom and decreased its exposure to hotels, gaming, and steel.

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.

ENTERPRISE Accumulation Trust

1

Enterprise High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2003

	Principal Amount		Value
Domestic Corporate Bonds — 88.80%
Aerospace — 0.26%
Esterline Technologies Corporation 7.75%, due 06/15/13 (144A)	$	225,000	$	230,625
Apparel & Textiles — 0.79%
Fruit of the Loom Inc. 8.875%, due 04/15/06 (b) (d)		300,000		—
Levi Strauss & Company 7.00%, due 11/01/06 (o)		50,000		40,375
Levi Strauss & Company 11.625%, due 01/15/08 (o)		500,000		428,750
Levi Strauss & Company 12.25%, due 12/15/12		275,000		228,938
				698,063
Automotive — 3.66%
Autonation Inc. 9.00%, due 08/01/08		500,000		555,000
Avis Group Holdings Inc. 11.00%, due 05/01/09		650,000		728,000
Navistar International Corporation 9.375%, due 06/01/06		350,000		380,625
Sonic Automotive Inc. 11.00%, due 08/01/08 (o)		350,000		371,000
TRW Automotive Acquisition 11.00%, due 02/15/13 (144A)		250,000		272,500
TRW Automotive Acquisition Corporation 9.375%, due 02/15/13 (144A)		450,000		488,250
United Rentals North America Inc. 10.75%, due 04/15/08 (144A)		400,000		437,000
				3,232,375
Banking — 1.09%
Western Financial Bank 8.875%, due 08/01/07 (o)		250,000		260,000
Western Financial Bank 9.625%, due 05/15/12		650,000		702,000
				962,000
Broadcasting — 1.22%
Echostar DBS Corporation 9.375%, due 02/01/09		650,000		693,063
Sinclair Broadcast Group Inc. 8.75%, due 12/15/11		350,000		384,125
				1,077,188
Building & Construction — 2.56%
Building Materials Corporation America 7.75%, due 07/15/05		300,000		294,000
Integrated Electrical Services 9.375%, due 02/01/09		700,000		710,500
Nortek Inc. 8.875%, due 08/01/08		400,000		417,500
Nortek Inc. (Series B) 9.125%, due 09/01/07		300,000		313,500
Texas Industries Inc. 10.25%, due 06/15/11 (144A)		500,000		522,500
				2,258,000

	Principal Amount		Value
Business Services — 1.81%
Xerox Corporation 7.125%, due 06/15/10	$	200,000	$	199,750
Xerox Corporation 7.625%, due 06/15/13		125,000		125,156
Xerox Corporation 7.20%, due 04/01/16		1,325,000		1,272,000
				1,596,906
Cable — 3.00%
Adelphia Communications Corporation 7.875%, due 05/01/09 (b)		50,000		30,250
Adelphia Communications Corporation 9.375%, due 11/15/09 (b)		400,000		256,000
Charter Communication Holdings 8.625%, due 04/01/09 (o)		550,000		396,000
Charter Communications Holdings 10.00%, due 04/01/09 (o)		650,000		497,250
CSC Holdings Inc. 7.625%, due 04/01/11 (o)		900,000		909,000
DIRECTV Holdings 8.375%, due 03/15/13 (144A)		500,000		557,500
				2,646,000
Chemicals — 2.05%
FMC Corporation 10.25%, due 11/01/09		450,000		506,250
Huntsman International 9.875%, due 03/01/09 (144A)		100,000		104,000
PCI Chemicals Canada Company 10.00%, due 12/31/08		198,502		172,200
Pioneer Americas Inc. 4.79%, due 06/30/03 (o) (v)		62,908		53,472
Polyone Corporation 10.625%, due 05/15/10 (144A)		500,000		487,500
Scotts Company 8.625%, due 01/15/09		450,000		481,500
				1,804,922
Consumer Products — 3.86%
Central Garden & Pet Company 9.125%, due 02/01/13		350,000		372,750
Chattem Inc. (Series B) 8.875%, due 04/01/08 (o)		477,000		492,502
Elizabeth Arden Inc. 11.75%, due 02/01/11		700,000		780,500
French Fragrances Inc. (Series B) 10.375%, due 05/15/07		225,000		231,188
French Fragrances Inc. (Series D) 10.375%, due 05/15/07		200,000		199,500
Moore North America Finance Inc. 7.875%, due 01/15/11 (144A)		275,000		286,687
Sealy Mattress Company 9.875%, due 12/15/07		75,000		74,625
Sealy Mattress Company (Series B) 10.875%, due 12/15/07 (c) (o)		950,000		969,000
				3,406,752

ENTERPRISE Accumulation Trust

2

Enterprise High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Principal Amount		Value
Containers/Packaging — 1.36%
Owens Brockway Glass Container 8.75%, due 11/15/12	$	150,000	$	162,750
Owens Illinois Inc. 8.10%, due 05/15/07 (o)		550,000		563,750
Owens Illinois Inc. 7.35%, due 05/15/08 (o)		475,000		475,000
				1,201,500
Crude & Petroleum — 0.24%
ANR Pipeline Company 8.875%, due 03/15/10 (144A)		100,000		109,250
Peabody Energy Corporation 6.875%, due 03/15/13 (144A)		100,000		104,750
				214,000
Electrical Equipment — 0.55%
BRL Universal Equipment 8.875%, due 02/15/08		450,000		488,250
Electronics — 0.67%
Flextronics International Ltd. 6.50%, due 05/15/13 (144A)		250,000		240,625
Thomas & Betts Corporation 7.25%, due 06/01/13		350,000		350,000
				590,625
Energy — 5.80%
Calpine Canada Energy Finance 8.50%, due 05/01/08 (o)		1,000,000		780,000
CMS Energy Corporation 8.90%, due 07/15/08 (o)		150,000		156,938
CMS Energy Corporation 7.50%, due 01/15/09 (o)		550,000		543,812
Cogentrix Energy Inc. 8.75%, due 10/15/08		350,000		301,000
El Paso Corporation 7.00%, due 05/15/11 (o)		1,025,000		932,750
Illinois Power Company 11.50%, due 12/15/10 (144A)		950,000		1,085,375
MSW Energy Holdings 8.50%, due 09/01/10 (144A)		350,000		359,625
PG & E Corporation 6.875%, due 07/15/08 (144A)		250,000		250,000
Reliant Resources Inc. 9.25%, due 07/15/10 (144A)		150,000		152,625
Reliant Resources Inc. 9.50%, due 07/15/13 (144A)		300,000		303,375

	Principal Amount		Value
Teco Energy Inc. 7.50%, due 06/15/10	$	250,000	$	255,000
				5,120,500
Finance — 0.87%
Thornburg Mortgage Inc. 8.00%, due 05/15/13 (144A)		750,000		765,000
Food, Beverages & Tobacco — 4.72%
Canandaigua Brands Inc. 8.50%, due 03/01/09 (o)		200,000		210,000
Delhaize America Inc. 7.375%, due 04/15/06 (o)		125,000		131,250
Delhaize America Inc. 8.125%, due 04/15/11		100,000		109,500
Dole Food Inc. 8.625%, due 05/01/09		400,000		423,000
Ingles Markets Inc. 8.875%, due 12/01/11 (o)		625,000		628,906
NBTY Inc. (Series B) 8.625%, due 09/15/07 (o)		550,000		566,500
Smithfield Foods Inc. 7.625%, due 02/15/08 (o)		450,000		462,375
Stater Brothers Holdings Inc. 10.75%, due 08/15/06		850,000		894,625
Winn-Dixie Stores Inc. 8.875%, due 04/01/08 (o)		700,000		742,000
				4,168,156
Gaming — 0.31%
Mohegan Tribal Gaming Authority 8.75%, due 01/01/09		250,000		269,375
Health Care — 2.53%
Advanced Medical Optics Inc. 9.25%, due 07/15/10		750,000		813,750
Beverly Enterprises Inc. 9.625%, due 04/15/09 (o)		575,000		552,000
HCA Inc. 6.95%, due 05/01/12		200,000		213,134
Healthsouth Corporation 8.50%, due 02/01/08 (o)		650,000		510,250
Healthsouth Corporation 7.625%, due 06/01/12 (o)		50,000		38,750
Vicar Operating Inc. 9.875%, due 12/01/09		100,000		109,500
				2,237,384

ENTERPRISE Accumulation Trust

3

Enterprise High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Principal Amount		Value
Hotels & Restaurants — 10.11%
Boyd Gaming Corporation 7.75%, due 12/15/12	$	575,000	$	610,219
Circus Circus Enterprises Inc. 9.25%, due 12/01/05 (o)		350,000		366,406
Felcor Lodging 8.50%, due 06/01/11		475,000		478,563
Foodmaker Inc. 8.375%, due 04/15/08 (o)		620,000		641,700
Hilton Hotels Corporation 7.625%, due 05/15/08		975,000		1,048,125
HMH Properties Inc. 7.875%, due 08/01/08		150,000		152,250
Host Marriott 9.50%, due 01/15/07		800,000		860,000
John Q. Hammons Hotels 8.875%, due 05/15/12 (Series B) (o)		250,000		262,500
Meristar Hospitality Operating 9.125%, due 01/15/11		400,000		392,000
MGM Mirage Inc. 8.50%, due 09/15/10		600,000		705,000
Mirage Resorts Inc. 6.75%, due 08/01/07		200,000		213,000
Park Place Entertainment Corporation 7.875%, due 03/15/10 (o)		850,000		913,750
Park Place Entertainment Corporation 8.125%, due 05/15/11		475,000		521,312
Starwood Hotels Resorts 7.875%, due 05/01/12		900,000		985,500
Station Casinos Inc. 8.875%, due 12/01/08 (o)		200,000		210,000
Station Casinos Inc. 9.875%, due 07/01/10 (o)		250,000		275,000
Yum Brands Inc. 7.70%, due 07/01/12		250,000		285,000
				8,920,325
Machinery — 2.89%
Briggs & Stratton Corporation 8.875%, due 03/15/11 (o)		500,000		577,500
Flowserve Corporation 12.25%, due 08/15/10 (o)		625,000		728,125
Navistar International Corporation (Series B) 8.00%, due 02/01/08 (o)		150,000		150,000
Teekay Shipping Corporation 8.875%, due 07/15/11		1,000,000		1,096,250
				2,551,875
Manufacturing — 0.42%
SPX Corporation 6.25%, due 06/15/11		100,000		102,000
SPX Corporation 7.50%, due 01/01/13		200,000		216,500
United States Steel Corporation 10.75%, due 08/01/08 (o)		50,000		52,500
				371,000

