<PAGE> 1
ENTERPRISE ACCUMULATION TRUST
EQUITY PORTFOLIO
OPCAP ADVISORS
NEW YORK, NEW YORK
Although the Equity Portfolio performed well in the first half of 1996, it
did underperform the averages in the second quarter, a period where more
speculative stocks dominated the markets. The Portfolio invests in undervalued
stocks of large and mid-sized companies.
For the first six months of 1996, the Portfolio provided a total return of
11.5%, exceeding the 10.1% return of the S&P 500, an unmanaged index of 500 of
the largest corporations weighted by market capitalization. For the 12 months
ended June 30, 1996, the Portfolio provided a total return of 26.9%, exceeding
the 26.0% return of the S&P 500. For the five years ended June 30, 1996, the
Portfolio's average annual return was 18.1%, ahead of the 15.7% annual return of
the S&P 500 for the period. Since inception on August 1, 1988 through June 30,
1996, the Portfolio has generated an average annual return of 16.1%, exceeding
the 15.6% annual return of the S&P 500.
The Portfolio remains overweighted in an eclectic group of banking,
insurance and other financial service company stocks, which we believe represent
some of the best values in the market today. OpCap Advisors stock selection in
the financial sector has been a plus. While the recent environment of rising
interest rates has created pressure on some stocks in the group, OpCap Advisors
continue to see good value here.
As of June 30, 1996, the Portfolio's assets were allocated 85% to common
stocks and 15% to cash and cash equivalents. The Portfolio's five largest equity
positions as of June 30, 1996 were Ace Ltd., a Bermuda-based provider of excess
directors and officers liability insurance, representing 5.0% of the Portfolio's
net assets; Exel, Ltd., a strongly capitalized specialty insurance company, also
based in Bermuda, 3.8% of net assets; Wells Fargo, a leading bank in the western
United States, 3.6% of net assets; May Department Stores, a leading retailer,
3.4% of net assets; and Countrywide Credit, a mortgage company, 3.3% of net
assets. Major industry positions were in the insurance sector, 21.6% of the
Portfolio's net assets; financial services 7.6% of net assets; aerospace and
defense, 7.1% of net assets; banking, 6.9% of net assets; and
machinery/manufacturing 6.1% of net assets.
SMALL CAP PORTFOLIO
GAMCO INVESTORS, INC.
RYE, NEW YORK
The objective of Enterprise Accumulation Trust Small Cap Portfolio is to
seek capital appreciation through investments in a diversified portfolio
consisting primarily of equity securities of companies with market
capitalizations of under $1 billion.
OpCap Advisors was the investment adviser to Enterprise Accumulation Trust
Small Cap Portfolio from inception on August 1, 1988 through May 31, 1996. GAMCO
Investors, Inc. (Gabelli Asset Management Company) which currently manages over
$5 billion for institutional clients and whose normal investment minimum is $1
million became manager of the Portfolio on June 1, 1996.
GAMCO's focus is on free cash flow. GAMCO believes free cash flow is the
best barometer of a business' value. Rising free cash flow often foreshadow net
earnings improvement. GAMCO also looks at long-term earnings trends. In
addition, GAMCO analyzes on and off balance sheet assets and liabilities. GAMCO
wants to know everything and anything that will add or detract from our private
market value estimates. Finally GAMCO looks for a catalyst: something happening
in the company's industry or indigenous to the company itself that may surface
value.
For the six months ended June 30, 1996, the Small Cap Portfolio had a total
return of 9.8%, below the total return of 10.4% of the Russell 2000 Index. For
five years ended June 30, 1996, the Portfolio's average annual return was 15.8%
versus the 17.5% return of the Russell 2000 Index. This is an unmanaged index
composed of small stocks traded on the NASDAQ, the New York and American Stock
Exchanges. The Portfolio return for the 12 months ended June 30, 1996, was
17.6%, which was below the 26% return of the Russell 2000 Index. Since inception
through June 30, 1996 the Small Cap Portfolio had an average annual total return
of 14.3% Small Cap compared with 13.2% for the Russell 2000 Index.
83
<PAGE> 2
The Portfolio maintained a conservative approach throughout much of the
first half of 1996 by investing in well established smaller companies. The
transition to a new manager in June with its inherent restructuring of portfolio
holdings resulted in a higher than normal cash position which benefited
Portfolio performance as small cap stocks declined during this period.
Among the strongest small cap performers were small broadcasting companies.
This is anticipated to continue through 1996, as national elections and the
Olympics may help earnings. Another sector which showed surprising strength was
the aircraft supplier companies, supported by a steadily rising economy,
favorable increases in passenger traffic and load factors.
In a challenging market environment the focus remains on individual small
company selection. GAMCO's strategy is to stick with the basics and continue to
buy bargain stocks selling at a deep discount to their intrinsic business
values. Bargains may be found in areas such as retail food stores. Supermarket
stocks may perform well for several reasons. First, supermarket margins have
historically risen during periods of wholesale food inflation. Secondly,
supermarkets are successfully reducing costs primarily through computerized
inventory control. Finally, stronger chains are buying weaker chains.
MANAGED PORTFOLIO
OPCAP ADVISORS
NEW YORK, NEW YORK
In large part because of the impact of higher interest rates on many
financial stocks, Enterprise Accumulation Trust Managed Portfolio's performance
of 9.6% for the six months ended June 30, 1996, trailed the 10.1% total return
for the S&P 500. For the 12 months ended June 30, 1996, the Portfolio's total
return of 23.2% compared with 26.0% for the S&P 500. For the five years ended
June 30, 1996, the Portfolio delivered an average annual return of 20.1%
surpassing the 15.7% annual return for the S&P 500 for the period. Since the
Portfolio's inception on August 1, 1988, through June 30, 1996, its average
annual return of 19.9% was above the 15.6% return of the S&P 500.
The Portfolio invests primarily in common stocks based on the premise that
stocks have provided the best returns over time. Moreover, the Portfolio tends
to be in long term investments, focusing on investments in companies with high
cash flow. These businesses are more proprietary and less commodity-like, giving
management greater control over results. As of June 30, 1996, 84% of the
Portfolio's net assets were invested in common stocks and securities convertible
into common stocks and 16% in cash and cash equivalents.
At June 30, 1996, the Portfolio's five largest positions were Wells Fargo &
Co., a major west coast bank, which acquired First Interstate Bancorp, one of
our larger holdings, 8.2% of net assets; McDonnell Douglas Corporation, the
nation's largest manufacturer of military aircraft and an important competitor
in commercial aircraft, representing 5.5% of net assets; Citicorp, a leading
bank and financial services company, 5.2% of net assets; Federal Home Loan
Mortgage Corporation, the second largest insurer of home mortgages in the United
States, 4.5% of net assets; and Freeport McMoRan Copper & Gold, 4.3% of net
assets. Major industry positions were in the banking sector, 17.2% of the
Portfolio's net assets; financial services, 12.9% of net assets; aerospace and
defense, 9.1% of net assets; technology, 6.7% of net assets; and consumer
products, 5.8% of net assets.
Our investment focus remains on selecting stocks of companies with high
cash flow that potentially generate wealth that compounds regardless of stock
market ups and downs. We do not expect much change in the level of the market
between now and the end of the year but we do expect high volatility in the
interim. The Portfolio's cash level is significant but will be used in periods
of market duress to purchase attractive businesses at, hopefully, outrageously
unfair prices.
INTERNATIONAL GROWTH PORTFOLIO
BRINSON PARTNERS, INC.
CHICAGO, ILLINOIS
The objective of Enterprise Accumulation Trust International Growth
Portfolio is to seek capital appreciation, primarily through a diversified
portfolio of non-U.S. equity securities. Over the first half of 1996, the
Portfolio returned 7.1% versus the EAFE Index return of 4.5%. The EAFE Index is
an unmanaged index composed of stocks representing the stock markets of Europe,
Australia, New Zealand and the Far East. For the 12 months ended June 30, 1996,
the Portfolio had a return of 22.9% which exceeded the 13.3% EAFE return. Since
November 30, 1994, through June 30, 1996, the Portfolio returned 14.1% versus
the EAFE Index return of 10.4%.
The defensive posture of the International Growth Portfolio relative to
overvalued foreign currencies continued to be a significant contributor to
performance. The overweight in the undervalued U.S. dollar and to a lesser
extent the New Zealand,
84
<PAGE> 3
Australian and Canadian dollars plus the Italian lira, as well as, the
underweight in the Japanese yen and core Deutsche marc-bloc currencies,
benefited portfolio performance. Contributions from market selection varied with
positive contributions coming from overweights in the Netherlands, Belgium and
Spain and underweights in the Southeast Asian markets, while our overweight in
the poorly performing Anglo-Saxon markets and underweight in Japan detracted
from performance. Security selection in Japan was very strong primarily in the
second quarter, while security selection in other non-U.S. markets detracted
from portfolio performance.
Economic growth in non-U.S. markets has been and remains very slow, as does
inflation. Most European governments are constrained by large fiscal deficits,
due to earlier fiscal expansion and more recently, by their efforts to meet the
Maastricht criteria for participation in the European Monetary Union.
Brinson's fundamental work suggests that Japanese equities are still
overvalued. The economy continues to face serious structural problems, including
political inaction. Non-performing loans within the banking sector remain a
concern, in part due to land price weakness. Consequently, Brinson maintains an
underweight position of 6.5% in the Japanese equity market. The Portfolio
currently holds a 8.2% position in strategic cash and cash equivalents because
the expected returns in most non-U.S. equity markets are below those we normally
require as compensation for risk.
Brinson finds the best relative value in the Netherlands, a market which
may benefit from the upturn in the U.S. dollar recovery and in New Zealand. New
Zealand offers attractive long term valuations because the dramatic structural
reforms have resulted in modest inflation and good economic growth; in addition,
this market is often overlooked by institutions. On a relative basis, Brinson
also finds attractive valuations in Australia, Belgium, France and the United
Kingdom.
As with all international growth funds, Enterprise Accumulation Trust
International Growth Portfolio carries additional risks associated with possibly
less stable foreign securities and currencies.
HIGH-YIELD BOND PORTFOLIO
CAYWOOD-SCHOLL CAPITAL MANAGEMENT
SAN DIEGO, CALIFORNIA
The objective of Enterprise Accumulation Trust High-Yield Bond Portfolio is
to seek maximum current income, primarily from debt securities that are rated Ba
or lower by Moody's Investors Service or BB or lower by Standard & Poor's
Corporation. The Portfolio returned 2.9% for the six months ended June 30, 1996,
while the Lehman Brothers BB Index, an unmanaged index composed of all issues
rated below Baa by Moody's plus all issues rated BB by Standard & Poors, gained
1.2% over the same period. For the 12 months ended June 30, 1996, the Portfolio
returned 8.6% in comparison to the 8.25% return of the Lehman BB Index during
the same period. Since November 30, 1994 through June 30, 1996, the High-Yield
Bond Portfolio had an average annual total return of 12.9% versus the Lehman BB
Index which returned 14.7%.
The strong rally experienced in early 1996 by the high-yield bond market
had mostly evaporated by the end of the first quarter. Initially the Federal
Reserve's reluctance to lower interest rates stalled the rally. However, the
high-yield bond market was still able to absorb nearly $20 billion of new
issuance and maintain generally good liquidity during the second quarter. This
was accomplished against a background of uncertainty regarding the direction of
interest rates. Despite the confusion, the high-yield market, as measured by
most major indices, managed to scratch out a small gain over the first half of
the year.
The portfolio manager believes the economy is strong and anticipates that
it will remain so until the Federal Reserve takes restrictive monetary action.
Until the Fed acts, Caywood-Scholl will favor those issuers who will benefit
from the stronger economic conditions.
