[Front Cover]
JUNE 30, 1996
Phoenix Duff & Phelps
Institutional Mutual Funds
Semiannual Report
Balanced Portfolio
Managed Fund Portfolio
Growth Stock Portfolio
Money Market Portfolio
U.S. Government Securities Portfolio
[Phoenix Duff & Phelps double-diamond logo]
Phoenix Semiannual Report
[End Front Cover}
<PAGE>
Table of Contents
Page
Balanced Portfolio ....................... 1
Managed Bond Portfolio ................... 9
Growth Stock Portfolio ................... 15
Money Market Portfolio ................... 21
U.S. Government Securities Portfolio ..... 26
Notes to Financial Statements ............ 30
<PAGE>
INSTITUTIONAL BALANCED PORTFOLIO
INVESTMENT ADVISER'S REPORT
Over this latest reporting period, the outlook for the U.S. economy has
shifted dramatically. At year-end 1995, the consensus opinion on Wall Street
was for continued slow economic growth and benign inflation. During the first
six months of 1996, however, numerous reports were released which suggested
manufacturing activity, consumer spending and job growth had picked up
dramatically.
Bond investors reacted negatively to this upbeat economic news, believing
that a higher growth rate in the economy could potentially trigger higher
inflation, which would erode the value of their fixed-income securities.
Although we have not yet seen any compelling evidence of inflationary
pressures, bond prices continued to stumble during this reporting cycle as
interest rates climbed higher and talk of a Fed tightening became more
widespread. As measured by the Lehman Brothers Aggregate Bond Index, a
commonly used, unmanaged gauge of market performance, bonds returned a
disappointing -1.22% for this six-month period.
Despite rising interest rates and growing concerns about corporate
profitability, the stock market posted solid results aided by record mutual
fund inflows. The Standard & Poor's 500 Composite Stock Index, a commonly
used, unmanaged indicator of stock performance, was up 10.24% during the
first half of 1996. Throughout the reporting period, shifting investor
interest contributed to strong market rotation and a lack of clear industry
leadership. Nevertheless, the consumer staples and technology sectors
performed best over this six-month period, while utilities and basic
materials clearly lagged.
Phoenix Duff & Phelps Institutional Balanced Portfolio posted solid absolute
gains over this reporting period. For the six months ended June 30, 1996, the
Fund's Class X shares provided a total return of 3.11% and Class Y shares
returned 2.98%. In contrast, the Fund's Balanced Benchmark returned 5.36% in
the same period.* As with the broad market returns noted above, all of these
figures assume reinvestment of any distributions, but exclude the effect of
sales charges.
The Fund's overall results were hindered primarily because of its equity
holdings within the technology, health care and utility sectors. Positive
contributors to equity performance during the reporting period included our
consumer staples and energy holdings.
Although bond prices plummeted during this reporting cycle, the Fund's
fixed-income segment continued to perform well relative to its benchmark, the
Lehman Brothers Aggregate Bond Index. Our multi-sector approach to
fixed-income investing has continued to pay off and we are particularly
pleased with the strong performance from our emerging market debt, high-yield
and municipal bond holdings.
Looking ahead, we expect further volatility in the equity markets and
continued earnings shortfalls. Given this environment of slowing corporate
profits, we believe that it is increasingly a growth investor's market and we
will continue to seek out sustainable earnings growth stocks for this Fund.
Based on our thematic approach, we have identified a number of areas that
should provide significant growth potential. Within health care, our 21st
Century Medicine theme focuses on leading companies offering compelling
solutions to health care needs. Energy Technology identifies companies within
the oil services sector that provide productivity-enhancing solutions to
exploration and production companies. Lastly, our Deregulating Financial
Services theme capitalizes on companies that can benefit from the demographic
shift to savings and investments and the continued trend of government
deregulation.
Our short-term outlook for the fixed-income markets remains neutral. Although
bond prices have fallen dramatically over this reporting period, the threat
of rising inflation continues to plague the bond market. In terms of our
sector allocation strategy, we have scaled back our exposure to some of the
less traditional sectors of the bond market as a result of their strong
performance year-to-date. From a valuation standpoint, current yield spreads
on these bonds appear to be less compelling than they were at the beginning
of the year. Despite being much more selective, we are still maintaining
positions in such attractive sectors as emerging markets debt, commercial and
non-agency residential mortgage-backed securities, and taxable municipal
bonds.
As we move further into 1996, we continue to identify many investment
opportunities, while balancing our view with the realization that all markets
take a pause. Slower earnings growth and higher inflation may be near-term
catalysts for such a pause. Thus, we expect to continue holding higher cash
reserves to balance portfolio risk and await a better opportunity to more
fully invest.
1
<PAGE>
Average Annual Total Returns for Periods
Ending 6/30/96
From Inception
5/17/91 to
1 Year 5 Year 6/30/96
-----------------------------------------------------------
Class X 15.24% 12.42% 12.42%
-----------------------------------------------------------
Class Y 14.95% 12.14% 12.15%
-----------------------------------------------------------
Balanced Benchmark
Index* 16.28% 12.01% 11.24%**
-----------------------------------------------------------
Performance data is based on the Portfolio's past performance as a pooled
separate investment account of Phoenix Home Life Mutual Insurance Company
prior to March 1, 1996 (inception of the Fund). Returns indicate past
performance, which is not indicative of future performance. Investment return
and net asset value will fluctuate, so that your shares, when redeemed, may
be worth more or less than the original cost.
* The Balanced Benchmark is calculated by Frank Russell Company based on
the following indexes: 55% S&P 500, 35% Lehman Brothers Aggregate Bond Index
and 10% 90-day Treasury Bills.
** Balanced Benchmark from 5/31/91 to 6/30/96.
INVESTMENTS AT JUNE 30, 1996
(Unaudited)
MOODY'S PAR
BOND VALUE
RATING (000) VALUE
------ ------- -------------
U.S. GOVERNMENT SECURITIES--17.1%
U.S. Treasury Notes--14.0%
U.S. Treasury Notes 7.25%, '96 (h) Aaa $4,100 $ 4,128,946
U.S. Treasury Notes 6.375%, '99 .. Aaa 1,225 1,228,063
U.S. Treasury Notes 6.625%, '01 .. Aaa 1,600 1,610,500
U.S. Treasury Notes 6.875%, '06 .. Aaa 625 631,835
U.S. Treasury Notes 6%, '26 ...... Aaa 260 230,587
-------------
7,829,931
-------------
Agency Mortgage-Backed
Securities--3.1%
GNMA 6.50%, '23 .................. Aaa 1,110 1,034,828
GNMA 6.50%, '26 .................. Aaa 754 702,190
-------------
1,737,018
-------------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $9,605,127) ........................ 9,566,949
-------------
NON-CONVERTIBLE BONDS--8.7%
Non-Agency Mortgage-Backed
Securities--7.6%
Airplanes Pass Through Trust 1D
10.875%, '19 ..................... Ba 100 104,000
CS First Boston Mtg. 95-AE1, B
7.182%, '27 ...................... AA-(d) 191 183,904
DLJ Mortgage 96-CF1, A1B 144A
7.58%, '28 (c) ................... Aaa 75 75,187
G.E. Capital Mortgage Service
96-8, M 7.25%, '26 ............... AA(d) 250 234,922
Green Tree Financial Corp. 96-2,
M1 7.60%, '27 .................... Aa 100 98,062
Green Tree Financial Corp. 96-3,
B1 7.70%, '27 .................... Baa 300 297,000
Lehman Commercial Conduit 95-C2, B
7.18404%, '05 .................... AA(d) 225 218,953
Merrill Lynch Mortgage, Inc.
95-C2, B 7.53%, '21 .............. Aa 96 96,369
Merrill Lynch Mortgage, Inc.
95-C3, B 7.14856%, '25 ........... AA(d) 250 240,977
Non-Agency Mortgage-Backed
Securities--continued
Merrill Lynch Mortgage, Inc.
96-C1, B 7.42%, '28 .............. AA(d) $ 130 $ 127,887
Nationslink Funding Corp. 96-1, B
7.69%, '05 ....................... AA(d) 250 249,844
Residential Funding Mtg. 96-S8, A4
6.75%, '11 ....................... AAA(d) 297 283,733
Residential Funding Mtg. 96-S1,
A11 7.10%, '26 ................... AAA(d) 500 466,484
Residential Funding Mtg. 96-S4, M1
7.25%, '26 ....................... AA(d) 299 281,791
Resolution Trust Corp. 93-C1, B
8.75%, '24 ....................... Aa 200 204,715
Resolution Trust Corp. 95-C2, B
6.80%, '27 ....................... Aa 456 434,722
Resolution Trust Corp. 95-C1, B
6.90%, '27 ....................... Aa 225 214,805
SASC 95-C1, C 7.375%, '24 ........ A(d) 300 290,250
SASC 96-CFL, C 6.525%, '28 ....... A(d) 155 147,444
-------------
4,251,049
-------------
Oil--0.2%
Petropower Funding 144A 7.36%, '14
(c) .............................. BBB(d) 150 139,965
-------------
Paper & Forest Products--0.5%
Buckeye Cellulose Corporation
8.50%, '05 ....................... Ba 300 285,000
-------------
Publishing, Broadcasting, Printing
& Cable--0.2%
Rogers Communications, Inc.
