QUEST FOR VALUE ACCUMULATION TRUST, N-30D, 1995-08-17

QUEST FOR VALUE ACCUMULATION TRUST
N-30D, 1995-08-17

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QUEST FOR VALUE ACCUMULATION TRUST

We are pleased to report on the investment activities and results of the
portfolios in the Quest for Value Accumulation Trust for the six months ended
June 30, 1995. Both the stock and bond markets rose steadily during the period
in response to declining interest rates, low inflation and a softening economy.
The results of the portfolios in the Quest for Value Accumulation Trust were
generally favorable, with several ranking in the upper echelon of their
respective Lipper categories.

QUEST FOR VALUE ACCUMULATION TRUST
EQUITY PORTFOLIO

As with our other portfolios of the Quest for Value Accumulation Trust, the
Equity Portfolio is designed for the long-term investor who seeks to preserve
capital and make it grow. The Equity Portfolio continued its excellent
performance in the 1995 first half, delivering a 23.4% total return, exceeding
the return of 20.2% with dividends included for the Standard & Poor's 500 Index
(S&P 500 Index), an unmanaged index of 500 of the largest corporations weighted
by market capitalization. This performance ranked fifth among the 39 capital
appreciation funds in Lipper's Variable Insurance Products Performance Analysis
Service Report.

The Portfolio has been a consistently strong performer over time. For
instance, for the five years ended June 30, 1995, its average annual total
return of 15.1%* exceeded the 12.1% average annual return of the S&P 500 Index.
The Portfolio's five-year performance was eighth best among the 22 portfolios in
the Lipper capital appreciation category. The average annual total return since
the Portfolio's inception on August 1, 1988 was 14.9%*, compared with 14.1% for
the S&P 500. Returns for the Portfolio take into account expenses incurred by
the Portfolio but do not take into account charges imposed by the Variable
Accounts.

In managing the Portfolio, we seek to control risk and achieve growth in two
ways: by purchasing superior companies that are less vulnerable to market
declines, and by purchasing these superior companies inexpensively. During the
six months, the Portfolio's performance was driven primarily by its substantial
holdings of financial service companies, such as EXEL Ltd., Federal Home Loan
Mortgage Corp. (Freddie Mac), Mellon Bank Corp. and American International
Group, Inc. Such stocks were one of the market's strongest groups in the period.
As prices rose, we took profits in a number of our financial service holdings,
reducing somewhat the Portfolio's investments in this sector. We increased the
Portfolio's investments in retailing companies, including May Department Stores
Co. and J.C. Penney Co., Inc. These high-quality companies earn attractive
returns on investment, and we believe the stocks are reasonably priced.

As of June 30, 1995, 82.0% of the Portfolio's net assets were invested in
common stocks with the remainder in cash and cash equivalents. Major industry
positions were in the insurance, financial services, aerospace and defense, and
retail sectors. The Portfolio's five largest equity holdings were EXEL, Ltd., a
strongly capitalized specialty insurance company; May Department Stores Co., a
leading retailer; Citicorp, a major banking and financial services company;
Federal Home Loan Mortgage Corp. (Freddie Mac), the second largest insurer of
home mortgages in the United States; and Intel Corp., a leading producer of
computer chips.

------------
* On September 16, 1994, an investment company which had commenced operations on
August 1, 1988, then called Quest for Value Accumulation Trust (the "Old
Trust"), was effectively divided into two investment funds--the Old Trust and
the present Quest for Value Accumulation Trust (the "Present Trust")--at which
time the Present Trust commenced operations. The total net assets of the
Equity Portfolio immediately after the transaction were $86,789,755 in the Old
Trust and $3,764,598 in the Present Trust. For the period prior to September
16, 1994, the performance figures for the Equity Portfolio of the Present
Trust reflect the performance of the Equity Portfolio of the Old Trust.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
SMALL CAP PORTFOLIO

Common stocks of smaller companies have historically provided high returns
over time, but sometimes with short-term price volatility. The Small Cap
Portfolio provides a conservative way to participate in this dynamic sector. Our
strategy is to capture the market's returns and control risk by investing in
established smaller companies with sound financial positions and strong market
shares.

For the six months ended June 30, 1995, the Portfolio's total return of 5.9%
compared with the 14.4% return of the Russell 2000 Index, a widely followed
benchmark which includes smaller capitalization stocks. One of the main reasons
the Portfolio lagged the index was our underweighting in the technology sector,
which delivered some of the small cap market's highest returns in the period.

Our underweighting in technology is a result of our approach to selecting
stocks and our emphasis on preserving capital. As you know, we invest in quality
companies with sustainable business franchises. Over time, these companies
generate capital in excess of their business needs and use this excess capital
to increase shareholder value. These companies also have strong competitive
positions that allow them to defend their high returns on capital. Very few
technology companies, with the exception of some large competitors such as Intel
and Microsoft, meet these criteria. Most small technology companies rely instead
on only a few products which are vulnerable to being supplanted in today's
environment of technological innovation. Also, many small technology companies
have only a short history of business performance, rather than the longer-term
record which indicates an ability to prosper and grow through a variety of
economic conditions. Some of these companies will continue to succeed, but many
are likely to falter and disappear. For these reasons, and given the high
valuations of many small technology stocks, we have very few investments in this
sector. We prefer to invest in proven companies which are available at
reasonable valuations and are likely to produce superior returns over many
years. Like the tortoise and the hare, we believe that steady and sure wins the
race in the long run, even if we forgo some exciting higher-risk opportunities
in the short run.

The Small Cap Portfolio has performed well in relation to the Russell 2000
Index over longer periods. Its average annual total return of 15.1%* in the five
years ended June 30, 1995 exceeded the average annual return of 12.9% for the
Russell Index. Since August 1, 1988, the Portfolio has produced an average
annual total return of 13.9%*, well above the 11.7% return for the index.
Returns for the Portfolio take into account expenses incurred by the Portfolio
but do not take into account any of the charges imposed by the Variable
Accounts.

As of June 30, 1995, 76.7% of the Portfolio's net assets were invested in
common stocks and securities convertible into common stocks, 0.2% in corporate
notes, and 23.1% in cash and equivalents. Major industry positions were in the
manufacturing, energy, real estate, and building and construction sectors. The
Portfolio's largest equity holdings were Marshall Industries, which distributes
electronic components; True North Communications, Inc. (formerly Foote, Cone &
Belding), a prominent advertising agency; Mohawk Industries, Inc., a leading
carpet manufacturer; Martin Marietta Materials, Inc., which produces
construction aggregates; and Belden & Blake Corp., an oil and gas exploration
company. We continue to perform the rigorous, in-depth research to identify
quality smaller companies that are underpriced in the market.

------------
* On September 16, 1994, an investment company which had commenced operations on
August 1, 1988, then called Quest for Value Accumulation Trust (the "Old
Trust"), was effectively divided into two investment funds--the Old Trust and
the present Quest for Value Accumulation Trust (the "Present Trust")--at which
time the Present Trust commenced operations. The total net assets of the Small
Cap Portfolio immediately after the transaction were $139,812,573 in the Old
Trust and $8,129,274 in the Present Trust. For the period prior to September
16, 1994, the performance figures for the Small Cap Portfolio of the Present
Trust reflect the performance of the Small Cap Portfolio of the Old Trust.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MANAGED PORTFOLIO

The Managed Portfolio continued its noteworthy performance as one of the
top-rated funds in its category. The Portfolio seeks capital appreciation by
investing in equities and fixed income securities. It provided a total return of
29.7% in the 1995 first half, exceeding by a wide margin the return of 20.2%
with dividends included for the Standard & Poor's 500 Index (S&P 500 Index), an
unmanaged index of 500 of the largest corporations weighted by market
capitalization. This performance was second best among the 64 flexible portfolio
funds in Lipper's Variable Insurance Products Performance Analysis Service
Report.

The Portfolio has also performed extremely well over longer periods. In the
five years ended June 30, 1995, the Portfolio's average annual total return of
19.0%* easily outpaced the average annual return of 12.1% for the S&P 500 Index.
This five-year performance ranked second among the 49 flexible portfolio funds
monitored by Lipper. Since August 1, 1988, the Portfolio has delivered an
average annual total return of 19.3%*, compared with a 14.1% return for the S&P
500. Returns for the Portfolio take into account expenses incurred by the
Portfolio. Other charges are imposed by the Variable Accounts.

The Portfolio's philosophy is based on the premise that common stocks
provide the best returns over time, so there is a bias towards owning stocks.
The Portfolio also invests in bonds and cash equivalents, which can be valuable
tools for preserving capital. At June 30, 1995, the Portfolio's asset mix was
94.6% common stocks and securities convertible into common stocks, 2.2% Treasury
notes and bonds and 3.2% cash and cash equivalents. This reflected an increase
in holdings of common stocks during the six months and a reduction in cash
reserves.

The Portfolio's performance during the half was driven in large measure by
its significant investments in financial service stocks, one of the market's
strongest sectors. Investments in banking and miscellaneous financial service
companies accounted for 29.2% of the Portfolio's net assets as of June 30, 1995.
Also contributing to performance were McDonnell Douglas Corp., up more than 60%
in price during the six months, and Intel Corp., up more than 95%.

Major industry positions as of June 30, 1995 were in the banking, financial
services, technology and consumer products sectors. The Portfolio's five largest
equity holdings were Intel Corp., a leading producer of computer chips;
McDonnell Douglas Corp., the nation's largest manufacturer of military aircraft
and an important competitor in commercial aircraft; Citicorp, a major banking
and financial services company; Mellon Bank Corp., a major money center bank
headquartered in Pittsburgh; and Federal Home Loan Mortgage Corp. (Freddie Mac),
the second largest insurer of home mortgages in the United States.

------------
* On September 16, 1994, an investment company which had commenced operations on
August 1, 1988, then called Quest for Value Accumulation Trust (the "Old
Trust"), was effectively divided into two investment funds--the Old Trust and
the present Quest for Value Accumulation Trust (the "Present Trust")--at which
time the Present Trust commenced operations. The total net assets of the
Managed Portfolio immediately after the transaction were $682,601,380 in the
Old Trust and $51,345,102 in the Present Trust. For the period prior to
September 16, 1994, the performance figures for the Managed Portfolio of the
Present Trust reflect the performance of the Managed Portfolio of the Old
Trust.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
GLOBAL EQUITY PORTFOLIO

We introduced the Global Equity Portfolio on March 1, 1995, in recognition that
investors' horizons are no longer limited to the United States. We view global
diversification as a prudent tool for controlling risk and capitalizing on
investment opportunity wherever it may exist. The Global Equity Portfolio
seeks long-term growth by investing in a diversified portfolio of high-quality
foreign and domestic stocks.

The Portfolio has gotten off to a strong start, providing a total return of
9.4% in the four months from its inception through June 30, 1995. This
exceeded the total return on Morgan Stanley International's World Stock Index
in both local currencies and U.S. dollars. While the index was up only 4.4% in
local currencies, because of currency adjustments the index provided a total
return of 9.1% in dollars. The return of the Portfolio takes into account the
expenses incurred by the Portfolio but does not include other charges imposed
by the Variable Accounts.

As with our domestic portfolios, we are value investors internationally. In
managing the Global Portfolio, we seek to buy companies that generate high cash
flow and use it to increase shareholder value -- and we want to buy these
companies at reasonable prices. This combination of high returns and reasonable
market valuations provides opportunity for investment profit. Because of our
disciplined approach, we believe the Portfolio offers a relatively low-risk way
to participate in global markets.

We moved quickly to invest the Portfolio's assets in common stocks. As of June
30, 1995, the Portfolio owned the stocks of 46 companies in 15 countries. Of
the total Portfolio, 54.9% was invested in international stocks and warrants
convertible into such stocks, 34.6% in U.S. stocks and 10.5% in foreign and
domestic cash and cash equivalents. The largest holdings outside the United
States were in European stocks, which accounted for 42.6% of the Portfolio.
Within Europe, the biggest positions were in Germany, France, the United
Kingdom and the Netherlands.

Among individual stocks, the largest international holdings were Oy Nokia AB, a
Finnish manufacturer of equipment for cellular telephones; SAP AG, a German
software design and development company; Flughaffen Wien AG, an Austrian-based
airport management company; ASTRA AB, a Swedish pharmaceuticals company; and
Argyll Group PLC, a British food retailer. The Portfolio's largest U.S. equity
holdings were McDonnell Douglas Corp., the largest U.S. manufacturer of
military aircraft and an important competitor in commercial aircraft; Federal
Home Loan Mortgage Corp. (Freddie Mac), the second largest insurer of home
mortgages; Intel Corp., a major producer of computer chips; Mellon Bank Corp.,
a major money center bank; and American Express Co., a leading financial
services company.

We did not invest significantly in Japan, the world's second largest equity
market after the United States, because we could not find value there at a time
of high Japanese price-earnings ratios and declining corporate profits. This
decision proved well founded, given the Japanese stock market's sharp decline
in the 1995 first half.

QUEST FOR VALUE ACCUMULATION TRUST
U.S. GOVERNMENT INCOME PORTFOLIO

We introduced the U.S. Government Income Portfolio on January 3, 1995, for
investors seeking favorable returns from investments in government securities.
The Portfolio, which seeks to provide a combination of high current income and
protection of capital, invests in debt obligations issued or guaranteed by the
U.S. Government and its agencies or intermediaries. These issues are considered
to carry the least credit risk. The Portfolio invests primarily in
intermediate- term securities and places a priority on maintaining a relatively
stable net asset value (NAV) per share.

From inception through June 30, 1995, the Portfolio's total return of 8.3%
compared with a 9.0% return for the Lehman Brothers Intermediate Government
Bond Index. Returns take into account expenses incurred by the Portfolio.
Other charges are imposed by the Variable Accounts.

We have invested the Portfolio in a diversified group of government securities,
as we seek to generate above-average returns with below-average risk. At the
end of June, the Portfolio's assets were allocated 47.3% to Treasuries, 50.4%
to U.S. Government agency securities and 2.3% to net cash and short-term
securities. The average maturity of the Portfolio's investments was 3.5 years.
<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
BOND PORTFOLIO

The Bond Portfolio provides a convenient way to invest in a diversified
group of quality corporate and government debt securities. It seeks to provide a
high level of current income consistent with moderate risk of capital and
maintenance of liquidity. It offers the potential for higher returns than the
U.S. Government Income Portfolio and is intended for investors willing to accept
greater price volatility through investments in longer term securities in return
for greater profit potential.