Like all investments in high-yield bond funds, an investment in the
High-Yield Bond Portfolio carries an increased risk that issuers of securities
in which the High-Yield Bond Portfolio invests may default in the payment of
principal and interest as compared to the risk of such defaults in other income
Portfolios. In addition, an investment in the High-Yield Bond Portfolio may be
subject to certain other risks relating to the market price, relative liquidity
in the secondary market and sensitivity to interest rate and economic changes of
the noninvestment grade securities in which the High-Yield Bond Portfolio
invests that are higher than may be associated with higher rated, investment
grade securities.
The views expressed in this report reflect those of the portfolio managers only
through the end of the period of the report as stated on the cover. The
managers' views are subject to change at any time based on market and other
conditions.
85
<PAGE> 4
ENTERPRISE ACCUMULATION TRUST
EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
<TABLE>
<CAPTION>
COMMON STOCKS -- 85.25% NUMBER OF SHARES VALUE
- ----------------------------------------------------------------------------
<S> <C> <C>
AEROSPACE & DEFENSE -- 7.08%
AlliedSignal Inc. 57,920 $ 3,308,680
Lockheed Martin Corporation 81,000 6,804,000
McDonnell Douglas Corporation 129,506 6,281,041
------------
16,393,721
BANKING -- 6.88%
Citicorp 90,544 7,481,198
Wells Fargo & Company 35,362 8,447,098
------------
15,928,296
CABLE -- 0.94%
Telecommunications Inc.* 120,000 2,175,000
CHEMICALS -- 2.82%
Du Pont (E. I.) De Nemours &
Company 60,000 4,747,500
Hercules Inc. 32,202 1,779,160
------------
6,526,660
CONGLOMERATES -- 1.70%
General Electric Company 45,544 3,939,556
CONSUMER PRODUCTS -- 2.96%
Avon Products Inc. 72,756 3,283,114
Mattel Inc. 124,875 3,574,547
------------
6,857,661
DRUGS & MEDICAL PRODUCTS -- 4.18%
Becton, Dickinson & Company 93,079 7,469,590
Warner-Lambert Company 40,252 2,213,860
------------
9,683,450
ELECTRONICS -- 2.76%
Arrow Electronics Inc.* 73,462 3,168,049
Electronic Arts Inc.* 120,000 3,210,000
------------
6,378,049
ENERGY -- 1.84%
Triton Energy Ltd.* 87,504 4,254,882
HEALTH CARE -- 4.31%
Columbia/HCA Healthcare
Corporation 90,000 4,803,750
Tenet Healthcare Corporation* 224,000 5,172,750
------------
9,976,500
INSURANCE -- 21.64%
Ace Ltd. 247,000 11,609,000
AFLAC Inc. 165,128 4,933,199
American International Group
Inc. 40,612 4,005,359
Everest Reinsurance Holdings 195,000 5,045,625
EXEL Ltd. 126,174 8,895,267
Mid Ocean Ltd. 150,000 6,150,000
Progressive Corporation (Ohio) 76,421 3,534,471
Renaissance Holdings Ltd. 140,000 4,305,000
Transamerica Corporation 20,126 1,630,206
------------
50,108,127
MACHINERY -- 2.98%
Caterpillar Inc. 102,000 6,910,500
MANUFACTURING -- 3.12%
Varity Corporation* 150,000 7,218,750
METALS & MINING -- 0.68%
Freeport McMoRan Copper & Gold
(Class B) 49,431 1,575,613
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- ------------
<S> <C> <C>
MISC. FINANCIAL SERVICES -- 7.60%
American Express Company 44,755 $ 1,997,192
Countrywide Credit Industries
Inc. 316,088 7,823,178
Federal Home Loan Mortgage
Corporation 91,045 7,784,347
------------
17,604,717
PAPER & FOREST PRODUCTS -- 0.54%
Champion International
Corporation 30,000 1,252,500
PRINTING -- 2.71%
Donnelley R R & Sons Company 180,000 6,277,500
RETAIL -- 3.43%
May Department Stores Company 181,712 7,949,900
TELECOMMUNICATIONS -- 2.38%
Sprint Corporation 131,000 5,502,000
TRANSPORTATION -- 4.70%
AMR Corporation* 74,000 6,734,000
CSX Corporation 86,000 4,149,500
------------
10,883,500
TOTAL COMMON STOCKS
(IDENTIFIED COST $150,509,899) $197,396,882
- ----------------------------------------------------------------------------
COMMERCIAL PAPER -- 12.76%
- ----------------------------------------------------------------------------
Ford Motor Credit Company,
5.34% due 07/24/96 $ 4,000,000 $ 3,986,353
Norwest Financial Inc.,
5.26% due 07/10/96 10,000,000 9,986,850
Prudential Funding Corporation
5.34% due 07/10/96 2,100,000 2,097,197
Beneficial Corporation
5.31% due 07/10/96 8,500,000 8,488,716
IBM Credit Corporation
5.35% due 07/24/96 5,000,000 4,982,910
------------
TOTAL COMMERCIAL PAPER
(IDENTIFIED COST $29,542,026) $(29,542,026
- ----------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 3.49%
- ----------------------------------------------------------------------------
State Street Bank & Trust Repurchase
Agreement, 4.75% due 07/01/96
Collateral: U.S. Treasury Note,
$8,080,000, 6.00% due 8/31/97,
Value $8,236,825 $ 8,075,000 $ 8,075,000
TOTAL REPURCHASE AGREEMENT
(IDENTIFIED COST $8,075,000) $ 8,075,000
- ----------------------------------------------------------------------------
TOTAL INVESTMENTS
(IDENTIFIED COST $188,126,925) $235,013,908
OTHER ASSETS LESS LIABILITIES -- (1.50)% (3,472,820)
------------
NET ASSETS 100% $231,541,088
============================================================================
</TABLE>
(*) Non-income producing security
See accompanying notes to financial statements
86
<PAGE> 5
ENTERPRISE ACCUMULATION TRUST
SMALL CAP PORTFOLIO
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
<TABLE>
<CAPTION>
COMMON STOCKS -- 92.69% NUMBER OF SHARES VALUE
- ----------------------------------------------------------------------------
<S> <C> <C>
ADVERTISING -- 1.50%
Ackerley Inc. 35,000 $ 953,750
Katz Media Group Inc.* 130,000 1,868,750
----------
2,822,500
AEROSPACE & DEFENSE -- 7.99%
Coltec Industries Inc.* 300,000 4,275,000
Gencorp Inc. 250,000 3,781,250
Loral Space & Communications* 80,000 1,090,000
Precision Castparts Corporation 110,000 4,730,000
Sequa Corporation (Class A) 9,500 409,687
Sequa Corporation (Class B) 14,000 700,000
----------
14,985,937
APPAREL & TEXTILES -- 0.35%
Culp Inc. 21,500 290,250
Westpoint Stevens Inc.
(Class A)* 15,000 358,125
----------
648,375
AUTOMOTIVE -- 6.17%
Clarcor Inc. 120,000 2,970,000
Echlin Inc. 80,000 3,030,000
General Motors Corporation 20,000 1,202,500
Navistar International
Corporation Inc.* 100,000 987,500
Wynns International Inc. 120,000 3,390,000
----------
11,580,000
BROADCASTING/MEDIA -- 10.30%
BET Holdings Inc.* 50,000 1,318,750
BHC Communications Inc. 22,000 2,150,500
Chris Craft Industries Inc. 130,000 5,720,000
Gaylord Entertainment Company 50,000 1,412,500
Gray Communications Systems Inc. 8,500 194,437
International Family
Entertainment Inc. 184,000 3,404,000
Lin Television Corporation* 20,000 720,000
United Television Inc. 45,000 4,410,000
----------
19,330,187
BUILDING & CONSTRUCTION -- 0.18%
United Dominion Industries Ltd. 15,000 345,000
CABLE -- 3.95%
AFC Cable Systems Inc.* 12,000 198,000
Cablevision Systems Corporation* 70,000 3,237,500
Tele Communications Inc.* 150,000 3,975,000
----------
7,410,500
CHEMICALS -- 1.17%
Church & Dwight Inc. 75,000 1,565,625
Lawter International Inc. 50,000 625,000
----------
2,190,625
COMMUNICATIONS -- 0.40%
Providence Journal Company* 49,000 753,375
COMPUTER HARDWARE -- 0.42%
Exabyte Corporation* 60,000 783,750
CONSUMER DURABLES -- 1.21%
Dynamics Corporation of America 13,500 359,438
Envirosource Inc.* 100,000 350,000
Oneida Ltd. 83,600 1,567,500
----------
2,276,938
CONSUMER SERVICES -- 4.21%
Berlitz International Inc.* 20,000 425,000
Pittway Corporation 30,000 1,395,000
Rollins Inc. 175,000 4,112,500
Wackenhut Corporation 80,000 1,970,000
----------
7,902,500
DRUGS & MEDICAL PRODUCTS -- 0.37%
United International Holdings
Inc.* 50,000 687,500
ELECTRICAL EQUIPMENT -- 2.65%
Standard Motor Products Inc. 150,000 2,681,250
Thomas Industries Inc. 120,000 2,295,000
----------
4,976,250
ELECTRONICS -- 2.31%
Arrow Electronics Inc.* 32,000 1,380,000
CTS Corporation 63,000 2,961,000
----------
4,341,000
ENERGY -- 1.24%
Kaneb Services Inc.* 80,000 260,000
St. Mary Land & Exploration
Company 42,500 711,875
Triton Energy Ltd.* 28,000 1,361,500
----------
2,333,375
ENTERTAINMENT & LEISURE -- 3.04%
Aztar Corporation* 190,000 2,185,000
Churchill Downs Inc. 11,500 414,000
Jackpot Enterprises Inc. 125,000 1,593,750
Spectravision Inc. (Class B)* 274,617 68,654
Spelling Entertainment
Group Inc. 190,000 1,448,750
----------
5,710,154
FOOD & BEVERAGES -- 1.75%
Celestial Seasonings Inc.* 45,000 922,500
Tootsie Roll Industres Inc. 30,000 1,068,750
Whitman Corporation 53,500 1,290,688
----------
3,281,938
HEALTH CARE -- 3.50%
Community Health Systems Inc.* 100,000 5,175,000
Spacelabs Inc.* 60,000 1,395,000
----------
6,570,000
INSURANCE -- 1.74%
Capsure Holdings Corporation* 55,000 983,125
Liberty Corporation 72,000 2,286,000
----------
3,269,125
MACHINERY -- 5.40%
Ametek Inc. 30,000 652,500
Baldwin Technology Company Inc.* 90,500 316,750
Briggs & Stratton Corporation 50,000 2,056,250
Franklin Electric Inc. 22,000 770,000
Goulds Pumps Inc. 150,000 3,843,750
Katy Industries Inc. 100,000 1,500,000
Kollmorgen Corporation 67,500 995,625
----------
10,134,875
MANUFACTURING -- 4.01%
Aptargroup Inc. 10,000 302,500
Brenco Inc. 21,000 338,625
Crane Company 64,900 2,660,900
Eljer Industries Inc.* 90,000 933,750
Harmon Industries Inc. 44,000 715,000
Moog Inc.* 15,500 379,750
Oil Dri Corporation of America 20,000 297,500
SPS Technologies Inc. 27,000 1,903,500
----------
7,531,525
METALS & MINING -- 1.88%
Calmat Company 40,000 725,000
Curtiss Wright Corporation 30,000 1,620,000
Handy & Harman 70,000 1,190,000
----------
3,535,000
MISC. FINANCIAL SERVICES -- 2.34%
Midland Company 60,000 2,520,000
Pioneer Group Inc. 70,000 1,872,500
----------
4,392,500
PAPER PRODUCTS -- 0.33%
