N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-05543

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, 2004

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 $10.2 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 long-term capital appreciation.

First Half 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 6.07%. The Portfolio outperformed its benchmark, the S&P 500 Index, which returned 3.44%. The Portfolio outperformed its peer group, the Lipper Multi-Cap Growth Funds Index, which returned 4.62%.

How would you describe the investment environment during the period?

While the robust momentum of 2003 seemed to wane a bit during the first quarter of 2004, markets still managed to post positive returns throughout the period. Despite escalating fears of a stalled recovery in the labor market, stocks advanced during the first month of the year as investors chose to focus on rising consumer sentiment and stellar growth within the U.S. merger and acquisition business. The forward progress continued into February. Investors were heartened by news of significant growth in the manufacturing sector and the Fed’s indication that it would remain patient with regard to interest rate hikes. Most equity indices trended higher during the second month of the year, with mid-cap stocks leading the upturn. The positive momentum, however, seemed to slow down in March, with equity indices posting mixed results. While small and mid-cap stocks were able to remain in positive territory during March, large-cap stocks struggled, as geopolitical uncertainty began to weigh on investors. With continued unrest in Israel and Iraq and rising tensions between China and Taiwan, large-cap stocks of all styles trended downward during the final month of the quarter.

Despite a weak start to the second quarter, equity markets managed to post modest gains during the period. As the quarter began, solid fundamentals seemed to be trumped by fear and uncertainty. Despite better-than-expected growth in the housing market and strong earnings news, investors were shaken by escalating violence in Iraq and fears of a looming interest rate hike. Stocks of all sizes and styles trended downward during April. Fortunately, the negative momentum reversed course in May. Investors were heartened by better-than-expected first-quarter GDP growth and news that soaring oil prices had begun to moderate. Stocks moved higher during May, with mid-cap stocks leading the way. The advance continued into June. Despite continued uncertainty in regards the situation in Iraq, stocks rose on strong payroll growth and a large jump in consumer confidence. In addition, the modest 25 basis point interest rate hike on June 30, 2004 helped to relieve investors of some of their fear and uncertainty.

What strategies affected Portfolio performance during the period?

During the first six months of the year, the Portfolio benefited from solid security selection in both the consumer discretionary and information technology sectors along with an under-weighting in the weak Financials sector. At the stock level, performance benefited most positively from positions in Yahoo! Inc., eBay Inc., Broadcom Corp., Research In Motion Ltd. and Biogen. Conversely, the Portfolio was most negatively impacted by positions in Nortel Networks Corp., PeopleSoft Inc., King Pharmaceuticals Inc., Veritas Software Corp. and Millennium Pharmaceuticals Inc. Throughout the six-month period, Alger’s strategy remained uniform. Alger continued to emphasize individual security selection through thorough, internal research conducted by their analysts.

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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 increased to approximately 70 stocks, while the cash position increased to about 4% of net assets. During the same six-month time span, significant additions to the Portfolio included Aetna Inc., Aflac Inc., Netflix Inc., Sirius Satellite Radio Inc. and Tiffany & Co. Significant eliminations included Amgen Inc., Citigroup Inc. and Intel Corp.

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, 2004

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 87.50%
Advertising — 0.94%
Monster Worldwide Inc. (a)	25,300	$	650,716
Aerospace — 0.98%
Lockheed Martin Corporation	13,100		682,248
Biotechnology — 3.33%
Genentech Inc. (a)	25,200		1,416,240
Invitrogen Corporation (a)	12,500		899,875
			2,316,115
Computer Hardware — 1.56%
Cisco Systems Inc. (a)	45,700		1,083,090
Computer Services — 8.08%
Cognizant Technology Solutions (Class A) (a)	25,800		655,578
Juniper Networks Inc. (a) (o)	29,200		717,444
Pixar Inc. (a) (o)	10,900		757,659
Yahoo! Inc. (a)	95,900		3,484,047
			5,614,728
Computer Software — 11.87%
Activision Inc. (a)	43,800		696,420
Microsoft Corporation	77,700		2,219,112
Oracle Corporation (a)	98,800		1,178,684
Palmone Inc. (o)	32,900		1,143,933
Red Hat Inc. (a) (o)	95,200		2,186,744
Take Two Interactive Software (a) (o)	26,700		818,088
			8,242,981
Consumer Services — 2.35%
First Data Corporation	15,100		672,252
Gentex Corporation	12,100		480,128
Priceline Common Inc. (o)	17,800		479,354
			1,631,734
Crude & Petroleum — 0.50%
Peabody Energy Corporation	6,200		347,138
Entertainment & Leisure — 1.56%
Netflix Common Inc. (a) (o)	30,200		1,085,690
Fiber Optics — 2.04%
Corning Inc. (a)	108,600		1,418,316
Finance — 4.48%
Capital One Financial Corporation	14,000		957,320
First Marblehead Corporation	13,600		547,536
MGIC Investment Corporation	15,725		1,192,899
Piper Jaffray Cos (o)	9,200		416,116
			3,113,871
Gaming — 0.49%
International Game Technology	8,800		339,680

	Number of Shares or Principal Amount	Value
Health Care — 2.54%
Aetna Inc.	7,900	$	671,500
Amerigroup Corporation (a)	2,400		118,080
Anthem Inc. (a)	10,900		976,204
			1,765,784
Insurance — 0.96%
AFLAC Inc.	16,300		665,203
Media — 4.26%
Sirius Satellite Radio Inc. (o)	154,300		475,244
Time Warner Inc. (a)	80,000		1,406,400
XM Satellite Radio Holdings Inc. (o)	39,500		1,077,955
			2,959,599
Medical Instruments — 4.96%
Advanced Medical Optics Inc.	13,400		570,438
Boston Scientific Corporation (a)	33,300		1,425,240
Guidant Corporation	1,500		83,820
Varian Medical Systems Inc. (a)	5,500		436,425
Zimmer Holdings Inc. (a)	10,500		926,100
			3,442,023
Medical Services — 6.70%
Biogen Idec Inc. (a)	26,000		1,644,500
Given Imaging (o)	9,900		350,559
Kinetic Concepts Inc.	14,100		703,590
Pacificare Health Systems (o)	18,100		699,746
Quest Diagnostics Inc.	14,800		1,257,260
			4,655,655
Oil Services — 1.98%
EOG Resources Inc.	17,200		1,027,012
National Oilwell Inc.	11,100		349,539
			1,376,551
Pharmaceuticals — 7.05%
Allergan Inc.	12,300		1,101,096
Millennium Pharmaceuticals Inc. (a)	59,000		814,200
OSI Pharmaceuticals Inc. (a) (o)	7,600		535,344
Pfizer Inc.	63,980		2,193,234
Protein Design Labs Inc. (a) (o)	13,300		254,429
			4,898,303
Retail — 8.77%
Aeropostale (a)	23,400		629,694
Bed Bath & Beyond Inc. (a)	18,400		707,480
Coach Inc. (a)	21,000		948,990
eBay Inc. (a)	31,100		2,859,645
Sharper Image Corporation (o)	10,300		323,317
Tiffany & Company	16,800		619,080
			6,088,206

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Enterprise Multi-Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Semiconductors — 8.33%
Applied Materials Inc. (a)	36,800	$	722,016
Broadcom Corporation (Class A) (a)	51,400		2,403,978
Kulicke & Soffa Industries Inc. (a) (o)	78,000		854,880
National Semiconductor Corporation (a)	48,800		1,073,112
Novellus Systems Inc. (a)	23,200		729,408
			5,783,394
Technology — 1.03%
Symbol Technologies Inc.	48,700		717,838
Travel/Entertainment/Leisure — 1.03%
Royal Caribbean Cruises Ltd. (o)	16,400		711,924
Wireless Communications — 1.71%
Sierra Wireless Inc. (o)	20,900		773,927
Spectrasite Inc. (a)	9,500		410,590
			1,184,517
Total Domestic Common Stocks
(Identified cost $51,768,000)			60,775,304
Foreign Stocks — 8.68%
Computer Software — 4.12%
Check Point Software Technologies Ltd. (a)	42,000		1,133,580
Research in Motion Ltd. (a)	25,200		1,724,688
			2,858,268
Electronics — 1.43%
Celestica Inc. (o)	49,800		993,510
Manufacturing — 1.04%
Tyco International Ltd.	21,800		722,452
Pharmaceuticals — 2.09%
QLT Inc. (a) (o)	18,000		360,360
Teva Pharmaceutical Industries Ltd. (ADR)	16,200		1,090,098
			1,450,458
Total Foreign Stocks
(Identified cost $4,809,342)			6,024,688

	Number of Shares or Principal Amount		Value
Short-Term U. S. Government Obligations — 1.43%
Fannie Mae — 1.43%
Discount Notes 1.28% due 11/03/04	$	1,000,000	$	995,555
Total Short-Term U. S. Government Obligations
(Identified cost $995,555)				995,555
Other Investments — 19.20%
Securities Lending Quality Trust (s)		13,335,900		13,335,900
Total Other Investments
(Identified cost $13,335,900)				13,335,900
Repurchase Agreement — 1.71%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/04 Proceeds $1,190,023 Collateral: U.S. Treasury Bond $1,225,000, 3.375% due 11/15/08, Value $1,219,562	$	1,190,000		1,190,000
Total Repurchase Agreement
(Identified cost $1,190,000)				1,190,000
Total Investments
(Identified cost $72,098,797)			$	82,321,447
Other Assets Less Liabilities — (18.52)%				(12,866,111	)
Net Assets — 100%			$	69,455,336

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2004.

(s) Represents investment of cash collateral received from securities on loan (See note 5).

(ADR) American Depository Receipt.

See notes to financial statements.

ENTERPRISE Accumulation Trust

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Enterprise Multi-Cap Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value, including securities loaned valued at $13,341,497 (Note 5)	$	82,321,447
Investment income receivable		3,985
Receivable for fund shares sold		10,706
Receivable for investments sold		982,807
Cash		73
Other assets		1,019
Total assets		83,320,037
Liabilities:
Payable for fund shares redeemed		29,748
Payable for investments purchased		468,340
Payable upon return of securities loaned (Note 5)		13,335,900
Accrued expenses and other liabilities		30,713
Total liabilities		13,864,701
Net assets	$	69,455,336
Analysis of net assets:
Paid-in capital	$	150,040,927
Undistributed (accumulated) net investment income (loss)		(354,457	)
Undistributed (accumulated) net realized gain (loss)		(90,453,784	)
Unrealized appreciation (depreciation)		10,222,650
Net assets	$	69,455,336
Fund shares outstanding		8,832,500
Net asset value per share		$7.86
Investments at cost	$	72,098,797

See notes to financial statements.

ENTERPRISE Accumulation Trust

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Enterprise Multi-Cap Growth Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Dividends (net of foreign taxes withheld of $2,912)	$	106,624
Interest		8,047
Securities lending income		7,524
Total investment income		122,195
Expenses:
Investment advisory fees		345,539
Shareholder servicing fees		103,544
Custodian and fund accounting fees		13,048
Reports to shareholders		2,046
Trustees’ fees		980
Audit and legal fees		8,935
Other expenses		2,560
Total expenses		476,652
Net investment income (loss)		(354,457	)
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		3,995,747
Net change in unrealized gain (loss) on investments		423,775
Net realized and unrealized gain (loss)		4,419,522
Net increase (decrease) in net assets resulting from operations	$	4,065,065

See notes to financial statements.

ENTERPRISE Accumulation Trust

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Enterprise Multi-Cap Growth Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2004			Year Ended December 31, 2003
From operations:
Net investment income (loss)	$	(354,457	)	$	(408,047	)
Net realized gain (loss)		3,995,747			5,810,118
Net change in unrealized gain (loss)		423,775			12,032,737
Increase (decrease) in net assets resulting from operations		4,065,065			17,434,808
Distributions to shareholders from:
Net investment income		—			—
Net realized gains on investments		—			—
Total distributions to shareholders		—			—
From capital share transactions:
Shares sold		3,712,266			8,386,660
Shares redeemed		(6,374,508	)		(10,355,196	)
Total increase (decrease) in net assets resulting from capital share transactions		(2,662,242	)		(1,968,536	)
Total increase (decrease) in net assets		1,402,823			15,466,272
Net assets:
Beginning of period		68,052,513			52,586,241
End of period	$	69,455,336		$	68,052,513
Capital share activity:
Shares issued		483,491			1,265,403
Shares redeemed		(837,274	)		(1,625,577	)
Net increase (decrease)		(353,783	)		(360,174	)
Undistributed net investment income	$	—		$	—

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, 2004			For the Years Ended December 31,												7/15/99 through 12/31/1999
				2003			2002			2001			2000
Net asset value, beginning of period	$	7.41		$	5.51		$	8.43		$	10.15		$	14.63		$	5.00
Income from investment operations:
Net investment income (loss)C		(0.07	)		(0.04	)		(0.05	)		(0.02	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		0.52			1.94			(2.87	)		(1.70	)		(4.45	)		9.64
Total from investment operations		0.45			1.90			(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	$	7.86		$	7.41		$	5.51		$	8.43		$	10.15		$	14.63
Total return		6.07	%B		34.48	%		(34.64	)%		(16.95	)%		(30.59	)%		192.60	%B
Net assets end of period (in thousands)	$	69,455		$	68,053		$	52,586		$	99,957		$	128,714		$	47,960
Ratio of expenses to average net assets		1.38	%A		1.30	%		1.13	%		1.10	%		1.10	%		1.40	%A
Ratio of expenses to average net assets (excluding expense offset arrangements)		1.38	%A		1.30	%		1.13	%		1.10	%		1.10	%		1.52	%A
Ratio of net investment income (loss) to average net assets		(1.03	)%A		(0.68	)%		(0.68	)%		(0.23	)%		(0.13	)%		(0.21	)A
Portfolio turnover		70	%		164	%		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, 2004 (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 amended, as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest 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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 28, 2004.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Multi-Cap Growth Portfolio in the preparation of its financial statements:

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.

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. Portfolio investments in any investment companies, unit investment trusts or similar investment funds are valued daily at their closing net asset values (or unit value) per share on each valuation day. 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

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Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

period. Under each repurchase agreement, it is the Portfolio’s policy to receive, as collateral, U.S. Government or Agency 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 may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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 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 to each Portfolio based on average net assets. The Portfolio may direct certain security trades to brokers who may pay a portion of the commissions for those trades to offset certain expenses of the Portfolio. This amount is reported in the Statement of Operations.

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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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 an annual rate of 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, 2004, the Portfolio paid MONY Life Insurance Company $103,550 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.40%.

For the six months ended June 30, 2004, the Portfolio paid brokerage commissions of $76,990 to affiliates of the adviser and subadviser.

4. Investment Transactions

For the six months ended June 30, 2004, 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
—	—	$	46,984,634	$	51,267,708

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% of the market value of securities loaned. The Portfolio receives a portion of the income

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Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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 Securities Lending Quality Trust (SLQT), a New Hampshire investment trust organized and managed by State Street Bank & Trust, which is limited to investment activities incidental to or in support of the securities lending program organized and managed by State Street Bank & Trust.

6. Borrowings

The Trust and another series of mutual funds 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, 2004.

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. At times, these differences are primarily due to differing treatments for losses deferred due to wash sales.

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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

At June 30, 2004, 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
$	72,098,797	$	11,651,212	$	1,428,562	$	10,222,650

8. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 28, 2004.

ENTERPRISE Accumulation Trust

11

Shareholder Proxy Voting Information (Unaudited)

On June 28, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	9,652,929.187
Votes Against	343,587.619
Votes Abstained	541,826.377
Votes Withheld	7,660,323.681

To approve the Agreement and Plan of Conversion and Termination

Votes For	9,539,258.197
Votes Against	397,962.944
Votes Abstained	601,122.042
Votes Withheld	7,660,323.681

ENTERPRISE Accumulation Trust

12

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

ENTERPRISE Accumulation Trust

13

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

ENTERPRISE Accumulation Trust

14

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

ENTERPRISE Accumulation Trust

15

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

ENTERPRISE Accumulation Trust

16

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 Registered Public Accounting Firm

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 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 $2.4 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 capital appreciation.

First Half 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 1.36%. The Portfolio underperformed its benchmark, the Russell 2000 Index, which returned 6.76%. The Portfolio underperformed its peer group, the Lipper Small-Cap Growth Funds Index, which returned 3.43%.

How would you describe the investment environment during the period?

The second quarter of 2004 continued to exhibit the volatility that began in the first quarter. The market’s skittishness concerning the high-profile events that are occurring this year continued to present a challenging environment for fundamental investors. The dual nominating conventions, the U.S. Presidential election, the war in Iraq, the Olympics and terrorism were some of the non-economic issues being considered by investors. On the economic front, inflation and its counterpart, recession, were, on different occasions, additional reasons for the market being edgy during the period.

What strategies affected Portfolio performance during the period?

The Portfolio’s over-weight positions in the technology, consumer discretionary and healthcare sectors were the primary drags, as the performance spread between growth and value stocks continued to adversely affect the Portfolio’s faster-growing holdings. These sectors underperformed the more prosaic and slower growth sectors during the period, such as energy, basic materials and transportation. Holdings that positively impacted performance for the Portfolio were Ultra Petroleum Corporation, FLIR Systems, Ceradyne, Inc. and Lions Gate Entertainment Corportation. Underperforming holdings were Cray, Inc., NexMed, Inc., Neoware Systems, Inc. and Wilson Greatbatch.

What changes were made to the Portfolio over the period?

Witter continued to boost the Portfolio’s holdings in the faster-growing industry sectors. As the market has become more volatile, Witter continued to opportunistically add to core positions. New purchases in the rapidly-growing healthcare sector included I-Flow Corporation, a maker of infusion systems to administer chemotherapy, anesthesia, and nutritional supplements, which has had positive studies released recently on several of its products. The growth of radio stations catering to niche markets led to the purchase of Salem Communications, the largest Christian radio broadcaster, whose cash flow is growing to near 30% per year. Sales included K-Swiss Corporation, the sneaker company, which began losing market share to Nike, and Telik, a drug development company whose costs were rising as its pipeline of future products looked weaker than expected.

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

1

Enterprise Small Company Growth Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 94.35%
Automotive — 1.03%
Cummins Inc. (o)	400	$	25,000
Hayes Lemmerz International Inc. (o)	56,100		847,110
			872,110
Banking — 3.84%
Cascade Bancorp (o)	26,624		492,012
Hanmi Financial Corporation (o)	51,900		1,531,050
Hudson United Bancorp	33,300		1,241,424
			3,264,486
Biotechnology — 0.55%
Momenta Pharmaceuticals Inc.	52,000		468,000
Broadcasting — 0.89%
Salem Communications Corporation (Class A) (a) (o)	27,900		756,927
Building & Construction — 0.48%
Infrasource Services Inc. (o)	33,000		404,580
Chemicals — 0.50%
Georgia Gulf Corporation	11,900		426,734
Computer Hardware — 3.02%
Dot Hill Systems Corporation (a)	96,000		1,076,160
Integrated Silicon Solution Inc. (a) (o)	56,500		689,865
Mobility Electronics Inc. (a) (o)	94,700		797,374
			2,563,399
Computer Services — 5.14%
Citadel Securities Software Inc. (o)	143,100		440,748
Concur Technologies Inc. (o)	79,300		848,510
Corgentech Inc. (o)	46,600		751,192
Cray Inc. (a) (o)	133,780		885,624
Cyberguard Corporation	44,900		366,384
Intergraph Corporation (o)	18,600		480,996
Ultratech Inc. (o)	36,500		594,220
			4,367,674
Computer Software — 11.85%
Ascential Software Corporation (a) (o)	61,000		975,390
Avid Technology Inc. (a) (o)	32,200		1,757,154
Digital River Inc. (a) (o)	35,600		1,161,628
Kintera Inc. (a) (o)	117,100		1,221,353
Macromedia Inc. (a)	73,600		1,806,880
Neoware Systems Inc. (a) (o)	86,600		716,182
Open Text Corporation (a) (o)	30,700		979,330
Qad Inc. (a) (o)	73,900		784,079
Ultimate Software Group Inc. (o)	65,500		661,550
			10,063,546

	Number of Shares or Principal Amount	Value
Consumer Products — 2.89%
Lecroy Corporation	65,100	$	1,172,451
Yankee Candle Company Inc. (a) (o)	43,900		1,284,075
			2,456,526
Electronics — 3.92%
Ceradyne Inc. (a) (o)	72,000		2,575,440
Veeco Instruments Inc. (a) (o)	29,100		751,071
			3,326,511
Energy — 2.51%
Omi Corporation (o)	179,300		2,133,670
Entertainment & Leisure — 3.64%
Isle of Capri Casinos Inc. (a) (o)	28,000		488,600
Lions Gate Entertainment Corporation (a)	299,300		2,089,114
Shuffle Master Inc. (o)	14,250		517,418
			3,095,132
Finance — 0.73%
E-LOAN Inc. (a) (o)	230,000		621,000
Food, Beverages & Tobacco — 1.69%
Coolbrands International Inc. (a)	87,600		1,433,383
Hotels & Restaurants — 1.38%
Ruby Tuesday Inc. (o)	42,600		1,169,370
Insurance — 1.67%
Ohio Casualty Corporation (a) (o)	70,400		1,417,152
Manufacturing — 1.35%
Gen-Probe Inc. (a)	24,200		1,145,144
Media — 2.04%
Sonic Solutions (a) (o)	81,600		1,734,000
Medical Instruments — 5.48%
Candela Corporation (a) (o)	93,600		917,280
Cytyc Corporation (a) (o)	46,800		1,187,316
Kensey Nash Corporation (a) (o)	24,050		829,725
Martek Biosciences Corporation (o)	14,300		803,231
Nuvasive Inc. (o)	33,200		362,212
Zilog Inc.	50,700		555,672
			4,655,436
Medical Services — 5.33%
Centene Corporation (a) (o)	27,500		1,060,125
Closure Medical Corporation (o)	31,700		795,987
Medcath Corporation	38,700		774,000
Palomar Med Technologies Inc.	39,300		659,847
Radiation Therapy Services Inc. (o)	23,700		336,540
Regeneration Tech Inc. (o)	57,900		621,267
Vasogen Inc. (o)	56,800		275,480
			4,523,246

ENTERPRISE Accumulation Trust

2

Enterprise Small Company Growth Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Metals & Mining — 0.85%
Encore Med Corporation (a) (o)	114,600	$	721,980
Oil Services — 7.68%
Chesapeake Energy Corporation (o)	67,000		986,240
Cimarex Energy Company (a) (o)	45,800		1,384,534
Enterra Energy Trust (m)	28,200		366,318
Jed Oil Inc. (o)	9,600		116,352
Ultra Petroleum Corporation (a) (o)	73,800		2,754,954
Universal Display Corporation (o)	14,500		155,730
Willbros Group Inc. (o)	50,400		759,528
			6,523,656
Pharmaceuticals — 5.58%
Bio Imaging Technologies Inc. (a) (o)	65,600		301,760
Critical Therapeutics Inc. (o)	70,900		496,300
Discovery Partners International Inc. (o)	28,300		144,330
Dusa Pharmaceuticals Inc. (o)	39,975		379,763
I Flow Corporation (o)	28,500		338,010
Ligand Pharmaceuticals Inc. (a) (o)	53,575		931,133
Nabi Biopharmaceuticals (a) (o)	63,500		902,970
Nexmed Inc. (a) (o)	276,800		550,832
Par Pharmaceutical Cos Inc. (o)	19,650		691,876
			4,736,974
Restaurants — 1.22%
Chicago Pizza & Brewery Inc. (a) (o)	68,000		1,034,280
Retail — 7.96%
Aeropostale (a) (o)	46,650		1,255,351
PETCO Animal Supplies Inc. (a) (o)	54,900		1,768,329
Sports Authority Inc. (a) (o)	48,800		1,751,920
Too Inc. (a) (o)	118,900		1,985,630
			6,761,230
Semiconductors — 6.19%
Mattson Technology Inc. (a) (o)	73,600		884,672
MEMC Electronic Materials Inc. (a) (o)	172,000		1,699,360
Mykrolis Corporation (a) (o)	49,000		853,580
Omnivision Technologies Inc. (o)	59,800		953,810
Tessera Technologies Inc. (o)	48,200		868,564
			5,259,986
Technology — 3.35%
Flir Systems Inc. (a) (o)	45,600		2,503,440
Foundry Networks Inc. (a) (o)	24,200		340,494
			2,843,934
Telecommunications — 0.53%
Symmetricom Inc. (o)	50,300		447,670

	Number of Shares or Principal Amount		Value
Transportation — 0.18%
Vitran Corporation Inc. (a)		9,400	$	154,630
Wireless Communications — 0.88%
Alvarion Ltd. (o)		56,000		743,680
Total Domestic Common Stocks
(Identified cost $72,950,274)				80,126,046
Foreign Stocks — 1.28%
Pharmaceuticals — 1.28%
Angiotech Pharmaceuticals Inc. (a) (o)		54,100		1,090,115
Total Foreign Stocks
(Identified cost $1,085,719)				1,090,115
Other Investments — 25.40%
Other Investments — 25.40%
Securities Lending Quality Trust(s)		21,575,181		21,575,181
Total Other Investments
(Identified cost $21,575,181)				21,575,181
Repurchase Agreement — 4.16%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/04 Proceeds $3,532,069 Collateral: U.S. Treasury Bond $3,615,000, 2.5% due 05/31/06, Value $3,613,617	$	3,532,000		3,532,000
Total Repurchase Agreement
(Identified cost $3,532,000)				3,532,000
Total Investments
(Identified cost $99,143,174)			$	106,323,342
Other Assets Less Liabilities — (25.19)%				(21,396,874	)
Net Assets — 100%			$	84,926,468

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2004.

(s) Represents investment of cash collateral received from securities on loan (See Note 5).

See notes to financial statements.

ENTERPRISE Accumulation Trust

3

Enterprise Small Company Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value, including securities loaned valued at $20,816,104 (Note 5)	$	106,323,342
Investment income receivable		23,737
Receivable for fund shares sold		56
Receivable for investments sold		1,020,989
Due from investment adviser		5,053
Cash		982
Other assets		1,336
Total assets		107,375,495
Liabilities:
Payable for fund shares redeemed		187,040
Payable for investments purchased		649,480
Payable upon return of securities loaned (Note 5)		21,575,181
Accrued expenses and other liabilities		37,326
Total liabilities		22,449,027
Net assets	$	84,926,468
Analysis of net assets:
Paid-in capital	$	92,003,472
Undistributed (accumulated) net investment income (loss)		(425,881	)
Undistributed (accumulated) net realized gain (loss)		(13,831,301	)
Unrealized appreciation (depreciation)		7,180,178
Net assets	$	84,926,468
Fund shares outstanding		11,383,374
Net asset value per share		$7.46
Investments at cost	$	99,143,174

See notes to financial statements.

ENTERPRISE Accumulation Trust

4

Enterprise Small Company Growth Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Dividends (net of foreign taxes withheld of $1,732)	$	81,637
Interest		20,284
Securities lending income		26,614
Total investment income		128,535
Expenses:
Investment advisory fees		426,474
Shareholder servicing fees		127,822
Custodian and fund accounting fees		14,570
Reports to shareholders		2,544
Trustees’ fees		1,187
Audit and legal fees		11,051
Other expenses		3,276
Total expenses		586,924
Expense reimbursement		(32,508	)
Total expenses, net of reimbursement		554,416
Net investment income (loss)		(425,881	)
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		4,209,953
Net realized gain (loss) on foreign currency transactions		3,787
Net change in unrealized gain (loss) on investments		(2,675,155	)
Net realized and unrealized gain (loss)		1,538,585
Net increase (decrease) in net assets resulting from operations	$	1,112,704

See notes to financial statements.

ENTERPRISE Accumulation Trust

5

Enterprise Small Company Growth Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2004			Year Ended December 31, 2003
From operations:
Net investment income (loss)	$	(425,881	)	$	(739,556	)
Net realized gain (loss) on investments and foreign currency transactions		4,213,740			(10,208,991	)
Net change in unrealized gain (loss) on investments		(2,675,155	)		26,244,280
Increase (decrease) in net assets resulting from operations		1,112,704			15,295,733
Distributions to shareholders from:
Net investment income		—			—
Net realized gains on investments		—			—
Total distributions to shareholders		—			—
From capital share transactions:
Shares sold		7,627,165			15,994,308
Shares redeemed		(7,709,993	)		(13,596,652	)
Total increase (decrease) in net assets resulting from capital share transactions		(82,828	)		2,397,656
Total increase (decrease) in net assets		1,029,876			17,693,389
Net assets:
Beginning of period		83,896,592			66,203,203
End of period	$	84,926,468		$	83,896,592
Capital share activity:
Shares issued		1,016,261			2,528,730
Shares redeemed		(1,031,896	)		(2,207,919	)
Net increase (decrease)		(15,635	)		320,811
Undistributed net investment income	$	—		$	—

See notes to financial statements.

ENTERPRISE Accumulation Trust

6

Enterprise Small Company Growth Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2004			For the Years Ended December 31,
				2003			2002			2001			2000			1999
Net asset value, beginning of period	$	7.36		$	5.98		$	7.87		$	8.60		$	8.50		$	5.46
Income from investment operations:
Net investment income (loss)C		(0.07	)		(0.07	)		(0.05	)		(0.05	)		(0.03	)		(0.05	)
Net realized and unrealized gain (loss) on investments		0.17			1.45			(1.84	)		(0.38	)		0.20	E		3.09
Total from investment operations		0.10			1.38			(1.89	)		(0.43	)		0.17			3.04
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	$	7.46		$	7.36		$	5.98		$	7.87		$	8.60		$	8.50
Total return		1.36	%B		23.08	%		(24.02	)%		(3.80	)%		1.90	%		55.68	%
Net assets end of period (in thousands)	$	84,926		$	83,897		$	66,203		$	82,591		$	82,061		$	23,429
Ratio of expenses to average net assets		1.30	%A		1.29	%		1.12	%		1.10	%		1.11	%		1.40	%
Ratio of expenses to average net assets (excluding reimbursement)		1.38	%A		1.29	%		1.12	%		1.10	%		1.11	%		1.55	%
Ratio of net investment income (loss) to average net assets		(1.00	)%A		(1.03	)%		(0.79	)%		(0.62	)%		(0.32	)%		(0.81	)%
Portfolio turnover		69	%		85	%		37	%		40	%		47	%		37	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

^E 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.

ENTERPRISE Accumulation Trust

7

Notes to Financial Statements

June 30, 2004 (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 amended, as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest 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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 28, 2004.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Small Company Growth Portfolio in the preparation of its financial statements:

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.

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-thecounter 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. Portfolio investments in any investment companies, unit investment trusts or similar investment funds are valued daily at their closing net asset values (or unit value) per share on each valuation day. 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, U.S. Government or Agency securities whose market value (including interest) is at least equal to the repurchase price. In the event of default

ENTERPRISE Accumulation Trust

8

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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 may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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 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 to each Portfolio 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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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 an annual rate of 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, 2004, the Portfolio paid MONY Life Insurance Company $127,854 for these services. ECM has voluntarily agreed to limit the Portfolios’ expense ratio to 1.30%.

4. Investment Transactions

For the six months ended June 30, 2004, 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
—	—	$	56,005,586	$	54,711,540

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% 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

9

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

The Portfolio generally receives cash as collateral for securities lending. The cash is invested in the Securities Lending Quality Trust (SLQT), a New Hampshire investment trust, organized and managed by State Street Bank & Trust, which is limited to investment activities incidental to or in support of the securities lending program organized and managed by State Street Bank & Trust.

6. Borrowings

The Trust and another series of mutual funds 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, 2004.

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. At times, these differences are primarily due to differing treatments for net operating losses and capital loss carryforwards utilized.

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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

At June 30, 2004, 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
$	99,143,174	$	13,075,401	$	5,895,233	$	7,180,168

8. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 28, 2004.

ENTERPRISE Accumulation Trust

10

Shareholder Proxy Voting Information (Unaudited)

On June 28, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	12,252,318.334
Votes Against	376,083.705
Votes Abstained	854,246.633
Votes Withheld	9,419,157.122

To approve the Agreement and Plan of Conversion and Termination

Votes For	12,198,356.165
Votes Against	387,794.855
Votes Abstained	896,497.652
Votes Withheld	9,419,157.122

ENTERPRISE Accumulation Trust

11

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

ENTERPRISE Accumulation Trust

12

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

ENTERPRISE Accumulation Trust

13

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

ENTERPRISE Accumulation Trust

14

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

ENTERPRISE Accumulation Trust

15

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 Registered Public Accounting Firm

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

16

Enterprise Small Company Value Portfolio

SUBADVISER’S COMMENTS

GAMCO Investors, Inc.

Rye, New York

Investment Management

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

GAMCO Investors, Inc. (“Gabelli”), which manages approximately $28.3 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 maximum capital appreciation.

First Half 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 7.73%. The Portfolio outperformed its benchmark, the Russell 2000 Index, which returned 6.76%. The Portfolio outperformed its peer group, the Lipper Small-Cap Value Funds Index, which returned 7.70%.

How would you describe the investment environment during the period?

The economy has benefited from fiscal stimulus and the extraordinarily liquid monetary policy pursued by the Fed. Corporate earnings were strong. GDP grew about 5% over the past year and profit growth has been 25% or more. Returns were tempered by the belief that the economy will most likely slow to a more sustainable growth rate. Small company stocks had a solid half, despite challenges from interest rate increases, further turmoil and prisoner abuse scandals in Iraq, continued high oil prices, concern over a rise in inflation and uncertainty about the upcoming election.

What strategies affected Portfolio performance during the period?

Small-cap stocks continued to outperform in 2004, with the Russell 2000 Index outpacing both the Dow Jones Industrials and the S&P 500 Index by substantial margins. After the exceptional performance of more speculative small-caps in 2003, investors have been gravitating to higher quality, more reasonably valued small companies.

The period saw success in many industrial stocks, including those companies in the automotive aftermarket business. Other winners came from telecommunications, media, and clothing stocks. The Portfolio has held under-weight positions in both financial services and technology stocks. This strategy helped Portfolio performance in the period as both industry groups did poorly with the rise in interest rates. One year ago, the yield on the ten-year Treasury note was approximately 3.1%, and at the end of the first half of 2004 it was around 4.7%.

What changes were made to the Portfolio over the period?

During the period the Portfolio added shares of several mobile home manufacturers. With the aging of the population, Gabelli believes one of the industries likely to benefit is recreational vehicles — motor homes, travel trailers, and campers. It is a cyclical business, somewhat sensitive to interest rates, but it may benefit from an aging population. A subset of this business is mobile homes. Rising interest rates may make it a relative advantage to own a mobile home as a starter unit. The industry is also undergoing consolidation. The Portfolio also increased holdings in food companies Hain Celestial and International Multifoods, which were bought by JM Smucker for cash and 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

1

Enterprise Small Company Value Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 95.52%
Advertising — 0.07%
Interep National Radio Sales Inc. (a)	48,000	$	52,800
MDC Partners Inc (o)	20,000		240,000
			292,800
Aerospace — 6.04%
AAR Corporation (a) (o)	30,000		340,500
Ametek Inc.	174,000		5,376,600
Curtiss-Wright Corporation (Class B) (o)	22,000		1,182,940
Curtiss-Wright Corporation (o)	42,000		2,359,980
GenCorp Inc. (o)	313,000		4,191,070
Kaman Corporation (Class A) (o)	170,000		2,378,300
Lockheed Martin Corporation	12,000		624,960
Moog Inc. (Class A) (a)	53,000		1,966,830
Sequa Corporation (Class A) (a)	69,000		4,034,430
Sequa Corporation (Class B)	43,000		2,569,250
			25,024,860
Apparel & Textiles — 0.60%
Hartmarx Corporation (a)	235,000		1,480,500
Levcor International Inc. (a)	51,347		110,396
Wolverine World Wide Inc. (o)	34,000		892,500
			2,483,396
Automotive — 8.41%
A. O. Smith Corporation (Class A)	12,000		372,000
A. O. Smith Corporation (o)	18,000		572,220
Aaron Rents Inc. (Class A)	1,500		45,345
ArvinMeritor Inc.	20,000		391,400
BorgWarner Inc.	128,000		5,602,560
Clarcor Inc.	195,000		8,931,000
Earl Scheib Inc. (a) (f)	240,000		746,400
Federal-Mogul Corporation (a) (o)	60,000		17,400
Midas Inc. (a)	220,000		3,828,000
Modine Manufacturing Company	203,500		6,481,475
Navistar International Corporation (a)	43,000		1,666,680
Raytech Corporation (a) (o)	27,000		44,820
Standard Motor Products Inc. (o)	241,000		3,549,930
Tenneco Automotive Inc. (a)	150,000		1,984,500
United Auto Group Inc. (o)	20,000		613,000
			34,846,730
Banking — 0.67%
Sterling Bancorp (o)	100,000		2,762,000
Biotechnology — 0.23%
Invitrogen Corporation (a)	13,000		935,870

	Number of Shares or Principal Amount	Value
Broadcasting — 4.19%
Acme Communications Inc. (a) (o)	51,000	$	351,900
Beasley Broadcast Group Inc. (Class A) (a) (o)	87,500		1,309,000
Cumulus Media Inc. (Class A) (a)	10,005		168,184
Fisher Communications Inc. (a)	60,000		3,019,800
Granite Broadcasting Corporation (a)	180,000		126,000
Gray Television Inc.	250,000		3,472,500
Liberty Media Corporation (Class A) (a)	156,000		1,402,440
Lin Tv Corporation (a) (o)	15,000		318,000
Nexstar Broadcasting Group Inc. (Class A) (a) (o)	20,000		219,600
Paxson Communications Corporation (a) (o)	345,000		1,121,250
Salem Communications Corporation (Class A) (a)	115,000		3,119,950
UnitedGlobalCom Inc. (Class A) (a)	179,648		1,304,244
World Wrestling Federation Entertainment Inc. (o)	10,000		127,500
Young Broadcasting Inc. (Class A) (a) (o)	100,000		1,315,000
			17,375,368
Building & Construction — 3.24%
Cavalier Homes Inc.	30,000		160,500
Cavco Industries Incorporated (o)	19,000		754,300
Champion Enterprises Incorporated (o)	70,000		642,600
Core Materials Corporation (a)	166,000		556,100
Fleetwood Enterprises Inc. (a) (o)	100,000		1,455,000
Hughes Supply Inc.	1,000		58,930
Huttig Building Products Inc. (a)	45,444		349,010
Monaco Coach Corporation (a) (o)	50,000		1,408,500
Rollins Inc.	327,500		7,535,775
Skyline Corporation (o)	12,000		487,800
Southern Energy Homes Inc.	9,400		38,540
			13,447,055
Business Services — 1.62%
Chemed Corp (o)	75,000		3,637,500
Edgewater Technology Inc. (a) (o)	220,000		1,361,800
Marketwatch Common Inc.	30,000		351,900
Nashua Corporation (a)	82,700		801,363
National Processing Inc. (a)	20,000		575,000
			6,727,563
Cable — 1.18%
Cablevision Systems Corporation (Class A) (a)	185,000		3,635,250
Lamson & Sessions Company (a)	120,000		964,800
Liberty Media International Inc.	7,800		289,380
			4,889,430

ENTERPRISE Accumulation Trust

2

Enterprise Small Company Value Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Chemicals — 3.02%
Albemarle Corporation	4,000	$	126,600
Church & Dwight Company Inc.	50,000		2,289,000
Cytec Industries Inc. (a)	5,000		227,250
Ferro Corporation	100,000		2,668,000
Great Lakes Chemical Corporation (o)	132,000		3,571,920
Hercules Inc. (a)	100,000		1,219,000
MacDermid Inc.	15,000		507,750
Newmarket Corp (o)	18,000		386,460
Omnova Solutions Inc. (a)	250,000		1,525,000
			12,520,980
Computer Services — 0.19%
Startek Inc.	4,000		143,200
Tyler Technologies Inc. (a) (o)	25,000		236,500
Xanser Corporation (a)	175,000		430,500
			810,200
Computer Software — 0.01%
OpenTV Corporation (Class A) (a) (o)	19,000		39,520
Conglomerates — 0.09%
Harbor Global Company Ltd. (a)	40,000		380,000
Consumer Durables — 0.03%
Noel Group Liquidating Trust Units (a) (d) (g) (m)	135,000		—
Oneida Ltd. (o)	80,000		129,600
			129,600
Consumer Products — 0.81%
Delaware Laboratories Inc.	2,000		62,040
Elizabeth Arden Inc. (a) (o)	20,000		420,800
New England Business Service Inc. (o)	31,500		1,386,000
Revlon Inc. (Class A) (a) (o)	77,005		227,165
Scotts Company (a)	3,000		191,640
Sola International Inc. (a) (o)	35,000		603,050
TL Administration Corporation	85,000		2,210
WD-40 Company (o)	15,000		449,100
			3,342,005
Drugs & Medical Products — 0.42%
Owens & Minor Inc.	20,000		518,000
Thermo Electron Corporation (a)	40,000		1,229,600
			1,747,600
Electrical Equipment — 4.47%
Ampco-Pittsburgh Corporation (o)	130,000		1,671,800
Baldor Electric Company (o)	90,000		2,101,500
C&D Technologies Inc.	5,000		89,150
National Presto Industries Inc. (o)	10,400		428,792
SL Industries Inc.	84,000		924,840
Thomas & Betts Corporation (a) (o)	220,000		5,990,600
Thomas Industries Inc.	220,000		7,304,000
			18,510,682