The Portfolio's total return of 9.9% in the six months ended June 30, 1995
compared with a total return of 11.4% for the Lehman Brothers Aggregate Bond
Index, a widely followed benchmark. In the five years ended June 30, 1995, the
Portfolio produced a 8.2%* average annual total return, compared with 9.4% for
the index. Since August 1, 1988, the Portfolio has generated an average annual
total return of 7.8%.* These returns take into account expenses incurred by the
Portfolio and not any of the charges imposed by the Variable Accounts.

In managing the Portfolio, we look for sector, maturity and quality groups
of the bond market that provide the highest yield at the lowest price with the
least amount of risk. As of June 30, 1995, the Portfolio was invested 41.0% in
Treasury notes and bonds, 30.6% in corporate notes and bonds, 26.7% in U.S.
Government agency securities and 1.7% in cash and cash equivalents. Because
corporates offer virtually no yield advantage over governments at this time, the
Portfolio is currently invested heavily in government securities.

The effective average maturity of the Portfolio was 13.1 years as of June
30, 1995.

QUEST FOR VALUE ACCUMULATION TRUST
MONEY MARKET PORTFOLIO

The Money Market Portfolio seeks maximum current income consistent with
stability of principal and liquidity. The seven-day compounded distribution
yield of the Portfolio was 5.20% as of June 30, 1995, up from 5.06% six months
earlier. The average dollar-weighted portfolio maturity was 30 days as of June
30, 1995.

Our philosophy is to manage the Portfolio conservatively, recognizing that
shareholders of money market funds view liquidity and safety of principal as
their most important objectives. Rather than subjecting the Money Market
Portfolio to additional risk to achieve a higher return, we maintain a rigorous
approach to analyzing and investing in quality credits. These include the
short-term securities of leading financial institutions and industrial companies
in the United States and abroad, as well as marketable obligations of the United
States Government, its agencies and instrumentalities. As of June 30, 1995,
94.6% of the Portfolio's assets were allocated to the commercial paper of
companies such as American Home Products Corp., Beneficial Corp. and Deere &
Co., with the remaining assets invested in U.S. Government agency securities. We
continued to avoid all investments in derivative securities.

Investments in the Money Market Portfolio are not insured or guaranteed by
the U.S. Government. There is no assurance that the Portfolio will maintain a
stable net asset value.

------------
* On September 16, 1994, an investment company which had commenced operations on
August 1, 1988, then called Quest for Value Accumulation Trust (the "Old
Trust"), was effectively divided into two investment funds--the Old Trust and
the present Quest for Value Accumulation Trust (the "Present Trust")--at which
time the Present Trust commenced operations. The total net assets of the Bond
Portfolio immediately after the transaction were $3,756,161. For the period
prior to September 16, 1994, the performance figures for the Bond Portfolio of
the Present Trust reflect the performance of the Bond Portfolio of the Old
Trust.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1995
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- ----------
<C> <S> <C>
SHORT-TERM CORPORATE NOTES--18.2%
AUTOMOTIVE--2.0%
$ 130,000 Ford Motor Credit Co., 5.95%, 7/17/95............................... $ 129,656
----------
INSURANCE--4.8%
Prudential Funding Corp.
100,000 5.93%, 7/3/95..................................................... 99,967
210,000 5.93%, 7/19/95.................................................... 209,377
----------
309,344
----------
MACHINERY/ENGINEERING--3.3%
Deere & Co.
100,000 5.93%, 7/12/95.................................................... 99,819
110,000 5.95%, 7/26/95.................................................... 109,546
----------
209,365
----------
MISCELLANEOUS FINANCIAL SERVICES--8.1%
200,000 Avco Financial Services, Inc., 5.96%, 7/26/95....................... 199,172
120,000 CIT Group Holdings, Inc., 5.94%, 7/31/95............................ 119,406
200,000 Household Finance Corp., 5.95%, 7/24/95............................. 199,240
----------
517,818
----------
Total Short-Term Corporate Notes (amortized cost--$1,166,183)... $1,166,183
----------

SHARES
---------
<C> <S> <C>
COMMON STOCKS--82.0%
AEROSPACE/DEFENSE--7.9%
4,380 AlliedSignal, Inc. ................................................. $ 194,910
8,000 Coltec Industries, Inc. ............................................ 138,000
2,247 McDonnell Douglas Corp. ............................................ 172,457
----------
505,367
----------
BANKING--5.8%
4,656 Citicorp............................................................ 269,466
2,344 Mellon Bank Corp. .................................................. 97,569
----------
367,035
----------
CHEMICALS--3.8%
3,198 Hercules, Inc. ..................................................... 155,902
982 Monsanto Co. ....................................................... 88,503
----------
244,405
----------
</TABLE>

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995

<TABLE>
<CAPTION>
SHARES VALUE
--------- ----------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
CONGLOMERATES--1.9%
2,156 General Electric Co. ............................................... $ 121,544
----------
CONSUMER PRODUCTS--7.0%
1,422 Avon Products, Inc. ................................................ 95,274
3,370 Hasbro, Inc. ....................................................... 106,997
5,475 Mattel, Inc. ....................................................... 142,350
2,000 Premark International, Inc. ........................................ 103,750
----------
448,371
----------
CONTAINERS--2.8%
3,698 Temple-Inland, Inc. ................................................ 176,117
----------

DRUGS & MEDICAL PRODUCTS--3.9%
3,021 Becton, Dickinson & Co. ............................................ 175,973
874 Warner-Lambert Co. ................................................. 75,492
----------
251,465
----------
ELECTRONICS--2.8%
3,538 Arrow Electronics, Inc.*............................................ 176,016
----------

ENERGY--2.2%
2,996 Triton Energy Corp.*................................................ 138,940
----------

HEALTH & HOSPITALS--1.7%
2,500 Columbia/HCA Healthcare Corp. ...................................... 108,125
----------

INSURANCE--12.9%
1,248 AFLAC, Inc. ........................................................ 54,600
1,175 American International Group, Inc. ................................. 133,950
6,226 EXEL Ltd. .......................................................... 323,752
4,579 Progressive Corp. (Ohio)............................................ 175,719
874 Transamerica Corp. ................................................. 50,910
2,000 Travelers, Inc. .................................................... 87,500
----------
826,431
----------
METALS & MINING--0.9%
70 Freeport McMoRan Copper & Gold (Class A)............................ 1,444
3,057 Freeport McMoRan, Inc. ............................................. 53,880
----------
55,324
----------
MISCELLANEOUS FINANCIAL SERVICES--8.1%
3,245 American Express Co. ............................................... 113,981
4,912 Countrywide Credit Industries, Inc. ................................ 103,152
2,955 Federal Home Loan Mortgage Corp. ................................... 203,156
1,165 Morgan Stanley Group, Inc. ......................................... 94,365
----------
514,654
----------
PAPER PRODUCTS--2.2%
2,700 Champion International Corp. ....................................... 140,738
----------
</TABLE>

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995

<TABLE>
<CAPTION>
SHARES VALUE
--------- ----------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
RAILROADS--2.2%
2,100 Norfolk Southern Corp. ............................................. $ 141,488
----------
RETAIL--7.1%
7,388 May Department Stores Co. .......................................... 307,526
3,000 Penney (J.C.) Co., Inc. ............................................ 144,000
----------
451,526
----------
TECHNOLOGY--3.1%
3,146 Intel Corp. ........................................................ 199,181
----------
TEXTILES/APPAREL--2.1%
6,726 Warnaco Group, Inc. (Class A)*...................................... 134,520
----------
TOBACCO/BEVERAGES/FOOD PRODUCTS--1.5%
3,445 Sara Lee Corp. ..................................................... 98,182
----------
TRANSPORTATION--2.1%
1,800 CSX Corp. .......................................................... 135,225
----------

Total Common Stocks (cost--$4,348,262).......................... $5,234,654
----------
</TABLE>

<TABLE>
<C> <S> <C> <C>
Total Investments (A) (cost--$5,514,445)................ 100.2% $6,400,837
Other Liabilities in Excess of Other Assets............. (0.2) (13,283)
----- ----------
Total Net Assets........................................ 100.0% $6,387,554
----- ----------
----- ----------
</TABLE>

See accompanying notes to financial statements.

--------------------------------------------------------------------------------

<TABLE>
<C> <S>
* Non-income producing security.
(A) Aggregate gross unrealized appreciation for securities in which there is an excess of
value over tax cost is $891,771, aggregate gross unrealized depreciation for securities
in which there is an excess of tax cost over value is $5,379 and net unrealized
appreciation for Federal income tax purpose is $886,392. Federal income tax basis of
portfolio securities is substantially the same as for financial reporting purposes.
</TABLE>

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
EQUITY PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1995

<TABLE>
<S> <C>
ASSETS
Investments, at value (cost--$5,514,445)....................................... $6,400,837
Cash........................................................................... 23,261
Receivable from fund shares sold............................................... 1,100
Dividends receivable........................................................... 5,738
Receivable from adviser........................................................ 276
Other assets................................................................... 1,477
----------
Total Assets........................................................... 6,432,689
----------
LIABILITIES
Payable for fund shares redeemed............................................... 27,838
Other payables and accrued expenses............................................ 17,297
----------
Total Liabilities...................................................... 45,135
----------
NET ASSETS
Par value ($.01 per share)..................................................... 2,868
Paid-in-surplus................................................................ 5,410,048
Accumulated undistributed net investment income................................ 47,588
Accumulated undistributed net realized gain on investments..................... 40,658
Net unrealized appreciation on investments..................................... 886,392
----------
Total Net Assets....................................................... $6,387,554
----------
----------
Fund shares outstanding........................................................ 286,822
----------
Net asset value per share...................................................... $22.27
------
------
</TABLE>

See accompanying notes to financial statements.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
EQUITY PORTFOLIO
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1995

<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME
Dividends.................................................................. $ 40,062
Interest................................................................... 25,958
----------
Total investment income................................................ 66,020
----------
OPERATING EXPENSES
Investment advisory fee (note 2a).......................................... 15,364
Custodian fees............................................................. 7,602
Reports and notices to shareholders........................................ 5,425
Auditing, consulting and tax return preparation fees....................... 5,103
Transfer and dividend disbursing agent fees................................ 4,539
Legal fees................................................................. 3,182
Registration fees.......................................................... 351
Miscellaneous.............................................................. 1,686
----------
Total operating expenses............................................... 43,252
Less: Investment advisory fee waived and expenses reimbursed
(note 2a)...................................................... (24,820)
----------
Net operating expenses............................................. 18,432
----------
Net investment income.............................................. 47,588
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NET
Net realized gain on investments........................................... 49,990
Net change in unrealized appreciation (depreciation) on investments........ 991,420
----------
Net realized gain and change in unrealized appreciation (depreciation)
on investments....................................................... 1,041,410
----------
Net increase in net assets resulting from operations................... $1,088,998
----------
</TABLE>

See accompanying notes to financial statements.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
EQUITY PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
SIX MONTHS ENDED SEPTEMBER 16, 1994 (2)
JUNE 30, 1995 (1) TO DECEMBER 31, 1994
----------------------------- ----------------------------------
<S> <C> <C>
OPERATIONS
Net investment income................................. $ 47,588 $ 20,888
Net realized gain (loss) on investments............... 49,990 (9,332)
Net change in unrealized appreciation (depreciation)
on investments...................................... 991,420 (105,028)
----------- -----------
Net increase (decrease) in net assets resulting
from operations................................. 1,088,998 (93,472)
----------- -----------
DIVIDENDS TO SHAREHOLDERS
Net investment income................................. (20,888) --
----------- -----------
FUND SHARE TRANSACTIONS
Net proceeds from sales............................... 1,439,730 677,749
Net value of securities received (note 1)............. -- 3,764,598
Reinvestment of dividends............................. 20,888 --
Cost of shares redeemed............................... (422,430) (67,619)
----------- -----------
Net increase in net assets from fund share
transactions.................................... 1,038,188 4,374,728
----------- -----------
Total increase in net assets.................... 2,106,298 4,281,256
NET ASSETS
Beginning of period................................... 4,281,256 0
----------- -----------
End of period (including undistributed net investment
income of $47,588 and $20,888, respectively)........ $ 6,387,554 $4,281,256
----------- -----------
----------- -----------
SHARES ISSUED AND REDEEMED
Issued................................................ 70,029 37,272
Issued in exchange for securities (note 1)............ -- 202,725
Issued in reinvestment of dividends................... 1,074 --
Redeemed.............................................. (20,562) (3,716)
----------- -----------
Net increase...................................... 50,541 236,281
----------- -----------
----------- -----------
</TABLE>

See accompanying notes to financial statements.

--------------------------------------------------------------------------------

(1) Unaudited.

(2) Commencement of operations.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 1995

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Quest for Value Accumulation Trust (the "Trust") was organized on May 12,
1994 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
seven classes of shares of beneficial interest at $.01 par value: the Equity
Portfolio, the Small Cap Portfolio, the Global Equity Portfolio, the Managed
Portfolio, the Bond Portfolio, the U. S. Government Income Portfolio and the
Money Market Portfolio. Quest for Value Advisors, (the "Adviser"), a
majority-owned (99%) subsidiary of Oppenheimer Capital, serves as the Trust's
investment adviser. The Equity Portfolio, (the "Portfolio"), one of the seven
portfolios, had no operations until September 16, 1994, when the Enterprise
Accumulation Trust Equity Portfolio (formerly known as Quest for Value
Accumulation Trust Equity Portfolio), distributed cash and securities with an
aggregate market value of $3,764,598 in exchange for 202,725 shares of the
Portfolio. The following is a summary of significant accounting policies
consistently followed by the Portfolio in the preparation of its financial
statements:

(A) Valuation of Investments

Investment securities, other than debt securities, listed on a national
exchange or traded in the over-the-counter National Market System are valued
each business day at the last reported sale 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. Investment debt securities (other than
short-term obligations) are valued each business day by an independent pricing
service approved by the Board of Trustees. Investments are valued by the pricing
service using methods which include current market quotations from a major
market maker in the securities and trader-reviewed "matrix" prices. Short-term
debt securities having a remaining maturity of more than sixty days are valued
on a "marked-to-market" basis, that is, at prices based upon market quotations
for securities of similar type, yield, quality and maturity. Short-term debt
securities having a remaining maturity of sixty days or less are valued at
amortized cost, which approximates market value. Any securities or other assets
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 ability of
issuers of debt instruments to meet their obligations may be affected by
economic developments in a specific industry or region.