Nashua Corporation 48,000 612,000
</TABLE>
87
<PAGE> 6
ENTERPRISE ACCUMULATION TRUST
SMALL CAP PORTFOLIO -- (CONTINUED)
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
<TABLE>
<CAPTION>
NUMBER OF SHARES VALUE
------------------- -------------------
<S> <C> <C>
PHARMACEUTICALS -- 1.05%
Carter Wallace Inc. 135,000 $ 1,974,375
PRINTING/PUBLISHING -- 3.28%
Lee Enterprises Inc. 25,000 590,625
Media General Inc. 95,000 3,538,750
Meredith Corporation 20,000 835,000
Pulitzer Publishing Company 20,000 1,185,000
------------
6,149,375
REAL ESTATE -- 1.49%
Bay Meadows Reality Enterprises 20,000 342,500
Catellus Development
Corporation* 100,000 912,500
Santa Anita Realty Enterprises
Inc. 25,000 315,625
Security Capital Group Inc. (A)* 1,134 1,216,975
------------
2,787,600
RETAIL -- 6.20%
Brunos Inc.* 42,500 589,688
Giant Foods Inc. 50,000 1,793,750
Home Shopping Network Inc.* 100,000 1,200,000
Neiman Marcus Group Inc. 95,000 2,565,000
Phar Mor Inc.* 60,000 480,000
Stop & Shop Companies Inc. 150,000 5,006,250
------------
11,634,688
TECHNOLOGY -- 0.15%
Adco Technologies Inc. 30,000 285,000
TELECOMMUNICATIONS -- 5.57%
Ameridata Technologies Inc. 65,000 1,031,875
Associated Group Inc.* 20,000 605,000
C Tec Corporation* 70,000 2,056,250
Cellular Communications Puerto
Rico* 75,000 2,437,500
Centennial Cellular Corporation* 150,000 2,531,250
Comsat Corporation 5,000 130,000
Silver King Communications Inc.* 25,000 750,000
Telephone & Data Systems Inc. 20,000 900,000
------------
10,441,875
TOBACCO/BEVERAGES/FOOD PRODUCTS -- 3.25%
American Brands Inc. 20,000 907,500
Culbro Corporation* 87,000 5,187,375
------------
6,094,875
TRANSPORTATION -- 3.29%
GATX Corporation 90,000 4,342,500
Interpool Inc.* 100,000 1,825,000
------------
6,167,500
TOTAL COMMON STOCKS
(IDENTIFIED COST $172,010,069) $173,940,217
- ----------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 0.35%
- ----------------------------------------------------------------------------
TRANSPORTATION -- 0.35%
Interpool Inc. 6,875 $ 653,125
TOTAL CONVERTIBLE PREFERRED STOCKS
(IDENTIFIED COST $687,500) $ 653,125
- ----------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.49%
- ----------------------------------------------------------------------------
REAL ESTATE -- 0.49%
Security Capital Group Inc. (A)
12.00% due 06/30/14 $ 859,005 $ 882,181
Security Capital Group Inc. (A)
12.00% due 06/30/14 38,393 39,429
TOTAL CONVERTIBLE CORPORATE BONDS
(IDENTIFIED COST $848,069) $ 921,610
- ----------------------------------------------------------------------------
OPTIONS -- 0.04%
- ----------------------------------------------------------------------------
ENERGY -- 0.04%
Triton Energy Corporation* 28,000 $ 78,750
TOTAL OPTIONS
(IDENTIFIED COST $77,154) $ 78,750
- ----------------------------------------------------------------------------
U.S. TREASURY BILLS -- 9.82%
- ----------------------------------------------------------------------------
United States Treasury Bills
4.00% due 07/05/96 $12,010,000 $ 12,004,662
United States Treasury Bills
4.24% due 07/05/96 6,005,000 6,002,171
United States Treasury Bills
4.70% due 07/11/96 430,000 429,439
TOTAL U.S. TREASURY BILLS
(IDENTIFIED COST $18,436,272) $ 18,436,272
- ----------------------------------------------------------------------------
SHORT TERM GOVERNMENT SECURITIES -- 2.13%
- ----------------------------------------------------------------------------
Federal National Mortgage
Association Discount Notes,
5.21% due 07/09/96 $ 4,000,000 $ 3,995,369
TOTAL SHORT TERM GOVERNMENT SECURITIES
(IDENTIFIED COST $3,995,369) $ 3,995,369
- ----------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 4.97%
- ----------------------------------------------------------------------------
State Street Bank & Trust Repurchase
Agreement, 4.75% due 07/01/96
Collateral: U.S. Treasury Note
$9,340,000, 6.00% due 8/31/97,
Value $9,521,280 $ 9,330,000 $ 9,330,000
TOTAL REPURCHASE AGREEMENT
(IDENTIFIED COST $9,330,000) $ 9,330,000
- ----------------------------------------------------------------------------
TOTAL INVESTMENTS
(IDENTIFIED COST $205,384,433) $207,355,343
OTHER ASSETS LESS LIABILITIES -- (10.49)% (19,692,390)
------------
NET ASSETS 100% $187,662,953
============================================================================
</TABLE>
(*) Non-income producing security
See accompanying notes to financial statements
- --------------------------------------------------------------------------------
(A) Restricted security as of June 30, 1996:
<TABLE>
<CAPTION>
% OF
DATES OF PAR/ UNIT AGGREGATE NET
DESCRIPTION ACQUISITION SHARES UNIT COST VALUE COST VALUE ASSETS
<S> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
Security Capital Group, Inc.
12.00%, 6/30/14.................. 7/1/94 $859,005 $ 0.94 $ 1.03 $ 809,676 $ 882,181 0.47%
12/31/94-6/30/96 38,393 1.00 1.03 38,393 39,429 0.02
Security Capital Group, Inc. Common
Stock............................ 7/26/93-1/19/94 1,134 $680.97-$686.00 $1,073.17 775,764 1,216,975 0.65
---------- ---------- ----
$1,623,833 $2,138,585 1.14%
========== ========== ====
</TABLE>
88
<PAGE> 7
ENTERPRISE ACCUMULATION TRUST
MANAGED PORTFOLIO
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
<TABLE>
<CAPTION>
COMMON STOCKS -- 83.38% NUMBER OF SHARES VALUE
- --------------------------------------------------------------------------
<S> <C> <C>
AEROSPACE & DEFENSE -- 9.13%
Lockheed Martin Corporation 600,000 $ 50,400,000
Loral Space & Communications 600,000 8,175,000
McDonnell Douglas Corporation 1,800,000 87,300,000
--------------
145,875,000
APPAREL & TEXTILES -- 1.15%
Shaw Industries Inc. 1,400,000 18,375,000
BANKING -- 17.22%
Citicorp 999,000 82,542,375
First Empire State Corporation 100,000 24,100,000
Mellon Bank Corporation 650,000 37,050,000
Wells Fargo & Company 550,733 131,556,345
--------------
275,248,720
CHEMICALS -- 5.10%
Du Pont (E. I.) de Nemours &
Company 750,000 59,343,750
Hercules Inc. 400,000 22,100,000
--------------
81,443,750
CONSUMER PRODUCTS -- 5.75%
Kimberly Clark Corporation 200,000 15,450,000
Mattel Inc. 2,200,000 62,975,000
Reebok International Ltd. 400,000 13,450,000
--------------
91,875,000
DRUGS & MEDICAL
PRODUCTS -- 2.51%
Becton, Dickinson & Company 500,000 40,125,000
ENERGY -- 5.18%
MAPCO Inc. 100,000 5,637,500
Tenneco Inc. 1,200,000 61,350,000
Triton Energy Ltd. 325,500 15,827,437
--------------
82,814,937
ENTERTAINMENT & LEISURE -- 1.24%
Harrahs Entertainment Inc. 700,000 19,775,000
HEALTH CARE -- 0.00%
Laboratory Corporation of
America Holdings (Wts)* 10 5
INSURANCE -- 5.64%
EXEL Ltd. 800,000 56,400,000
Transamerica Corporation 204,600 16,572,600
Travelers Inc. 375,000 17,109,375
--------------
90,081,975
METALS & MINING -- 4.29%
Freeport McMoRan Copper & Gold
(Class B) 2,150,000 68,531,250
MISC. FINANCIAL
SERVICES -- 12.90%
American Express Company 700,000 31,237,500
Countrywide Credit Industries
Inc. 2,000,000 49,500,000
Federal Home Loan Mortgage
Corporation 840,000 71,820,000
Federal National Mortgage
Association 1,600,000 53,600,000
--------------
206,157,500
PAPER & FOREST PRODUCTS -- 2.35%
Champion International
Corporation 900,000 37,575,000
REAL ESTATE -- 0.72%
Security Capital Group Inc.
(A) 10,774 11,562,334
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- --------------
<S> <C> <C>
TECHNOLOGY -- 6.70%
Intel Corporation 900,000 $ 66,093,750
National Semiconductor
Corporation* 2,200,000 34,100,000
Unitrode Corporation* 360,000 6,975,000
--------------
107,168,750
TRANSPORTATION -- 3.50%
Union Pacific Corporation 800,000 55,900,000
TOTAL COMMON STOCKS
(IDENTIFIED COST $941,042,113) $1,332,509,221
- --------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 0.06%
- --------------------------------------------------------------------------
RETAIL -- 0.06%
Venture Stores 32,922 $ 868,318
TOTAL CONVERTIBLE PREFERRED STOCKS
(IDENTIFIED COST $1,566,099) $ 868,318
- --------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.54%
- --------------------------------------------------------------------------
REAL ESTATE -- 0.54%
Security Capital Group Inc.
(A)
12.00% due 06/30/14 8,162,362 $ 8,382,584
Security Capital Group Inc.
(A)
12.00% due 06/30/14 271,825 279,159
--------------
TOTAL CONVERTIBLE CORPORATE BONDS
(IDENTIFIED COST $7,965,458) $ 8,661,743
- --------------------------------------------------------------------------
U.S. TREASURY BONDS -- 0.53%
- --------------------------------------------------------------------------
UNITED STATES TREASURY BONDS
6.25% due 08/15/23 $ 9,300,000 $ 8,430,171
TOTAL U.S. TREASURY BONDS
(IDENTIFIED COST $8,669,672) $ 8,430,171
- --------------------------------------------------------------------------
U.S. TREASURY NOTES -- 0.80%
- --------------------------------------------------------------------------
United States Treasury Notes
7.875% due 04/15/98 $ 8,370,000 $ 8,621,268
United States Treasury Notes
7.875% due 08/15/01 3,952,500 4,188,464
--------------
TOTAL U.S. TREASURY NOTES
(IDENTIFIED COST $12,355,296) $ 12,809,732
- --------------------------------------------------------------------------
COMMERCIAL PAPER -- 14.03%
- --------------------------------------------------------------------------
Beneficial Corporation
5.38% due 08/22/96 $13,000,000 $ 12,898,976
Deere (John) Capital Corporation
5.36% due 08/08/96 32,000,000 31,818,951
Ford Motor Credit Company
5.36% due 07/22/96 46,000,000 45,856,173
General Electric Capital
Corporation
5.27% due 07/01/96 20,000,000 20,000,000
General Electric Capital
Services Inc.