	Principal Amount		Value
Media — 1.34%
AOL Time Warner Inc. 5.625%, due 05/01/05 (o)	$	250,000	$	265,407
AOL Time Warner Inc. 6.875%, due 05/01/12		50,000		57,081
Corus Entertainment Inc. 8.75%, due 03/01/12		800,000		860,000
				1,182,488
Medical Instruments — 1.25%
Apogent Technologies Inc. 6.50%, due 05/15/13 (144A)		225,000		232,313
Fisher Scientific International Inc. 7.125%, due 12/15/05		100,000		104,500
Fisher Scientific International Inc. 8.125%, due 05/01/12 (144A)		350,000		374,500
Medex Inc. 8.875%, due 05/15/13 (144A)		375,000		389,062
				1,100,375
Medical Services — 2.32%
AmerisourceBergen Corporation 8.125%, due 09/01/08		150,000		165,000
NDCHealth Corporation 10.50%, due 12/01/12 (144A)		375,000		402,188
Tenet Healthcare Corporation 7.375%, due 02/01/13 (o)		500,000		482,500
Triad Hospitals Holdings Inc. 11.00%, due 05/15/09		150,000		165,375
Warner Chilcott Inc. 12.625%, due 02/15/08		750,000		832,500
				2,047,563
Metals & Mining — 2.61%
Alaska Steel Corporation 7.875%, due 02/15/09 (o)		100,000		85,000
Alaska Steel Corporation 7.75%, due 06/15/12 (o)		200,000		166,000
Dresser Inc. 9.375%, due 04/15/11 (o)		650,000		669,500
Steel Dynamics Inc. 9.50%, due 03/15/09 (o)		450,000		471,375
Williams Companies Inc. 8.625%, due 06/01/10		175,000		182,875
Williams Companies Inc. 7.125%, due 09/01/11 (o)		750,000		731,250
				2,306,000
Misc. Financial Services — 0.33%
Ucar Finance Inc. 10.25%, due 02/15/12		300,000		294,000

ENTERPRISE Accumulation Trust

4

Enterprise High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Principal Amount		Value
Oil Services — 5.35%
Chesapeake Energy Corporation 8.375%, due 11/01/08	$	700,000	$	757,750
Ferrellgas Partner 8.75%, due 06/15/12 (o)		200,000		217,000
Grant Prideco Inc. 9.625%, due 12/01/07		450,000		497,250
Hanover Equipment Test 8.75%, due 09/01/11 (o)		650,000		682,500
Key Energy Services Inc. 8.375%, due 03/01/08		250,000		271,250
Nuevo Energy Company 9.50%, due 06/01/08 (o)		427,000		447,816
Pioneer Natural Resources Company 9.625%, due 04/01/10		1,075,000		1,332,863
Southern Natural Gas Company 8.875%, due 03/15/10 (144A)		375,000		408,750
Westport Resources Corporation 8.25%, due 11/01/11 (o)		100,000		109,500
				4,724,679
Paper & Forest Products — 1.81%
Bowater Inc. 6.50%, due 06/15/13 (144A)		300,000		284,642
Buckeye Cellulose Corporation 8.50%, due 12/15/05		250,000		248,750
Georgia Pacific Corporation 8.125%, due 05/15/11 (o)		550,000		565,125
Georgia Pacific Corporation 9.50%, due 12/01/11 (o)		450,000		495,563
				1,594,080
Pharmaceuticals — 1.21%
AdvancePCS 8.50%, due 04/01/08		500,000		537,500
Biovail Corporation 7.875%, due 04/01/10		500,000		530,000
				1,067,500
Printing & Publishing — 2.31%
CBD Media / CBD Finance Inc. 8.625%, due 06/01/11 (144A)		100,000		103,000
Dex Media East 12.125%, due 11/15/12 (o)		500,000		591,250
Houghton Mifflin Company 8.25%, due 02/01/11 (144A)		400,000		422,000
Houghton Mifflin Company 9.875%, due 02/01/13 (144A)		50,000		54,250
Nebraska Book Company Inc. 8.75%, due 02/15/08 (o)		450,000		451,125
Primedia Inc. 8.875%, due 05/15/11 (o)		400,000		421,000
				2,042,625

	Principal Amount		Value
Retail — 7.74%
Amerigas Partners / Amerigas Eagle Finance Corporation 8.875%, due 05/20/11	$	450,000	$	490,500
Buhrmann U.S. Inc. 12.25%, due 11/01/09 (o)		325,000		349,375
Cole National Group Inc. 8.625%, due 08/15/07		900,000		873,000
Gap Inc. 8.80%, due 12/15/08 (o)		550,000		668,250
Michaels Stores Inc. 9.25%, due 07/01/09		1,000,000		1,120,000
Penney (JC) Company Inc. 7.65%, due 08/15/16		700,000		682,500
Penney (JC) Company Inc. 8.25%, due 08/15/22		750,000		735,000
Penney (JC) Corporation Inc. 8.00%, due 03/01/10		600,000		628,500
Petco Aonimal Supplies Inc. 10.75%, due 11/01/11		550,000		627,000
Saks Inc. 8.25%, due 11/15/08		350,000		370,125
Sears Roebuck Acceptance Corporation 7.00%, due 02/01/11		250,000		289,838
				6,834,088
Semiconductors — 0.54%
Amkor Technology Inc. 7.75%, due 05/15/13 (144A)		500,000		475,000
Telecommunications — 5.89%
Block Communications Inc. 9.25%, due 04/15/09		200,000		218,000
Crown Castle International Corporation 10.625%, due 11/15/07 (c)		550,000		578,875
Intermedia Communications Inc. (Series B) 11.25%, due 07/15/07 (b)		100,000		74,000
Intermedia Communications Inc. (Series B) 8.50%, due 01/15/08 (b) (o)		150,000		111,000
Nextel Communications 10.65%, due 09/15/07 (c)		825,000		851,813
Panamsat Corporation 8.50%, due 02/01/12		650,000		703,625
Pathnet Inc. 12.25%, due 04/15/08 (b)		250,000		625
Qwest Capital Funding Inc. 7.25%, due 02/15/11		150,000		123,000
Qwest Corporation 8.875%, due 03/15/12 (144A)		450,000		502,875
Qwest Services Corporation 13.50%, due 12/15/10 (144A)		1,032,000		1,166,160
Sprint Capital Corporation 8.375%, due 03/15/12 (o)		200,000		239,463
Telecorp PCS Inc. 10.625%, due 07/15/10		422,000		509,565
Worldcom Inc. 7.50%, due 05/15/11 (b)		400,000		118,000
				5,197,001

ENTERPRISE Accumulation Trust

5

Enterprise High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Number of Shares or Principal Amount		Value
Textiles — 1.74%
Interface Inc. 10.375%, due 02/01/10 (o)	$	550,000	$	528,000
Phillips Van Heusen Corporation 9.50%, due 05/01/08		800,000		828,000
Phillips Van Heusen Corporation 8.125%, due 05/01/13 (144A)		175,000		179,594
				1,535,594
Travel/Entertainment/Leisure — 0.50%
Royal Caribbean Cruises Ltd. 8.00%, due 05/15/10		425,000		442,000
Utilities — 0.94%
AES Corporation 9.50%, due 06/01/09		425,000		429,250
AES Corporation 8.875%, due 02/15/11 (o)		200,000		195,500
AES Corporation 8.75%, due 05/15/13 (144A)		200,000		208,000
				832,750
Waste Management — 1.19%
Allied Waste North America Inc. 7.625%, due 01/01/06		500,000		518,125
Allied Waste North America Inc. 10.00%, due 08/01/09 (o)		500,000		531,250
				1,049,375
Wireless Communications — 0.96%
AT&T Wireless 8.125%, due 05/01/12		50,000		60,243
Voicestream Wireless Corporation 11.50%, due 09/15/09		500,000		584,375
Voicestream Wireless Corporation 10.375%, due 11/15/09		171,918		199,854
				844,472
Total Domestic Corporate Bonds
(Identified cost $75,265,337)				78,380,411
Convertible Corporate Bonds — 1.14%
Wireless Communications — 1.14%
Nextel Communications 5.25%, due 01/15/10		1,075,000		1,010,500
Total Convertible Corporate Bonds
(Identified cost $749,331)				1,010,500
Domestic Stocks and Warrants — 0.90%
Chemicals — 0.05%
Pioneer Companies Inc. (a) (Common Stock)		12,835		46,848