(B) Federal Income Taxes

It is the Portfolio'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.

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 the lives of the respective securities.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(D) 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.

The Portfolio records dividends and distributions to its shareholders on the
ex-dividend date. The amount of dividends and distributions from net investment
income and net realized capital gains are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting
principles. These "book-tax" differences are either considered temporary or
permanent in nature. To the extent these differences are permanent in nature,
such amounts are reclassified within the capital accounts based on their federal
tax-basis treatment: temporary differences do not require reclassification.
Dividends and distributions which exceed net investment income and net realized
capital gains for financial reporting purposes but not for tax purposes are
reported as dividends in excess of net investment income or distributions in
excess of net realized capital gains, respectively. To the extent distributions
exceed current and accumulated earnings and profits for federal income tax
purposes, they are reported as distributions of paid-in-surplus or tax return of
capital.

(E) 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 of
the Trust or another reasonable basis.

(2) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

(a) The investment advisory fee is accrued daily and payable monthly to the
Adviser, and is computed as a percentage of the Portfolio's net assets as of the
close of business each day at the annual rate of .60%.

The Adviser has agreed to waive that portion of the advisory fee and to
reimburse any necessary expenses to limit operating expenses of the Portfolio to
.72% of average daily net assets on an annual basis through at least December
31, 1995.

(b) Total brokerage commissions paid by the Portfolio for the six months
ended June 30, 1995, amounted to $3,345, of which Oppenheimer & Co., Inc., an
affiliate of the Adviser, received $1,644.

(3) PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 1995, purchases and sales of investment
securities, other than short-term securities were $1,596,742 and $907,578,
respectively.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD:

<TABLE>
<CAPTION>
SIX MONTHS ENDED SEPTEMBER 16, 1994 (2)
JUNE 30, 1995 (1) TO DECEMBER 31, 1994
----------------- ----------------------
<S> <C> <C>
Net asset value, beginning of period..................... $ 18.12 $ 18.57
Income from investment operations:
Net investment income.................................... 0.16 0.09
Net realized and unrealized gain (loss) on investments... 4.08 (0.54)
----------------- -----------
Total from investment operations................... 4.24 (0.45)
----------------- -----------
Dividends to shareholders:
Dividends to shareholders from net investment income..... (0.09) --
----------------- -----------
Net asset value, end of period........................... $ 22.27 $ 18.12
----------------- -----------
----------------- -----------
Total return (3)......................................... 23.4% (2.4%)
----------------- -----------
----------------- -----------
Net assets, end of period................................ $ 6,387,554 $4,281,256
----------------- -----------
Ratio of net operating expenses to average net assets
(4,6).................................................. 0.72%(5) 0.72%
----------------- -----------
Ratio of net investment income to average net assets
(4,6).................................................. 1.86%(5) 1.80%
----------------- -----------
Portfolio turnover....................................... 21% 6%
----------------- -----------
</TABLE>

--------------------------------------------------------------------------------

(1) Unaudited.

(2) Commencement of operations.

(3) Assumes reinvestment of all dividends and distributions.

(4) Annualized.

(5) Average net assets for the six months ended June 30, 1995 were $5,163,811.

(6) During the periods presented above, the Adviser waived its fees and
reimbursed the Portfolio for a portion of its operating expenses. If such
waivers and reimbursements had not been in effect, the ratio of net
operating expenses to average net assets and the ratio of net investment
income to average net assets would have been 1.69% and 0.89% and 2.09% and
0.43%, respectively.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
SMALL CAP PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<C> <S> <C>
SHORT-TERM CORPORATE NOTES--23.7%
AUTOMOTIVE--4.8%
$ 585,000 Ford Motor Credit Co., 5.85%, 7/10/95.............................. $ 584,144
-----------
CONGLOMERATES--2.8%
340,000 General Electric Capital Corp., 5.86%, 7/10/95..................... 339,502
-----------
INSURANCE--4.6%
Prudential Funding Corp.
460,000 5.93%, 7/3/95...................................................... 459,848
100,000 5.94%, 7/24/95..................................................... 99,621
-----------
559,469
-----------
MACHINERY--2.5%
100,000 Deere & Co., 5.95%, 7/17/95........................................ 99,735
200,000 Deere (John) Capital Corp., 5.94%, 7/31/95......................... 199,010
-----------
298,745
-----------
MISCELLANEOUS FINANCIAL SERVICES--9.0%
590,000 American Express Credit Corp., 5.90%, 7/26/95...................... 587,583
200,000 CIT Group Holdings, Inc., 5.94%, 7/13/95........................... 199,010
Household Finance Corp.
100,000 5.95%, 7/3/95...................................................... 99,967
200,000 5.95%, 7/26/95..................................................... 199,174
-----------
1,085,734
-----------
Total Short-Term Corporate Notes (amortized
cost--$2,867,594)............................................ $ 2,867,594
-----------
CORPORATE NOTES--0.2%
AUTOMOTIVE--0.0%
$ 2,148 Collins Industries, Inc., 8.75%, 1/11/00........................... $ 1,954
-----------
ENERGY--0.2%
15,125 Global Marine, Inc., 12.75%, 12/15/99.............................. 16,637
-----------
Total Corporate Notes (cost--$18,473).......................... $ 18,591
-----------
CONVERTIBLE CORPORATE BONDS--1.0%
REAL ESTATE--0.4%
$ 50,767 Security Capital Realty, Inc., 12.00%, 6/30/14 (A) (B)............. $ 50,767
-----------
TRANSPORTATION--0.6%
82,500 Interpool, Inc., 5.25%, 12/15/18................................... 66,000
-----------
Total Convertible Corporate Bonds (cost--$108,840)............. $ 116,767
-----------

<CAPTION>
SHARES
---------
CONVERTIBLE PREFERRED STOCK--0.1%
<C> <S> <C>
RETAIL--0.1%
2,200 Family Bargain Corp. $.95 Conv. Pfd. (cost--$18,975)............... $ 9,075
-----------
</TABLE>

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
SMALL CAP PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995

<TABLE>
<CAPTION>
SHARES VALUE
--------- -----------
<C> <S> <C>
COMMON STOCKS--75.6%
ADVERTISING--4.2%
7,800 Katz Media Group, Inc.*............................................ $ 123,825
20,264 True North Communications, Inc. ................................... 382,483
-----------
506,308
-----------
AEROSPACE--0.5%
6,138 BE Aerospace, Inc.*................................................ 54,475
-----------
AUTOMOTIVE--1.7%
4,400 Collins Industries, Inc.*.......................................... 9,350
15,100 Masland Corp. ..................................................... 194,413
-----------
203,763
-----------
BUILDING & CONSTRUCTION--5.3%
10,028 D.R. Horton, Inc. ................................................. 134,125
11,300 Engle Homes, Inc. ................................................. 103,112
8,000 Insituform Technologies (Class A)*................................. 106,000
15,000 Martin Marietta Materials, Inc. ................................... 300,000
-----------
643,237
-----------
CHEMICALS--1.5%
6,500 OM Group, Inc. .................................................... 185,250
-----------
COMPUTER SERVICES--2.5%
15,867 BancTec, Inc.*..................................................... 247,922
1,694 Globalink, Inc.*................................................... 24,986
4,158 Sudbury, Inc.*..................................................... 31,185
-----------
304,093
-----------
CONGLOMERATES--1.3%
12,000 IDEON Group, Inc. ................................................. 118,500
1,500 Ralcorp Holdings, Inc.*............................................ 34,313
-----------
152,813
-----------
DRUGS & MEDICAL PRODUCTS--3.0%
5,000 Spacelabs, Inc. ................................................... 126,875
6,053 Sybron International Corp.*........................................ 241,363
-----------
368,238
-----------
ELECTRICAL EQUIPMENT--3.9%
14,100 Marshall Industries*............................................... 472,350
-----------
</TABLE>

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
SMALL CAP PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995

<TABLE>
<CAPTION>
SHARES VALUE
--------- -----------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
ENERGY--10.8%
7,948 Aquila Gas Pipeline Corp. ......................................... $ 70,539
18,300 Belden & Blake Corp.*.............................................. 297,375
17,352 Global Natural Resources, Inc.*.................................... 186,534
4,213 Nahama & Weagant Energy Co. *...................................... 42
13,000 Noble Drilling Corp.*.............................................. 95,875
10,000 Petroleum Heat & Power Company, Inc. (Class A)..................... 82,500
10,000 St. Mary Land & Exploration Co. ................................... 125,000
10,942 Sithe Energies, Inc. *............................................. 106,684
16,600 Tesoro Petroleum Corp. ............................................ 166,000
2,000 Triton Energy Corp.*............................................... 92,750
3,400 UGI Corp. ......................................................... 71,825
-----------
1,295,124
-----------
ENTERTAINMENT--0.3%
3,000 Hollywood Park, Inc. .............................................. 38,250
15,983 Spectravision, Inc. (Class B)*..................................... 3,996
-----------
42,246
-----------
FOOD SERVICES--0.3%
1,500 IHOP Corp.*........................................................ 38,625
-----------
INSURANCE--4.9%
15,000 Capsure Holding Corp.*............................................. 210,000
9,453 Guaranty National Corp. ........................................... 174,881
21,800 Penn America Group, Inc.*.......................................... 207,100
-----------
591,981
-----------
LEISURE--0.1%
550 Supertel Hospitality, Inc.*........................................ 7,425
-----------
MANUFACTURING--11.5%
7,000 Baldwin Technology Co. (Class A)................................... 35,438
4,500 Carlisle Companies, Inc. .......................................... 172,125
7,068 Collins & Aikman Corp.*............................................ 63,612
7,800 Crane Co. ......................................................... 282,750
4,186 Ekco Group, Inc.*.................................................. 25,116
9,700 Exabyte Corp.*..................................................... 134,588
6,000 Foamex International, Inc.*........................................ 43,875
15,000 Harmon Industries, Inc. ........................................... 251,250
16,500 Interlake Corp.*................................................... 47,437
9,048 North American Watch Co. .......................................... 127,803
8,200 Singer Co. N.V. ................................................... 212,175
-----------
1,396,169
-----------
MEDIA/BROADCASTING--0.2%
500 Pulitzer Publishing Co. ........................................... 21,312
-----------
</TABLE>

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
SMALL CAP PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995

<TABLE>
<CAPTION>
SHARES VALUE
--------- -----------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
PAPER PRODUCTS--1.2%
4,000 Repap Enterprises, Inc. ........................................... $ 31,000
8,000 Shorewood Packaging Corp. ......................................... 117,000
-----------
148,000
-----------
PRINTING & PUBLISHING--2.7%
2,811 Commerce Clearing House, Inc. (Class B)............................ 61,139
2,600 International Imaging Materials, Inc.*............................. 66,300
6,400 Nu-Kote Holdings, Inc. (Class A)*.................................. 203,200
-----------
330,639
-----------
REAL ESTATE--6.5%
11,291 Cousins Properties, Inc. .......................................... 200,415
6,161 Post Properties, Inc. ............................................. 186,370
7,500 Security Capital Industrial Trust, Inc. ........................... 121,875
12,752 Security Capital Pacific Trust..................................... 221,566
66 Security Capital Realty, Inc. (A).................................. 58,212
-----------
788,438
-----------
RETAIL--3.8%
12,000 AmeriCredit Corp.*................................................. 133,500
24,306 Cash America International, Inc. .................................. 179,257
7,500 Freds, Inc. ....................................................... 75,000
7,000 Maxim Group, Inc.*................................................. 75,250
-----------
463,007
-----------
SECURITY/INVESTIGATION SERVICES--0.1%
10,801 Automated Security (Holdings) PLC ADS*............................. 16,202
-----------
TECHNOLOGY--0.5%
2,000 Unitrode Corp.*.................................................... 56,250
-----------
TELECOMMUNICATION--0.5%
4,200 ECI Telecommunications Limited Designs............................. 57,487
-----------
TEXTILES/APPAREL--4.4%
2,426 Fab Industries, Inc. .............................................. 73,993
25,200 Mohawk Industries, Inc.*........................................... 371,700
4,400 Warnaco Group, Inc. (Class A)*..................................... 88,000
-----------
533,693
-----------
TOBACCO/BEVERAGES/FOOD PRODUCTS--1.4%
12,900 Morningstar Group, Inc. ........................................... 93,525
6,000 Sylvan Foods Holdings, Inc.*....................................... 70,500
-----------
164,025
-----------
TRANSPORTATION--0.9%
8,300 Interpool, Inc. *.................................................. 113,088
-----------
</TABLE>

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
SMALL CAP PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995

<TABLE>
<CAPTION>
SHARES VALUE
--------- -----------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
OTHER--1.6%
8,250 McGrath RentCorp. ................................................. $ 144,375
4,970 Olympic Steel, Inc.*............................................... 45,972
-----------
190,347
-----------

Total Common Stocks (cost--$8,665,488)......................... $ 9,144,585
-----------
</TABLE>

<TABLE>
<C> <S> <C> <C>
Total Investments (C) (cost--$11,679,370).............. 100.6% $12,156,612
Other Liabilities in Excess of Other Assets............ (0.6) (68,484)
----- -----------
Total Net Assets....................................... 100.0% $12,088,128
-----
----- -----------
-----------
</TABLE>

See accompanying notes to financial statements.