9.125%, '06 ...................... B 100 93,000
-------------
Truckers & Marine--0.2%
Teekay Shipping Corp. 8.32%, '08 . Ba 100 94,000
-------------
TOTAL NON-CONVERTIBLE BONDS
(Identified cost $5,031,061) ........................ 4,863,014
-------------
See Notes to Financial Statements
2
<PAGE>
FOREIGN GOVERNMENT SECURITIES--2.8%
Argentina--0.7%
Republic of Argentina Discount
L-GL Euro 6.4375%, '23 (f) ....... B $ 350 $ 245,000
Republic of Argentina Global Euro
8.375%, '03 ...................... B 150 130,875
-------------
375,875
-------------
Brazil--0.4%
Republic of Brazil C Bond, PIK
Interest Capitalization, 8%, '14
(f) .............................. B 108 67,451
Republic of Brazil Par Z-L Euro
5%, '24 (f) ...................... B 300 166,125
-------------
233,576
-------------
Colombia--0.5%
Republic of Colombia 7.25%, '03 .. Baa 300 282,399
-------------
Mexico--0.4%
United Mexican Discount B Euro
6.3906%, '19 (e) (f) ............. Ba 300 236,250
-------------
Panama--0.5%
Republic of Panama PDI WI, '49 (b)
(g) .............................. NR 450 275,625
-------------
Poland--0.3%
Republic of Poland PDI B 3.75%,
'14 (f) .......................... Baa 200 152,250
-------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified cost $1,487,145) ........................ 1,555,975
-------------
FOREIGN NON-CONVERTIBLE BONDS--0.7%
Indonesia--0.3%
Asia Pulp & Paper Co. Yankee
11.75%, '05 ...................... Ba 150 154,312
-------------
Philippines--0.4%
Bank of Philippines PCIR Euro
6.25%, '17 (f) ................... Ba 270 215,325
-------------
TOTAL FOREIGN NON-CONVERTIBLE BONDS
(Identified cost $350,554) .......................... 369,637
-------------
MUNICIPAL BONDS--4.3%
California--1.1%
Kern County Pension Obligation
Taxable 7.26%, '14 ............... Aaa 200 192,084
Long Beach Pension Obligation
Taxable 6.87%, '06 ............... Aaa 100 97,037
San Bernardino County Obligation
Revenue Taxable 6.87%, '08 ....... Aaa 50 48,242
San Bernardino County Obligation
Revenue Taxable 6.94%, '09 ....... Aaa 135 130,600
Ventura County Pension Taxable
6.54%, '05 ....................... Aaa 125 119,955
-------------
587,918
-------------
Florida--1.5%
Miami Beach Special Obligation
Taxable 8.60%, '21 ............... Aaa $ 395 $ 422,077
University Miami Exchange Revenue
A Taxable 7.65%, '20 ............. Aaa 450 438,224
-------------
860,301
-------------
Michigan--0.3%
Michigan Public Power Agency
Sinker 5.25%, '18 ................ Aaa 185 170,015
-------------
South Carolina--0.2%
South Carolina Public Service
Series C 5%, '25 ................. Aaa 155 133,765
-------------
Virginia--1.2%
Newport News Taxable Series B
7.05%, '25 ....................... Aa 750 689,692
-------------
TOTAL MUNICIPAL BONDS
(Identified cost $2,558,796) ........................ 2,441,691
-------------
SHARES
------
COMMON STOCKS--54.1%
Aerospace & Defense--2.0%
Boeing Company ........................ 7,100 618,587
United Technologies Corp. ............. 4,400 506,000
-------------
1,124,587
-------------
Airlines--2.0%
AMR Corp. (b) ......................... 7,100 646,100
Delta Airlines, Inc. .................. 5,700 473,100
-------------
1,119,200
-------------
Banks--1.9%
Citicorp .............................. 5,500 454,437
NationsBank Corp. ..................... 7,000 578,375
-------------
1,032,812
-------------
Beverages--2.9%
Coca Cola Co. ......................... 14,600 713,575
Northland Cranberries, Inc. Class A ... 30,500 915,000
-------------
1,628,575
-------------
Chemical--0.9%
Monsanto Co. .......................... 15,800 513,500
-------------
Computer Software & Services--4.0%
Computer Associates International, Inc. 6,100 434,625
Computer Sciences Corp. (b) ........... 6,100 455,975
First Data Corp. ...................... 5,800 461,825
Microsoft Corp. (b) ................... 2,700 324,338
Netscape Communications Corp. (b) ..... 4,800 298,800
Oracle Systems Corp. (b) .............. 7,300 287,894
-------------
2,263,457
-------------
Conglomerates--1.0%
Tyco International Ltd. ............... 14,200 578,650
-------------
Diversified Financial Services--1.3%
Green Tree Financial Corp. ............ 9,100 284,374
Travelers Group, Inc. ................. 10,100 460,813
-------------
745,187
-------------
See Notes to Financial Statements
3
<PAGE>
SHARES VALUE
------ ------------
Electrical Equipment--1.2%
General Electric Co. ....................... 7,800 $ 674,700
------------
Electronics--2.1%
Intel Corp. ................................ 4,800 352,500
Perkin Elmer Corp. ......................... 5,900 284,675
Waters Corporation (b) ..................... 16,500 544,500
------------
1,181,675
------------
Entertainment, Leisure & Gaming--0.8%
Walt Disney Co. ............................ 6,700 421,263
------------
Healthcare--Diversified--1.1%
QIAGEN NV (b) (Netherlands) ................ 12,300 186,037
Vical, Inc. (b) ............................ 27,000 432,000
------------
618,037
------------
Healthcare--Drugs--1.0%
Merck & Co., Inc. .......................... 4,400 284,350
Pfizer, Inc. ............................... 3,800 271,225
------------
555,575
------------
Hospital Management & Services--1.1%
U.S. Healthcare, Inc. ...................... 10,600 583,000
------------
Insurance--1.0%
Aetna Life & Casualty Co. .................. 7,800 557,700
------------
Lodging & Restaurants--1.1%
Hilton Hotels Corp. ........................ 5,200 585,000
------------
Machinery--1.0%
Deere & Co. ................................ 14,100 564,000
------------
Medical Products & Supplies--4.1%
Boston Scientific Corp. (b) ................ 13,600 612,000
Guidant Corp. .............................. 11,600 571,300
Medtronic, Inc. ............................ 12,400 694,400
Neuromedical Systems, Inc. (b) ............. 27,400 411,000
------------
2,288,700
------------
Natural Gas--2.2%
Anadarko Petroleum Corp. ................... 7,800 452,400
Apache Corp. ............................... 8,700 286,013
Seagull Energy Corp. (b) ................... 20,600 515,000
------------
1,253,413
------------
Office & Business Equipment--2.4%
Hewlett Packard Co. ........................ 4,000 398,500
Sun Microsystems, Inc. (b) ................. 7,600 447,450
Xerox Corp. ................................ 9,500 508,250
------------
1,354,200
------------
Oil--2.5%
Louisiana Land & Exploration Co. ........... 10,200 587,775
Noble Affiliates, Inc. ..................... 13,900 524,725
Pogo Producing Co. ......................... 7,800 297,375
------------
1,409,875
------------
Oil Service & Equipment--4.6%
Digicon, Inc. (b) .......................... 12,000 $ 201,000
Noble Drilling Corporation (b) ............. 40,600 563,325
Pride Petroleum Services, Inc. (b) ......... 16,800 239,400
Seacor Holdings, Inc. (b) .................. 11,900 532,525
Sonat Offshore Drilling, Inc. .............. 11,100 560,550
Western Atlas, Inc. (b) .................... 8,600 500,950
------------
2,597,750
------------
Professional Services--1.6%
Corrections Corporation of America (b) ..... 7,900 553,000
HFS, Inc. (b) .............................. 4,400 308,000
------------
861,000
------------
Publishing, Broadcasting, Printing &
Cable--2.1%
American Radio Systems Corp. (b) ........... 7,300 313,900
Infinity Broadcasting Corp. Class A (b) .... 8,800 264,000
U.S. Office Products Co. (b) ............... 14,200 596,400
------------
1,174,300
------------
Retail--0.9%
Petsmart, Inc. (b) ......................... 7,600 362,900
Saks Holdings, Inc. (b) .................... 3,500 119,438
------------
482,338
------------
Telecommunications Equipment--2.7%
Cisco Systems, Inc. (b) .................... 8,400 475,650
McLeod, Inc. (b) ........................... 16,700 400,800
Newbridge Networks Corp. (b) ............... 6,000 393,000
U.S. Robotics Corporation (b) .............. 3,100 265,050
------------
1,534,500
------------
Tobacco--2.3%
Philip Morris Companies, Inc. .............. 5,500 572,000
RJR Nabisco Holdings Corp. ................. 22,400 694,400
------------
1,266,400
------------
Truckers & Marine--0.2%
Airnet Systems, Inc. (b) ................... 7,800 124,800
------------
Utility--Telephone--2.1%
AT&T Corp. ................................. 10,900 675,800
MCI Communications Corp. ................... 20,000 512,500
------------
1,188,300
------------
TOTAL COMMON STOCKS
(Identified cost $27,802,971) ....................... 30,282,494
------------
CONVERTIBLE PREFERRED STOCKS--0.7%
Tobacco--0.7%
RJR Nabisco, Inc. 9.25% PERCS .............. 60,700 394,550
------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified cost $374,822) .......................... 394,550
------------
TOTAL LONG-TERM INVESTMENTS--88.4%
(Identified cost $47,210,476) ....................... 49,474,310
------------
See Notes to Financial Statements
4
<PAGE>
STANDARD
& PAR
POOR'S VALUE
RATING (000) VALUE
------- ----- -------------
SHORT-TERM OBLIGATIONS--13.7%
Commercial Paper--7.7%
Emerson Electric Co. 5.55%,
7-1-96 ...................... A-1+ $ 210 $ 210,000
Wal-Mart Stores, Inc. 5.27%,
7-1-96 ...................... A-1+ 2,325 2,325,000
Preferred Receivables Funding
Corp. 5.40%, 7-3-96 ......... A-1 945 944,717
General Re Corp. 5.37%,
8-5-96 ...................... A-1+ 845 840,588
-------------
4,320,305
-------------
PAR
VALUE
(000) VALUE
------- --------------
Federal Agency
Securities--6.0%
U.S. Treasury
Bills 4.80%,
7-11-96 ......... $3,360 $ 3,355,520
--------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost
$7,675,825) ............... 7,675,825
--------------
TOTAL
INVESTMENTS--102.1%
(Identified cost
$54,886,301) .............. 57,150,135(a)
Cash and receivables, less
liabilities--(2.1%) ....... (1,154,385)
--------------
NET ASSETS--100.0% ......... $55,995,750
==============
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $3,249,230 and gross
depreciation of $985,396 for income tax purposes. At June 30, 1996, the
aggregate cost of securities for federal income tax purposes was
$54,886,301.
(b) Non-income producing.
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At June 30,
1996, these securities amounted to a value of $215,152 or 0.4% of net
assets.
(d) As rated by Standard & Poor's, Fitch or Duff and Phelps.
(e) Rights incorporated as a unit.
(f) Variable or step coupon bond; interest rate shown reflects the rate
currently in effect.
(g) When issued.
(h) Segregated as collateral for the when issued obligation.