	Number of Shares or Principal Amount	Value
Electronics — 0.57%
CTS Corporation (o)	100,000	$	1,206,000
Monolithic Systems Technology Inc. (a)	25,000		188,250
Park Electrochemical Corporation	38,000		959,500
			2,353,750
Energy — 0.94%
AES Corporation (a)	30,000		297,900
Aquila Inc.	250,000		890,000
El Paso Electric Company (a) (o)	160,000		2,470,400
SEMCO Energy Inc. (o)	40,000		232,800
			3,891,100
Entertainment & Leisure — 3.98%
Churchill Downs Inc. (o)	66,400		2,702,480
Dover Downs Gaming & Entertainment Inc. (o)	75,000		843,750
Dover Motorsports Inc. (o)	120,000		480,000
E.W. Scripps Company (Class A)	20,000		2,100,000
Gaylord Entertainment Company (a) (o)	218,000		6,843,020
K2 Inc. (a) (o)	26,000		408,200
Magna Entertainment Corporation (Class A) (a) (o)	110,000		649,000
Sinclair Broadcast Group Inc. (Class A) (a) (o)	155,000		1,591,850
Six Flags Inc. (a) (o)	100,000		726,000
Thor Industries Inc.	4,000		133,840
			16,478,140
Finance — 1.15%
BKF Capital Group Inc.	44,000		1,278,200
Interactive Data Corporation (a)	140,000		2,438,800
SWS Group Inc. (o)	70,000		1,071,000
			4,788,000
Food, Beverages & Tobacco — 5.90%
Boston Beer Inc. (Class A) (a) (o)	34,000		684,760
Corn Products International Inc. (o)	70,000		3,258,500
Del Monte Foods Company (a)	61,000		619,760
Flowers Foods Inc.	173,000		4,523,950
Hain Celestial Group Inc. (a) (o)	12,000		217,200
Ingles Markets Inc. (Class A)	145,000		1,619,650
J & J Snack Foods Corporation (a) (o)	2,000		81,660
John B. Sanfilippo & Son Inc. (a) (o)	1,000		26,720
PepsiAmericas Inc.	90,000		1,911,600
Ralcorp Holdings Inc. (a)	67,000		2,358,400
Robert Mondavi Corporation (Class A) (a)	42,000		1,554,840
Sensient Technologies Corporation (o)	145,000		3,114,600
Tootsie Roll Industries Inc.	107,120		3,481,400
Weis Markets Inc.	29,000		1,016,450
			24,469,490

ENTERPRISE Accumulation Trust

3

Enterprise Small Company Value Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Gaming — 0.34%
Lakes Entertainment Inc. (a) (o)	120,000	$	1,390,800
Health Care — 0.02%
Viasys Healthcare Inc. (a)	3,500		73,185
Hotels & Restaurants — 2.83%
Aztar Corporation (a)	185,000		5,180,000
Boca Resorts Inc. (a) (o)	147,000		2,913,540
Caesars Entertainment Inc.(a)	30,000		450,000
Louisiana Quinta Corporation (a)	130,000		1,092,000
Marcus Corporation	1,000		17,250
The Steak n Shake Company (a) (o)	50,000		911,000
Triarc Companies Inc. (Class A) (o)	40,000		413,200
Triarc Companies Inc. (Class B) (o)	70,000		711,900
Trump Hotels & Casino Resorts Inc. (a) (o)	5,000		12,100
Wyndham International Inc. (a)	30,000		30,000
			11,730,990
Insurance — 3.34%
Argonaut Group Inc. (o)	115,000		2,119,450
Danielson Holding Corporation (a) (o)	133,650		923,518
Liberty Corporation	142,000		6,666,900
Midland Company	140,000		4,151,000
			13,860,868
Life Insurance — 0.01%
The Phoenix Companies Inc. (o)	3,500		42,875
Machinery — 5.22%
AGCO Corporation (a)	35,000		712,950
Baldwin Technology Company Inc. (Class A)	239,500		857,410
CNH Global	5,000		103,200
Fairchild Corporation (Class A) (a) (o)	250,000		1,070,000
Flowserve Corporation (a)	75,000		1,870,500
Franklin Electric Company Inc. (o)	74,000		2,794,240
IDEX Corporation	105,000		3,606,750
Katy Industries Inc. (a)	160,000		782,400
Paxar Corporation (a) (o)	140,000		2,732,800
Robbins & Myers Inc.	2,000		44,900
Standex International Corporation (o)	55,000		1,496,000
Tennant Company (o)	36,000		1,492,200
The Gorman-Rupp Company (o)	20,500		556,985
Watts Industries Inc. (Class A)	130,000		3,503,500
			21,623,835
Manufacturing — 11.40%
Acuity Brands Inc.	50,000		1,350,000
Aviall Inc. (a) (o)	100,000		1,901,000
Barnes Group Inc. (o)	42,000		1,217,160
Belden Inc. (o)	90,000		1,928,700
Crane Company	100,000		3,139,000
Cuno Inc. (a)	62,000		3,307,700

	Number of Shares or Principal Amount	Value
Donaldson Company Inc.	40,000	$	1,172,000
Energizer Holdings Inc. (a)	65,000		2,925,000
Esco Technologies Inc. (a)	1,500		80,040
Fedders Corporation (o)	665,000		2,892,750
Gentek Inc. (a) (d) (m)	15,000		—
Gerber Scientific Inc. (a) (o)	30,000		211,800
GP Strategies Corporation (a) (o)	10,000		65,900
Graco Inc.	138,000		4,284,900
Graftech International Ltd. (o) (a)	130,000		1,359,800
Industrial Distribution Group Inc. (a)	70,000		574,770
MagneTek Inc. (a) (o)	70,000		583,800
Material Sciences Corporation (a) (o)	190,000		2,023,500
Mathews International Corporation (Class A)	10,000		329,400
Myers Industries Inc. (o)	140,000		1,974,000
Oil-Dri Corporation of America (f)	237,500		3,966,250
Park Ohio Holdings Corporation (a)	200,000		2,360,000
Precision Castparts Corporation	110,000		6,015,900
Roper Industries Inc. (o)	30,000		1,707,000
Strattec Security Corporation (a) (o)	25,000		1,710,750
Tredegar Inds Incorporated (o)	10,000		161,300
			47,242,420
Media — 2.31%
Gemstar-TV Guide International Inc. (a) (o)	200,000		960,000
Media General Inc. (Class A)	134,000		8,605,480
			9,565,480
Medical Instruments — 1.60%
Edwards Lifesciences Corporation (a) (o)	30,000		1,045,500
Exactech Inc. (a) (o)	34,000		737,800
ICU Medical Inc. (a) (o)	9,000		301,770
INAMED Corporation (a)	19,000		1,194,150
Kensey Nash Corporation (a) (o)	2,500		86,250
Schick Technologies Inc (o)	3,400		45,730
Sybron Dental Specialties (a)	101,000		3,014,850
Thoratec Corporation (a) (o)	10,000		107,300
Young Innovations	4,000		101,600
			6,634,950
Medical Services — 0.61%
CIRCOR International Inc.	60,000		1,223,400
Inverness Medical Innovations Inc. (a) (o)	30,000		657,000
Regeneration Tech Inc. (o)	25,000		268,250
Vitalworks Inc. (o)	110,000		380,600
			2,529,250
Metals & Mining — 0.01%
WHX Corporation (a) (o)	15,000		24,300

ENTERPRISE Accumulation Trust

4

Enterprise Small Company Value Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Multi-Line Insurance — 0.54%
Alleghany Corporation (a)	7,792	$	2,236,304
Neutraceuticals — 0.40%
Weider Nutrition International Inc. (a)	350,000		1,641,500
Oil Services — 0.12%
RPC Inc. (o)	25,000		394,750
W-H Energy Services Inc. (a) (o)	5,000		98,000
			492,750
Paper Products — 1.13%
Greif Brothers Corporation (Class A)	96,400		4,072,900
Schweitzer Mauduit International Inc.	20,000		612,600
			4,685,500
Printing & Publishing — 5.94%
A.H. Belo Corporation (Class A)	105,000		2,819,250
Journal Register Company (a)	80,000		1,600,000
Lee Enterprises Inc.	60,000		2,880,600
McClatchy Company (Class A)	97,000		6,804,550
Meredith Corporation	55,000		3,022,800
Penton Media Inc. (a) (o)	100,000		41,000
Pulitzer Inc. (o)	92,000		4,498,800
Thomas Nelson Inc. (o)	57,000		1,296,180
Topps Company Inc. (o)	170,000		1,649,000
			24,612,180
Property-Casualty Insurance — 0.13%
CNA Surety Corporation (o)	48,500		531,075
Publishing — 0.26%
PRIMEDIA Inc. (a) (o)	388,600		1,080,308
Real Estate — 0.68%
Griffin Land & Nurseries Inc. (a) (o)	112,000		2,805,600
Retail — 2.27%
Big 5 Sporting Goods Corporation (a)	5,000		130,950
Blockbuster Inc. (Class A) (o)	3,000		45,540
Burlington Coat Factory Warehouse Corporation (o)	90,000		1,737,000
Gander Mtn Co (o)	3,000		68,850
Movado Group Inc.	6,000		103,500
Neiman-Marcus Group (Class B) (a)	140,000		7,264,600
School Specialty Inc. (a) (o)	2,000		72,620
			9,423,060
Telecommunications — 2.32%
Andrew Corporation (a) (o)	37,000		740,370
Atlantic Tele-Network Inc.	10,000		321,000
ATX Communications Inc. (a)	30,000		1,800

	Number of Shares or Principal Amount	Value
Cincinnati Bell Inc. (a)	300,000	$	1,332,000
Citizens Communications Company (a) (o)	100,000		1,210,000
Commonwealth Telephone Enterprises Inc. (a) (o)	73,378		3,285,133
Communications Systems Inc. (a)	78,500		628,785
D&E Communications Inc. (o)	49,000		657,580
Nextel Partners Inc. (a) (o)	45,000		716,400
Plantronics Inc. (a)	5,000		210,500
Qwest Communications International Inc.	10,000		35,900
Rural Celluar Corporation (a) (o)	55,000		487,850
			9,627,318
Transportation — 1.41%
GATX Corporation	180,000		4,896,000
Oshkosh Truck Corporation	6,000		343,860
TransPro Inc. (a) (o)	105,000		604,800
			5,844,660
Travel/Entertainment/Leisure — 0.03%
Bowlin Travel Centers Inc. (a)	70,000		112,000
Utilities — 2.01%
AGL Resources Inc.	19,000		551,950
Allegheny Energy Inc. (o)	30,000		462,300
CH Energy Group Inc. (o)	46,000		2,136,240
Duquesne Light Holdings Inc. (o)	130,000		2,510,300
ONEOK Inc.	40,000		879,600
Westar Energy Inc.	90,000		1,791,900
			8,332,290
Waste Management — 1.14%
Allied Waste Industries Inc. (a) (o)	150,000		1,977,000
Republic Services Inc.	95,000		2,749,300
			4,726,300
Wireless Communications — 1.62%
Centennial Communications Corporation (a) (o)	55,000		393,250
Dobson Communications Corporation (a) (o)	5,000		16,300
Nextel Communications Inc. (Class A) (a)	10,000		266,600
Price Communications Corporation (a)	168,000		2,479,680
United States Cellular Corporation (a)	25,000		963,750
Western Wireless Corporation (Class A) (a) (o)	90,000		2,601,900
			6,721,480
Total Domestic Common Stocks
(Identified cost $285,510,871)			395,837,417

ENTERPRISE Accumulation Trust

5

Enterprise Small Company Value Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Foreign Stocks — 1.91%
Aerospace — 0.03%
Embraer Empresa Brasileira de Aeronautica (ADR) (o)		4,000	$	114,360
Cable — 0.11%
Rogers Communications Inc. (Class B) (o)		25,000		453,250
Hotels & Restaurants — 0.32%
Kerzner International Ltd. (a) (o)		28,000		1,331,680
Medical Instruments — 0.05%
Orthofix International (o)		5,000		213,650
Metals & Mining — 0.20%
Barrick Gold Corporation		35,000		691,250
Kinross Gold Corporation		28,167		156,608
				847,858
Telecommunications — 0.63%
Vimpel-Communications (ADR) (a) (o)		27,000		2,604,150
Wireless Communications — 0.57%
Rogers Wireless Communications (Class B) (a)		86,600		2,342,530
Total Foreign Stocks
(Identified cost $3,828,038)				7,907,478
Short-Term U. S. Government Obligations — 1.94%
United States Treasury Bill 0.945% due 07/22/04 (e)	$	8,019,000		8,014,580
Total Short-Term U. S. Government Obligations
(Identified cost $8,014,580)				8,014,580
Other Investments — 12.83%
Securities Lending Quality Trust(s)		53,183,761		53,183,761
Total Other Investments
(Identified cost $53,183,761)				53,183,761

	Number of Shares or Principal Amount		Value
Repurchase Agreement — 0.61%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/04 Proceeds $2,532,049 Collateral: U.S. Treasury Note $2,350,000, 6.25% due 02/15/07, Value $2,643,217	$	2,532,000	$	2,532,000
Total Repurchase Agreement
(Identified cost $2,532,000)				2,532,000
Total Investments
(Identified cost $353,069,250)			$	467,475,236
Other Assets Less Liabilities — (12.81)%				(53,067,654	)
Net Assets — 100%			$	414,407,582

(a) Non-income producing security.

(d) Security is fair valued at June 30, 2004

(e) The rate shown is the current effective yield.

(f) Considered as affiliated company as the Portfolio owns more than 5% of the outstanding voting securities of such company. The total market value of such investments at June 30, 2004 was $4,712,650.

(g) Restricted securities held at June 30, 2004 were as follows:

							Aggregate
Description	Date of Acquisition	Number of Units	Unit Cost		Fair Value per Unit		Cost	Value		Percent of Net Assets
Noel Group Liquidating Trust Units	10/08/98	135,000	$	0.81	$	0.00	109,688	$	0	0.00	%

(m) Illiquid security.

(o) Security, or portion thereof, out on loan at June 30, 2004

(s) Represents investment of cash collateral received from securities on loan (See Note 5).

(ADR) American Depository Receipt.

See notes to financial statements.

ENTERPRISE Accumulation Trust

6

Enterprise Small Company Value Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value, including securities loaned valued at $52,327,314 (Note 5)	$	467,475,236
Investment income receivable		306,584
Receivable for fund shares sold		28,423
Receivable for investments sold		959,166
Cash		546
Other assets		6,125
Total assets		468,776,080
Liabilities:
Payable for fund shares redeemed		720,637
Payable for investments purchased		290,548
Payable upon return of securities loaned (Note 5)		53,183,761
Accrued expenses and other liabilities		173,552
Total liabilities		54,368,498
Net assets	$	414,407,582
Analysis of net assets:
Paid-in capital	$	296,892,123
Undistributed (accumulated) net investment income (loss)		522,291
Undistributed (accumulated) net realized gain (loss)		2,587,170
Unrealized appreciation (depreciation)		114,405,998
Net assets	$	414,407,582
Fund shares outstanding		16,328,289
Net asset value per share		$25.38
Investments at cost	$	353,069,250

See notes to financial statements.

ENTERPRISE Accumulation Trust

7

Enterprise Small Company Value Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Dividends	$	2,609,777
Interest		55,953
Securities lending income		46,525
Total investment income		2,712,255
Expenses:
Investment advisory fees		1,614,100
Shareholder servicing fees		605,734
Custodian and fund accounting fees		50,914
Reports to shareholders		12,122
Trustees’ fees		5,735
Audit and legal fees		52,399
Other expenses		15,768
Total expenses		2,356,772
Net investment income (loss)		355,483
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		6,520,682
Net realized gain (loss) on foreign currency transactions		28
Net change in unrealized gain (loss) on investments		23,180,588
Net realized and unrealized gain (loss)		29,701,298
Net increase (decrease) in net assets resulting from operations	$	30,056,781

See notes to financial statements.

ENTERPRISE Accumulation Trust

8

Enterprise Small Company Value Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2004			Year Ended December 31, 2003
From operations:
Net investment income (loss)	$	355,483		$	47,321
Net realized gain (loss)		6,520,710			4,633,996
Net change in unrealized gain (loss)		23,180,588			103,903,308
Increase (decrease) in net assets resulting from operations		30,056,781			108,584,625
Distributions to shareholders from:
Net investment income		—			(347,947	)
Net realized gains on investments		—			—
Total distributions to shareholders		—			(347,947	)
From capital share transactions:
Shares sold		19,496,523			31,257,317
Reinvestment of distributions		—			347,947
Shares redeemed		(32,059,867	)		(49,372,332	)
Total increase (decrease) in net assets resulting from capital share transactions		(12,563,344	)		(17,767,068	)
Total increase (decrease) in net assets		17,493,437			90,469,610
Net assets:
Beginning of period		396,914,145			306,444,535
End of period	$	414,407,582		$	396,914,145
Capital share activity:
Shares issued		797,662			1,616,741
Shares issued in reinvestment of distributions		—			16,506
Shares redeemed		(1,313,060	)		(2,651,871	)
Net increase (decrease)		(515,398	)		(1,018,624	)
Undistributed net investment income	$	522,291		$	166,808

See notes to financial statements.

ENTERPRISE Accumulation Trust

9

Enterprise Small Company Value Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
	(Unaudited) Six Months Ended June 30, 2004			For the Years Ended December 31,
				2003			2002			2001			2000			1999
Net asset value, beginning of period	$	23.56		$	17.16		$	19.59		$	26.19		$	31.45		$	27.36
Income from investment operations:
Net investment income (loss)C		0.04			0.00	D		0.03			0.08			0.07			0.04
Net realized and unrealized gain (loss) on investments		1.78			6.42			(1.87	)		0.21			0.71			6.27
Total from investment operations		1.82			6.42			(1.84	)		0.29			0.78			6.31
Less dividends and distributions:
Dividends from net investment income		—			(0.02	)		(0.07	)		(0.07	)		(0.05	)		(0.16	)
Distributions from capital gains		—			—			(0.52	)		(6.82	)		(5.99	)		(2.06	)
Total distributions		—			(0.02	)		(0.59	)		(6.89	)		(6.04	)		(2.22	)
Net asset value, end of period	$	25.38		$	23.56		$	17.16		$	19.59		$	26.19		$	31.45
Total return		7.73	%B		37.43	%		(9.25	)%		5.25	%		2.52	%		24.02	%
Net assets end of period (in thousands)	$	414,408		$	396,914		$	306,445		$	359,481		$	351,270		$	455,563
Ratio of expenses to average net assets		1.17	%A		1.08	%		0.92	%		0.90	%		0.89	%		0.84	%
Ratio of net investment income (loss) to average net assets		0.18	%A		0.01	%		0.14	%		0.35	%		0.23	%		0.12	%
Portfolio turnover		5	%		8	%		10	%		29	%		41	%		23	%

^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

10

Notes to Financial Statements

June 30, 2004 (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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 28, 2004.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Small Company Value Portfolio in the preparation of its financial statements:

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.

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. Portfolio investments in any investment companies, unit investment trusts or similar investment funds are valued daily at their closing net asset values (or unit value) per share on each valuation day. 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.

ENTERPRISE Accumulation Trust

11

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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.

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 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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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 an annual rate of 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, 2004, the Portfolio paid MONY Life Insurance Company $605,774 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.30%.

For the six months ended June 30, 2004, the Portfolio paid brokerage commissions of $83,245 to affiliates of the adviser and subadviser.

4. Investment Transactions

For the six months ended June 30, 2004, 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
—	—	$	19,765,810	$	29,423,656

ENTERPRISE Accumulation Trust

12

Notes to Financial Statements — (Continued)

June 30, 2004 (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 Securities Lending Quality Trust (SLQT), a New Hampshire investment trust, organized and managed by State Street Bank & Trust, which is limited to investment activities incidental to or in support of the securities lending program organized and managed by State Street Bank and Trust.

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. There were no loans outstanding at any time during the six months ended June 30, 2004.

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. At times, these differences are primarily due to differing treatments for capital loss carryforwards utilized, net operating losses, losses deferred due to wash sales and investments in certain types of partnerships.

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.

At June 30, 2004, 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
$353,069,250	$	134,157,141	$	19,751,155	$	114,405,986

8. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 28, 2004.

ENTERPRISE Accumulation Trust

13

Shareholder Proxy Voting Information (Unaudited)

On June 28, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	17,235,672.294
Votes Against	841,021.582
Votes Abstained	1,175,797.763
Votes Withheld	13,871,767.105

To approve the Agreement and Plan of Conversion and Termination

Votes For	17,112,961.190
Votes Against	890,830.076
Votes Abstained	1,248,700.373
Votes Withheld	13,871,767.105

ENTERPRISE Accumulation Trust

14

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

ENTERPRISE Accumulation Trust

15

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

ENTERPRISE Accumulation Trust

16

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

ENTERPRISE Accumulation Trust

17

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

ENTERPRISE Accumulation Trust

18

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 Registered Public Accounting Firm

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

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 $34.5 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 maximum capital appreciation.

First Half 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 1.43%. The Portfolio underperformed its benchmark, the S&P 500 Index, which returned 3.44%. The Portfolio underperformed its peer group, the Lipper Large-Cap Growth Funds Index, which returned 2.18%.

How would you describe the investment environment during the period?

Higher beta (i.e., smaller- and medium-capitalization companies) and “value” represented the market leaders during the period. Energy was the best-performing economic sector, followed by industrials and consumer staples. All sectors of the S&P 500 Index actually managed to post a positive return, although overall gains were modest in nature. Five sectors experienced increases of 2% or less. The weakest-performing sector was information technology.

In terms of industry-level returns, there was a considerably greater degree of performance dispersion. Some of the best performing industries were household and personal products and hotel/leisure, whereas some of the worst performing industries were semiconductors and media.

What strategies affected Portfolio performance during the period?

Positive factors impacting performance as compared to the S&P 500 Index included an over-weighted posture in health care equipment and services investments benefited investment results. Individual positions (e.g., Zimmer Holdings, UnitedHealth Group, Boston Scientific, and Quest Diagnostics) were among the Portfolio’s better-performing holdings during the period. In addition, biotechnology holding Genentech was a solid performer for the period. Hotel positions (e.g., Four Seasons Hotels, Mandalay Resort Group) were among the Portfolio’s better-performing holdings during the period. Select positions (e.g., Qualcomm) in the technology hardware and equipment industry also positively impacted performance

Factors that negatively impacted performance included certain holdings in the retailing industry, such as Tiffany & Co. and Amazon. An under-weighted posture in energy also negatively impacted performance. Semiconductor holdings such as Intel fell in value prior to being sold during the period, while Samsung also declined for the period. Certain holdings in the Capital Goods industry, including Caterpillar and Lockheed-Martin, also underperformed. Telecommunications services company Nextel Communications, Ryanair Holdings, a regional airline, Forest Laboratories, a biotechnology company and Comcast Corporation, a media company all declined during the period in which they were owned.

ENTERPRISE Accumulation Trust

1

Enterprise Capital Appreciation Portfolio

SUBADVISER’S COMMENTS — (Continued)

What changes were made to the Portfolio over the period?

From the perspective of economic sector distribution, there was not a great deal of change to the Portfolio’s overall “complexion” during the period. Information technology positions were decreased early in the period, then modestly increased. Meanwhile, allocations to sectors such as Industrials and health care rose modestly. As of June 30, 2004 the Portfolio’s largest sector positions were: health care, consumer discretionary, information technology, financials, and industrials. The Portfolio had no holdings in energy, utilities, and telecommunications Services, and a minimal allocation to materials, as of June 30, 2004.

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 Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2004

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 94.29%
Aerospace — 0.60%
General Dynamics Corporation	205	$	20,357
Honeywell International Inc.	8,159		298,864
			319,221
Banking — 0.18%
UCBH Holdings Inc.	2,421		95,678
Biotechnology — 6.75%
Genentech Inc. (a)	63,816		3,586,459
Building & Construction — 1.84%
Lennar Corporation (Class A)	18,757		838,813
Lennar Corporation (Class B)	3,416		141,525
			980,338
Business Services — 0.54%
Automatic Data Processing Inc.	6,800		284,784
Chemicals — 0.32%
Monsanto Company	4,468		172,018
Computer Services — 1.98%
Dell Inc. (a)	29,334		1,050,744
Computer Software — 3.27%
Electronic Arts Inc. (a)	13,970		762,063
Microsoft Corporation	34,100		973,896
			1,735,959
Consumer Products — 5.45%
Nike, Inc. (Class B)	15,476		1,172,307
Procter & Gamble Company	31,632		1,722,046
			2,894,353
Electrical Equipment — 4.07%
General Electric Company	66,818		2,164,903
Finance — 6.98%
Goldman Sachs Group Inc.	10,845		1,021,165
SLM Corporation	66,432		2,687,175
			3,708,340
Food, Beverages & Tobacco — 2.44%
PepsiCo Inc.	24,028		1,294,629
Health Care — 5.54%
UnitedHealth Group Inc.	47,294		2,944,051
Hotels & Restaurants — 6.56%
Four Season Hotels Inc. (o)	31,874		1,919,134
Mandalay Resort Group	10,808		741,861
Starbucks Corporation (a)	16,860		733,073
Wynn Resorts Ltd. (a) (o)	2,334		90,162
			3,484,230
Machinery — 3.13%
Caterpillar Inc.	20,951		1,664,347

	Number of Shares or Principal Amount	Value
Medical Instruments — 9.41%
Boston Scientific Corporation (a)	33,817	$	1,447,368
Medtronic Inc.	20,006		974,692
St. Jude Medical Inc. (a)	5,356		405,181
Zimmer Holdings Inc. (a)	24,597		2,169,456
			4,996,697
Medical Services — 1.58%
Quest Diagnostics Inc.	9,875		838,881
Misc. Financial Services — 10.72%
Citigroup Inc.	55,716		2,590,794
Countrywide Financial Corporation	21,679		1,522,950
Merrill Lynch & Company Inc.	29,244		1,578,591
			5,692,335
Real Estate — 1.29%
M.D.C. Holdings Inc.	10,778		685,588
Retail — 11.06%
Bed Bath & Beyond Inc. (a)	4,700		180,715
CVS Corporation	10,035		421,671
eBay Inc. (a)	10,715		985,244
Lowe’s Companies Inc.	29,045		1,526,315
Tiffany & Company	50,637		1,865,973
Wal-Mart Stores Inc.	16,923		892,858
			5,872,776
Telecommunications — 5.34%
QUALCOMM Inc.	38,865		2,836,368
Transportation — 2.30%
FedEx Corporation	14,962		1,222,246
Travel/Entertainment/Leisure — 1.24%
Royal Caribbean Cruises Ltd. (o)	15,184		659,137
Wireless Communications — 1.70%
Motorola Inc.	49,611		905,401
Total Domestic Common Stocks
(Identified cost $37,574,592)			50,089,483
Foreign Stocks — 4.51%
Drugs & Medical Products — 0.55%
Roche Holdings-Genusschein	2,957		292,574
Electronics — 2.77%
Samsung Electronics (GDR) (144A)	3,560		1,469,598
Manufacturing — 1.19%
Tyco International Ltd.	19,031		630,687
Total Foreign Stocks
(Identified cost $2,497,742)			2,392,859

ENTERPRISE Accumulation Trust

3

Enterprise Capital Appreciation Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

June 30, 2004

	Number of Shares or Principal Amount	Value
Other Investments — 4.63%
Securities Lending Quality Trust (s)	2,458,486	$	2,458,486
Total Other Investments
(Identified cost $2,458,486)			2,458,486
Total Investments
(Identified cost $42,530,820)		$	54,940,828
Other Assets Less Liabilities — (3.43)%			(1,820,541	)
Net Assets — 100%		$	53,120,287

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2004.

(s) Represents investment of cash collateral received from securities on loan (See Note 5).

(GDR) Global Depository Receipt.

See notes to financial statements.

ENTERPRISE Accumulation Trust

4

Enterprise Capital Appreciation Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value, including securities loaned valued at $2,437,571 (Note 5)	$	54,940,828
Foreign currency at value (cost — $1,711)		1,700
Investment income receivable		27,783
Receivable for fund shares sold		3,250
Receivable for investments sold		645,057
Other assets		945
Total assets		55,619,563
Liabilities:
Payable for fund shares redeemed		13,648
Payable upon return of securities loaned (Note 5)		2,458,486
Accrued expenses and other liabilities		27,142
Total liabilities		2,499,276
Net assets	$	53,120,287
Analysis of net assets:
Paid-in capital	$	65,769,202
Undistributed (accumulated) net investment income (loss)		(39,759	)
Undistributed (accumulated) net realized gain (loss)		(25,019,157	)
Unrealized appreciation (depreciation)		12,410,001
Net assets	$	53,120,287
Fund shares outstanding		8,320,608
Net asset value per share		$6.38
Investments at cost	$	42,530,820

See notes to financial statements.

ENTERPRISE Accumulation Trust

5

Enterprise Capital Appreciation Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Dividends (net of foreign taxes withheld of $1,521)	$	248,571
Interest		2,509
Securities lending income		4,222
Total investment income		255,302
Expenses:
Investment advisory fees		202,056
Shareholder servicing fees		80,757
Custodian and fund accounting fees		11,246
Reports to shareholders		1,569
Trustees’ fees		743
Audit and legal fees		6,878
Other expenses		2,260
Total expenses		305,509
Expenses reduced by expense offset arrangements		(10,448	)
Total expenses, net of expense offset arrangements		295,061
Net investment income (loss)		(39,759	)
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		2,118,051
Net realized gain (loss) on foreign currency transactions		(15,216	)
Net change in unrealized gain (loss) on investments		(1,249,569	)
Net realized and unrealized gain (loss)		853,266
Net increase (decrease) in net assets resulting from operations	$	813,507

See notes to financial statements.

ENTERPRISE Accumulation Trust

6

Enterprise Capital Appreciation Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2004			Year Ended December 31, 2003
From operations:
Net investment income (loss)	$	(39,759	)	$	(121,799	)
Net realized gain (loss)		2,102,835			412,254
Net change in unrealized gain (loss)		(1,249,569	)		13,333,370
Increase (decrease) in net assets resulting from operations		813,507			13,623,825
Distributions to shareholders from:
Net investment income		—			—
Net realized gains		—			—
Total distributions to shareholders		—			—
From capital share transactions:
Shares sold		1,841,906			4,814,225
Reinvestment of distributions		—			—
Shares redeemed		(4,172,261	)		(7,414,686	)
Total increase (decrease) in net assets resulting from capital share transactions		(2,330,355	)		(2,600,461	)
Total increase (decrease) in net assets		(1,516,848	)		11,023,364
Net assets:
Beginning of period		54,637,135			43,613,771
End of period	$	53,120,287		$	54,637,135
Capital share activity:
Shares issued		291,015			875,125
Shares redeemed		(660,895	)		(1,412,643	)
Net increase (decrease)		(369,880	)		(537,518	)
Undistributed net investment income	$	—		$	—

See notes to financial statements.

ENTERPRISE Accumulation Trust

7

Enterprise Capital Appreciation Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
	(Unaudited) Six Months Ended June 30, 2004			For the Years Ended December 31,
				2003			2002			2001			2000			1999
Net asset value, beginning of period	$	6.29		$	4.73		$	5.69		$	7.09		$	8.65		$	5.57
Income from investment operations:
Net investment income (loss)C		(0.01	)		(0.01	)		(0.01	)		0.00	D		0.05			(0.03	)
Net realized and unrealized gain (loss) on investments		0.10			1.57			(0.95	)		(1.36	)		(1.20	)		3.11
Total from investment operations		0.09			1.56			(0.96	)		(1.36	)		(1.15	)		3.08
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	$	6.38		$	6.29		$	4.73		$	5.69		$	7.09		$	8.65
Total return		1.43	%B		32.98	%		(16.87	)%		(19.11	)%		(13.82	)%		55.30	%
Net assets end of period (in thousands)	$	53,120		$	54,637		$	43,614		$	57,542		$	72,982		$	33,129
Ratio of expenses to average net assets (excluding expense offset arrangements)		1.13	%A		1.05	%		0.88	%		0.87	%		0.86	%		1.16	%
Ratio of expenses to average net assets		1.10	%A		1.01	%		0.87	%		0.86	%		0.86	%		1.16	%
Ratio of net investment income (loss) to average net assets		(0.15	)%A		(0.26	)%		(0.15	)%		(0.04	)%		0.62	%		(0.41	)%
Portfolio turnover		49	%		75	%		109	%		115	%		123	%		247	%

^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, 2004 (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 amended, as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest 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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 28, 2004.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Capital Appreciation Portfolio in the preparation of its financial statements:

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.

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. Portfolio investments in any investment companies, unit investment trusts or similar investment funds are valued daily at their closing net asset values (or unit value) per share on each valuation day. 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.

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, U.S. Government or Agency 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

9

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

Illiquid Securities — At times, the Portfolio may hold, up to its SEC or prospectus defined limitations, illiquid securities that it may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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.

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 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 to each Portfolio based on average net assets. The Portfolio may direct certain security trades to brokers who may pay a portion of the commissions for those trades to offset certain expenses of the Portfolio. This amount is reported in the Statement of Operations.

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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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 an annual rate of 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, 2004, the Portfolio paid MONY Life Insurance Company $80,761 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.30%.

ENTERPRISE Accumulation Trust

10

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

4. Investment Transactions

For the six months ended June 30, 2004, 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
—	—	$	26,255,667	$	28,553,756

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 Securities Lending Quality Trust (SLQT), a New Hampshire investment trust, organized and managed by State Street Bank & Trust, which is limited to investment activities incidental to or in support of the securities lending program organized and managed by State Street Bank & Trust.

6. Borrowings

The Trust and another series of mutual funds 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, 2004.

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. At times, these differences are primarily due to differing treatments for foreign currency transactions, capital loss carryforwards utilized, net operating losses, losses deferred due to wash sales and distributions from real estate investment trusts.

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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

At June 30, 2004, 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
$42,530,820	$	12,902,870	$	492,862	$	12,410,008

8. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 28, 2004.

ENTERPRISE Accumulation Trust

11

Shareholder Proxy Voting Information (Unaudited)

On June 28, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	8,959,621.739
Votes Against	437,922.390
Votes Abstained	547,109.593
Votes Withheld	7,204,709.990

To approve the Agreement and Plan of Conversion and Termination

Votes For	8,945,691.043
Votes Against	442,778.613
Votes Abstained	556,184.066
Votes Withheld	7,204,709.990

ENTERPRISE Accumulation Trust

12

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

ENTERPRISE Accumulation Trust

13

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

ENTERPRISE Accumulation Trust

14

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

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15

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

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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 Registered Public Accounting Firm

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 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 $424 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 total return through capital appreciation with income as a secondary consideration.

First Half 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 2.13%. The Portfolio underperformed its benchmark, the Russell 1000 Value Index, which returned 3.93%. The Portfolio underperformed its peer group, the Lipper Large-Cap Value Funds Index, which returned 3.49%.

How would you describe the investment environment during the period?

Unlike the first quarter of 2004 when most of the focus was on the jobless U.S. economic recovery, investors spent much of the second quarter worrying about inflation. Keyed by strengthening employment data and stubbornly high oil prices, inflation surprised on the upside. In response, the Fed raised interest rates during their June meeting, ostensibly marking an end to an era of nearly 25 years of generally falling interest rates. U.S. equity markets spent most of the second quarter in a waiting mode in anticipation of the Fed’s meeting.

What strategies affected Portfolio performance during the period?

For the six-month period, relative performance was negatively impacted by stock selection in the information technology and materials sectors. Within information technology, weak performing holdings included Applied Materials, Inc. and Teradyne. Meanwhile, in the materials sector, the Portfolio’s holding in aluminum manufacturer Alcoa detracted from performance for the period. Stock selection in the health care and the consumer staples sectors, however was additive to Portfolio performance for the period. Within health care, C.R. Bard Corporation and Beckman Coulter were both good performers due to strong earnings results. In consumer staples, holdings such as Coca Cola Enterprises and CVS were strong contributors to performance.

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Enterprise Deep Value Portfolio

SUBADVISER’S COMMENTS — (Continued)

What changes were made to the Portfolio over the period?

During the six-month period, the largest sector shifts were an increase in the Portfolio’s benchmark relative over-weight to the health care sector and an increase in an under-weight position in the telecommunication services sector. From a stock specific perspective, the Portfolio initiated a position in Wyeth Pharmaceuticals, as anticipated negative litigation news came to pass, while Wyeth’s strong drug portfolio and pipelines were being ignored. Wellington also added to the Portfolio’s position in Caterpillar, where earnings have been outstanding and should be sustainable as most of its customers are healthy. Wellington also initiated a position in General Dynamics as defense stocks in general had been weak, believing the company’s Gulfstream subsidiary should benefit from improvements in capital spending and business confidence. Wellington initiated a position in electric utility TXU, as moves by new management have driven improvement in profitability. These purchases were funded by sales of holdings that had achieved Wellington’s price objectives, including shares of Republic Services, Stancorp Financial, and a trimming of the strong performer CR Bard. Lastly, Wellington trimmed the position in ExxonMobil Corporation, as oil prices appeared unsustainably high and Wellington did not want to be over-weight the energy sector when oil prices peeled back.

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 Deep Value Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 90.64%
Aerospace — 0.36%
General Dynamics Corporation	200	$	19,860
Automotive — 1.52%
General Motors Corporation	1,780		82,930
Banking — 10.62%
Bank of America Corporation	2,600		220,012
Bank One Corporation	1,150		58,650
National City Corporation	4,440		155,444
SunTrust Banks Inc.	800		51,992
Wells Fargo & Company	1,650		94,430
			580,528
Cable — 2.08%
Comcast Corporation (Class A) (a)	4,110		113,477
Chemicals — 2.40%
Du Pont (E. I.) de Nemours & Company	2,950		131,039
Computer Hardware — 1.72%
Hewlett-Packard Company	2,370		50,007
International Business Machines Corporation	500		44,075
			94,082
Consumer Products — 1.70%
Kimberly-Clark Corporation	720		47,434
Nike, Inc. (Class B)	600		45,450
			92,884
Crude & Petroleum — 5.72%
ChevronTexaco Corporation	450		42,349
Exxon Mobil Corporation	6,090		270,457
			312,806
Electrical Equipment — 0.73%
Emerson Electric Company	630		40,037
Electronics — 0.83%
Rockwell Automation Inc.	1,210		45,387
Energy — 2.98%
Exelon Corporation	2,140		71,241
Progress Energy Inc.	610		26,870
TXU Corporation	1,600		64,816
			162,927
Finance — 0.72%
Goldman Sachs Group Inc.	420		39,547

	Number of Shares or Principal Amount	Value
Food, Beverages & Tobacco — 4.11%
Coca-Cola Enterprises Inc.	1,820	$	52,762
Kellogg Company	2,890		120,946
PepsiCo Inc.	950		51,186
			224,894
Health Care — 1.15%
Anthem Inc. (a)	700		62,692
Hotels & Restaurants — 2.15%
McDonald’s Corporation	4,520		117,520
Insurance — 0.14%
Marsh & McLennan Companies Inc.	170		7,715
Machinery — 2.83%
Caterpillar Inc.	1,950		154,908
Manufacturing — 0.88%
Illinois Tool Works Inc.	500		47,945
Media — 2.64%
Time Warner Inc. (a)	8,210		144,332
Medical Instruments — 1.37%
Beckman Coulter Inc.	630		38,430
C.R. Bard Inc.	640		36,256
			74,686
Medical Services — 1.55%
Baxter International Inc.	2,450		84,550
Metals & Mining — 3.43%
Alcoa Inc.	5,670		187,280
Misc. Financial Services — 7.11%
Citigroup Inc.	5,360		249,240
Fannie Mae	830		59,229
Morgan Stanley Dean Witter & Company	1,520		80,210
			388,679
Multi-Line Insurance — 1.02%
Principal Financial Group	1,600		55,648
Oil Services — 1.26%
ConocoPhillips	900		68,661
Paper & Forest Products — 1.79%
Weyerhaeuser Company	1,550		97,836
Pharmaceuticals — 5.56%
Pfizer Inc.	6,870		235,504
Wyeth	1,900		68,704
			304,208

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Enterprise Deep Value Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Property-Casualty Insurance — 3.32%
Chubb Corporation	420	$	28,635
St. Paul Companies Inc.	3,770		152,836
			181,471
Retail — 3.94%
CVS Corporation	2,890		121,438
Dollar General Corporation	4,810		94,083
			215,521
Savings and Loan — 0.61%
Washington Mutual Inc.	860		33,230
Semiconductors — 7.88%
Applied Materials Inc. (a)	7,620		149,505
Intel Corporation	4,300		118,680
Teradyne Inc. (a)	7,150		162,305
			430,490
Telecommunications — 1.99%
BellSouth Corporation	1,810		47,458
SBC Communications Inc.	2,530		61,353
			108,811
Transportation — 3.28%
CSX Corporation	2,830		92,739
Southwest Airlines Company	5,160		86,533
			179,272
Utilities — 1.25%
Dominion Resources Inc.	660		41,633
National Fuel Gas Company	40		1,000
PPL Corporation	230		10,557
SCANA Corporation	420		15,275
			68,465
Total Domestic Common Stocks
(Identified cost $4,621,401)			4,954,318

	Number of Shares or Principal Amount		Value
Foreign Stocks — 8.34%
Insurance — 0.34%
ACE Ltd.		440	$	18,603
Manufacturing — 3.79%
Tyco International Ltd.		6,250		207,125
Oil Services — 4.21%
Shell Transport & Trading Company (ADR)		5,150		230,205
Total Foreign Stocks
(Identified cost $365,760)				455,933
Repurchase Agreement — 2.00%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/04 Proceeds $109,002 Collateral: U.S. Treasury Bond $105,000, 6.125% due 08/15/07, Value $118,487	$	109,000		109,000
Total Repurchase Agreement
(Identified cost $109,000)				109,000
Total Investments
(Identified cost $5,096,161)			$	5,519,251
Other Assets Less Liabilities — (0.98)%				(53,357	)
Net Assets — 100%			$	5,465,894

(a) Non-income producing security.