	Number of Shares or Principal Amount		Value
Communications — 0.00%
Globalstar Telecommunications (Wts) (a) (d) (144A)		450	$	—
Loral Space & Communications (Wts) (a)		600		81
Loral Space & Communications (Wts) (a)		5,235		—
				81
Computer Software — 0.00%
Verado Holdings Inc. (Wts) (a)		300		107
Electronics — 0.00%
Axiohm Transaction Solutions (Private Placement) (a) (d)		4,056		—
Health Care — 0.61%
Dade Behring Holdings Inc. (Common Stock) (a)		23,333		535,959
Medical Instruments — 0.06%
Charles River Labs Inc. (Wts) (a)		250		51,357
Telecommunications — 0.18%
E. Spire Communications Inc. (Wts) (a) (d) (144A)		300		—
Flag Telecom Group (Common Stock) (a)		1,606		55,407
Pathnet Inc. (Wts) (a) (d) (144A)		250		—
Wiltel Communications Group (Common Stock) (a) (o)		5,815		85,713
XO Communications Inc. (Series A) (Wts)		1,873		4,869
XO Communications Inc. (Series B) (Wts)		1,405		2,247
XO Communications Inc. (Series C) (Wts)		1,405		772
XO Communications Inc. (Common Stock)		935		6,779
				155,787
Wireless Communications — 0.00%
Leap Wireless International Inc. (Wts) (a) (d) (144A)		4,500		—
Total Domestic Stocks and Warrants
(Identified cost $3,296,856)				790,139
Foreign Bonds — 5.88%
Broadcasting — 1.94%
Grupo Televisa 8.00%, due 09/13/11	$	1,050,000		1,193,062
Rogers Communications Inc. 8.875%, due 07/15/07 (o)		500,000		515,000
				1,708,062

ENTERPRISE Accumulation Trust

6

Enterprise High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Number of Shares or Principal Amount		Value
Energy — 0.63%
YPF Sociedad Anonima 9.125%, due 02/24/09 (o)	$	500,000	$	557,500
Finance — 0.44%
PDVSA Finance Ltd. 9.375%, due 11/15/07		400,000		392,000
Manufacturing — 0.81%
Tyco International Group 6.375%, due 10/15/11 (o)		675,000		712,125
Oil Services — 0.42%
Petroleos Mexicano 9.375%, due 12/02/08		300,000		366,750
Telecommunications — 1.57%
Rogers Cantel Inc. 8.80%, due 10/01/07 (o)		900,000		919,125
Telewest Communications 11.00%, due 10/01/07 (b)		250,000		90,625
Telewest Communications 0%/9.25%, due 04/15/09 (b) (c) (o)		1,100,000		343,750
Telewest Communications 9.875%, due 02/01/10 (b)		100,000		36,250
				1,389,750
Transportation — 0.07%
TBS Shipping International Ltd. (d) (m) 10.00%, due 02/08/08		211,375		61,299
Total Foreign Bonds
(Identified cost $6,020,355)				5,187,486
Foreign Stocks and Warrants — 0.00%
Transportation — 0.00%
TBS Shipping International Ltd. (Common Stock) (Class C) (a) (d) (m)		5,000		—
TBS Shipping International Ltd. (Preferred Stock) (a) (d) (m)		5,738		—
TBS Shipping International Ltd. (Wts) (a) (d) (m)		13,333		—
Total Foreign Stocks and Warrants
(Identified cost $0)				—

	Principal Amount		Value
Repurchase Agreement — 1.94%
State Street Bank & Trust Repurchase Agreement 0.70%, due 07/01/03 Proceeds $1,716,033 Collateral: U.S. Treasury Note $1,740,000, 1.75% due 12/31/04, Value $1,753,947	$	1,716,000	$	1,716,000
Total Repurchase Agreement
(Identified cost $1,716,000)				1,716,000
Total Investments
(Identified cost $87,047,879)			$	87,084,536
Other Assets Less Liabilities — 1.34%				1,179,776
Net Assets — 100%			$	88,264,312

(a) Non-income producing security.

(b) Security is in bankruptcy and/or is in default of interest payment. Fund 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, 2003.

(m) Illiquid security.

(o) Security, or portion thereof, out on loan at June 30, 2003.

(v) Variable interest rate security; Interest rate is as of June 30, 2003.

(Wts) Warrants — Warrants entitle the Fund 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.

ENTERPRISE Accumulation Trust

7

Enterprise High-Yield Bond Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	87,084,536
Investment purchased in connection with securities lending, at value (Note 5)		19,812,492
Investment income receivable		1,783,290
Receivable for fund shares sold		3,426
Receivable for investments sold		534,764
Cash		840
Other assets		1,797
Total assets		109,221,145
Liabilities:
Payable for fund shares redeemed		279,966
Payable for investments purchased		809,337
Payable due upon sale of investments in connection with securities lending (Note 5)		19,812,492
Shareholders servicing fees payable		10,810
Accrued expenses and other liabilities		44,228
Total liabilities		20,956,833
Net Assets	$	88,264,312
Analysis of Net Assets:
Paid-in capital	$	114,822,066
Undistributed (accumulated) net investment income (loss)		902,210
Undistributed (accumulated) net realized gain (loss)		(27,496,621	)
Unrealized appreciation (depreciation)		36,657
Net Assets	$	88,264,312
Shares outstanding		19,822,248
Net asset value per share		$4.45
Investments at cost	$	87,047,879

See notes to financial statements.

ENTERPRISE Accumulation Trust

8

Enterprise High-Yield Bond Portfolio

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2003 (Unaudited)

Investment income:
Interest	$	3,466,558
Securities lending income		27,911
Total investment income		3,494,469
Expenses:
Investment advisory fees		243,228
Custodian and fund accounting fees		23,637
Trustees’ fees		1,850
Audit and legal fees		9,616
Shareholder servicing fees		21,692
Other expenses		11,217
Total expenses		311,240
Net investment income (loss)		3,183,229
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		(2,575,749	)
Net change in unrealized gain (loss) on investments		9,616,660
Net realized and unrealized gain (loss)		7,040,911
Net increase (decrease) in net assets resulting from operations	$	10,224,140

See notes to financial statements.

ENTERPRISE Accumulation Trust

9

Enterprise High-Yield Bond Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2003			Year Ended December 31, 2002
From operations:
Net investment income (loss)	$	3,183,229		$	8,359,552
Net realized gain (loss)		(2,575,749	)		(11,078,830	)
Net change in unrealized gain (loss)		9,616,660			1,510,531
Increase (decrease) in net assets resulting from operations		10,224,140			(1,208,747	)
Distributions to shareholders from:
Net investment income		(2,207,538	)		(8,359,552	)
Net realized gains		—			—
Total distributions to shareholders		(2,207,538	)		(8,359,552	)
From capital share transactions:
Shares sold		7,845,863			17,051,159
Reinvestment of distributions		2,207,538			8,359,552
Shares redeemed		(6,935,325	)		(46,398,634	)
Total increase (decrease) in net assets resulting from capital share transactions		3,118,076			(20,987,923	)
Total increase (decrease) in net assets		11,134,678			(30,556,222	)
Net assets:
Beginning of period		77,129,634			107,685,856
End of period	$	88,264,312		$	77,129,634
Capital share activity:
Shares issued		1,850,299			4,037,282
Shares issued in reinvestment of distributions		529,961			2,031,996
Shares redeemed		(1,646,217	)		(11,766,449	)
Net increase (decrease)		734,043			(5,697,171	)
Undistributed (accumulated) net investment income (loss)	$	902,210		$	(73,481	)

See notes to financial statements.

ENTERPRISE Accumulation Trust

10

Enterprise High-Yield Bond Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2003			For the years ended December 31,
				2002			2001			2000			1999			1998
Net asset value, beginning of period	$	4.04		$	4.34		$	4.48		$	5.06		$	5.37		$	5.71
Income from investment operations:
Net investment income (loss)		0.16	C		0.36	C		0.40	C		0.46	C		0.46	C		0.46
Net realized and unrealized gain (loss) on investments		0.37			(0.30	)		(0.14	)		(0.58	)		(0.26	)		(0.26	)
Total from investment operations		0.53			0.06			0.26			(0.12	)		0.20			0.20
Less dividends and distributions:
Dividends from net investment income		(0.12	)		(0.36	)		(0.40	)		(0.46	)		(0.46	)		(0.46	)
Distributions from capital gains		—			—			—			—			(0.05	)		(0.08	)
Total distributions		(0.12	)		(0.36	)		(0.40	)		(0.46	)		(0.51	)		(0.54	)
Net asset value, end of period	$	4.45		$	4.04		$	4.34		$	4.48		$	5.06		$	5.37
Total return		13.22	%B		1.51	%		5.90	%		(2.52	)%		3.86	%		3.60	%
Net assets end of period (in thousands)	$	88,264		$	77,130		$	107,686		$	88,336		$	109,816		$	101,865
Ratio of expenses to average net assets		0.77	%A		0.79	%		0.77	%		0.75	%		0.69	%		0.72	%
Ratio of net investment income (loss) to average net assets		7.85	%A		8.61	%		8.92	%		9.57	%		8.76	%		8.19	%
Portfolio turnover		28	%		81	%		73	%		54	%		97	%		109	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

ENTERPRISE Accumulation Trust

11

Notes to Financial Statements

June 30, 2003 (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 portfolios contained therein.

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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the High-Yield Bond Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 the Portfolio 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 Portfolio 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. Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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.

ENTERPRISE Accumulation Trust

12

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

Written Options — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. 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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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.

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

ENTERPRISE Accumulation Trust

13

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 0.60%. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $21,710 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 0.85%.

For the six months ended June 30, 2003, the Portfolio paid no brokerage commissions to affiliates of the adviser or subadviser.

4. Investment Transactions

For the six months ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases	Sales
—	—	$26,334,493	$21,600,808

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on loan are denoted in the Portfolio of Investments.

The Portfolio generally 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 for the Portfolio as of June 30, 2003:

Current Value of Securities on Loan At June 30, 2003	Units of Prime Portfolio Owned	Current Value of Collateral Held At June 30, 2003
$19,422,372	19,812,492	$19,812,492

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14

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

6. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the six months ended June 30, 2003.

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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost	Tax Unrealized Gain	Tax Unrealized Loss	Net Unrealized Gain
$87,047,879	$5,925,116	$(5,888,459)	$36,657

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15

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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

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Enterprise Accumulation Trust

HIGH-YIELD BOND PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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

ENTERPRISE Accumulation Trust

17

Enterprise Short Duration Bond Portfolio

SUBADVISER’S COMMENTS

MONY Capital Management, Inc.