See Notes to Financial Statements
5
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996
(Unaudited)
Assets
Investment securities at value
(Identified cost $54,886,301) $57,150,135
Cash 4,817
Receivables
Investment securities sold 2,330,235
Fund shares sold 8,311
Dividends and interest 242,790
Prepaid expenses 37,332
------------
Total assets 59,773,620
------------
Liabilities
Payables
Investment securities purchased 3,644,046
Fund shares repurchased 71,053
Investment advisory fee 7,082
Trustees' fee 3,832
Transfer agent fee 3,649
Distribution fee 2,443
Financial agent fee 1,395
Accrued expenses 44,370
------------
Total liabilities 3,777,870
------------
Net Assets $55,995,750
============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $52,036,295
Undistributed net investment income 65,084
Accumulated net realized gain 1,630,537
Net unrealized appreciation 2,263,834
------------
Net Assets $55,995,750
============
Class X
Shares of beneficial interest outstanding, $1 par
value,
unlimited authorization (Net Assets $44,442,549) 2,461,627
Net asset value and offering price per share $18.05
Class Y
Shares of beneficial interest outstanding, $1 par
value,
unlimited authorization (Net Assets $11,553,201) 639,829
Net asset value and offering price per share $18.06
STATEMENT OF OPERATIONS
FROM INCEPTION MARCH 1, 1996
TO JUNE 30, 1996
(Unaudited)
Investment Income
Dividends $ 130,496
Interest 585,355
------------
Total investment income 715,851
------------
Expenses
Investment advisory fee 107,893
Distribution fee--Class Y 10,557
Financial agent fee 5,885
Registration 36,491
Transfer agent 12,035
Custodian 11,280
Professional 10,200
Trustees 10,040
Printing 5,265
Miscellaneous 3,201
------------
Total expenses 212,847
Less expenses borne by investment adviser (74,779)
------------
Net expenses 138,068
------------
Net investment income 577,783
------------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 1,630,537
------------
Net unrealized appreciation on investments end of
period 2,263,834
Less net unrealized appreciation in connection with
PHL Pooled Separate Account L 3,354,661
------------
Net change in unrealized appreciation
(depreciation) (1,090,827)
------------
Net gain on investments 539,710
------------
Net increase in net assets resulting from
operations $ 1,117,493
============
See Notes to Financial Statements
6
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
From Inception
3/1/96 to
6/30/96
--------------
From Operations
Net investment income $ 577,783
Net realized gain 1,630,537
Net change in unrealized appreciation (depreciation) (1,090,827)
--------------
Increase in net assets resulting from operations 1,117,493
--------------
From Distributions to Shareholders
Net investment income--Class X (413,704)
Net investment income--Class Y (98,995)
--------------
Decrease in net assets from distributions to
shareholders (512,699)
--------------
From Share Transactions
Class X
Proceeds from sales of shares (182,443 shares) 3,139,446
Net asset value of shares issued from reinvestment of
distributions (23,334 shares) 413,703
Net asset value of shares issued in conjunction with
conversion of PHL Pooled Separate Account L
(2,524,966 shares) 45,200,432
Cost of shares repurchased (269,116 shares) (4,783,107)
--------------
Total 43,970,474
--------------
Class Y
Proceeds from sales of shares (47,262 shares) 853,190
Net asset value of shares issued from reinvestment of
distributions (5,580 shares) 98,995
Net asset value of shares issued in conjunction with
conversion of PHL Pooled Separate Account L (721,462
shares) 12,915,189
Cost of shares repurchased (134,475 shares) (2,446,892)
--------------
Total 11,420,482
--------------
Increase in net assets from share transactions 55,390,956
--------------
Net increase in net assets 55,995,750
Net Assets
Beginning of period 0
--------------
End of period (including undistributed net investment
income of $65,084) $55,995,750
==============
See Notes to Financial Statements
7
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
(Unaudited)
Class X Class Y
------------- --------------
From
Inception From Inception
3/1/96 to 3/1/96 to
6/30/96 6/30/96
------------- --------------
Net asset value, beginning of period $17.90 $17.90
Income from investment operations
Net investment income 0.18(3) (5) 0.17(3) (5)
Net realized and unrealized gain
(loss) 0.14 0.14
------------- --------------
Total from investment operations 0.32 0.31
------------- --------------
Less distributions
Dividends from net investment income (0.17) (0.15)
Dividends from net realized gains -- --
------------- --------------
Total distributions (0.17) (0.15)
------------- --------------
Change in net asset value 0.15 0.16
------------- --------------
Net asset value, end of period $18.05 $18.06
============= ==============
Total return 1.79% (2) 1.70% (2)
Ratios/supplemental data:
Net assets, end of period (thousands) $44,443 $11,553
Ratio to average net assets of:
Operating expenses 0.65% (1) 0.90% (1)
Net investment income 2.99% (1) 2.77% (1)
Portfolio turnover 97% (2) 97% (2)
Average commission rate paid (4) $0.0635 $0.0635
(1) Annualized
(2) Not annualized
(3) Computed using average shares outstanding.
(4) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share for securities
trades on which commissions are charged. This rate generally does not
reflect mark-ups, mark-downs, or spreads on shares traded on a principal
basis.
(5) Includes reimbursement of operating expenses by investment adviser of
$0.02 and $0.02, respectively.
See Notes to Financial Statements
8
<PAGE>
INSTITUTIONAL MANAGED BOND PORTFOLIO
INVESTMENT ADVISER'S REPORT
Over this latest reporting period, the outlook for the U.S. economy has
shifted dramatically. At year-end 1995, the consensus opinion on Wall Street
was for continued slow economic growth and benign inflation. During the first
six months of 1996, however, numerous reports were released which suggested
manufacturing activity, consumer spending and job growth had picked up
dramatically.
Bond investors reacted negatively to this upbeat economic news, believing
that a higher growth rate in the economy could potentially trigger higher
inflation, which would erode the value of their fixed-income securities.
Although we have not yet seen any compelling evidence of inflationary
pressures, bond prices continued to stumble during this reporting period as
interest rates climbed higher and talk of a Fed tightening later this summer
became more widespread. As of June 30, 1996, the yield on the widely watched
30-year Treasury bond has climbed to 6.91%, representing a 96 basis-point
jump year-to-date.
Phoenix Duff & Phelps Institutional Managed Bond Portfolio posted strong
results over this latest reporting cycle, outpacing the overall bond market
by wide margins. For six months ended June 30, 1996, the Fund's Class X
shares provided a total return of 2.00% and Class Y shares returned 1.88%.
According to the Lehman Brothers Aggregate Bond Index, an unmanaged, but
commonly used measure of bond performance, the market returned -1.22% for the
same period. All of these figures assume reinvestment of any distributions,
but exclude the effect of sales charges.
Our strategy of focusing on the more non-traditional sectors of the bond
market continued to pay-off handsomely in this difficult market environment.
Specifically, the Fund's strong performance can be attributed primarily to
its overweighting in emerging markets debt, high-yield corporate bonds,
commercial mortgage-backed securities and taxable municipals.
As we move into the second half of 1996, we have scaled back the Portfolio's
exposure to some of these non-traditional sectors as a result of their strong
performance year-to-date. From a valuation standpoint, current yield spreads
on these bonds appear to be less compelling than they were at the beginning
of the year. Although we are being much more selective, we are still finding
a number of undervalued sectors. Some of these opportunities include emerging
markets debt, commercial and non-agency residential mortgage-backed
securities, and taxable municipal bonds.
Going forward, we have a constructive outlook for the domestic bond market.
Based on the bearish tone of the market during the first six months of the
year, it appears that market participants may have overreacted to the risk of
inflation. In the Managed Bond Portfolio, we will continue to overweight
undervalued sectors of the bond market as our primary means of adding value
relative to our benchmark, the Lehman Brothers Aggregate Bond Index.
Average Annual Total Returns for Periods
Ending 6/30/96
1 Year 5 Year 10 Year
----------------------------------------------------------------
Class X 9.03% 9.52% 8.40%
----------------------------------------------------------------
Class Y 8.77% 9.24% 8.13%
----------------------------------------------------------------
Lehman Brothers Aggregate Bond
Index* 5.02% 8.26% 8.55%
----------------------------------------------------------------
Performance data is based on the Portfolio's past performance as a pooled
separate investment account of Phoenix Home Life Mutual Insurance Company
prior to March 1, 1996 (inception of the Fund). Returns indicate past
performance, which is not indicative of future performance. Investment return
and net asset value will fluctuate, so that your shares, when redeemed, may
be worth more or less than the original cost.
*The Lehman Brothers Aggregate Bond Index is an unmanaged but commonly used
measure of U.S. bond market performance. It is a combination of several
Lehman Brothers fixed income indexes.
9
<PAGE>
INVESTMENTS AT JUNE 30, 1996
(Unaudited)
MOODY'S PAR
BOND VALUE
RATING (000) VALUE
------- ------- -------------
U.S. GOVERNMENT SECURITIES--30.2%
U.S. Treasury Notes--17.8%
U.S. Treasury Notes 6.375%, '99 . Aaa $3,215 $ 3,223,038
U.S. Treasury Notes 6.625%, '01 . Aaa 6,780 6,824,494
U.S. Treasury Notes 6.875%, '06 . Aaa 1,775 1,794,411
-------------
11,841,943
-------------
Agency Mortgage-Backed Securities--12.4%
FHLMC 9%, '04 ................... Aaa 181 182,415
FHLMC 8.50%, '20 ................ Aaa 1,089 1,107,664
FHLMC 6.65%, '23 ................ Aaa 1,890 1,813,342
FNMA 7%, '07 .................... Aaa 1,014 977,257
FNMA 8.70%, '16 ................. Aaa 468 481,949
FNMA 7.50%, '19 ................. Aaa 1,840 1,800,127
FNMA 6.75%, '20 ................. Aaa 1,920 1,857,216
-------------
8,219,970
-------------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $19,811,019) ....................... 20,061,913
-------------
NON-CONVERTIBLE BONDS--34.0%
Non-Agency Mortgage-Backed Securities--30.6%
Airplanes Pass Through Trust 1C
8.15%, '19 ...................... Bbb 1,400 1,399,125
Airplanes Pass Through Trust 1D
10.875%, '19 .................... Ba 650 676,000
CitiCorp Mortgage Securities
91-9, B 9%, '21 ................. Aaa 400 403,375
DLJ Mortgage Acceptance 94-M11,
B1 8.10%, '04 ................... Baa 1,380 1,361,888
Eaglemark Trust 96-1A, 144A
6.25%, '02 (b) .................. Aaa 1,021 1,018,936
Equitable Life 174 C1, 144A
7.52%, '09 (b) .................. A 2,000 1,989,375
Green Tree Financial Corp. 96-4,
A 6 7.4%, '27 ................... Aaa 1,250 1,239,844
Kidder Peabody Acceptance Corp.