(ADR) American Depository Receipt.

See notes to financial statements.

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Enterprise Deep Value Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value	$	5,519,251
Investment income receivable		1,829
Receivable for investments sold		12,680
Due from investment adviser		2,164
Cash		117
Other assets		51
Total assets		5,536,092
Liabilities:
Payable for fund shares redeemed		3,523
Payable for investments purchased		62,666
Accrued expenses and other liabilities		4,009
Total liabilities		70,198
Net assets	$	5,465,894
Analysis of net assets:
Paid-in capital	$	4,888,137
Undistributed (accumulated) net investment income (loss)		24,896
Undistributed (accumulated) net realized gain (loss)		129,771
Unrealized appreciation (depreciation)		423,090
Net assets	$	5,465,894
Fund shares outstanding		438,550
Net asset value per share		$12.46
Investments at cost	$	5,096,161

See notes to financial statements.

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5

Enterprise Deep Value Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Dividends (net of foreign taxes withheld of $725)	$	50,437
Interest		384
Total investment income		50,821
Expenses:
Investment advisory fees		18,517
Custodian and fund accounting fees		8,245
Reports to shareholders		170
Trustees’ fees		77
Audit and legal fees		714
Shareholder servicing fees		2,978
Other expenses		228
Total expenses		30,929
Expense reimbursement		(5,004	)
Total expenses, net of reimbursement		25,925
Net investment income (loss)		24,896
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		98,491
Net change in unrealized gain (loss) on investments		(10,172	)
Net realized and unrealized gain (loss)		88,319
Net increase (decrease) in net assets resulting from operations	$	113,215

See notes to financial statements.

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Enterprise Deep Value Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2004			For the Period May 1, 2003(1) through December 31, 2003
From operations:
Net investment income (loss)	$	24,896		$	17,272
Net realized gain (loss)		98,491			57,104
Net change in unrealized gain (loss)		(10,172	)		433,262
Increase (decrease) in net assets resulting from operations		113,215			507,638
Distributions to shareholders from:
Net investment income		—			(17,982	)
Net realized gains		—			(25,114	)
Total distributions to shareholders		—			(43,096	)
From capital share transactions:
Shares sold		1,154,342			5,088,555
Reinvestment of distributions		—			14,066
Shares redeemed		(167,434	)		(1,201,392	)
Total increase (decrease) in net assets resulting from capital share transactions		986,908			3,901,229
Total increase (decrease) in net assets		1,100,123			4,365,771
Net assets:
Beginning of period		4,365,771
End of period	$	5,465,894		$	4,365,771
Capital share activity:
Shares issued		94,085			463,649
Shares issued in reinvestment of distributions		—			1,179
Shares redeemed		(13,521	)		(106,842	)
Net increase (decrease)		80,564			357,986
Undistributed net investment income	$	24,896		$	—

(1) Commencement of operations.

See notes to financial statements.

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Enterprise Deep Value Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2004			For the Period May 1, 2003 through December 31, 2003
Net asset value, beginning of period	$	12.20		$	10.00
Income from investment operations:
Net investment income (loss)C		0.07			0.07
Net realized and unrealized gain (loss)		0.19			2.25
Total from investment operations		0.26			2.32
Less dividends and distributions:
Dividends from net investment income		—			(0.05	)
Distributions from capital gains		—			(0.07	)
Total distributions		—			(0.12	)
Net asset value, end of period	$	12.46		$	12.20
Total return		2.13	%B		23.27	%B
Net assets end of period (in thousands)	$	5,466		$	4,354
Ratio of expenses to average net assets		1.05	%A		1.05	%A
Ratio of expenses to average net assets (excluding reimbursement)		1.25	%A		1.69	%A
Ratio of net investment income (loss) to average net assets		1.01	%A		1.23	%A
Portfolio turnover rate		18	%		23	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

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8

Notes to Financial Statements

June 30, 2004 (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 amended, as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest 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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 28, 2004.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Deep Value Portfolio in the preparation of its financial statements:

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.

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, U.S. Government or Agency 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

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9

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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 may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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 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 to each Portfolio 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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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 an annual rate of 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, 2004, the Portfolio paid MONY Life Insurance Company $3,143 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 $2,908,447 in the Portfolio at June 30, 2004.

4. Investment Transactions

For the six months ended June 30, 2004, 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
—	—	$	1,980,245	$	887,820

5. Borrowings

The Trust and another series of mutual funds 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 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, 2004.

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Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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. At times, these differences are primarily due to differing treatments for losses deferred due to wash sales.

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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

At June 30, 2004, 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
$	5,096,161	$	460,263	$	37,173	$	423,090

7. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 28, 2004.

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Shareholder Proxy Voting Information (Unaudited)

On June 28, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	431,526.275
Votes Against	19,701.521
Votes Abstained	927.387
Votes Withheld	363,395.009

To approve the Agreement and Plan of Conversion and Termination

Votes For	414,853.007
Votes Against	32,488.732
Votes Abstained	4,813.444
Votes Withheld	363,395.009

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Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

ENTERPRISE Accumulation Trust

13

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

ENTERPRISE Accumulation Trust

14

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President, and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

ENTERPRISE Accumulation Trust

15

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

ENTERPRISE Accumulation Trust

16

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 Registered Public Accounting Firm

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 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 $94.3 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 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 7.05%. The Portfolio outperformed its benchmark, the S&P 500 Index, which returned 3.44%. The Portfolio outperformed its peer group, the Lipper Large-Cap Growth Funds Index, which returned 2.18%.

How would you describe the investment environment during the period?

For the first six months of 2004, the markets took a breather after a very strong advance in 2003, with investors generally sold on rallies, such that sector rotations were of both short duration and a limited upside. The best performing sectors were those that benefited from upward earnings revisions. These sectors were energy, materials and industrials. Also, throughout the first half of the year, corporate growth exceeded consensus expectations, but multiplies contracted with the anticipation and realization of rising interest rates.

What strategies affected Portfolio performance during the period?

As in the past, TCW was able to distinguish themselves through stock selection, particularly with Portfolio holdings in the information technology and consumer discretionary sectors. TCW continued to invest in companies with sustainable competitive advantages that TCW believes can enjoy long-lived and open-ended growth opportunities. Some of the Portfolio’s better relative performers included the likes of QUALCOMM Inc., Starbucks Corporation, Wal-Mart Stores, Yahoo! Inc. and eBay Inc. Finally, a class action lawsuit settlement from Waste Management, Inc. added approximately 0.29% to the Portfolio’s performance for the period.

What changes were made to the Portfolio over the period?

During the six-month period the Portfolio’s positions in Medimmune Inc., Microsoft Corporation, Southwest Airlines Co. and Viacom Corporation were sold. During the period, positions in Apollo Group and XM Satellite Radio were initiated.

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 Equity Portfolio

PORTFOLIO OF INVESTMENTS — (Unaudited)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 99.58%
Biotechnology — 9.44%
Amgen Inc. (a)	153,200	$	8,360,124
Genentech Inc. (a)	327,360		18,397,632
			26,757,756
Computer Hardware — 2.54%
Cisco Systems Inc. (a)	303,600		7,195,320
Computer Services — 19.24%
Dell Inc. (a)	293,900		10,527,498
Network Appliance Inc. (a)	575,385		12,388,039
Pixar Inc. (a) (o)	126,600		8,799,966
Yahoo! Inc. (a)	628,400		22,829,772
			54,545,275
Consumer Durables — 1.61%
Harley-Davidson Inc.	73,800		4,571,172
Education — 2.27%
Apollo Group Inc. (Class A) (a)	73,000		6,445,170
Electrical Equipment — 1.93%
General Electric Company	168,800		5,469,120
Hotels & Restaurants — 4.13%
Starbucks Corporation (a)	269,000		11,696,120
Insurance — 11.29%
AFLAC Inc.	196,600		8,023,246
Progressive Corporation	281,285		23,993,611
			32,016,857
Media — 3.33%
XM Satellite Radio Holdings Inc. (o)	346,265		9,449,572
Misc. Financial Services — 1.44%
Charles Schwab Corporation	423,430		4,069,162
Multi-Line Insurance — 1.81%
American International Group Inc.	72,150		5,142,852
Pharmaceuticals — 3.22%
Eli Lilly & Company	130,500		9,123,255
Retail — 17.40%
Amazon.com Inc. (a)	364,230		19,814,112
eBay Inc. (a)	201,600		18,537,120
Wal-Mart Stores Inc.	113,100		5,967,156
Walgreen Company	138,200		5,004,222
			49,322,610

	Number of Shares or Principal Amount		Value
Semiconductors — 15.06%
Applied Materials Inc. (a)		452,860	$	8,885,113
Intel Corporation		288,100		7,951,560
Maxim Integrated Products Inc.		309,100		16,203,022
Xilinx Inc.		289,400		9,639,914
				42,679,609
Telecommunications — 4.87%
QUALCOMM Inc.		189,100		13,800,518
Total Domestic Common Stocks
(Identified cost $219,116,621)				282,284,368
Other Investments — 5.77%
Securities Lending Quality Trust (s)		16,367,741		16,367,741
Total Other Investments
(Identified cost $16,367,741)				16,367,741
Repurchase Agreement — 0.57%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/04 Proceeds $1,615,031 Collateral: U.S. Treasury Note $1,655,000, 2.50% due 05/31/06 Value $1,654,367	$	1,615,000		1,615,000
Total Repurchase Agreement
(Identified cost $1,615,000)				1,615,000
Total Investments
(Identified cost $237,099,361)			$	300,267,109
Other Assets Less Liabilities — (5.92)%				(16,793,956	)
Net Assets — 100%			$	283,473,153

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2004.

(s) Represents investment of cash collateral received from securities on loan (See Note 5).

(ADR) American Depository Receipt.

See notes to financial statements.

ENTERPRISE Accumulation Trust

2

Enterprise Equity Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value, including securities loaned valued at $16,607,711 (Note 5)	$	300,267,109
Investment income receivable		35,246
Receivable for fund shares sold		21,727
Due from investment adviser		4,679
Cash		519
Other assets		4,316
Total assets		300,333,596
Liabilities:
Payable for fund shares redeemed		375,815
Payable upon return of securities loaned (Note 5)		16,367,741
Accrued expenses and other liabilities		116,887
Total liabilities		16,860,443
Net assets	$	283,473,153
Analysis of net assets:
Paid-in capital	$	362,432,387
Undistributed (accumulated) net investment income (loss)		(1,151,321	)
Undistributed (accumulated) net realized gain (loss)		(140,975,661	)
Unrealized appreciation (depreciation)		63,167,748
Net assets	$	283,473,153
Fund shares outstanding		14,142,469
Net asset value per share		$20.04
Investments at cost	$	237,099,361

See notes to financial statements.

ENTERPRISE Accumulation Trust

3

Enterprise Equity Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Dividends	$	428,911
Interest		4,427
Securities lending income		16,776
Total investment income		450,114
Expenses:
Investment advisory fees		1,114,042
Shareholder servicing fees		417,228
Custodian and fund accounting fees		30,672
Reports to shareholders		8,072
Trustees’ fees		3,903
Audit and legal fees		35,394
Other expenses		10,613
Total expenses		1,619,924
Expense reimbursement		(18,489	)
Total expenses, net of reimbursement		1,601,435
Net investment income (loss)		(1,151,321	)
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		(8,602,362	)
Net change in unrealized gain (loss) on investments		28,763,489
Net realized and unrealized gain (loss)		20,161,127
Net increase (decrease) in net assets resulting from operations	$	19,009,806

See notes to financial statements.

ENTERPRISE Accumulation Trust

4

Enterprise Equity Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2004			Year Ended December 31, 2003
From operations:
Net investment income (loss)	$	(1,151,321	)	$	(1,690,411	)
Net realized gain (loss) on investments and foreign currency transactions		(8,602,362	)		(42,657,049	)
Net change in unrealized gain (loss) on investments and foreign currency denominated amounts		28,763,489			143,904,975
Increase (decrease) in net assets resulting from operations		19,009,806			99,557,515
Distributions to shareholders from:
Net investment income		—			—
Net realized gains on investments		—			—
Total distributions to shareholders		—			—
From capital share transactions:
Shares sold		8,263,976			21,220,780
Shares redeemed		(26,745,808	)		(37,419,967	)
Total increase (decrease) in net assets resulting from capital share transactions		(18,481,832	)		(16,199,187	)
Total increase (decrease) in net assets		527,974			83,358,328
Net assets:
Beginning of period		282,945,179			199,586,851
End of period	$	283,473,153		$	282,945,179
Capital share activity:
Shares issued		435,243			1,367,710
Shares redeemed		(1,410,791	)		(2,553,176	)
Net increase (decrease)		(975,548	)		(1,185,466	)
Undistributed net investment income	$	—		$	—

See notes to financial statements.

ENTERPRISE Accumulation Trust

5

Enterprise Equity Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2004			For the Years Ended December 31,
				2003			2002			2001			2000			1999
Net asset value, beginning of period	$	18.72		$	12.24		$	17.34		$	27.92		$	38.62		$	36.82
Income from investment operations:
Net investment income (loss)C		(0.14	)		(0.11	)		(0.08	)		(0.14	)		(0.21	)		0.23
Net realized and unrealized gain (loss)		1.46			6.59			(5.02	)		(6.42	)		0.27	E		4.86
Total from investment operations		1.32			6.48			(5.10	)		(6.56	)		0.06			5.09
Less dividends and distributions:
Dividends from net investment income		—			—			—			—			(0.29	)		(0.52	)
Distributions from capital gains		—			—			—			(4.02	)		(10.47	)		(2.77	)
Total distributions		—			—			—			(4.02	)		(10.76	)		(3.29	)
Net asset value, end of period	$	20.04		$	18.72		$	12.24		$	17.34		$	27.92		$	38.62
Total return		7.05	%B		52.94	%		(29.41	)%		(18.81	)%		(5.18	)%		15.61	%
Net assets end of period (in thousands)	$	283,473		$	282,945		$	199,587		$	347,320		$	487,915		$	587,324
Ratio of expenses to average net assets (excluding expense reimbursement and expense offset arrangements)		1.15	%A		1.08	%		0.90	%		0.88	%		0.87	%		0.82	%
Ratio of expenses to average net assets		1.16	%A		1.06	%		0.89	%		0.88	%		0.87	%		0.82	%
Ratio of net investment income (loss) to average net assets		(0.83	)%A		(0.70	)%		(0.58	)%		(0.65	)%		(0.55	)%		0.63	%
Portfolio turnover rate		9	%		19	%		15	%		21	%		44	%		155	%

^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, 2004 (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 amended, as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest 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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 28, 2004.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Equity Portfolio in the preparation of its financial statements:

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.

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. Portfolio investments in any investment companies, unit investment trusts or similar investment funds are valued daily at their closing net asset values (or unit value) per share on each valuation day. 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, U.S. Government or Agency securities whose market value (including interest) is at least equal to the repurchase price. In the event of default

ENTERPRISE Accumulation Trust

7

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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 may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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 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 to each Portfolio based on average net assets. The Portfolio may direct certain security trades to brokers who may pay a portion of the commissions for those trades to offset certain expenses of the Portfolio. This amount is reported in the Statement of Operations.

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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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 an annual rate of 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, 2004, the Portfolio paid MONY Life Insurance Company $417,268 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.15%.

4. Investment Transactions

For the six months ended June 30, 2004, 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
—	—	$	25,397,452	$	44,644,205

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% 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

ENTERPRISE Accumulation Trust

8

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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 Securities Lending Quality Trust (SLQT), a New Hampshire investment trust, organized and managed by State Street Bank & Trust, which is limited to investment activities incidental to or in support of the securities lending program organized and managed by State Street Bank & Trust.

6. Borrowings

The Trust and another series of mutual funds 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, 2004.

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. At times, these differences are primarily due to differing treatments for capital loss carryforwards utilized and net operating losses. 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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

At June 30, 2004, 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
$237,099,361	$	86,712,146	$	23,544,398	$	63,167,748

8. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 28, 2004.

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9

Shareholder Proxy Voting Information (Unaudited)

On June 28, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	15,079,902.294
Votes Against	625,878.448
Votes Abstained	1,324,115.446
Votes Withheld	12,215,467.620

To approve the Agreement and Plan of Conversion and Termination

Votes For	14,900,447.945
Votes Against	704,485.314
Votes Abstained	1,424,962.929
Votes Withheld	12,215,467.620

ENTERPRISE Accumulation Trust

10

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

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11

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

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EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

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13

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

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14

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 Registered Public Accounting Firm

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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15

Enterprise Equity Income Portfolio

SUBADVISER’S COMMENTS

Boston Advisors, Inc.

Boston, Massachusetts

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. and manages approximately $4.1 billion for institutional clients. Its normal investment minimum is $5 million.

Investment Objective

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

First Half 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 7.97%. The Portfolio outperformed its benchmark, the S&P 500 Index, which returned 3.44%. The Portfolio outperformed its peer group, the Lipper Equity Income Funds Index, which returned 3.55%.

How would you describe the investment environment during the period?

The investment environment during the six-month period can best be described as lackluster. After a promising start, stocks floundered as investor enthusiasm for buying stocks quickly gave way to indecision. The desire to own stocks was neutralized by the prospect of the Fed raising interest rates, by the unexpectedly high price of crude oil, and by the greater uncertainty regarding the situation in Iraq. However, halfway through the period, stocks stabilized and, by the end of the period, had rallied to finish slightly ahead of where they began. Ironically, the market’s inability to advance meaningfully occurred against a backdrop of solid economic and corporate profit news.

What strategies affected Portfolio performance during the period?

The strategy of investing in stocks with dividend yields higher than that of the S&P 500 Index positively affected Portfolio performance during the period. According to Standard & Poor’s, dividend paying stocks in the S&P 500 Index were up more than 6% on average, compared to a little more than 3% for nonpayers.

The Portfolio’s stock selection parameters typically result in the construction of a portfolio that has a value bias and, as mentioned, value stocks generally outperformed growth stocks during the period. Indeed, the Portfolio’s performance relative to more growth-oriented benchmarks, such as the S&P 500 Index, reflected its value orientation. Although value outperformed growth for this period, a shift in leadership from value to growth was occurring between the first and second quarters.

Boston Advisors’ investment strategy endeavored to identify companies likely to show earnings improvement amid low investor expectations. During the period, a number of companies in the Portfolio reported earnings and made forecasts that positively surprised investors. In their enthusiastic response, investors bid up the shares of these companies higher, helping contribute to Portfolio performance.

Identifying companies likely to post a positive earnings surprise or experience some other positive near-term catalyst is a strategy that helped minimize one of the risks facing value investors — that of falling into a value trap. Without a catalyst, shareholder value may deteriorate over time, increasing the risk that the company will be unable to support its dividend, let alone increase it, in the future. Avoiding these types of value traps also positively impacted performance during the period.

ENTERPRISE Accumulation Trust

1

Enterprise Equity Income Portfolio

SUBADVISER’S COMMENTS — (Continued)

What changes were made to the Portfolio over the period?

During the period the Portfolio’s exposure to the auto and auto parts sector increased. This decision was corroborated later in the period by positive earning announcements and upbeat forecasts from companies in the sector. Toward the end of the period, the Portfolio’s exposure to the consumer staples sector was increased, based on a belief that market leadership is rotating back to the shares of market defensive/non-cyclical companies. Earnings momentum appears to be moderating and the Fed may engage in a series of interest rate hikes; these developments typically are catalysts for a shift in leadership from the stocks of companies whose profits more economically leveraged to those that are less so, especially after a period of rapid economic acceleration. This rationale was also behind a reduction in the Portfolio’s exposure to basic material stocks. Finally, within financial services, the Portfolio reduced its exposure to banks and increased its property and casualty and life insurance company exposure.

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 Equity Income Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 79.13%
Aerospace — 1.10%
Goodrich Corporation	19,600	$	633,668
Automotive — 2.62%
Cummins Inc. (o)	5,100		318,750
Ford Motor Company	37,700		590,005
General Motors Corporation (o)	13,000		605,670
			1,514,425
Banking — 5.80%
Bank One Corporation	10,000		510,000
Independence Community Bank Corporation	16,300		593,320
J. P. Morgan Chase & Company	5,900		228,743
KeyCorp	26,400		789,096
U.S. Bancorp	20,000		551,200
Wells Fargo & Company	11,900		681,037
			3,353,396
Building & Construction — 1.06%
Vulcan Materials Company	12,900		613,395
Chemicals — 3.87%
Eastman Chemical Company	19,600		906,108
Monsanto Company	21,300		820,050
RPM International Inc.	33,700		512,240
			2,238,398
Computer Services — 0.92%
Electronic Data Systems Corporation	27,900		534,285
Conglomerates — 1.62%
Textron Inc.	15,800		937,730
Consumer Durables — 0.88%
Dana Corporation	25,900		507,640
Consumer Products — 3.78%
Briggs & Stratton Corporation	9,900		874,665
Kimberly-Clark Corporation	8,500		559,980
Procter & Gamble Company	13,800		751,272
			2,185,917
Crude & Petroleum — 2.17%
ChevronTexaco Corporation	10,200		959,922
Unocal Corporation	7,800		296,400
			1,256,322
Electrical Equipment — 0.49%
General Electric Company	8,700		281,880
Electronics — 1.01%
Rockwell Automation Inc.	15,600		585,156

	Number of Shares or Principal Amount	Value
Energy — 3.57%
Energen Corporation	17,200	$	825,428
TXU Corporation	14,986		607,083
Xcel Energy Inc.	37,900		633,309
			2,065,820
Entertainment & Leisure — 1.43%
Harrah’s Entertainment Inc.	15,300		827,730
Finance — 1.55%
Friedman Billings Ramsey Group (o)	21,600		427,464
MBNA Corporation	18,100		466,799
			894,263
Food, Beverages & Tobacco — 6.37%
Albertson’s Inc. (o)	28,800		764,352
Archer-Daniels-Midland Company	30,000		503,400
Coca-Cola Company	8,000		403,840
J.M. Smucker Company	10,900		500,419
Kellogg Company	6,800		284,580
Sara Lee Corporation	23,200		533,368
SUPERVALU Inc.	22,600		691,786
			3,681,745
Hotels & Restaurants — 2.66%
Mandalay Resort Group	9,900		679,536
McDonald’s Corporation	10,300		267,800
Starwood Hotels & Resorts Worldwide Inc.	13,200		592,020
			1,539,356
Insurance — 1.31%
Aon Corporation	26,600		757,302
Manufacturing — 3.25%
Eaton Corporation	13,500		873,990
Stanley Works	22,000		1,002,760
			1,876,750
Misc. Financial Services — 3.78%
Citigroup Inc.	18,500		860,250
Fannie Mae	9,500		677,920
Morgan Stanley Dean Witter & Company	12,300		649,071
			2,187,241
Multi-Line Insurance — 1.46%
Lincoln National Corporation	17,900		845,775
Oil Services — 7.07%
ConocoPhillips	11,900		907,851
Kerr-McGee Corporation	16,200		871,074
Marathon Oil Corporation	17,800		673,552
Occidental Petroleum Corporation	18,000		871,380
Sunoco Inc.	12,000		763,440
			4,087,297

ENTERPRISE Accumulation Trust

3

Enterprise Equity Income Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Paper & Forest Products — 1.00%
Georgia-Pacific Group	15,700	$	580,586
Paper Products — 1.01%
Boise Cascade Corporation	15,500		583,420
Pharmaceuticals — 3.69%
Bristol Myers Squibb Company	16,000		392,000
Johnson & Johnson	9,800		545,860
Merck & Company Inc.	9,100		432,250
Pfizer Inc.	22,300		764,444
			2,134,554
Property-Casualty Insurance — 2.39%
Allstate Corporation	13,700		637,735
St. Paul Companies Inc.	18,300		741,882
			1,379,617
Real Estate — 2.18%
General Growth Properties Inc.	22,600		668,282
Trizec Properties Inc.	36,400		591,864
			1,260,146
Retail — 3.31%
J. C. Penney Company, Inc.	11,500		434,240
Limited Brands	43,900		820,930
May Department Stores Company	23,900		657,011
			1,912,181
Savings and Loan — 1.33%
New York Community Bancorp Inc. (o)	27,300		535,899
Washington Mutual Inc.	6,100		235,704
			771,603
Telecommunications — 1.34%
Sprint Corporation	33,700		593,120
Telecom Corporation of New Zealand Ltd. (ADR)	6,000		178,800
			771,920
Transportation — 1.51%
GATX Corporation	32,200		875,840
Utilities — 3.60%
Alliant Energy Corporation	28,600		745,888
Edison International	29,200		746,644
Westar Energy Inc.	29,500		587,345
			2,079,877
Total Domestic Common Stocks
(Identified cost $39,765,266)			45,755,235

	Number of Shares or Principal Amount	Value
Foreign Stocks — 13.38%
Automotive — 2.37%
Autoliv Inc.	17,600	$	742,720
Volvo Aktiebolaget (ADR) (o)	18,000		630,198
			1,372,918
Banking — 1.09%
Bank of Montreal	15,700		628,471
Business Services — 1.52%
Reuters Group (ADR) (o)	21,600		879,984
Crude & Petroleum — 0.96%
BP (ADR)	10,400		557,128
Food, Beverages & Tobacco — 1.18%
Cadbury Schweppes (ADR) (o)	19,400		680,552
Insurance — 1.24%
ACE Ltd.	16,900		714,532
Multi-Line Insurance — 1.88%
Partnerre Ltd.	6,400		363,072
Sun Life Financial Inc.	25,000		723,500
			1,086,572
Pharmaceuticals — 1.04%
GlaxoSmithKline (ADR)	14,500		601,170
Telecommunications — 0.47%
Cable & Wireless (ADR)	38,000		269,420
Transportation — 0.90%
Teekay Shipping Corporation	14,000		523,320
Wireless Communications — 0.73%
Nokia Corporation (Class A) (ADR)	29,000		421,660
Total Foreign Stocks
(Identified cost $6,554,846)			7,735,727
Other Investments — 6.10%
Securities Lending Quality Trust (s)	3,526,882		3,526,882
Total Other Investments
(Identified cost $3,526,882)			3,526,882

ENTERPRISE Accumulation Trust

4

Enterprise Equity Income Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Repurchase Agreement — 6.81%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/04 Proceeds $3,938,077 Collateral U.S. Treasury Note $4,030,000, 2.50% due 05/31/06 Value $4,028,458	$	3,938,000	$	3,938,000
Total Repurchase Agreement
(Identified cost $3,938,000)				3,938,000
Total Investments
(Identified cost $53,784,994)			$	60,955,844
Other Assets Less Liabilities — (5.42)%				(3,136,125	)
Net Assets — 100%			$	57,819,719

(o) Security, or portion thereof, out on loan at June 30, 2004.

(s) Represents investment of cash collateral received from securities on loan (See notes 5).

(ADR) American Depository Receipt.

See notes to financial statements.

ENTERPRISE Accumulation Trust

5

Enterprise Equity Income Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value, including securities loaned valued at $3,981,051 (Note 5)	$	60,955,844
Investment income receivable		110,764
Receivable for fund shares sold		27,989
Receivable for investments sold		495,404
Due from investment adviser		4,137
Cash		473
Other assets		1,378
Total assets		61,595,989
Liabilities:
Payable for fund shares redeemed		31,732
Payable for investments purchased		191,099
Payable upon return of securities loaned (Note 5)		3,526,882
Accrued expenses and other liabilities		26,557
Total liabilities		3,776,270
Net assets	$	57,819,719
Analysis of net assets:
Paid-in capital	$	55,008,892
Undistributed (accumulated) net investment income (loss)		1,077,383
Undistributed (accumulated) net realized gain (loss) on
investments and foreign currency		(5,438,045	)
Unrealized appreciation (depreciation) on investments and foreign currency denominated amounts		7,171,489
Net assets	$	57,819,719
Fund shares outstanding		10,160,865
Net asset value per share		$5.69
Investments at cost	$	53,784,994

See notes to financial statements.

ENTERPRISE Accumulation Trust

6

Enterprise Equity Income Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Dividends (net of foreign taxes withheld of $12,936)	$	674,363
Interest		9,357
Securities lending income		6,312
Total investment income		690,032
Expenses:
Investment advisory fees		196,956
Shareholder servicing fees		78,828
Custodian and fund accounting fees		11,109
Reports to shareholders		1,757
Trustees’ fees		805
Audit and legal fees		7,506
Other expenses		1,922
Total expenses		298,883
Expense reimbursement		(23,145	)
Total expenses, net of reimbursement		275,738
Net investment income (loss)		414,294
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		2,911,472
Net realized gain (loss) on foreign currency transactions		77
Net change in unrealized gain (loss) on investments		702,041
Net realized and unrealized gain (loss)		3,613,590
Net increase (decrease) in net assets resulting from operations	$	4,027,884

See notes to financial statements.

ENTERPRISE Accumulation Trust

7

Enterprise Equity Income Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2004			Year Ended December 31, 2003
From operations:
Net investment income (loss)	$	414,294		$	678,595
Net realized gain (loss) on investments and foreign currency transactions		2,911,549			(2,399,294	)
Net change in unrealized gain (loss) on investments and foreign currency denominated amounts		702,041			11,619,562
Increase (decrease) in net assets resulting from operations		4,027,884			9,898,863
Distributions to shareholders from:
Net investment income		—			(589,422	)
Net realized gains on investments		—			—
Total distributions to shareholders		—			(589,422	)
From capital share transactions:
Shares sold		8,889,471			9,009,380
Reinvestment of distributions		—			586,108
Shares redeemed		(3,191,268	)		(8,526,855	)
Total increase (decrease) in net assets resulting from capital share transactions		5,698,203			1,068,633
Total increase (decrease) in net assets		9,726,087			10,378,074
Net assets:
Beginning of period		48,093,632			37,715,558
End of period	$	57,819,719		$	48,093,632
Capital share activity:
Shares issued		1,610,632			1,989,756
Shares issued in reinvestment of distributions		—			124,970
Shares redeemed		(577,243	)		(1,914,027	)
Net increase (decrease)		1,033,389			200,699
Undistributed net investment income	$	1,077,383		$	663,089

See notes to financial statements.

ENTERPRISE Accumulation Trust

8

Enterprise Equity Income Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2004			For the Years Ended December 31,
				2003			2002			2001			2000			1999
Net asset value, beginning of period	$	5.27		$	4.22		$	5.02		$	5.69		$	5.37		$	5.09
Income from investment operations:
Net investment income (loss)C		0.08			0.08			0.07			0.07			0.08			0.06
Net realized and unrealized gain (loss)		0.34			1.04			(0.81	)		(0.69	)		0.26			0.23
Total from investment operations		0.42			1.12			(0.74	)		(0.62	)		0.34			0.29
Less dividends and distributions:
Dividends from net investment income		—			(0.07	)		(0.06	)		(0.05	)		(0.02	)		(0.01	)
Distributions from capital gains		—			—			—			—			—			—
Total distributions		—			(0.07	)		(0.06	)		(0.05	)		(0.02	)		(0.01	)
Net asset value, end of period	$	5.69		$	5.27		$	4.22		$	5.02		$	5.69		$	5.37
Total return		7.97	%B		26.65	%		(14.76	)%		(10.75	)%		6.45	%		5.70	%
Net assets end of period (in thousands)	$	57,820		$	48,094		$	37,716		$	40,506		$	32,829		$	27,997
Ratio of expenses to average net assets		1.05	%A		1.05	%		0.90	%		0.88	%		0.88	%		1.05	%
Ratio of expenses to average net assets (excluding reimbursement)		1.14	%A		1.06	%		0.90	%		0.88	%		0.88	%		1.20	%
Ratio of net investment income (loss) to average net assets		0.57	%A		1.70	%		1.44	%		1.43	%		1.43	%		1.21	%
Portfolio turnover		33	%		103	%		35	%		36	%		37	%		18	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

ENTERPRISE Accumulation Trust

9

Notes to Financial Statements

June 30, 2004 (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 amended, as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest 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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 4, 2004.

2. Significant Accounting Policies

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

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.

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. Portfolio investments in any investment companies, unit investment trusts or similar investment funds are valued daily at their closing net asset values (or unit value) per share on each valuation day. 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, U.S. Government or Agency securities whose market value (including interest) is at least equal to the repurchase price. In the event of default

ENTERPRISE Accumulation Trust

10

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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 may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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 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 to each Portfolio 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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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 an annual rate of 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, 2004, ECM incurred subadvisory fees payable to Boston Advisors, Inc. of $78,782. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2004, the Portfolio paid MONY Life Insurance Company $78,853 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.05%.

4. Investment Transactions

For the six months ended June 30, 2004, 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
—	—	$	19,963,015	$	16,465,948

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.

ENTERPRISE Accumulation Trust

11

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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 Securities Lending Quality Trust (SLQT), a New Hampshire investment trust, organized and managed by State Street Bank & Trust, which is limited to investment activities incidental to or in support of the securities lending program organized and managed by State Street Bank & Trust.

6. Borrowings

The Trust and another series of mutual funds 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, 2004.

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. At times, these differences are primarily due to differing treatments for capital loss carryforwards utilized, losses deferred due to wash sales and distributions received from real estate investment trusts.

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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

At June 30, 2004, 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
$53,784,994	$	8,117,185	$	946,335	$	7,170,850

8. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 4, 2004.

ENTERPRISE Accumulation Trust

12

Shareholder Proxy Voting Information (Unaudited)

On June 4, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, a new Investment Sub-Advisory Agreement (“Sub-Advisory Agreement”) between The Trust, Enterprise Capital and Boston Advisors, Inc. (“Boston Advisors”), the terms of which are substantially identical to the existing Sub-Advisory Agreement with Boston Advisors and in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	10,395,739.163
Votes Against	280,644.372
Votes Abstained	347,786.221
Votes Withheld	7,952,336.314

To approve the new Investment Sub-Advisory Agreement

Votes For	10,391,841.278
Votes Against	256,649.512
Votes Abstained	375,678.966
Votes Withheld	7,952,336.314

To approve the Agreement and Plan of Conversion and Termination

Votes For	10,302,692.399
Votes Against	324,651.388
Votes Abstained	396,825.969
Votes Withheld	7,952,336.314

ENTERPRISE Accumulation Trust

13

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

ENTERPRISE Accumulation Trust

14

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

ENTERPRISE Accumulation Trust

15

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

ENTERPRISE Accumulation Trust

16

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

ENTERPRISE Accumulation Trust

17

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 Registered Public Accounting Firm

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

18

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”) is subadviser to the Enterprise Growth Portfolio. Montag manages approximately $29.5 billion for institutional clients, and its normal investment minimum is $40 million.

Investment Objective

The objective of the Enterprise Growth Portfolio is capital appreciation.

First Half 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 3.88%. The Portfolio outperformed its benchmark, the S&P 500 Index, which returned 3.44%. The Portfolio outperformed its peer group, the Lipper Large-Cap Growth Funds Index, which returned 2.18%.

How would you describe the investment environment during the period?

The first six months of 2004 seemed to illustrate the crosswinds facing investors as they looked forward. January continued the trend we had seen in much of the latter part of 2003 where investors favored higher beta, lower quality, and small capitalization stocks. Late in January there was a perceptible change in sentiment as there was evidence of a gradual shift in the Fed’s risk assessment of the economy, with the Board of Governors stepping back from their commitment to holding interest rates low for a “considerable period,” but stating that “with inflation quite low and resource use slack, the committee believes it can be patient in removing its policy accommodation.” The Fed’s statement shifted the market’s focus and appeared to alter investor’s appetite for risk. This manifested itself in the rotation into higher quality companies in the market.

During this time period, there were positive signs of economic recovery by businesses with an ongoing rebound in capital spending and inventory restocking, slight improvements in the labor market and continued healthy corporate profits. These positive developments were countered to an extent, by higher interest rates, increased terrorist concerns, higher oil prices and uncertainties related to the intensifying political campaigns and their outcomes.

What strategies affected Portfolio performance during the period?

The Portfolio was well positioned with large multinational companies that benefited from the synchronized global economic recovery and the low dollar. Montag believed they found many of these opportunities in the consumer staples sector in companies like Gillette, PepsiCo, and Procter & Gamble. Montag believed these companies offered a compelling combination of double-digit earnings growth and attractive valuation. In addition to the high-quality consumer staples companies, Montag’s stock selection in information technology benefited the Portfolio with high quality companies such as Qualcomm, Electronic Arts, and Maxim.

What changes were made to the Portfolio over the period?

Significant additions to the Portfolio during the six months were Apollo Group, Illinois Tool Works, McDonalds Corporation, Boston Scientific Corp., American Express Corporation, and Maxim Integrated Products, Inc. Significant deletions from the Portfolio during this period included Masco Corporation, Lowe’s Companies, Marsh & McLennan Companies, Intel Corporation and Oracle Corporation.

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 (Unaudited)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 98.35%
Advertising — 2.44%
Omnicom Group Inc.	86,800	$	6,587,252
Biotechnology — 4.03%
Amgen Inc. (a)	48,800		2,663,016
Genentech Inc. (a)	146,100		8,210,820
			10,873,836
Business Services — 2.13%
Paychex Inc.	169,700		5,749,436
Computer Hardware — 1.58%
Cisco Systems Inc. (a)	180,000		4,266,000
Computer Software — 2.09%
Electronic Arts Inc. (a)	103,512		5,646,580
Consumer Products — 12.05%
Colgate-Palmolive Company	120,073		7,018,267
Gillette Company	292,930		12,420,232
Procter & Gamble Company	240,568		13,096,522
			32,535,021
Consumer Services — 3.62%
United Parcel Service Inc.	130,000		9,772,100
Education — 2.13%
Apollo Group Inc. (Class A) (a)	65,100		5,747,679
Electrical Equipment — 2.13%
General Electric Company	177,900		5,763,960
Entertainment & Leisure — 2.08%
Walt Disney Company	220,460		5,619,525
Food, Beverages & Tobacco — 7.37%
Coca-Cola Company	215,300		10,868,344
PepsiCo Inc.	167,645		9,032,712
			19,901,056
Hotels & Restaurants — 2.96%
Marriott International Inc. (Class A)	79,889		3,984,863
McDonald’s Corporation	154,300		4,011,800
			7,996,663
Machinery — 2.15%
Caterpillar Inc.	73,131		5,809,527
Manufacturing — 5.25%
3M Company	92,000		8,280,920
Illinois Tool Works Inc.	61,600		5,906,824
			14,187,744
Media — 2.21%
Gannett Company Inc.	70,200		5,956,470
Medical Instruments — 5.78%
Boston Scientific Corporation (a)	177,100		7,579,880
Medtronic Inc.	164,860		8,031,979
			15,611,859

	Number of Shares or Principal Amount		Value
Misc. Financial Services — 5.13%
American Express Company		110,600	$	5,682,628
Citigroup Inc.		175,700		8,170,050
				13,852,678
Multi-Line Insurance — 3.69%
American International Group Inc.		140,000		9,979,200
Oil Services — 4.75%
Schlumberger Ltd.		202,074		12,833,720
Pharmaceuticals — 10.38%
Eli Lilly & Company		139,900		9,780,409
Johnson & Johnson		183,400		10,215,380
Pfizer Inc.		234,500		8,038,660
				28,034,449
Retail — 5.50%
Bed Bath & Beyond Inc. (a)		148,400		5,705,980
eBay Inc. (a)		43,400		3,990,630
Kohl’s Corporation (a)		122,300		5,170,844
				14,867,454
Semiconductors — 3.36%
Maxim Integrated Products Inc.		173,400		9,089,628
Telecommunications — 5.54%
QUALCOMM Inc.		205,000		14,960,900
Total Domestic Common Stocks
(Identified cost $228,681,602)				265,642,737
Repurchase Agreement — 1.71%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/04 Proceeds $4,616,090 Collateral: U.S. Treasury Note $4,725,000, 2.50% 05/31/06, Value $4,723,193	$	4,616,000		4,616,000
Total Repurchase Agreement
(Identified cost $4,616,000)				4,616,000
Total Investments
(Identified cost $233,297,602)			$	270,258,737
Other Assets Less Liabilities — (0.06)%				(151,553	)
Net Assets — 100%			$	270,107,184

(a) Non-income producing security.