5.23% due 07/01/96 35,000,000 35,000,000
General Motors Acceptance
Corporation
5.40% due 07/29/96 15,000,000 14,937,000
Household Finance Corporation
5.34% due 07/11/96 4,790,000 4,782,895
IBM Corporation
5.31% due 07/11/96 28,000,000 27,958,700
</TABLE>
89
<PAGE> 8
ENTERPRISE ACCUMULATION TRUST
MANAGED PORTFOLIO -- (CONTINUED)
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
---------------- --------------
<S> <C> <C>
IBM Corporation
5.32% due 07/08/96 $20,000,000 $ 19,979,311
IBM Credit Corporation
5.29% due 07/08/96 11,000,000 10,988,685
TOTAL COMMERCIAL PAPER
(IDENTIFIED COST $224,220,691) $ 224,220,691
- --------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 0.55%
- --------------------------------------------------------------------------
State Street Bank & Trust Repurchase
Agreement, 4.75% due 07/01/96
Collateral: U.S. Treasury
Note $8,770,000, 6.00% due
8/31/97 Value $8,940,217 $ 8,760,000 $ 8,760,000
TOTAL REPURCHASE AGREEMENT
(IDENTIFIED COST $8,760,000) $ 8,760,000
- --------------------------------------------------------------------------
TOTAL INVESTMENTS
(IDENTIFIED COST $1,204,579,329) $1,596,259,876
OTHER ASSETS LESS LIABILITIES -- 0.11% 1,776,019
--------------
NET ASSETS 100% $1,598,035,895
==========================================================================
</TABLE>
(*) Non-income producing
See accompanying notes to financial statements
- --------------------------------------------------------------------------------
(A) Restricted securities as of June 30, 1996:
<TABLE>
<CAPTION>
% OF
DATES OF PAR/ AGGREGATE NET
DESCRIPTION ACQUISITION SHARES UNIT COST UNIT VALUE COST VALUE ASSETS
<S> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
Security Capital Group, Inc.
12.00%, 6/30/14............. 7/1/94-9/15/94 $8,162,361 $ 0.94 $ 1.03 $ 7,699,650 $ 8,382,584 0.52%
12/31/94-6/30/96 271,825 1.00 1.03 271,825 279,159 0.02
Security Capital Group, Inc.
Common Stock................ 3/7/94-9/15/94 10,774 $777.02-$925.41 $1,073.17 9,096,951 11,562,334 0.72
----------- ----------- ------
$17,068,426 $20,224,077 1.26%
========== ========== ======
</TABLE>
90
<PAGE> 9
ENTERPRISE ACCUMULATION TRUST
INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
<TABLE>
<CAPTION>
COMMON STOCKS -- 93.21% NUMBER OF SHARES VALUE
------------------------------------------------------------------------
<S> <C> <C>
AUSTRALIA -- 4.21%
Amcor LTD 12,500 $ 84,971
ANZ Banking Group 12,000 56,770
Boral LTD 22,400 58,090
Broken Hill Proprietary 25,900 357,613
CRA LTD 7,563 116,253
David Jones LTD 36,000 49,792
Lend Lease Corporation 7,205 110,411
Mim Holdings LTD 26,400 34,024
National Australia Bank 15,000 138,507
News Corporation 17,000 96,322
Pacific Dunlop LTD 19,000 42,703
Qantas Airways LTD 24,718 41,763
Santos LTD 28,000 96,817
Westpac Bank Corporation 26,000 115,034
WMC LTD 20,000 143,026
-----------
1,542,096
BELGIUM -- 2.86%
Bruxelles Lambert Groupe 400 50,604
Delhaize Le Lion 1,800 90,571
Electrabel 870 187,055
Fortis AG 800 105,682
Kredietbank 420 125,994
Petrofina SA 475 150,384
Society General De Belgique 800 61,083
Solvay 210 129,986
Tractebel CAP 200 83,063
Union Miniere* 800 62,106
-----------
1,046,528
CANADA -- 3.12%
Alcan Aluminum LTD 2,800 85,212
Bank Montreal Quebec 6,100 149,227
Barrick Gold Corporation 1,600 43,419
Canadian Pacific LTD 7,400 162,060
Imperial Oil LTD 2,700 113,909
Moore Corporation LTD 900 16,842
Noranda Inc. 2,200 45,038
Norcen Energy Resources LTD 2,300 40,346
Northern Telecom LTD 1,700 92,452
Nova Corporation Alberta 4,400 39,801
Royal Bank Canada Montreal
Quebec 4,300 103,146
Seagram LTD 2,500 83,773
Thomson Corporation 6,300 99,670
Transcanada Pipelines LTD 4,600 68,227
-----------
1,143,122
FINLAND -- 0.43%
Merita A LTD* 6,000 12,566
Nokia (Ab) Oy 2,400 88,609
Outokumpu Oy 900 15,157
Upm Kymmene Oy 2,000 41,497
-----------
157,829
FRANCE -- 8.77%
Accor 900 $ 125,982
Alcatel Alsthom 1,256 109,640
Banque National Paris 4,800 168,629
Cep Communications 800 67,657
Cep Communications (Wts) 400 1,167
Cie Bancaire 987 111,296
Cie De St Gobain 1,559 208,833
Cie De Suez 1,618 59,233
Colas 300 53,776
Credit Local de France 2,059 167,727
GAN Group* 300 8,049
Generale Des Eaux 2,128 237,888
LVMH Moet Hennessy 1,240 294,354
Michelin* 2,800 136,962
Pechiney 2,425 98,016
Peugeot SA* 2,325 311,440
Rhone Poulenc SA 5,000 131,231
Seita 1,700 78,000
Societe Generale 2,155 237,135
Society Elf Aquitaine 2,220 163,405
Total SA 3,450 256,087
UAP 3,214 65,297
Usinor Sacilor 8,200 118,370
-----------
3,210,174
GERMANY -- 5.96%
Allianz AG Holdings 143 247,817
BASF AG 300 85,827
Bayer AG 4,000 141,401
Bayer Motoren Werk 200 116,080
Bayer Vereinsbk 2,560 71,892
Commerzbank AG 300 62,151
Daimler Benz AG* 170 91,065
Deutsche Bank AG 5,100 241,500
Hoechst AG 2,000 67,872
Kaufhof Holding AG 270 102,247
Manitoba AG 200 49,826
Mannesmann AG 530 183,348
Muenchener Ruckvers 63 130,102
Preussag AG 350 88,622
RWE AG 2,500 97,501
Schering AG 1,100 80,085
Siemens AG 1,300 69,510
Thyssen AG 600 109,740
Veba AG 2,700 143,603
-----------
2,180,189
ITALY -- 2.32%
Assic Generali 5,200 120,046
Danieli Di Risp 7,000 24,914
Edison 8,000 48,326
Eni (ADR) 3,300 165,000
IMI 10,000 83,592
Ina 13,000 19,399
Italgas 18,000 67,298
Mediobanca SPA 4,000 25,430
Montedison SPA* 27,000 15,711
Rinascente 8,000 57,339
Rinascente (Wts) 400 326
SAI Di Risp 5,000 19,396
Telecom Italia Di Risp 63,000 108,823
Telecom Italia Mobile Di Risp 68,000 92,813
-----------
848,413
</TABLE>
91
<PAGE> 10
ENTERPRISE ACCUMULATION TRUST
INTERNATIONAL GROWTH PORTFOLIO -- (CONTINUED)
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
<TABLE>
<CAPTION>
NUMBER OF SHARES VALUE
---------------- -----------
<S> <C> <C>
JAPAN -- 32.20%
Amada Company 17,000 $ 183,422
Asahi Glass Company 22,000 263,521
Bank of Tokyo Mits 16,600 386,047
Canon Inc. 16,000 333,562
Canon Sales Company Inc. 5,000 139,441
Citizen Watch Company 15,000 125,223
Dai Nippon Printng 17,000 329,539
Daiichi Pharm Company 12,000 185,434
Daikin Kogyo 17,000 186,531
Daiwa House Industries 9,000 139,899
Fanuc 7,000 279,066
Fujitsu 10,000 91,437
Hitachi 36,000 335,756
Honda Motor Company 9,000 233,713
Inax Corporation 23,000 229,232
Isetan Company 7,000 106,250
Ito Yokado Company 8,000 483,518
Kaneka Corporation 8,000 53,911
Keio Teito Electric Railway 18,000 106,981
Kintetsu 18,000 129,859
Kirin Brewery Company 18,000 220,546
Kokuyo Company 4,000 110,822
Kuraray Company 16,000 179,948
Maeda Road Construction 4,000 69,126
Marui Company 4,000 88,877
Matsushita Electric Industrial
Indiana 28,000 522,288
Mitsubishi Paper 20,000 125,269
NGK 28,000 314,909
Nichii Company 6,000 99,849
Nintendo Company 1,700 126,841
Nippon Denso 13,000 282,906
Nippon Meat Packer 11,000 156,906
Nippon Steel Corporation 12,000 41,256
Okumura Corporation 13,000 108,883
Osaka Gas Company 74,000 271,330
Pioneer Electronic 3,000 71,595
Sankyo Company 13,000 337,585
Secom Company 4,000 264,801
Seino Transportation 5,000 79,093
Sekisui House 34,000 388,607
Shinmaywa Industries 15,000 153,614
Sony Corporation 5,600 369,186
Sumitomo Bank 18,000 348,923
Sumitomo Electric Industries 15,000 215,334
Takeda Chemical Industries 12,000 212,865
TDK Corporation 4,000 239,199
Tokio Marine & Fire 16,000 213,597
Tokyo Electric Power 8,400 213,524
Tokyo Steel Manufacturing 13,100 257,532
Tonen Corporation 13,000 191,377
Toray Industries Inc. 70,000 483,884
Toshiba Corporation 42,000 299,547
Toyo Suisan Kaisha 10,000 122,525
Toyota Motor Corporation 5,000 125,269
Yamazaki Baking Company 8,000 148,494
-----------
11,778,649
MALAYSIA -- 2.16%
Genting Berhad 3,000 $ 23,452
Hume Industries 7,000 34,235
Kuala Lumpur Kepong 24,000 60,613
Land & General 16,000 39,447
Malayan Bank Berhad 10,000 96,212
Malaysia International Shipping 9,000 27,961
Nestle Malay Berhad 7,000 56,404
Public Bank Berhad 21,000 58,088
Resorts World Berhad 3,000 17,198
Sime Darby Berhad 31,000 85,749
Telekom Malaysia 16,000 142,393
Tenaga Nasional 30,000 126,278
YTL Corporation 4,000 20,846
-----------
788,876
NETHERLANDS -- 6.38%
Abn Amro Holdings 4,639 249,154
Akzo Nobel 300 35,972
DSM 900 89,446
ING 3,703 56,452
ING NTFL 5,206 155,371
Kon Hoogovens & Staalf 800 29,645
KPN 5,227 197,985
Philips Electronic 3,000 97,625
Royal Dutch Petroleum 5,750 888,713
Royal Dutch Petroleum Company
(ADR) 200 30,750
Unilever 2,170 314,272
Vendex International 2,600 90,707
Ver Ned Uitgevers 6,200 96,335
-----------
2,332,427
NEW ZEALAND -- 3.13%
Brierley Investment LTD 221,000 209,825
Carter Holt Harvey 100,000 229,102
Fletcher Challenge Building
Division 25,250 49,510
Fletcher Challenge Energy
Division 37,250 82,521
Fletcher Challenge Forest
Division 4,398 5,477
Fletcher Challenge Paper
Division 49,500 96,037
Telecom Corporation of New
Zealand 96,000 404,210
Telecom Corporation of New
Zealand (ADR) 1,000 66,750
-----------
1,143,432
SPAIN -- 2.87%
Banco Bilbao Vizcaya 1,300 52,709
Banco Central Hispanoamericano 1,370 27,934
Banco Intercontinental 700 78,364
Banco Popular 380 67,804
Banco Santander SA 1,400 65,404
Empresa Nac Electricid 2,200 137,323
Fomento De Construcciones Y
Contra 600 49,685
Iberdrola SA 15,000 154,095
Repsol SA 2,300 80,048
Repsol SA (ADR) 1,000 34,750
Sevillana De Electricidad 8,000 73,747