94-C2, D 7.18%, '05 ............. BBB(c) 990 950,400
National Car Rental 96-1, A2 144A
6.80%, '00 (b) .................. A(c) 1,000 996,250
Residential Funding Mortgage
93-S25, M3 6.50%, '08 ........... BBB(c) 685 627,328
Resolution Trust Corp. 92-C7, A1C
7.90%, '23 ...................... Aa 78 77,220
Resolution Trust Corp. 93-C3, A4
6.55%, '24 ...................... Aaa 406 404,914
Resolution Trust Corp. 94-C1, D
8%, '26 ......................... BBB(c) 1,155 1,140,479
Resolution Trust Corp. 94-C2, D
8%, '25 ......................... BBB(c) 961 947,712
Resolution Trust Corp. 95-1, M2
7.50%, '28 ...................... Aa 1,501 1,501,634
Non-Agency Mortgage-Backed Securities--continued
Ryland Mtg. Sec. Corp. 92-A, 1A
8.33%, '30 ...................... A-(c) $ 697 $ 690,629
SASC 95-CI B 7.375%, '24 ........ AA(c) 1,865 1,824,786
SASC 96-CFL C 6.525%, '28 ....... A(c) 350 332,938
Securitized Asset Sales 95-A, M
7.53%, '24 ...................... AA+(c) 1,819 1,754,076
White Hall Partners 95-C1, B 144A
7.43%, '25 (b) .................. AA(c) 1,000 1,004,688
-------------
20,341,597
-------------
Oil--1.8%
Petropower Funding 144A 7.36%,
'14 (b) ......................... BBB(c) 1,290 1,203,699
-------------
Retail-Food--0.2%
ARA Services, Inc. 10.625%, '00 . Ba 107 118,369
-------------
Utility-Electric--1.4%
Louisiana Power & Lighting
10.30%, '05 ..................... Baa 901 938,319
-------------
TOTAL NON-CONVERTIBLE BONDS
(Identified cost $22,343,796) ....................... 22,601,984
-------------
FOREIGN NON-CONVERTIBLE BONDS--5.0%
Chile--1.7%
CSAV 144A 7.375%, '03 (b) ....... BBB(c) 1,240 1,162,500
-------------
Colombia--1.6%
Centragas Yankee 144A 10.65%, '10
(b) ............................. BBB-(c) 1,028 1,052,426
-------------
Indonesia--0.8%
Asia Pulp & Paper Co. Yankee
11.75%, '05 ..................... Ba 500 514,375
-------------
Philippines--0.9%
Bank of Philippines PCIR Euro
6.25%, '17 (d) .................. Ba 750 598,125
-------------
TOTAL FOREIGN NON-CONVERTIBLE BONDS
(Identified cost $3,209,496) ........................ 3,327,426
-------------
FOREIGN GOVERNMENT SECURITIES--6.8%
Argentina--2.1%
Republic of Argentina Discount
L-GL Euro 6.4375%, '23 (d) ...... B 1,000 700,000
Republic of Argentina Par 5.25%,
'23 (d) ......................... B 1,250 685,938
-------------
1,385,938
-------------
Brazil--1.7%
Republic of Brazil Par 5%, '24
(d) ............................. B 750 415,312
Republic of Brazil Discount
Series ZL Euro 6.50%, '24 (d) ... B 1,000 710,625
-------------
1,125,937
-------------
See Notes to Financial Statements
10
<PAGE>
Mexico--1.5%
United Mexican Discount Series C
6.35156%, '19 (d)(e) ............ Ba $ 250 $ 196,875
United Mexican States Euro D
6.45313%, '19 (d)(e) ............ Ba 1,000 787,500
-------------
984,375
-------------
Panama--1.5%
Republic of Panama PDI WI '49
(f)(g) .......................... NR 1,600 980,000
-------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified cost $4,183,467) ........................ 4,476,250
-------------
MUNICIPAL BONDS--16.7%
California--1.8%
Orange County Pension A 7.67%,
'09 ............................. Aaa 1,200 1,207,692
-------------
Florida--3.7%
Palm Beach Waste Revenue Project
B Taxable 10.50%, '11 ........... NR 920 942,632
University Miami Exchange Revenue
A Taxable 7.65%, '20 ............ Aaa 1,590 1,548,390
-------------
2,491,022
-------------
Pennsylvania--8.2%
Beth Israel Medical Center A
Taxable 7.58%, '15 .............. Aaa 920 885,969
Pennsylvania Economic Development
Finance Authority 9.50% '12 ..... NR 2,760 2,731,020
Pennsylvania Financial
Development 6.75%, '07 .......... NR 1,840 1,824,470
-------------
5,441,459
-------------
Virginia--3.0%
Newport News Taxable Series B
7.05%, '25 ...................... Aa $ 670 $ 616,125
Pittsylvania County Series B
7.65%, '10 ...................... NR 1,290 1,356,899
-------------
1,973,024
-------------
TOTAL MUNICIPAL BONDS
(Identified cost $11,079,388) ....................... 11,113,197
-------------
TOTAL LONG-TERM INVESTMENTS--92.7%
(Identified cost $60,627,166) ....................... 61,580,770
-------------
STANDARD
& POOR'S
RATING
-------
SHORT-TERM OBLIGATIONS--17.8%
Commercial Paper--17.8%
Allied Signal Inc. 5.40%,
7-1-96 ..................... A-1 2,700 2,700,000
Anheuser-Busch Companies,
Inc. 5.50%, 7-1-96 ......... A-1+ 2,000 2,000,000
Emerson Electric Co. 5.55%,
7-1-96 ..................... A-1+ 2,000 2,000,000
Wal-Mart Stores, Inc. 5.27%,
7-1-96 ..................... A-1+ 3,000 3,000,000
Preferred Receivables
Funding Corp. 5.40%, 7-3-96 A-1 2,095 2,094,371
--------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $11,794,371) ................ 11,794,371
--------------
TOTAL INVESTMENTS--110.5%
(Identified cost $72,421,537) ................ 73,375,141(a)
Cash and receivables, less
liabilities--(10.5%) ......................... (6,969,098)
--------------
NET ASSETS--100.0% ............................ $66,406,043
==============
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $1,415,547 and gross
depreciation of $461,943 for income tax purposes. At June 30, 1996, the
aggregate cost of securities for federal income tax purposes was
$72,421,537.
(b) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At June 30,
1996, these securities amounted to a value of $8,427,874 or 12.7% of net
assets.
(c) As rated by Standard & Poor's, Fitch or Duff & Phelps.
(d) Variable or step coupon; interest rate shown reflects the rate currently
in effect.
(e) Rights incorporated as a unit.
(f) When issued.
(g) Non-income producing.
See Notes to Financial Statements
11
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996
(Unaudited)
Assets
Investment securities at value
(Identified cost $72,421,537) $73,375,141
Cash 67,133
Receivables
Fund shares sold 4
Interest 851,989
Prepaid expenses 39,818
------------
Total assets 74,334,085
------------
Liabilities
Payables
Investment securities purchased 7,845,837
Fund shares repurchased 17,060
Investment advisory fee 4,826
Trustees' fee 3,832
Transfer agent fee 3,333
Financial agent fee 1,640
Distribution fee 1,413
Accrued expenses 50,101
------------
Total liabilities 7,928,042
------------
Net Assets $66,406,043
============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $64,170,326
Undistributed net investment income 191,650
Accumulated net realized gain 1,090,463
Net unrealized appreciation 953,604
------------
Net Assets $66,406,043
============
Class X
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$59,594,742) 1,772,831
Net asset value and offering price per share $33.62
Class Y
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$6,811,301) 202,643
Net asset value and offering price per share $33.61
STATEMENT OF OPERATIONS
FROM INCEPTION MARCH 1, 1996
TO JUNE 30, 1996
(Unaudited)
Investment Income
Interest $ 1,806,897
------------
Total investment income 1,806,897
------------
Expenses
Investment advisory fee 101,544
Distribution fee--Class Y 5,751
Financial agent fee 6,768
Registration 38,675
Custodian 14,280
Transfer agent 12,866
Professional 11,182
Trustees 10,040
Printing 5,088
Miscellaneous 3,458
------------
Total expenses 209,652
Less expenses borne by investment adviser (79,792)
------------
Net expenses 129,860
------------
Net investment income 1,677,037
------------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 1,090,463
------------
Net unrealized appreciation on investments end of
period 953,604
Less net unrealized appreciation in connection with
PHL Pooled Separate Account P 2,636,529
------------
Net change in unrealized appreciation
(depreciation) (1,682,925)
------------
Net loss on investments (592,462)
------------
Net increase in net assets resulting from
operations $ 1,084,575
============
See Notes to Financial Statements
12
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
From Inception
3/1/96 to
6/30/96
--------------
From Operations
Net investment income $ 1,677,037
Net realized gain 1,090,463
Net change in unrealized appreciation (depreciation) (1,682,925)
--------------
Increase in net assets resulting from operations 1,084,575
--------------
From Distributions to Shareholders
Net investment income--Class X (1,336,796)
Net investment income--Class Y (148,591)
--------------
Decrease in net assets from distributions to
shareholders (1,485,387)
--------------
From Share Transactions
Class X
Proceeds from sales of shares (52,194 shares) 1,758,314
Net asset value of shares issued from reinvestment of
distributions (17,723 shares) 588,064
Net asset value of shares issued in conjunction with
conversion of PHL Pooled
Separate Account P (1,774,264 shares) 60,037,092
Cost of shares repurchased (71,350 shares) (2,428,615)
--------------
Total 59,954,855
--------------
Class Y
Proceeds from sales of shares (17,451 shares) 587,571
Net asset value of shares issued from reinvestment of
distributions (4,478 shares) 148,591
Net asset value of shares issued in conjunction with
conversion of PHL Pooled
Separate Account P (196,803 shares) 6,659,369
Cost of shares repurchased (16,089 shares) (543,531)
--------------
Total 6,852,000
--------------
Increase in net assets from share transactions 66,806,855
--------------
Net increase in net assets 66,406,043
Net Assets
Beginning of period 0
--------------
End of period (including undistributed net investment
income of $191,650) $66,406,043
==============
See Notes to Financial Statements
13
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
(Unaudited)
Class X Class Y
------------- --------------
From
Inception From Inception
3/1/96 to 3/1/96 to
6/30/96 6/30/96
------------- --------------
Net asset value, beginning of period $33.84 $33.84
Income from investment operations
Net investment income 0.86(3)(4) 0.82(3)(4)
Net realized and unrealized gain
(loss) (0.32) (0.32)
------------- --------------
Total from investment operations 0.54 0.50
------------- --------------
Less distributions
Dividends from net investment income (0.76) (0.73)
Distributions from net realized gains -- --
------------- --------------
Total distributions (0.76) (0.73)
------------- --------------
Change in net asset value (0.22) (0.23)
------------- --------------
Net asset value, end of period $33.62 $33.61
============= ==============
Total return 1.57%(2) 1.49%(2)
Ratios/supplemental data:
Net assets, end of period (thousands) $59,595 $6,811
Ratio to average net assets of:
Operating expenses 0.55%(1) 0.80%(1)
Net investment income 7.46%(1) 7.22%(1)
Portfolio turnover 83%(2) 83%(2)
(1) Annualized
(2) Not annualized
(3) Computed using average shares outstanding.