New York, New York

Investment Management

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

MONY Capital Management, Inc. (“MONY Capital”) is subadviser to the Enterprise Short Duration Bond Portfolio. MONY Capital manages approximately $13 billion for institutional clients, and its normal investment minimum is $10 million.

Investment Objective

The objective of the Enterprise Short Duration Bond Portfolio is to seek current income with reduced volatility of principal.

First Half 2003 Performance Review

How did the Portfolio perform for the period from May 1- June 30, 2003?

The Portfolio commenced operations on May 1, 2003. For the two-month period, the Portfolio returned 0.80%. The Portfolio outperformed its benchmark, the Lehman Brothers 1-3 Year Government/Credit Index, which returned 0.79%. In contrast, the Portfolio underperformed its peer group, the Lipper Short-Intermediate Investment Grade Debt Funds Index, which returned 1.61%.

How would you describe the investment environment during the period?

Shorter duration interest rates declined broadly over the period, culminating with a 0.25% easing by the Federal Reserve near the end of the second quarter. Non-government securities slightly outperformed on improving corporate financial health.

What strategies affected Portfolio performance during the period?

A key anchor of MONY Capital’s strategy is to be able to move across the various short duration sectors to find the best values for the Portfolio. For the two-month period, the Portfolio was invested in a diverse group of higher quality asset-backed, mortgage-backed, and corporate instruments, where MONY Capital feels good values remain. As always, MONY Capital’s primary concern is quality.

What changes were made to the Portfolio over the period?

The Portfolio is early in its history, and is investing initial subscriptions to establish the characteristics of the Portfolio.

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.

ENTERPRISE Accumulation Trust

1

Enterprise Short Duration Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2003

	Principal Amount		Value
Domestic Corporate Bonds — 15.91%
Finance — 11.56%
CIT Group Holdings Inc. 6.625%, due 06/15/05	$	200,000	$	216,665
Ford Motor Credit Company 7.50%, due 03/15/05		200,000		212,534
General Motors Acceptance Corporation 6.75%, due 01/15/06		225,000		238,869
				668,068
Retail — 4.35%
Sears Roebuck Acceptance Corporation 3.28%, due 08/11/03		250,000		251,100
Total Domestic Corporate Bonds
(Identified cost $908,178)				919,168
Asset-Backed Securities — 63.61%
Finance — 29.20%
Atherton Franchise Loan Funding 6.72%, due 08/15/10 (144A)		182,078		182,749
Bayview Commercial Asset Trust 5.564%, due 07/25/03 (Class B) (144A)		250,000		250,050
Bayview Financial Property Trust 3.00%, due 07/28/03 (Class M) (144A)		750,000		753,193
Capital One Multi-Asset Trust 3.73%, due 07/15/03		250,000		250,588
Circuit City Credit Card Master Trust 5.18%, due 07/15/03 (144A)		250,000		250,100
				1,686,680
Media — 4.34%
Walt Disney Company 6.75%, due 03/30/06		225,000		250,558
Medical Instruments — 2.87%
DVI Receivables XIX (a) 3.268%, due 07/12/03		166,109		165,954
Misc. Financial Services — 27.20%
Ameriquest Mortgage Securities Inc. 1.795%, due 07/25/03		400,000		400,891
Amresco Residential Securities 6.745%, due 06/25/28		217,506		229,984

	Principal Amount		Value
Citibank Credit Card Issuance Trust 2.259%, due 09/15/03	$	250,000	$	250,297
Hedged Mutual Fund Fee Trust 3.778%, due 07/01/03 (Class 1) (144A)		250,000		250,063
Hedged Mutual Fund Fee Trust 4.14%, due 11/30/10 (Class 1) (144A)		238,361		238,539
Lehman Manufactured Housing 1.63%, due 07/15/03		200,616		201,342
				1,571,116
Total Asset-Backed Securities
(Identified cost $3,659,975)				3,674,308
Agency Obligations — 16.30%
Fannie Mae — 16.30% 4.664%, due 11/01/09		922,545		941,809
Total Agency Obligations
(Identified cost $945,693)				941,809
Repurchase Agreement — 3.36%
State Street Bank & Trust Repurchase Agreement 0.70%, due 07/01/03 Proceeds $194,004 Collateral: U.S. Treasury Note $200,000, 1.75% due 12/31/04, Value $201,603		194,000		194,000
Total Repurchase Agreement
(Identified cost $194,000)				194,000
Total Investments
(Identified cost $5,707,846)			$	5,729,285
Other Assets Less Liabilities — 0.82%				47,577
Net Assets — 100%			$	5,776,862

(a) Illiquid security.

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

See notes to financial statements.

ENTERPRISE Accumulation Trust

2

Enterprise Short Duration Bond Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	5,729,285
Investment income receivable		28,852
Receivable for fund shares sold		22,174
Due from investment adviser		1,419
Cash		133
Total assets		5,781,863
Liabilities:
Payable for fund shares redeemed		20
Shareholder servicing fees payable		46
Accrued expenses and other liabilities		4,935
Total liabilities		5,001
Net Assets	$	5,776,862
Analysis of Net Assets:
Paid-in capital	$	5,732,238
Undistributed (accumulated) net investment income (loss)		23,185
Undistributed (accumulated) net realized gain (loss)		—
Unrealized appreciation (depreciation)		21,439
Net Assets	$	5,776,862
Shares outstanding		572,897
Net asset value per share		$10.08
Investments at cost	$	5,707,846

See notes to financial statements.

ENTERPRISE Accumulation Trust

3

Enterprise Short Duration Bond Portfolio

STATEMENT OF OPERATIONS

	(Unaudited) For the Period May 1, 2003(1) to June 30, 2003
Investment Income:
Interest	$	29,062
Total investment income		29,062
Expenses:
Investment advisory fees		4,069
Custodian and fund accounting fees		3,321
Trustees’ fees		231
Audit and legal fees		1,087
Shareholder servicing fees		82
Other expenses		309
Total expenses		9,099
Expense reimbursement		(3,222	)
Total expenses, net of reimbursement		5,877
Net investment income (loss)		23,185
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		—
Net change in unrealized gain (loss) on investments		21,439
Net realized and unrealized gain (loss)		21,439
Net increase (decrease) in net assets resulting from operations	$	44,624

(1) Commencement of operations.

See notes to financial statements

ENTERPRISE Accumulation Trust

4

Enterprise Short Duration Bond Portfolio

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

	For the Period May 1, 2003 through June 30, 2003
From operations:
Net investment income (loss)	$	23,185
Net realized gain (loss)		—
Net change in unrealized gain (loss)		21,439
Increase (decrease) in net assets resulting from operations		44,624
Distributions to shareholders from:
Net investment income		—
Net realized gains		—
Total distributions to shareholders		—
From capital share transactions:
Shares sold		5,733,519
Reinvestment of distributions		—
Shares redeemed		(1,281	)
Total increase (decrease) in net assets resulting from capital share transactions		5,732,238
Total increase (decrease) in net assets		5,776,862
Net assets:
Beginning of period		—
End of period	$	5,776,862
Capital share activity:
Shares issued		573,025
Shares issued in reinvestment of distributions		—
Shares redeemed		(128	)
Net increase (decrease)		572,897
Undistributed net investment income	$	23,185

See notes to financial statements.

ENTERPRISE Accumulation Trust

5

Enterprise Short Duration Bond Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) For the Period May 1, 2003 through June 30, 2003
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income (loss)C		0.04
Net realized and unrealized gain (loss) on investments		0.04
Total from investment operations		0.08
Less dividends and distributions:
Dividends from net investment income		—
Distributions from capital gains		—
Total distributions		—
Net asset value, end of period	$	10.08
Total return		0.80	%B
Net assets end of period (in thousands)	$	5,777
Ratio of expenses to average net assets		0.65	%A
Ratio of expenses to average net assets (excluding reimbursement)		1.01	%A
Ratio of net investment income (loss) to average net assets		2.56	%A
Portfolio turnover		0	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

ENTERPRISE Accumulation Trust

6

Notes to Financial Statements

June 30, 2003 (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 portfolios contained therein.

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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Short Duration Bond Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 the Portfolio 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 Portfolio 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. Any foreign denominated assets held by the 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. Certain securities held by the Portfolio are valued on the basis of a price provided by a single market maker. The prices provided by the principal market makers may differ from the value that would be realized if the securities were sold. At June 30, 2003, the total value of these securities represented approximately 13% of the net assets of the Portfolio.

Repurchase Agreements — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

ENTERPRISE Accumulation Trust

7

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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 — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. 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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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.

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

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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

ENTERPRISE Accumulation Trust

8

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

gains and losses from currency transactions are determined on the basis of average cost. Dividend income is 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, if any are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and 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 ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 0.45%. A portion of the management fee received by ECM is paid to the subadviser. MONY Capital Management, Inc., a wholly-owned subsidiary of The MONY Group Inc., is the subadviser for the Portfolio. For the period ended June 30, 2003, ECM incurred subadvisory fees payable to MONY Capital Management, Inc., of $890. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the period ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $105 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 0.65%.

The MONY Group Inc. and its subsidiaries and affiliates had an investment of $5,040,000 in the Portfolio at June 30, 2003.

For the period ended June 30, 2003, the Portfolio paid no brokerage commissions affiliates of the adviser or subadviser.

4. Investment Transactions

For the period ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations		Other Investment Securities
Purchases	Sales	Purchases	Sales
$949,242	—	$4,600,461	—

ENTERPRISE Accumulation Trust

9

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on loan are denoted in the Portfolio of Investments.

The Portfolio generally 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. There was no securities lending activity at June 30, 2003.

6. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the period ended June 30, 2003.

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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost	Tax Unrealized Gain	Tax Unrealized Loss	Net Unrealized Gain
$5,707,846	$25,713	($4,274)	$21,439

ENTERPRISE Accumulation Trust

10

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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

ENTERPRISE Accumulation Trust

11

Enterprise Accumulation Trust

SHORT DURATION BOND PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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

ENTERPRISE Accumulation Trust

12

Enterprise 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.