See notes to financial statements.

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Enterprise Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value	$	270,258,737
Investment income receivable		210,905
Receivable for fund shares sold		15,116
Receivable for investments sold		1,384,388
Cash		435
Other assets		4,341
Total assets		271,873,922
Liabilities:
Payable for fund shares redeemed		1,201,268
Payable for investments purchased		451,291
Accrued expenses and other liabilities		114,179
Total liabilities		1,766,738
Net assets	$	270,107,184
Analysis of net assets:
Paid-in capital	$	333,132,439
Undistributed (accumulated) net investment income (loss)		836,589
Undistributed (accumulated) net realized gain (loss)		(100,822,979	)
Unrealized appreciation (depreciation)		36,961,135
Net assets	$	270,107,184
Fund shares outstanding		55,993,700
Net asset value per share		$4.82
Investments at cost	$	233,297,602

See notes to financial statements.

ENTERPRISE Accumulation Trust

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Enterprise Growth Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Dividends	$	1,499,938
Interest		14,944
Securities lending income		87
Total investment income		1,514,969
Expenses:
Investment advisory fees		1,000,584
Shareholder servicing fees		399,732
Custodian and fund accounting fees		29,765
Reports to shareholders		8,028
Trustees’ fees		3,816
Audit and legal fees		34,661
Other expenses		10,640
Total expenses		1,487,226
Net investment income (loss)		27,743
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		7,040,166
Net change in unrealized gain (loss) on investments		3,336,946
Net realized and unrealized gain (loss)		10,377,112
Net increase (decrease) in net assets resulting from operations	$	10,404,855

See notes to financial statements.

ENTERPRISE Accumulation Trust

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Enterprise Growth Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2004			Year Ended December 31, 2003
From operations:
Net investment income (loss)	$	27,743		$	808,863
Net realized gain (loss)		7,040,166			(8,059,516	)
Net change in unrealized gain (loss)		3,336,946			45,886,324
Increase (decrease) in net assets resulting from operations		10,404,855			38,635,671
Distributions to shareholders from:
Net investment income		—			(1,021,049	)
Net realized gains on investments		—			—
Total distributions to shareholders		—			(1,021,049	)
From capital share transactions:
Shares sold		16,086,630			33,810,875
Shares exchanged due to merger		—			16,758,178
Reinvestment of distributions		—			1,020,154
Shares redeemed		(21,855,222	)		(32,342,999	)
Total increase (decrease) in net assets resulting from capital share transactions		(5,768,592	)		19,246,208
Total increase (decrease) in net assets		4,636,263			56,860,830
Net assets:
Beginning of period		265,470,921			208,610,091
End of period	$	270,107,184		$	265,470,921
Capital share activity:
Shares issued		3,407,297			8,007,031
Shares exchanged due to merger		—			4,364,109
Shares issued in reinvestment of distributions		—			230,804
Shares redeemed		(4,626,397	)		(7,742,602	)
Net increase (decrease)		(1,219,100	)		4,859,342
Undistributed net investment income	$	836,589		$	808,846

See notes to financial statements.

ENTERPRISE Accumulation Trust

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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, 2004			For the Years Ended December 31,
				2003			2002			2001			2000			1999
Net asset value, beginning of period	$	4.64		$	3.98		$	5.21		$	5.99		$	6.56		$	5.27
Income from investment operations:
Net investment income (loss)C		0.00	D		0.01			0.02			0.02			0.03			0.02
Net realized and unrealized gain (loss)		0.18			0.67			(1.23	)		(0.78	)		(0.54	)		1.27
Total from investment operations		0.18			0.68			(1.21	)		(0.76	)		(0.51	)		1.29
Less dividends and distributions:
Dividends from net investment income		—			(0.02	)		(0.02	)		(0.02	)		(0.01	)		—
Distributions from capital gains		—			—			—			—			(0.05	)		—
Total distributions		—			(0.02	)		(0.02	)		(0.02	)		(0.06	)		—
Net asset value, end of period	$	4.82		$	4.64		$	3.98		$	5.21		$	5.99		$	6.56
Total return		3.88	%B		17.05	%		(23.26	)%		(12.56	)%		(7.79	)%		24.48	%
Net assets end of period (in thousands)	$	270,107		$	265,471		$	208,610		$	280,279		$	319,207		$	230,720
Ratio of expenses to average net assets		1.11	%A		1.03	%		0.86	%		0.84	%		0.83	%		0.84	%
Ratio of net investment income (loss) to average net assets		0.02	%A		0.34	%		0.42	%		0.34	%		0.45	%		0.29	%
Portfolio turnover rate		28	%		40	%		42	%		52	%		56	%		30	%

^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, 2004 (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 amended, as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest 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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 28, 2004.

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 in the preparation of its financial statements:

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.

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-thecounter 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. Portfolio investments in any investment companies, unit investment trusts or similar investment funds are valued daily at their closing net asset values (or unit value) per share on each valuation day. 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.

ENTERPRISE Accumulation Trust

7

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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, U.S. Government or Agency 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 may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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 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 to each Portfolio 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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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 an annual rate of 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, 2004, the Portfolio paid MONY Life Insurance Company $399,651 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 $241,000 in the Portfolio at

June 30, 2004.

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8

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

4. Investment Transactions

For the six months ended June 30, 2004, 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
—	—	$	73,626,326	$	79,779,310

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 Securities Lending Quality Trust (SLQT), a New Hampshire investment trust, organized and managed by State Street Bank & Trust, which is limited to investment activities incidental to or in support of the securities lending program organized and managed by State Street Bank & Trust.

6. Borrowings

The Trust and another series of mutual funds 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, 2004.

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. At times, these differences are primarily due to differing treatments for capital loss carryforwards utilized and losses deferred due to wash sales.

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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

At June 30, 2004, 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
$233,297,602	$	40,674,932	$	3,713,797	$	36,961,135

8. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 28, 2004.

ENTERPRISE Accumulation Trust

9

Shareholder Proxy Voting Information (Unaudited)

On June 28, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	60,601,984.225
Votes Against	1,990,570.406
Votes Abstained	3,839,254.977
Votes Withheld	47,000,995.712

To approve the Agreement and Plan of Conversion and Termination

Votes For	60,312,432.295
Votes Against	2,091,267.066
Votes Abstained	4,028,110.247
Votes Withheld	47,000,995.712

ENTERPRISE Accumulation Trust

10

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

ENTERPRISE Accumulation Trust

11

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

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EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

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EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

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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 Registered Public Accounting Firm

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 $53.8 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 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 3.01%. The Portfolio underperformed its benchmark, the S&P 500 Index, which returned 3.44%. In contrast, the Portfolio outperformed its peer group, the Lipper Large-Cap Core Funds Index, which returned 2.24%.

How would you describe the investment environment during the period?

The first six months of 2004 were characterized by shifting investor concerns surrounding the economy and uncertainty regarding the continuing unrest in Iraq. These elements largely overshadowed the presence of solid corporate fundamentals, and ultimately tempered equity and fixed-income returns over the period.

More specifically, in the first quarter, investors were preoccupied with the absence of meaningful job growth. In the second quarter, fears of a jobless economic recovery ended when the Labor Department reported that nearly one million new jobs were created from March through May 2004. This report, combined with telling Fed statements, created strong anticipation that a rate increase was imminent. Thus, it came as no surprise when the Fed did, in fact, raise the federal funds rate from 1.00% to 1.25% in June, the first rate hike in four years.

What strategies affected Portfolio performance during the period?

UBS adhered to the Portfolio’s disciplined investment approach that focuses on price to intrinsic value. Through fundamental research, UBS seeks to identify companies that are selling for less than their true, or intrinsic, value. For much of the period, UBS viewed the equity market as trading very close to fair value. As such, the Portfolio’s risk exposure was neutral to slightly lower than that of the Index. In terms of sector exposure, the Portfolio generally held over-weight positions in lower risk sectors, such as healthcare, capital goods and utilities. Conversely, the Portfolio was under-weight riskier sectors, including technology hardware and retailing.

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Enterprise Growth and Income Portfolio

SUBADVISER’S COMMENTS — (Continued)

What changes were made to the Portfolio over the period?

In general, UBS was cautious on technology because they believed its 2003 rally was not driven by fundamentals, but rather by investor speculation. Having said that, as bottom-up stock pickers UBS was able to find several holdings in the software area that met their intrinsic value criteria.

In healthcare, specifically the pharmaceuticals area, UBS continued to find attractive opportunities. The Portfolio’s exposure to select utilities was driven by attractive yields, not versus bonds, but to other industries. UBS focused on nuclear and coal generation stocks, as they expect profitability in these areas to improve. Furthermore, they expect that opportunistic consolidation within the industry may continue, and that investors may spend more time focusing on unappreciated merger and acquisition opportunities.

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 and Income Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

June 30, 2004

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 96.36%
Advertising — 2.74%
Interpublic Group of Companies Inc. (a)	80,600	$	1,106,638
Omnicom Group Inc.	30,800		2,337,412
			3,444,050
Aerospace — 3.21%
Boeing Company	34,700		1,772,823
Northrop Grumman Corporation	27,600		1,482,120
United Technologies Corporation	8,500		777,580
			4,032,523
Airlines — 0.24%
Delta Air Lines Inc. (o)	43,100		306,872
Automotive — 1.00%
Johnson Controls Inc.	23,600		1,259,768
Banking — 8.96%
J. P. Morgan Chase & Company	78,000		3,024,060
Mellon Financial Corporation	91,400		2,680,762
PNC Financial Services Group	27,100		1,438,468
Wells Fargo & Company	72,000		4,120,560
			11,263,850
Biotechnology — 1.35%
Genzyme Corporation (a)	35,800		1,694,414
Broadcasting — 2.71%
Viacom Inc. (Class B)	77,300		2,761,156
Westwood One Inc. (a)	27,400		652,120
			3,413,276
Building & Construction — 3.74%
Martin Marietta Materials Inc.	37,100		1,644,643
Masco Corporation	98,000		3,055,640
			4,700,283
Business Services — 0.59%
Viad Corporation	27,500		742,775
Chemicals — 0.64%
Eastman Chemical Company (o)	17,300		799,779
Computer Services — 0.61%
Dell Inc. (a)	21,500		770,130
Computer Software — 5.13%
Microsoft Corporation	150,100		4,286,856
Oracle Corporation (a)	121,000		1,443,530
Veritas Software Corporation (a)	26,200		725,740
			6,456,126
Consumer Products — 1.51%
Kimberly-Clark Corporation	28,800		1,897,344

	Number of Shares or Principal Amount	Value
Crude & Petroleum — 2.55%
Exxon Mobil Corporation	72,200	$	3,206,402
Energy — 1.86%
Exelon Corporation	70,400		2,343,616
Finance — 0.50%
Equifax Inc.	25,300		626,175
Food, Beverages & Tobacco — 1.28%
Albertson’s Inc. (o)	60,400		1,603,016
Health Care — 3.68%
Anthem Inc. (a)	14,600		1,307,576
UnitedHealth Group Inc.	53,300		3,317,925
			4,625,501
Insurance — 0.89%
AFLAC Inc.	27,500		1,122,275
Machinery — 0.91%
Mettler-Toledo International Inc. (a)	23,200		1,140,048
Manufacturing — 3.93%
Illinois Tool Works Inc.	34,200		3,279,438
Ingersoll-Rand Company Ltd.	24,400		1,666,764
			4,946,202
Media — 2.59%
Gannett Company Inc.	10,600		899,410
Time Warner Inc. (a)	134,200		2,359,236
			3,258,646
Medical Instruments — 1.32%
Guidant Corporation	11,700		653,796
Medtronic Inc.	20,700		1,008,504
			1,662,300
Medical Services — 0.60%
Quest Diagnostics Inc.	8,900		756,055
Misc. Financial Services — 9.54%
Citigroup Inc.	118,900		5,528,850
Freddie Mac	49,200		3,114,360
Morgan Stanley Dean Witter & Company	63,500		3,350,895
			11,994,105
Multi-Line Insurance — 2.65%
American International Group Inc.	27,800		1,981,584
Hartford Financial Services Group Inc.	19,700		1,354,178
			3,335,762
Oil Services — 1.75%
ConocoPhillips	22,000		1,678,380
Kerr-McGee Corporation	9,700		521,569
			2,199,949

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Enterprise Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Other — 1.34%
SPDR Trust Series 1 (o)	14,700	$	1,683,591
Paper & Forest Products — 0.62%
MeadWestvaco Corporation	26,400		775,896
Pharmaceuticals — 11.75%
Allergan Inc.	46,200		4,135,824
Bristol Myers Squibb Company	45,900		1,124,550
Cephalon Inc. (a) (o)	22,900		1,236,600
Johnson & Johnson	57,300		3,191,610
Mylan Laboratories Inc.	108,200		2,191,050
Wyeth	80,100		2,896,416
			14,776,050
Retail — 3.68%
Costco Wholesale Corporation	63,800		2,620,266
Kohl’s Corporation (a)	25,700		1,086,596
TJX Companies Inc.	38,300		924,562
			4,631,424
Telecommunications — 0.83%
SBC Communications Inc.	43,000		1,042,750
Transportation — 2.94%
Burlington Northern Santa Fe Corporation	105,300		3,692,871
Utilities — 4.63%
American Electric Power Inc.	37,900		1,212,800
CMS Energy Corporation	46,800		427,284
Dominion Resources Inc.	12,100		763,268
FirstEnergy Corporation	49,100		1,836,831
Pepco Holdings Inc.	21,200		387,536
Sempra Energy	34,600		1,191,278
			5,818,997
Wireless Communications — 4.09%
Nextel Communications Inc. (Class A) (a)	192,900		5,142,714
Total Domestic Common Stocks
(Identified cost $106,944,423)			121,165,535

	Number of Shares or Principal Amount		Value
Foreign Stocks — 1.34%
Multi-Line Insurance — 1.27%
Willis Group Holdings Ltd.		42,800	$	1,602,860
Technology — 0.07%
Accenture Ltd. (a)		3,100		85,188
Total Foreign Stocks
(Identified cost $1,553,043)				1,688,048
Other Investments — 4.52%
Other Investments — 4.52%
Securities Lending Quality Trust (s)		5,680,125		5,680,125
Total Other Investments
(Identified cost $5,680,125)				5,680,125
Repurchase Agreement — 1.60%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/04 Proceeds $2,008,039 Collateral: U. S. Treasury Note $1,860,000, 6.25% due 02/15/07 Value $2,092,078	$	2,008,000		2,008,000
Total Repurchase Agreement
(Identified cost $2,008,000)				2,008,000
Total Investments
(Identified cost $116,185,591)			$	130,541,708
Other Assets Less Liabilities — (3.82)%				(4,798,297	)
Net Assets — 100%			$	125,743,411

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2004.

(s) Represents investment of cash collateral received from securities on loan (See note 5).

(SPDR) S&P Depository Receipt.

See notes to financial statements.

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Enterprise Growth and Income Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value, including securities loaned valued at $5,629,858 (Note 5)	$	130,541,708
Investment income receivable		111,019
Receivable for fund shares sold		542,615
Receivable for investments sold		439,321
Due from investment adviser		5,578
Cash		672
Other assets		1,856
Total assets		131,642,769
Liabilities:
Payable for fund shares redeemed		164,519
Payable upon return of securities loaned (Note 5)		5,680,125
Accrued expenses and other liabilities		54,714
Total liabilities		5,899,358
Net assets	$	125,743,411
Analysis of net assets:
Paid-in capital	$	158,489,476
Undistributed (accumulated) net investment income (loss)		1,306,133
Undistributed (accumulated) net realized gain (loss)		(48,408,315	)
Unrealized appreciation (depreciation)		14,356,117
Net assets	$	125,743,411
Fund shares outstanding		24,450,314
Net asset value per share		$5.14
Investments at cost	$	116,185,591

See notes to financial statements.

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Enterprise Growth and Income Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Dividends	$	1,010,376
Interest		9,880
Securities lending income		3,261
Total investment income		1,023,517
Expenses:
Investment advisory fees		474,327
Shareholder servicing fees		189,579
Custodian and fund accounting fees		21,297
Reports to shareholders		3,721
Trustees’ fees		1,777
Audit and legal fees		15,989
Other expenses		4,648
Total expenses		711,338
Expense reimbursement		(47,280	)
Total expenses, net of reimbursement		664,058
Net investment income (loss)		359,459
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		6,104,260
Net change in unrealized gain (loss) on investments		(2,559,566	)
Net realized and unrealized gain (loss)		3,544,694
Net increase (decrease) in net assets resulting from operations	$	3,904,153

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, 2004			Year Ended December 31, 2003
From operations:
Net investment income (loss)	$	359,459		$	946,672
Net realized gain (loss)		6,104,260			(16,774,206	)
Net change in unrealized gain (loss)		(2,559,566	)		43,723,486
Increase (decrease) in net assets resulting from operations		3,904,153			27,895,952
Distributions to shareholders from:
Net investment income		—			(1,145,446	)
Net realized gains on investments		—			—
Total distributions to shareholders		—			(1,145,446	)
From capital share transactions:
Shares sold		5,076,503			8,956,733
Reinvestment of distributions		—			1,143,225
Shares redeemed		(11,131,113	)		(20,385,556	)
Total increase (decrease) in net assets resulting from capital share transactions		(6,054,610	)		(10,285,598	)
Total increase (decrease) in net assets		(2,150,457	)		16,464,908
Net assets:
Beginning of period		127,893,868			111,428,960
End of period	$	125,743,411		$	127,893,868
Capital share activity:
Shares issued		1,003,124			2,071,578
Shares issued in reinvestment of distributions		—			250,159
Shares redeemed		(2,202,961	)		(4,888,936	)
Net increase (decrease)		(1,199,837	)		(2,567,199	)
Undistributed net investment income	$	1,306,133		$	946,674

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, 2004			For the Years Ended December 31,
				2003			2002			2001			2000			1999
Net asset value, beginning of period	$	4.99		$	3.95		$	5.41		$	6.20		$	6.16		$	5.11
Income from investment operations:
Net investment income (loss)C		0.03			0.04			0.04			0.05			0.07			0.07
Net realized and unrealized gain (loss)		0.12			1.04			(1.45	)		(0.79	)		(0.01	)		0.98
Total from investment operations		0.15			1.08			(1.41	)		(0.74	)		0.06			1.05
Less dividends and distributions:
Dividends from net investment income		—			(0.04	)		(0.05	)		(0.05	)		(0.02	)		—
Distributions from capital gains		—			—			—			—			(0.00	)D		(0.00	)D
Total distributions		—			(0.04	)		(0.05	)		(0.05	)		(0.02	)		—
Net asset value, end of period	$	5.14		$	4.99		$	3.95		$	5.41		$	6.20		$	6.16
Total return		3.01	%B		27.56	%		(25.95	)%		(11.87	)%		0.91	%		20.55	%
Net assets end of period (in thousands)	$	125,743		$	127,894		$	111,429		$	172,531		$	171,353		$	89,887
Ratio of expenses to average net assets		1.05	%A		1.03	%		0.86	%		0.85	%		0.85	%		0.94	%
Ratio of expenses to average net assets (excluding reimbursement)		1.12	%A		1.03	%		0.86	%		0.85	%		0.85	%		0.94	%
Ratio of net investment income (loss) to average net assets		1.58	%A		0.84	%		0.81	%		0.92	%		1.09	%		1.22	%
Portfolio turnover rate		24	%		119	%		19	%		2	%		6	%		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, 2004 (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 amended, as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest 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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 4, 2004.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Growth and Income Portfolio in the preparation of its financial statements:

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.

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. Portfolio investments in any investment companies, unit investment trusts or similar investment funds are valued daily at their closing net asset values (or unit value) per share on each valuation day. 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, U.S. Government or

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Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

Agency 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 may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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 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 to each Portfolio 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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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 an annual rate of 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, 2004, the Portfolio paid MONY Life Insurance Company $189,600 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.05%.

For the six months ended June 30, 2004, the Portfolio paid brokerage commissions of $1,594 to affiliates of the adviser or subadviser.

4. Investment Transactions

For the six months ended June 30, 2004, 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
—	—	$	29,162,722	$	33,892,669

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% 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

ENTERPRISE Accumulation Trust

10

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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 Securities Lending Quality Trust (SLQT), a New Hampshire investment trust organized and managed by State Street Bank & Trust, which is limited to investment activities incidental to or in support of the securities lending program organized and managed by State Street Bank & Trust.

6. Borrowings

The Trust and another series of mutual funds 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, 2004.

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. At times, these differences are primarily due to differing treatments for capital loss carryforwards utilized and losses deferred due to wash sales.

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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

At June 30, 2004, 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
$	116,185,591	$	17,868,767	$	3,512,650	$	14,356,117

8. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 4, 2004.

ENTERPRISE Accumulation Trust

11

Shareholder Proxy Voting Information (Unaudited)

On June 4, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	26,583,389.486
Votes Against	609,313.732
Votes Abstained	1,601,353.026
Votes Withheld	21,245,597.734

To approve the Agreement and Plan of Conversion and Termination

Votes For	26,363,764.806
Votes Against	650,987.940
Votes Abstained	1,779,303.498
Votes Withheld	21,245,597.734

ENTERPRISE Accumulation Trust

12

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

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13

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

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14

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

ENTERPRISE Accumulation Trust

15

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

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16

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 Registered Public Accounting Firm

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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17

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 $105.9 billion and its normal investment minimum is $20 million.

Investment Objective

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

First Half 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned –2.00%. The Portfolio underperformed its benchmark, the MSCI EAFE Index, which returned 4.56 %. The Portfolio underperformed its peer group, the Lipper International Funds Index, which returned 3.86%.

How would you describe the investment environment during the period?

The environment has been a challenging and frustrating one, with international equity markets generally struggling to make much progress over these six months. Unnerved by terrorist activity in March and against a backdrop of geopolitical problems in the Middle East, investors remained transfixed by short-term political developments. More recently, the first cautious move towards tighter global monetary policy saw investors focusing on the twin specters of rising interest rates and inflation. Throughout an admittedly anxious time, market participants have chosen to overlook improving measures of growth and output and the benefits already feeding through to the corporate level.

What strategies affected Portfolio performance during the period?

Once again, SSgA’s high-quality bias worked against the Portfolio as nervous investors refused to discriminate adequately between the well-capitalized and the more speculative companies. Although it is still true to say that both smaller companies and more value-oriented stocks outperformed large-cap growth vehicles, individual stock returns, as always, varied greatly. In general terms, SSgA’s over-weight to the semiconductor industry hurt performance over the period; on the other hand, SSgA’s continuing shift into Japanese stocks, many of them oriented to benefit from what SSgA believed will be an ongoing recovery in that region, was largely successful.

What changes were made to the Portfolio over the period?

SSgA’s trades generally reflected a shift in emphasis from Europe to Japan and the Pacific Rim markets. On the consumer side, the Portfolio shifted out of stocks like Moet Hennessy Louis Vuitton and L’Oreal into Seven-Eleven Japan and Nissan Motor Corporation. The Portfolio also liquidated Canon, Inc. and Volkwagen to move into BSkyB, a media stock classified as a late recovery play. Within industrials and materials, the Portfolio sold Rio Tinto (a commodity play) to move into Asahi Glass and Nitto Denko, both of these being Japanese companies involved in the LCD industry. Among financials, the Portfolio reduced insurance and some of the Portfolio’s European banking exposure (including UBS and BNP Paribas) to move into Sumitomo-Mitsui, a Japanese bank.

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.

ENTERPRISE Accumulation Trust

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Enterprise International Growth Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2004

	Number of Shares or Principal Amount
Foreign Common Stocks — 99.15%
France — 13.29%
BNP Paribas (ADR)	33,056	$	1,016,498
L’Oreal Company (ADR) (o)	82,393		1,316,195
LVMH Moet Hennessy Louis Vuition (ADR) (o)	88,557		1,281,066
Sanofi Synthelabo (ADR) (o)	49,246		1,575,380
Total (ADR)	19,181		1,842,910
			7,032,049
Germany — 6.36%
E.ON (ADR) (o)	14,534		1,053,570
SAP (ADR)	55,229		2,309,124
			3,362,694
Hong Kong — 3.43%
Sun Hung Kai Properties Ltd (ADR) (o)	221,122		1,814,372
Ireland — 3.02%
CRH	75,689		1,598,236
Italy — 6.47%
ENI (ADR)	17,040		1,709,794
SanPaolo IMI (ADR) (o)	70,400		1,715,648
			3,425,442
Japan — 27.12%
Asahi Glass Company Ltd. (ADR) (o)	19,800		2,059,570
Komatsu Ltd (ADR)	41,000		993,483
Nissan Motor Company Ltd (ADR)	55,200		1,234,824
Nitto Denko Corporation (ADR) (o)	4,200		2,147,826
Nomura Holdings Inc. (ADR) (o)	79,000		1,181,050
NTT Docomo Inc. (ADR)	80,500		1,457,855
Seven Eleven Japan Ltd. (ADR) (o)	54,000		1,761,810
Sharp Corporation (ADR) (o)	125,000		1,996,750
Sumitomo Mitsui Financial Group Inc. (ADR) (a)	221,000		1,514,999
			14,348,167
Netherlands — 6.55%
ASML Holding (a)	123,990		2,121,469
ING Group (ADR)	56,629		1,342,107
			3,463,576
Singapore — 3.71%
Flextronics International Ltd. (a)	123,200		1,965,040

	Number of Shares or Principal Amount
Switzerland — 13.03%
Nestle (ADR)	15,732	$	1,048,884
Novartis (ADR)	46,339		2,062,085
Roche Holdings Ltd (ADR)	10,660		1,055,446
UBS	28,185		1,984,701
Zurich Financial Services (ADR)	47,216		745,526
			6,896,642
Taiwan — 3.96%
Taiwan Semiconductor Manufacturing Company Ltd. (ADR)	251,943		2,093,648
United Kingdom — 12.21%
British Sky Broadcasting	166,648		1,880,664
GlaxoSmithKline	71,550		1,448,754
HBOS	99,882		1,236,832
Vodafone Group	858,024		1,879,781
Vodafone Group (ADR)	700		15,470
			6,461,501
Total Foreign Common Stocks
(Identified cost $46,027,598)			52,461,367
Other Investments — 11.47%
Securities Lending Quality Trust (s)	6,067,048		6,067,048
Total Other Investments
(Identified cost $6,067,048)			6,067,048
Total Investments
(Identified cost $52,094,646)		$	58,528,415
Other Assets Less Liabilities — (10.62)%			(5,620,641	)
Net Assets — 100%		$	52,907,774

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2004.

(s) Represents investment of cash collateral received from securities on loan (see note 5).

(ADR) American Depository Receipt.

ENTERPRISE Accumulation Trust

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Enterprise International Growth Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

Industry classifications for the Portfolio as a percentage of total market value at June 30, 2004 are as follows (unaudited):

Industry
Automotive	2.36%
Banks	12.77%
Cable	3.61%
Computer Software	4.40%
Construction Materials	13.07%
Electronic Equipment & Instruments	15.13%
Food & Beverages	5.41%

Industry
Financial Services	9.88%
Insurance	1.43%
Phamaceuticals	11.75%
Retail	4.99%
Utilities	8.79%
Telecommunications	6.41%
Total	100.00%

See notes to financial statements.

ENTERPRISE Accumulation Trust

3

Enterprise International Growth Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value, including securities loaned valued at $5,886,549 (Note 5)	$58,528,415
Foreign currency at value (cost — $4,995)	5,184
Investment income receivable	331,176
Receivable for investments sold	262,160
Cash	25,925
Other assets	4,932
Total assets	59,157,792
Liabilities:
Payable for fund shares redeemed	122,649
Payable upon return of securities loaned (Note 5)	6,067,048
Accrued expenses and other liabilities	60,321
Total liabilities	6,250,018
Net assets	$52,907,774
Analysis of net assets:
Paid-in capital	$72,969,781
Undistributed (accumulated) net investment income (loss)	756,743
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency	(27,256,783	)
Unrealized appreciation (depreciation) on investments and foreign currency denominated amounts	6,438,033
Net assets	$52,907,774
Fund shares outstanding	11,973,032
Net asset value per share	$4.42
Investments at cost	$52,094,646

See notes to financial statements.

ENTERPRISE Accumulation Trust

4

Enterprise International Growth Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Dividends (net of foreign taxes withheld of $106,766)	$	695,512
Interest		28
Securities lending income		19,820
Total investment income		715,360
Expenses:
Investment advisory fees		233,506
Shareholder servicing fees		82,348
Custodian and fund accounting fees		10,817
Reports to shareholders		1,583
Trustees’ fees		762
Audit and legal fees		6,889
Other expenses		2,142
Total expenses		338,047
Net investment income (loss)		377,313
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		988,333
Net realized gain (loss) on foreign currency transactions		1,972,752
Net change in unrealized gain (loss) on investments		(4,475,284	)
Net realized and unrealized gain (loss)		(1,514,199	)
Net increase (decrease) in net assets resulting from operations	$	(1,136,886	)

See notes to financial statements.

ENTERPRISE Accumulation Trust

5

Enterprise International Growth Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2004			Year Ended December 31, 2003
From operations:
Net investment income (loss)	$	377,313		$	396,823
Net realized gain (loss)		2,961,085			(6,226,789	)
Net change in unrealized gain (loss)		(4,475,284	)		19,265,059
Increase (decrease) in net assets resulting from operations		(1,136,886	)		13,435,093
Distributions to shareholders from:
Net investment income		—			(229,092	)
Net realized gains on investments		—			—
Total distributions to shareholders		—			(229,092	)
From capital share transactions:
Shares sold		2,369,432			14,497,197
Shares exchanged due to merger		—			1,998,364
Reinvestment of distributions		—			227,975
Shares redeemed		(3,969,780	)		(18,436,839	)
Total increase (decrease) in net assets resulting from capital share transactions		(1,600,348	)		(1,713,303	)
Total increase (decrease) in net assets		(2,737,234	)		11,492,698
Net assets:
Beginning of period		55,645,008			44,152,310
End of period	$	52,907,774		$	55,645,008
Capital share activity:
Shares issued		523,693			4,063,215
Shares exchanged due to merger		—			622,543
Shares issued in reinvestment of distributions		—			56,151
Shares redeemed		(882,481	)		(5,178,342	)
Net increase (decrease)		(358,788	)		(436,433	)
Undistributed net investment income	$	756,743		$	—

See notes to financial statements.

ENTERPRISE Accumulation Trust

6

Enterprise International Growth Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2004			For the Years Ended December 31,
				2003			2002			2001			2000			1999
Net asset value, beginning of period	$	4.51		$	3.46		$	4.33		$	6.94		$	9.29		$	6.74
Income from investment operations:
Net investment income (loss)C		0.06			0.03			0.05			0.02			(0.01	)		0.03
Net realized and unrealized gain (loss)		(0.15	)		1.04			(0.89	)		(2.02	)		(1.57	)		2.74
Total from investment operations		(0.09	)		1.07			(0.84	)		(2.00	)		(1.58	)		2.77
Less dividends and distributions:
Dividends from net investment income		—			(0.02	)		(0.03	)		(0.04	)		(0.02	)		(0.12	)
Distributions from capital gains		—			—			—			(0.57	)		(0.75	)		(0.10	)
Total distributions		—			(0.02	)		(0.03	)		(0.61	)		(0.77	)		(0.22	)
Net asset value, end of period	$	4.42		$	4.51		$	3.46		$	4.33		$	6.94		$	9.29
Total return		(2.00	)%B		30.94	%		(19.46	)%		(27.80	)%		(17.21	)%		42.12	%
Net assets end of period (in thousands)	$	52,908		$	55,645		$	44,152		$	62,742		$	100,550		$	134,255
Ratio of expenses to average net assets		1.23	%A		1.14	%		1.06	%		1.09	%		1.04	%		1.01	%
Ratio of net investment income (loss) to average net assets		1.37	%A		0.85	%		1.22	%		0.30	%		(0.06	)%		0.41	%
Portfolio turnover		86	%		54	%		176	%		95	%		73	%		129	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

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7

Notes to Financial Statements

June 30, 2004 (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 amended, as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest 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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 28, 2004.

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 in the preparation of its financial statements:

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.

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. Portfolio investments in any investment companies, unit investment trusts or similar investment funds are valued daily at their closing net asset

ENTERPRISE Accumulation Trust

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Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

values (or unit value) per share on each valuation day. 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, U.S. Government or Agency 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 may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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 unrealized gains or losses are recorded. Realized gains or losses are recorded at the time the forward contract matures or by delivery of the currency. The Portfolio will enter into forward contracts only for hedging purposes. Risks arise from the possible inability of counterparties to meet their contracts and from movements in currency values.

Security Transactions and Investment Income — Security transactions are accounted for on the trade date. Realized gains and losses from security transactions are determined on the basis of identified cost and realized gains and losses from currency transactions are determined on the basis of average cost. Dividend income 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 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 to each Portfolio based on average net assets. The Portfolio may direct certain security trades to brokers who may pay a portion of the commissions for those trades to offset certain expenses of the Portfolio. This amount is reported in the Statement of Operations.

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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

ENTERPRISE Accumulation Trust

9

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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 an annual rate of 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, 2004, the Portfolio paid MONY Life Insurance Company $82,324 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.55%.

For the six months ended June 30, 2004, the Portfolio paid brokerage commissions of $4,391 to affiliates of the adviser and subadviser.

4. Investment Transactions

For the six months ended June 30, 2004, 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
—	—	$	46,504,624	$	47,398,485

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 Securities Lending Quality Trust (SLQT), a New Hampshire investment trust, organized and managed by State Street Bank & Trust, which is limited to investment activities incidental to or in support of the securities lending program organized and managed by State Street Bank & Trust.

6. Borrowings

The Trust and another series of mutual funds 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, 2004.

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. At times, these differences are primarily due to differing treatments for foreign currency transactions, capital loss carryforwards utilized, losses deferred due to wash sales and investments in passive foreign investment companies.

ENTERPRISE Accumulation Trust

10

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

At June 30, 2004, 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
$52,094,646	$	7,689,915	$	1,256,146	$	6,433,769

8. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 28, 2004.

ENTERPRISE Accumulation Trust

11

Shareholder Proxy Voting Information (Unaudited)

On June 28, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	12,859,816.850
Votes Against	377,674.996
Votes Abstained	909,042.198
Votes Withheld	10,322,954.772

To approve the Agreement and Plan of Conversion and Termination

Votes For	12,727,509.706
Votes Against	478,911.562
Votes Abstained	940,112.776
Votes Withheld	10,322,954.772

ENTERPRISE Accumulation Trust

12

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

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13

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S)  HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

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EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S)  HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

ENTERPRISE Accumulation Trust

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EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

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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 Registered Public Accounting Firm

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 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 $4.2 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 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 3.23%. The Portfolio underperformed its benchmark, the MSCI World Index, which returned 3.52%. The Portfolio underperformed its peer group, the Lipper Global Funds Index, which returned 3.20%.

How would you describe the investment environment during the period?

The year began on a strong note but markets retreated in March as geopolitical and economic concerns resurfaced. During the period, world equity markets were listless with generally positive economic news and corporate profits equally offset by political uncertainty and rising interest rates. New inflationary concerns impacted most world asset returns.

World equity markets drifted during the second quarter while bond market returns turned negative. This relatively subdued quarter finally saw inflationary pressures make their way into the consumer and producer price indices.

Interest rate increases in the U.S. and the U.K. as well as new inflationary pressures impacted most world asset returns. The Bank of England raised rates twice in the second quarter and four times since October 2003, while the Fed raised rates for the first time since May 2000, with a targeted 0.25% increase in June.

What strategies affected Portfolio performance during the period?

The Portfolio was broadly diversified with an over-weight in energy. Rockefeller is still focused on the supply/demand relationship as the underpinning of high oil prices and the Portfolio’s sector positioning. In financials, Rockefeller shifted out of traditional banking stocks to those it believed were less vulnerable to rising interest rates. The Portfolio remained under-weight in technology and has also pared back telecommunications holdings.

What changes were made to the Portfolio over the period?

During the period the Portfolio sold positions in Alcan when it reached Rockefeller’s price target. The Portfolio sold Edwards Life Sciences and bought Medtronic thus maintaining the exposure to medical devices. The Portfolio also sold the position in Telefonica and purchased Deutsche Telekom, whose valuation Rockefeller find more attractive.

Over the period, the Portfolio sold positions in HCA and Hyundai Motor, as Rockefeller turned cautious on their fundamentals and Danske Bank and Bank America as the Portfolio’s total exposure to the financial sector was reduced. The Portfolio established a position in Walgreen as well as eBay, Intel and Avocent and also purchased BG Group out of the UK, Societe Television Francaise 1 in France and Kookmin Bank in Korea.

ENTERPRISE Accumulation Trust

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Enterprise Global Socially Responsive Portfolio

SUBADVISER’S COMMENTS — (Continued)

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

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Enterprise Global Socially Responsive Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Common Stocks — 95.09%
Bermuda — 2.18%
XL Capital Ltd. (Class A)	1,310	$	98,852
Canada — 1.00%
National Bank of Canada	1,410		45,300
Finland — 1.98%
Sampo Insurance Company Ltd. (Class A)	9,230		89,591
France — 5.84%
BNP Paribas	2,180		134,040
Schneider Electric	1,260		85,979
Societe Television Francaise	1,410		44,403
			264,422
Germany — 1.65%
Deutsche Telekom (a)	4,260		74,823
Hong Kong — 1.14%
China Mobile Ltd.	17,000		51,437
Japan — 4.37%
Asahi Glass Company Ltd. (a)	5,000		51,867
Canon Inc. (ADR)	1,340		71,556
NTT Corporation	14		74,596
			198,019
Korea — 1.66%
Daewoo Shipbuilding & Marine	3,280		39,599
Kookmin Bank (ADR)	1,140		35,773
			75,372
Netherlands — 3.17%
Philips Electronics	2,340		62,988
Royal Dutch Petroleum Company (ADR)	1,250		64,588
STMicroelectronics	730		16,009
			143,585
Sweden — 4.87%
Assa Abloy (Class B)	10,200		130,273
Sandvik	2,650		90,372
			220,645
Switzerland — 0.89%
Novartis	910		40,118
United Kingdom — 9.89%
BG Group	7,540		46,478
BP Amoco	21,530		190,237
Cadbury Schweppes	3,410		29,434
GlaxoSmithKline	3,510		71,071
Reckitt Benckiser	3,910		110,739
			447,959

	Number of Shares or Principal Amount	Value
United States — 56.45%
3M Company	540	$	48,605
AFLAC Inc.	2,590		105,698
Anadarko Petroleum Corporation	580		33,988
Apache Corporation	830		36,147
Avocent Corporation	880		32,331
Citigroup Inc.	3,630		168,795
Comcast Corporation (Class A) (a)	3,060		84,487
Devon Energy Corporation	460		30,360
Doral Financial Corporation	2,710		93,495
eBay Inc. (a)	350		32,183
Eli Lilly & Company	1,350		94,379
Family Dollar Stores Inc.	910		27,682
Fannie Mae	1,740		124,166
Illinois Tool Works Inc.	260		24,931
Ingersoll-Rand Company Ltd.	820		56,014
Intel Corporation	760		20,976
International Business Machines Corporation	1,270		111,950
Lexmark International Group Inc. (a)	930		89,773
Medtronic Inc.	1,830		89,158
Mellon Financial Corporation	2,660		78,018
Microsoft Corporation	3,290		93,962
Noble Energy Inc.	960		48,960
PepsiCo Inc.	2,180		117,458
Pfizer Inc.	3,730		127,864
Praxair Inc.	2,380		94,986
Regal Entertainment Group (Class A)	1,370		24,797
Target Corporation	2,030		86,214
Tiffany & Company	2,910		107,233
UnionBanCal Corporation	900		50,760
Viacom Inc. (Class B)	1,480		52,866
Wal-Mart Stores Inc.	1,760		92,858
Walgreen Company	1,570		56,850
Walt Disney Company	2,740		69,843
WellPoint Health Networks Inc. (a)	1,330		148,973
			2,556,760
Total Common Stocks
(Identified cost $3,926,918)			4,306,883
Preferred Stocks — 2.84%
Korea — 2.84%
Samsung Electronics Company Ltd.	490		128,490
Total Preferred Stocks
(Identified cost $103,263)			128,490

ENTERPRISE Accumulation Trust

3

Enterprise Global Socially Responsive Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Principal Amount		Value
Repurchase Agreements — 2.45%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/04 Proceeds $111,002 Collateral: U.S. Treasury Bond $105,000, 6.125% due 08/15/07, Value $118,487	$	111,000	$	111,000
Total Repurchase Agreements
(Identified cost $111,000)				111,000
Total Investments
(Identified cost $4,141,181)			$	4,546,373
Other Assets Less Liabilities — (0.38)%				(17,352	)
Net Assets — 100%			$	4,529,021

(a) Non-income producing security.