(4) Includes reimbursement of operating expenses by investment adviser of
$0.04 and $0.04 per share, respectively.
See Notes to Financial Statements
14
<PAGE>
INSTITUTIONAL GROWTH STOCK PORTFOLIO
INVESTMENT ADVISER'S REPORT
The first half of 1996 saw a continuation of the strong stock market dating
back to early 1995. Equities shrugged off rising interest rates and mounting
earnings concerns to move higher. Economic activity surprised most analysts
by growing at higher than expected rates--raising the specter of higher
inflation. Despite such concerns, the stock market held up very well as it
was pushed higher by increasing investor flows into equity mutual funds.
After posting strong results in 1995, Phoenix Duff & Phelps Institutional
Growth Stock Portfolio got off to a difficult start in the beginning of the
year and lagged the market during this reporting period. For the six months
ended June 30, 1996, the Fund's Class X shares returned 3.07% and Class Y
shares returned 2.96%. During the same period, the Standard & Poor's 500
Composite Stock Index, a commonly used, unmanaged measure of U.S. stock
market performance, earned 10.24%. All of these figures assume reinvestment
of any distributions, but exclude the effect of sales charges.
In the first quarter, equity investors reacted dramatically to strong
economic reports, resulting in superior performance for economically
sensitive stocks. This market shift away from stable, growth-oriented
companies to cyclical stocks hindered the Fund's performance as we were
underweighted in this area. Performance was also hurt because of weakness in
some of our technology and health care holdings. A number of these stocks had
performed exceptionally well in 1995, but were recently sold off as investors
took profits in this highly volatile market.
On the positive side, the Fund benefited most from holdings in three areas.
Our Energy Technology theme provided the greatest boost to overall results.
We expect to see a continuing positive earnings trend in energy service
companies as demand strengthens worldwide. These companies are survivors of a
15-year downsizing in the energy sector and are well-positioned to benefit
from future growth in exploration and production. The second area of
outperformance has been our Move to Outsourcing theme, which capitalizes on
the growing trend of corporate America to increase productivity and
concentrate on core businesses. Lastly, our exposure to such consumer growth
stocks as Gucci, Harrah's, Melville, Home Depot, Coca Cola and Carnival have
all contributed positively to performance.
As of late, the stock market has shown increased volatility to the downside.
While this may not turn into the long awaited "correction" that many have
anticipated, there are many signs of deterioration in the fundamental and
market outlook. Slower earnings growth and reduced earnings visibility are
placing an increasing premium on those companies that can produce predictable
earnings growth. We continue to believe that a shift favoring growth-style
investing is underway, and that our focus on quality growth companies will
pay-off.
Average Annual Total Returns for Periods
Ending 6/30/96
1 Year 5 Year 10 Year
-----------------------------------------------------
Class X 19.89% 13.04% 14.28%
-----------------------------------------------------
Class Y 19.62% 12.77% 14.00%
-----------------------------------------------------
S & P 500
Index* 26.12% 15.75% 13.76%
-----------------------------------------------------
Performance data is based on the Portfolio's past performance as a pooled
separate investment account of Phoenix Home Life Mutual Insurance Company
prior to March 1, 1996 (inception of the Fund). Returns indicate past
performance, which is not indicative of future performance. Investment return
and net asset value will fluctuate, so that your shares, when redeemed, may
be worth more or less than the original cost.
*The S & P 500 Index is an unmanaged but commonly used measure of stock
return performance.
15
<PAGE>
INVESTMENTS AT JUNE 30, 1996
(Unaudited)
SHARES VALUE
------- -------------
COMMON STOCKS--92.3%
Aerospace & Defense--3.9%
Boeing Company ........................ 45,000 $ 3,920,625
United Technologies Corp. ............. 33,000 3,795,000
-------------
7,715,625
-------------
Banks--3.3%
BankAmerica Corp. ..................... 40,000 3,030,000
Citicorp .............................. 42,000 3,470,250
-------------
6,500,250
-------------
Beverages--1.6%
Coca Cola Co. ......................... 64,000 3,128,000
-------------
Chemical--1.4%
Monsanto Co. .......................... 85,000 2,762,500
-------------
Computer Software & Services--7.9%
Computer Associates International, Inc. 28,000 1,995,000
Computer Sciences Corp. (b) ........... 47,000 3,513,250
DST Systems, Inc. (b) ................. 63,000 2,016,000
First Data Corp. ...................... 30,000 2,388,750
Microsoft Corp. (b) ................... 24,600 2,955,075
Oracle Systems Corp. (b) .............. 65,000 2,563,437
Softkey International, Inc. (b) ....... 1,000 18,937
-------------
15,450,449
-------------
Conglomerates--3.9%
Thermo Electron Corp. ................. 91,500 3,808,687
Tyco International Ltd. ............... 94,000 3,830,500
-------------
7,639,187
-------------
Cosmetics & Soaps--3.2%
Colgate Palmolive Co. ................. 40,000 3,390,000
Estee Lauder Co. Class A .............. 70,000 2,957,500
-------------
6,347,500
-------------
Diversified Financial Services--7.5%
American Express Co. .................. 44,900 2,003,662
Associates First Capital Corporation
(b) ................................... 19,000 714,875
Equifax, Inc. ......................... 124,000 3,255,000
Federal National Mortgage Assoc. ...... 100,000 3,350,000
First USA, Inc. ....................... 40,000 2,200,000
Travelers Group, Inc. ................. 72,000 3,285,000
-------------
14,808,537
-------------
Diversified Miscellaneous--1.4%
Duracell International, Inc. .......... 63,000 2,716,875
-------------
Electrical Equipment--1.7%
Raychem Corp. ......................... 45,700 3,284,687
-------------
Electronics--3.3%
Amphenol Corp. Class A (b) ............ 84,000 1,932,000
Intel Corp. ........................... 31,800 2,335,313
Perkin Elmer Corp. .................... 46,000 2,219,500
-------------
6,486,813
-------------
Entertainment, Leisure & Gaming--3.5%
Carnival Corp. ........................ 102,400 2,956,800
Harrah's Entertainment, Inc. (b) ...... 60,200 1,700,650
Walt Disney Co. ....................... 34,800 2,188,050
-------------
6,845,500
-------------
Healthcare--Drugs--4.6%
Amgen, Inc. (b) ....................... 45,000 $ 2,430,000
Lilly (Eli) & Co. ..................... 51,000 3,315,000
Merck & Co., Inc. ..................... 50,500 3,263,563
-------------
9,008,563
-------------
Hospital Management & Services--7.7%
Columbia/HCA Healthcare Corp. ......... 56,000 2,989,000
Genesis Health Ventures, Inc. (b) ..... 78,500 2,462,938
HEALTHSOUTH Corp. (b) ................. 88,500 3,186,000
Manor Care, Inc. ...................... 70,000 2,756,250
PhyCor, Inc. (b) ...................... 96,000 3,648,000
-------------
15,042,188
-------------
Machinery--2.4%
Case Corp. ............................ 39,000 1,872,000
Dover Corp. ........................... 62,800 2,896,650
-------------
4,768,650
-------------
Medical Products & Supplies--4.4%
Boston Scientific Corp. (b) ........... 63,000 2,835,000
Guidant Corp. ......................... 53,000 2,610,250
Johnson & Johnson ..................... 66,400 3,286,800
-------------
8,732,050
-------------
Natural Gas--1.3%
Apache Corp. .......................... 75,000 2,465,625
-------------
Oil Service & Equipment--9.4%
Diamond Offshore Drilling (b) ......... 74,400 4,259,400
Halliburton Co. ....................... 55,000 3,052,500
Schlumberger Ltd. ..................... 33,000 2,780,250
Tidewater, Inc. ....................... 64,000 2,808,000
Weatherford Enterra, Inc. (b) ......... 98,000 2,940,000
Western Atlas, Inc. (b) ............... 45,000 2,621,250
-------------
18,461,400
-------------
Paper & Forest Products--1.7%
Kimberly Clark Corp. .................. 43,400 3,352,650
-------------
Pollution Control--3.1%
U.S.A. Waste Services, Inc. (b) ....... 70,500 2,088,563
WMX Technologies, Inc. ................ 125,000 4,093,750
-------------
6,182,313
-------------
Professional Services--1.1%
Fritz Cos., Inc. (b) .................. 70,000 2,257,500
-------------
Publishing, Broadcasting, Printing & Cable--0.5%
Clear Channels Communication, Inc. (b) 11,900 980,263
-------------
Retail--5.9%
AutoZone, Inc. (b) .................... 63,500 2,206,625
Corporate Express (b) ................. 55,900 2,236,000
Federated Department Stores, Inc. (b) . 60,000 2,047,500
Home Depot, Inc. ...................... 58,000 3,132,000
Melville Corp. ........................ 48,300 1,956,150
-------------
11,578,275
-------------
Telecommunications Equipment--4.3%
Cisco Systems, Inc. (b) ............... 43,500 2,463,188
Lucent Technologies, Inc. (b) ......... 75,000 2,840,625
See Notes to Financial Statements
16
<PAGE>
SHARES VALUE
------ ------------
Telecommunications Equipment--continued
Newbridge Networks Corp. (b) .... 49,100 $ 3,216,050
------------
8,519,863
------------
Utility--Telephone--3.3%
AT&T Corp. ...................... 69,000 4,278,000
MCI Communications Corp. ........ 86,000 2,203,750
------------
6,481,750
------------
TOTAL COMMON STOCKS
(Identified cost $154,957,352) ........... 181,517,013
------------
FOREIGN COMMON STOCKS--3.6%
Chemical--0.7%
Potash Corp. of Saskatchewan,
Inc. (Canada) ................... 22,000 1,457,500
------------
Cosmetics & Soaps--1.8%
Unilever NV (Netherlands) ....... 23,500 3,410,437
------------
Textile & Apparel--1.1%
Gucci Group NV-NY (Italy) (b) ... 33,600 2,167,200
------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $6,465,955) ............. 7,035,137
------------
TOTAL LONG-TERM INVESTMENTS--95.9%
(Identified cost $161,423,307) ........... 188,552,150
------------
STANDARD
& PAR
POOR'S VALUE
RATING (000) VALUE
------- ------ --------------
SHORT-TERM OBLIGATIONS--8.1%
Commercial Paper--8.1%
Allied Signal, Inc. 5.40%,
7-1-96 .................. A-1 $3,855 $3,855,000
Campbell Soup Co. 5.28%,
7-3-96 .................. A-1+ 2,000 1,999,413
Wal-Mart Stores, Inc.