Telefonica De Espana 9,100 167,775
Vallehermoso SA 1,000 19,765
Viscofan Envoltura 2,500 39,549
-----------
1,048,952
</TABLE>
92
<PAGE> 11
ENTERPRISE ACCUMULATION TRUST
INTERNATIONAL GROWTH PORTFOLIO -- (CONTINUED)
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
<TABLE>
<CAPTION>
NUMBER OF SHARES VALUE
---------------- ------------
<S> <C> <C>
SWITZERLAND -- 2.16%
ABB AG Series A 30 $ 37,146
Ciba Geigy AG 105 128,080
CS Holding 900 85,666
Nestle SA 194 221,745
Roche Holdings AG 16 122,157
Schweizerische Bankgesellschaft 61 59,770
Societe General Surveillance
Holding 30 71,869
Zurich Verischerung 237 64,643
-----------
791,076
UNITED KINGDOM -- 16.64%
Asda Group 25,000 45,426
Bass 15,500 194,623
BAT Industries 19,200 149,390
Booker 7,000 40,550
British Gas 94,000 261,314
British Petroleum 37,028 324,908
British Steel 53,000 135,196
British Telecom 69,000 370,772
Charter 7,643 110,034
Coats Viyella 47,900 127,580
FKI 28,500 75,245
General Electric 72,900 392,295
Glaxo Holdings 10,200 137,341
Grand Metropolitan 41,000 271,890
Guinness 34,600 251,480
Hanson 35,200 98,400
Hillsdown Holdings 30,000 80,806
House of Fraser 64,000 171,952
Legal & General 11,000 114,203
Lloyds Abbey Life 13,000 102,563
Lloyds TSB Group 87,264 426,901
Marks & Spencer 19,500 142,487
Mirror Group PLC 24,000 75,850
National Power 17,000 137,288
National Westminster Bank 17,700 168,781
Ocean Group 10,000 70,896
Peninsular and Oriental Steam 13,500 101,475
Reckitt & Colman 12,000 126,169
Redland 6,500 40,177
RJB Mining 14,000 120,236
Rolls Royce 31,100 108,191
Royal Insurance 15,000 92,600
Rtz Corporation 8,100 119,884
Scottish Hydro 15,400 70,794
Sears 60,000 92,250
Sedgwick Group 39,000 83,584
Smith (W.H.) Group 9,500 69,933
Smithkline Beecham 11,000 117,619
TESCO 37,000 168,939
Thames Water 12,000 105,575
Unilever 5,800 115,297
Vodafone Group 20,300 75,506
-----------
6,086,400
TOTAL COMMON STOCKS
(IDENTIFIED COST $32,268,812) $34,098,163
- -----------------------------------------------------------------------------
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- -----------
<S> <C> <C>
PREFERRED STOCK -- 0.15%
- -----------------------------------------------------------------------------
ITALY -- 0.15%
Fiat SPA 31,000 $ 54,459
TOTAL PREFERRED STOCK
(IDENTIFIED COST $65,481) $ 54,459
- -----------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 7.23%
- -----------------------------------------------------------------------------
State Street Bank & Trust Repurchase
Agreement, 4.00% due 7/1/96
Collateral: U.S. Treasury Note
$2,650,000, 6.00% due 8/31/97,
Value $2,701,434 $ 2,645,000 $ 2,645,000
TOTAL REPURCHASE AGREEMENTS
(IDENTIFIED COST $2,645,000) $ 2,645,000
- -----------------------------------------------------------------------------
TOTAL INVESTMENTS
(IDENTIFIED COST $34,979,293) $36,797,622
OTHER ASSETS LESS LIABILITIES -- (0.59)% (216,515)
-----------
NET ASSETS 100% $36,581,107
=============================================================================
</TABLE>
(*) Non-income Producing
(Rts) Rights
(Wts) Warrants
ADR American Depository Receipts
These abbreviations signify incorporation:
AG Aktien Gesellschaft
LTD Limited
SA Societe Anonyme
SPA Societa Per Azoine
See accompanying notes to financial statements
93
<PAGE> 12
ENTERPRISE ACCUMULATION TRUST
HIGH-YIELD BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
<TABLE>
<CAPTION>
CORPORATE BONDS, CONVERTIBLE
SECURITIES & COMMON
STOCKS -- 90.03% PRINCIPAL AMOUNT VALUE
- --------------------------------------------------------------------------
<S> <C> <C>
BASIC INDUSTRIES -- 5.27%
American Standard Inc.,
Zero Coupon,
due 06/01/05 $450,000 $ 392,625
Mark IV Industries Inc.
8.75% due 04/01/03 50,000 49,562
Maxxam Group Inc.
11.25% due 08/01/03 300,000 301,125
Rohr Inc.
11.625% due 05/15/03 200,000 220,000
WCI Steel Inc.
10.50% due 03/01/02 250,000 253,125
----------
1,216,437
BROADCASTING/MEDIA -- 1.09%
Grupo Televisa S A
11.375% due 05/15/03 250,000 252,500
CABLE -- 3.82%
Cablevision Systems Corporation
9.25% due 11/01/05 250,000 233,125
Century Communications
Corporation
9.50% due 03/01/05 200,000 193,500
Comcast UK Cable LP,
Zero Coupon
due 11/15/07 200,000 116,000
Telewest PLC
9.625% due 10/01/06 350,000 339,500
----------
882,125
CHEMICALS -- 3.61%
Pioneer Americas Acquisition
Corporation,
13.375% due 04/01/05 450,000 477,000
Texas Petrochemical Corporation
11.125% due 07/01/06 350,000 357,875
----------
834,875
CONGLOMERATES -- 2.67%
IMO Industries Inc.
11.75% due 05/01/06 600,000 616,500
CONSUMER DURABLES -- 0.89%
Samsonite Corporation
11.125% due 07/15/05 200,000 204,500
CONSUMER NON-DURABLES -- 1.58%
Herff Jones Inc.
11.00% due 08/15/05 $350,000 366,188
CONTAINERS -- 0.69%
MVE Holding Inc. (Wts)* 150 2,250
MVE Inc.
12.50% due 02/15/02 $150,000 157,500
----------
159,750
ENERGY -- 5.82%
Clark USA Inc.
10.875% due 12/01/05 500,000 517,500
Maxus Energy Corporation
9.375% due 11/01/03 150,000 144,750
Maxus Energy Corporation
9.875% due 10/15/02 250,000 248,437
Mesa Operating Company
10.625% due 07/01/06 200,000 203,500
USX Marathon Group,
Convertible Deb Zero Coupon,
due 08/09/05 12,000 5,625
YPF Sociedad Anonima
8.00% due 02/15/04 250,000 224,688
----------
1,344,500
FINANCE -- 2.25%
First Nationwide Parent Holdings
12.50% due 04/15/03 $250,000 $ 261,250
Homeside Inc.
11.25% due 05/15/03 250,000 258,125
----------
519,375
FOOD & BEVERAGES -- 1.10%
Cott Corporation
9.375% due 07/01/05 50,000 48,250
Keebler Corporation
10.75% due 07/01/06 200,000 206,000
----------
254,250
GAMING -- 5.07%
Ballys Grand Inc.
10.375% due 12/15/03 350,000 384,125
Casino Magic Corporation
11.50% due 10/15/01 200,000 207,250
Harrahs Jazz (a)
14.25% due 11/15/01 50,000 26,250
Trump Atlantic City Associates
11.25% due 05/01/06 550,000 552,750
----------
1,170,375
HEALTH CARE -- 7.52%
Complete Management Inc.
8.00% due 08/15/03 50,000 52,500
Dade International Inc.
11.125% due 05/01/06 500,000 518,750
Ivac Corporation
9.25% due 12/01/02 200,000 199,500
Mariner Health Group Inc.
9.50% due 04/01/06 500,000 485,000
Mediq Inc.
7.50% due 07/15/03 325,000 279,500
Owens & Minor Inc.
10.875% due 06/01/06 200,000 203,000
----------
1,738,250
HOTELS & RESTAURANTS -- 4.36%
Foodmaker Corporation
9.75% due 11/01/03 250,000 242,812
H M H Properties Inc.
9.50% due 05/15/05 450,000 429,750
Hammon John Q. Hotels
8.875% due 02/15/04 250,000 235,938
Wyndham Hotel Corporation
10.50% due 05/15/06 100,000 99,625
----------
1,008,125
METALS & MINING -- 3.49%
Kaiser Aluminum & Chemical
Corporation,
12.75% due 02/01/03 300,000 316,500
Oregon Steel Mills Inc.
11.00% due 06/15/03 250,000 257,188
Wheeling Pittsburgh Corporation
9.375% due 11/15/03 250,000 232,500
----------
806,188
</TABLE>
94
<PAGE> 13
ENTERPRISE ACCUMULATION TRUST
HIGH-YIELD BOND PORTFOLIO -- (CONTINUED)
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT VALUE
---------------- -----------
<S> <C> <C>
PAGING SERVICES -- 3.58%
Mobile Telecommunication
Technologies,
13.50% due 12/15/02 $300,000 $ 318,375
Pagemart Nationwide Inc. 875 8,969
Pagemart Nationwide Units,
Zero Coupon,
due 02/01/05 250,000 171,250
Paging Network Inc.
8.875% due 02/01/06 250,000 228,750
Paging Network Inc.
10.125% due 08/01/07 100,000 98,750
-----------
826,094
PAPER & FOREST PRODUCTS -- 13.26%
AMF Group Inc.
10.875% due 03/15/06 500,000 497,500
Crown Paper Company
11.00% due 09/01/05 600,000 570,000
Florida Coast Paper
12.75% due 06/01/03 250,000 260,000
Four M Corporation
12.00% due 06/01/06 350,000 360,500
Riverwood International
Corporation,
10.25% due 04/01/06 500,000 496,875
SD Warren Company
12.00% due 12/15/04 400,000 423,000
Stone Container Corporation
10.75% due 10/01/02 450,000 454,500
-----------
3,062,375
RETAIL -- 10.56%
Ann Taylor Inc.
8.75% due 06/15/00 200,000 188,000
Brunos Inc.
10.50% due 08/01/05 500,000 493,750
Corporate Express Inc.
9.125% due 03/15/04 350,000 346,500
Loehmanns Inc.
11.875% due 05/15/03 200,000 206,250
Penn Traffic Company
11.50% due 04/15/06 500,000 470,000
Ralphs Grocery Company
10.45% due 06/15/04 450,000 430,875
Smiths Food & Drug
11.25% due 05/15/07 $300,000 303,750
-----------
2,439,125
TELECOMMUNICATIONS -- 5.46%
American Communications
Services Inc. (Wts)* 300 36,000
American Communications
Services Inc., Zero Coupon,
due 11/01/05 $400,000 228,000
Echostar Communications
Corporation, Zero Coupon,
due 06/01/04 300,000 222,000
Echostar Satellite Broadcasting,
Zero Coupon, due 03/15/04 200,000 124,000
Intelcom Group USA Inc.,
Zero Coupon, due 05/01/06 300,000 166,125
MFS Communications Inc.,
Zero Coupon, due 01/15/06 550,000 334,812
Teleport Communications Group
9.875% due 07/01/06 150,000 151,500
-----------
1,262,437
TRANSPORTATION -- 1.43%
Valujet Inc.
10.25% due 04/15/01 $100,000 $ 77,375
Viking Star Shipping Inc.
9.625% due 07/15/03 250,000 251,875
-----------
329,250
TRAVEL/ENTERTAINMENT/LEISURE -- 2.89%
Alamo Rental A Car Inc.
11.75% due 01/31/06 500,000 516,250
Cobblestone Golf Group Inc.
11.50% due 06/01/03 150,000 151,500
-----------
667,750
UTILITIES -- 3.62%
Ferrellgas Partners LP
9.375% due 06/15/06 350,000 337,750
Midland Funding Corporation I
10.33% due 07/23/02 157,842 164,156
Rogers Communications Inc.
9.125% due 01/15/06 100,000 92,750
Rogers Communications Inc.