(ADR) American Depository Receipt.

Industry classifications for the Portfolio as a percentage of total market value at June 30, 2004 are as follows (unaudited):

Industry
Banking	7.75%
Broadcasting	2.19%
Business Services	1.61%
Cable	1.90%
Chemicals	2.14%
Computer Hardware	2.52%
Computer Software	2.85%
Consumer Durables	2.50%
Consumer Products	2.94%
Crude & Petroleum	2.22%
Electronics	6.26%
Energy	1.10%
Entertainment & Leisure	2.13%

Industry
Food, Beverages & Tobacco	3.31%
Insurance	6.63%
Manufacturing	7.02%
Medical Services & Products	5.37%
Metals & Mining	0.00%
Misc. Financial Services	8.71%
Oil Services	6.84%
Pharmaceuticals	7.52%
Printing & Publishing	2.02%
Retail	9.11%
Semiconductors	0.83%
Telecommunications	4.53%
Total	100.00%

See notes to financial statements.

ENTERPRISE Accumulation Trust

4

Enterprise Global Socially Responsive Portfolio

STATEMENT OF ASSET AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value	$	4,546,373
Foreign currency at value (cost — $1,820)		1,824
Investment income receivable		3,642
Receivable for investments sold		8,272
Due from investment adviser		4,077
Cash		131
Other assets		72
Total assets		4,564,391
Liabilities:
Payable for fund shares redeemed		2,178
Payable for investments purchased		27,389
Accrued expenses and other liabilities		5,803
Total liabilities		35,370
Net assets	$	4,529,021
Analysis of net assets:
Paid-in capital	$	4,014,819
Undistributed (accumulated) net investment income (loss)		23,080
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency		85,909
Unrealized appreciation (depreciation) on investments and foreign currency denominated amounts		405,213
Net assets	$	4,529,021
Fund shares outstanding		405,118
Net asset value per share		$11.18
Investments at cost	$	4,141,181

See notes to financial statements.

ENTERPRISE Accumulation Trust

5

Enterprise Global Socially Responsive Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Dividends (net of foreign taxes withheld of $4,682)	$	51,072
Interest		13
Total investment income		51,085
Expenses:
Investment advisory fees		19,388
Custodian and fund accounting fees		9,638
Reports to shareholders		138
Trustees’ fees		64
Audit and legal fees		594
Shareholder servicing fees		2,084
Other expenses		176
Total expenses		32,082
Expense reimbursement		(4,077	)
Total expenses, net of reimbursement		28,005
Net investment income (loss)		23,080
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		168,105
Net realized gain (loss) on foreign currency transactions		(481	)
Net change in unrealized gain (loss) on investments and foreign currency denominated amounts		(55,956	)
Net realized and unrealized gain (loss)		111,668
Net increase (decrease) in net assets resulting from operations	$	134,748

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, 2004			Year Ended December 31, 2003
From operations:
Net investment income (loss)	$	23,080		$	7,947
Net realized gain (loss) on investments and foreign currency transactions		167,624			46,481
Net change in unrealized gain (loss) on investments and foreign currency denominated amounts		(55,956	)		504,119
Increase (decrease) in net assets resulting from operations		134,748			558,547
Distributions to shareholders from:
Net investment income		—			(11,323	)
Net realized gains		—			—
Total distributions to shareholders		—			(11,323	)
From capital share transactions:
Shares sold		470,368			3,648,505
Reinvestment of distributions		—			3,378
Shares redeemed		(161,355	)		(1,337,042	)
Total increase (decrease) in net assets resulting from capital share transactions		309,013			2,314,841
Total increase (decrease) in net assets		443,761			2,862,065
Net assets:
Beginning of period		4,085,260			1,223,195
End of period	$	4,529,021		$	4,085,260
Capital share activity:
Shares issued		42,240			369,613
Shares issued in reinvestment of distributions		—			318
Shares redeemed		(14,400	)		(135,390	)
Net increase (decrease)		27,840			234,541
Undistributed net investment income	$	23,080		$	—

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, 2004			Year Ended December 31, 2003			For the Period 01/24/02 through 12/31/02
Net asset value, beginning of period	$	10.83		$	8.57		$	10.00
Income from investment operations:
Net investment income (loss)C		0.11			0.04			0.04
Net realized and unrealized gain (loss)		0.24			2.25			(1.44	)
Total from investment operations		0.35			2.29			(1.40	)
Less dividends and distributions:
Dividends from net investment income		—			(0.03	)		(0.03	)
Distributions from capital gains		—			—			—
Total distributions		—			(0.03	)		(0.03	)
Net asset value, end of period	$	11.18		$	10.83		$	8.57
Total return		3.23	%B		26.73	%		(13.98	)%B
Net assets end of period (in thousands)	$	4,529		$	4,085		$	1,223
Ratio of expenses to average net assets		1.30	%A		1.30	%		1.30	%A
Ratio of expenses to average net assets (excluding reimbursement)		1.49	%A		1.56	%		2.84	%A
Ratio of net investment income (loss) to average net assets		1.07	%A		0.41	%		0.42	%A
Portfolio turnover rate		24	%		34	%		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, 2004 (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 amended, as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest 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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 28, 2004.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Global Socially Responsive Portfolio in the preparation of its financial statements:

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.

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, U.S. Government or

ENTERPRISE Accumulation Trust

9

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

Agency 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 may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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 unrealized gains or losses are recorded. Realized gains or losses are recorded at the time the forward contract matures or by delivery of the currency. The Portfolio will enter into forward contracts only for hedging purposes. Risks arise from the possible inability of counterparties to meet their contracts and from movements in currency values.

Security Transactions and Investment Income — Security transactions are accounted for on the trade date. Realized gains and losses from security transactions are determined on the basis of identified cost and realized gains and losses from currency transactions are determined on the basis of average cost. Dividend income 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 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 to each Portfolio 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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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 an annual rate of 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, 2004, the Portfolio paid MONY Life Insurance Company $2,142 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.30%.

ENTERPRISE Accumulation Trust

10

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

The MONY Group Inc. and its subsidiaries and affiliates had an investment of $2,928,941 in the Portfolio at June 30, 2004.

4. Investment Transactions

For the six months ended June 30, 2004, 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
—	—	$	1,332,232	$	998,728

5. Borrowings

The Trust and another series of mutual funds 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, 2004.

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. At times, these differences are primarily due to differing treatments for foreign currency transactions, capital loss carryforwards utilized and losses deferred due to wash sales.

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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year. At June 30, 2004, 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
$	4,141,181	$	462,075	$	56,883	$	405,192

7. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 28, 2004.

ENTERPRISE Accumulation Trust

11

Shareholder Proxy Voting Information (Unaudited)

On June 28, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	390,475.732
Votes Against	3,060.136
Votes Abstained	47,873.516
Votes Withheld	349,483.278

To approve the Agreement and Plan of Conversion and Termination

Votes For	390,332.888
Votes Against	3,202.980
Votes Abstained	47,873.516
Votes Withheld	349,483.278

ENTERPRISE Accumulation Trust

12

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

ENTERPRISE Accumulation Trust

13

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

ENTERPRISE Accumulation Trust

14

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

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15

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

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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 Registered Public Accounting Firm

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 Mergers and Acquisitions Portfolio

SUBADVISER’S COMMENTS

GAMCO Investors, Inc.

Rye, New York

Investment Management

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

GAMCO Investors, Inc. (“Gabelli”), which manages approximately $28.3 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 capital appreciation.

First Half 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 0.54%. The Portfolio underperformed its benchmark, the S&P 500 Index, which returned 3.44%.

How would you describe the investment environment during the period?

During the six months period, the economy benefited from fiscal stimulus and the extraordinarily liquid monetary policy pursued by the Fed. Corporate earnings were strong. GDP grew about 5% over the past year and profit growth has been 25% or more. For the later part of the period, investors were concerned about interest rate increases, further turmoil and prisoner abuse scandals in Iraq, continued high oil prices, concern over a rise in inflation and uncertainty about the upcoming election.

Merger activity was strong in the first quarter, with the highest level of announced deals since late 2000. Two of the largest were the Comcast “bear hug” bid for Walt Disney (which died an early death) and Sanofi-Synthelabo’s offer for Aventis SA. The deal between AT&T Wireless and Cingular Wireless also helped to generate solid returns through the period.

Spreads on high-quality merger and acquisition deals remained tight. With uncertainty in equity markets, weakness in fixed-income, and nominal returns in money market funds, risk arbitrage is attracting capital. One positive development in the period has been an increase in the number of hostile deals announced.

What strategies affected Portfolio performance during the period?

The Portfolio’s holding in AT&T Wireless helped Portfolio performance as the stock rose sharply in the first quarter. The deal caused other wireless telecommunications holdings to increase. Sprint PCS, Rogers Wireless and Rural Cellular also registered substantial gains.

To maintain a conservative strategy, the Portfolio continued to hold a substantial cash position. It also holds a large number of stocks, both in the announced and potential takeover portion of the Portfolio. At the end of the period one of the Portfolio’s holdings, Titan Corporation became a “busted” deal as Lockheed decided to end its plans to acquire the company based on a possible bribery situation at a subsidiary.

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Enterprise Mergers and Acquisitions Portfolio

SUBADVISER’S COMMENTS — (Continued)

What changes were made to the Portfolio over the period?

At the beginning of the period, Gabelli took a position in Bank One, which is being bought by JP Morgan Chase. Gabelli bought and sold Bank of Bermuda, which HSBC agreed to buy to bolster its private banking and asset management operations. The Portfolio closed out a position in Newhall Land, which was bought by Lennar and unwound positions in Bio Reliance, which was sold to Invitrogen and Esperion Therapeutics, which was bought by Pfizer.

During the period, the Portfolio increased the position in AT&T Wireless. The company will be bought by Cingular Wireless, which is a solid buyer with no financing conditions. The Portfolio also increased holdings in Dreyer’s Grand Ice Cream and bought InVision, which will be acquired by General Electric, as well as shares of Westport Resources, which was acquired by Kerr McGee. Lastly, the Portfolio sold Interpore International, which was bought by Biomet.

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 Mergers and Acquisitions Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 47.91%
Advertising — 0.03%
Interep National Radio Sales Inc. (a)	2,000	$	2,200
Aerospace — 1.14%
Titan Corporation (a)	6,000		77,880
Automotive — 0.62%
Midas Inc. (a)	1,500		26,100
Modine Manufacturing Company	500		15,925
			42,025
Banking — 4.17%
Bank One Corporation	300		15,300
Charter One Financial Inc.	1,000		44,190
Community First Bankshares Inc.	1,500		48,285
First Republic Bank	300		12,924
Gold Banc Corporation Inc.	1,000		15,500
Mellon Financial Corporation	500		14,665
National City Corporation	833		29,163
PNC Financial Services Group	444		23,568
Riggs National Corporation Washington DC	3,000		63,360
Sovereign Bancorp Inc.	769		16,995
			283,950
Broadcasting — 1.34%
Acme Communications Inc. (a)	1,000		6,900
Fisher Communications Inc. (a)	739		37,194
Lin TV Corporation (a)	1,000		21,200
Paxson Communications Corporation (a)	2,000		6,500
Young Broadcasting Inc. (Class A) (a)	1,500		19,725
			91,519
Business Services — 0.21%
National Processing Inc. (a)	500		14,375
Cable — 1.01%
Cablevision Systems Corporation (Class A) (a)	3,500		68,775
Chemicals — 0.61%
Hercules Inc. (a)	2,000		24,380
Millennium Chemicals Inc. (a)	1,000		17,320
			41,700
Computer Hardware — 0.86%
Cable Design Technologies Corporation (a)	5,500		58,300
Computer Services — 0.25%
Juniper Networks Inc. (a)	702		17,248
StorageNetworks Inc. (a) (d)	1,500		—
			17,248

	Number of Shares or Principal Amount	Value
Consumer Products — 0.72%
CNS Inc.	500	$	5,015
New England Business Service Inc.	1,000		44,000
			49,015
Drugs & Medical Products — 0.23%
Thermo Electron Corporation (a)	500		15,370
Electrical Equipment — 1.00%
Thomas & Betts Corporation (a)	2,500		68,075
Electronics — 0.55%
Monolithic Systems Technology Inc. (a)	5,000		37,650
Energy — 2.07%
Laclede Group Inc.	300		8,223
SEMCO Energy Inc. (a)	1,500		8,730
Unisource Energy Corporation	5,000		124,250
			141,203
Entertainment & Leisure — 1.29%
Churchill Downs Inc.	300		12,210
Metro Goldwyn Mayer Inc. (a)	1,000		12,100
Walt Disney Company	2,500		63,725
			88,035
Finance — 0.66%
H&R Block Inc.	300		14,304
SWS Group Inc.	2,000		30,600
			44,904
Food, Beverages & Tobacco — 4.59%
Del Monte Foods Company (a)	1,000		10,160
Dreyer’s Grand Ice Cream Holdings	2,500		197,725
Flowers Foods Inc.	500		13,075
Golden State Vintners Inc. (a)	1,100		9,064
J.M. Smucker Company	501		22,983
Sensient Technologies Corporation	2,000		42,960
Tootsie Roll Industries Inc.	515		16,737
			312,704
Health Care — 0.81%
Oxford Health Plans Inc.	1,000		55,040
Hotels & Restaurants — 1.85%
Aztar Corporation (a)	1,500		42,000
Caesars Entertainment Inc. (a)	1,000		15,000
Mandalay Resort Group	1,000		68,640
			125,640
Machinery — 0.61%
Baldwin Technology Company Inc. (Class A)	4,600		16,468
Flowserve Corporation (a)	1,000		24,940
			41,408

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Enterprise Mergers and Acquisitions Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Manufacturing — 0.92%
Belden Inc.	1,000	$	21,430
ITT Industries Inc.	500		41,500
			62,930
Media — 0.47%
Media General Inc. (Class A)	500		32,110
Medical Instruments — 2.30%
ArthroCare Corporation (a)	200		5,816
Bio Rad Laboratories Inc. (a)	200		11,772
Biosite Inc. (a)	500		22,460
Bioveris Corporation	300		2,496
Cholestech Corporation (a)	200		1,630
Conmed Corporation (a)	200		5,480
DJ Orthopedics Inc. (a)	200		4,600
Exactech Inc. (a)	500		10,850
ICU Medical Inc. (a)	500		16,765
INAMED Corporation (a)	500		31,425
Kensey Nash Corporation (a)	500		17,250
Osteotech Inc. (a)	200		1,298
Schick Technologies Inc.	500		6,725
Thoratec Corporation (a)	1,000		10,730
Young Innovations	300		7,620
			156,917
Medical Services — 1.20%
CIRCOR International Inc.	1,000		20,390
NWH Inc.	1,000		17,660
Regeneration Technologies Inc. (a)	1,000		10,730
US Oncology Inc. (a)	2,000		29,440
Vitalworks Inc.	1,000		3,460
			81,680
Metals & Mining — 0.05%
Encore Medical Corporation (a)	500		3,150
Oil Services — 1.27%
Plains Resources Inc. (a)	2,500		42,375
Prima Energy Corporation Company (a)	651		25,760
RPC Inc.	500		7,895
Wiser Oil Company	1,000		10,610
			86,640
Paper Products — 0.93%
Greif Brothers Corporation (Class A)	1,500		63,375
Pharmaceuticals — 1.67%
Bristol Myers Squibb Company	500		12,250
Cima Labs Inc. (a)	1,000		33,730
Collagenex Pharmaceuticals Inc. (a)	200		1,884
Neighborcare Inc. (a)	1,500		46,995
Priority Healthcare Corporation (Class B) (a)	500		11,475
UST Inc.	200		7,200
			113,534

	Number of Shares or Principal Amount	Value
Printing & Publishing — 0.64%
McClatchy Company (Class A)	300	$	21,045
Pulitzer Inc.	300		14,670
Readers Digest Association Inc.	500		7,995
			43,710
Property-Casualty Insurance — 0.58%
CNA Surety Corporation (a)	2,000		21,900
St. Paul Companies Inc.	433		17,554
			39,454
Publishing — 0.48%
Information Holdings Inc. (a)	1,000		27,370
PRIMEDIA Inc. (a)	2,000		5,560
			32,930
Real Estate — 1.25%
American Home Mortgage Investment Corporation	515		13,354
Chelsea Property Group Inc.	200		13,044
Keystone Property Trust Corporation	1,500		36,045
Taubman Centers Inc.	1,000		22,890
			85,333
Retail — 2.65%
Cole National Corporation (a)	5,000		116,750
Duane Reade Inc. (a)	2,500		40,825
Maxwell Shoe Inc. (a)	1,000		23,240
			180,815
Savings and Loan — 1.90%
New York Community Bancorp Inc.	500		9,815
Newalliance Bancshares Inc	1,250		17,450
Quaker City Bancorp Inc.	500		27,470
Seacoast Financial Services Corporation	587		20,310
Washington Mutual Inc.	700		27,048
Waypoint Financial Corporation	1,000		27,590
			129,683
Security & Investigation Services — 1.64%
Invision Technologies Inc.	1,500		74,850
Kroll Inc. (a)	1,000		36,880
			111,730
Semiconductors — 0.05%
ChipPac Inc. (a)	500		3,135
Telecommunications — 2.93%
AT&T Corporation	1,000		14,630
Centurytel Inc.	1,000		30,040
Manitoba Telecom Services Inc.	545		18,321
Panamsat Corporation (a)	4,000		92,880
Sprint Corporation	2,500		44,000
			199,871

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Enterprise Mergers and Acquisitions Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Utilities — 0.46%
Duquesne Light Holdings Inc.		1,000	$	19,310
Southwest Gas Corporation		500		12,065
				31,375
Waste Management — 0.43%
Republic Services Inc.		1,000		28,940
Wireless Communications — 1.47%
AT&T Wireless Services Inc. (a)		5,000		71,600
MDSI Mobile Solutions Inc.		2,000		13,000
Price Communications Corporation (a)		1,050		15,498
				100,098
Total Domestic Common Stocks
(Identified cost $3,205,266)				3,264,426
Foreign Stocks — 1.98%
Banking — 0.58%
Deutsche Bank		500		39,555
Manufacturing — 0.26%
Cooper Industries Ltd. (Class A)		300		17,823
Medical Instruments — 0.19%
Orthofix International (a)		300		12,819
Pharmaceuticals — 0.88%
Celltech Group (a)		3,000		59,790
Telecommunications — 0.07%
Microcell Telecommunications Inc. (a)		200		4,827
Total Foreign Stocks
(Identified cost $128,786)				134,814
Short-Term U.S. Government Obligations — 41.06%
U.S. Treasury Bills — 41.06%
0.975% due 07/08/04 (e)	$	500,000	$	499,905
0.945% due 07/22/04 (e)		200,000		199,890
0.935% due 07/29/04 (e)		200,000		199,855
0.98% due 08/05/04 (e)		500,000		499,524
0.97% due 08/26/04 (e)		500,000		499,245
1.275% due 09/23/04 (e)		500,000		498,512
1.095% due 10/14/04 (e)		402,000		400,716
				2,797,647
Total Short-Term U.S. Government Obligations
(Identified cost $2,797,647)				2,797,647

	Number of Shares or Principal Amount		Value
Repurchase Agreement — 4.83%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/04 Proceeds $329,006 Collateral: U.S. Treasury Bond $305,000, 6.125% due 08/15/07, Value $344,176	$	329,000	$	329,000
Total Repurchase Agreement
(Identified cost $329,000)				329,000
Total Investments
(Identified cost $6,460,699)			$	6,525,887
Other Assets Less Liabilities — 4.22%				287,880
Net Assets — 100%			$	6,813,767

(a) Non-income producing security.

(d) Security is fair valued at June 30, 2004.

(e) The rate shown is the current effective yield.

See notes to financial statements.

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Enterprise Mergers and Acquisitions Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value	$	6,525,887
Investment income receivable		3,110
Receivable for fund shares sold		298,745
Receivable for investments sold		14,638
Due from investment adviser		1,915
Cash		550
Other assets		32
Total assets		6,844,877
Liabilities:
Payable for fund shares redeemed		1,631
Payable for investments purchased		24,633
Accrued expenses and other liabilities		4,846
Total liabilities		31,110
Net assets	$	6,813,767
Analysis of net assets:
Paid-in capital	$	6,655,971
Undistributed (accumulated) net investment income (loss)		4,799
Undistributed (accumulated) net realized gain (loss)		87,809
Unrealized appreciation (depreciation)		65,188
Net assets	$	6,813,767
Fund shares outstanding		614,329
Net asset value per share		$11.09
Investments at cost	$	6,460,699

See notes to financial statements.

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Enterprise Mergers and Acquisitions Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Dividends (net of foreign taxes withheld of $211)	$	28,937	(1)
Interest		9,724
Total investment income		38,661
Expenses:
Investment advisory fees		21,017
Custodian and fund accounting fees		7,770
Shareholder servicing fees		6,827
Reports to shareholders		204
Trustees’ fees		88
Audit and legal fees		833
Other expenses		163
Total expenses		36,902
Expense reimbursement		(3,040	)
Total expenses, net of reimbursement		33,862
Net investment income (loss)		4,799
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		49,454
Net change in unrealized gain (loss) on investments		(33,766	)
Net realized and unrealized gain (loss)		15,688
Net increase (decrease) in net assets resulting from operations	$	20,487

See notes to financial statements.

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Enterprise Mergers and Acquisitions Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2004			For the Period May 1, 2003 through December 31, 2003
From operations:
Net investment income (loss)	$	4,799		$	(3,398	)
Net realized gain (loss)		49,454			55,114
Net change in unrealized gain (loss)		(33,766	)		98,954
Increase (decrease) in net assets resulting from operations		20,487			150,670
Distributions to shareholders from:
Net investment income		—			—
Net realized gains		—			(13,361	)
Total distributions to shareholders		—			(13,361	)
From capital share transactions:
Shares sold		4,195,492			3,984,246
Reinvestment of distributions		—			13,361
Shares redeemed		(726,983	)		(810,145	)
Total increase (decrease) in net assets resulting from capital share transactions		3,468,509			3,187,462
Total increase (decrease) in net assets		3,488,996			3,324,771
Net assets:
Beginning of period		3,324,771			—
End of period	$	6,813,767		$	3,324,771
Capital share activity:
Shares issued		378,671			374,496
Shares issued in reinvestment of distributions		—			1,216
Shares redeemed		(65,846	)		(74,208	)
Net increase (decrease)		312,825			301,504
Undistributed net investment income	$	4,799		$	—

See notes to financial statements.

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Enterprise Mergers and Acquisitions Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2004			For the Period May 1, 2003 through December 31, 2003
Net asset value, beginning of period	$	11.03		$	10.00
Income from investment operations:
Net investment income (loss)C		0.01			(0.02	)
Net realized and unrealized gain (loss) on investments		0.05			1.10
Total from investment operations		0.06			1.08
Less dividends and distributions:
Dividends from net investment income		—			—
Distributions from capital gains		—			(0.05	)
Total distributions		—			(0.05	)
Net asset value, end of period	$	11.09		$	11.03
Total return		0.54	%B		10.78	%B
Net assets end of period (in thousands)	$	6,814		$	3,325
Ratio of expenses to average net assets		1.45	%A		1.45	%A
Ratio of expenses to average net assets (excluding reimbursement)		1.58	%A		1.66	%A
Ratio of net investment income (loss) to average net assets		0.21	%A		(0.29	)%A
Portfolio turnover rate		73	%		87	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

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9

Notes to Financial Statements

June 30, 2004 (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 amended, as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest 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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Mergers and Acquisitions Portfolio in the preparation of its financial statements:

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.

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-thecounter 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, U.S. Government or Agency 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

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10

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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 may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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 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 to each Portfolio 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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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 an annual rate of 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, 2004, the Portfolio paid MONY Life Insurance Company $7,064 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 1.45%.

For the six months ended June 30, 2004, the Portfolio paid brokerage commissions of $50 to affiliates of the adviser and subadviser.

4. Investment Transactions

For the six months ended June 30, 2004, 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
—	—	$	3,924,455	$	1,867,579

5. Borrowings

The Trust and another series of mutual funds 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, 2004.

ENTERPRISE Accumulation Trust

11

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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. At times, these differences are primarily due to differing treatments for foreign currency transactions and net operating losses.

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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

At June 30, 2004, 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
$	6,460,699	$	190,393	$	125,205	$	65,188

7. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 28, 2004.

ENTERPRISE Accumulation Trust

12

Shareholder Proxy Voting Information (Unaudited)

On June 28, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	367,290.603
Votes Against	114,270.910
Votes Abstained	5,287.042
Votes Withheld	334,821.857

To approve the Agreement and Plan of Conversion and Termination

Votes For	362,519.284
Votes Against	115,737.548
Votes Abstained	8,591.723
Votes Withheld	334,821.857

ENTERPRISE Accumulation Trust

13

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

ENTERPRISE Accumulation Trust

14

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S)  HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

ENTERPRISE Accumulation Trust

15

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S)  HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

ENTERPRISE Accumulation Trust

16

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

ENTERPRISE Accumulation Trust

17

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 Registered Public Accounting Firm

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

18

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 $424 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 growth of capital over time.

First Half 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 2.46%. The Portfolio underperformed its benchmark, the S&P 500 Index, which returned 3.44%. In contrast, the Portfolio outperformed its peer group, the Lipper Flexible Portfolio Funds Index, which returned 2.26%.

How would you describe the investment environment during the period?

After treading water for the first quarter, U.S. equity markets had modestly positive returns the second quarter. Higher energy prices and the prospects of rising interest rates, combined with tensions in Iraq weighed on stocks early in the period. This tide turned in the second quarter as improving jobs data and strong corporate profits eased investors’ concern about the impact of Fed rate hikes. The looming Fed meeting and the handover of power in Iraq at the end of the period kept prices in a narrow range.

What strategies affected Portfolio performance during the period?

The Portfolio continued to benefit from an over-weight to equities over the last six months. Despite this over-weight, the Portfolio’s asset allocation positioning has turned considerably more defensive over the last few months.

For the period, the Portfolio benefited from strong stock selection in the consumer discretionary and financials sectors. In the consumer discretionary sector stocks such as Michael’s Stores and PetsMart were strong contributors to performance as they continue to benefit from their ability to provide the consumer with a unique product in a convenient setting. In the financials sector, notable contributors included Countrywide Financial and Bank One.

Weak stock selection in the consumer staples and energy sectors detracted from performance. Detractors in the Consumer Staples sector included Hain Celestial, a specialty and snack food company, and a zero weight in cosmetics company Avon, whose stock had a strong six months. The Portfolio’s zero-weight in a number of strong performing energy names such as Valero Energy, Amerada Hess and Baker Hughes also negatively impacted Portfolio performance.

What changes were made to the Portfolio over the period?

The Portfolio began the period with a pro-cyclical stance. The Portfolio was positioned with an over-weight to equities and cash and an under-weight to bonds. At the end of January, the Portfolio’s equity exposure was reduced to a more conservative stance. At the end of March, Wellington again increased the equity over-weight. This move was shorter-term because at that time, they preferred equities to bonds, but believed that equity valuations were reasonable overall.

ENTERPRISE Accumulation Trust

1

Enterprise Managed Portfolio

SUBADVISER’S COMMENTS — (Continued)

Over the course of the second quarter, Wellington reduced the over-weight to equities and increased the allocation to bonds. This more-defensive posture resulted from a concern over decelerating economic growth and moderating earnings expectations. Although interest rates on shorter maturity bonds are set to rise, most of the damage to long bonds likely was done in the second quarter.

The equity portion of the Portfolio has a cyclical bias, with emphasis toward the improving industrial economy and away from consumer stocks due to higher interest rates, rising energy costs and lower government stimuli. In terms of changes, new positions were initiated in industrial companies such as Caterpillar, Kroll and Aramark. Kroll is best known for providing corporate security services; Kroll also provides bankruptcy and restructuring services (e.g. Enron and Parmalat); and offers forensic computer services, retrieval of e-mails and forensic accounting. Subsequent to this purchase, Marsh & McLennan announced their acquisition of the company at a premium and the position was sold as the stock rose. Aramark increased the Portfolio’s cyclical exposure as the company provides food service, uniforms and facilities management to higher education, corrections, health care and sporting/national park venues providing organic (and stable) growth based on outsourcing trends. Because the company benefits from increased employment in several of its businesses, it decreases its dependence on any one particular piece of the economy improving to continue growing. Further, with the continued strength of PetsMart, the Portfolio took profits during the period and rotated into sibling Petco.

In the fixed-income portion of the Portfolio, Wellington continues to under-weight the Portfolio’s exposure to government securities and over-weight the exposure to mortgage-backs and corporates.

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 Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Domestic Common Stocks — 67.84%
Advertising — 0.69%
Lamar Advertising Company (a)	104,500	$	4,530,075
Aerospace — 1.88%
General Dynamics Corporation	35,500		3,525,150
Rockwell Collins Inc.	80,600		2,685,592
United Technologies Corporation	66,700		6,101,716
			12,312,458
Apparel & Textiles — 0.61%
Columbia Sportswear Company (o)	46,700		2,550,754
Liz Claiborne Inc.	40,800		1,467,984
			4,018,738
Automotive — 0.66%
Lear Corporation	29,700		1,752,003
O'Reilly Automotive Inc. (a) (o)	56,200		2,540,240
			4,292,243
Banking — 2.76%
Bank of America Corporation	150,500		12,735,310
Bank One Corporation	104,000		5,304,000
			18,039,310
Biotechnology — 0.47%
Genzyme Corporation (a)	65,500		3,100,115
Building & Construction — 0.40%
D.R. Horton Inc.	91,200		2,590,080
Business Services — 1.80%
Aramark Corporation (Class B)	164,500		4,731,020
ChoicePoint Inc. (a)	56,700		2,588,922
Medco Health Solutions Inc. (a)	118,300		4,436,250
			11,756,192
Chemicals — 0.84%
Du Pont (E. I.) de Nemours & Company	124,100		5,512,522
Computer Hardware — 2.13%
Apple Computer Inc. (a)	76,000		2,473,040
CDW Corporation	31,300		1,995,688
Cisco Systems Inc. (a)	238,600		5,654,820
International Business Machines Corporation	43,700		3,852,155
			13,975,703
Computer Services — 3.13%
Checkfree Corporation (a)	28,800		864,000
Dell Inc. (a)	142,800		5,115,096
DST Systems Inc. (a)	23,700		1,139,733
First Data Corporation	151,000		6,722,520
Ingram Micro Inc. (a)	90,800		1,313,876
Sungard Data Systems Inc. (a)	22,362		581,412
VeriSign Inc. (a)	132,700		2,640,730
Yahoo! Inc. (a)	58,300		2,118,039
			20,495,406

	Number of Shares or Principal Amount	Value
Computer Software — 2.81%
Cadence Design Systems Inc. (a)	77,329	$	1,131,323
Microsoft Corporation	566,100		16,167,816
THQ Inc.	47,300		1,083,170
			18,382,309
Consumer Products — 1.51%
Gillette Company	138,000		5,851,200
Procter & Gamble Company	74,600		4,061,224
			9,912,424
Consumer Services — 0.25%
ITT Educational Services Inc. (a)	43,800		1,665,276
Containers/Packaging — 1.52%
Pactiv Corporation (a)	301,000		7,506,940
Smurfit — Stone Container Corporation (a)	123,900		2,471,805
			9,978,745
Crude & Petroleum — 2.40%
ChevronTexaco Corporation	62,600		5,891,286
Exxon Mobil Corporation	221,700		9,845,697
			15,736,983
Drugs & Medical Products — 0.19%
Cooper Companies Inc.	19,900		1,257,083
Electrical Equipment — 1.71%
General Electric Company	345,400		11,190,960
Electronics — 0.39%
KLA-Tencor Corporation (a)	51,500		2,543,070
Energy — 0.58%
American Power Conversion Corporation	87,400		1,717,410
Exelon Corporation	62,600		2,083,954
			3,801,364
Fiber Optics — 0.85%
Corning Inc. (a)	428,400		5,594,904
Finance — 1.06%
E* Trade Group Inc. (a)	234,300		2,612,445
Federated Investors Inc.	88,600		2,688,124
Legg Mason Inc.	18,000		1,638,180
			6,938,749
Food, Beverages & Tobacco — 2.39%
Altria Group Inc.	100,500		5,030,025
Constellation Brands Inc. (Class A) (a)	11,500		426,995
Hain Celestial Group Inc. (o)	102,100		1,848,010
Krispy Kreme Doughnuts Inc. (o)	28,400		542,156
PepsiCo Inc.	144,700		7,796,436
			15,643,622

ENTERPRISE Accumulation Trust

3

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Gaming — 0.04%
International Game Technology	6,800	$	262,480
Health Care — 0.92%
Coventry Health Care Inc. (a)	28,200		1,378,980
Health Net Inc. (a)	64,900		1,719,850
Triad Hospitals Inc. (a)	48,900		1,820,547
Viasys Healthcare Inc. (a) (o)	42,100		880,311
Wellcare Group Inc. (a)	13,900		236,300
			6,035,988
Insurance — 0.47%
Gallagher Arthur J & Company	100,500		3,060,225
Machinery — 0.26%
Caterpillar Inc.	21,200		1,684,128
Manufacturing — 1.68%
3M Company	48,900		4,401,489
Cognex Corporation	57,100		2,197,208
Precision Castparts Corporation	80,600		4,408,014
			11,006,711
Media — 1.63%
Time Warner Inc. (a)	607,500		10,679,850
Medical Instruments — 2.31%
Diagnostic Products Corporation (o)	58,500		2,570,490
Edwards Lifesciences Corporation (a)	36,000		1,254,600
Fisher Scientific International Inc. (a) (o)	44,200		2,552,550
Guidant Corporation	21,000		1,173,480
Medtronic Inc.	131,900		6,426,168
Waters Corporation (a)	23,348		1,115,567
			15,092,855
Medical Services — 0.30%
Odyssey Healthcare Inc. (o) (a)	103,500		1,947,870
Metals & Mining — 0.63%
Alcoa Inc.	124,400		4,108,932
Misc. Financial Services — 4.52%
Ambac Financial Group Inc.	37,700		2,768,688
American Express Company	47,300		2,430,274
Citigroup Inc.	281,700		13,099,050
Countrywide Financial Corporation	62,500		4,390,625
Merrill Lynch & Company Inc.	128,500		6,936,430
			29,625,067
Multi-Line Insurance — 1.90%
American International Group Inc.	138,300		9,858,024
Principal Financial Group	73,800		2,566,764
			12,424,788

	Number of Shares or Principal Amount	Value
Oil Services — 2.33%
Apache Corporation	94,900	$	4,132,895
Chesapeake Energy Corporation	243,500		3,584,320
Ensco International Inc.	67,200		1,955,520
Schlumberger Ltd.	88,300		5,607,933
			15,280,668
Paper Products — 0.57%
International Paper Company	83,600		3,736,920
Pharmaceuticals — 5.13%
Abbott Laboratories	152,800		6,228,128
Albany Molecular Research Inc. (a) (o)	13,700		177,141
Caremark Rx Inc. (a)	16,100		530,334
Eli Lilly & Company	81,700		5,711,647
King Pharmaceuticals Inc. (a)	110,000		1,259,500
Pfizer Inc.	344,700		11,816,316
Schering-Plough Corporation	119,100		2,200,968
Watson Pharmaceuticals Inc. (a)	15,000		403,500
Wyeth	146,000		5,279,360
			33,606,894
Property-Casualty Insurance — 0.80%
St. Paul Companies Inc.	129,640		5,255,606
Retail — 5.02%
Chico's FAS Inc.	34,800		1,571,568
Coach Inc. (a)	20,000		903,800
Fastenal Company (o)	15,500		880,865
Gap Inc.	157,200		3,812,100
Lowe's Companies Inc.	144,400		7,588,220
Michaels Stores Inc.	83,100		4,570,500
Pacific Sunwear of California (a) (o)	104,850		2,051,915
Petco Animal Supplies Inc.	22,700		731,167
Petsmart Inc. (a)	67,700		2,196,865
Staples Inc.	69,000		2,022,390
Wal-Mart Stores Inc.	123,700		6,526,412
			32,855,802
Semiconductors — 3.20%
Applied Materials Inc. (a)	184,000		3,610,080
Fairchild Semiconductor International (Class A) (a)	49,700		813,589
Intel Corporation	220,300		6,080,280
International Rectifier Corporation (a)	106,200		4,398,804
Novellus Systems Inc. (a)	39,400		1,238,736
Texas Instruments Inc.	110,000		2,659,800
Varian Semi Equipment Associates Incorporated (o)	56,300		2,170,928
			20,972,217
Technology — 0.13%
SanDisk Corporation (a)	40,500		878,445

ENTERPRISE Accumulation Trust

4

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Telecommunications — 1.62%
Polycom Inc.		220,000	$	4,930,200
Sprint Corporation		229,500		4,039,200
Tekelec (a)		88,800		1,613,496
				10,582,896
Transportation — 2.23%
CSX Corporation		97,200		3,185,244
FedEx Corporation		55,474		4,531,671
Norfolk Southern Corporation		161,900		4,293,588
Yellow Roadway Corp (o)		64,200		2,559,012
				14,569,515
Wireless Communications — 1.12%
Motorola Inc.		159,700		2,914,525
Nextel Communications Inc. (Class A) (a)		166,200		4,430,892
				7,345,417
Total Domestic Common Stocks
(Identified cost $407,750,722)				444,281,605
Foreign Stocks — 1.38%
Drugs & Medical Products — 0.20%
Biovail Corporation (a) (o)		68,100		1,292,538
Manufacturing — 1.18%
Tyco International Ltd.		232,900		7,718,306
Total Foreign Stocks
(Identified cost $7,375,071)				9,010,844
Corporate Bonds — 7.51%
Aerospace — 0.14%
McDonnell Douglas Corporation 6.875% due 11/01/06	$	425,000		454,809
United Technologies Corporation 7.125% due 11/15/10		400,000		453,150
				907,959
Airlines — 0.23%
American Airlines Inc. 7.024% due 10/15/09		450,000		444,936
American Airlines Inc. 3.857% due 07/09/10		78,156		75,488
Continental Airlines Inc. 6.703% due 12/15/22		585,732		546,231
Delta Air Lines Inc. (o) 7.111% due 09/18/11		450,000		417,648
				1,484,303
Automotive — 0.08%
DaimlerChrysler North Holding Company, 7.20% due 09/01/09		475,000		517,063

	Number of Shares or Principal Amount		Value
Banking — 0.24%
First Massachusetts Bank 7.625% due 06/15/11	$	300,000	$	344,539
First Union National Bank 7.875% due 02/15/10		95,000		109,716
First Union National Bank 6.18% due 02/15/36		400,000		422,484
Mizuho Financial Group Cayman Ltd. (144A), 5.79% due 04/15/14		200,000		196,598
NCNB Corporation 10.20% due 07/15/15		250,000		337,028
Sanwa Bank Limited New York Branch, 7.40% due 06/15/11		150,000		163,101
				1,573,466
Broadcasting — 0.05%
Liberty Media Corporation 7.75% due 07/15/09		300,000		335,000
Building & Construction — 0.22%
Centex Corporation 5.80% due 09/15/09		500,000		515,941
Lennar Corporation 7.625% due 03/01/09		110,000		121,801
Lennar Corporation (o) 5.95% due 03/01/13		120,000		120,981
Masco Corporation 5.875% due 07/15/12		225,000		233,686
Pulte Homes Inc. 6.25% due 02/15/13		425,000		434,140
				1,426,549
Cable — 0.15%
Cox Communications Inc. 7.125% due 10/01/12		320,000		350,704
TCI Communications Inc. 8.75% due 08/01/15		300,000		361,401
TCI Communications Inc. 7.125% due 02/15/28		250,000		260,060
				972,165
Chemicals — 0.11%
Dow Chemical Company 6.00% due 10/01/12		200,000		206,666
Monsanto Company 7.375% due 08/15/12		300,000		339,098
Potash Corporation Saskatchewan Inc., 7.75% due 05/31/11		175,000		200,616
				746,380
Electrical Equipment — 0.03%
Oncor Electric Delivery Company 6.375% due 05/01/12		200,000		214,035
Energy — 0.80%
Alabama Power Company 5.875% due 12/01/22		375,000		372,518
Alliant Energy Resources Inc. 9.75% due 01/15/13		100,000		127,279