5.40%, 7-8-96 ........... A-1+ 1,389 1,387,542
H.J. Heinz Co. 5.30%,
7-10-96 ................. A-1 775 773,973
Wal-Mart Stores, Inc.
5.35%,
7-10-96 ................. A-1+ 500 499,331
Exxon Imperial U.S., Inc.
5.26%, 7-12-96 .......... A-1+ 3,875 3,868,772
H.J. Heinz Co. 5.33%,
7-16-96 ................. A-1 525 523,834
AT&T Corp. 5.36%,
7-30-96 ................. A-1 3,025 3,011,939
--------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $15,919,804) ............ 15,919,804
-------------
TOTAL INVESTMENTS--104.0%
(Identified cost $177,343,111) ........... 204,471,954(a)
Cash and receivables, less
liabilities--(4.0%) ...................... (7,792,277)
-------------
NET ASSETS--100.0% ........................ $196,679,677
=============
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $30,147,586 and gross
depreciation of $3,018,743 for income tax purposes. At June 30, 1996, the
aggregate cost of securities for federal income tax purposes was
$177,343,111.
(b) Non-income producing.
See Notes to Financial Statements
17
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996
(Unaudited)
Assets
Investment securities at value
(Identified cost $177,343,111) $204,471,954
Receivables
Investment securities sold 454,526
Dividends and interest 141,425
Fund shares sold 10,694
Prepaid expense 45,556
-------------
Total assets 205,124,155
-------------
Liabilities
Payables
Custodian 11,952
Fund shares repurchased 8,250,451
Investment advisory fee 79,013
Transfer agent fee 5,624
Financial agent fee 5,042
Distribution fee 4,795
Trustees' fee 3,832
Accrued expenses 83,769
-------------
Total liabilities 8,444,478
-------------
Net Assets $196,679,677
=============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $163,164,078
Undistributed net investment income 19,859
Accumulated net realized gain 6,366,897
Net unrealized appreciation 27,128,843
-------------
Net Assets $196,679,677
=============
Class X
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$174,029,518) 3,544,982
Net asset value and offering price per share $49.09
Class Y
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$22,650,159) 461,213
Net asset value and offering price per share $49.11
STATEMENT OF OPERATIONS
FROM INCEPTION MARCH 1, 1996
TO JUNE 30, 1996
(Unaudited)
Investment Income
Dividends $ 701,334
Interest 276,217
------------
Total investment income 977,551
------------
Expenses
Investment advisory fee 417,205
Distribution fee--Class Y 19,863
Financial agent fee 20,860
Registration 70,201
Transfer agent 15,380
Custodian 13,960
Professional 12,400
Trustees 10,040
Printing 5,360
Miscellaneous 9,299
------------
Total expenses 594,568
Less expenses borne by investment adviser (87,966)
------------
Net expenses 506,602
------------
Net investment income 470,949
------------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 6,366,897
------------
Net unrealized appreciation on investments end of
period 27,128,843
Less net unrealized appreciation in connection with
PHL Pooled Separate Account S 28,742,823
------------
Net change in unrealized appreciation
(depreciation) (1,613,980)
------------
Net gain on investments 4,752,917
------------
Net increase in net assets resulting from
operations $ 5,223,866
============
See Notes to Financial Statements
18
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
From Inception
3/1/96 to
6/30/96
--------------
From Operations
Net investment income $ 470,949
Net realized gain 6,366,897
Net change in unrealized
appreciation (depreciation) (1,613,980)
--------------
Increase in net assets resulting
from operations 5,223,866
--------------
From Distributions to Shareholders
Net investment income--Class X (416,021)
Net investment income--Class Y (35,069)
--------------
Decrease in net assets from
distributions to shareholders (451,090)
--------------
From Share Transactions
Class X
Proceeds from sales of shares
(108,094 shares) 5,216,360
Net asset value of shares issued
from reinvestment of distributions
(8,696 shares) 416,021
Net asset value of shares issued in
conjunction with conversion of PHL Pooled
Separate Account S (3,807,589 shares) 182,803,604
Cost of shares repurchased (379,397 shares) (18,631,060)
--------------
Total 169,804,925
--------------
Class Y
Proceeds from sales of shares (30,162 shares) 1,452,168
Net asset value of shares issued from
reinvestment of distributions (733 shares) 35,069
Net asset value of shares issued in
conjunction with conversion of PHL Pooled
Separate Account S (493,631 shares) 23,699,396
Cost of shares repurchased (63,313 shares) (3,084,657)
--------------
Total 22,101,976
--------------
Increase in net assets from share transactions 191,906,901
--------------
Net increase in net assets 196,679,677
Net Assets
Beginning of period 0
--------------
End of period (including undistributed
net investment income of $19,859) $196,679,677
==============
See Notes to Financial Statements
19
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
(Unaudited)
Class X Class Y
------------- --------------
From
Inception From Inception
3/1/96 to 3/1/96 to
6/30/96 6/30/96
------------- --------------
Net asset value, beginning of period $ 48.01 $ 48.01
Income from investment operations
Net investment income 0.12 (4) 0.08 (4)
Net realized and unrealized gain 1.07 1.09
------------- --------------
Total from investment operations 1.19 1.17
------------- --------------
Less distributions
Dividends from net investment income (0.11) (0.07)
Distributions from net realized
gains -- --
------------- --------------
Total distributions (0.11) (0.07)
------------- --------------
Change in net asset value 1.08 1.10
------------- --------------
Net asset value, end of period $ 49.09 $ 49.11
============= ==============
Total return 2.49% (2) 2.43% (2)
Ratios/supplemental data:
Net assets, end of period (thousands) $174,030 $22,650
Ratio to average net assets of:
Operating expenses 0.70%(1) 0.95%(1)
Net investment income 0.71%(1) 0.46%(1)
Portfolio turnover 48%(2) 48%(2)
Average commission rate paid(3) $0.0522 $0.0522
(1) Annualized
(2) Not annualized
(3) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share for securities
trades on which commissions are charged. This rate generally does not
reflect mark-ups, mark-downs, or spreads on shares traded on a principal
basis.
(4) Includes reimbursement of operating expenses by investment adviser of
$0.02 and $0.02, respectively.
See Notes to Financial Statements
20
<PAGE>
INSTITUTIONAL MONEY MARKET PORTFOLIO
INVESTMENT ADVISER'S REPORT
Over this six-month reporting period, Phoenix Duff & Phelps Institutional
Money Market Portfolio produced solid results. As of June 30, 1996, the
Fund's current yield for its Class X shares was 5.13%. This compares
favorably with the 4.72% average yield of taxable money market funds reported
by Donoghue's Money Fund Report. The current yield is a seven-day annualized
yield computed by dividing the average net income earned per share during the
seven-day period preceding the date of calculation by the average daily net
asset value per share for the same period, with resulting figure multiplied
by 365.
The consensus outlook for interest rates changed dramatically over the last
six months. In January, the Federal Reserve cut the federal funds rate from
5.50% to 5.25% in an effort to stimulate what was believed to be a sluggish
U.S. economy. Although it was widely anticipated that the Fed would need to
lower rates again during the first quarter, a surprisingly strong February
employment report provided conflicting evidence about the economy's
condition.
Moving into second quarter, additional data continued to accumulate
supporting the argument that the economy was not nearly as weak as the
financial markets had initially assumed. Most recently, statistics have
indicated that manufacturing activity, consumer spending and job growth have
all picked up dramatically. This upbeat economic news pushed short-term
interest rates up modestly. As of June 30, 1996, the yield on the widely
watched 90-Day Treasury Bill has climbed to 5.20%, representing a 13
basis-point jump year-to-date.
Looking ahead, many on Wall Street are now expecting that the Fed will raise
short-term rates in an attempt to slow down the pace of economic growth and
curb any threat of rising inflation. Since the Central Bank's actions are
often difficult to predict over the short-term, Phoenix Duff & Phelps Money
Market Portfolio continues to be heavily weighted in floating-rate
securities. This type of investment offers attractive yields and some
protection if interest rates should rise over the near term. As always, we
will continue to focus on high credit quality assets for the Fund and
carefully monitor the short-term markets for attractive investment
opportunities.
Average Annual Total Returns for Periods
Ending 6/30/96
1 Year 5 Year 10 Year
-------------------------------------------
Class X 5.64% 4.34% 5.94%
-------------------------------------------
Class Y 5.29% 3.95% 5.55%
-------------------------------------------
90-day
T-bills* 5.43% 4.37% 5.69%
-------------------------------------------
Performance data is based on the Portfolio's past performance as a pooled
separate investment account of Phoenix Home Life Mutual Insurance Company
prior to March 1, 1996 (inception of the Fund). Returns indicate past
performance, which is not indicative of future performance. The Institutional
Money Market Portfolio is neither insured nor guaranteed by the U.S.
government, and there can be no assurance the Fund will be able to maintain a
stable net asset value of $1.00 per share.
*90-day Treasury bills as reported by Salomon Brothers.
21
<PAGE>
INVESTMENTS AT JUNE 30, 1996
(Unaudited)
Face
Amount Interest Maturity
(000) Description Rate Date Value
- --------------------------------------------------------------------------
FEDERAL AGENCY SECURITIES--3.5%
$500 Federal Home Loan Banks ........ 5.75% 10/18/96 $ 500,000
----------
TOTAL FEDERAL AGENCY SECURITIES 500,000
----------
Reset
Date
--------
FEDERAL AGENCY SECURITIES--VARIABLE--35.4% (b)
1,000 Student Loan Marketing Assoc.