--------------------------------------------------------------------------------

<TABLE>
<C> <S>
* Non-income producing security.
(A) Restricted securities (the Portfolio will not bear any costs, including those involved
in registration under the Securities Act of 1933, in connection with the disposition of
these securities):
</TABLE>

<TABLE>
<CAPTION>
Valuation
as of
Date of Par Unit June 30,
Description Acquisition Amount Shares Cost 1995
------------------------------ ----------- ------- ------ ------- ----------
<S> <C> <C> <C> <C> <C>
Security Capital Realty, Inc.
12.00%, 6/30/14 9/16/94 $50,767 -- $ 90.74 $ 100.00
Security Capital Realty, Inc.
Common Stock 9/16/94 -- 66 $949.18 $ 882.00
</TABLE>

<TABLE>
<C> <S>
(B) Security Capital at its discretion may defer interest payments.
(C) Aggregate gross unrealized appreciation for securities in which there is an excess of
value over tax cost is $943,155, aggregate gross unrealized depreciation for securities
in which there is an excess of tax cost over value is $465,913, and net unrealized
appreciation for Federal income tax purposes is $477,242. Federal income tax basis of
portfolio securities is substantially the same as for financial reporting purposes.
</TABLE>

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
SMALL CAP PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1995

<TABLE>
<CAPTION>
<S> <C>
ASSETS
Investments, at value (cost--$11,679,370)..................................... $12,156,612
Cash.......................................................................... 42,426
Receivable from investments sold.............................................. 127,553
Receivable from fund shares sold.............................................. 33,366
Dividends receivable.......................................................... 13,750
Interest receivable........................................................... 3,430
Other assets.................................................................. 2,283
-----------
Total Assets.......................................................... 12,379,420
-----------
LIABILITIES
Payable for investments purchased............................................. 270,399
Payable for fund shares redeemed.............................................. 356
Investment advisory fee payable............................................... 340
Other payables and accrued expenses........................................... 20,197
-----------
Total Liabilities..................................................... 291,292
-----------
NET ASSETS
Par value ($.01 per share).................................................... 6,604
Paid-in-surplus............................................................... 11,468,095
Accumulated undistributed net investment income............................... 91,579
Accumulated undistributed net realized gain on investments.................... 44,608
Net unrealized appreciation on investments.................................... 477,242
-----------
Total Net Assets...................................................... $12,088,128
-----------
-----------
Fund shares outstanding....................................................... 660,382
-----------
Net asset value per share..................................................... $18.30
------
------
</TABLE>

See accompanying notes to financial statements.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
SMALL CAP PORTFOLIO
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1995

<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME
Dividends.................................................................... $ 65,379
Interest..................................................................... 64,215
--------
Total investment income.................................................. 129,594
--------
OPERATING EXPENSES
Investment advisory fee (note 2a)............................................ 30,924
Reports and notices to shareholders.......................................... 6,367
Auditing, consulting and tax return preparation fees......................... 5,026
Custodian fees............................................................... 4,840
Transfer and dividend disbursing agent fees.................................. 4,581
Legal fees................................................................... 3,096
Registration fees............................................................ 754
Miscellaneous................................................................ 2,401
--------
Total operating expenses................................................. 57,989
Less: Investment advisory fee waived (note 2a)........................... (19,974)
--------
Net operating expenses............................................... 38,015
--------
Net investment income................................................ 91,579
--------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NET
Net realized gain on investments............................................. 44,608
Net change in unrealized appreciation (depreciation) on investments.......... 554,543
--------
Net realized gain and change in unrealized appreciation (depreciation) on
investments............................................................ 599,151
--------
Net increase in net assets resulting from operations..................... $690,730
--------
--------
</TABLE>

See accompanying notes to financial statements.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
SMALL CAP PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
SIX MONTHS ENDED SEPTEMBER 16, 1994 (2)
JUNE 30, 1995 (1) TO DECEMBER 31, 1994
----------------------------- ----------------------------------
<S> <C> <C>
OPERATIONS
Net investment income................................. $ 91,579 $ 29,623
Net realized gain on investments...................... 44,608 26,352
Net change in unrealized appreciation (depreciation)
on investments...................................... 554,543 (77,301)
------------ -----------
Net increase (decrease) in net assets resulting
from operations................................. 690,730 (21,326)
------------ -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income................................. (29,623) --
Net realized gains.................................... (26,352) --
------------ -----------
Total dividends and distributions to
shareholders.................................... (55,975) --
------------ -----------
FUND SHARE TRANSACTIONS
Net proceeds from sales............................... 3,573,527 1,287,020
Net value of securities received (note 1)............. -- 8,129,274
Reinvestment of dividends and distributions........... 55,975 --
Cost of shares redeemed............................... (1,386,572) (184,525)
------------ -----------
Net increase in net assets from fund share
transactions.................................... 2,242,930 9,231,769
------------ -----------
Total increase in net assets.................. 2,877,685 9,210,443
NET ASSETS
Beginning of period................................... 9,210,443 0
------------ -----------
End of period (including undistributed net investment
income of $91,579 and $29,623, respectively)........ $12,088,128 $9,210,443
------------ -----------
------------ -----------
SHARES ISSUED AND REDEEMED
Issued................................................ 206,336 75,859
Issued in exchange for securities (note 1)............ -- 464,795
Issued in reinvestment of dividends and
distributions....................................... 3,289 --
Redeemed.............................................. (79,087) (10,810)
------------ -----------
Net increase...................................... 130,538 529,844
------------ -----------
------------ -----------
</TABLE>

See accompanying notes to financial statements.

--------------------------------------------------------------------------------

(1) Unaudited.

(2) Commencement of operations.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
SMALL CAP PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 1995

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Quest for Value Accumulation Trust (the "Trust") was organized on May 12,
1994 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
seven classes of shares of beneficial interest at $.01 par value: the Equity
Portfolio, the Small Cap Portfolio, the Global Equity Portfolio, the Managed
Portfolio, the Bond Portfolio, the U. S. Government Income Portfolio and the
Money Market Portfolio. Quest for Value Advisors, (the "Adviser"), a
majority-owned (99%) subsidiary of Oppenheimer Capital, serves as the Trust's
investment adviser. The Small Cap Portfolio, (the "Portfolio"), one of the seven
portfolios, had no operations until September 16, 1994, when the Enterprise
Accumulation Trust Small Cap Portfolio (formerly known as Quest for Value
Accumulation Trust Small Cap Portfolio), distributed cash and securities with an
aggregate market value of $8,129,274 in exchange for 464,795 shares of the
Portfolio. The following is a summary of significant accounting policies
consistently followed by the Portfolio in the preparation of its financial
statements:

(A) Valuation of Investments

(B) Federal Income Taxes

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
SMALL CAP PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(D) 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.

(E) Allocation of Expenses

(2) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Adviser has agreed to waive that portion of the advisory fee and to
reimburse any necessary expenses to limit operating expenses of the Portfolio to
.74% of average daily net assets on an annual basis through at least December
31, 1995.

(b) Total brokerage commissions paid by the Portfolio for the six months
ended June 30, 1995, amounted to $16,666, of which Oppenheimer & Co., Inc., an
affiliate of the Adviser, received $8,006.

(3) PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 1995, purchases and sales of investment
securities, other than short-term securities were $4,064,293 and $3,140,632,
respectively.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
SMALL CAP PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD:

<TABLE>
<CAPTION>
SIX MONTHS ENDED SEPTEMBER 16, 1994 (2)
JUNE 30, 1995 (1) TO DECEMBER 31, 1994
----------------------------- ----------------------------------
<S> <C> <C>
Net asset value, beginning of period...................... $ 17.38 $ 17.49
------------ -----------
Income from investment operations:
Net investment income..................................... 0.14 0.06
Net realized and unrealized gain (loss) on investments.... 0.88 (0.17)
------------ -----------
Total from investment operations...................... 1.02 (0.11)
------------ -----------
Dividends and distributions to shareholders:
Dividends to shareholders from net investment income...... (0.05) --
Distributions to shareholders from net realized capital
gains................................................... (0.05) --
------------ -----------
Total dividends and distributions..................... (0.10) --
------------ -----------
Net asset value, end of period............................ $ 18.30 $ 17.38
------------ -----------
------------ -----------
Total return (3).......................................... 5.9% (.6%)
------------ -----------
------------ -----------
Net assets, end of period................................. $12,088,128 $9,210,443
------------ -----------
Ratio of net operating expenses to average net assets
(4,6)................................................... 0.74%(5) 0.74%
------------ -----------
Ratio of net investment income to average net assets
(4,6)................................................... 1.78%(5) 1.22%
------------ -----------
Portfolio turnover........................................ 38% 32%
------------ -----------
</TABLE>

--------------------------------------------------------------------------------

(1) Unaudited.

(2) Commencement of operations.

(3) Assumes reinvestment of all dividends and distributions.

(4) Annualized.

(5) Average net assets for the six months ended June 30, 1995 were $10,393,360.

(6) During the periods presented above, the Adviser waived a portion or all of
its fees and reimbursed the Portfolio for a portion of its operating
expenses. If such waivers and reimbursements had not been in effect, the
ratio of net operating expenses to average net assets and the ratio of net
investment income to average net assets would have been 1.13% and 1.39% and
1.64% and 0.32%, respectively.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MANAGED PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1995
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<C> <S> <C>
SHORT-TERM CORPORATE NOTES--3.0%
AUTOMOTIVE--0.3%
$ 200,000 Ford Motor Credit Co., 5.97%, 7/5/95.............................. $ 199,868
-----------
INSURANCE--0.5%
374,000 Prudential Funding Corp., 5.93%, 7/12/95.......................... 373,322
-----------
MACHINERY/ENGINEERING--1.5%
1,100,000 Deere (John) Capital Corp., 5.93%, 7/13/95........................ 1,097,826
-----------
MISCELLANEOUS FINANCIAL SERVICES--0.7%
510,000 Household Finance Corp., 5.95%, 7/17/95........................... 508,651
-----------
Total Short-Term Corporate Notes (amortized
cost--$2,179,667)........................................... $ 2,179,667
-----------
U.S. TREASURY NOTES AND BONDS--2.2%
$ 700,000 6.25%, 8/15/23.................................................... $ 661,171
630,000 7.875%, 4/15/98................................................... 661,695
297,500 7.875%, 8/15/01................................................... 324,787
-----------
Total U.S. Treasury Notes and Bonds (cost--$1,522,546)........ $ 1,647,653
-----------
CONVERTIBLE CORPORATE BONDS--0.9%
REAL ESTATE--0.9%
$ 623,858 Security Capital Realty, Inc., 12.00%, 6/30/14 (A) (B)
(cost--$566,995).................................................. $ 623,858
-----------

<CAPTION>
SHARES
----------
<C> <S> <C>
CONVERTIBLE PREFERRED STOCKS--0.1%
RETAIL--0.1%
2,478 Venture Stores, Inc., $3.25 Conv. Pfd. (cost--$102,527)........... $ 76,198
-----------
COMMON STOCKS--93.6%
AEROSPACE/DEFENSE--9.6%
20,000 Lockheed Martin Corp. ............................................ $ 1,262,500
63,000 McDonnell Douglas Corp. .......................................... 4,835,250
15,600 Sundstrand Corp. ................................................. 932,100
-----------
7,029,850
-----------
AUTOMOTIVE--2.0%
31,300 General Motors Corp. ............................................. 1,467,187
-----------
BANKING--18.0%
74,100 Citicorp.......................................................... 4,288,537
7,000 First Empire State Corp. ......................................... 1,200,500
5,000 First Interstate Bancorp.......................................... 401,250
102,209 Mellon Bank Corp. ................................................ 4,254,450
16,800 Wells Fargo & Co. ................................................ 3,028,200
-----------
13,172,937
-----------
CHEMICALS--4.1%
42,500 Hercules, Inc. ................................................... 2,071,875
10,000 Monsanto Co. ..................................................... 901,250
-----------
2,973,125
-----------
</TABLE>

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MANAGED PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
SHARES VALUE
---------- -----------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
CONSUMER PRODUCTS--9.7%
20,350 Avon Products, Inc. .............................................. $ 1,363,450
42,330 Hasbro, Inc. ..................................................... 1,343,977
88,200 Mattel, Inc. ..................................................... 2,293,200
61,000 Reebok International Ltd. ........................................ 2,074,000
-----------
7,074,627
-----------
DRUGS & MEDICAL PRODUCTS--2.9%
24,000 Becton, Dickinson & Co. .......................................... 1,398,000
8,000 Warner-Lambert Co. ............................................... 691,000
-----------
2,089,000
-----------
ENERGY--6.2%
26,000 MAPCO, Inc. ...................................................... 1,508,000
40,000 Tenneco, Inc. .................................................... 1,840,000
25,700 Triton Energy Corp.*.............................................. 1,191,837
-----------
4,539,837
-----------
INSURANCE--7.0%
51,400 EXEL Ltd. ........................................................ 2,672,800
15,400 Transamerica Corp. ............................................... 897,050
36,100 Travelers, Inc. .................................................. 1,579,375
-----------
5,149,225
-----------
MANUFACTURING--3.1%
35,000 Collins & Aikman Corp.*........................................... 315,000
116,000 Shaw Industries, Inc. ............................................ 1,972,000
-----------
2,287,000
-----------
METALS & MINING--2.2%
30,297 Freeport McMoRan Copper & Gold (Class A).......................... 624,876
56,335 Freeport McMoRan, Inc. ........................................... 992,904
-----------
1,617,780
-----------
MISCELLANEOUS FINANCIAL SERVICES--11.2%
70,000 American Express Co. ............................................. 2,458,750
40,000 Countrywide Credit Industries, Inc. .............................. 840,000
51,300 Federal Home Loan Mortgage Corp. ................................. 3,526,875
14,700 Federal National Mortgage Association............................. 1,387,313
-----------
8,212,938
-----------
PAPER PRODUCTS--4.3%
60,800 Champion International Corp. ..................................... 3,169,200
-----------
REAL ESTATE--1.0%
811 Security Capital Realty, Inc. (A)................................. 715,302
-----------
</TABLE>

<CAPTION>
<C> <S> <C>
TECHNOLOGY--9.8%
11,200 Alliant Techsystems, Inc.*........................................ $ 467,600
78,000 Intel Corp. ...................................................... 4,938,375
62,918 Unitrode Corp.*................................................... 1,769,569
-----------
7,175,544
-----------
TELECOMMUNICATIONS--2.5%
54,900 Sprint Corp. ..................................................... 1,846,013
-----------

Total Common Stocks (cost--$55,227,406)....................... $68,519,565
-----------
</TABLE>

<TABLE>
<C> <S> <C> <C>
Total Investments (C) (cost--$59,599,141)............. 99.8% $73,046,941
Other Assets in Excess of Other Liabilities........... 0.2 175,965
----- -----------
Total Net Assets...................................... 100.0% $73,222,906
----- -----------
----- -----------
</TABLE>

See accompanying notes to financial statements.

--------------------------------------------------------------------------------

* Non-income producing security.

(A) Restricted Securities (the Portfolio will not bear any costs, including
those involved in registration under the Securities Act of 1933 in
connection with the disposition of these securities):

<TABLE>
<CAPTION>
Valuation
Date of Par Unit As Of
Description Acquisition Amount Shares Cost June 30, 1995
-------------------------------- ----------- -------- ------ ------- -------------
<S> <C> <C> <C> <C> <C>
Security Capital Realty, Inc.
12.00%, 6/30/14............... 9/16/94 $623,858 -- $ 90.74 $100.00
Security Capital Realty, Inc.
Common Stock.................. 9/16/94 -- 811 $949.19 $882.00
</TABLE>

(B) Security Capital at its discretion may defer interest payments.