ENTERPRISE Accumulation Trust

5

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
American Electric Power Inc. 6.125% due 05/15/06	$	375,000	$	393,662
Calenergy Inc. 7.52% due 09/15/08		185,000		204,925
Carolina Power & Light Company 5.95% due 03/01/09		150,000		158,006
Consolidated Natural Gas Company 5.375% due 11/01/06		350,000		364,242
Florida Power Corporation 5.90% due 03/01/33		300,000		285,515
Keyspan Corporation 6.15% due 06/01/06		210,000		221,189
NSTAR 8.00% due 02/15/10		425,000		494,297
Old Dominion Electric Cooperative, 6.25% due 06/01/11		650,000		700,782
Peco Energy Company 4.75% due 10/01/12		165,000		160,959
Pennsylvania Electric Company 6.625% due 04/01/19		175,000		179,421
PPL Energy Supply 6.40% due 11/01/11		250,000		264,973
PSEG Power 7.75% due 04/15/11		450,000		509,638
Scana Corporation 6.25% due 02/01/12		200,000		213,161
South Carolina Electric & Gas Company, 5.80% due 01/15/33		180,000		172,879
Southern California Edison Company, 5.00% due 01/15/14		170,000		165,392
Wisconsin Energy Corporation 6.50% due 04/01/11		255,000		274,405
				5,263,243
Finance — 0.34%
Erac USA Finance Company (144A) 8.00% due 01/15/11		550,000		639,573
Household Finance Corporation 6.375% due 10/15/11		750,000		800,555
Newcourt Credit Group Inc. 6.875% due 02/16/05		750,000		771,009
				2,211,137
Food, Beverages & Tobacco — 0.41%
Altria Group Inc. 7.00% due 11/04/13		270,000		274,947
Altria Group Inc. 7.75% due 01/15/27		150,000		153,370
Archer-Daniels Midland Company 8.875% due 04/15/11		200,000		245,189
General Mills Inc. 6.00% due 02/15/12		200,000		209,425
Kraft Foods Inc. 4.625% due 11/01/06		220,000		225,266
Pepsi Bottling Group Inc. 7.00% due 03/01/29		330,000		368,037
Tyson Foods Inc. 6.625% due 10/01/04		350,000		352,945

	Number of Shares or Principal Amount		Value
Unilever Capital Corporation 5.90% due 11/15/32	$	430,000	$	418,203
Whitman Corporation 6.50% due 02/01/06		425,000		445,556
				2,692,938
Gaming — 0.06%
International Game Technology 8.375% due 05/15/09		325,000		382,343
Health Care — 0.05%
Healthcare Realty Trust Inc. 8.125% due 05/01/11		175,000		201,201
Healthcare Realty Trust Inc. 5.125% due 04/01/14		175,000		162,866
				364,067
Hotels & Restaurants — 0.04%
Tricon Global Restaurants Inc. 7.65% due 05/15/08		210,000		234,481
Insurance — 0.42%
Allstate Financial Global Funding (144A), 6.50% due 06/14/11		275,000		300,196
Amerus Group Company 6.95% due 06/15/05		350,000		360,701
Dai Ichi Mutual Life Insurance Co. 5.73% due 03/17/14 (o)		300,000		289,025
Liberty Mutual Group Inc. (144A) 5.75% due 03/15/14		205,000		197,835
Liberty Mutual Insurance Company (144A), 7.697% due 10/15/97		385,000		380,826
Marsh & McLennan Companies Inc. 5.875% due 08/01/33		250,000		235,268
Prudential Insurance Company America (144A), 6.375% due 07/23/06		300,000		318,444
Prudential Insurance Company America (144A), 7.65% due 07/01/07		200,000		220,212
RenaissanceRe Holdings Ltd. 5.875% due 02/15/13		460,000		466,415
				2,768,922
Machinery — 0.06%
Caterpillar Inc. 6.55% due 05/01/11 (o)		350,000		387,339
Media — 0.22%
AOL Time Warner Inc. 7.70% due 05/01/32		850,000		928,557
News America Holdings Inc. 7.75% due 01/20/24		450,000		508,904
				1,437,461
Medical Services — 0.06%
Cardinal Health Inc. 6.25% due 07/15/08		200,000		214,271
Cardinal Health Inc. 7.00% due 10/15/26		150,000		163,984
				378,255

ENTERPRISE Accumulation Trust

6

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Metals & Mining — 0.14%
Alcoa Inc. 6.50% due 06/01/11	$	450,000	$	490,578
Noram Energy Corporation 6.50% due 02/01/08		425,000		449,580
				940,158
Misc. Financial Services — 1.28%
American Express Company 5.50% due 09/12/06		110,000		115,160
Citigroup Inc. 7.25% due 10/01/10		600,000		675,723
Ford Motor Credit Company 7.60% due 08/01/05		130,000		136,092
Ford Motor Credit Company 7.25% due 10/25/11		1,350,000		1,409,793
General Electric Capital Corporation, 6.125% due 02/22/11		1,100,000		1,178,033
General Motors Acceptance Corporation, 6.875% due 08/28/12		1,075,000		1,093,552
Goldman Sachs Group Inc. 6.875% due 01/15/11		575,000		631,218
Hartford Financial Services Group Inc., 7.90% due 06/15/10		200,000		231,768
Merrill Lynch & Company Inc. 6.00% due 02/17/09		700,000		744,091
Morgan Stanley Group Inc. 6.75% due 04/15/11		900,000		986,282
Russell Frank Company (144A) 5.625% due 01/15/09		500,000		528,448
UFJ Finance Aruba AEC 6.75% due 07/15/13		200,000		206,814
USA Interactive 7.00% due 01/15/13		400,000		431,360
				8,368,334
Multi-Line Insurance — 0.28%
American General Corporation 7.50% due 08/11/10		900,000		1,030,180
John Hancock Global Funding (144A), 7.90% due 07/02/10		700,000		810,934
				1,841,114
Oil Services — 0.74%
Burlington Resources Financial Company, 7.40% due 12/01/31		450,000		511,593
ChevronTexaco Capital Company 3.50% due 09/17/07		450,000		449,483
Conagra Inc. 7.875% due 09/15/10		575,000		666,074
Duke Energy Field Services 5.75% due 11/15/06		215,000		224,311
Energen Corporation 7.625% due 12/15/10		200,000		228,980
Halliburton Company 5.50% due 10/15/10		75,000		75,877
Kinder Morgan Energy Partners 6.75% due 03/15/11		400,000		430,829

	Number of Shares or Principal Amount		Value
Kinder Morgan Inc. 6.50% due 09/01/12	$	275,000	$	291,366
Motiva Enterprises (144A) 5.20% due 09/15/12		700,000		694,593
Murphy Oil Corporation 6.375% due 05/01/12		350,000		373,813
Northern Border Partners 8.875% due 06/15/10		220,000		259,586
Transocean Sedco Forex 6.625% due 04/15/11		190,000		207,323
Valero Energy Corporation 7.50% due 04/15/32		400,000		444,951
				4,858,779
Paper & Forest Products — 0.06%
Westvaco Corporation 7.95% due 02/15/31		210,000		232,099
Weyerhaeuser Company 6.75% due 03/15/12		75,000		81,222
Weyerhaeuser Company 7.95% due 03/15/25		75,000		84,159
				397,480
Paper Products — 0.14%
International Paper Company 6.75% due 09/01/11		375,000		406,448
Temple Inland Inc. 7.875% due 05/01/12		270,000		305,521
Willamette Industries Inc. 7.00% due 02/01/18		175,000		187,112
				899,081
Pharmaceuticals — 0.13%
Bristol Myers Squibb Company 4.75% due 10/01/06		200,000		206,055
Schering Plough Corporation 5.30% due 12/01/13		145,000		142,395
Schering Plough Corporation 6.50% due 12/01/33		270,000		268,436
Wyeth 6.95% due 09/15/04		200,000		213,586
				830,472
Property-Casualty Insurance — 0.38%
Ace Capital Trust 9.70% due 04/01/30		575,000		756,032
Everest Reinsurance Holdings Inc., 8.50% due 03/15/05		370,000		383,662
Fidelity National Financial Inc., 7.30% due 08/15/11		225,000		250,318
Mercury General Corporation 7.25% due 08/15/11		425,000		469,467
Safeco Corporation 4.875% due 02/01/10		175,000		176,236
W.R. Berkley Corporation 5.875% due 02/15/13		195,000		199,015
W.R. Berkley Corporation 8.70% due 01/01/22		200,000		235,101
				2,469,831

ENTERPRISE Accumulation Trust

7

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Real Estate — 0.20%
AMB Property 7.50% due 06/30/18	$	350,000	$	389,698
Duke Realty Corporation 5.25% due 01/15/10		300,000		308,788
Liberty Property Trust 8.50% due 08/01/10		220,000		260,611
Spieker Properties 7.25% due 05/01/09		300,000		330,966
				1,290,063
Retail — 0.22%
Kohl’s Corporation 6.30% due 03/01/11		300,000		322,813
Lowe's Companies Inc. 6.50% due 03/15/29		425,000		445,941
Staples Inc. 7.375% due 10/01/12		340,000		382,927
Wal-Mart Stores Inc. 8.00% due 09/15/06		275,000		302,333
				1,454,014
Telecommunications — 0.18%
CenturyTel Inc. 7.875% due 08/15/12		125,000		138,451
SBC Communications Inc. 5.875% due 08/15/12		300,000		307,911
Verizon Global Funding Corporation, 7.375% due 09/01/12		660,000		742,345
				1,188,707
Wireless Communications — 0.05%
AT&T Wireless Services Inc. 8.75% due 03/01/31		275,000		335,271
Total Corporate Bonds
(Identified cost $47,780,835)				49,170,410
Foreign Bonds — 0.87%
Banking — 0.12%
Bayerische Landesbank Girozentrale, 5.65% due 02/01/09		200,000		210,511
Export Import Bank Korea 4.125% due 02/10/09		200,000		194,012
National Australia Bank Ltd. 8.60% due 05/19/10		175,000		206,736
Royal Bank of Scotland Group 6.375% due 02/01/11		200,000		217,596
				828,855
Insurance — 0.06%
XL Capital Finance Europe 6.50% due 01/15/12		350,000		374,360

	Number of Shares or Principal Amount	Value
Media — 0.02%
Grupo Televisa 8.50% due 03/11/32	120,000	$	120,900
Metals & Mining — 0.05%
Companhia Brasileira De Bebida 8.75% due 09/15/13	325,000		340,437
Misc. Financial Services — 0.15%
Canadian Oil Sands Ltd. (144A) 7.90% due 09/01/21	300,000		331,009
Pemex Project Funding Master Trust, 9.125% due 10/13/10	550,000		629,750
			960,759
Oil Services — 0.12%
Canadian Natural Resources Ltd. 6.45% due 06/30/33	475,000		480,367
Petroleos Mexicano 9.50% due 09/15/27	275,000		308,000
			788,367
Telecommunications — 0.28%
British Telecommunications 8.875% due 12/15/30	250,000		308,422
Deutsche Telekom International 8.50% due 06/15/10	250,000		292,139
France Telecom 8.75% due 09/01/04	550,000		637,352
Singapore Telecommunications (144A), 7.375% due 12/01/31	520,000		576,818
			1,814,731
Wireless Communications — 0.07%
Vodafone Airtouch 7.75% due 02/15/10	275,000		315,313
Vodafone Airtouch 7.875% due 02/15/30	125,000		148,700
			464,013
Total Foreign Bonds
(Identified cost $5,604,306)			5,692,422
Asset-Backed Securities — 1.17%
Automotive — 0.57%
Capital Auto Receivables, Series 2002-1, Class A4, 4.16% due 07/16/07	1,000,000		1,013,119
Capital One Auto Financial Trust, Series2002-B, Class A4A, 3.32% due 04/15/09	1,500,000		1,504,908
Nissan Auto Receivables, Series 2002-B, Class A4, 4.60% due 09/17/07	1,200,000		1,222,859
			3,740,886

ENTERPRISE Accumulation Trust

8

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Misc. Financial Services — 0.47%
American Express Credit Corporation, Series 2000-1, Class A, 7.20% due 09/17/07	$	750,000	$	774,158
Citibank Credit Card Issuance Trust, Series 2001-A8, Class A8, 4.10% due 12/07/06		1,200,000		1,211,753
Onyx Acceptance Owner Trust, Series 2001-D, Class A4, 4.32% due 10/15/08		1,070,455		1,084,053
				3,069,964
Utilities — 0.13%
Massachusetts Special Purpose Trust, Series 1999-1, Class A3, 6.62% due 03/15/07		795,047		812,341
Total Asset-Backed Securities
(Identified cost $7,561,256)				7,623,191
Collateralized Mortgage Obligations — 1.71%
Misc. Financial Services — 1.71%
Asset Securitization Corporation, Series 1997-D4, Class A4, 7.49% due 04/14/29		824,335		892,713
Bear Stearns Commercial Mortgage Securities Inc., Series 2001-TOP2, Class A2, 6.48% due 02/15/35		650,000		706,141
Chase Commercial Mortgage Securities Corporation, Series 1998-2, Class A2, 6.39% due 11/18/30		820,000		883,619
Greenwich Capital Commercial Funding Corporation, 5.317% due 07/10/04		900,000		898,594
Greenwich Capital Commercial Funding Corporation, Series 2003-C2, Class A4, 4.915% due 01/05/36		800,000		779,226
Morgan Stanley Dean Witter Capital Corporation, Series 1998-WF1, Class A2, 6.55% due 03/15/30		1,080,000		1,160,565
Morgan Stanley Dean Witter Capital Corporation, Series 2001-TOP1, Class A4, 6.66% due 02/15/33		425,000		465,786
Morgan Stanley Dean Witter Capital Corporation, Series 2001-TOP3, Class A4, 6.39% due 07/15/33		845,000		912,841
Morgan Stanley Dean Witter Capital Corporation, Series 2001-TOP5, Class A4, 6.39% due 10/15/35		1,150,000		1,243,969
Morgan Stanley Dean Witter Capital Corporation, Series 2002-HQ, Class A3, 6.51% due 04/15/34		245,000		265,829
Morgan Stanley Dean Witter Capital Corporation, Series 2002-TOP7, Class A2, 5.98% due 01/15/39		1,150,000		1,213,508

	Number of Shares or Principal Amount	Value
Nomura Asset Securities Corporation, Series 1998-D6, Class A1B, 6.59% due 03/15/30	150,000	$	162,815
UBS Commercial Mortgage Trust 6.133% due 12/15/30	500,000		533,664
UBS Commercial Mortgage Trust, Series 2002-C1, Class A4, 6.462% due 03/15/31	1,020,000		1,103,892
			11,223,162
Total Collateralized Mortgage Obligations
(Identified cost $11,278,597)			11,223,162
U. S. Treasury Obligations — 4.27%
U. S. Treasury Bills — 0.93%
0.99% due 08/12/04 (s)	1,150,000		1,148,672
1.50% due 11/04/04	3,000,000		2,984,250
1.69% due 12/23/04	2,000,000		1,983,569
			6,116,491
U. S. Treasury Bonds — 3.03%
7.50% due 11/15/16	2,200,000		2,712,101
8.875% due 08/15/17	1,000,000		1,370,273
8.875% due 02/15/19	2,430,000		3,364,410
7.875% due 02/15/21	3,650,000		4,711,635
8.125% due 05/15/21	3,500,000		4,624,648
6.25% due 08/15/23	2,000,000		2,214,688
6.00% due 02/15/26	750,000		808,154
			19,805,909
U. S. Treasury Notes — 0.31%
5.875% due 11/15/04	2,000,000		2,031,562
Total U. S. Treasury Obligations
(Identified cost $28,630,784)			27,953,962
Agency Obligations — 11.27%
Fannie Mae — 6.50%
4.544% due 07/01/04	690,990		672,523
6.97% due 06/01/05	1,161,807		1,292,319
7.00% due 02/01/07	15,425		16,048
6.79% due 11/01/07	1,356,273		1,442,589
6.525% due 06/01/09	649,402		703,841
7.00% due 07/01/09	10,500		10,924
6.625% due 09/15/09	900,000		995,600
7.27% due 02/01/10	385,621		430,971
7.125% due 06/15/10	1,500,000		1,702,879
6.30% due 03/01/11	1,036,673		1,113,967
6.03% due 05/01/11	1,355,157		1,447,249
1.00% due 11/01/11	1,163,859		1,241,960
6.115% due 02/01/12	1,171,444		1,257,450
5.898% due 04/01/12	1,369,640		1,449,839
7.00% due 11/01/12	10,922		11,603
7.00% due 12/01/12	283,650		301,351
7.00% due 03/01/15	196,650		208,941

ENTERPRISE Accumulation Trust

9

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
7.00% due 05/01/15	$	28,898	$	30,705
7.00% due 06/01/15		168,572		179,108
7.00% due 11/01/15		1,252		1,330
5.50% due 09/01/16		104,477		107,224
5.50% due 01/01/17		505,466		518,758
7.00% due 04/01/17		340,516		361,836
5.50% due 08/01/17		46,864		48,067
5.50% due 11/01/17		415,487		426,159
5.50% due 12/01/17		72,924		74,797
5.50% due 01/01/18		260,777		267,475
5.50% due 02/01/18		872,475		894,541
5.50% due 03/01/18		390,015		399,873
5.50% due 04/01/18		2,110,205		2,163,843
5.00% due 05/01/18		1,485,074		1,501,788
5.00% due 06/01/18		121,511		121,943
5.00% due 09/01/18		27,371		27,468
5.00% due 10/01/18		983,129		988,656
5.50% due 11/01/18		705,377		723,206
5.00% due 12/01/18		716,479		719,029
5.00% due 04/01/19		894,090		897,272
6.00% due 03/01/17		806,702		841,415
6.00% due 09/01/17		193,198		201,512
5.00% due 01/01/19		2,181,230		2,188,914
5.00% due 02/01/19		2,329,693		2,337,907
5.00% due 03/01/19		1,625,936		1,631,521
5.00% due 04/01/19		1,158,664		1,162,603
5.00% due 05/01/19		3,322,046		3,333,340
5.00% due 06/01/19		433,309		434,782
6.00% due 12/01/22		501,030		517,222
6.00% due 01/01/23		835,569		862,573
6.00% due 02/01/23		516,763		533,464
5.00% due 10/01/33		317,202		307,418
5.00% due 11/01/33		1,122,102		1,087,490
5.00% due 04/01/34		2,484,052		2,402,419
				42,595,712
Federal Home Loan Banks — 1.51%
4.125% due 01/14/05		7,000,000		7,088,830
5.75% due 05/15/12		410,000		432,685
6.50% due 06/01/16		38,937		41,145
6.50% due 07/01/16		1,579,684		1,669,285
6.50% due 08/01/16		68,700		72,597
6.50% due 09/01/16		307,747		325,203
6.50% due 11/01/16		169,108		178,699
6.50% due 03/01/17		29,219		30,868
7.00% due 05/01/29		40,467		42,839
				9,882,151
Freddie Mac — 0.77%
7.00% due 07/15/05		1,560,000		1,635,126
5.50% due 09/15/11		2,000,000		2,084,782
6.50% due 01/01/17		1,257,861		1,329,208
				5,049,116

	Number of Shares or Principal Amount		Value
Ginnie Mae — 2.49%
6.50% due 04/15/28	$	947,473	$	992,577
6.50% due 05/15/28		359,830		376,959
6.50% due 08/15/28		193,655		202,960
7.00% due 09/15/28		1,060,360		1,128,512
6.50% due 10/15/28		400,199		419,250
6.50% due 11/15/28		1,765,482		1,871,113
6.00% due 12/15/28		3,041,915		3,156,577
7.00% due 03/15/29		56,233		59,803
7.00% due 06/15/29		42,008		44,676
7.00% due 08/15/29		38,528		40,974
7.00% due 01/15/31		166,637		177,129
7.00% due 04/15/31		39,857		42,366
7.00% due 06/15/31		29,262		31,104
7.00% due 08/15/31		453,703		482,267
6.50% due 09/15/31		489,954		512,918
6.50% due 10/15/31		54,330		56,847
6.50% due 11/15/31		247,379		258,840
6.00% due 01/15/32		799,283		820,720
7.00% due 08/15/32		365,876		388,790
7.00% due 09/15/32		39,290		41,751
6.00% due 10/15/32		1,172,455		1,203,900
5.00% due 06/15/33		942,574		915,852
5.00% due 07/15/33		3,172,188		3,082,254
				16,308,139
Total Agency Obligations
(Identified cost $74,464,557)				73,835,118
Foreign Government Obligations — 0.11%
South Africa Republic 6.50% due 06/02/14		110,000		111,100
Trinidad & Tobago Republic (REG S), 9.75% due 07/01/20		250,000		320,000
United Mexican States 8.375% due 01/14/11		250,000		282,500
				713,600
Total Foreign Government Obligations
(Identified cost $675,889)				713,600
Registered Investment Company — 0.52%
Midcap SPDR Trust		30,800		3,421,880
Total Registered Investment Company
(Identified cost $3,349,518)				3,421,880

ENTERPRISE Accumulation Trust

10

Enterprise Managed Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Other Investments — 2.47%
Securities Lending Quality Trust (y)		16,200,567	$	16,200,567
Total Other Investments
(Identified cost $16,200,567)				16,200,567
Repurchase Agreement — 3.01%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/04 Proceeds $19,717,383 Collateral: U.S. Treasury Note $20,165,000, 2.50% due 05/31/06, Value $20,157,287	$	19,717,000		19,717,000
Total Repurchase Agreement
(Identified cost $19,717,000)				19,717,000
Total Investments
(Identified cost $630,389,102)			$	668,843,761
Other Assets Less Liabilities — (2.13)%				(13,917,686	)
Net Assets — 100%			$	654,926,075

(a) Non-income producing security.

(o) Security, or portion thereof, out on loan at June 30, 2004.

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

(y) Represents investment of cash collateral received from securities loaned (See Note 5).

(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 903 & 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.

(SPDR) S&P Depository Receipt.

Open futures contracts as of June 30, 2004 are as follows:

Description	Expiration Month	Contracts	Unrealized Appreciation/ (Depreciation)
Short S&P 500 Index Futures	09/04	56	$	(26,454	)
Short U. S. Treasury 5-Year Notes	09/04	114		(105,445	)
Short U.S. Treasury 2-Year Notes	09/04	11		(7,435	)
10-Year Notes Interest Rate SWAP	09/04	9		(15,646	)
			$	(154,980	)

See notes to financial statements.

ENTERPRISE Accumulation Trust

11

Enterprise Managed Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value, including securities loaned valued at $16,076,299 (Note 5)	$668,843,761
Investment income receivable	2,213,900
Receivable for investments sold	2,372,060
Due from investment adviser	43,130
Cash	704
Other assets	11,203
Total assets	673,484,758
Liabilities:
Payable for fund shares redeemed	1,234,846
Payable for investments purchased	703,553
Payable upon return of securities loaned (Note 5)	16,200,567
Payable for variation margin on open futures	133,650
Accrued expenses and other liabilities	286,067
Total liabilities	18,558,683
Net assets	$654,926,075
Analysis of net assets:
Paid-in capital	$741,746,575
Undistributed (accumulated) net investment income (loss)	12,822,173
Undistributed (accumulated) net realized gain (loss)	(137,942,354	)
Unrealized appreciation (depreciation)	38,299,681
Net assets	$654,926,075
Fund shares outstanding	34,989,185
Net asset value per share	$18.72
Investments at cost	$630,389,102

See notes to financial statements.

ENTERPRISE Accumulation Trust

12

Enterprise Managed Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Dividends	$	2,753,094
Interest		4,336,243
Securities lending income		208,899
Total investment income		7,298,236
Expenses:
Investment advisory fees		2,620,873
Shareholder servicing fees		1,007,247
Custodian and fund accounting fees		113,324
Reports to shareholders		18,938
Trustees’ fees		9,144
Audit and legal fees		81,903
Other expenses		27,761
Total expenses		3,879,190
Expense reimbursement		(238,423	)
Total expenses, net of reimbursement		3,640,767
Net investment income (loss)		3,657,469
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		29,154,454
Net realized gain (loss) on futures transactions		(237,857	)
Net change in unrealized gain (loss) on investments		(16,239,576	)
Net change in unrealized gain (loss) on futures transactions		(154,979	)
Net realized and unrealized gain (loss)		12,522,042
Net increase (decrease) in net assets resulting from operations	$	16,179,511

See notes to financial statements.

ENTERPRISE Accumulation Trust

13

Enterprise Managed Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2004			Year Ended December 31, 2003
From operations:
Net investment income (loss)	$	3,657,469		$	7,505,481
Net realized gain (loss)		28,916,597			2,395,373
Net change in unrealized gain (loss)		(16,394,555	)		115,635,667
Increase (decrease) in net assets resulting from operations		16,179,511			125,536,521
Distributions to shareholders from:
Net investment income		—			(7,568,315	)
Net realized gains		—			—
Total distributions to shareholders		—			(7,568,315	)
From capital share transactions:
Shares sold		10,603,063			21,855,592
Shares exchanged due to merger		—			2,815,931
Reinvestment of distributions		—			7,566,636
Shares redeemed		(65,700,760	)		(119,956,922	)
Total increase (decrease) in net assets resulting from capital share transactions		(55,097,697	)		(87,718,763	)
Total increase (decrease) in net assets		(38,918,186	)		30,249,443
Net assets:
Beginning of period		693,844,261			663,594,818
End of period	$	654,926,075		$	693,844,261
Capital share activity:
Shares issued		574,087			1,326,872
Shares exchanged due to merger		—			188,735
Shares issued in reinvestment of distributions		—			438,138
Shares redeemed		(3,554,978	)		(7,404,472	)
Net increase (decrease)		(2,980,891	)		(5,450,727	)
Undistributed net investment income	$	12,822,173		$	9,164,704

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, 2004			For the Years Ended December 31,
				2003			2002			2001			2000			1999
Net asset value, beginning of period	$	18.27		$	15.28		$	19.60		$	24.19		$	36.30		$	40.56
Income from investment operations:
Net investment income (loss)C		0.10			0.19			0.14			0.13			0.45			0.50
Net realized and unrealized gain (loss) on investments		0.35			2.99			(4.30	)		(3.10	)		(0.23	)		2.65
Total from investment operations		0.45			3.18			(4.16	)		(2.97	)		0.22			3.15
Less dividends and distributions:
Dividends from net investment income		—			(0.19	)		(0.16	)		(0.48	)		(0.75	)		(0.79	)
Distributions from capital gains		—			—			—			(1.14	)		(11.58	)		(6.62	)
Total distributions		—			(0.19	)		(0.16	)		(1.62	)		(12.33	)		(7.41	)
Net asset value, end of period	$	18.72		$	18.27		$	15.28		$	19.60		$	24.19		$	36.30
Total return		2.46	%B		20.91	%		(21.20	)%		(11.15	)%		1.46	%		9.22	%
Net assets end of period (in thousands)	$	654,926		$	693,844		$	663,595		$	1,074,983		$	1,452,864		$	2,292,467
Ratio of expenses to average net assets (excluding expense reimbursement and expense offset arrangements)		1.15	%A		1.05	%		0.88	%		0.85	%		0.82	%		0.76	%
Ratio of expenses to average net assets		1.08	%A		1.04	%		0.85	%		0.84	%		0.82	%		0.76	%
Ratio of net investment income (loss) to average net assets		0.59	%A		1.14	%		0.89	%		0.60	%		1.44	%		1.23	%
Portfolio turnover rate		34	%		71	%		109	%		141	%		19	%		90	%

^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, 2004 (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 amended, as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest 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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 28, 2004.

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:

	Net Assets				Unrealized Appreciation/(Depreciation)
Portfolio	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 in the preparation of its financial statements:

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.

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-thecounter 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. Portfolio investments in any investment companies, unit investment trusts or similar investment funds are valued daily at their closing net asset values (or unit value) per share on each valuation day. 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.

ENTERPRISE Accumulation Trust

16

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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, U.S. Government or Agency 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 may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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.

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.

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.

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-

ENTERPRISE Accumulation Trust

17

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

dividend date and interest income is recognized on the accrual basis. Corporate actions, including dividends on foreign securities are recorded on the ex-dividend date. Premiums and discounts on securities are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — The Portfolio bears expenses incurred specifically on its behalf, such as advisory and custodian fees, as well as a portion of the expenses of the Trust, which are generally allocated to each Portfolio based on average net assets. The Portfolio may direct certain security trades to brokers who may pay a portion of the commissions for those trades to offset certain expenses of the Portfolio. This amount is reported in the Statement of Operations.

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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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 an annual rate of 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, 2004, the Portfolio paid MONY Life Insurance Company $1,007,185 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 $161,542 in the Portfolio at June 30, 2004

4. Investment Transactions

For the six months ended June 30, 2004, 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
$34,062,254	$	20,307,184	$	189,402,126	$	253,765,502

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 Securities Lending Quality Trust (SLQT), a New Hampshire investment trust, organized and managed by State Street Bank & Trust, which is limited to investment activities incidental to or in support of the securities lending program organized and managed by State Street Bank & Trust.

ENTERPRISE Accumulation Trust

18

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

6. Borrowings

The Trust and another series of mutual funds 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, 2004.

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. At times, these differences are primarily due to differing treatments for futures and options transactions, paydowns, losses deferred due to wash sales and capital loss carryforwards utilized.

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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

At June 30, 2004, 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
$	630,389,102	$	54,387,486	$	15,932,827	$	38,454,659

8. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 28, 2004.

ENTERPRISE Accumulation Trust

19

Shareholder Proxy Voting Information (Unaudited)

On June 28, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	37,562,452.273
Votes Against	2,470,527.310
Votes Abstained	2,531,654.047
Votes Withheld	30,224,443.708

To approve the Agreement and Plan of Conversion and Termination

Votes For	37,242,992.378
Votes Against	2,541,921.309
Votes Abstained	2,779,719.943
Votes Withheld	30,224,443.708

ENTERPRISE Accumulation Trust

20

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

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21

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

ENTERPRISE Accumulation Trust

22

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

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23

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

ENTERPRISE Accumulation Trust

24

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 Registered Public Accounting Firm

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

25

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 the Enterprise High-Yield Bond Portfolio is maximum current income.

First Half 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 1.04%. The Portfolio underperformed its benchmark, the Lehman Brothers High Yield Bond Index, which returned 1.36%. The Portfolio underperformed its peer group, the Lipper High Current Yield Bond Funds Index, which returned 1.39%.

How would you describe the investment environment during the period?

The first six months saw less participation by hedge funds and investment grade managers, while over the past quarter, there has been increased participation in the high-yield market from traditional high-yield buyers (pension funds, insurance companies, CBOs). As the economy continues to exhibit signs of strength, the positive credit cycle has remained intact. Most economic indicators are pointing to an improving economy with the sole exception being the June employment report. Consumer confidence and productivity reports both came in strong, while personal income and consumer spending also showed continued strength. Corporate earnings and cash flow are stable to improving in most sectors, and much of the high-yield universe saw increasing revenues year-over-year through the first quarter.

Investors’ confidence in the credit cycle has increased access to capital. As a result of reduced costs of capital, Caywood-Scholl has witnessed a larger percentage of lower quality deals coming to market year-to-date, more than twice that of the pace seen in 2003. The majority of the proceeds from these lower quality deals have been to refinance existing debt.

What strategies affected Portfolio performance during the period?

Over the six-month period, Caywood-Scholl has increased the Portfolio’s exposure to single B names (thus decreasing the double B exposure), shortened the duration, and increased exposure to economically sensitive names. These changes generally helped Portfolio performance for the six-month period. Single Bs outperformed, followed by double Bs, then CCCs. Those bonds that had a shorter maturity also outperformed, and cyclical names generally outperformed non-cyclical names.

ENTERPRISE Accumulation Trust

1

Enterprise High-Yield Bond Portfolio

SUBADVISER’S COMMENTS — (Continued)

What changes were made to the Portfolio over the period?

Given the positive technicals in the high-yield market, Caywood-Scholl continued to find the best value for new investments from the primary market. Throughout the period, Caywood-Scholl actively shortened the duration in the BB holdings and has and will continue to increase investments in those mid- and lower- single B names (increasing the Portfolio’s average coupon). Additionally, Caywood-Scholl increased exposure to economically sensitive industries. More recently in the second quarter, Caywood-Scholl sold various issues that were fully priced and more closely tied to the treasury curve; in general, these issues were of higher quality and had lower coupons.

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

2

Enterprise High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Domestic Corporate Bonds — 89.33%
Advertising — 0.41%
RH Donnelley Finance Corporation 10.875%, due 12/15/12	$	300,000	$	348,000
Aerospace — 0.64%
Argo Tech Corporation 9.25%, due 06/01/11		300,000		309,000
Esterline Technologies Corporation 7.75%, due 06/15/13		225,000		231,750
				540,750
Apparel & Textiles — 2.21%
Fruit of the Loom Inc. 8.875%, due 04/15/06 (b) (d) (m)		300,000		—
Invista 9.25%, due 05/01/12		225,000		226,125
Perry Ellis International Inc. 8.875%, due 09/15/13		500,000		516,250
Phillips Van-Heusen Corporation 7.25%, due 02/15/11		500,000		502,500
Phillips Van-Heusen Corporation 8.125%, due 05/01/13		125,000		130,312
Sealy Mattress Company 8.25%, due 06/15/14		500,000		502,500
				1,877,687
Automotive — 3.53%
Adesa Inc 7.625%, due 06/15/12		400,000		403,500
Autonation Inc. 9.00%, due 08/01/08		500,000		565,000
Dura Operating Corporation 9.00%, due 05/01/09 (o)		325,000		318,500
Navistar International Corporation 9.375%, due 06/01/06 (o)		350,000		378,000
TRW Automotive Acquisition 9.375%, due 02/15/13		412,000		464,530
TRW Automotive Acquisition 11.00%, due 02/15/13 (o)		163,000		192,340
United Rentals North America Inc. 6.50%, due 02/15/12		275,000		259,875
United Rentals North America Inc. 7.75%, due 11/15/13 (o)		150,000		141,750
United Rentals North America Inc. 7.00%, due 02/15/14		300,000		267,000
				2,990,495
Banking — 0.84%
Western Financial Bank 9.625%, due 05/15/12		650,000		715,000
Broadcasting — 0.44%
Sinclair Broadcast Group Inc. 8.75%, due 12/15/11		350,000		374,500

	Number of Shares or Principal Amount		Value
Building & Construction — 3.86%
Building Materials Corporation America 7.75%, due 07/15/05	$	300,000	$	301,500
Corrections Corporation America 7.50%, due 05/01/11		325,000		328,250
Integrated Electrical Services 9.375%, due 02/01/09 (144A)		126,000		130,095
Integrated Electrical Services 9.375%, due 02/01/09		425,000		438,813
Ply Gem Industries Inc. 9.00%, due 02/15/12		475,000		484,500
Riverside Forest Products Ltd. 7.875%, due 03/01/14		300,000		306,000
Texas Industries Inc. 10.25%, due 06/15/11		550,000		613,250
U.S. Concrete Inc. 8.375%, due 04/01/14		675,000		673,312
				3,275,720
Business Services — 2.26%
Buhrmann U.S. Inc. 8.25%, due 07/01/14		500,000		498,750
Quintiles Transnational Corporation 10.00%, due 10/01/13		300,000		297,000
Xerox Corporation 7.125%, due 06/15/10 (o)		200,000		204,000
Xerox Corporation 7.625%, due 06/15/13		75,000		76,687
Xerox Corporation 7.20%, due 04/01/16		875,000		840,000
				1,916,437
Cable — 3.09%
Adelphia Communications Corporation 7.875%, due 05/01/09 (b)		50,000		47,625
Adelphia Communications Corporation 9.375%, due 11/15/09 (b)		400,000		405,000
Cablevision Systems Corporation 8.00%, due 04/15/12		150,000		147,750
CCO Holdings 8.75%, due 11/15/13		300,000		287,250
CSC Holdings Inc. (Series B) 8.125%, due 07/15/09		100,000		104,000
CSC Holdings Inc. (Series B) 7.625%, due 04/01/11		900,000		902,250
DIRECTV Holdings 8.375%, due 03/15/13		150,000		165,937
Echostar DBS Corporation 6.375%, due 10/01/11		100,000		98,500
Mediacom LLC/Mediacom Capital Company 9.50%, due 01/15/13 (o)		475,000		458,375
				2,616,687

ENTERPRISE Accumulation Trust

3

Enterprise High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Chemicals — 3.24%
Equistar Chemicals 10.625%, due 05/01/11	$	250,000	$	277,500
FMC Corporation 10.25%, due 11/01/09		450,000		517,500
Hercules Inc. 6.75%, due 10/15/29		650,000		624,000
Huntsman International LLC 9.875%, due 03/01/09 (o)		250,000		270,000
Nalco Company 7.75%, due 11/15/11		100,000		104,750
Nalco Company 8.875%, due 11/15/13 (144A)		175,000		183,312
Nova Chemicals Corporation 6.50%, due 01/15/12		250,000		246,250
PCI Chemicals Canada Company 10.00%, due 12/31/08 (o)		198,502		188,577
Pioneer Americas Inc. 4.61%, due 06/30/04 (o) (v)		62,908		59,448
Westlake Chemical Corporation 8.75%, due 07/15/11		250,000		271,250
				2,742,587
Consumer Products — 1.48%
Central Garden & Pet Company 9.125%, due 02/01/13		600,000		651,000
Chattem Inc. 7.00%, due 03/01/14		150,000		144,000
Elizabeth Arden Inc. 7.75%, due 01/15/14		450,000		457,875
				1,252,875
Consumer Services — 0.68%
Hines Nurseries 10.25%, due 10/01/11		75,000		81,750
Johnson Diversey Inc. 9.625%, due 05/15/12 (144A)		350,000		381,500
JohnsonDiversey Holdings Inc. 0%, due 05/15/13		50,000		38,500
Service Corporation International 7.70%, due 04/15/09		75,000		76,875
				578,625
Containers/Packaging — 1.42%
Owens Illinois Inc. 8.10%, due 05/15/07 (o)		550,000		566,500
Owens Illinois Inc. 7.35%, due 05/15/08 (o)		475,000		473,813
Owens-Brockway Glass Container 8.75%, due 11/15/12		150,000		162,750
				1,203,063
Electrical Equipment — 0.57%
BRL Universal Equipment 8.875%, due 02/15/08		450,000		482,063

	Number of Shares or Principal Amount		Value
Electronics — 1.20%
Amkor Technology Inc. 7.125%, due 03/15/11 (o)	$	200,000	$	187,500
Amkor Technology Inc. 7.75%, due 05/15/13 (o)		650,000		615,875
Thomas & Betts Corporation 7.25%, due 06/01/13 (o)		200,000		211,844
				1,015,219
Energy — 3.91%
CMS Energy Corporation 8.90%, due 07/15/08 (o)		150,000		157,125
CMS Energy Corporation 7.50%, due 01/15/09 (o)		550,000		547,250
Cogentrix Energy Inc. 8.75%, due 10/15/08		200,000		206,500
El Paso Corporation 7.00%, due 05/15/11 (o)		200,000		175,000
MSW Energy Holdings 8.50%, due 09/01/10		450,000		475,875
NRG Energy Inc. 8.00%, due 12/15/13 (144A)		850,000		858,500
Reliant Resources Inc. 9.25%, due 07/15/10		350,000		373,625
Reliant Resources Inc. 9.50%, due 07/15/13		200,000		215,500
Teco Energy Inc. 7.50%, due 06/15/10 (o)		300,000		303,000
				3,312,375
Entertainment & Leisure — 1.01%
American Casino & Entertainment 7.85%, due 02/01/12		350,000		355,250
Mohegan Tribal Gaming Authority 6.375%, due 07/15/09		200,000		200,500
Seneca Gaming Corporation 7.25%, due 05/01/12		300,000		299,625
				855,375
Finance — 2.75%
BCP Caylux Holdings Luxembourg 9.625%, due 06/15/14		625,000		647,656
Dollar Financial Group Inc. 9.75%, due 11/15/11		600,000		627,000
New Asat Finance Ltd. 9.25%, due 02/01/11		350,000		346,500
Thornburg Mortgage Inc. 8.00%, due 05/15/13		700,000		710,500
				2,331,656
Food, Beverages & Tobacco — 3.36%
Delhaize America Inc. 7.375%, due 04/15/06		75,000		79,033
Delhaize America Inc. 8.125%, due 04/15/11		100,000		109,153