(final maturity 08/16/96) ...... 5.61 07/01/96 1,000,000
500 Federal Home Loan Banks (final
maturity 1/14/97) .............. 5.71 07/01/96 500,000
300 Federal Farm Credit Bank (final
maturity 10/2/96) .............. 5.44 07/01/96 300,000
1,500 Student Loan Marketing Assoc.
(final maturity 11/24/97) ...... 5.41 07/02/96 1,500,000
1,000 Student Loan Marketing Assoc.
(final maturity 2/22/99) ....... 5.44 07/02/96 1,000,000
700 Federal National Mortgage Assoc.
(final maturity 12/14/98) ...... 5.52 09/14/96 699,054
----------
TOTAL FEDERAL AGENCY SECURITIES--VARIABLE 4,999,054
----------
Standard
&
Poor's Maturity
Rating Date
----- --------
COMMERCIAL PAPER--60.6%
445 Allied Signal, Inc. .... A-1 5.40 07/01/96 445,000
205 Emerson Electric Co. ... A-1+ 5.55 07/01/96 205,000
305 Bellsouth
Telecommunications, Inc. A-1+ 5.35 07/02/96 304,955
645 Preferred Receivables
Funding Corp. .......... A-1 5.38 07/03/96 644,807
155 H.J. Heinz Co. ......... A-1 5.30 07/09/96 154,817
Standard
Face &
Amount Poor'sInterest Maturity
(000) Description Rating Rate Date Value
- --------------------------------------------------------------------------
COMMERCIAL PAPER--continued
170 Amoco Co. .............. A-1+ 5.35% 07/09/96 $ 169,798
400 H.J. Heinz Co. ......... A-1+ 5.30 07/10/96 399,470
500 Minnesota Mining &
Manufacturing Co. ...... A-1+ 5.40 07/11/96 499,250
285 Shell Oil Co. .......... A-1+ 5.32 07/12/96 284,537
360 Kellogg Co. ............ A-1+ 5.33 07/15/96 359,254
505 Coca Cola Co. .......... A-1+ 5.30 07/18/96 503,736
500 TDK USA, Inc. .......... A-1+ 5.35 07/22/96 498,440
500 E.I. du Pont de Nemours
& Co. .................. A-1+ 5.53 07/23/96 498,299
310 General Re Corp. ....... A-1+ 5.34 07/25/96 308,896
480 Abbott Laboratories .... A-1+ 5.33 07/26/96 478,010
250 Gannett Co. ............ A-1+ 5.33 07/26/96 249,075
250 General Electric Capital
MTN (b) ................ A-1+ 5.41 07/26/96 250,021
310 Merrill Lynch & Co.,
Inc. ................... A-1+ 5.36 07/31/96 308,615
500 Receivable Capital Corp. A-1+ 5.40 08/19/96 496,325
405 Warner-Lambert Co. ..... A-1+ 4.82 08/20/96 402,273
700 General Electric Capital
Corp. (b) .............. A-1+ 5.49 08/22/96 700,056
410 Greenwich Funding Corp. A-1+ 5.40 09/09/96 405,695
----------
TOTAL COMMERCIAL PAPER ..................................... 8,566,329
----------
TOTAL INVESTMENTS--99.5%
(Identified cost $14,065,383) ............................. 14,065,383(a)
Cash and receivables, less liabilities--0.5% .............. 68,127
----------
NET ASSETS--100.0% ......................................... $14,133,510
==========
(a) Federal Income Tax Information: At June 30, 1996, the aggregate cost of
securities was the same for book and tax purposes.
(b) Variable rate demand note. The interest rates shown reflect the rate
currently in effect.
See Notes to Financial Statements
22
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996
(Unaudited)
Assets
Investment securities at value
(Identified cost $14,065,383) $14,065,383
Cash 8,941
Receivables
Fund shares sold 3,087
Interest 45,953
Receivable from adviser 12,577
Prepaid expenses 37,303
------------
Total assets 14,173,244
------------
Liabilities
Payables
Dividend distributions 7,837
Trustees' fee 3,832
Transfer agent fee 3,321
Distribution fee 546
Financial agent fee 344
Accrued expenses 23,854
------------
Total liabilities 39,734
------------
Net Assets $14,133,510
============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $14,129,599
Undistributed net investment income 3,911
------------
Net Assets $14,133,510
============
Class X
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$11,140,850) 11,137,735
Net asset value and offering price per share $1.00
Class Y
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$2,992,660) 2,991,864
Net asset value and offering price per share $1.00
STATEMENT OF OPERATIONS
FROM INCEPTION MARCH 1, 1996
TO JUNE 30, 1996
(Unaudited)
Investment Income
Interest $242,837
---------
Total investment income 242,837
---------
Expenses
Investment advisory fee 11,219
Distribution fee--Class Y 2,065
Financial agent fee 1,348
Registration 26,891
Transfer agent 11,456
Trustees 10,040
Professional 7,600
Printing 4,988
Custodian 3,800
Miscellaneous 796
---------
Total expenses 80,203
Less expenses borne by investment
adviser (62,432)
---------
Net expenses 17,771
---------
Net investment income 225,066
---------
Net increase in net assets resulting from
operations $225,066
=========
See Notes to Financial Statements
23
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
From Inception
3/1/96 to
6/30/96
--------------
From Operations
Net investment income $ 225,066
--------------
Increase in net assets resulting from operations 225,066
--------------
From Distributions to Shareholders
Net investment income--Class X (182,196)
Net investment income--Class Y (38,959)
--------------
Decrease in net assets from distributions to
shareholders (221,155)
--------------
From Share Transactions
Class X
Proceeds from sales of shares (5,587,798 shares) 5,587,798
Net asset value of shares issued from reinvestment of
distributions (174,046 shares shares) 174,046
Net asset value of shares issued in conjunction with
conversion of PHL Pooled
Separate Account G (8,106,057 shares) 8,106,057
Cost of shares repurchased (2,730,166 shares) (2,730,166)
--------------
Total 11,137,735
--------------
Class Y
Proceeds from sales of shares (2,274,840 shares) 2,274,840
Net asset value of shares issued from reinvestment of
distributions (36,233 shares) 36,233
Net asset value of shares issued in conjunction with
conversion of PHL
Pooled Separate Account G (2,666,813 shares) 2,666,813
Cost of shares repurchased (1,986,022 shares) (1,986,022)
--------------
Total 2,991,864
--------------
Increase in net assets from share transactions 14,129,599
--------------
Net increase in net assets 14,133,510
Net Assets
Beginning of period 0
--------------
End of period (including undistributed net investment
income of $3,911) $14,133,510
==============
See Notes to Financial Statements
24
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
(Unaudited)
Class X Class Y
------------- --------------
From
Inception From Inception
3/1/96 to 3/1/96 to
6/30/96 6/30/96
------------- --------------
Net asset value, beginning of period $ 1.00 $ 1.00
Income from investment operations
Net investment income 0.017(1) 0.016(1)
------------- --------------
Total from investment operations 0.017 0.016
------------- --------------
Less distributions
Dividends from net investment
income (0.017) (0.016)
------------- --------------
Change in net asset value -- --
------------- --------------
Net asset value, end of period $ 1.00 $ 1.00
============= ==============
Total return 1.67%(3) 1.58%(3)
Ratios/supplemental data:
Net assets, end of period
(thousands) $11,141 $ 2,993
Ratio to average net assets of:
Operating expenses 0.35% (2) 0.60% (2)
Net investment income 5.06% (2) 4.81% (2)
(1) Includes reimbursement of operating expenses by investment adviser of
$0.005 and $0.005, respectively.
(2) Annualized
(3) Not annualized
See Notes to Financial Statements
25
<PAGE>
Institutional U.S. Government Securities Portfolio
INVESTMENT ADVISER'S REPORT
The first six months of 1996 have been very difficult for the bond market.
Bond investors reacted negatively to the surprisingly strong economic
reports, believing that a higher growth rate in the economy could also
trigger higher inflation. Yields on the 2-year Treasury note and the 10-year
Treasury bond increased 96 and 114 basis points, respectively, over this
six-month reporting cycle. These higher interest rates have translated into
poor returns for the U.S. bond market. According to the Lehman Brothers
Aggregate Bond Index, an unmanaged, but commonly used measure of broad market
performance, bonds returned a disappointing -1.22% year-to-date.
Despite a difficult market environment, the Institutional U.S. Government
Securities Portfolio posted positive returns for the reporting period. For
the six months ended June 30, 1996, the Fund's Class X shares provided a
total return of 1.42% and Class Y shares returned 1.30%. These results were
in line with its benchmark, the Lehman Brothers 1 to 3 year Government Bond
Index. This unmanaged index of non-mortgaged, short-term government
securities returned 1.44% over the same time period. All of these figures
assume reinvestment of any distributions but exclude the effect of sales
charges.
Over the first half of 1996, the Fund's relatively short duration and its
overweighted position in mortgage-backed securities contributed positively to
performance. With the belief that mortgage-backed securities still represent
the best value in the U.S. government securities market, the Fund remains
heavily overweighted in this sector.
Looking ahead, the Fund will continue to emphasize superior credit quality by
investing in "AAA" rated securities. We will also limit the Portfolio's risk
associated with rising interest rates by maintaining a short duration of
approximately 1.75 years. As always, we will carefully monitor valuations in
the U.S. government securities market and will overweight those securities
which we believe represent the best value.
Average Annual Total Returns for Periods
Ending 6/30/96
From Inception
9/30/91 to
1 Year 6/30/96
-----------------------------------------------------------------------
Class X 5.50% 6.52%
-----------------------------------------------------------------------
Class Y 5.24% 6.26%
-----------------------------------------------------------------------
Lehman Brothers 1-3 year Government Bond
Index* 5.48% 5.88%
-----------------------------------------------------------------------
Performance data is based on the Portfolio's past performance as a pooled
separate investment account of Phoenix Home Life Mutual Insurance Company
prior to March 1, 1996 (inception of the Fund). Returns indicate past
performance, which is not indicative of future performance. Investment return
and net asset value will fluctuate, so that your shares, when redeemed, may
be worth more or less than the original cost.
*The Lehman Brothers 1-3 year Government Bond Index is an unmanaged but
commonly used measure of non-mortgaged, short-term government securities
performance.