10.875% due 04/15/04 150,000 152,625
Rogers Communications Inc.,
Zero Coupon, due 05/20/13 250,000 89,687
-----------
836,968
TOTAL CORPORATE BONDS, CONVERTIBLE
SECURITIES & COMMON STOCKS
(IDENTIFIED COST $20,718,529) $20,797,937
- --------------------------------------------------------------------------
FOREIGN BONDS -- 1.07%
- --------------------------------------------------------------------------
BANKING -- 1.07%
Banco Nacional De Commerce 11.25%
due 05/28/06 $250,000 $ 247,500
TOTAL FOREIGN BONDS
(IDENTIFIED COST $247,953) $ 247,500
- --------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 8.89%
- --------------------------------------------------------------------------
State Street Bank & Trust Repurchase
Agreement, 4.00% due 07/01/96
Collateral: U.S. Treasury Note
$2,060,000, 6.00% due 8/31/97
Value $2,099,983 $ 2,055,000
TOTAL REPURCHASE AGREEMENT
(IDENTIFIED COST $2,055,000) $ 2,055,000
- --------------------------------------------------------------------------
TOTAL INVESTMENTS
(IDENTIFIED COST $23,021,482) $23,100,437
OTHER ASSETS LESS LIABILITIES -- 0.01% 6,635
-----------
NET ASSETS 100% $23,107,072
==========================================================================
</TABLE>
(*) Non-income producing security
(a) In bankruptcy: Portfolio ceased accrual of interest
(Wts) Warrants
See accompanying notes to financial statements
95
<PAGE> 14
ENTERPRISE ACCUMULATION TRUST
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1996
<TABLE>
<CAPTION>
INTERNATIONAL HIGH-YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ -------------- ------------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value..................... $235,013,908 $207,355,343 $1,596,259,876 $ 36,797,622 $23,100,437
Foreign currency at value
(cost -- $343,534)...................... -- -- -- 308,288 --
Cash...................................... 3,895 11,571 418 5,859 1,437
Receivable for foreign currency sold
(net)................................... -- -- -- 559,230 --
Receivable for investments sold........... -- 32,674 -- 87,960 808,780
Receivable for fund shares sold........... 337,497 141,266 1,447,717 65,544 7,218
Dividends receivable...................... 158,199 70,246 1,019,000 160,681 --
Interest receivable....................... 3,196 61,065 986,918 882 441,236
Receivable from Adviser................... -- -- -- -- 3,286
------------ ------------ ------------ ----------- ----------
Total assets.................... 235,516,695 207,672,165 1,599,713,929 37,986,066 24,362,394
------------ ------------ ------------ ----------- ----------
LIABILITIES:
Payable for investments purchased......... 3,689,035 19,719,449 -- 1,336,196 1,204,665
Payable for fund shares redeemed.......... 93,833 104,148 448,310 3,040 26,149
Investment advisory fee payable........... 149,638 122,407 962,338 31,309 11,167
Other payables and accrued expenses....... 43,101 63,208 267,386 34,414 13,341
------------ ------------ ------------ ----------- ----------
Total liabilities............... 3,975,607 20,009,212 1,678,034 1,404,959 1,255,322
------------ ------------ ------------ ----------- ----------
NET ASSETS:
Accumulated paid-in capital............... 170,379,765 157,620,479 1,144,716,474 33,529,589 23,051,838
Accumulated undistributed net investment
income.................................. 3,811,311 2,599,008 23,537,175 217,359 --
Accumulated undistributed net realized
gain (loss) on investments.............. 10,463,029 25,472,556 38,101,699 491,846 (23,721)
Net unrealized appreciation on investments
and translation of foreign currencies
denominated amounts..................... 46,886,983 1,970,910 391,680,547 2,342,313 78,955
------------ ------------ ------------ ----------- ----------
Total Net Assets................ $231,541,088 $187,662,953 $1,598,035,895 $ 36,581,107 $23,107,072
============ ============ ============ =========== ==========
Fund shares outstanding................... 8,891,926 9,243,122 51,965,290 6,342,101 4,405,234
------------ ------------ ------------ ----------- ----------
Net asset value per share................. $26.04 $20.30 $30.75 $5.77 $5.25
============ ============ ============ =========== ==========
INVESTMENTS AT COST....................... $188,126,925 $205,384,433 $1,204,579,329 $ 34,979,293 $23,021,482
</TABLE>
See accompanying notes to financial statements.
96
<PAGE> 15
ENTERPRISE ACCUMULATION TRUST
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996
<TABLE>
<CAPTION>
INTERNATIONAL HIGH-YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- ----------- ------------ ------------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends................................. $2,538,550 $ 960,865 $ 19,257,131 $ 368,582* $ --
Interest.................................. 1,023,966 1,203,914 5,852,324 57,785 869,159
----------- ----------- ------------ ---------- ---------
Total................................ 3,562,516 2,164,779 25,109,455 426,367 869,159
----------- ----------- ------------ ---------- ---------
OPERATING EXPENSES:
Investment advisory fee................... 675,824 581,792 4,704,818 117,768 58,961
Custodian and fund accounting fees........ 34,718 41,214 96,713 71,432 27,794
Reports and notices to shareholders....... 20,644 28,421 133,027 10,254 6,559
Trustees' fees and expenses............... 4,222 4,314 18,405 2,545 2,504
Audit and legal fees...................... 9,072 9,250 36,594 6,713 6,631
Miscellaneous............................. (10,072) 9,751 (51,191) 295 (3,593)
----------- ----------- ------------ ---------- ---------
Total operating expenses............. 734,408 674,742 4,938,366 209,007 98,856
Less: expense reimbursement.......... -- -- -- -- (20,353)
----------- ----------- ------------ ---------- ---------
Total operating expense, net of
reimbursement...................... 734,408 674,742 4,938,366 209,007 78,503
----------- ----------- ------------ ---------- ---------
NET INVESTMENT INCOME.............. 2,828,108 1,490,037 20,171,089 217,360 790,656
----------- ----------- ------------ ---------- ---------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS -- NET:
Net realized gain (loss) on security
transactions and translation of foreign
currencies denominated amounts............ 7,423,883 23,595,533 22,731,536 476,125 (59,299)
Net realized loss on option transactions..... -- (900) -- -- --
----------- ----------- ------------ ---------- ---------
Net realized gain (loss) on investments...... 7,423,883 23,594,633 22,731,535 476,125 (59,299)
Net change in unrealized appreciation
(depreciation) on investments and
translation of foreign currencies
denominated amounts....................... 10,516,290 (8,836,115) 83,931,809 1,179,924 (225,704)
----------- ----------- ------------ ---------- ---------
Net realized gain and change in
unrealized appreciation
(depreciation) on investments...... 17,940,173 14,758,518 106,663,344 1,656,049 (285,003)
----------- ----------- ------------ ---------- ---------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS.................... $20,768,281 $16,248,555 $126,834,433 $1,873,409 $ 505,653
=========== =========== ============ ========== =========
</TABLE>
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
* Net of foreign taxes withheld of $58,344.
97
<PAGE> 16
(This page intentionally left blank)
<PAGE> 17
ENTERPRISE ACCUMULATION TRUST
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQUITY PORTFOLIO SMALL CAP PORTFOLIO
----------------------------- -----------------------------
(UNAUDITED) (UNAUDITED)
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1996 1995 1996 1995
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income......................... $ 2,828,108 $ 2,428,089 $ 1,490,037 $ 2,814,727
Net realized gain (loss) on investments....... 7,423,883 6,085,294 23,595,533 5,376,891
Net realized (loss) on futures and options.... -- -- (900) (22,493)
Net change in unrealized appreciation
(depreciation) on investments.............. 10,516,290 30,328,567 (8,836,115) 9,411,583
------------ ----------- ------------ ------------
Net increase in net assets resulting from
operations............................... 20,768,281 38,841,950 16,248,555 17,580,708
------------ ----------- ------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income......................... -- (2,889,772) -- (3,411,512)
Net realized gains............................ -- (5,969,884) -- (6,433,570)
------------ ----------- ------------ ------------
Total dividends and distributions to
shareholders.......................... -- (8,859,656) -- (9,845,082)
------------ ----------- ------------ ------------
FUND SHARE TRANSACTIONS:
Net proceeds from sales....................... 58,756,960 62,629,132 23,722,965 44,205,647
Reinvestment of dividends and distributions... -- 8,859,656 -- 9,845,082
Cost of shares redeemed....................... (15,946,816) (22,091,871) (18,369,701) (40,604,991)
------------ ----------- ------------ ------------
Net increase in net assets from fund share
transactions............................. 42,810,144 49,396,917 5,353,264 13,445,738
------------ ----------- ------------ ------------
Total increase in net assets............. 63,578,425 79,379,211 21,601,819 21,181,364
NET ASSETS:
Beginning of year............................. 167,962,663 88,583,452 166,061,134 144,879,770
------------ ----------- ------------ ------------
End of year................................... $231,541,088 $167,962,663 $187,662,953 $166,061,134
============ =========== ============ ============
SHARES ISSUED AND REDEEMED:
Issued........................................ 2,329,024 2,917,293 1,215,978 2,482,444
Issued in reinvestment of dividends and
distributions.............................. -- 427,111 -- 562,375
Redeemed...................................... (631,704) (1,033,626) (956,492) (2,310,588)
------------ ----------- ------------ ------------
Net increase............................... 1,697,320 2,310,778 259,486 734,231
============ =========== ============ ============
</TABLE>
See accompanying notes to financial statements.