Pacific Investment Management Company (“PIMCO”) is the subadviser to the Enterprise Total Return Portfolio. The firm has approximately $323.4 billion in assets under management, and its normal investment minimum is $75 million.

Investment Objective

The objective of the Enterprise Total Return Portfolio is total return.

First Half 2003 Performance Review

How did the Portfolio perform for the six months ended June 30, 2003?

For the six-month period, the Portfolio returned 4.83%. The Portfolio underperformed its benchmark, the Lehman Brothers Universal Index, which returned 4.95%. The Portfolio underperformed its peer group, the Lipper BBB Rated Funds Index, which returned 7.48%.

How would you describe the investment environment during the period?

Most financial assets gained as anxiety about the war in Iraq faded. Assets that generally benefit from economic growth, such as stocks, corporate bonds and emerging market debt, fared the best for the period as investors in these securities anticipated a recovery in the second half of 2003.

Reflationary forces that were expected to fuel a rebound included federal tax cuts and a weak dollar, as well as low borrowing rates that eased the burden of relatively high personal and corporate indebtedness. Low mortgage rates kept the refinancing boom in the second quarter and put money in consumers’ pockets. By the end of the period, corporate bond yields were so low that well-known companies like General Electric and Wal-Mart could borrow for five years at less than 3%.

Treasury bonds lagged their riskier counterparts but still enjoyed a rally of their own. Already low yields fell to levels not seen in 45 years, confounding investors convinced that these bonds were overvalued.

The broad bond market, represented by the Lehman Brothers Universal Bond Index, gained 4.94% during the period. Treasury yields fell amid concerns over the conflict in Iraq and other deflationary economic forces such as a weak labor market. The benchmark 10-year Treasury yield finished at 3.52%.

What strategies affected Portfolio performance during the period?

During the period, interest rate strategies, which included a neutral duration position and an emphasis on the short and long maturity portion of the yield curve, were largely neutral for returns.

Sector strategies also affected performance. A structural allocation to mortgages enhanced Portfolio yield and was positive for performance due to security selection, a corporate under-weight was negative as the sector outperformed Treasuries. Security selection, which focused on telecom and energy pipeline bonds, helped returns. These issuers benefited from strengthening balance sheets and investor demand for yield. An under-weight to high-yield as well as security selection within this sector hurt returns. Airline and healthcare issues dragged down returns as these sectors experienced significant price declines in the first quarter. These issues modestly rebounded in the second quarter but failed to recover fully. European holdings were a modest drag on performance as these issues failed to rally to the degree of their U.S. counterparts. Emerging market bonds, especially in Brazil, added to returns, sustaining their recovery that began in the fourth quarter of 2002.

ENTERPRISE Accumulation Trust

1

Enterprise Total Return Portfolio

SUBADVISER’S COMMENTS — (Continued)

What changes were made to the Portfolio over the period?

Over the six-month period, the Portfolio maintained relatively stable interest rate strategies with a modest shift from the short and longer maturity portion of the yield curve to more intermediate issues.

In terms of sectors, PIMCO harvested gains by reducing its exposure to emerging market and high-yield debt. In terms of developed non-dollar exposure, PIMCO shifted it from an even maturity exposure to an emphasis on shorter maturity non-dollar assets, especially in Europe where growth remains weak and the likelihood of additional short-term easing remains relatively high.

There are specific risks associated with some of the securities held in this fund. 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 fund to loss of principal. In addition, this fund 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.

ENTERPRISE Accumulation Trust

2

Enterprise Total Return Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2003

	Principal Amount		Value
Corporate Bonds and Notes — 16.49%
Airlines —  0.61%
Continental Airlines Inc. 7.056% due 03/15/11	$	110,000	$	109,219
Delta Air Lines Inc. 7.111% due 09/18/11		110,000		111,551
United Airlines Inc. 6.602% due 09/01/13 (c)		50,000		41,986
United Airlines Inc. 7.186% due 04/01/11 (c)		49,079		41,937
				304,693
Automotive — 0.69%
Daimlerchrysler North America, 1.61% due 08/18/03 (v)		50,000		49,773
General Motors Corporation 8.25% due 07/15/23		150,000		149,327
General Motors Corporation 8.375% due 07/15/33		150,000		147,714
				346,814
Cable — 1.52%
Clear Channel Communications 7.25% due 09/15/03		250,000		252,505
Continental Cablevision Inc. 8.625% due 08/15/03		200,000		201,442
Continental Cablevision Inc. 8.30% due 05/15/06		50,000		57,537
Cox Communications Inc. 6.15% due 08/01/03 (u)		250,000		250,167
				761,651
Electrical Equipment — 0.23%
Oncor Electric Delivery Company 6.375% due 05/01/12		50,000		57,077
Oncor Electric Delivery Company 6.375% due 01/15/15 (144A)		50,000		56,721
				113,798
Energy — 1.47%
AEP Texas Central Company 6.65% due 02/15/33 (144A)		200,000		218,884
El Paso Energy Corporation 7.75% due 01/15/32		25,000		21,063
El Paso Natural Gas Company 8.375% due 06/15/32 (144A)		50,000		53,000
Florida Power Corporation 4.80% due 03/01/13		130,000		135,504
Progress Energy Inc. 6.55% due 03/01/04		200,000		206,329
PSEG Power 6.95% due 06/01/12		62,000		71,181
Sonat Inc. 7.625% due 07/15/11		35,000		31,850
				737,811

	Principal Amount		Value
Entertainment & Leisure — 0.68%
Station Casinos Inc. 8.375% due 02/15/08	$	75,000	$	81,000
Walt Disney Company 5.125% due 12/15/03		200,000		203,551
Walt Disney Company 7.00% due 03/01/32		50,000		58,174
				342,725
Finance — 0.27%
Credit Suisse First Boston 4.625% due 01/15/08		125,000		133,484
Forest Products — 0.18%
Weyerhaeuser Company 2.244% due 09/15/03 (v)		90,000		90,006
Health Care — 0.60%
Columbia / HCA Healthcare 6.87% due 09/15/03		300,000		302,411
Hotels & Restaurants — 0.71%
Hilton Hotels Corporation 7.00% due 07/15/04		100,000		101,500
Park Place Entertainment Corporation 7.95% due 08/01/03		200,000		200,750
Starwood Hotels Resorts 7.875% due 05/01/12		50,000		54,750
				357,000
Insurance — 0.19%
Travelers Property Casualty Corporation 5.00% due 03/15/13		60,000		62,477
Travelers Property Casualty Corporation  6.375% due 03/15/33		30,000		32,788
				95,265
Media —  0.73%
AOL Time Warner Inc. 8.11% due 08/15/06		125,000		143,711
AOL Time Warner Inc. 6.875% due 05/01/12		100,000		114,161
AOL Time Warner Inc. 7.70% due 05/01/32		50,000		58,372
Turner Broadcasting System Inc. 7.40% due 02/01/04		50,000		51,147
				367,391
Misc. Financial Services — 3.22%
Bear Stearns Companies Inc. 7.625% due 12/07/09		60,000		73,566
CIT Group Inc. 2.619% due 07/31/03		203,000		205,015

ENTERPRISE Accumulation Trust

3

Enterprise Total Return Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Principal Amount		Value
CIT Group Inc. 7.75% due 04/02/12	$	150,000	$	178,853
Ford Motor Credit Company 7.25% due 10/25/11		100,000		102,807
General Motors Acceptance Corporation 6.875% due 08/28/12		250,000		249,414
General Motors Acceptance Corporation 2.751% due 07/16/03 (v)		100,000		100,192
General Motors Acceptance Corporation 2.049% due 07/21/03 (v)		100,000		99,886
Household Finance Corporation 2.45% due 09/11/03 (v)		50,000		50,433
Restructured Asset Certificates 1.59% due 08/15/03 (144A) (v)		200,000		198,067
Sprint Capital Corporation 5.70% due 11/15/03		150,000		150,570
Sprint Capital Corporation 6.875% due 11/15/28		200,000		200,647
				1,609,450
Oil Services — 0.78%
Amerada Hess Corporation 6.65% due 08/15/11		150,000		173,039
CMS Panhandle Holding Company 6.50% due 07/15/09		50,000		55,250
Tennessee Gas Pipeline Company 8.375% due 06/15/32		150,000		163,125
				391,414
Retail — 0.83%
Kroger Company 6.20% due 06/15/12		150,000		165,703
Safeway Inc. 3.625% due 11/05/03		250,000		250,874
				416,577
Telecommunications — 1.44%
AT&T Corporation 8.50% due 11/15/31		250,000		283,472
Sprint Capital Corporation 8.375% due 03/15/12		50,000		59,866
Verizon Global Funding Corporation, 6.125% due 06/15/07		65,000		73,170
Verizon Maryland Inc. 6.125% due 03/01/12		250,000		283,459
Worldcom Inc. 7.375% due 01/15/49 (144A) (b) (u)		75,000		22,125
				722,092

	Principal Amount		Value
Transportation — 0.27%
Norfolk Southern Corporation 6.75% due 02/15/11	$	30,000	$	35,039
Norfolk Southern Corporation 1.999% due 07/30/03 (v)		100,000		100,482
				135,521
Utilities — 0.64%
National Rural Utilities 2.32% due 07/28/03 (v)		200,000		201,227
Niagara Mohawk Power Corporation 7.75% due 10/01/08		100,000		119,807
				321,034
Waste Management — 0.70%
USA Waste Services Inc. 7.00% due 10/01/04		95,000		100,750
Waste Management Inc. 6.375% due 11/15/12		120,000		136,445
WMX Technologies Inc. 7.10% due 08/01/26		100,000		114,367
				351,562
Wireless Communications — 0.73%
AT&T Wireless 8.125% due 05/01/12		160,000		192,777
Cingular Wireless 6.50% due 12/15/11		60,000		69,130
Rogers Cantel 9.375% due 06/01/08		50,000		52,125
Verizon Wireless Capital 1.488% due 09/17/03 (v)		50,000		49,984
				364,016
Total Corporate Bonds and Notes
(Identified cost $7,849,000)				8,264,715
Foreign Bonds — 2.52%
Broadcasting — 0.14%
British Sky Broadcasting Group 8.20% due 07/15/09		60,000		71,100
Cable — 0.06%
Rogers Cablesystems Ltd. 10.00% due 03/15/05		30,000		32,550
Manufacturing — 0.14%
Tyco International Group 6.375% due 10/15/11		65,000		68,575
Misc. Financial Services — 0.31%
HSBC Capital Funding 10.176% due 06/30/30 (144A)		100,000		157,061
Oil Services — 0.48%
Pemex Project Funding Master Trust 9.125% due 10/13/10		150,000		181,500