(C) Aggregate gross unrealized appreciation for securities in which there is an
excess of value over tax cost is $13,670,342, aggregate gross unrealized
depreciation for securities in which there is an excess of tax cost over
value is $222,542 and net unrealized appreciation for Federal income tax
purpose is $13,447,800. Federal income tax basis of portfolio securities is
substantially the same as for financial reporting purposes.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MANAGED PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1995

<TABLE>
<CAPTION>
<S> <C>
ASSETS
Investments, at value (cost--$59,599,141)..................................... $73,046,941
Cash.......................................................................... 16,564
Receivable from fund shares sold.............................................. 59,912
Dividends receivable.......................................................... 81,642
Interest receivable........................................................... 73,315
Other assets.................................................................. 9,727
-----------
Total Assets.......................................................... 73,288,101
-----------
LIABILITIES
Payable for fund shares redeemed.............................................. 13,799
Investment advisory fee payable............................................... 3,408
Other payables and accrued expenses........................................... 47,988
-----------
Total Liabilities..................................................... 65,195
-----------
NET ASSETS
Par value ($.01 per share).................................................... 27,261
Paid-in-surplus............................................................... 59,316,419
Accumulated undistributed net investment income............................... 673,151
Accumulated undistributed net realized loss on investments.................... (241,725)
Net unrealized appreciation on investments.................................... 13,447,800
-----------
Total Net Assets...................................................... $73,222,906
-----------
-----------
Fund shares outstanding....................................................... 2,726,062
-----------
Net asset value per share..................................................... $26.86
------
------
</TABLE>

See accompanying notes to financial statements.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MANAGED PORTFOLIO
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1995

<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME
Dividends................................................................. $ 617,367
Interest.................................................................. 264,914
-----------
Total investment income............................................... 882,281
-----------
OPERATING EXPENSES
Investment advisory fee (note 2a)......................................... 190,124
Reports and notices to shareholders....................................... 21,017
Trustee's fees and expenses............................................... 8,901
Auditing, consulting and tax return preparation fees...................... 7,965
Custodian fees............................................................ 6,309
Transfer and dividend disbursing agent fees............................... 5,159
Legal fees................................................................ 4,707
Registration fees......................................................... 579
Miscellaneous............................................................. 8,934
-----------
Total operating expenses.............................................. 253,695
Less: Investment advisory fee waived (note 2a)........................ (44,565)
-----------
Net operating expenses............................................ 209,130
-----------
Net investment income............................................. 673,151
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NET
Net realized loss on investments.......................................... (96,685)
Net change in unrealized appreciation (depreciation) on investments....... 16,022,907
-----------
Net realized loss and change in unrealized appreciation (depreciation)
on investments...................................................... 15,926,222
-----------
Net increase in net assets resulting from operations.................. $16,599,373
-----------
-----------
</TABLE>

See accompanying notes to financial statements.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MANAGED PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
SIX MONTHS ENDED SEPTEMBER 16, 1994 (2)
JUNE 30, 1995 (1) TO DECEMBER 31, 1994
----------------- ----------------------
<S> <C> <C>
OPERATIONS
Net investment income................................ $ 673,151 $ 360,801
Net realized loss on investments..................... (96,685) (145,040)
Net change in unrealized appreciation (depreciation)
on investments..................................... 16,022,907 (2,575,107)
----------------- ------------
Net increase (decrease) in net assets resulting
from operations................................ 16,599,373 (2,359,346)
----------------- ------------
DIVIDENDS TO SHAREHOLDERS
Net investment income................................ (360,801) --
----------------- ------------
FUND SHARE TRANSACTIONS
Net proceeds from sales.............................. 7,414,618 6,980,338
Net value of securities received (note 1)............ -- 51,354,102
Reinvestment of dividends............................ 360,801 --
Cost of shares redeemed.............................. (5,734,456) (1,031,723)
----------------- ------------
Net increase in net assets from fund share
transactions................................... 2,040,963 57,302,717
----------------- ------------
Total increase in net assets................. 18,279,535 54,943,371
NET ASSETS
Beginning of period.................................. 54,943,371 0
----------------- ------------
End of period (including undistributed net investment
income of $673,151 and $360,801, respectively)..... $73,222,906 $ 54,943,371
----------------- ------------
----------------- ------------
SHARES ISSUED AND REDEEMED
Issued............................................... 304,613 330,594
Issued in exchange for securities (note 1)........... -- 2,355,693
Issued in reinvestment of dividends.................. 15,866 --
Redeemed............................................. (231,782) (48,922)
----------------- ------------
Net increase..................................... 88,697 2,637,365
----------------- ------------
----------------- ------------
</TABLE>

See accompanying notes to financial statements.

--------------------------------------------------------------------------------

(1) Unaudited.

(2) Commencement of operations.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MANAGED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 1995

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Quest for Value Accumulation Trust (the "Trust") was organized on May 12,
1994 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
seven classes of shares of beneficial interest at $.01 par value: the Equity
Portfolio, the Small Cap Portfolio, the Global Equity Portfolio, the Managed
Portfolio, the Bond Portfolio, the U. S. Government Income Portfolio and the
Money Market Portfolio. Quest for Value Advisors, (the "Adviser"), a
majority-owned (99%) subsidiary of Oppenheimer Capital, serves as the Trust's
investment adviser. The Managed Portfolio, (the "Portfolio"), one of the seven
portfolios, had no operations until September 16, 1994, when the Enterprise
Accumulation Trust Managed Portfolio (formerly known as Quest for Value
Accumulation Trust Managed Portfolio), distributed cash and securities with an
aggregate market value of $51,354,102 in exchange for 2,355,693 shares of the
Portfolio. The following is a summary of significant accounting policies
consistently followed by the Portfolio in the preparation of its financial
statements:

(A) Valuation of Investments

(B) Federal Income Taxes

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MANAGED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(D) 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.

(E) Allocation of Expenses

(2) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Adviser has agreed to waive that portion of the advisory fee and to
reimburse any necessary expenses to limit operating expenses of the Portfolio to
.66% of average daily net assets on an annual basis through at least December
31, 1995.

(b) Total brokerage commissions paid by the Portfolio for the six months
ended June 30, 1995, amounted to $35,094, of which Oppenheimer & Co., Inc., an
affiliate of the Adviser, received $14,663.

(3) PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 1995, purchases and sales of investment
securities, other than short-term securities were $16,641,100 and $6,224,885,
respectively.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MANAGED PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD:

<TABLE>
<CAPTION>
SIX MONTHS ENDED SEPTEMBER 16, 1994 (2)
JUNE 30, 1995 (1) TO DECEMBER 31, 1994
----------------------------- ----------------------------------
<S> <C> <C>
Net asset value, beginning of period................... $ 20.83 $ 21.80
------------ ------------
Income from investment operations:
Net investment income.................................. 0.24 0.14
Net realized and unrealized gain (loss) on
investments............................................ 5.92 (1.11)
------------ ------------
Total from investment operations................... 6.16 (0.97)
------------ ------------
Dividends to shareholders:
Dividends to shareholders from net investment income... (0.13) --
------------ ------------
Net asset value, end of period......................... $ 26.86 $ 20.83
------------ ------------
------------ ------------
Total return (3)....................................... 29.7% (4.4%)
------------ ------------
------------ ------------
Net assets, end of period.............................. $73,222,906 $ 54,943,371
------------ ------------
Ratio of net operating expenses to average net
assets(4,6).......................................... 0.66%(5) 0.66%
------------ ------------
Ratio of net investment income to average net
assets(4,6).......................................... 2.12%(5) 2.34%
------------ ------------
Portfolio turnover..................................... 11% 8%
------------ ------------
</TABLE>

--------------------------------------------------------------------------------

(1) Unaudited.

(2) Commencement of operations.

(3) Assumes reinvestment of all dividends and distributions.

(4) Annualized.

(5) Average net assets for the six months ended June 30, 1995 were $63,899,708.

(6) During the periods presented above, the Adviser waived a portion of its
fees. If such waivers had not been in effect, the ratio of net operating
expenses to average net assets and the ratio of net investment income to
average net assets would have been 0.80% and 1.98% and 0.96% and 2.04%,
respectively.

<PAGE>

QUEST FOR VALUE ACCUMULATION TRUST
GLOBAL EQUITY FUND
SCHEDULES OF INVESTMENTS (unaudited)
June 30, 1995
Shares Value
-------- ------

COMMON STOCKS--89.4%
AUSTRIA--2.9%
Airport Management
600 Flughafen Wien AG................................ $31,910
-------
FINLAND--3.3%
Manufacturing
600 Oy Nokia AB...................................... 35,683
-------
FRANCE--7.0%
Energy--2.5%
450 Total SA......................................... 27,086
-------
Rubber Products--2.5%
620 Michelin (CGDE).................................. 27,464
-------
Utilities--2.0%
200 Compagnie Generale des Eaux...................... 22,262
-------
Total French Common Stocks....................... 76,812
-------
GERMANY--7.9%
Computer Services--3.0%
25 SAP AG........................................... 33,173
-------
Drugs and Medical Products--4.9%
59 GEHE AG.......................................... 26,350
400 Shering AG....................................... 27,941
-------
54,291
-------
Total German Common Stocks....................... 87,464
-------
HONG KONG--1.1%
Building and Construction
35,000 China Resources EN............................... 11,534
-------
Total Hong Kong Stocks........................... 11,534
-------
ITALY--2.2%
Telecommunications
11,500 Telecom Italia................................... 24,318
-------
JAPAN--4.8%
Drugs & Medical Products--2.1%
1,000 Yamanouchi Pharmaceutical ....................... 22,536
-------
Healthcare Services--2.7%
2,000 SRL, Inc. ....................................... 29,733
-------
Total Japanese Common Stocks..................... 52,269
-------
<PAGE>

QUEST FOR VALUE ACCUMULATION TRUST
GLOBAL EQUITY FUND
SCHEDULES OF INVESTMENTS (unaudited)(continued)
June 30, 1995
Shares Value
-------- ------

COMMON STOCKS(continued)
MALAYSIA--1.3%
Conglomerates
5,000 Technology Resources Industries Bhd.............. $14,356
-------
NETHERLANDS--5.9%
Importing/Exporting--2.7%
662 Hagemeyer NV..................................... 29,522
-------
Publishing--2.4%
300 Wolters Kluwer................................... 26,467
-------
Telecommunications--0.8%
75 VER NED Uitgevers................................ 8,979
-------

Total Netherlands Common Stocks.................. 64,968
-------
SINGAPORE--2.3%
Conglomerates
7000 Jardine Strategic Holdings Ltd. ................. 22,540
875 Jardine Strategic Holdings Ltd. (New) ........... 2,818
-------
25,358
-------
Total Singapore Common Stocks.................... 25,358
-------
SOUTH KOREA--2.7%
Metals/Mining
1,000 Pohang Iron & Steel Co., Ltd. ADR................ 29,500
-------
SWEDEN--5.4%
Drugs & Medical Products--2.8%
1,000 ASTRA AB......................................... 30,876
-------
Machinery & Engineering--2.6%
2,000 Atlas Copco AB................................... 28,056
-------

Total Swedish Common Stocks...................... 58,932
-------
SWITZERLAND--1.1%
Manufacturing
5 Sig Schweizerische Industrie - Gesellschaft
Holding AG .................................... 11,680
-------
UNITED KINGDOM--6.9%
Capital Equipment--1.8%
5,000 Amstrad PLC...................................... 19,723
-------
Retail--2.7%
5,600 Argyll Group PLC................................. 29,884
-------
Tobacco/Beverages/Food Products--2.4%
3,500 Guinness PLC..................................... 26,332
-------

Total United Kingdom Common Stocks............... 75,939
-------
UNITED STATES--34.6%
Aerospace/Defense--5.3%
100 Lockheed Martin Corp. ........................... 6,313
600 McDonnell Douglas Corp. ......................... 46,050
100 Sundstrand Corp. ................................ 5,975
-------
58,338
-------

<PAGE>

QUEST FOR VALUE ACCUMULATION TRUST
GLOBAL EQUITY FUND
SCHEDULES OF INVESTMENTS (unaudited)(continued)
June 30, 1995
Shares Value
-------- ------

COMMON STOCKS(continued)
UNITED STATES (continued)
Banking--6.0%
400 Citicorp......................................... $23,150
600 Mellon Bank Corp. ............................... 24,975
100 Wells Fargo & Co. ............................... 18,025
-------
66,150
-------
Chemicals--3.4%
400 Hercules, Inc. .................................. 19,500
200 Monsanto Co. .................................... 18,025
-------
37,525
-------

Drugs & Medical Products--1.3%
100 Becton, Dickinson & Co. ......................... 5,825
100 Warner-Lambert Co. .............................. 8,637
-------
14,462
-------
Energy--1.4%
100 MAPCO, Inc. ..................................... 5,800
200 Tenneco, Inc. ................................... 9,200
-------
15,000
-------
Insurance--1.9%
400 EXEL Ltd. ....................................... 20,800
-------
Manufacturing--1.2%
800 Shaw Industries, Inc............................. 13,600
-------

Metals/Mining--2.1%
500 Freeport McMoRan Copper & Gold (Class A)......... 10,312
700 Freeport McMoRan, Inc. .......................... 12,337
-------
22,649
-------
Miscellaneous Financial Services--7.1%
700 American Express Co. ............................ 24,587
600 Federal Home Loan Mortgage Corp. ................ 41,250
100 ITT Corp. ....................................... 11,750
-------
77,587
-------
Paper Products--1.4%
300 Champion International, Inc. .................... 15,637
-------
Technology--2.3%
400 Intel Corp. ..................................... 25,325
-------

Telecommunications--1.2%
400 Sprint Corp. .................................... 13,450
-------
Total United States Common Stocks................ 380,523
-------
Total Common Stocks
(cost--$879,270)............................... $981,246
--------
<PAGE>

QUEST FOR VALUE ACCUMULATION TRUST
GLOBAL EQUITY FUND
SCHEDULES OF INVESTMENTS (unaudited)(continued)
June 30, 1995

Warrants Value
-------- ------

WARRANTS---0.1%
SINGAPORE
Conglomerates
875 Jardine Strategic Holdings Ltd. 5/02/98, strike
@ HKD 3.57*................................................ $385
--------

Total Investments (A) (cost--$879,270)............ 89.5% $981,631

Other Assets in Excess of Other Liabilities ...... 10.5 115,370
------- --------
Total Net Assets ................................. 100.0% $1,097,001
======= ==========

See accompanying notes to financial statements.
------------------------------------------------------------------------------
* Non-income producing security.