98
<PAGE> 18
<TABLE>
<CAPTION>
INTERNATIONAL GROWTH
MANAGED PORTFOLIO PORTFOLIO HIGH-YIELD BOND PORTFOLIO
--------------------------------- ---------------------------- ----------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1996 1995 JUNE 30, 1996 1995 JUNE 30, 1996 1995
-------------- -------------- ----------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
$ 20,171,089 $ 17,600,171 $ 217,360 $ 130,728 $ 790,656 $ 703,962
22,731,535 41,673,988 476,125 791,046 (59,299) 88,147
-- -- -- -- -- --
83,931,809 289,371,401 1,179,924 1,149,623 (225,704) 307,380
-------------- -------------- ----------- ----------- ----------- -----------
126,834,433 348,645,560 1,873,409 2,071,397 505,653 1,099,489
-------------- -------------- ----------- ----------- ----------- -----------
-- (28,468,170) -- (132,550) (790,656) (703,962)
-- (52,222,032) -- (775,819) -- (51,705)
-------------- -------------- ----------- ----------- ----------- -----------
-- (80,690,202) -- (908,369) (790,656) (755,667)
-------------- -------------- ----------- ----------- ----------- -----------
305,414,293 369,378,051 18,593,331 18,493,638 10,705,349 16,124,613
-- 80,690,202 -- 908,369 790,628 755,667
(98,930,808) (142,557,183) (2,483,848) (5,213,592) (3,326,971) (3,422,241)
-------------- -------------- ----------- ----------- ----------- -----------
206,483,485 307,511,070 16,109,483 14,188,415 8,169,006 13,458,039
-------------- -------------- ----------- ----------- ----------- -----------
333,317,918 575,466,428 17,982,892 15,351,443 7,884,003 13,801,861
1,264,717,977 689,251,549 18,598,215 3,246,772 15,223,069 1,421,208
-------------- -------------- ----------- ----------- ----------- -----------
$1,598,035,895 $1,264,717,977 $36,581,107 $18,598,215 $23,107,072 $15,223,069
============== ============== =========== =========== =========== ===========
10,195,360 14,304,013 3,336,500 3,624,156 2,022,148 3,082,804
-- 3,287,658 -- 167,698 149,373 143,495
(3,307,960) (5,611,704) (445,271) (996,098) (630,938) (647,136)
-------------- -------------- ----------- ----------- ----------- -----------
6,887,400 11,979,967 2,891,229 2,795,756 1,540,583 2,579,163
============== ============== =========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
99
<PAGE> 19
ENTERPRISE ACCUMULATION TRUST
EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
(UNAUDITED) YEARS ENDED DECEMBER 31,
SIX MONTHS ENDED --------------------------------------------------
JUNE 30, 1996 1995 1994 1993
---------------- -------- ------- -------
<S> <C> <C> <C> <C>
Net asset value, beginning of year.... $ 23.35 $ 18.14 $ 17.95 $ 17.23
-------- -------- ------- -------
Income from investment operations:
Net investment income............... 0.29 0.33 0.28 0.18
Net realized and unrealized gain on
investments...................... 2.40 6.38 0.41 1.13
-------- -------- ------- -------
Total from investment
operations................ 2.69 6.71 0.69 1.31
-------- -------- ------- -------
Less dividends and distributions:
Dividends to shareholders from net
investment income................ -- (0.49) (0.18) (0.17)
Distribution to shareholders from
net capital gains................ -- (1.01) (0.32) (0.42)
-------- -------- ------- -------
Total dividends and
distributions............. -- (1.50) (0.50) (0.59)
-------- -------- ------- -------
Net asset value, end of year.......... $ 26.04 $ 23.35 $ 18.14 $ 17.95
======== ======== ======= =======
Total return................ 11.5% 38.4% 3.9% 7.8%
-------- -------- ------- -------
Net assets, end of year (000)......... $231,541 $167,963 $88,583 $66,172
-------- -------- ------- -------
Ratio of net operating expenses to
average net assets.................. 0.74%* 0.69% 0.67% 0.72%
-------- -------- ------- -------
Ratio of net operating expenses
(excluding waivers) to average net
assets.............................. 0.74%* 0.72% 0.69% 0.72%
-------- -------- ------- -------
Ratio of net investment income to
average net assets.................. 2.81%* 1.94% 1.81% 1.47%
-------- -------- ------- -------
Ratio of net investment income
(excluding waivers) to average net
assets.............................. 2.81%* 1.91% 1.79% 1.47%
-------- -------- ------- -------
Portfolio turnover.................... 47%* 29% 38% 15%
-------- -------- ------- -------
Average commission per share.......... $ 0.0535 (a) (a) (a)
--------
<CAPTION>
1992 1991
------- -------
<S> <C> <C>
Net asset value, beginning of year.... $ 15.24 $ 11.92
------- -------
Income from investment operations:
Net investment income............... 0.17 0.24
Net realized and unrealized gain on
investments...................... 2.49 3.42
------- -------
Total from investment
operations................ 2.66 3.66
------- -------
Less dividends and distributions:
Dividends to shareholders from net
investment income................ (0.24) (0.34)
Distribution to shareholders from
net capital gains................ (0.43) --
------- -------
Total dividends and
distributions............. (0.67) (0.34)
------- -------
Net asset value, end of year.......... $ 17.23 $ 15.24
======= =======
Total return................ 17.9% 31.2%
------- -------
Net assets, end of year (000)......... $33,581 $17,221
------- -------
Ratio of net operating expenses to
average net assets.................. 0.79% 0.86%
------- -------
Ratio of net operating expenses
(excluding waivers) to average net
assets.............................. 0.79% 0.86%
------- -------
Ratio of net investment income to
average net assets.................. 1.48% 2.09%
------- -------
Ratio of net investment income
(excluding waivers) to average net
assets.............................. 1.48% 2.09%
------- -------
Portfolio turnover.................... 27% 41%
------- -------
Average commission per share.......... (a) (a)
</TABLE>
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
* Annualized
(a) Disclosure not applicable to prior periods.
100
<PAGE> 20
ENTERPRISE ACCUMULATION TRUST
SMALL CAP PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
(UNAUDITED) YEARS ENDED DECEMBER 31,
SIX MONTHS ENDED ---------------------------------------------------------
JUNE 30, 1996 1995 1994 1993 1992 1991
---------------- -------- -------- -------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year... $ 18.48 $ 17.56 $ 18.62 $ 16.72 $ 15.11 $10.46
-------- -------- -------- -------- ------- ------
Income from investment operations:
Net investment income.............. 0.16 0.32 0.19 0.10 0.09 0.09
Net realized and unrealized gain
(loss) on investments........... 1.66 1.75 (0.16) 2.98 3.05 4.86
-------- -------- -------- -------- ------- ------
Total from investment
operations............... 1.82 2.07 0.03 3.08 3.14 4.95
-------- -------- -------- -------- ------- ------
Less dividends and distributions:
Dividends to shareholders from net
investment income............... -- (0.40) (0.10) (0.10) (0.10) (0.30)
Distribution to shareholders from
net capital gains............... -- (0.75) (0.99) (1.08) (1.43) --
-------- -------- -------- -------- ------- ------
Total dividends and
distributions............ -- (1.15) (1.09) (1.18) (1.53) (0.30)
-------- -------- -------- -------- ------- ------
Net asset value, end of year......... $ 20.30 $ 18.48 $ 17.56 $ 18.62 $ 16.72 $15.11
======== ======== ======== ======== ======= ======
Total return............... 9.8% 12.3% 0.0% 19.5% 21.5% 48.1%
-------- -------- -------- -------- ------- ------
Net assets, end of year (000)........ $187,663 $166,061 $144,880 $105,635 $31,211 $9,777
-------- -------- -------- -------- ------- ------
Ratio of net operating expenses to
average net assets................. 0.78%* 0.69% 0.66% 0.74% 0.86% 1.00%
-------- -------- -------- -------- ------- ------
Ratio of net operating expenses
(excluding waivers) to average net
assets............................. 0.78%* 0.72% 0.67% 0.74% 0.86% 1.19%
-------- -------- -------- -------- ------- ------
Ratio of net investment income to
average net assets................. 1.71%* 1.86% 1.30% 1.06% 1.05% 1.41%
-------- -------- -------- -------- ------- ------
Ratio of net investment income
(excluding waivers) to average net
assets............................. 1.71%* 1.83% 1.29% 1.06% 1.05% 1.22%
-------- -------- -------- -------- ------- ------
Portfolio turnover................... 241%* 70% 58% 70% 105% 120%
-------- -------- -------- -------- ------- ------
Average commission per share......... $ 0.0447 (a) (a) (a) (a) (a)
--------
</TABLE>
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
* Annualized
(a) Disclosure not applicable to prior periods.
101
<PAGE> 21
ENTERPRISE ACCUMULATION TRUST
MANAGED PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
(UNAUDITED) YEARS ENDED DECEMBER 31,
SIX MONTHS ENDED -------------------------------------------------------------
JUNE 30, 1996 1995 1994 1993 1992 1991
---------------- ---------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
year........................... $ 28.06 $ 20.82 $ 21.35 $ 20.11 $ 17.56 $ 12.43
---------- ---------- -------- -------- -------- -------
Income from investment
operations:
Net investment income.......... 0.38 0.40 0.40 0.46 0.25 0.29
Net realized and unrealized
gain (loss) on
investments................. 2.31 8.97 0.15 1.55 2.95 5.31
---------- ---------- -------- -------- -------- -------
Total from investment
operations........... 2.69 9.37 0.55 2.01 3.20 5.60
---------- ---------- -------- -------- -------- -------
Less dividends and distributions:
Dividends to shareholders from
net investment income....... -- (0.75) (0.46) (0.24) (0.27) (0.39)
Distribution to shareholders
from net capital gains...... -- (1.38) (0.62) (0.53) (0.38) (0.08)
---------- ---------- -------- -------- -------- -------
Total dividends and
distributions........ -- (2.13) (1.08) (0.77) (0.65) (0.47)
---------- ---------- -------- -------- -------- -------
Net asset value, end of year..... $ 30.75 $ 28.06 $ 20.82 $ 21.35 $ 20.11 $ 17.56
========== ========== ======== ======== ======== =======
Total return........... 9.6% 46.9% 2.6% 10.4% 18.6% 46.0%
---------- ---------- -------- -------- -------- -------
Net assets, end of year (000).... $1,598,036 $1,264,718 $689,252 $525,163 $236,175 $98,468
---------- ---------- -------- -------- -------- -------
Ratio of net operating expenses
to average net assets.......... 0.69%* 0.67% 0.64% 0.66% 0.69% 0.73%
---------- ---------- -------- -------- -------- -------
Ratio of net operating expenses
(excluding waivers) to average
net assets..................... 0.69%* 0.67% 0.64% 0.66% 0.69% 0.73%
---------- ---------- -------- -------- -------- -------
Ratio of net investment income to
average net assets............. 2.77%* 1.80% 2.23% 3.21% 2.06% 2.42%
---------- ---------- -------- -------- -------- -------
Ratio of net investment income
(excluding waivers) to average
net assets..................... 2.77%* 1.80% 2.23% 3.21% 2.06% 2.42%
---------- ---------- -------- -------- -------- -------
Portfolio turnover............... 31%* 31% 33% 21% 23% 57%
---------- ---------- -------- -------- -------- -------
Average commission per share..... $ 0.0548 (a) (a) (a) (a) (a)
----------
</TABLE>
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
* Annualized
(a) Disclosure not applicable to prior periods.
102
<PAGE> 22
ENTERPRISE ACCUMULATION TRUST
INTERNATIONAL GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
(UNAUDITED) PERIOD FROM
SIX MONTHS ENDED YEAR ENDED NOVEMBER 18, 1994-
JUNE 30, 1996 DECEMBER 31, 1995 DECEMBER 31, 1994
---------------- ----------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of year...................... $ 5.39 $ 4.96 $ 5.00
------- ------- ------
Income from investment operations:
Net investment income.............................. 0.03 0.04 --
Net realized and unrealized gain (loss) on
investments...................................... 0.35 0.67 (0.04)
------- ------- ------
Total from investment operations.............. 0.38 0.71 (0.04)
------- ------- ------
Less dividends and distributions:
Dividends to shareholders from net investment
income........................................... -- (0.04) --
Distribution to shareholders from net capital
gains............................................ -- (0.24) --
------- ------- ------
Total dividends and distributions............. -- (0.28) --
------- ------- ------
Net asset value, end of year............................ $ 5.77 $ 5.39 $ 4.96
======= ======= ======
Total return.................................. 7.1% 14.6% (0.8)%
------- ------- ------
Net assets, end of year (000)........................... $36,581 $18,598 $3,246
------- ------- ------
Ratio of net operating expenses to average net assets... 1.52%* 1.55% 1.55 %*
------- ------- ------
Ratio of net operating expenses (excluding waivers) to
average net assets.................................... 1.52%* 2.21% 8.85 %*
------- ------- ------
Ratio of net investment income to average net assets.... 1.56%* 1.17% 0.80 %*
------- ------- ------
Ratio of net investment income (excluding waivers) to
average net assets.................................... 1.56%* 0.51% (6.34)%*
------- ------- ------
Portfolio turnover...................................... 20%* 27% 0 %
------- ------- ------
Average commission per share............................ $0.0214 (a) (a)
-------
</TABLE>
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
* Annualized.
(a) Disclosure not applicable to prior periods.