ENTERPRISE Accumulation Trust

4

Enterprise Total Return Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Principal Amount		Value
Pemex Project Funding Master Trust, 8.625% due 02/01/22 (144A) (v)	$	50,000	$	57,125
				238,625
Telecommunications — 1.39%
British Telecom 2.414% due 09/15/03 (v)		300,000		300,971
Deutsche Telekom International 8.25% due 06/15/05		65,000		72,483
Deutsche Telekom International 8.50% due 06/15/10		100,000		122,838
France Telecom 10.00% due 03/01/31		145,000		200,642
				696,934
Total Foreign Bonds
( Identified cost $1,150,138 )				1,264,845
Asset-Backed Securities — 0.24%
Misc. Financial Services — 0.24%
Bear Stearns Home Loan Owner Trust, Series 2001-A, Class AI1 1.36% due 07/15/03 (v)		4,574		4,574
Merrill Lynch Mortgage Inc., Series 2002-AFC1, Class AV1 1.405% due 07/25/03 (v)		44,144		44,197
Structured Asset Securities Corporation, Series 2002-BC4, Class A 1.325% due 07/25/03 (v)		71,553		71,498
Total Asset-Backed Securities
( Identified cost $120,252 )				120,269
Mortgage-Backed Securities — 3.81%
Banking — 0.55%
Countrywide Home Loans Inc. Series 2002-1, Class 5A1, Pass Thru Certificates 5.521% due 07/19/03 (v)		108,041		109,694
Countrywide Home Loans Inc. Series 2002-HYB2, Class-6A1 4.856% due 07/19/03 (v)		124,123		125,897
Wells Fargo Mortgage Backed Securities, Series 2002-E, Class 2A1 5.108% due 07/25/03 (v)		38,243		38,787
				274,378

	Principal Amount		Value
Finance — 0.82%
Credit Suisse First Boston Mortgage, Series 1999-WM1, Class 3A2 6.395% due 07/01/03	$	125,796	$	126,207
Credit Suisse First Boston Mortgage, Series 2002-P1, Class A-1 2.478% due 04/25/02 (k) (v)		53,781		53,513
Credit Suisse First Boston Mortgage, Series 2002-P3, Class A 1.808% due 07/25/03 (144A) (k) (v)		231,457		230,734
				410,454
Misc. Financial Services — 1.65%
Bear Stearns Arm Trust Series 2002-5, Class 6A 6.004% due 07/25/03 (v)		29,377		30,128
Bear Stearns Arm Trust, Series 2002-2, Class IIIA 6.761% due 07/25/03 (v)		14,581		15,099
C Bass Trust, Series 2002-CB1, Class A2A 1.375% due 07/25/03 (v)		59,076		59,135
First Horizon Asset Securities, Series 2000-H, Class 1A 7.00% due 09/25/30		12,773		12,899
GSR Mortgage Loan Trust, Series 2002-11F, Class A-5 6.00% due 07/25/32		68,482		69,367
PNC Mortgage Securities Corporation, Series 1999-5, Class 1A7 6.30% due 07/25/29		8,960		8,945
Sequoia Mortgage Trust, Series 10, Class 2A1 1.488% due 07/20/03 (v)		285,650		286,558
Structured Asset Securities Corporation, Series 2002-9, Class A2 1.335% due 07/25/03 (v)		68,391		67,174
Structured Asset Securities Corporation, Series 2001-19, Class 1A1 6.50% due 01/25/32		2,866		2,873
Structured Asset Securities Corporation, Series 2002-HF1, Class A 1.325% due 07/25/03 (v)		31,944		31,903
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A1 3.28% due 01/07/13		56,759		57,320
Washington Mutual Mortgage Loan Trust, Series 2000-3, Class A 3.247% due 07/25/03 (v)		162,079		163,135

ENTERPRISE Accumulation Trust

5

Enterprise Total Return Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Principal Amount		Value
Washington Mutual Mortgage Securities Corporation, Series 2001-2, Class A3 6.01% due 01/25/31 (v)	$	23,350	$	23,564
				828,100
Freddie Mac — 0.79%
Freddie Mac, Series 2411, Class FJ 1.53% due 07/15/03 (v)		60,738		60,498
Freddie Mac, Series 2434, Class TA 5.625% due 07/15/28		110,198		111,278
Freddie Mac, Series 2504, Class DX 5.25% due 04/15/26		51,138		51,507
Freddie Mac, Series 2535, Class DT 5.00% due 09/15/16		167,956		173,428
				396,711
Total Mortgage-Backed Securities
( Identified cost $1,912,201 )				1,909,643
U. S. Treasury Obligations — 15.09%
U. S. Treasury Bonds — 1.08%
7.875% due 02/15/21		300,000		428,297
8.75% due 05/15/20 (P/O)		250,000		111,745
				540,042
U. S. Treasury Notes — 14.01%
6.50% due 02/15/10		1,680,000		2,038,115
5.75% due 08/15/10		1,200,000		1,404,610
7.50% due 11/15/16		670,000		909,499
3.50% due 01/15/11 (TIPS)		105,612		119,952
3.375% due 01/15/12 (TIPS)		2,256,714		2,553,260
				7,025,436
Total U. S. Treasury Obligations
( Identified cost $7,519,995 )				7,565,478
Agency Obligations — 37.75%
Fannie Mae — 28.11%
5.39% due 04/01/33		62,234		63,863
5.50% due 12/01/32 (TBA)		700,000		723,407
5.00% due 12/31/32 (TBA)		12,800,000		13,283,567
REMIC 6.25% due 05/25/27		18,518		18,617
				14,089,454
Freddie Mac — 2.27%
4.365% due 11/01/23		103,884		107,279
6.00% due 11/15/27		50,000		50,614
6.00% due 04/15/28		200,000		202,694
6.50% due 04/15/29		131,010		141,360
4.50% due 08/15/31		48,902		49,332
6.50% due 08/01/32		565,810		588,791
				1,140,070

	Principal Amount		Value
Ginnie Mae — 7.37%
5.50% due 12/15/32 (TBA)	$	3,550,000	$	3,694,500
Total Agency Obligations
( Identified cost $18,895,341 )				18,924,024
Foreign Government Obligations — 3.39%
Brazil Federative Republic 2.125% due 10/15/03		59,294		52,327
Brazil Federative Republic 11.50% due 03/12/08 (t)		25,000		26,187
Brazil Federative Republic 11.00% due 01/11/12 (t)		150,000		149,250
Brazil Federative Republic 8.00% due 04/15/14 (t)		123,141		107,441
Brazil Federative Republic 8.875% due 04/15/24		50,000		38,900
Chile Republic 7.125% due 01/11/12		140,000		162,904
Germany Federal Republic 5.25% due 01/04/11	€	80,000		102,213
Republic of Panama 8.25% due 04/22/08	$	30,000		33,150
Republic of Panama 9.625% due 02/08/11		20,000		23,200
Republic of Panama 9.375% due 01/16/23		305,000		340,075
Republic of Peru 9.125% due 02/21/12		250,000		266,500
South Africa Republic 5.25% due 05/16/13		€150,000		165,951
United Mexican States 8.375% due 01/14/11	$	25,000		29,950
United Mexican States 8.30% due 08/15/31		175,000		201,513
Total Foreign Government Obligations
(Identified cost $1,508,029)				1,699,561
Municipal Bonds — 0.89%
Food, Beverages & Tobacco — 0.17%
Tobacco Settlement Financing Corporation of New Jersey, 6.375% due 06/01/32		95,000		86,249
Utilities — 0.72%
Cook County Illinois (FGIC Insured), 5.125% due 11/15/26		150,000		156,159
Illinois State Taxable Pension 5.10% due 06/01/33		50,000		49,168
San Antonio Texas Water Revenue (FSA Insured), 5.00% due 05/15/32		150,000		155,349
				360,676
Total Municipal Bonds
(Identified cost $445,784)				446,925

ENTERPRISE Accumulation Trust

6

Enterprise Total Return Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

June 30, 2003

	Principal Amount		Value
Short-Term Investments — 54.19%
Commercial Paper — 22.72%
ANZ Delaware Inc. 1.235% due 07/02/03	$	800,000	$	799,973
Barclays United States Fund 0.93% due 08/25/03		1,400,000		1,398,011
CBA Delaware Finance Inc. 1.09% due 07/11/03		500,000		499,849
CBA Delaware Finance Inc. 1.23% due 07/23/03		300,000		299,774
Danske Corporation 1.23% due 07/07/03		300,000		299,938
General Electric Capital Corporation, 1.05% due 08/11/03		700,000		699,163
General Electric Capital Corporation, 1.20% due 08/21/03		400,000		399,320
HBOS Treasury Services 1.20% due 08/14/03		100,000		99,853
HBOS Treasury Services 1.21% due 09/03/03		500,000		498,924
HBOS Treasury Services 0.97% due 09/16/03		300,000		299,378
HBOS Treasury Services 0.99% due 09/18/03		300,000		299,348
Lloyds Bank TSB 1.235% due 07/29/03		2,000,000		1,998,079
Royal Bank Of Scotland 1.22% due 07/16/03		400,000		399,797
Royal Bank Of Scotland 1.23% due 08/06/03		700,000		699,139
Shell Finance 1.12% due 07/10/03		1,000,000		999,720
Shell Finance 0.97% due 08/19/03		500,000		499,340
Westpactrust Securities 1.20% due 07/29/03		300,000		299,720
Westpactrust Securities 1.20% due 08/27/03		900,000		898,290
				11,387,616
Discount Notes — 31.47%
Fannie Mae — 10.75%
1.09% due 07/31/03 (e)		800,000		799,207
0.99% due 09/24/03 (e)		3,000,000		2,993,696
1.09% due 09/30/03 (e)		1,600,000		1,595,409
				5,388,312
Federal Home Loan Banks — 7.17%
1.13% due 07/09/03 (e)		600,000		599,853
1.16% due 08/01/03 (e)		1,900,000		1,898,086
1.15% due 10/29/03 (e)		1,100,000		1,095,784
				3,593,723