(A) Aggregate gross unrealized appreciation for securities in which
there is an excess of value over tax cost is $115,933, aggregate
gross unrealized depreciation for securities in which there
is an excess of tax cost over value is $13,572, and net unrealized
appreciated for Federal income tax purposes is $102,361. Federal
income tax basis of portfolio securities is substantially the same
as for financial reporting purposes.

<PAGE>
<TABLE><CAPTION>
QUEST FOR VALUE ACCUMULATION TRUST
GLOBAL EQUITY PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES (unaudited)
June 30, 1995

<S> <C>
ASSETS
Investments, at value (cost - $879,270)......................................... $981,631
Cash............................................................................ 127,084
Receivable from investments sold................................................ 33,358
Dividends receivable............................................................ 2,947
Withholding taxes reclaimable................................................... 590
Receivable from adviser......................................................... 2,197
Other assets.................................................................... 466
-----------
Total Assets................................................................ 1,148,273
-----------

LIABILITIES
Payable for investments purchased............................................... 36,596
Withholding taxes payable....................................................... 319
Other payables and accrued expenses............................................. 14,357
-----------
Total Liabilities........................................................... 51,272
-----------

NET ASSETS
Par value ($.01 per share)...................................................... 1,002
Paid-in-surplus................................................................. 1,001,498
Undistributed net investment income............................................. 9,157
Net realized loss on investments................................................ (17,234)
Net unrealized appreciation on investments and translation of other assets and
liabilties denominated in foreign currencies................................. 102,578
-----------
Total Net Assets............................................................ $1,097,001
===========

Fund shares outstanding......................................................... 100,249
-----------

Net asset value per share....................................................... $10.94
===========

See accompanying notes to financial statements.
</TABLE>

<PAGE>
<TABLE><CAPTION>
QUEST FOR VALUE ACCUMULATION TRUST
GLOBAL EQUITY PORTFOLIO
STATEMENT OF OPERATIONS (unaudited)
For the period March 1, 1995 (commencement of operations) to June 30, 1995

<S> <C>
Investment Income
Dividends (net of foreign withholding taxes of $868).............................................. $9,040
Interest.......................................................................................... 4,421
-------
Total investment income..................................................................... 13,461
-------

Operating Expenses
Investment advisory fee (note 2a)................................................................. 2,582
Custodian fees.................................................................................... 9,559
Auditing, consulting and tax return preparation fees.............................................. 3,560
Transfer and dividend disbursing agent fees....................................................... 3,008
Legal fees........................................................................................ 2,165
Reports and notices to shareholders............................................................... 396
Registration fees................................................................................. 346
Miscellaneous..................................................................................... 1,079
-------
Total operating expenses........................................................................ 22,695

Less: Investment advisory fee waived and expenses reimbursed (note 2a)......................... (18,391)
-------

Net operating expenses............................................................... 4,304
-------

Net investment income................................................................ 9,157
-------

Realized and Unrealized Gain (Loss)
on Investments- Net

Net realized loss on investments.................................................................... (17,234)

Net unrealized appreciation on investments and translation of other assets and
liabilities denominated in foreign currencies................................................ 102,578
-------

Net realized loss and unrealized appreciation on investments and translation
of other assets and liabilities denominated in foreign currencies.............. 85,344
-------

Net increase in net assets resulting from operations................................. $94,501
=======

See accompanying notes to financial statements.

</TABLE>

<PAGE>
<TABLE><CAPTION>
QUEST FOR VALUE ACCUMULATION TRUST
GLOBAL EQUITY PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS (unaudited)

March 1, 1995(1)
to June 30, 1995
----------------
<S> <C>
Operations
Net investment income............................................................ $9,157
Net realized loss on investments................................................. (17,234)
Net unrealized appreciation on investments and translation of other assets
and liabilities denominated in foreign currencies............................. 102,578
----------------
Net increase in net assets resulting from operations......................... 94,501
----------------

Fund Share Transactions
Net proceeds from sales.......................................................... 1,002,500
Cost of shares redeemed.......................................................... 0
----------------
Net increase in net assets from fund share transactions...................... 1,002,500
----------------

Total increase in net assets........................................ 1,097,001

Net Assets
Beginning of period.............................................................. 0
----------------

End of period (including undistributed net investment income of $9,157)........... $1,097,001
================

Shares Issued and Redeemed
Issued.......................................................................... 100,249
Redeemed........................................................................ ---
----------------
Net increase ................................................................ 100,249
================

----------------------------------------------------------------------------------------------------
(1) Commencement of operations.

See accompanying notes to financial statements.
</TABLE>

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
GLOBAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (unaudited)
June 30, 1995

(1) Organization and Significant Accounting Policies

Quest for Value Accumulation Trust (the "Trust") was organized on
May 12, 1994 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 seven classes of shares of beneficial interest at $.01 par value:
the Equity Portfolio, the Small Cap Portfolio, the Global Equity Portfolio,
the Managed Portfolio, the Bond Portfolio, the U. S. Government Income
Portfolio and the Money Market Portfolio. Quest for Value Advisors, (the
"Adviser"), a majority-owned (99%) subsidiary of Oppenheimer Capital, serves
as the Trust's investment adviser. The Global Equity Portfolio, (the
"Portfolio"), one of the seven portfolios, commenced operations on
March 1, 1995. The following is a summary of significant accounting policies
followed by the Portfolio in the preparation of its financial statements:

(A) Valuation of Investments

Investment securities listed on a U.S or foreign stock exchange or traded
in the over-the-counter National Market System are valued each business day at
the last reported sale 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. Short-term debt securities having a remaining maturity
of more than sixty days are valued on a "marked-to-market" basis, that is, at
prices based upon market quotations for securities of similar type, yield,
quality and maturity. Short-term debt securities having a remaining maturity
of sixty days or less are valued at amortized cost, which approximates market
value. Any securities or other assets for which market quotations are not
readily available are valued at their fair value as determined in good faith
by the Board of Trustees. Investments in countries in which the Portfolio may
invest may involve certain considerations and risks not typically associated
with domestic investments as a result of, among others, the possibility of
future political and economic developments and the level of governmental
supervision and regulation of foreign securities markets.

(B) Federal Income Taxes

It is the Portfolio'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.

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 and other
distributions are recorded on the ex-dividend date, except certain dividends
or other distributions from foreign securities which are recorded as soon as
the information is available after the ex-dividend date. Interest income is
accrued as earned.

<PAGE>

QUEST FOR VALUE ACCUMULATION TRUST
GLOBAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (unaudited)(continued)
June 30, 1995

(1) Organization and Significant Accounting Policies (continued)
(D) Foreign Currency Translation
The books and records of the Portfolio are maintained in U.S. dollars as
follows: (1) the foreign currency market value of investment securities, other
assets and liabilities stated in foreign currencies are translated at the
exchange rate at the end of the period; and (2) purchases, sales, income and
expenses are translated at the rate of exchange prevailing on the respective
dates of such transactions. The resultant exchange gains and losses are
included in the Portfolio's Statement of Operations. Since the net assets of
the Portfolio are presented at the foreign exchange rates and market prices at
the close of the period, the Portfolio does not isolate that portion of the
results of operations arising as a result of changes in the exchange rates
from fluctuations arising from changes in the market price of securities.

(E) 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.

The Portfolio records dividends and distributions to its shareholders on
the ex-dividend date. The amount of dividends and distributions from net
investment income and net realized capital gains are determined in accordance
with federal income tax regulations, which may differ from generally accepted
accounting principles. These "book-tax" differences are either considered
temporary or permanent in nature. To the extent these differences are permanent
in nature, such amounts are reclassified within the capital accounts based on
their federal tax-basis treatment: temporary differences do not require
reclassification. Dividends and distributions which exceed net investment
income and net realized capital gains for financial reporting purposes but not
for tax purposes are reported as dividends in excess of net investment income
or distributions in excess of net realized capital gains, respectively. To the
extent distributions exceed current and accumulated earnings and profits for
federal income tax purposes, they are reported as distributions of
paid-in-surplus or tax return of capital.

(F) Allocation of Expenses

(2) Investment Advisory Fee and Other Transactions with Affiliates

(a) The investment advisory fee is accrued daily and payable monthly to
the Adviser, and is computed as a percentage of the Portfolio's net assets as
of the close of business each day at the annual rate of .75%.

The Adviser has agreed to waive that portion of the advisory fee and to
reimburse any necessary expenses to limit operating expenses of the Portfolio
to 1.25% of average daily net assets on an annual basis through at least
December 31, 1995.

(b) Total brokerage commissions paid by the Portfolio for the period
March 1, 1995 (commencement of operations) to June 30, 1995, amounted to
$3,305, of which Oppenheimer & Co., Inc., an affiliate of the Adviser, received
$275.

(3) Purchases and Sales of Securities

For the period March 1, 1995 (commencement of operations) to June 30,
1995, purchases and sales of investment securities other than short-term
securities were $1,154,386 and $261,194, respectively.

<PAGE>
<TABLE><CAPTION>
QUEST FOR VALUE ACCUMULATION TRUST
GLOBAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS (unaudited)
For a share outstanding throughout the period:

March 1, 1995 (1)
to June 30, 1995
----------------
<S> <C>
Net asset value, beginning of period................................................... $10.00

Income from investment operations:
Net investment income.................................................................. 0.09
Net realized loss and unrealized appreciation on investments and
translation of other assets and liabilities denominated in foreign currencies........ 0.85
----------------
Total from investment operations..................................................... 0.94
----------------

Net asset value, end of period......................................................... $10.94
================

Total return .......................................................................... 9.4%
================

Net assets, end of period.............................................................. $1,097,001
----------------

Ratio of net operating expenses to average net assets.................................. 1.25%(2,3,4)
----------------

Ratio of net investment income to average net assets................................... 2.66%(2,3,4)
----------------

Portfolio turnover..................................................................... 37%
----------------

--------------------------------------------------------------------------------------------------------

(1) Commencement of operations.

(2) Annualized.

(3) Average net assets for the period March 1, 1995 (commencement of operations) to June 30, 1995
were $1,030,127.

(4) During the period presented above, the Adviser waived its fees and reimbursed the Portfolio
for a portion of its operating expenses. If such waivers and reimbursements had not been in
effect, the ratio of net operating expenses to average net assets and the ratio of net
investment income (loss) to average net assets would have been 6.59% and (2.68%),
respectively.

</TABLE>
<PAGE>
<TABLE><CAPTION>
QUEST FOR VALUE ACCUMULATION TRUST
U.S. GOVERNMENT INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 1995

Principal
Amount Value
------ -----------
<S> <C> <C>
U.S. TREASURY NOTES- 47.3%
$25,000 5.75%, 8/15/03 .......................................... $24,238
125,000 7.25%, 2/15/98 .......................................... 129,101
85,000 7.375%, 11/15/97 ........................................ 87,763
100,000 7.75%, 12/31/99 ......................................... 106,766
------------
Total U.S. Treasury Notes (cost-$334,725) ......... $347,868
------------

U.S. GOVERNMENT AGENCY NOTES - 50.4%
Federal Farm Credit Bank
$35,000 5.08%, 1/15/96 ........................................ $34,831
40,000 6.50%, 4/1/96 ......................................... 40,162
60,000 Federal Home Loan Bank, 6.94%, 3/14/97 .................. 61,022
100,000 Federal Home Loan Mortgage Corp., 6.22%, 3/24/03 ........ 98,516
60,000 Federal National Mortgage Association, 5.375%, 6/10/98 .. 58,865
75,000 Student Loan Marketing Association, 7.00%, 3/3/98 ....... 76,805
------------
Total U.S. Government Agency Notes (cost-$361,634) . $370,201
------------

Total Investments (A) (cost-$696,359) ...... 97.7% $718,069
Other Assets in Excess of Other Liabilities 2.3 16,555
------ ------------
Total Net Assets ........................... 100.0% $734,624
====== ============

See accompanying notes to financial statements.
-------------------------------------------------------------------------------------

(A) Aggregate gross unrealized appreciation for securities in which there
is an excess of value over tax cost is $21,710, aggregate gross
unrealized depreciation for securities in which there is an
excess of tax cost over value is $0, and net unrealized appreciation
for Federal income tax purposes is $21,710. Federal income tax basis
of portfolio securities is substantially the same as for financial
reporting purposes.

</TABLE>

<PAGE>

QUEST FOR VALUE ACCUMULATION TRUST
U.S. GOVERNMENT INCOME PORTFOLIO
STATEMENT OF ASSETS AND LIABILITY (unaudited)
June 30, 1995

ASSETS
Investments, at value (cost - $696,359).................... $718,069
Cash....................................................... 18,559
Receivable from fund shares sold........................... 2,861
Interest receivable........................................ 10,980
Receivable from adviser.................................... 614
Other assets............................................... 466
--------
Total Assets........................................... 751,549
--------

LIABILITIES
Payable for fund shares redeemed........................... 2,281
Dividends payable.......................................... 1,188
Other payables and accrued expenses........................ 13,456
--------
Total Liabilities...................................... 16,925
--------

NET ASSETS
Par value ($.01 per share)................................. 699
Paid-in-surplus............................................ 704,420
Net realized gain on investments........................... 7,795
Net unrealized appreciation on investments................. 21,710
--------
Total Net Assets....................................... $734,624
========

Fund shares outstanding.................................... 69,880
--------

Net asset value per share.................................. $10.51
========

See accompanying notes to financial statements.