103
<PAGE> 23
ENTERPRISE ACCUMULATION TRUST
HIGH-YIELD BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
(UNAUDITED) PERIOD FROM
SIX MONTHS ENDED YEAR ENDED NOVEMBER 18, 1994-
JUNE 30, 1996 DECEMBER 31, 1995 DECEMBER 31, 1994
---------------- ----------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of year...................... $ 5.31 $ 4.98 $ 5.00
------- ------- ------
Income from investment operations:
Net investment income.............................. 0.21 0.45 0.04
Net realized and unrealized gain (loss) on
investments...................................... (0.06) 0.35 (0.01)
------- ------- ------
Total from investment operations.............. 0.15 0.80 0.03
------- ------- ------
Less dividends and distributions:
Dividends to shareholders from net investment
income........................................... (0.21) (0.45) (0.05)
Distribution to shareholders from net capital
gains............................................ -- (0.02) --
------- ------- ------
Total dividends and distributions............. (0.21) (0.47) (0.05)
------- ------- ------
Net asset value, end of year............................ $ 5.25 $ 5.31 $ 4.98
------- ------- ------
Total return.................................. 2.9% 16.6% 0.5%
------- ------- ------
Net assets, end of year (000)........................... $23,107 $15,223 $1,421
------- ------- ------
Ratio of net operating expenses to average net assets... 0.85%* 0.85% 0.85%*
------- ------- ------
Ratio of net operating expenses (excluding waivers) to
average net assets.................................... 1.01%* 1.59% 7.80%*
------- ------- ------
Ratio of net investment income to average net assets.... 8.00%* 8.51% 7.84%*
------- ------- ------
Ratio of net investment income (excluding waivers) to
average net assets.................................... 7.85%* 7.77% 0.80%*
------- ------- ------
Portfolio turnover...................................... 218%* 115% 0%
------- ------- ------
</TABLE>
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
* Annualized.
104
<PAGE> 24
ENTERPRISE ACCUMULATION TRUST
NOTES TO FINANCIAL STATEMENTS FOR ALL PORTFOLIOS (UNAUDITED)
JUNE 30, 1996
(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
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 five classes of shares of beneficial
interest at $.01 par value: the Equity Portfolio, the Small Cap Portfolio, the
Managed Portfolio, the International Growth Portfolio and the High-Yield Bond
Portfolio. The Trust serves as an investment vehicle for MONYMaster, a flexible
payment variable annuity policy, and MONYEquity Master, a flexible premium
variable universal life insurance policy, both issued by MONY America, a
wholly-owned subsidiary of The Mutual Life Insurance Company of New York
("MONY"). The following is a summary of significant accounting policies
consistently followed by the Trust in the preparation of its financial
statements.
(A) Valuation of Investments:
The Equity, Small Cap, Managed and High-Yield Bond Portfolios: Investment
securities, other than debt securities, listed on a national securities exchange
or traded in the over-the-counter National Market System are valued each
business day at the last reported sales price; if there are no such reported
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 the 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 having a
remaining maturity of sixty days or less 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.
The International Growth Portfolio: Foreign securities are valued on the
basis of independent pricing services approved by the Board of Trustees, and
such pricing services generally follow the same valuation procedures.
(B) Foreign Currency Translation:
Securities, other assets and liabilities of the International Growth
Portfolio whose values are initially expressed in foreign currencies are
translated to U.S. dollars at the bid price of such currency against U.S.
dollars last quoted by a major bank. Dividend and interest income and certain
expenses denominated in foreign currencies are marked-to-market daily based on
daily exchange rates and exchange gains and losses are realized upon ultimate
receipt or disbursement. The Trust does not isolate that portion of its realized
and unrealized gains on investments from changes in foreign exchange rates from
fluctuations arising from changes in the market prices of the investments.
(C) Special Valuation Concerns:
The high-yield securities in which the High-Yield Bond Portfolio may invest
may be considered speculative in regards to the issuer's continuing ability to
meet principal and interest payments. The value of the lower rated securities in
which the High-Yield Bond 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.
(D) Repurchase Agreements:
Each Portfolio may acquire securities subject to repurchase agreements.
Under a typical repurchase agreement, a Portfolio would acquire a debt security
for a relatively short period (usually for one day and not for more than one
week) subject to an obligation of the seller to repurchase and of the Portfolio
to resell the debt security at an agreed upon higher price, thereby establishing
a fixed investment return during the Portfolio's holding period. Under each
repurchase agreement, the selling institution is required to maintain, as
collateral, securities whose market value (including interest) is at least equal
to the repurchase price.
105
<PAGE> 25
ENTERPRISE ACCUMULATION TRUST
NOTES TO FINANCIAL STATEMENTS FOR ALL PORTFOLIOS (UNAUDITED) (CONTINUED)
JUNE 30, 1996
(E) Federal Income Taxes:
It is the Trust's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its taxable income to shareholders; accordingly, no Federal
income tax provision is required.
(F) Security Transactions and Other Income:
Security transactions are accounted for on the trade date. In determining
the gain or loss from the sale of securities, the cost of securities sold has
been determined on the basis of identified cost. Dividend income is recorded on
the ex-dividend date and interest income is accrued as earned. Discounts or
premiums on debt securities purchased are accreted or amortized to interest
income over lives of the respective securities.
(G) Dividends and Distributions:
The Equity, Small Cap, Managed and International Growth Portfolios:
Dividends and distributions to shareholders from net investment income and net
realized capital gains, if any, are declared and paid at least annually. The
High-Yield Bond Portfolio: Dividends from net investment income are declared
daily and paid monthly. Distributions from net realized capital gains, if any,
are declared and paid at least annually.
(H) Allocation of Expenses:
Expenses specifically identifiable to a particular Portfolio are borne by
that Portfolio. Other expenses are allocated to each Portfolio based on its net
assets in relation to the total net assets of all the applicable Portfolios or
another reasonable basis.
(I) Futures Contracts:
Upon entering into such a contract, a Portfolio is required to deposit with
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, known as
"variation margin," 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 and reverses any unrealized
appreciation or depreciation previously recorded. There were no open futures
contracts held in any of the Portfolios at June 30, 1996.
(J) Forward Currency Contracts:
As part of its investment program, the International Growth Portfolio
utilizes 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 may be required to set aside liquid assets in
a segregated custodial account to cover its obligation. The Portfolio enters
into forward contracts only for hedging purposes. At June 30, 1996, the
International Growth Portfolio had entered into various forward currency
exchange contracts under which it is obligated to exchange currencies at
specified future
106
<PAGE> 26
ENTERPRISE ACCUMULATION TRUST
NOTES TO FINANCIAL STATEMENTS FOR ALL PORTFOLIOS (UNAUDITED) (CONTINUED)
JUNE 30, 1996
dates. Risks arise from the possible inability of counterparties to meet the
terms of their contracts and from movements in currency values. Outstanding
contracts at June 30, 1996 are as follows.
<TABLE>
<CAPTION>
CONTRACT TO NET UNREALIZED
SETTLEMENT ------------------------------------- APPRECIATION/
DATE RECEIVE DELIVER (DEPRECIATION)
- ---------- ----------------- --------------- --------------
<S> <C> <C> <C>
7/19/96 USD 585,375 AUD 750,000 $ (3,283)
7/19/96 USD 879,919 BEL 26,500,000 32,195
7/19/96 CAD 2,580,000 USD 1,885,500 5,033
7/19/96 USD 1,883,624 CAD 2,580,000 (6,910)
7/19/96 USD 497,540 CHF 575,000 36,807
7/19/96 USD 1,858,229 DEM 2,700,000 80,295
7/19/96 USD 2,947,810 FRF 14,800,000 67,626
7/02/96 GBP 137,915 USD 212,949 920
7/19/96 USD 284,364 GBP 185,000 (2,892)
7/19/96 GBP 185,000 USD 283,420 3,835
7/19/96 ITL 1,670,000,000 USD 1,043,737 44,562
7/01/96 JPY 53,063,554 USD 486,598 (1,191)
7/19/96 USD 7,845,656 JPY 810,000,000 416,751
7/19/96 JPY 367,000,000 USD 3,563,239 (197,303)
7/05/96 MYR 248,074 USD 99,528 (104)
7/19/96 USD 2,174,489 NLG 3,550,000 89,834
7/01/96 NZD 188,940 USD 128,259 1,269
---------
$567,444
=========
</TABLE>
Net unrealized appreciation on these contracts at June 30, 1996 is included
in receivable for foreign currency sold, net, in the accompanying financial
statements.
(2) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The investment advisory fee is payable monthly to Enterprise Capital
Management, Inc. ("Enterprise Capital"), a wholly-owned subsidiary of MONY, and
is computed as a percentage of each Portfolio's net assets as of the close of
business each day and is as follows: for each of the Equity, Small Cap, and
Managed Portfolios, .60% through April 30, 1996; .80% for the first $400
million, .75% for the next $400 million, and .70% for net assets over $800
million for the period May 1, 1996 through June 30, 1996; .85% for the
International Growth Portfolio and .60% for the High-Yield Bond Portfolio.
Enterprise Capital has agreed to reimburse the Portfolios for expenses
incurred in excess of a percentage of average net assets. The percentages are as
follows: Equity -- .95% beginning May 1, 1996, Small Cap -- .95% beginning May
1, 1996, Managed -- .95% beginning May 1, 1996, International Growth
Portfolio -- 1.55% and High-Yield Bond Portfolio -- .85%.
Enterprise Capital has entered into sub-advisory agreements with various
investment advisers as Portfolio Managers for the Trust. A portion of the
management fee received by Enterprise Capital is paid to the Portfolio Manager.
107
<PAGE> 27
ENTERPRISE ACCUMULATION TRUST
NOTES TO FINANCIAL STATEMENTS FOR ALL PORTFOLIOS (UNAUDITED) (CONTINUED)
JUNE 30, 1996
(3) PURCHASES AND SALES OF SECURITIES
For the six months ended June 30, 1996, purchases and sales proceeds of
investment securities, other than short-term securities, were as follows:
<TABLE>
<CAPTION>
INTERNATIONAL HIGH-YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ ------------ ------------- -----------
<S> <C> <C> <C> <C> <C>
PURCHASES
Stocks and bonds................................. $83,439,138 $184,318,318 $291,799,775 $19,136,233 $26,301,483
U.S. government obligations...................... 1,908,208 -- 2,953,420 -- 499,585
SALES PROCEEDS
Stocks and bonds................................. 36,586,204 167,534,991 201,549,714 2,652,516 19,392,189
U.S. government obligations...................... 2,163,378 -- -- -- 493,594
</TABLE>
(4) UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
At June 30, 1996, the composition of unrealized appreciation (depreciation)
of investment securities and the cost of investment for Federal income tax
purposes were as follows:
<TABLE>
<CAPTION>
NET APPRECIATION
PORTFOLIO TAX COST APPRECIATION DEPRECIATION (DEPRECIATION)
- ----------------------------------------------------- --------------- ------------ ------------ ----------------
<S> <C> <C> <C> <C>
Equity............................................... $ 188,187,156 $ 47,373,981 $ (547,229) $ 46,826,752
Small Cap............................................ 205,516,694 6,136,048 (4,297,399) 1,838,649
Managed.............................................. 1,204,611,359 399,031,759 (7,383,242) 391,648,517
International Growth................................. 35,009,580 2,412,266 (624,224) 1,788,042
High-Yield Bond...................................... 23,022,007 361,102 (282,672) 78,430
</TABLE>
108
<PAGE> 28
TRUSTEES AND PRINCIPAL OFFICERS
<TABLE>
<S> <C>
Victor Ugolyn Trustee, Chairman, President and
Chief Executive Officer
Arthur T. Dietz Trustee
Samuel J. Foti Trustee
Arthur Howell Trustee
William A. Mitchell, Jr. Trustee
Lonnie H. Pope Trustee
Michael I. Roth Trustee
Phillip G. Goff Vice President
Catherine R. McClellan Secretary
Herbert M. Williamson Treasurer
</TABLE>
INVESTMENT ADVISER
Enterprise Capital Management, Inc.
Atlanta Financial Center
3343 Peachtree Road, Suite 450
Atlanta, Georgia 30326
CUSTODIAN AND TRANSFER AGENT
State Street Bank and Trust Company
P. O. Box 1713
Boston, Massachusetts 02105
INDEPENDENT ACCOUNTANTS
Coopers & Lybrand L.L.P.
1100 Campanile Building
1155 Peachtree Street
Atlanta, Georgia 30309
This report is authorized for distribution only to shareholders and to
others who have received a copy of this Trust's prospectus.
109