	Contracts, Notional or Principal Amount		Value
Freddie Mac — 13.14%
1.19% due 07/17/03 (e)	$	1,600,000	$	1,599,150
0.96% due 08/21/03 (e)		2,900,000		2,895,357
0.94% due 08/28/03 (e)		800,000		798,518
1.13% due 10/29/03 (e)		1,300,000		1,295,082
				6,588,107
U. S. Treasury Bills — 0.41%
0.79% due 08/07/03 (e) (s)		155,000		154,824
0.76% due 08/14/03 (e) (s)		50,000		49,938
				204,762
Total Short-Term Investments
(Identified cost $27,162,520)				27,162,520
Repurchase Agreement — 0.68%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/03 Proceeds $343,007 Collateral U.S. Treasury Note $350,000, 1.75% due 12/31/04 Value $352,805		343,000		343,000
Total Repurchase Agreement
(Identified cost $343,000)				343,000
Put Options Purchased — 0.07%
Swap Option Strike Price .76, Expires 05/31/05		200,000,000		35,346
Total Put Options Purchased
(Identified cost $11,553)				35,346
Total Investments
(Identified cost $66,917,813)				67,736,326
Call Options Written — (0.14)%
Japan Government Bond Futures, Strike Price 145, Expires 08/29/03		2		(333)
Swap Option 3 Month LIBOR, Strike Price 3, Expires 11/12/03		1,500,000		(20,319)
Swap Option 3 Month LIBOR, Strike Price 4, Expires 01/07/05		600,000		(18,684)
Swap Option 3 Month LIBOR, Strike Price 3.25, Expires 03/03/04		1,600,000		(31,242)
Total Call Options Written
(Premiums received $51,061)				(70,578)

ENTERPRISE Accumulation Trust

7

Enterprise Total Return Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2003

	Notional Amount		Value
Put Options Written — (0.01)%
Swap Option 3 Month LIBOR, Strike Price 7, Expires 01/07/05	$	600,000	$	(3,130)
Total Put Options Written
(Premiums received $7,950)				(3,130)
Other Assets Less Liabilities — (34.97)%				(17,531,282)
Net Assets — 100%			$	50,131,336

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

(c) Company has filed for bankruptcy protection but is currently not in default of any interest payments.

(e) The rate shown is the effective yield.

(k) Illiquid security.

(s) Security segregated 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 principle or interest payments since there is a high default rate of commercial bank loans by countries issuing these securities.

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

(v) Valuable rate security, interest rate is as of June 30, 2003.

(P/O) Principal-only stripped security. The rate shown is the current effective yield.

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

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

(FGIC) Financial Guaranty Insurance Corporation.

(FSA) Financial Security Assurance.

(LIBOR) London Interbank Offering Rate.

(REMIC) Real Estate Mortgage Investment Conduit.

(TIPS) Treasury Inflation Protected Security. Principal amount of the security is periodically adjusted for inflation.

Interest rate swap agreements outstanding at June 30, 2003:

Description	Expiration Month	Notional Amount (000)	Unrealized Appreciation/ (Depreciation)
Receive fixed rate of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate (Counterparty: Morgan Stanley)	03/04	5,400	$	14,317
Receive variable rate payments on the three month LIBOR-BBA floating rate and pay fixed rate of 4.00% (Counterparty: JP Morgan)	12/03	1,400		20,123
Receive fixed rate of 4.00% and pay variable rate payments on the three month LIBOR-BBA floating rate (Counterparty: Merrill Lynch)	12/03	800		(5,146	)
			$	29,294

A U.S. Treasury Bill with an aggregate market value of $204,762 has been segregated at the custodian to cover margin requirements for the following open futures positions as of June 30, 2003:

Description	Expiration Month	Number of Contracts	Unrealized Appreciation (Depreciation)
Long Germany Federative Republic 5-Year Bonds	09/03	7	$	(7,465	)
Long Germany Federative Republic 10-Year Bonds	09/03	11		(19,276	)
Long Eurodollar	06/05	10		7,000
Long U.S. Treasury 5-Year Notes	09/03	3		(1,266	)
Long U.S. Treasury 10-Year Notes	09/03	23		(16,641	)
Long U.S. Treasury Bonds	09/03	22		(33,953	)
			$	(71,601	)

See notes to financial statements.

ENTERPRISE Accumulation Trust

8

Enterprise Total Return Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2003 (Unaudited)

Assets:
Investments at value	$	67,736,326
Foreign currency at value (cost — $53,901)		53,570
Investment income receivable		319,198
Receivable for variation margin on open futures		39,516
Receivable for fund shares sold		1,355
Receivable for investments sold		15,153,357
Due from investment adviser		5,745
Cash		31,807
Other assets		39,995
Total assets		83,380,869
Liabilities:
Payable for fund shares redeemed		44,074
Options written, at market value (premiums received $59,011)		73,708
Payable for investments purchased		33,115,449
Shareholder servicing fees payable		5,322
Accrued expenses and other liabilities		10,980
Total liabilities		33,249,533
Net Assets	$	50,131,336
Analysis of Net Assets:
Paid-in capital	$	47,933,785
Undistributed (accumulated) net investment income (loss)		145,952
Undistributed (accumulated) net realized gain (loss)		1,288,808
Unrealized appreciation (depreciation)		762,791
Net Assets	$	50,131,336
Shares outstanding		4,740,245
Net asset value per share		$10.58
Investments at cost	$	66,917,813

See notes to financial statements.

ENTERPRISE Accumulation Trust

9

Enterprise Total Return Portfolio

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2003 (Unaudited)

Investment income:
Interest	$	635,860
Total investment income		635,860
Expenses:
Investment advisory fees		112,021
Custodian and fund accounting fees		21,579
Reports to shareholders		5,535
Trustees’ fees		658
Audit and legal fees		4,557
Shareholder servicing fees		10,810
Other expenses		1,166
Total expenses		156,326
Expense reimbursement		(23,937	)
Total expenses, net of reimbursement		132,389
Net investment income (loss)		503,471
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		605,062
Net realized gain (loss) on foreign currency transactions		7,053
Net realized gain (loss) on swap transactions		30,711
Net realized gain (loss) on futures transactions		550,401
Net realized gain (loss) on options transactions		22,131
Net change in unrealized gain (loss) on investments		487,010
Net change in unrealized gain (loss) on foreign currency		(7,062	)
Net change in unrealized gain (loss) on swap transactions		29,294
Net change in unrealized gain (loss) on futures transactions		(284,129	)
Net change in unrealized gain (loss) on options transactions		(9,626	)
Net realized and unrealized gain (loss)		1,430,845
Net increase (decrease) in net assets resulting from operations	$	1,934,316

See notes to financial statements.

ENTERPRISE Accumulation Trust

10

Enterprise Total Return Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2003			For the Period January 24, 2002 through December 31, 2002
From operations:
Net investment income (loss)	$	503,471		$	470,087
Net realized gain (loss)		1,215,358			574,651
Net change in unrealized gain (loss)		215,487			547,304
Increase (decrease) in net assets resulting from operations		1,934,316			1,592,042
Distributions to shareholders from:
Net investment income		(357,519	)		(490,385	)
Net realized gains		—			(480,903	)
Total distributions to shareholders		(357,519	)		(971,288	)
From capital share transactions:
Shares sold		19,698,413			35,548,535
Reinvestment of distributions		307,907			720,161
Shares redeemed		(2,751,510	)		(5,589,721	)
Total increase (decrease) in net assets resulting from capital share transactions		17,254,810			30,678,975
Total increase (decrease) in net assets		18,831,607			31,299,729
Net assets:
Beginning of period		31,299,729			—
End of period	$	50,131,336		$	31,299,729
Capital share activity:
Shares issued		1,904,095			3,552,733
Shares issued in reinvestment of distributions		29,830			71,049
Shares redeemed		(264,950	)		(552,512	)
Net increase (decrease)		1,668,975			3,071,270
Undistributed net investment income	$	145,952		$	—

ENTERPRISE Accumulation Trust

11

Enterprise Total Return Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2003			For the Period 01/24/02 through 12/31/02
Net asset value, beginning of period	$	10.19		$	10.00
Income from investment operations:
Net investment income (loss)C		0.13			0.34
Net realized and unrealized gain (loss) on investments		0.36			0.35
Total from investment operations		0.49			0.69
Less dividends and distributions:
Dividends from net investment income		(0.10	)		(0.34	)
Distributions from capital gains		—			(0.16	)
Total distributions		(0.10	)		(0.50	)
Net asset value, end of period	$	10.58		$	10.19
Total return		4.83	%B		7.09	%B
Net assets end of period (in thousands)	$	50,131		$	31,300
Ratio of expenses to average net assets		0.65	%A		0.65	%A
Ratio of expenses to average net assets (excluding reimbursement)		0.77	%A		0.96	%A
Ratio of net investment income (loss) to average net assets		2.47	%A		3.46	%A
Portfolio turnover rate		271	%		493	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

ENTERPRISE Accumulation Trust

12

Notes to Financial Statements

June 30, 2003 (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 portfolios contained therein.