<PAGE>
<TABLE><CAPTION>
QUEST FOR VALUE ACCUMULATION TRUST
U.S. GOVERNMENT INCOME PORTFOLIO
STATEMENT OF OPERATIONS (unaudited)
For the period January 3, 1995 (commencement of operations) to June 30, 1995

<S> <C>
Investment Income

Interest........................................................................ $20,210
-------

Operating Expenses
Investment advisory fee (note 2a)............................................... 1,761
Custodian fees.................................................................. 5,200
Transfer and dividend disbursing agent fees..................................... 4,515
Reports and notices to shareholders............................................. 4,223
Auditing, consulting and tax return preparation fees............................ 3,942
Legal fees...................................................................... 852
Registration fees............................................................... 237
Miscellaneous................................................................... 1,224
-------
Total operating expenses...................................................... 21,954

Less: Investment advisory fee waived and expenses reimbursed (note 2a)........ (19,753)
-------

Net operating expenses............................................. 2,201
-------

Net investment income.............................................. 18,009
-------

Realized and Unrealized Gain (Loss)
on Investments- Net

Net realized gain on investments.................................................. 7,795

Net unrealized appreciation on investments........................................ 21,710
-------

Net realized gain and unrealized appreciation on investments....... 29,505
-------

Net increase in net assets resulting from operations............... $47,514
=======

See accompanying notes to financial statements.
</TABLE>

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
U.S. GOVERNMENT INCOME PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS (unaudited)

January 3, 1995(1)
to June 30, 1995
------------------
<S> <C>
Operations
Net investment income.................................................. $18,009
Net realized gain on investments....................................... 7,795
Net unrealized appreciation on investments............................. 21,710
----------------
Net increase in net assets resulting from operations............... 47,514

Dividends to Shareholders
Net investment income................................................. (18,009)
----------------

Fund Share Transactions
Net proceeds from sales................................................ 694,767
Reinvestment of dividends.............................................. 16,821
Cost of shares redeemed................................................ (6,469)
----------------
Net increase in net assets from fund share transactions............ 705,119
----------------

Total increase in net assets....................................... 734,624

Net Assets
Beginning of period ................................................... 0
----------------

End of period ......................................................... $734,624
================

Shares Issued and Redeemed
Issued................................................................ 68,880
Issued in reinvestment of dividends................................... 1,629
Redeemed.............................................................. (629)
----------------
Net increase ..................................................... 69,880
================

-------------------------------------------------------------------------------------------
(1) Commencement of operations.

See accompanying notes to financial statements.
</TABLE>

<PAGE>

QUEST FOR VALUE ACCUMULATION TRUST
U.S GOVERNMENT INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (unaudited)
June 30, 1995

(1) Organization and Significant Accounting Policies

Quest for Value Accumulation Trust (the "Trust") was organized on May 12,
1994 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
seven classes of shares of beneficial interest at $.01 par value; the Equity
Portfolio, the Small Cap Portfolio, the Global Equity Portfolio, the Managed
Portfolio, the Bond Portfolio, the U. S. Government Income Portfolio and the
Money Market Portfolio. Quest for Value Advisors, (the "Adviser"), a
majority-owned (99%) subsidiary of Oppenheimer Capital, serves as the Trust's
investment adviser. The U.S. Government Income Portfolio, (the "Portfolio"),
one of the seven portfolios, commenced operations on January 3, 1995. The
following is a summary of significant accounting policies followed by the
Portfolio in the preparation of its financial statements:

(A) Valuation of Investments

Investment debt securities (other than short-term obligations) are valued
each business day by an independent pricing service approved by the Board of
Trustees. Investments are valued by the pricing service using methods which
include current market quotations from a major market maker in the securities
and trader-reviewed "matrix" prices. Short-term debt securities having a
remaining maturity of more than sixty days are valued on a "marked-to-market"
basis, that is, at prices based upon market quotations for securities of
similar type, yield, quality and maturity. Short-term debt securities having a
remaining maturity of sixty days or less are valued at amortized cost, which
approximates market value. Any securities or other assets 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 ability of issuers of
debt instruments to meet their obligations may be affected by economic
developments in a specific industry or region.

(B) Federal Income Taxes

It is the Portfolio'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.

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. Interest income is accrued
as earned. Discounts or premiums on debt securities purchased are accreted or
amortized to interest income over the lives of the respective securities.

(D) Dividends and Distributions

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.

<PAGE>

QUEST FOR VALUE ACCUMULATION TRUST
U.S GOVERNMENT INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
June 30, 1995

(1) Organization and Significant Accounting Policies (continued)
(E) Allocation of Expenses

(2) Investment Advisory Fee and Other Transactions with Affiliates

(a) The investment advisory fee is payable monthly to the Adviser, and is
computed as a percentage of the Portfolio's net assets as of the close of
business each day at the annual rate of .60%.

The Adviser has agreed to waive that portion of the advisory fee and
to reimburse any necessary expenses to limit operating expenses of the
Portfolio to .75% of average daily net assets on an annual basis through at
least December 31, 1995.

(3) Purchases and Sales of Securities

For the period January 3, 1995 (commencement of operations) to
June 30, 1995, purchases and sales of investment securities, other than
short-term securities, were $1,153,443 and $465,316, respectively.

<PAGE>
<TABLE><CAPTION>
QUEST FOR VALUE ACCUMULATION TRUST
U.S. GOVERNMENT INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS (unaudited)
For a share outstanding throughout the period:

January 3, 1995 (1)
to June 30, 1995
--------------------
<S> <C>
Net asset value, beginning of period...................... $10.00

Income from investment operations:
Net investment income..................................... 0.31
Net realized and unrealized gain
on investments....................................... 0.51
--------------------
Total from investment operations..................... 0.82
--------------------

Dividends to shareholders:
Dividends to shareholders from
net investment income................................... (0.31)
--------------------

Net asset value, end of period............................ $10.51
====================

Total return ............................................. 8.3%(2)
====================

Net assets, end of period................................. $734,624
--------------------

Ratio of net operating expenses to average net assets..... 0.75%(3,4,5)
--------------------

Ratio of net investment income to average net assets...... 6.14%(3,4,5)
--------------------

Portfolio turnover........................................ 93%
--------------------

---------------------------------------------------------------------------------------

(1) Commencement of operations.

(2) Assumes reinvestment of all dividends and distributions.

(3) Annualized.

(4) Average net assets for the period January 3, 1995 (commencement of operations) to
June 30, 1995 were $598,333.

(5) During the period presented above, the Adviser waived its fees and reimbursed the
Portfolio for a portion of its operating expenses. If such waivers and
reimbursements had not been in effect, the ratio of net operating expenses
to average net assets and the ratio of net investment income (loss) to
average net assets would have been 7.48% and (0.59%), respectively.

</TABLE>

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1995

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- ----------
<C> <S> <C>
U.S. TREASURY NOTES AND BONDS--37.9%
$ 175,000 4.625%, 2/29/96...................................................... $ 173,796
50,000 5.875%, 5/31/96...................................................... 50,070
650,000 6.125%, 7/31/96...................................................... 652,236
150,000 7.25%, 8/15/04....................................................... 160,289
125,000 8.00%, 1/15/97....................................................... 128,906
175,000 8.125%, 8/15/19...................................................... 203,602
175,000 10.375%, 11/15/12.................................................... 231,466
----------
Total U.S. Treasury Notes and Bonds (cost--$1,552,909)........... $1,600,365
----------
U.S. TREASURY SECURITY, STRIPPED INTEREST PAYMENT--3.1%
$ 725,000 (zero coupon), due 5/15/20 (cost--$111,464).......................... $ 130,536
----------
U.S. GOVERNMENT AGENCY NOTES AND BONDS--26.7%
$ 199,751 Federal Home Loan Mortgage Corp., 8.50%, 10/15/19.................... $ 204,868
Federal National Mortgage Association
240,907 7.00%, 1/1/10...................................................... 241,509
297,001 8.00%, 8/1/24...................................................... 302,475
14,914 9.00%, 8/1/02...................................................... 15,571
33,666 9.50%, 12/1/06..................................................... 35,244
94,231 9.50%, 12/1/19..................................................... 98,942
222,334 Government National Mortgage Association, 8.50%, 3/15/25............. 230,809
----------
Total U.S. Government Agency Notes and Bonds (cost--$1,107,274).. $1,129,418
----------
CORPORATE NOTES--30.6%
AUTOMOTIVE--3.8%
$ 150,000 General Motors Acceptance Corp., 8.25%, 2/24/04...................... $ 162,044
----------
CONGLOMERATES--5.2%
200,000 General Electric Capital Corp., 8.375%, 3/1/01....................... 217,536
----------
INSURANCE--2.5%
100,000 St. Paul Companies, Inc., 9.375%, 6/15/97............................ 105,496
----------
MISCELLANEOUS FINANCIAL SERVICES--14.3%
175,000 Associates Corp., N.A., 5.25%, 3/30/00............................... 166,059
100,000 BarclaysAmerican Corp., 7.875%, 8/15/98.............................. 104,386
175,000 Chrysler Financal Corp., 8.42%, 2/1/99............................... 185,299
150,000 Household Finance Corp., 6.875%, 3/1/03.............................. 150,154
----------
605,898
----------
RETAIL--4.8%
200,000 Sears Roebuck & Co., 8.55%, 8/1/96................................... 204,736
----------

Total Corporate Notes (cost--$1,250,760)......................... $1,295,710
----------
</TABLE>

<TABLE>
<C> <S> <C> <C>
Total Investments (A) (cost--$4,022,407)................ 98.3% $4,156,029
Other Assets in Excess of Other Liabilities............. 1.7 73,867
----- ----------
Total Net Assets........................................ 100.0% $4,229,896
----- ----------
----- ----------
</TABLE>

See accompanying notes to financial statements.

--------------------------------------------------------------------------------

(A) Aggregate gross unrealized appreciation for securities in which there is an
excess of value over tax cost is $134,250, aggregate gross unrealized
depreciation for securities in which there is an excess of tax cost over
value is $628, and net unrealized appreciation for Federal income tax
purposes is $133,622. Federal income tax basis of portfolio securities is
substantially the same as for financial reporting purposes.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
BOND PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1995

<TABLE>
<CAPTION>
<S> <C>
ASSETS
Investments, at value (cost--$4,022,407)....................................... $4,156,029
Cash........................................................................... 20,460
Interest receivable............................................................ 72,712
Receivable from adviser........................................................ 206
Other assets................................................................... 619
----------
Total Assets........................................................... 4,250,026
----------
LIABILITIES
Dividends payable.............................................................. 6,883
Other payables and accrued expenses............................................ 13,247
----------
Total Liabilities...................................................... 20,130
----------
NET ASSETS
Par value ($.01 per share)..................................................... 4,313
Paid-in-surplus................................................................ 4,035,000
Accumulated undistributed net realized gain on investments..................... 56,961
Net unrealized appreciation on investments..................................... 133,622
----------
Total Net Assets....................................................... $4,229,896
----------
----------
Fund shares outstanding........................................................ 431,271
----------
Net asset value per share...................................................... $9.81
-----
-----
</TABLE>

See accompanying notes to financial statements.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
BOND PORTFOLIO
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1995

<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME
Interest..................................................................... $140,440
--------
OPERATING EXPENSES
Investment advisory fee (note 2a)............................................ 9,839
Custodian fees............................................................... 7,450
Auditing, consulting and tax return preparation fees......................... 5,223
Transfer and dividend disbursing agent fees.................................. 4,541
Reports and notices to shareholders.......................................... 4,173
Legal fees................................................................... 2,277
Registration fees............................................................ 66
Miscellaneous................................................................ 844
--------
Total operating expenses................................................. 34,413
Less: Investment advisory fee waived and expenses reimbursed (note 2a)... (14,794)
--------
Net operating expenses............................................... 19,619
--------
Net investment income................................................ 120,821
--------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NET
Net realized gain on investments............................................. 61,220
Net change in unrealized appreciation (depreciation) on investments.......... 207,792
--------
Net realized gain and change in unrealized appreciation (depreciation) on
investments............................................................ 269,012
--------
Net increase in net assets resulting from operations..................... $389,833
--------
--------
</TABLE>

See accompanying notes to financial statements.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
BOND PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
SIX MONTHS ENDED SEPTEMBER 16, 1994 (2)
JUNE 30, 1995 (1) TO DECEMBER 31, 1994
----------------- ----------------------
<S> <C> <C>
OPERATIONS
Net investment income................................ $ 120,821 $ 66,718
Net realized gain (loss) on investments.............. 61,220 (4,259)
Net change in unrealized appreciation (depreciation)
on investments....................................... 207,792 (74,170)
----------------- -----------
Net increase (decrease) in net assets resulting
from operations................................ 389,833 (11,711)
----------------- -----------
DIVIDENDS TO SHAREHOLDERS
Net investment income................................ (120,821) (66,718)
----------------- -----------
FUND SHARE TRANSACTIONS
Net proceeds from sales.............................. 1,479,147 84,253
Net value of securities received (note 1)............ -- 3,756,161
Reinvestment of dividends............................ 113,938 66,718
Cost of shares redeemed.............................. (1,287,555) (173,349)
----------------- -----------
Net increase in net assets from fund share
transactions................................... 305,530 3,733,783
----------------- -----------
Total increase in net assets................. 574,542 3,655,354
NET ASSETS
Beginning of period.................................. 3,655,354 0
----------------- -----------
End of period........................................ $ 4,229,896 $3,655,354
----------------- -----------
----------------- -----------
SHARES ISSUED AND REDEEMED
Issued............................................... 155,312 8,985
Issued in exchange for securities (note 1)........... -- 399,756
Issued in reinvestment of dividends.................. 11,921 7,214
Redeemed............................................. (133,329) (18,588)
----------------- -----------
Net increase..................................... 33,904 397,367
----------------- -----------
----------------- -----------
</TABLE>

See accompanying notes to financial statements.

--------------------------------------------------------------------------------

(1) Unaudited.

(2) Commencement of operations.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 1995

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Quest for Value Accumulation Trust (the "Trust") was organized on May 12,
1994 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
seven classes of shares of beneficial interest at $.01 par value; the Equity
Portfolio, the Small Cap Portfolio, the Global Equity Portfolio, the Managed
Portfolio, the Bond Portfolio, the U. S. Government Income Portfolio and the
Money Market Portfolio. Quest for Value Advisors, (the "Adviser"), a
majority-owned (99%) subsidiary of Oppenheimer Capital, serves as the Trust's
investment adviser. The Bond Portfolio, (the "Portfolio"), one of the seven
portfolios had no operations until September 16, 1994, when the Enterprise
Accumulation Trust Bond Portfolio (formerly known as Quest for Value
Accumulation Trust Bond Portfolio), distributed cash and securities with an
aggregate market value of $3,756,161 in exchange for 399,756 shares of the
Portfolio. The following is a summary of significant accounting policies
followed by the Portfolio in the preparation of its financial statements:

(A) ]Valuation of Investments

Investment debt securities (other than short-term obligations) are valued
each business day by an independent pricing service approved by the Board of
Trustees. Investments are valued by the pricing service using methods which
include current market quotations from a major market maker in the securities
and trader-reviewed "matrix" prices. Short-term debt securities having a
remaining maturity of more than sixty days are valued on a "marked-to-market"
basis, that is, at prices based upon market quotations for securities of similar
type, yield, quality and maturity. Short-term debt securities having a remaining
maturity of sixty days or less are valued at amortized cost, which approximates
market value. Any securities or other assets 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 ability of issuers of debt instruments to meet their
obligations may be affected by economic developments in a specific industry or
region.