ENTERPRISE Accumulation Trust

4

Enterprise High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Dole Food Inc. 8.625%, due 05/01/09	$	500,000	$	523,750
Ingles Markets Inc. 8.875%, due 12/01/11		625,000		642,187
NBTY Inc. (Series B) 8.625%, due 09/15/07		550,000		558,250
Pilgrims Pride Corporation 9.25%, due 11/15/13		75,000		79,875
Smithfield Foods Inc. 7.625%, due 02/15/08 (o)		400,000		420,000
Smithfield Foods Inc. 7.75%, due 05/15/13		200,000		210,000
Stater Bros Holdings Inc. 8.125%, due 06/15/12		225,000		225,844
				2,848,092
Health Care — 0.94%
Healthsouth Corporation 8.50%, due 02/01/08		650,000		639,438
Healthsouth Corporation 7.625%, due 06/01/12		50,000		47,125
Vicar Operating Inc. 9.875%, due 12/01/09		100,000		110,000
				796,563
Hotels & Restaurants — 7.39%
Boyd Gaming Corporation 7.75%, due 12/15/12		475,000		479,750
Boyd Gaming Corporation 6.75%, due 04/15/14		100,000		94,250
Felcor Lodging 10.00%, due 09/15/08		127,000		133,985
Felcor Lodging 9.00%, due 06/01/11 (o)		775,000		800,187
Hilton Hotels Corporation 7.625%, due 05/15/08		125,000		134,688
HMH Properties Inc. 7.875%, due 08/01/08		80,000		82,000
Host Marriott 9.50%, due 01/15/07		800,000		874,000
John Q. Hammons Hotels 8.875%, due 05/15/12 (Series B) (o)		250,000		271,250
Mandalay Resort Group 10.25%, due 08/01/07		125,000		138,750
Meristar Hospitality Operating 9.125%, due 01/15/11 (o)		250,000		252,500
MGM Mirage Inc. 8.50%, due 09/15/10		600,000		648,000
Mirage Resorts Inc. 6.75%, due 08/01/07 (o)		200,000		206,500
Park Place Entertainment Corporation 7.875%, due 03/15/10 (o)		850,000		896,750
Park Place Entertainment Corporation 8.125%, due 05/15/11		475,000		504,094
Starwood Hotels & Resorts 7.875%, due 05/01/12		700,000		749,000
				6,265,704

	Number of Shares or Principal Amount		Value
Machinery — 4.39%
Briggs & Stratton Corporation 8.875%, due 03/15/11 (o)	$	500,000	$	583,750
Case New Holland Inc. 6.00%, due 06/01/09 (144A)		375,000		348,750
Case New Holland Inc. 9.25%, due 08/01/11 (144A)		575,000		603,750
Case New Holland Inc. 9.25%, due 08/01/11 (144A)		350,000		367,500
Flowserve Corporation 12.25%, due 08/15/10		625,000		707,812
Teekay Shipping Corporation 8.875%, due 07/15/11		1,000,000		1,106,250
				3,717,812
Manufacturing — 1.16%
Rayovac Corporation 8.50%, due 10/01/13		550,000		577,500
Trinity Inds Inc. 6.50%, due 03/15/14		400,000		366,000
United States Steel Corporation 10.75%, due 08/01/08 (o)		33,000		37,703
				981,203
Media — 2.07%
American Media Operations Inc. 8.875%, due 01/15/11 (o)		275,000		266,063
Corus Entertainment Inc. 8.75%, due 03/01/12		750,000		801,562
Emmis Operation Company 6.875%, due 05/15/12		250,000		245,000
Imax Corporation 9.625%, due 12/01/10 (144A)		475,000		445,312
				1,757,937
Medical Instruments — 0.97%
Fisher Scientific International Inc. 8.125%, due 05/01/12 (o)		350,000		374,500
Medex Inc. 8.875%, due 05/15/13		425,000		448,375
				822,875
Medical Services — 1.42%
AmerisourceBergen Corporation 8.125%, due 09/01/08		150,000		161,625
Beverly Enterprises Inc. 7.875%, due 06/15/14		350,000		344,313
Iasis Healthcare 8.75%, due 06/15/14		275,000		281,188
NDCHealth Corporation 10.50%, due 12/01/12		375,000		413,437
				1,200,563

ENTERPRISE Accumulation Trust

5

Enterprise High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Metals & Mining — 4.08%
Alaska Steel Corporation 7.875%, due 02/15/09 (o)	$	100,000	$	93,500
Alaska Steel Corporation 7.75%, due 06/15/12 (o)		200,000		180,500
ANR Pipeline Company 8.875%, due 03/15/10		100,000		109,250
Dresser Inc. 9.375%, due 04/15/11		650,000		695,500
Ispat Inland 9.75%, due 04/01/14		450,000		463,500
Southern Natural Gas Company 8.875%, due 03/15/10		375,000		409,687
Steel Dynamics Inc. 9.50%, due 03/15/09 (o)		450,000		497,250
Williams Companies Inc. 8.625%, due 06/01/10		225,000		247,500
Williams Companies Inc. 7.125%, due 09/01/11		750,000		761,250
				3,457,937
Misc. Financial Services — 0.39%
Ucar Finance Inc. 10.25%, due 02/15/12		300,000		333,750
Oil Services — 3.74%
Chesapeake Energy Corporation 8.375%, due 11/01/08		700,000		756,000
Ferrellgas Partner 8.75%, due 06/15/12		300,000		320,250
Grant Prideco Inc. (o) 9.625%, due 12/01/07		450,000		495,000
Hanover Compressor Company 0%/11.00%, due 03/31/07 (c)		100,000		79,000
Hanover Equipment Test 8.75%, due 09/01/11		650,000		695,500
Key Energy Services Inc. 8.375%, due 03/01/08		250,000		258,750
Massey Energy Company 6.625%, due 11/15/10 (o)		200,000		199,000
Pride International Inc. 7.375%, due 07/15/14		250,000		252,500
Westport Resources Corporation 8.25%, due 11/01/11		100,000		113,125
				3,169,125
Other — 0.44%
Service Corporation International 6.75%, due 04/01/16		400,000		370,000
Paper & Forest Products — 1.74%
Georgia Pacific Corporation 8.125%, due 05/15/11 (o)		550,000		607,750
Georgia Pacific Corporation 9.50%, due 12/01/11 (o)		350,000		411,250
Norske Skog Cda Ltd. 7.375%, due 03/01/14		75,000		72,563
Tembec Industries Inc. 7.75%, due 03/15/12		400,000		386,000
				1,477,563

	Number of Shares or Principal Amount		Value
Paper Products — 0.66%
Bowater Inc. 6.50%, due 06/15/13	$	275,000	$	258,712
Buckeye Technologies Inc. 8.50%, due 10/01/13		300,000		303,000
				561,712
Pharmaceuticals — 0.67%
Leiner Health Products Inc. 11.00%, due 06/01/12		150,000		154,875
WH Holdings Ltd. 9.50%, due 04/01/11		400,000		416,000
				570,875
Printing & Publishing — 2.89%
Dex Media East 9.875%, due 11/15/09		200,000		224,500
Dex Media East 12.125%, due 11/15/12		500,000		583,750
Dex Media Inc. 8.00%, due 11/15/13 (144A)		200,000		192,000
Dex Media West 8.50%, due 08/15/10		100,000		109,000
Dex Media West 9.875%, due 08/15/13		450,000		493,875
Houghton Mifflin Company 8.25%, due 02/01/11		450,000		450,000
Primedia Inc. 8.875%, due 05/15/11		400,000		396,000
				2,449,125
Publishing — 0.22%
CBD Media / CBD Finance Inc. 8.625%, due 06/01/11		175,000		184,188
Retail — 9.19%
Amerigas Partners / Amerigas Eagle Finance Corporation 8.875%, due 05/20/11		425,000		452,625
Asbury Automotive Group Inc. 9.00%, due 06/15/12 (o)		150,000		153,000
Asbury Automotive Group Inc. 8.00%, due 03/15/14		200,000		191,000
Buhrmann U.S. Inc. 12.25%, due 11/01/09 (o)		325,000		356,069
Cole National Group Inc. 8.625%, due 08/15/07		900,000		909,000
Finlay Fine Jewelry Corporation 8.375%, due 06/01/12		450,000		466,875
FTD Inc. 7.75%, due 02/15/14		350,000		324,625
Gap Inc. 10.55%, due 12/15/08 (o)		550,000		665,500
Jo Ann Stores Inc. 7.50%, due 03/01/12		700,000		686,000
Michaels Stores Inc. 9.25%, due 07/01/09		625,000		684,375
Payless Shoesource Inc. 8.25%, due 08/01/13 (o)		200,000		198,000
Penney (JC) Company Inc. 7.65%, due 08/15/16		700,000		761,250

ENTERPRISE Accumulation Trust

6

Enterprise High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Penney (JC) Company Inc. 8.25%, due 08/15/22	$	512,000	$	532,480
Penney (JC) Corporation Inc. 8.00%, due 03/01/10		500,000		558,750
Petco Animal Supplies Inc. 10.75%, due 11/01/11		122,000		136,640
Saks Inc. 8.25%, due 11/15/08 (o)		350,000		378,875
Sonic Automotive Inc. 8.625%, due 08/15/13		325,000		338,812
				7,793,876
Telecommunications — 4.01%
American Cellular Corporation 10.00%, due 08/01/11		450,000		388,125
Block Communications Inc. 9.25%, due 04/15/09		250,000		262,500
Crown Castle International Corporation 9.375%, due 08/01/11 (o)		100,000		110,000
Dobson Communications Corporation 8.875%, due 10/01/13 (o)		225,000		171,000
MCI Inc. 5.908%, due 05/01/07		75,000		72,750
Panamsat Corporation 8.50%, due 02/01/12		600,000		681,000
Pathnet Inc. 12.25%, due 04/15/08 (a) (b) (m)		250,000		125
QWest Corporation 9.125%, due 03/15/12 (144A)		100,000		108,000
QWest Services Corporation 14.00%, due 12/16/04 (144A)		1,382,000		1,606,575
				3,400,075
Textiles — 0.46%
Interface Inc. 10.375%, due 02/01/10 (o)		350,000		390,250
Transportation — 0.27%
Horizon Lines 9.00%, due 11/01/12		225,000		226,625
Utilities — 4.47%
AES Corporation 9.50%, due 06/01/09		425,000		454,219
AES Corporation 8.875%, due 02/15/11 (o)		200,000		207,500
AES Corporation 8.75%, due 05/15/13 (144A)		200,000		214,250
AES Corporation 7.75%, due 03/01/14		125,000		120,156
CMS Energy Corporation 7.75%, due 08/01/10 (144A)		50,000		49,750
Edison Mission Energy 9.875%, due 04/15/11		375,000		390,937
Illinois Power Company 11.50%, due 12/15/10		950,000		1,123,375
Midwest Generation 8.75%, due 05/01/34		450,000		454,500
Nevada Power Company 6.50%, due 04/15/12		300,000		285,000
Sierra Pacific Resources 8.625%, due 03/15/14		500,000		487,500
				3,787,187

	Number of Shares or Principal Amount		Value
Waste Management — 0.53%
Allied Waste North America Inc. 7.625%, due 01/01/06	$	250,000	$	262,188
Allied Waste North America Inc. 5.75%, due 02/15/11		200,000		189,500
				451,688
Wireless Communications — 0.33%
American Towers Inc. 7.25%, due 12/01/11		175,000		175,438
Crown Castle International Corporation 7.50%, due 12/01/13		100,000		99,500
Voicestream Wireless Corporation 10.375%, due 11/15/09		918		989
				275,927
Total Domestic Corporate Bonds
(Identified cost $73,503,920)				75,719,766
Convertible Corporate Bonds — 0.63%
Wireless Communications — 0.63%
Nextel Communications 5.25%, due 01/15/10		550,000		534,875
Total Convertible Corporate Bonds
(Identified cost $395,008)				534,875
Domestic Stocks, Rights and Warrants — 1.68%
Chemicals — 0.11%
Pioneer Companies Inc. (a) (o)		12,835		91,257
Communications — 0.00%
Loral Space & Communication Ltd. (Wts) (a) (d) (m)		600		—
Loral Space & Communications (Wts) (a) (d) (m)		5,235		—
				—
Computer Software — 0.00%
Verado Holdings Inc. (Wts) (a)		300		145
Electronics — 0.00%
Axiohm Transaction Solutions Private Placement (a) (d) (m)		4,056		—
Health Care — 1.31%
Dade Behring Holdings Inc. (a) (o)		23,333		1,108,784
Medical Instruments — 0.10%
Charles River Labs Inc. (Wts) (a)		250		82,631
Misc. Financial Services — 0.15%
Leucadia National Corporation (o)		2,606		129,518

ENTERPRISE Accumulation Trust

7

Enterprise High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount	Value
Telecommunications — 0.01%
E. Spire Communications Inc. (Wts) (a) (d) (m) (144A)	300	$	—
MCI Inc. (o) Com	181		2,616
Nextlink Communications Inc. Escrow shares (a) (d) (m)	1,050,000		—
Nextlink Communications Inc. Escrow shares (a) (d) (m)	50,000		—
Pathnet Inc. (Wts) (a) (d) (m) (144A)	250		—
Williams Communications Group Escrow shares (a) (d) (m)	575,000		—
Wiltel Communications Rights (a) (d) (m)	6,144		—
XO Communications Inc. (Series A) (Wts) (a)	1,872		2,808
XO Communications Inc. (Series B) (Wts) (a)	1,403		1,473
XO Communications Inc. (Series C) (Wts) (a)	1,403		982
XO Communications Inc. (a) (o)	935		3,881
			11,760
Wireless Communications — 0.00%
Leap Wireless International Inc. (Wts) (a) (d) (m) (144A)	4,500		—
Total Domestic Stocks, Rights and Warrants
(Identified cost $2,749,608)			1,424,095
Foreign Bonds — 3.67%
Broadcasting — 0.64%
Grupo Televisa 8.00%, due 09/13/11	500,000		540,000
Energy — 0.64%
YPF Sociedad Anonima 9.125%, due 02/24/09	500,000		540,000
Finance — 0.52%
PDVSA Finance Ltd. 9.375%, due 11/15/07 (o)	400,000		437,000
Oil Services — 0.40%
Petroleos Mexicano 9.375%, due 12/02/08	300,000		343,650
Telecommunications — 0.86%
Telewest 11.00%, due 10/01/07 (b)	250,000		146,875
Telewest Communications 0%/9.25%, due 04/15/09 (b) (c)	1,100,000		528,000
Telewest Communications 9.875%, due 02/01/10 (b)	100,000		55,000
			729,875

	Number of Shares or Principal Amount		Value
Transportation — 0.07%
TBS Shipping International Ltd. 10.00%, due 02/08/08 (d) (m)		203,875	$	59,124
Travel/Entertainment/Leisure — 0.54%
Royal Caribbean Cruises Ltd. 8.00%, due 05/15/10		425,000		457,937
Total Foreign Bonds
(Identified cost $3,866,234)				3,107,586
Foreign Stocks and Warrants — 0.00%
Transportation — 0.00%
TBS Shipping International Ltd. (Wts) (a) (d) (m)		2,428		—
TBS Shipping International Ltd. (Wts) (a) (d) (m)		8,846		—
TBS Shipping International Ltd. (Wts) (a) (d) (m)		2,059		—
Total Foreign Stocks and Warrants
(Identified cost $0)				—
Other Investments — 11.61%
Securities Lending Quality Trust (y)		9,844,301		9,844,301
Total Other Investments
(Identified cost $9,844,301)				9,844,301
Repurchase Agreement — 4.38%
State Street Bank & Trust Repurchase Agreement 0.70%, due 07/01/04 Proceeds $3,715,072 Collateral: U.S. Treasury Note $3,445,000, 6.25% due 02/15/07, Value $3,874,844	$	3,715,000		3,715,000
Total Repurchase Agreement
(Identified cost $3,715,000)				3,715,000
Total Investments
(Identified cost $94,074,071)			$	94,345,623
Other Assets Less Liabilities — (11.30)%				(9,578,592)
Net Assets — 100%			$	84,767,031

ENTERPRISE Accumulation Trust

8

Enterprise High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

(a) Non-income producing security.

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

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

(d) Security is fair valued at June 30, 2004.

(m) Illiquid security.

(o) Security, or portion thereof, out on loan at June 30, 2004.

(v) Variable interest rate security, interest rate is as of June 30, 2004.

(y) Represents investment of cash collateral received from securities on loan (See Note 5).

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

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

See notes to financial statements.

ENTERPRISE Accumulation Trust

9

Enterprise High-Yield Bond Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value, including Securities loaned valued at $9,086,588 (Note 5)	$	94,345,623
Investment income receivable		1,540,573
Receivable for fund shares sold		4,033
Receivable for investments sold		271,186
Cash		969
Other assets		1,404
Total assets		96,163,788
Liabilities:
Payable for fund shares redeemed		235,005
Payable for investments purchased		1,284,933
Payable upon return of securities loaned (Note 5)		9,844,301
Accrued expenses and other liabilities		32,518
Total liabilities		11,396,757
Net assets	$	84,767,031
Analysis of net assets:
Paid-in capital	$	103,408,498
Undistributed (accumulated) net investment income (loss)		7,065,499
Undistributed (accumulated) net realized gain (loss)		(25,978,518	)
Unrealized appreciation (depreciation)		271,552
Net assets	$	84,767,031
Fund shares outstanding		17,389,382
Net asset value per share		$4.87
Investments at cost	$	94,074,071

See notes to financial statements.

ENTERPRISE Accumulation Trust

10

Enterprise High-Yield Bond Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Interest	$	3,323,596
Securities lending income		1,758
Total investment income		3,325,354
Expenses:
Investment advisory fees		263,397
Shareholder servicing fees		65,821
Custodian and fund accounting fees		27,368
Reports to shareholders		2,477
Trustees’ fees		1,195
Audit and legal fees		10,627
Other expenses		3,401
Total expenses		374,286
Expense reimbursement		(1,141	)
Total expenses, net of reimbursement		373,145
Net investment income (loss)		2,952,209
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		974,085
Net change in unrealized gain (loss) on investments		(2,871,491	)
Net realized and unrealized gain (loss)		(1,897,406	)
Net increase (decrease) in net assets resulting from operations	$	1,054,803

See notes to financial statements.

ENTERPRISE Accumulation Trust

11

Enterprise High-Yield Bond Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2004			Year Ended December 31, 2003
From operations:
Net investment income (loss)	$	2,952,209		$	6,375,353
Net realized gain (loss)		974,085			(2,011,195	)
Net change in unrealized gain (loss)		(2,871,491	)		12,723,046
Increase (decrease) in net assets resulting from operations		1,054,803			17,087,204
Distributions to shareholders from:
Net investment income		—			(2,207,538	)
Net realized gains		—			—
Total distributions to shareholders		—			(2,207,538	)
From capital share transactions:
Shares sold		5,121,793			11,976,394
Reinvestment of distributions		—			2,207,538
Shares redeemed		(11,423,579	)		(16,179,218	)
Total increase (decrease) in net assets resulting from capital share transactions		(6,301,786	)		(1,995,286	)
Total increase (decrease) in net assets		(5,246,983	)		12,884,380
Net assets:
Beginning of period		90,014,014			77,129,634
End of period	$	84,767,031		$	90,014,014
Capital share activity:
Shares issued		1,053,192			2,753,455
Shares issued in reinvestment of distributions		—			529,961
Shares redeemed		(2,348,427	)		(3,687,004	)
Net increase (decrease)		(1,295,235	)		(403,588	)
Undistributed net investment income	$	7,065,499		$	4,113,290

See notes to financial statements.

ENTERPRISE Accumulation Trust

12

Enterprise High-Yield Bond Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2004			For the Years Ended December 31,
				2003			2002			2001			2000			1999
Net asset value, beginning of period	$	4.82		$	4.04		$	4.34		$	4.48		$	5.06		$	5.37
Income from investment operations:
Net investment income (loss)C		0.30			0.33			0.36			0.40			0.46			0.46
Net realized and unrealized gain (loss) on investments		(0.25	)		0.54			(0.30	)		(0.14	)		(0.58	)		(0.26	)
Total from investment operations		0.05			0.87			0.06			0.26			(0.12	)		0.20
Less dividends and distributions:
Dividends from net investment income		—			(0.09	)		(0.36	)		(0.40	)		(0.46	)		(0.46	)
Distributions from capital gains		—			—			—			—			—			(0.05	)
Total distributions		—			(0.09	)		(0.36	)		(0.40	)		(0.46	)		(0.51	)
Net asset value, end of period	$	4.87		$	4.82		$	4.04		$	4.34		$	4.48		$	5.06
Total return		1.04	%B		22.64	%		1.51	%		5.90	%		(2.52	)%		3.86	%
Net assets end of period (in thousands)	$	84,767		$	90,014		$	77,130		$	107,686		$	88,336		$	109,816
Ratio of expenses to average net assets		0.85	%A		0.79	%		0.79	%		0.77	%		0.75	%		0.69	%
Ratio of expenses to average net assets (excluding reimbursment)		0.85	%A		0.79	%		0.79	%		0.77	%		0.75	%		0.69	%
Ratio of net investment income (loss) to average net assets		6.72	%A		7.53	%		8.61	%		8.92	%		9.57	%		8.76	%
Portfolio turnover		37	%		60	%		81	%		73	%		54	%		97	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

ENTERPRISE Accumulation Trust

13

Notes to Financial Statements

June 30, 2004 (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 amended, as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest 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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 28, 2004.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the High-Yield Bond Portfolio in the preparation of its financial statements:

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.

Valuation of Investments — 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. 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. Portfolio investments in any investment companies, unit investment trusts or similar investment funds are valued daily at their closing net asset values (or unit value) per share on each valuation day. 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.

ENTERPRISE Accumulation Trust

14

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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, U.S. Government or Agency 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 may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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 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 to each Portfolio 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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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 an annual rate of 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, 2004, the Portfolio paid MONY Life Insurance Company $65,809 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 0.85%.

4. Investment Transactions

For the six months ended June 30, 2004, 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
—	—	$	31,308,751	$	36,032,888

ENTERPRISE Accumulation Trust

15

Notes to Financial Statements — (Continued)

June 30, 2004 (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 Securities Lending Quality Trust (SLQT), a New Hampshire investment trust, organized and managed by State Street Bank & Trust, which is limited to investment activities incidental to or in support of the securities lending program organized and managed by State Street Bank & Trust.

6. Borrowings

The Trust and another series of mutual funds 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, 2004.

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. At times, these differences are primarily due to differing treatments for capital loss carryforwards utilized, defaulted bond interest and losses deferred due to wash sales.

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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

At June 30, 2004, 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
$	94,074,071	$	4,775,740	$	4,504,188	$	271,552

8. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 28, 2004.

ENTERPRISE Accumulation Trust

16

Shareholder Proxy Voting Information (Unaudited)

On June 28, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	18,485,302.566
Votes Against	1,032,833.184
Votes Abstained	1,494,878.795
Votes Withheld	14,837,239.439

To approve the Agreement and Plan of Conversion and Termination

Votes For	18,388,156.404
Votes Against	1,072,362.653
Votes Abstained	1,552,495.488
Votes Withheld	14,837,239.439

ENTERPRISE Accumulation Trust

17

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

ENTERPRISE Accumulation Trust

18

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S)  HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

ENTERPRISE Accumulation Trust

19

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S)  HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

ENTERPRISE Accumulation Trust

20

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

ENTERPRISE Accumulation Trust

21

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 Registered Public Accounting Firm

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 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 $12.9 billion for institutional clients, and its normal investment minimum is $10 million.

Investment Objective

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

First Half 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 0.40%. The Portfolio outperformed its benchmark, the Lehman Brothers 1-3 Year Government/Credit Index, which returned 0.03%. The Portfolio outperformed its peer group, the Lipper Short/Intermediate Investment Grade Funds Index, which returned 0.05%.

How would you describe the investment environment during the period?

Several robust economic statistical measures released in the late spring led the Fed to hike their benchmark Fed Funds Rate by 0.25% in June. The forward-looking marketplace had anticipated this move, as well as additional future upward moves, sending short- and intermediate-term bond yields significantly higher.

What strategies affected Portfolio performance during the period?

The Portfolio maintained a duration position slightly shorter than that of its benchmark over the course of the period. While fixed-rate bond prices generally declined in anticipation of the Fed’s tightening move, this reduced interest-rate exposure limited the Portfolio’s decline. There was little in the way of relative subsector performance in the first half, although in general, the Portfolio’s over-weight in the risk-sectors of corporate and asset-backed securities earned a higher coupon income. Most incremental purchases were in floating-rate bonds, whose interest rate periodically adjusts to market levels.

What changes were made to the Portfolio over the period?

The Portfolio’s duration was maintained at a slightly shortened position, reflecting MONY Capital’s view that interest rates are beginning to respond to the anticipated economic recovery. Incremental purchases were made in the securitized first-mortgage and home-equity subsectors of the short-duration population.

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, 2004

	Number of Shares or Principal Amount		Value
Domestic Corporate Bonds — 34.30%
Automotive — 1.67%
Daimlerchrysler North America Holdings 1.88%, due 05/24/06 (v)	$	200,000	$	200,560
Banking — 2.00%
Wells Fargo & Company 3.12%, due 08/15/08		250,000		240,232
Finance — 7.49%
CIT Group Holdings Inc. 6.625%, due 06/15/05		200,000		207,456
Deere John Capital Corporation 3.625%, due 05/25/07		250,000		249,446
Ford Motor Credit Company 7.50%, due 03/15/05		200,000		206,662
General Motors Acceptance Corporation 6.75%, due 01/15/06		225,000		235,766
				899,330
Food, Beverages & Tobacco — 2.07%
Pepsico Inc. 3.20%, due 05/15/07		250,000		248,573
Media — 1.99%
Walt Disney Company 6.75%, due 03/30/06		225,000		238,339
Metals & Mining — 2.08%
Alcan Aluminum Corporation 1.624%, due 12/08/04 (144A) (v)		250,000		249,975
Oil Services — 11.67%
Pacific Gas & Electric Company 1.81%, due 04/03/06 (v)		1,000,000		1,000,603
Sempra Energy 1.74%, due 05/21/08 (v)		400,000		399,472
				1,400,075
Pharmaceuticals — 3.27%
Pfizer Inc. 2.50%, due 03/15/07		400,000		392,374
Utilities — 2.06%
Northern States Power Company 2.875%, due 08/01/06		250,000		247,582
Total Domestic Corporate Bonds
(Identified cost $4,130,164)				4,117,040
U.S. Government and Agency Obligations — 20.00%
Fannie Mae — 13.34%
1.25%, due 07/23/04		200,000		199,847
2.75%, due 08/11/06		500,000		495,774
4.664%, due 05/01/33		666,430		659,752
3.732%, due 06/01/34		244,735		246,489
				1,601,862

	Number of Shares or Principal Amount		Value
Freddie Mac — 2.50%
1.16%, due 07/13/04	$	300,000	$	299,884
U.S. Treasury Notes — 4.16%
1.625%, due 01/31/05		500,000		499,707
Total U.S. Government and Agency Obligations
(Identified cost $2,425,218)				2,401,453
Asset-Backed Securities — 34.93%
Finance — 21.92%
Asset Backed Funding Certificates, Series 2001-AQ1, Class M1r 6.863%, due 05/20/32		375,000		382,512
Atherton Franchise Loan Funding, Series 1998-A, Class A2 6.72%, due 08/15/10 (144A)		207,486		201,896
Bayview Financial Acquisition Trust, Series 2003-CA, Class M2 3.32%, due 06/02/33 (144A) (v)		750,000		764,443
Capital One Multi-Asset Trust, Series 2003-C1, Class C1 3.789%, due 03/15/11 (v)		250,000		267,447
Circuit City Credit Card Master Trust, Series 2003-2, Class CTSF 5.239%, due 04/15/11 (144A) (v)		400,000		410,885
GE Business Loan Trust, Series 2003-2A, Class C 2.889%, due 11/15/31 (144A) (v)		96,956		100,452
Principal Financial Group 7.95%, due 08/15/04 (144A)		500,000		503,013
				2,630,648
Medical Instruments — 0.13%
DVI Receivables XIX, Series 2003-1, Class D1 3.161%, due 03/14/11 (a) (d) (v)		160,268		16,027
Misc. Financial Services — 12.88%
Ameriquest Mortgage Securities Inc., Series 2003-6, Class M1 2.06%, due 05/25/33 (v)		400,000		403,956
Amresco Residential Securities Mortgage Loan Trust, Series 1998-2, Class M1F 6.745%, due 06/25/28		134,360		137,297
Citibank Credit Card Issuance Trust, Series 2002-C3, Class C3 2.66%, due 12/15/09 (v)		250,000		256,088
Hedged Mutual Fund Fee Trust, Series 2003-2, Class 1 3.864%, due 03/02/11 (144A) (v)		205,168		206,050
Hedged Mutual Fund Fee Trust, Series 2003-IA, Class 1 3.96%, due 07/06/04 (144A) (v)		186,258		187,133

ENTERPRISE Accumulation Trust

2

Enterprise Short Duration Bond Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Lehman Manufactured Housing, Series 2003-1, Class M1 1.689%, due 08/15/16 (v)	$	156,300	$	155,647
Morgan Stanley Asset Backed Capital, Series 2004-HE4, Class M3 2.679%, due 05/25/34 (v)		200,000		199,500
				1,545,671
Total Asset-Backed Securities
(Identified cost $4,294,561)				4,192,346
Collateralized Mortgage Obligations — 8.64%
Bank of America Mortgage Securities Inc., Series 2003-I, Class 1A1 3.32%, due 07/01/04 (v)		494,406		493,338
Bank of America Mortgage Securities Inc., Series 2004-A, Class 1A1 3.473%, due 02/25/34 (v)		334,401		331,406
Bayview Commercial Asset Trust, Series 2003-1, Class B 5.76%, due 08/25/33 (144A) (v)		209,535		212,244
				1,036,988
Total Collateralized Mortgage Obligations
(Identified cost $1,041,377)			$	1,036,988

	Number of Shares or Principal Amount		Value
Repurchase Agreement — 1.44%
State Street Bank & Trust Repurchase Agreement 0.70%, due 07/01/04 Proceeds $173,003 Collateral: U.S. Treasury Bond $160,000, 6.125% due 08/15/07, Value $180,551	$	173,000	$	173,000
Total Repurchase Agreement
(Identified cost $173,000)				173,000
Total Investments
(Identified cost $12,064,320)			$	11,920,827
Other Assets Less Liabilities — 0.69%				82,864
Net Assets — 100%			$	12,003,691

(a) Illiquid security.

(d) Security is in default of interest payments and is fair valued at June 30, 2004. Portfolio has ceased accrual of interest.

(v) Variable interest rate security, interest rate is as of June 30, 2004.

(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

3

Enterprise Short Duration Bond Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value	$	11,920,827
Investment income receivable		71,677
Receivable for fund shares sold		23,703
Due from investment adviser		726
Cash		540
Other assets		90
Total assets		12,017,563
Liabilities:
Payable for fund shares redeemed		9,384
Accrued expenses and other liabilities		4,488
Total liabilities		13,872
Net assets	$	12,003,691
Analysis of net assets:
Paid-in capital	$	12,023,325
Undistributed (accumulated) net investment income (loss)		127,974
Undistributed (accumulated) net realized gain (loss)		(4,115	)
Unrealized appreciation (depreciation)		(143,493	)
Net assets	$	12,003,691
Fund shares outstanding		1,197,982
Net asset value per share		$10.02
Investments at cost	$	12,064,320

See notes to financial statements.

ENTERPRISE Accumulation Trust

4

Enterprise Short Duration Bond Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Interest	$	162,877
Total investment income		162,877
Expenses:
Investment advisory fees		24,164
Shareholder servicing fees		4,142
Custodian and fund accounting fees		5,993
Reports to shareholders		353
Trustees’ fees		160
Audit and legal fees		1,496
Other expenses		899
Total expenses		37,207
Expense reimbursement		(2,304	)
Total expenses, net of reimbursement		34,903
Net investment income (loss)		127,974
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		7
Net change in unrealized gain (loss) on investments		(96,036	)
Net realized and unrealized gain (loss)		(96,029	)
Net increase (decrease) in net assets resulting from operations	$	31,945

See notes to financial statements.

ENTERPRISE Accumulation Trust

5

Enterprise Short Duration Bond Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2004			For the Period May 1, 2003(1) through December 31, 2003
From operations:
Net investment income (loss)	$	127,974		$	126,511
Net realized gain (loss)		7			1,728
Net change in unrealized gain (loss)		(96,036	)		(47,457	)
Increase (decrease) in net assets resulting from operations		31,945			80,782
Distributions to shareholders from:
Net investment income		—			(132,777	)
Net realized gains on investments		—			—
Total distributions to shareholders		—			(132,777	)
From capital share transactions:
Shares sold		3,304,439			11,763,908
Reinvestment of distributions		—			132,776
Shares redeemed		(1,099,865	)		(2,077,517	)
Total increase (decrease) in net assets resulting from capital share transactions		2,204,574			9,819,167
Total increase (decrease) in net assets		2,236,519			9,767,172
Net assets:
Beginning of period		9,767,172			—
End of period	$	12,003,691		$	9,767,172
Capital share activity:
Shares issued		329,412			1,171,673
Shares issued in reinvestment of distributions		—			13,304
Shares redeemed		(109,677	)		(206,730	)
Net increase (decrease)		219,735			978,247
Undistributed net investment income	$	127,974		$	—

(1) Commencement of operations.

See notes to financial statements.

ENTERPRISE Accumulation Trust

6

Enterprise Short Duration Bond Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2004			For the Period May 1, 2003 through December 31, 2003
Net asset value, beginning of period	$	9.98		$	10.00
Income from investment operations:
Net investment income (loss)C		0.13			0.15
Net realized and unrealized gain (loss) on investments		(0.09	)		(0.04	)
Total from investment operations		0.04			0.11
Less dividends and distributions:
Dividends from net investment income		—			(0.13	)
Distributions from capital gains		—			—
Total distributions		—			(0.13	)
Net asset value, end of period	$	10.02		$	9.98
Total return		0.40	%B		1.15	%B
Net assets end of period (in thousands)	$	12,004		$	9,767
Ratio of expenses to average net assets		0.65	%A		0.65	%A
Ratio of expenses to average net assets (excluding reimbursement)		0.69	%A		0.71	%A
Ratio of net investment income (loss) to average net assets		2.36	%A		2.54	%A
Portfolio turnover		0	%		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, 2004 (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 amended, as a diversified, open-end management investment company. The Trust is authorized to issue an unlimited number of shares of beneficial interest 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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 28, 2004.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Short Duration Bond Portfolio in the preparation of its financial statements:

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.

Valuation of Investments — 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. 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. 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.

ENTERPRISE Accumulation Trust

8

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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, U.S. Government or Agency 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 may not be able to sell at the price used by the Portfolio. 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 are denoted as such in the Portfolio of Investments.

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.

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. Interest income is recognized on the accrual basis. Corporate actions, including dividends on foreign securities are recorded on the ex-dividend date. Premiums and discounts on securities are amortized daily for both financial and tax purposes, using the effective interest method.

Expenses — 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 to each Portfolio 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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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 an annual rate of 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 six months ended June 30, 2004, ECM incurred subadvisory fees payable to MONY Capital Management, Inc., Inc. of $5,370. MONY Life Insurance Company also provides sub-transfer agency, printing and other services to the Portfolio. For the six months ended June 30, 2004, the Portfolio paid MONY Life Insurance Company $4,282 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 $5,072,634 in the Portfolio at June 30, 2004.

ENTERPRISE Accumulation Trust

9

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

4. Investment Transactions

For the six months ended June 30, 2004, 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
$247,053	—	$	3,152,652	—

5. Borrowings

The Trust and another series of mutual funds 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, 2004.

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. At times, these differences are primarily due to differing treatments for paydowns.

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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

At June 30, 2004, 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
$	12,064,320	$	74,236	$	217,729	$	143,493

7. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 28, 2004.

ENTERPRISE Accumulation Trust

10

Shareholder Proxy Voting Information (Unaudited)

On June 28, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital, a new Sub-Advisory Agreement between the Trust, Enterprise Capital and MONY Capital Management, Inc. (“MONY Capital”), the terms of which are substantially identical to the existing Sub-Advisory Agreement with MONY Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	1,034,040.506
Votes Against	136,041.040
Votes Abstained	62,425.861
Votes Withheld	924,560.419

To approve the new Investment Sub-Advisory Agreement

Votes For	1,030,485.095
Votes Against	152,428.570
Votes Abstained	49,593.742
Votes Withheld	924,560.419

To approve the Agreement and Plan of Conversion and Termination

Votes For	1,036,605.613
Votes Against	135,405.162
Votes Abstained	60,496.632
Votes Withheld	924,560.419

ENTERPRISE Accumulation Trust

11

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

ENTERPRISE Accumulation Trust

12

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S)  HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

ENTERPRISE Accumulation Trust

13

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S)  HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

ENTERPRISE Accumulation Trust

14

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

ENTERPRISE Accumulation Trust

15

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 Registered Public Accounting Firm

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

16

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 $392 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 2004 Performance Review

How did the Portfolio perform for the six months ended June 30, 2004?

For the six-month period ended June 30, 2004, the Portfolio returned 0.19%. The Portfolio outperformed its benchmark, the Lehman Brothers Universal Bond Index, which returned 0.16%. The Portfolio outperformed its peer group, the Lipper BBB Rated Funds Index, which returned -0.29%.

How would you describe the investment environment during the period?

Bonds fared poorly in the first half of 2004 after a difficult second quarter in which some interest rates climbed more than 0.90%. The yield on the 10-year Treasury ended the first six months at 4.61%, up 0.35% from where it began the period.

Bonds had gained ground in the first quarter as concern about the durability of the economic recovery pushed already low rates lower. Demand for relatively safe assets such as bonds rose amid renewed fears of terrorism after the Madrid bombing. However, rates rose after stronger payroll and inflation prints in April. The impetus for rising rates was confidence that the Fed had succeeded in reviving the economy, as evidenced by continued growth in employment, and would soon begin raising rates. That confidence proved justified as the Fed met expectations with a 0.25% rate hike in June. The Fed had held the federal funds rate at 1%, which implies a negative real rate, since June of 2003.

What strategies affected Portfolio performance during the period?

Interest Rate Strategies

· Interest rate strategies were slightly negative for performance. An early positioning for reflation with a below benchmark duration was negative as rates fell during the first quarter, but this defensive stance added to returns as rates rose in the second quarter. An emphasis on short and intermediate maturities during the second quarter was negative, as rates increased most on this part of the yield curve.

Sectors Strategies

· A mortgage underweight was modestly negative as heavy demand from banks supported the sector throughout much of the first half of the year. However, favorable coupon selection offset much of this impact.

· Under-weighting corporates was modestly negative as the yield advantage in this sector offset concerns about slower growth and profits.

· Non-U.S. positions were positive as short to intermediate maturity issues outpaced U.S. alternatives amid expectations of slower growth and lower inflation in Europe.

· An allocation to real return bonds was positive as these assets outperformed Treasuries of like duration.

· Emerging Market (EM) bonds detracted from performance as leveraged tactical investors sold EM bonds as rates rose.

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 modestly increased its interest rate exposure but maintained its emphasis on short- to intermediate-term bonds. In terms of sectors, the Portfolio modestly reduced its exposure to Treasury Inflation Protected Securities (TIPS) and mortgages. Initially, the Portfolio increased its exposure to non-dollar denominated debt instruments, but the allocation was subsequently reduced, as PIMCO sought to harvest the gains. The Portfolio also increased its exposure to municipals, especially in May and June when muni yields were attractive relative to Treasuries.