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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Total Return Portfolio (the “Portfolio”) in the preparation of its financial statements.

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 official closing price (typically 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 Enterprise Capital Management, Inc. (“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 the Portfolio 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 Portfolio 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. Any foreign denominated assets held by the 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 — The Portfolio may acquire securities subject to repurchase agreements. Under a typical repurchase agreement, the 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, it is the Portfolio’s policy to receive, as collateral, securities whose market value (including interest) is at least equal to the repurchase price. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty, realization or retention of the collateral or proceeds may be subject to legal proceedings.

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it not be able to sell at its 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 Portfolio will be able to do so. In addition, the Portfolio 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.

ENTERPRISE Accumulation Trust

13

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

Written Options — If the Portfolio writes an option, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated as realized gains. 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 (or financial instrument) in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the Portfolio purchases the security (or financial instrument), the cost of the security is reduced by the premium originally received, and no gain or loss is recognized. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

When a portfolio writes a swap option, an amount equal to the premium received by the fund is recorded as a liability and is subsequently adjusted to the current market value of the swap option written. If a call swap option is exercised, the portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put swap option is exercised, the fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing swap options that expire or are exercised are treated as realized gains upon the expiration or exercise of such swap options. The risk associated with writing put and call swap options is that the Portfolio will be obligated to be party to a swap agreement if a swap 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. Generally, upon entering into such a contract, the 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 its investment program, the Portfolio may enter into futures contracts (up to its prospectus defined limitations) to hedge against anticipated future price and interest rate changes. The Total Return Portfolio may also enter into futures contracts for other than hedging purposes. 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.

Foreign Currency Translation — Securities, other assets and liabilities of the Portfolio, if any, whose values are 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 pricing vendor 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. Exchange gains and losses are realized upon ultimate receipt or disbursement. The Portfolio does 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 Currency Exchange Contracts — As part of its investment program, the 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. All commitments are marked to market daily at the applicable translation rates and any resulting realized gains or losses are recorded. Realized gains or losses are recorded at the time the forward contract matures or by delivery of the currency. Risks arise from the possible inability of counterparties to meet their contracts and from movements in currency values.

Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery

ENTERPRISE Accumulation Trust

14

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

purchases are outstanding, the subadviser or the Portfolio will set aside or earmark internally until the settlement date, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Portfolio assumes the rights and risks of ownership, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Forward sales commitments are accounted for by the Portfolio in the same manner as forward currency exchange contracts discussed above.

Swap Agreements — A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or returns to be exchanged or “swapped” between the parties are calculated based on a “notional amount”, which, each business day, is valued to determine each party’s obligation under the contract. Fluctuations in market values are reflected as unrealized gains or losses during the term of the contract.

Risks could arise from entering into swap agreements from the potential inability of counterparties to meet the terms of their contracts, and from the potential inability to enter into a closing transaction. It is possible that developments in the swaps market could affect a fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

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

Short Sales — If the Portfolio engages in a short sale, an amount equal to the proceeds received by the Portfolio are reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market daily to reflect the market value of the short sale. The Portfolio maintains a segregated account of securities as collateral for the liability related to the short sale.

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 is 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, if any, are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The 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 Portfolio intends to continue to qualify as a regulated investment company under Subchapter M of Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

Use of Estimates in Preparation of Financial Statements — Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decreases of net assets from operations during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Portfolio may enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated; however, based on experience, the risk of any loss from such claims is considered remote.

Dividends and Distributions — Dividends and distributions to shareholders from net investment income and net realized capital gains, if any, are declared and paid at least annually. Dividends and distributions are recorded on the ex-dividend date.

ENTERPRISE Accumulation Trust

15

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

3. Transactions with Affiliates

An investment advisory fee is payable monthly to ECM, a wholly-owned subsidiary of MONY Life Insurance Company, and is computed as a percentage of the Portfolio’s average daily net assets as of the close of business each day at the following annual rate: 0.55%. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2003, the Portfolio paid MONY Life Insurance Company $10,985 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 0.65%.

The MONY Group Inc. and its subsidiaries and affiliates had an investment of $5,290,000 in the Portfolio at June 30, 2003.

For the six months ended June 30, 2003, the Portfolio paid no brokerage commissions to affiliates of the adviser or subadviser.

4. Investment Transactions

For the six months ended June 30, 2003, purchases and sales proceeds of investment securities, other than short-term securities, were as follows:

U.S. Government/Agency Obligations				Other Investment Securities
Purchases		Sales		Purchases		Sales
$	46,258,735	$	67,610,517	$	18,154,400	$	13,853,594

Transactions in options written for the six months ended June 30, 2003, were as follows:

	Number of Contracts/Notional Amounts		Premiums Received
Outstanding put and call options written at December 31, 2002	7,100,043		$	95,495
Call options written	20			14,008
Call swap options written	1,600,000			24,576
Call options expired	(18	)		(10,339	)
Call swap options closed	(3,000,000	)		(27,880	)
Put options written	18			5,433
Put options expired	(61	)		(29,333	)
Put swap options expired	(1,400,000	)		(12,950	)
Outstanding put and call options written at June 30, 2003	4,300,002		$	59,010

5. Securities Lending

The Portfolio 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. The lending agent provides the Portfolio with indemnification against losses due to borrower default. The Portfolio bears the risk of loss only with respect to the investment of any cash collateral. Any securities currently out on loan are denoted in the Portfolio of Investments.

The Portfolio generally 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. There was no securities lending activity at June 30, 2003.

ENTERPRISE Accumulation Trust

16

Notes to Financial Statements — (Continued)

June 30, 2003 (Unaudited)

6. Borrowings

The Trust, and another mutual fund advised by ECM 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. The Trust pays an allocated portion of an annual commitment fee equal to 0.10% of the committed amount. The Portfolio had no loans outstanding at any time during the six months ended June 30, 2003.

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 of America. These differences may be due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, net operating losses, 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.

Tax Basis Unrealized Gain (Loss) on Investments and Distributions

At June 30, 2003, 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:

Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain (Loss)
$	66,917,813	$	928,884	$	(134,164	)	$	794,720

ENTERPRISE Accumulation Trust

17

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 (79) Atlanta, GA	Trustee and Audit Committee Member	9	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire (84) Atlanta, GA	Trustee and Audit Committee Chairman	9	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. (63) Atlanta, GA	Trustee	9	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope (69) Macon, GA	Trustee and Audit Committee Member	9	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn (54) Atlanta, GA	Chairman, President & Chief Executive Officer, Trustee	9	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth (57) New York, NY	Trustee	9	Chairman and CEO, The MONY Group Inc.	16	EGF - 22 Funds, EGF plc - 7 Portfolios The MONY Group Inc., Pitney Bowes, Inc., Interpublic Group of Companies, Inc.
Samuel J. Foti (51) New York, NY	Trustee	9	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff (39) Atlanta, GA	Vice President and Chief Financial Officer	8	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson (51) Atlanta, GA	Treasurer and Assistant Secretary	9	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan (47) Atlanta, GA	Secretary	9	Secretary, EGF; Senior Vice President, Secretary and Chief Counsel, ECM and EFD	—	—

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 the Trustees and is available, without charge, upon request by calling 1-800-432-4320.

ENTERPRISE Accumulation Trust

18

Enterprise Accumulation Trust

TOTAL RETURN PORTFOLIO

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 Auditors

PricewaterhouseCoopers LLP

250 West Pratt Street

Suite 2100

Baltimore, Maryland 21201

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

ENTERPRISE Accumulation Trust

19

Item 2.    Code of Ethics.

Not applicable for semi-annual reports.

Item 3.    Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4.    Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Items 5-6.    [Reserved]

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

Not applicable.

Item 8.    [Reserved]

Item 9.    Controls and Procedures.

(a) The registrant’s president/chief executive officer and vp/chief financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s president/chief executive officer and vp/chief financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 10.    Exhibits.

(a	)	(1)	Not required at this time.
(a	)	(2)	Separate certifications by the registrant’s president/chief executive officer and vp/chief financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2)(a) under the Investment Company Act of 1940, are attached.
(b	)		A certification by the registrant’s president/chief executive officer and vp/chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940 is attached.

SIGNATURES

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

Enterprise Accumulation Trust
By:	/s/    Victor Ugolyn
Name:  Victor Ugolyn
Title:    President/Chief Executive Officer
Date:    August 20, 2003

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

By:	/s/    Victor Ugolyn
Name:  Victor Ugolyn
Title:    President/Chief Executive Officer
Date:    August 20, 2003

By:	/s/    Phillip G. Goff
Name:  Phillip G. Goff
Title:    VP/Chief Financial Officer
Date:    August 20, 2003

EX-99.CERT

CERTIFICATION

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Victor Ugolyn, certify that:

1. I have reviewed this report on Form N-CSR of Enterprise Accumulation Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 20, 2003	Sign:	/s/    VICTOR UGOLYN
			Victor Ugolyn President/Chief Executive Officer

CERTIFICATION

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Phillip G. Goff, certify that:

1. I have reviewed this report on Form N-CSR of Enterprise Accumulation Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 20, 2003	Sign:	/s/    PHILLIP G. GOFF
			Phillip G. Goff VP/Chief Financial Officer

EX-99.906CERT

CERTIFICATION

Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the CHIEF EXECUTIVE OFFICER of Enterprise Accumulation Trust (the “Fund”), with respect to the Form N-CSR for the period ended June 30, 2003 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. such Form N-CSR fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

August 20, 2003	/s/    VICTOR UGOLYN
	Victor Ugolyn President/Chief Executive Officer

The undersigned, the CHIEF FINANCIAL OFFICER of Enterprise Accumulation Trust (the “Fund”), with respect to the Form N-CSR for the period ended June 30, 2003 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. such Form N-CSR fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

August 20, 2003	/s/    PHILLIP G. GOFF
	Phillip G. Goff VP/Chief Financial Officer