(B) Federal Income Taxes

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. Interest income is accrued as
earned. Discounts or premiums on debt securities purchased are accreted or
amortized to interest income over the lives of the respective securities.

(D) Dividends and Distributions

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.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(E) Allocation of Expenses

(2) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

(a) The investment advisory fee is payable monthly to the Adviser, and is
computed as a percentage of the Portfolio's net assets as of the close of
business each day at the annual rate of .50%.

The Adviser has agreed to waive that portion of the advisory fee and to
reimburse any necessary expenses to limit operating expenses of the Portfolio to
1.00% of average daily net assets on an annual basis through at least December
31, 1995.

(3) PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 1995, purchases and sales of investment
securities, other than short-term were $5,023,959 and $4,579,655, respectively.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD:

<TABLE>
<CAPTION>
SIX MONTHS ENDED SEPTEMBER 16, 1994 (2)
JUNE 30, 1995 (1) TO DECEMBER 31, 1994
----------------- ----------------------
<S> <C> <C>
Net asset value, beginning of period..................... $ 9.20 $ 9.40
Income from investment operations:
Net investment income.................................... 0.29 0.17
Net realized and unrealized gain (loss) on investments... 0.61 (0.20)
----------------- -----------
Total from investment operations..................... 0.90 (0.03)
----------------- -----------
Dividends to shareholders:
Dividends to shareholders from net investment income..... (0.29) (0.17)
----------------- -----------
Net asset value, end of period........................... $ 9.81 $ 9.20
----------------- -----------
----------------- -----------
Total return (3)......................................... 9.9% (0.3%)
----------------- -----------
----------------- -----------
Net assets, end of period................................ $ 4,229,896 $3,655,354
----------------- -----------
Ratio of net operating expenses to average net assets
(4,6).................................................. 1.00%(5) 1.00%
----------------- -----------
Ratio of net investment income to average net assets
(4,6,)................................................. 6.14%(5) 6.26%
----------------- -----------
Portfolio turnover....................................... 121% 7%
----------------- -----------
</TABLE>

--------------------------------------------------------------------------------

(1) Unaudited.

(2) Commencement of operations.

(3) Assumes reinvestment of all dividends and distributions.

(4) Annualized.

(5) Average net assets for the six months ended June 30, 1995 were $3,968,351.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1994

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- ----------
<C> <S> <C>
U.S. GOVERNMENT AGENCY NOTES--4.3%
$ 170,000 Federal Home Loan Bank, 5.84%, 7/18/95 (amortized cost--$169,531).... $ 169,531
----------

SHORT-TERM CORPORATE NOTES--94.6%
AUTOMOTIVE--9.9%
$ 200,000 Ford Motor Credit Co., 5.95%, 7/12/95................................ $ 199,636
190,000 General Motors Acceptance Corp., 6.00%, 7/31/95...................... 189,050
----------
388,686
----------
BANKING--13.8%
200,000 Dresdner U.S. Finance, Inc., 5.85%, 9/25/95.......................... 197,205
208,000 Societe Generale Bank (Canada), 5.92%, 8/9/95........................ 206,666
138,000 Svenska Handelsbanken, Inc., 5.92%, 8/17/95.......................... 136,934
----------
540,805
----------
DRUGS/MEDICAL PRODUCTS--5.3%
210,000 American Home Products Corp., 5.95%, 8/7/95.......................... 208,716
----------
ELECTRONICS--4.8%
190,000 General Electric Co., 5.94%, 8/4/95.................................. 188,934
----------
ENERGY--10.1%
200,000 Chevron Oil Finance Co., 5.93%, 7/12/95.............................. 199,638
200,000 Texaco, Inc., 5.92%, 7/14/95......................................... 199,573
----------
399,211
----------
INSURANCE--7.3%
100,000 Prudential Funding Corp., 5.94%, 8/3/95.............................. 99,456
190,000 Safeco Credit Company, Inc., 5.97%, 7/14/95.......................... 189,590
----------
289,046
----------
MACHINERY--5.1%
200,000 Deere & Co., 5.92%, 7/10/95.......................................... 199,704
----------
MISCELLANEOUS FINANCIAL SERVICES--21.4%
170,000 Avco Financial Services, Inc., 6.00%, 7/24/95........................ 169,348
210,000 Beneficial Corp., 5.90%, 8/22/95..................................... 208,210
170,000 Compagnie Bancaire U.S.A. Finance Corp., 6.05%, 7/18/95.............. 169,514
125,000 CIT Group Holdings, Inc., 5.85%, 7/10/95............................. 124,817
170,000 Halifax Building Society, 6.05%, 8/21/95............................. 168,543
----------
840,432
----------
TECHNOLOGY--4.1%
160,000 IBM Credit Corp., 5.94%, 7/14/95..................................... 159,657
----------
</TABLE>

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1994

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- ----------
<C> <S> <C>
SHORT-TERM CORPORATE NOTES (CONTINUED)
TELECOMMUNICATIONS--8.2%
$ 175,000 American Telephone & Telegraph Co., 5.80%, 7/21/95................... $ 174,436
150,000 Ameritech Corp., 5.90%, 8/10/95...................................... 149,017
----------
323,453
----------
TOBACCO, BEVERAGE/FOOD PRODUCTS--4.6%
180,000 Coca Cola Co., 5.90%, 7/21/95........................................ 179,410
----------

Total Short-Term Corporate Notes (amortized cost--$3,718,054).... $3,718,054
----------
</TABLE>

<TABLE>
<C> <S> <C> <C>
Total Investments (A) (amortized cost--$3,887,585)...... 98.9% $3,887,585
Other Assets in Excess of Other Liabilities............. 1.1 43,774
----- ----------
Total Net Assets........................................ 100.0% $3,931,359
----- ----------
----- ----------
</TABLE>

See accompanying notes to financial statements.

--------------------------------------------------------------------------------
(A) Federal income tax basis of portfolio securities is the same for financial
reporting purposes.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MONEY MARKET PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1995

<TABLE>
<S> <C>
ASSETS
Investments, at value (amortized cost--$3,887,585)............................. $3,887,585
Cash........................................................................... 13,666
Receivable from fund shares sold............................................... 47,538
Receivable from adviser........................................................ 266
Other assets................................................................... 618
----------
Total Assets........................................................... 3,949,673
----------
LIABILITIES
Dividends payable.............................................................. 5,588
Other payables and accrued expenses............................................ 12,726
----------
Total Liabilities...................................................... 18,314
----------
NET ASSETS
Par value ($.01 per share)..................................................... 39,313
Paid-in-surplus................................................................ 3,891,988
Net realized gain on investments............................................... 58
----------
Total Net Assets....................................................... $3,931,359
----------
----------
Fund shares outstanding........................................................ 3,931,301
----------
Net asset value per share...................................................... $1.00
-----
-----
</TABLE>

See accompanying notes to financial statements.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MONEY MARKET PORTFOLIO
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1995

<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME
Interest..................................................................... $111,221
--------
OPERATING EXPENSES
Investment advisory fee (note 2a)............................................ 7,311
Auditing, consulting and tax return preparation fees......................... 5,036
Transfer and dividend disbursing agent fees.................................. 4,536
Reports and notices to shareholders.......................................... 4,227
Legal fees................................................................... 2,283
Custodian fees............................................................... 1,563
Registration fees............................................................ 112
Miscellaneous................................................................ 844
--------
Total operating expenses................................................. 25,912
Less: Investment advisory fee waived and expenses reimbursed (note 2a)... (7,570)
--------
Net operating expenses............................................... 18,342
--------
Net investment income................................................ 92,879
--------
REALIZED GAIN ON INVESTMENTS--NET
Net realized gain on investments............................................. 58
--------
Net increase in net assets resulting from operations..................... $ 92,937
--------
--------
</TABLE>

See accompanying notes to financial statements.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MONEY MARKET PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
SIX MONTHS ENDED SEPTEMBER 16, 1994 (2)
JUNE 30, 1995 (1) TO DECEMBER 31, 1994
----------------- ----------------------
<S> <C> <C>
OPERATIONS
Net investment income................................ $ 92,879 $ 42,375
Net realized gain on investments..................... 58 --
----------------- -----------
Net increase in net assets resulting from
operations............................................... 92,937 42,375
----------------- -----------
DIVIDENDS TO SHAREHOLDERS
Net investment income................................ (92,879) (42,375)
----------------- -----------
FUND SHARE TRANSACTIONS
Net proceeds from sales.............................. 2,393,705 469,215
Net value of securities received (note 1)............ -- 3,407,191
Reinvestment of dividends............................ 87,291 42,375
Cost of shares redeemed.............................. (2,069,221) (499,255)
----------------- -----------
Net increase in net assets from fund share
transactions................................... 411,775 3,419,526
----------------- -----------
Total increase in net assets................. 411,833 3,419,526
NET ASSETS
Beginning of period (note 1)......................... 3,519,526 100,000
----------------- -----------
End of period........................................ $ 3,931,359 $3,519,526
----------------- -----------
----------------- -----------
SHARES ISSUED AND REDEEMED
Issued............................................... 2,393,705 469,215
Issued in exchange for securities (note 1)........... -- 3,407,191
Issued in reinvestment of dividends.................. 87,291 42,375
Redeemed............................................. (2,069,221) (499,255)
----------------- -----------
Net increase..................................... 411,775 3,419,526
----------------- -----------
----------------- -----------
</TABLE>

See accompanying notes to financial statements.

--------------------------------------------------------------------------------

(1) Unaudited.

(2) Commencement of operations.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 1995

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Quest for Value Accumulation Trust (the "Trust") was organized May 12, 1994
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 seven classes
of shares of beneficial interest at $.01 par value; the Equity Portfolio, the
Small Cap Portfolio, the Global Equity Portfolio, the Managed Portfolio, the
Bond Portfolio, the U. S. Government Income Portfolio and the Money Market
Portfolio. Quest for Value Advisors, (the "Adviser"), a majority-owned (99%)
subsidiary of Oppenheimer Capital, serves as the Trust's investment adviser. The
Money Market Portfolio (the "Portfolio"), one of the seven portfolios, had no
operations until September 7, 1994 other than the sale and issuance of 100,000
shares of the Portfolio to the Adviser at an aggregate purchase price of
$100,000 to provide the initial capital of the Trust. On September 16, 1994 ,
Enterprise Accumulation Trust Money Market Portfolio, (formerly known as Quest
for Value Accumulation Trust Money Market Portfolio), distributed cash and
securities aggregating $3,407,191 in exchange for 3,407,191 shares issued from a
taxable reorganization. The following is a summary of significant accounting
policies consistently followed by the Portfolio in the preparation of its
financial statements:

(A) Valuation of Investments

Portfolio securities are valued at amortized cost, which approximates market
value.

(B) Federal Income Taxes

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. Interest income is accrued as
earned. Discounts or premiums on debt securities purchased are accreted or
amortized to interest income over the lives of the respective securities.

(D) Dividends and Distributions

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.

(E) Allocation of Expenses

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995

(2) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

(a) The investment advisory fee is payable monthly to the Adviser, and is
computed as a percentage of the Portfolio's net assets as of the close of
business each day at the annual rate of .40%.

(3) PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 1995, purchases, sales and maturities of
investment securities, were $15,916,116 and $15,646,078, respectively.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
MONEY MARKET PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD:

<TABLE>
<CAPTION>
SIX MONTHS ENDED SEPTEMBER 16, 1994 (2)
JUNE 30, 1995 (1) TO DECEMBER 31, 1994
----------------------------- ----------------------------------
<S> <C> <C>
Net asset value, beginning of period...................... $ 1.00 $ 1.00
Income from investment operations:
Net investment income..................................... 0.03 0.01
Net realized gain on investments.......................... 0.00(3) --
----------- -----------
Total from investment operations...................... 0.03 0.01
----------- -----------
Dividends to shareholders:
Dividends to shareholders from net investment income...... (0.03) (0.01)
----------- -----------
Net asset value, end of period............................ $ 1.00 $ 1.00
----------- -----------
----------- -----------
Total return (4,5)........................................ 5.2% 4.2%
----------- -----------
----------- -----------
Net assets, end of period................................. $ 3,931,359 $3,519,526
----------- -----------
Ratio of net operating expenses to average net assets
(5,7)................................................... 1.00%(6) 1.00%
----------- -----------
Ratio of net investment income to average net assets
(5,7)................................................... 5.08%(6) 4.13%
----------- -----------
</TABLE>

--------------------------------------------------------------------------------

(1) Unaudited.

(2) Commencement of operations.

(3) Less than $.005 per share.

(4) Assumes reinvestment of all dividends and distributions.

(5) Annualized.

(6) Average net assets for the six months ended June 30, 1995 were $3,685,823.

(7) During the periods presented above, the Adviser waived its fees and
reimbursed the Portfolio for a portion of its operating expenses. If such
waivers and reimbursements had not been in effect, the ratio of net
operating expenses to average net assets and the ratio of net investment
income to average net assets would have been 1.42% and 4.66% and 2.03% and
3.10%, respectively.

<PAGE>
QUEST FOR VALUE ACCUMULATION TRUST
ONE WORLD FINANCIAL CENTER
NEW YORK, NY 10281

TRUSTEES AND PRINCIPAL OFFICERS

Joseph M. La Motta Trustee, President
Paul Y. Clinton Trustee
Thomas W. Courtney Trustee
Lacy B. Herrmann Trustee
George Loft Trustee
Bernard H. Garil Vice President
Robert J. Bluestone Vice President
Pierre Daviron Vice President
John C. Giusio, Jr. Vice President
Richard J. Glasebrook, II Vice President
Louis Goldstein Vice President
Vikki Hanges Vice President
Jenny Beth Jones Vice President
Catherine Puc Vice President
Eileen P. Rominger Vice President
Sheldon M. Siegel Treasurer
Deborah Kaback Secretary
Leslie Klein Assistant Treasurer
Ilana R. Marcus Assistant Secretary

INVESTMENT ADVISER

Quest for Value Advisors
One World Financial Center
New York, NY 10281

CUSTODIAN AND TRANSFER AGENT

State Street Bank and Trust Company
P.O. Box 1713
Boston, MA 02105

INDEPENDENT ACCOUNTANTS

Price Waterhouse LLP
1177 Avenue of the Americas
New York, NY 10036

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