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

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

ENTERPRISE Accumulation Trust

2

Enterprise Total Return Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Domestic Corporate Bonds and Notes — 11.39%
Airlines — 0.34%
Continental Airlines Inc. 7.056% due 03/15/11	$	110,000	$	108,823
United Airlines Inc. 7.186% due 04/01/11 (b)		49,079		40,835
United Airlines Inc. 6.602% due 09/01/13 (b)		50,000		41,649
				191,307
Automotive — 0.31%
Daimlerchrysler North America 6.50% due 11/15/13		60,000		61,515
Daimlerchrysler North America, 1.57% due 08/16/04 (v)		50,000		49,988
Dura Operating Corporation 8.625% due 04/15/12		60,000		61,200
				172,703
Banking — 0.17%
Rabobank Capital Fund 1.00% due 12/29/49 (144A) (v)		100,000		96,768
Cable — 0.10%
Continental Cablevision Inc. 8.30% due 05/15/06		50,000		54,280
Chemicals — 0.38%
Nalco Company 8.875% due 11/15/13 (144A)		200,000		209,500
Containers/Packaging — 0.26%
Packaging Corporation of America 4.375% due 08/01/08		143,000		141,501
Crude & Petroleum — 0.09%
Ras Laffan Liquified Natural Gas, 3.437% due 09/15/09 (144A)		53,000		51,781
Electrical Equipment — 0.10%
Oncor Electric Delivery Company 6.375% due 05/01/12		50,000		53,509
Electronics — 0.37%
Delphi Corporation 6.50% due 08/15/13		200,000		203,555
Energy — 1.46%
AEP Texas Central Company (Series E), 6.65% due 02/15/33		200,000		202,968
El Paso Energy Corporation 7.75% due 01/15/32		25,000		20,063
El Paso Natural Gas Company 8.375% due 06/15/32		50,000		47,750
El Paso Production Holding Company, 7.75% due 06/01/13		60,000		55,050
Florida Power Corporation 4.80% due 03/01/13		130,000		125,553

	Number of Shares or Principal Amount		Value
Gulfterra Energy Partners 8.50% due 06/01/10	$	43,000	$	46,762
NRG Energy Inc. 8.00% due 12/15/13 (144A)		210,000		212,100
PSEG Power 6.95% due 06/01/12		62,000		67,418
Sonat Inc. 7.625% due 07/15/11		35,000		31,237
				808,901
Hotels & Restaurants — 0.28%
Hilton Hotels Corporation 7.00% due 07/15/04		100,000		100,000
Starwood Hotels & Resorts 7.875% due 05/01/12		50,000		53,500
				153,500
Insurance — 0.54%
Metropolitan Life Global Funding, 1.38% due 08/23/04 (144A) (v)		100,000		99,965
Principal Life Global Funding, 1.47% due 07/19/04 (144A) (v)		130,000		130,502
Protective Life US Funding Trust, 1.686% due 09/27/04 (144A) (v)		70,000		69,857
				300,324
Media — 0.44%
Time Warner Inc. 8.11% due 08/15/06		125,000		136,308
Time Warner Inc. 6.875% due 05/01/12		100,000		108,059
				244,367
Metals & Mining — 0.13%
Alcan Aluminum Corporation 1.624% due 09/08/04 (144A) (v)		70,000		69,993
Misc. Financial Services — 2.80%
CIT Group Inc. 2.49% due 07/30/04 (v)		203,000		203,120
CIT Group Inc. 7.75% due 04/02/12		150,000		171,068
General Motors Acceptance Corporation, 6.875% due 08/28/12		250,000		254,315
General Motors Acceptance Corporation, 2.40% due 07/20/04 (v)		450,000		453,653
HSBC Capital Funding 10.176% due 06/30/30 (144A) (v)		100,000		139,266
Restructured Asset Certificates, 1.55% due 08/16/04 (144A) (v)		200,000		195,170
Small Business Administration 4.504% due 02/10/14		148,984		140,952
				1,557,544

ENTERPRISE Accumulation Trust

3

Enterprise Total Return Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Oil Services — 0.99%
Amerada Hess Corporation 6.65% due 08/15/11	$	150,000	$	158,731
Chesapeake Energy Corporation 8.125% due 04/01/11		4,999		5,399
Pacific Gas & Electric Company 1.81% due 07/05/04 (v)		180,000		180,108
Tennessee Gas Pipeline Company 8.375% due 06/15/32		150,000		146,250
Vintage Petroleum Inc. 7.875% due 05/15/11		60,000		61,500
				551,988
Telecommunications — 1.80%
American Cellular Corporation 10.00% due 08/01/11		60,000		51,750
Cincinnati Bell Inc. 8.375% due 01/15/14		200,000		178,000
Panamsat Corporation 8.50% due 02/01/12		60,000		68,100
SBC Communications Inc., 4.206% due 06/05/05 (144A) (r)		310,000		314,802
Sprint Capital Corporation 8.375% due 03/15/12		50,000		57,467
Verizon Global Funding Corporation, 6.125% due 06/15/07		65,000		69,271
Verizon Maryland Inc. 6.125% due 03/01/12		250,000		260,471
				999,861
Transportation — 0.24%
Norfolk Southern Corporation 6.75% due 02/15/11		30,000		32,814
Norfolk Southern Corporation 1.87% due 07/30/04 (v)		100,000		100,407
				133,221
Utilities — 0.20%
Niagara Mohawk Power Corporation (Series G), 7.75% due 10/01/08		100,000		112,566
Waste Management — 0.17%
USA Waste Services Inc. 7.00% due 10/01/04		95,000		96,006
Wireless Communications — 0.22%
Cingular Wireless 6.50% due 12/15/11		60,000		64,086
Nextel Communications Inc. 7.375% due 08/01/15		60,000		60,600
				124,686
Total Domestic Corporate Bonds and Notes
(Identified cost $6,252,036)				6,327,861

	Number of Shares or Principal Amount		Value
Foreign Bonds — 2.83%
Banking — 0.28%
HSBC Holdings 5.375% due 12/20/12	$	120,000	$	153,634
Cable — 0.06%
Rogers Cablesystems Ltd. (Series B), 10.00% due 03/15/05		30,000		31,141
Finance — 0.20%
Deutsche Telekom International 8.125% due 05/29/12		76,000		112,357
Misc. Financial Services — 1.83%
AIG Sunamerica Institutional Funding, 1.20% due 01/26/05		13,000,000		119,467
Eircom Funding 8.25% due 08/15/13		60,000		62,400
European Investment Bank 0.875% due 11/08/04		14,000,000		128,321
KFW International Finance Company, 1.00% due 12/20/04		60,000,000		550,597
Pemex Project Funding Master Trust, 8.00% due 11/15/11		100,000		107,750
Pemex Project Funding Master Trust, 8.625% due 02/01/22		50,000		52,000
				1,020,535
Telecommunications — 0.46%
Deutsche Telekom International 8.25% due 06/15/05		65,000		68,343
France Telecom 7.50% due 03/14/08		139,000		187,458
				255,801
Total Foreign Bonds
(Identified cost $1,597,621)				1,573,468
Asset-Backed Securities — 0.48%
Banking — 0.21%
Centex Home Equity Loan Trust. Series 2004-A, Class AV2, 1.58% due 07/25/04 (v)		119,642		119,664
Misc. Financial Services — 0.27%
Merrill Lynch Mortgage Inc., Series 2002-AFC1, Class AV1, 1.67% due 07/25/04 (v)		12,666		12,693
Morgan Stanley Capital Inc., Series 2003-HE2, Class A2, 1.64% due 07/25/04 (v)		93,888		94,069
Structured Asset Securities Corporation, Series 2002-BC4, Class A, 1.59% due 07/25/04 (v)		25,687		25,699
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A1, 3.28% due 01/07/13 (v)		15,274		15,304
				147,765

ENTERPRISE Accumulation Trust

4

Enterprise Total Return Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Total Asset-Backed Securities
(Identified cost $267,158)			$	267,429
Mortgage-Backed Securities — 5.49%
Banking — 0.34%
Citicorp Mortgage Securities Inc., Series 1999-2, Class A-5, 6.50% due 04/25/29	$	63,116		63,175
Countrywide Alternative Loan Trust, Series 2003-J1, Class 4A1, 6.00% due 10/25/32		24,348		24,621
Countrywide Home Loans Inc. Series 2002-1, Class 5A1, Pass Thru Certificates, 5.70% due 07/01/04		34,471		35,318
Countrywide Home Loans Inc. Series 2002-HYB2, Class-6A1, 4.992% due 07/01/04 (v)		26,765		26,904
Countrywide Home Loans Inc. Series 2004-7, Class-5A2, 1.57% due 07/25/04 (v)		27,040		26,849
Wells Fargo Mortgage Backed Securities, Series 2002-E, Class 2A1, 4.96% due 07/01/04 (v)		13,427		13,588
				190,455
Finance — 0.32%
Credit Suisse First Boston Mortgage, Series 2002-P1, Class A-1, 1.806% due 03/25/32 (k)		35,093		35,229
Credit Suisse First Boston Mortgage, Series 2002-P3, Class A, 1.64% due 08/25/33 (k) (144A)		144,521		145,032
				180,261
Misc. Financial Services — 2.98%
Ameriquest Mortgage Securities Inc., Series 2004-X2, Class A, 1.291% due 07/24/04 (144A) (v)		130,000		129,751
Bear Stearns Arm Trust, Series 2002-2, Class IIIA, 6.917% due 07/01/04		2,317		2,440
Bear Stearns Arm Trust, Series 2002-5, Class 6A, 5.973% due 07/01/04		9,471		9,519
Bear Stearns Arm Trust, Series 2003-8, Class 2A1, 4.932% due 07/01/04		76,781		77,072
Bear Stearns Arm Trust, Series 2003-8, Class 4A1, 4.812% due 07/01/04		157,804		157,270
Bear Stearns Arm Trust, Series 2003-8, Class A-1, 4.369% due 07/01/04		307,981		308,742
C Bass Trust, Series 2002-CB1, Class A2A, 1.64% due 07/25/04 (v)		26,821		26,869
C Bass Trust, Series 2002-CB6, Class 2A1, 1.80% due 07/25/04 (v)		12,470		12,503
First Horizon Asset Securities, Series 2000-H, Class 1A, 7.00% due 09/25/30		5,183		5,176
GSMPS Mortgage Loan Trust, Series 2003-A1, Class A1, 7.00% due 06/25/43 (144A)		64,928		68,184

	Number of Shares or Principal Amount		Value
Sequoia Mortgage Trust, Series 10, Class 2A1, 1.66% due 07/20/04 (v)	$	243,716	$	244,394
Small Business Administration, Series 2003-201, Class 1, 5.13% due 09/01/04		49,045		48,810
Small Business Administration, Series 2004-20C, Class 1, 4.34% due 03/01/24		290,000		272,246
Structured Asset Investment Loan Trust, Series 2003-BC3, Class 2A, 1.40% due 07/25/04 (v)		64,830		64,818
Structured Asset Securities Corporation, Series 2002-9, Class A2, 1.60% due 07/25/04 (v)		49,372		49,320
Structured Asset Securities Corporation, Series 2002-HF1, Class A, 1.59% due 07/25/04 (v)		12,553		12,545
Structured Asset Securities Corporation, Series 2003-S1, Class A1, 1.46% due 07/25/04 (v)		12,960		12,962
Washington Mutual Mortgage Loan Trust, Series 2000-3, Class A, 2.73% due 07/01/04		99,290		99,384
Washington Mutual Mortgage Loan Trust, Series 2002-AR2, Class A, 3.065% due 02/27/34 (v)		34,299		34,306
Washington Mutual Mortgage Securities Trust, Series 2002-AR10, Class A6, 4.82% due 06/01/04		19,931		20,121
				1,656,432
Fannie Mae — 0.29%
Fannie Mae (REMIC), Series 2003-88, Class TB, 3.00% due 07/01/04 (v)		100,000		99,821
5.219% due 07/01/04 (v)		32,900		33,068
Fannie Mae, Series 2001-51, Class PG, 6.00% due 11/25/27		27,638		27,700
				160,589
Freddie Mac — 0.94%
Freddie Mac, Series 1476, Class H, 6.00% due 12/15/07		21,183		21,495
Freddie Mac, Series 2142, Class 2, 6.50% due 04/15/29		139,784		144,529
3.477% due 07/01/04 (e)		77,886		80,518
Freddie Mac, Series 2215, Class PG, 6.50% due 02/15/30		26,613		27,825
Freddie Mac, Series 2341, Class PM, 6.50% due 12/15/28		56,501		56,746
Freddie Mac, Series 2390, Class PD, 6.00% due 08/15/27		20,287		20,302
Freddie Mac, Series 2411, Class FJ, 1.589% due 07/15/04 (v)		26,431		26,441
Freddie Mac, Series 2535, Class DT, 5.00% due 09/15/16		90,079		91,808
Freddie Mac, Series T-57, Class 1A1, 6.50% due 07/25/43		50,138		52,379
				522,043

ENTERPRISE Accumulation Trust

5

Enterprise Total Return Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Ginnie Mae — 0.62%
3.00% due 07/01/04 (e)	$	349,966	$	340,982
Total Mortgage-Backed Securities
(Identified cost $2,613,298)				3,050,762
U. S. Treasury Obligations — 2.39%
United States Treasury Notes (TIPS), 3.375% due 01/15/12	$	1,196,286		1,325,354
Total U. S. Treasury Obligations
(Identified cost $1,345,799)				1,325,354
Agency Obligations — 19.31%
Fannie Mae — 16.71%
5.00% due 01/01/17		98,989		99,698
5.00% due 02/01/18		498,310		500,083
5.00% due 08/01/18		470,637		472,312
5.00% due 09/01/18		246,066		246,942
6.00% due 09/01/32		78,313		80,091
5.50% due 08/01/33		499,888		498,940
5.00% due 12/01/99 TBA		7,550,000		7,388,203
				9,286,269
Freddie Mac — 0.42%
6.50% due 08/01/32		224,323		234,166
Ginnie Mae — 2.18%
6.00% due 08/15/32		326,286		335,037
6.00% due 02/15/33		577,979		593,287
6.00% due 10/15/33		47,701		48,964
6.00% due 01/15/34		226,252		232,196
				1,209,484
Total Agency Obligations
(Identified cost $10,650,520)				10,729,919
Foreign Government Obligations — 2.46%
Brazil Federative Republic 2.063% due 10/15/04 (t) (v)		170,826		163,558
Brazil Federative Republic 11.50% due 03/12/08		54,000		57,699
Brazil Federative Republic 11.00% due 01/11/12		250,000		251,500
Brazil Federative Republic 8.875% due 04/15/24		50,000		40,750
Brazil Federative Republic 11.00% due 08/17/40		44,000		41,470
Germany (Federal Republic) 3.25% due 09/24/04 (v)		46,000		56,091
Republic of Panama 8.25% due 04/22/08		30,000		32,400

	Number of Shares or Principal Amount		Value
Republic of Peru 9.125% due 01/15/08	$	250,000	$	271,250
Russian Federation 5.00% due 03/31/07 (REG S)		90,000		82,170
South Africa Republic 5.25% due 05/16/13		50,000		59,145
South Africa Republic 6.50% due 06/02/14		100,000		101,000
United Mexican States 8.375% due 01/14/11		25,000		28,250
United Mexican States 8.30% due 08/15/31		175,000		183,312
				1,368,595
Total Foreign Government Obligations
(Identified cost $1,321,349)				1,368,595
Municipal Bonds — 2.59%
Consumer Services — 0.21%
South Carolina State Public Service Authority (FSA Insured), 5.00% due 01/01/13		110,000		118,698
Education — 0.10%
Fairfax County Virginia 5.25% due 04/01/13		50,000		55,203
Food, Beverages & Tobacco — 0.50%
Golden State Tobacco Securitization, 6.75% due 06/01/39		40,000		35,937
Golden State Tobacco Securitization, 7.90% due 06/01/42		25,000		25,461
Tobacco Settlement Authority (Iowa), 5.60% due 06/01/35		100,000		75,609
Tobacco Settlement Financing Corporation (New Jersey), 6.375% due 06/01/32		95,000		85,083
Tobacco Settlement Financing Corporation (New Jersey), 6.00% due 06/01/37		70,000		56,862
				278,952
Transportation — 0.02%
Florida State Turnpike Authority Revenue Bond, 5.00% due 07/01/33		10,000		9,807
Utilities — 1.76%
California State Economic Recovery, 5.25% due 01/01/10		10,000		10,922
California State Economic Recovery, 5.25% due 01/01/11		10,000		10,953
California State Economic Recovery, 5.25% due 07/01/12		20,000		21,927
California State Economic Recovery, 5.25% due 07/01/13		40,000		43,756

ENTERPRISE Accumulation Trust

6

Enterprise Total Return Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
California State Economic Recovery, 5.25% due 07/01/14	$	10,000	$	10,905
California State Economic Recovery, 5.00% due 07/01/23		10,000		10,709
California State Economic Recovery (MBIA Insured), 5.00% due 07/01/11		10,000		10,897
California State Economic Recovery (MBIA Insured), 5.00% due 07/01/12		20,000		21,729
Cook County Illinois (FGIC Insured), 5.125% due 11/15/26		150,000		150,103
Illinois State 5.00% due 03/01/34		100,000		96,276
Illinois State Taxable Pension 5.10% due 06/01/33		50,000		44,363
New York City Municipal Water 5.00% due 06/15/35		160,000		154,659
New York City Transitional Finance, 5.00% due 02/01/33		200,000		194,114
New York State Environmental Facilities Clean Water & Drinking, 5.00% due 06/15/32		20,000		19,766
New York State Environmental Facilities Clean Water & Drinking, 5.00% due 06/15/33		10,000		9,882
New York State Environmental Facilities Clean Water & Drinking, 5.00% due 07/15/33		10,000		9,882
San Antonio Texas Water Revenue (FSA Insured), 5.00% due 05/15/32		150,000		146,061
South Central Connecticut Water Authority, 5.00% due 08/01/33		10,000		9,942
				976,846
Total Municipal Bonds
( Identified cost $1,484,726 )				1,439,506
Short-Term Investments — 18.30%
Fannie Mae — 10.60%
1.025% due 07/07/04 (e)		1,500,000		1,499,744
1.04% due 07/14/04 (e)		1,000,000		999,624
1.178% due 08/25/04 (e)		1,300,000		1,297,659
1.13% due 09/08/04 (e)		700,000		698,139
1.415% due 09/15/04 (e)		1,100,000		1,096,714
1.45% due 09/22/04 (e)		300,000		298,997
				5,890,877
Federal Home Loan Banks — 1.44%
1.17% due 07/16/04 (e)		300,000		299,854
1.18% due 08/25/04 (e)		500,000		499,098
				798,952

	Number of Shares or Principal Amount		Value
Freddie Mac — 5.56%
1.12% due 08/10/04 (e)	$	500,000	$	499,378
1.20% due 09/08/04 (e)		500,000		498,850
1.44% due 09/14/04 (e)		1,500,000		1,495,491
1.56% due 10/20/04 (e)		600,000		597,114
				3,090,833
U. S. Treasury Bills — 0.70%
1.135% due 09/02/04 (e) (s)		330,000		329,345
1.391% due 09/16/04 (e) (s)		60,000		59,821
				389,166
Total Short-Term Investments
( Identified cost $10,622,954 )				10,169,828
Commercial Paper — 45.72%
ANZ Delaware Inc. 1.045% due 07/07/04		600,000		599,896
Bank of Ireland 1.285% due 09/03/04		1,500,000		1,496,573
Barclays United States Fund 1.215% due 08/24/04		300,000		299,453
Barclays United States Fund 1.28% due 09/21/04		1,300,000		1,296,210
CBA Delaware Finance Inc. 1.07% due 07/15/04		700,000		699,709
CBA Delaware Finance Inc. 1.08% due 07/27/04		600,000		599,532
CBA Delaware Finance Inc. 1.225% due 08/23/04		200,000		199,639
CDC 1.10% due 08/04/04		1,000,000		998,961
CDC 1.12% due 08/24/04		500,000		499,160
Dexia 1.40% due 08/30/04		600,000		598,600
European Investment Bank 1.05% due 07/16/04		100,000		99,956
General Electric Capital Corporation, 1.05% due 07/07/04		700,000		699,878
General Electric Capital Corporation, 1.06% due 07/12/04		900,000		899,708
HBOS Treasury Services 1.055% due 07/16/04		900,000		899,604
HBOS Treasury Services 1.64% due 10/26/04		600,000		596,802
HSBC Bank 4.625% due 04/01/14		40,000		37,234
ING U.S. Funding 1.345% due 09/09/04		100,000		99,739
KFW International Finance Inc. 1.11% due 08/23/04		1,000,000		998,366
Lloyds Bank TSB 1.185% due 07/21/04		1,300,000		1,299,144
National Australia Funding Delaware Inc., 1.05% due 07/02/04		300,000		299,991
Nestle Finance France 1.035% due 07/01/04		1,500,000		1,500,000
Nordea North America Inc. 1.47% due 09/07/04		700,000		698,056

ENTERPRISE Accumulation Trust

7

Enterprise Total Return Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

	Number of Shares or Principal Amount		Value
Royal Bank of Scotland 1.03% due 07/06/04	$	1,300,000	$	1,299,814
Royal Bank of Scotland 1.07% due 07/09/04		200,000		199,953
Royal Bank of Scotland 1.07% due 07/14/04		100,000		99,961
Statens Bostadsfransier 1.23% due 07/22/04		500,000		499,641
Statens Bostadsfransier 1.09% due 07/29/04		1,500,000		1,498,729
Svenska Handlesbanken Inc. 1.09% due 08/05/04		700,000		699,258
Swedbank Forenings 1.285% due 09/21/04		1,300,000		1,296,195
Toyota Motor Credit Company 1.39% due 09/15/04		100,000		99,707
UBS Finance Inc. 1.055% due 07/13/04		700,000		699,754
UBS Finance Inc. 1.07% due 07/15/04		500,000		499,792
UBS Finance Inc. 1.34% due 09/08/04		300,000		299,229
Unicredit Delaware 1.47% due 09/14/04		1,500,000		1,495,406
Westpactrust Securities 1.12% due 08/16/04		1,300,000		1,298,140
Total Commercial Paper
(Identified cost $25,401,790)				25,401,790
Repurchase Agreement — 0.79%
State Street Bank & Trust Repurchase Agreement, 0.70% due 07/01/04 Proceeds $440,009 Collateral U.S. Treasury Note $410,000, 6.125% due 08/15/07 Value $462,662		440,000		440,000
Total Repurchase Agreement
(Identified cost $440,000)				440,000
Total Investments
(Identified cost $61,997,251)				62,094,512
Call Options Written — 0.00%
Swap Option 3 Month LIBOR, Strike Price 4.00, Expires 01/07/05		(600,000)	$	(783)
U.S. Treasury Notes 10-Yr Futures, Strike Price 115, Expires 9/16/04		(6)		(187)

	Number of Shares or Principal Amount	Value
Total Call Options Written
(Premiums received $12,901)			(970)
Put Options Written — (0.06)%
Swap Option 3 Month LIBOR, Strike Price 7.00, Expires 01/07/05	(600,000)		(236)
U.S. Treasury Notes 5-Yr Futures, Strike Price 109, Expires 9/16/04	(38)		(36,219)
Total Put Options Written
(Premiums received $52,774)			(36,455)
Other Assets Less Liabilities — (11.69)%			(6,496,982)
Net Assets — 100%		$	55,560,105

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

(e) The rate shown is the effective yield.

(k) Illiquid security.

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

(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.

(v) Variable rate security; interest rate is as of June 30, 2004.

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

(144A) 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.

(MBIA) Municipal Bond Insurance Association.

(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 903 and 904 of the Securities Act of 1933.

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

ENTERPRISE Accumulation Trust

8

Enterprise Total Return Portfolio

PORTFOLIO OF INVESTMENTS (Unaudited) — (Continued)

 June 30, 2004

Interest rate swap agreements outstanding at June 30, 2004:

Description	Termination Date	Notional Amount (000)	Unrealized Appreciation/ (Depreciation)
Pay variable rate payments on the six month EUR EURIBOR floating rate and receive fixed rate of 4.00% (Counterparty: J.P. Morgan)	3/15/2007	1,000,000	$	(6,849	)
Pay variable rate payments on the six month EUR EURIBOR floating rate and receive fixed rate of 4.00% (Counterparty: Merrill Lynch)	3/15/2007	600,000		298
Pay variable rate payments on the six month EUR EURIBOR floating rate and receive fixed rate of 4.00% (Counterparty: Barclays Capital)	3/15/2007	800,000		(1,492	)
Receive variable rate payments on the three month LIBOR-BBA floating rate and pay fixed rate of 5.00% (Counterparty: J.P. Morgan)	12/15/2004	600,000		(9,613	)
			$	(17,656	)

Open futures contracts outstanding at June 30, 2004:

Description	Expiration Month	Contracts	Unrealized Appreciation/ (Depreciation)
Long Germany Federative Republic 10-Year Bonds	09/04	6	$	5,328
Long Euribor Futures	09/05	10		(8,666	)
Long Euribor Futures	12/05	28		(39,319	)
Long Eurodollar Futures	12/04	11		13,613
Long Eurodollar Futures	03/05	11		11,963
Long Eurodollar Futures	06/05	24		(12,944	)
Long Eurodollar Futures	09/05	3		(9,656	)
Long Eurodollar Futures	12/05	3		(9,656	)
Long Eurodollar Futures	03/06	3		(9,394	)
Long U.S. Treasury 5-Year Notes	09/04	66		54,906
Long U.S. Treasury 10-Year Notes	09/04	87		79,156
			$	75,331

See notes to financial statements.

ENTERPRISE Accumulation Trust

9

Enterprise Total Return Portfolio

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)

Assets:
Investments at value	$62,094,512
Foreign currency at value (cost — $452,568)	447,869
Investment income receivable	200,830
Receivable for variation margin on open futures	128,826
Receivable for fund shares sold	15,664
Receivable for investments sold	3,970,347
Due from investment adviser	9,762
Cash	893
Other assets	60,850
Total assets	66,929,553
Liabilities:
Payable for fund shares redeemed	49,641
Options written, at market value (premiums received $65,675)	37,425
Payable for investments purchased	11,258,245
Accrued expenses and other liabilities	24,137
Total liabilities	11,369,448
Net assets	$55,560,105
Analysis of net assets:
Paid-in capital	$54,508,675
Undistributed (accumulated) net investment income (loss)	535,152
Undistributed (accumulated) net realized gain (loss)	324,541
Unrealized appreciation (depreciation)	191,737
Net assets	$55,560,105
Fund shares outstanding	5,368,515
Net asset value per share	$10.35
Investments at cost	$61,997,251

See notes to financial statements.

ENTERPRISE Accumulation Trust

10

Enterprise Total Return Portfolio

STATEMENT OF OPERATIONS

June 30, 2004 (Unaudited)

Investment income:
Interest	$	710,180
Total investment income		710,180
Expenses:
Investment advisory fees		148,101
Shareholder servicing fees		41,173
Custodian and fund accounting fees		28,494
Reports to shareholders		1,724
Trustees’ fees		2,454
Audit and legal fees		7,246
Other expenses		501
Total expenses		229,693
Expense reimbursement		(54,665	)
Total expenses, net of reimbursement		175,028
Net investment income (loss)		535,152
Realized and unrealized gain (loss)—net:
Net realized gain (loss) on investments		50,680
Net realized gain (loss) on foreign currency transactions		1,760
Net realized gain (loss) on futures transactions		61,479
Net realized gain (loss) on options transactions		53,078
Net change in unrealized gain (loss) on investments		(574,001	)
Net change in unrealized gain (loss) on foreign currency		(10,850	)
Net change in unrealized gain (loss) on swap transactions		(49,602	)
Net change in unrealized gain (loss) on futures transactions		(81,320	)
Net change in unrealized gain (loss) on options transactions		(1,438	)
Net realized and unrealized gain (loss)		(550,214	)
Net increase (decrease) in net assets resulting from operations	$	(15,062	)

See notes to financial statements.

ENTERPRISE Accumulation Trust

11

Enterprise Total Return Portfolio

STATEMENTS OF CHANGES IN NET ASSETS

	(Unaudited) Six Months Ended June 30, 2004			Year Ended December 31, 2003
From operations:
Net investment income (loss)	$	535,152		$	1,039,801
Net realized gain (loss)		166,997			1,004,431
Net change in unrealized gain (loss)		(717,211	)		341,199
Increase (decrease) in net assets resulting from operations		(15,062	)		2,385,431
Distributions to shareholders from:
Net investment income		—			(1,164,067	)
Net realized gains		—			(796,071	)
Total distributions to shareholders		—			(1,960,138	)
From capital share transactions:
Shares sold		10,130,083			28,817,694
Reinvestment of distributions		—			1,910,525
Shares redeemed		(6,307,202	)		(10,700,955	)
Total increase (decrease) in net assets resulting from capital share transactions		3,822,881			20,027,264
Total increase (decrease) in net assets		3,807,819			20,452,557
Net assets:
Beginning of period		51,752,286			31,299,729
End of period	$	55,560,105		$	51,752,286
Capital share activity:
Shares issued		969,970			2,778,731
Shares issued in reinvestment of distributions		—			184,636
Shares redeemed		(609,397	)		(1,026,695	)
Net increase (decrease)		360,573			1,936,672
Undistributed net investment income	$	535,152		$	—

See notes to financial statements.

ENTERPRISE Accumulation Trust

12

Enterprise Total Return Portfolio

FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:

	(Unaudited) Six Months Ended June 30, 2004			Year Ended December 31, 2003			For the Period 01/24/02 through 12/31/02
Net asset value, beginning of period	$	10.33		$	10.19		$	10.00
Income from investment operations:
Net investment income (loss)C		0.15			0.24			0.34
Net realized and unrealized gain (loss) on investments		(0.13	)		0.31			0.35
Total from investment operations		0.02			0.55			0.69
Less dividends and distributions:
Dividends from net investment income		—			(0.25	)		(0.34	)
Distributions from capital gains		—			(0.16	)		(0.16	)
Total distributions		—			(0.41	)		(0.50	)
Net asset value, end of period	$	10.35		$	10.33		$	10.19
Total return		0.19	%B		5.65	%		7.09	%B
Net assets end of period (in thousands)	$	55,560		$	51,752		$	31,300
Ratio of expenses to average net assets		0.65	%A		0.65	%		0.65	%A
Ratio of expenses to average net assets (excluding reimbursement)		0.85	%A		0.82	%		0.96	%A
Ratio of net investment income (loss) to average net assets		1.53	%A		2.26	%		3.46	%A
Portfolio turnover rate		184	%		364	%		493	%

^A Annualized.

^B Not annualized.

^C Based on average shares outstanding.

See notes to financial statements.

ENTERPRISE Accumulation Trust

13

Notes to Financial Statements

June 30, 2004 (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.

On January 13, 2004, the Board of Trustees approved a resolution to merge the Portfolio into EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, Inc. The merger was also approved by the shareholders of the Portfolio on June 4, 2004.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Total Return Portfolio in the preparation of its financial statements:

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 loss from such claims is considered remote.

Valuation of Investments — 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. 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. 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.

ENTERPRISE Accumulation Trust

14

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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 they it not be able to sell at the price used by the Portfolio. 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 are 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. When the Portfolio writes a swap option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the 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

ENTERPRISE Accumulation Trust

15

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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 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.

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.

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 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 the Internal Revenue Code and distribute substantially all of its taxable income to shareholders.

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

16

Notes to Financial Statements — (Continued)

June 30, 2004 (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 an annual rate of 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, 2004, the Portfolio paid MONY Life Insurance Company $40,439 for these services. ECM has voluntarily agreed to limit the Portfolio’s expense ratio to 0.65%.

4. Investment Transactions

Outstanding forward foreign currency contracts at June 30, 2004 were as follows:

Settlement Date	Sales					Net Unrealized Appreciation/ (Depreciation)
	Receive			Deliver
07/20/04	USD	$	1,073,781	EURO	1,060,223	$	13,558
07/21/04	USD		125,456	JPY	125,825		(369	)
						$	13,189

For the six months ended June 30, 2004, 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
$44,027,030	$44,348,537	$	7,582,696	$	8,505,470

Transactions in options written for the six months ended June 30, 2004, were as follows:

	Number of Contracts/ Notional Amounts		Premiums Received
Outstanding put and call options written at December 31, 2003	2,800,000		$	42,591
Call options written	26			17,824
Call options expired	(14	)		(10,698	)
Call swap options expired	(1,600,000	)		(24,576	)
Call options closed	(6	)		(4,290	)
Put options written	58			58,830
Put options expired	(20	)		(14,006	)
Outstanding put and call options written at June 30, 2004	1,200,044		$	65,675

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. There were no loans outstanding at any time during the six months ended June 30, 2004.

ENTERPRISE Accumulation Trust

17

Notes to Financial Statements — (Continued)

June 30, 2004 (Unaudited)

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. At times, these differences are primarily due to differing treatments for futures and options transactions, foreign currency transactions and paydowns.

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 value per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

At June 30, 2004, 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)
$61,997,251	$	364,463	$	267,202	$	97,261

7. Subsequent Event

After the close of business on July 9, 2004 the Portfolio was reorganized into its respective corresponding newly created portfolio of EQ Advisors Trust, a registered investment company managed by The Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial, in accordance with the Portfolio’s shareholders’ approval that was obtained on June 4, 2004.

ENTERPRISE Accumulation Trust

18

Shareholder Proxy Voting Information (Unaudited)

On June 4, 2004, shareholders of the Portfolio voted to approve a new Investment Advisory Agreement between the Enterprise Accumulation Trust (the “Enterprise Trust”), on behalf of each of its series (the “Enterprise Portfolios”), and Enterprise Capital Management, Inc. (“Enterprise Capital”), the terms of which are substantially identical to the existing investment advisory agreement with Enterprise Capital and also to approve an Agreement and Plan of Conversion and Termination providing for the conversion of the Enterprise Portfolios into a corresponding, newly created series (“EQ Portfolio”) of the EQ Advisor Trust, and, in connection therewith, the acquisition by such EQ Portfolio of all of the assets of the Enterprise Portfolio, in exchange solely for the assumption of all liabilities of such Enterprise Portfolio and shares of such EQ Portfolio, and the subsequent liquidation of such Enterprise Portfolio as follows:

To approve the new Investment Advisory Agreement

Votes For	6,076,513.770
Votes Against	132,917.729
Votes Abstained	136,784.759
Votes Withheld	4,093,949.368

To approve the Agreement and Plan of Conversion and Termination

Votes For	6,052,278.678
Votes Against	139,776.976
Votes Abstained	154,160.604
Votes Withheld	4,093,949.368

ENTERPRISE Accumulation Trust

19

Enterprise Accumulation Trust

TRUSTEES AND OFFICERS

(The directors and officers below were replaced with the EQ Advisors Trust directors and officers effective July 9, 2004.)

NAME, ADDRESS, AND (YEAR OF BIRTH)	POSITIONS HELD	YEAR ELECTED	PRINCIPAL OCCUPATIONS PAST FIVE YEARS	NUMBER OF PORTFOLIOS IN COMPLEX	OTHER DIRECTORSHIPS
NON-INTERESTED PARTIES:
Arthur T. Dietz Atlanta, GA (1923)	Trustee and Audit Committee Member	1994	President, ATD Advisory Corp.	16	EGF - 22 Funds
Arthur Howell, Esquire Atlanta, GA (1918)	Trustee and Audit Committee Chairman	1994	Of Counsel, Alston & Bird LLP (law firm)	16	EGF - 22 Funds
William A. Mitchell, Jr. Atlanta, GA (1940)	Trustee	1994	Chairman, Carter & Associates (real estate development)	16	EGF - 22 Funds
Lonnie H. Pope Macon, GA (1934)	Trustee and Audit Committee Member	1994	CEO, Longleaf Industries, Inc. (chemical manufacturing)	16	EGF - 22 Funds
INTERESTED PARTIES:
Victor Ugolyn Atlanta, GA (1947)	Chairman, President & Chief Executive Officer, Trustee	1994	Chairman, President & CEO, ECM, EGF, and EFD	16	EGF - 22 Funds, EGF plc - 7 Portfolios
Michael I. Roth New York, NY (1945)	Trustee	1994	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 New York, NY (1952)	Trustee	1994	President and COO, The MONY Group Inc.	16	The MONY Group Inc. EGF - 22 Funds, EGF plc - 7 Portfolios
Phillip G. Goff Atlanta, GA (1963)	Vice President and Chief Financial Officer	1995	Senior Vice President and CFO, EFD; Vice President and CFO, EGF and ECM	—	—
Herbert M. Williamson Atlanta, GA (1951)	Treasurer and Assistant Secretary	1994	Vice President, ECM; Assistant Secretary and Treasurer, EGF, ECM and EFD	—	—
Catherine R. McClellan Atlanta, GA (1955)	Secretary	1994	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.

ENTERPRISE Accumulation Trust

20

EQ Advisors Trust

TRUSTEES AND OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S)  HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
INTERESTED TRUSTEE:
Peter D. Noris * (48) 1290 Avenue of the Americas New York, New York	Chairman and Trustee	Chairman from December 2002 to present, Trustee from March 1997 to present	From May 1995 to present, Executive Vice President and Chief Investment Officer, AXA Financial ; from September 1999 to present; Executive Vice President and Chief Executive Officer of AXA Financial Services, LLC from November 1995 to present, and Executive Vice President of AXA Advisors LLC.	78	Director, Alliance Capital Management, L.P.; Director of AXA Alternative Advisors Inc.
INDEPENDENT TRUSTEES:
Theodossios (65) Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 2000 to present	Retired.	52	From May 1994 to present, Director, Atlantic Bank of New York.
Jettie M. Edwards (58) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	52	From 1997 to present, Director, The PBHG Funds, Inc.
David W. Fox (73) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange.	52	From 1987 to present, Director of USG Corporation.
William M. Kearns, Jr. (69) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman Keefe Managers, Inc.	52	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present Advisory Director, Gridley & Company LLC; from 2002 to present Director, United States Shipping Corp.

ENTERPRISE Accumulation Trust

21

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S)  HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS	NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEE OR NOMINEE FOR TRUSTEE
Christopher P.A. Komisarjevsky (59) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1998 to present, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations).	52	None
Harvey Rosenthal (61) c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	52	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero (50) c/o EQ Advisors Trust 1920 Avenue of the Americas New York, New York	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of Investment Management and Investment Company Practice Group.	52	None

OFFICERS

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Steven M. Joenk *** (45) 1290 Avenue of the Americas New York, New York	President and Chief Executive Officer	From December 2002 to Present	From July 1999 to present, Senior Vice President AXA Financial; from July 1999 to December 2002, Vice President and Chief Financial Officer of the Trust; from 1996 to 1999, Managing Director of MeesPierson (an investment company).
Patricia Louie, Esq. (48) 1290 Avenue of the Americas New York, New York	Vice President and Secretary	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and Equitable; from July 1999 to May 2003, Vice President and counsel, AXA Financial and Equitable; from September 1994 to July 1999, Assistant General Counsel of The Dreyfus Corporation.
Kenneth T. Kozlowski (42) 1290 Avenue of the Americas New York, New York	Chief Financial Officer and Treasurer	From December 2002 to Present	From February 2001 to present, Vice President, AXA Financial, from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial; from October 1996 to October 1999, Director-Fund Administration, Prudential Investments.
Kenneth B. Beitler (45) 1290 Avenue of the Americas New York, New York	Vice President	From March 2002 to Present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2000, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.

ENTERPRISE Accumulation Trust

22

EQ Advisors Trust

TRUSTEES AND OFFICERS — (Continued)

NAME, AGE, AND ADDRESS	POSITION(S) HELD WITH FUND	TERM OF OFFICE ** AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Mary E. Cantwell (42) 1290 Avenue of the Americas New York, New York	Vice President	From July 1999 to Present	From February 2001 to present, Vice President, AXA Financial; from July 1999 to present, Vice President Equitable; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer, AXA Financial.
Brian E. Walsh (36) 1290 Avenue of the Americas New York, New York	Vice President and Controller	December 2002 to Present	From February 2003 to present, Vice President of Equitable; From January 2001 to February 2003, Assistant Vice President of Equitable; from December 1999 to January 2001, Senior Fund Administrator of Equitable; from January 1993 to December 1999, Manager of Prudential Investment Fund Management.
Andrew S. Novak (35) 1290 Avenue of the Americas New York, New York	Assistant Secretary	From September 2002 to Present	From May 2003 to present, Vice President and Counsel of AXA Financial and Equitable; from May 2002 to May 2003, Counsel, AXA Financial and Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1994 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.

* Affiliated with the Manager and Distributors. Mr. Noris has resigned as a Trustee and the Chairman, effective as of August 31, 2004.

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

*** Mr. Joenk is expected to be appointed as a Trustee and the Chairman of the Board of Trustees, effective as of September 1, 2004.

The EQ Advisors Trust Statement of Additional Information (SAI) includes additional information about Fund directors and is available by calling 1-888-292-4492.

ENTERPRISE Accumulation Trust

23

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 Registered Public Accounting Firm

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

24

Table of Contents

Item 2. Code of Ethics.

Not applicable when filing a Semi-Annual report.

Item 3. Audit Committee Financial Expert.

Not applicable when filing a Semi-Annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable when filing a Semi-Annual report.

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 (as of June 30, 2004) and vp/chief financial officer (as of June 30, 2004) 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 (as of June 30, 2004) and vp/chief financial officer (as of June 30, 2004) 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)    Separate certifications by the registrant’s president/chief executive officer (as of June 30, 2004) and vp/chief financial officer (as of June 30, 2004), 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 (as of June 30, 2004) and vp/chief financial officer (as of June 30, 2004), 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
	(as of June 30, 2004)
Date:	August 19, 2004

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
	(as of June 30, 2004)
Date:	August 19, 2004
By:	/s/    Phillip G. Goff
Name:	Phillip G. Goff
Title:	VP/Chief Financial Officer
	(as of June 30, 2004)
Date:	August 19, 2004

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, based on our most recent evaluation, 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 19, 2004	Sign	/s/    Victor Ugolyn
		Victor Ugolyn President/Chief Executive Officer (as of June 30, 2004)

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, based on our most recent evaluation, 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 19, 2004	Sign	/s/    Phillip G. Goff
		Phillip G. Goff VP/Chief Financial Officer (as of June 30, 2004)

EX-99.906CERT

CERTIFICATION

Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the PRESIDENT/CHIEF EXECUTIVE OFFICER (as of June 30, 2004) of Enterprise Accumulation Trust (the “Fund”), with respect to the Form N-CSR for the period ended June 30, 2004 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.

Date: August 19, 2004	/s/    Victor Ugolyn
	Victor Ugolyn President/Chief Executive Officer (as of June 30, 2004)

The undersigned, the VP/CHIEF FINANCIAL OFFICER (as of June 30, 2004) of Enterprise Accumulation Trust (the “Fund”), with respect to the Form N-CSR for the period ended June 30, 2004 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.

Date: August 19, 2004	/s/    Phillip G. Goff
	Phillip G. Goff VP/Chief Financial Officer (as of June 30, 2004)