INVESTMENTS AT JUNE 30, 1996 (Unaudited)
STANDARD
& PAR
POOR'S VALUE
RATING (000) VALUE
------- ----- ----------
U.S. GOVERNMENT SECURITIES--94.0%
U.S. Treasury Notes--14.8%
U.S. Treasury Notes 6.25%, '01 AAA $ 450 $ 445,500
U.S. Treasury Notes 6.875%,
'06 .......................... AAA 1,000 1,010,936
----------
1,456,436
----------
Agency Mortgage-Backed Securities--79.2%
FHLMC 9%, '04 ................ AAA 136 136,640
FHLMC 9.30%, '05 ............. AAA 372 376,649
FHLMC 4.75%, '11 ............. AAA 879 872,986
FNMA 5.75%, '02 .............. AAA 1,000 994,040
FNMA 5.25%, '13 .............. AAA 2,000 1,955,280
FNMA 5.50%, '14 .............. AAA 2,000 1,962,920
FNMA 8.50%, '19 .............. AAA 1,500 1,510,425
----------
7,808,940
----------
PAR
VALUE
(000) VALUE
----- ----- -------------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $9,414,775) ......... $9,265,376
-------------
SHORT-TERM OBLIGATIONS--5.2%
U.S. Treasury
Bills--3.9%
U.S. Treasury Bills 4.80%,
7-11-96 ...................... $380 379,494
-------------
Federal Agency Securities--1.3%
Federal Home Loan Banks 5.29%,
7-8-96 ....................... 130 129,866
-------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $509,360) ........... 509,360
-------------
TOTAL INVESTMENTS--99.2%
(Identified cost $9,924,135) ......... 9,774,736(a)
Cash and receivables, less
liabilities--0.8% ..................... 84,287
-------------
NET ASSETS--100.0% .................... $9,859,023
=============
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $18,486 and gross
depreciation of $167,885 for income tax purposes. At June 30, 1996, the
aggregate cost of securities for federal income tax purposes was
$9,924,135.
See Notes to Financial Statements
26
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996
(Unaudited)
Assets
Investment securities at value
(Identified cost $9,924,135) $ 9,774,736
Cash 10,848
Receivables
Fund shares sold 103
Interest 54,234
Receivable from adviser 12,814
Prepaid expenses 37,493
------------
Total assets 9,890,228
------------
Liabilities
Payables
Fund shares repurchased 2,358
Trustees' fee 3,832
Transfer agent fee 3,069
Distribution fee 632
Financial agent fee 241
Accrued expenses 21,073
------------
Total liabilities 31,205
------------
Net Assets $ 9,859,023
============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $10,113,511
Undistributed net investment income 21,133
Accumulated net realized loss (126,222)
Net unrealized depreciation (149,399)
------------
Net Assets $ 9,859,023
============
Class X
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$6,779,574) 512,900
Net asset value and offering price per share $13.22
Class Y
Shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets
$3,079,449) 233,039
Net asset value and offering price per share $13.21
STATEMENT OF OPERATIONS
FROM INCEPTION MARCH 1, 1996
TO JUNE 30, 1996
(Unaudited)
Investment Income
Interest $ 246,335
----------
Total investment income 246,335
----------
Expenses
Investment advisory fee 12,227
Distribution fee--Class Y 2,712
Financial agent fee 1,224
Registration 24,960
Transfer agent 12,360
Trustees 10,040
Professional 7,360
Printing 4,842
Custodian 3,200
Miscellaneous 797
----------
Total expenses 79,722
Less expenses borne by investment adviser (60,707)
----------
Net expenses 19,015
----------
Net investment income 227,320
----------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized loss on securities (126,222)
----------
Net unrealized depreciation on investments end of
period (149,399)
Less net unrealized depreciation in connection with
PHL Pooled Separate Account U (162,638)
----------
Net change in unrealized appreciation
(depreciation) 13,239
----------
Net loss on investments (112,983)
----------
Net increase in net assets resulting from
operations $ 114,337
==========
See Notes to Financial Statements
27
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
From Inception
3/1/96 to
6/30/96
--------------
From Operations
Net investment income $ 227,320
Net realized loss (126,222)
Net change in unrealized appreciation (depreciation) 13,239
--------------
Increase in net assets resulting from operations 114,337
--------------
From Distributions to Shareholders
Net investment income--Class X (143,980)
Net investment income--Class Y (62,207)
--------------
Decrease in net assets from distributions to
shareholders (206,187)
--------------
From Share Transactions
Class X
Proceeds from sales of shares (36,172 shares) 484,410
Net asset value of shares issued from reinvestment of
distributions (10,957 shares) 143,979
Net asset value of shares issued in conjunction with
conversion of PHL Pooled Separate Account U (826,222
shares) 11,033,355
Cost of shares repurchased (360,451 shares) (4,824,748)
--------------
Total 6,836,996
--------------
Class Y
Proceeds from sales of shares (154,241 shares) 2,066,861
Net asset value of shares issued from reinvestment of
distributions (4,734 shares) 62,205
Net asset value of shares issued in conjunction with
conversion of PHL Pooled Separate Account U (150,065
shares) 2,003,966
Cost of shares repurchased (76,001 shares) (1,019,155)
--------------
Total 3,113,877
--------------
Increase in net assets from share transactions 9,950,873
--------------
Net increase in net assets 9,859,023
Net Assets
Beginning of period 0
--------------
End of period (including undistributed net investment
income of $21,133) $ 9,859,023
==============
See Notes to Financial Statements
28
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
(Unaudited)
Class X Class Y
------------- --------------
From
Inception From Inception
3/1/96 to 3/1/96 to
6/30/96 6/30/96
------------- --------------
Net asset value, beginning of period $13.35 $13.35
Income from investment operations (5)
Net investment income 0.25(3)(4) 0.24(3)(4)
Net realized and unrealized gain
(loss) (0.09) (0.10)
------------- --------------
Total from investment operations 0.16 0.14
------------- --------------
Less distributions
Dividends from net investment income (0.29) (0.28)
Distributions from net realized gains -- --
------------- --------------
Total distributions (0.29) (0.28)
------------- --------------
Change in net asset value (0.13) (0.14)
------------- --------------
Net asset value, end of period $13.22 $13.21
============= ==============
Total return 1.08%(2) 1.00%(2)
Ratios/supplemental data:
Net assets, end of period (thousands) $6,780 $3,079
Ratio to average net assets of:
Operating expenses 0.40%(1) 0.65%(1)
Net investment income 5.63%(1) 5.43%(1)
Portfolio turnover 116%(2) 116%(2)
(1) Annualized
(2) Not annualized
(3) Computed using average shares outstanding.
(4) Includes reimbursement of operating expenses by investment adviser of
$0.07 and $0.07, respectively.
(5) Distributions are made in accordance with the prospectus; however, class
level per share income from investment operations may vary from
anticipated results depending on the time of share purchases and
redemptions.
See Notes to Financial Statements
29
<PAGE>
PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
June 30, 1996 (Unaudited)
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
Phoenix Duff & Phelps Institutional Mutual Funds (the "Fund") is organized as
a Massachusetts business trust and is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end management investment
company whose shares are offered in six separate Portfolios (the
"Portfolios").
Each Portfolio has distinct investment objectives. The Balanced Portfolio
seeks to provide reasonable income, long-term capital growth and conservation
of capital. The Managed Bond Portfolio seeks to generate a high level of
current income and capital appreciation. The Growth Stock Portfolio seeks
long-term appreciation of capital. The Money Market Portfolio seeks to
provide as high a level of current income consistent with capital
preservation and liquidity. The U.S. Government Securities Portfolio seeks a
high level of current income by investing in U.S. Government guaranteed or
backed securities. The Enhanced Reserves Portfolio (not covered in these
financial statements) seeks to provide high current income consistent with
preservation of capital.
Each Portfolio offers both Class X and Class Y shares. Both classes of shares
have identical voting, dividend, liquidation and other rights and the same
terms and conditions, except that Class Y bears different distribution
expenses and has exclusive voting rights with respect to its distribution
plan. Income and expenses of each Portfolio are borne pro rata by the holders
of both classes of shares, except that Class X bears no distribution
expenses.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles. The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets, liabilities, revenues and
expenses. Actual results could differ from those estimates.
A. Security valuation:
In determining the value of the investments of the Balanced Portfolio, the
Managed Bond Portfolio, the Growth Stock Portfolio, and the U.S. Government
Securities Portfolio, the securities for which market quotations are readily
available are valued at market value, which is currently determined using the
last reported sale price, or if no sales are reported, the last reported bid
price. Debt securities (other than short-term obligations, which are valued
on the basis of amortized cost, which approximates market, as defined below)
are valued on the basis of broker quotations or valuations provided by a
pricing service when such prices are believed to reflect the fair value of
such securities. Short-term investments having a remaining maturity of less
than 61 days are valued at amortized cost which approximates market. Prices
provided by the pricing service may be determined without exclusive reliance
on quoted prices and take into account appropriate factors such as
institution-size trading in similar groups of securities, yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other
market data. Use of the pricing service has been approved by the Trustees.
All other securities and assets are valued at their fair value as determined
in good faith by or under the direction of the Trustees.
The Money Market Portfolio uses the amortized cost method of security
valuation which, in the opinion of the Trustees, represents the fair value of
the particular security. The Trustees monitor the deviations between the
classes' net asset value per share as determined by using available market
quotations and its amortized cost per share. If the deviation exceeds 1/2 of
1%, the Board of Trustees will consider what action, if any, should be
initiated to provide a fair valuation. This valuation procedure allows each
class of the Portfolio to maintain a constant net asset value of $1 per
share. The assets of the Portfolio will not be invested in any security with
a maturity of greater than 397 days, and the average weighted maturity of its
portfolio will not exceed 90 days.
B. Security transactions and related income:
Security transactions are recorded on the trade date. Dividend income is
recorded on the ex-dividend date or, in the case of certain foreign
securities, as soon as the Portfolio is notified. Interest income is recorded
on the accrual basis. The Fund does not amortize premiums except for the
Money Market Portfolio, but does amortize discounts using the effective
interest method. Realized gains and losses are determined on the identified
cost basis.
C. Income taxes:
Each of the Portfolios is treated as a separate taxable entity. It is the
policy of each Portfolio in the Fund to comply with the requirements of the
Internal Revenue Code (the Code), applicable to regulated investment
companies, and to distribute substantially all of its taxable income to its
shareholders. In addition, each Portfolio intends to distribute an amount
sufficient to avoid imposition of any excise tax under Section 4982 of the
Code. Therefore, no provision for federal income taxes or excise taxes has
been made.
D. Distributions to shareholders:
Distributions are recorded by each Portfolio on the ex-dividend date. Income
and capital gain distributions are determined in accordance with income tax
regulations
30
<PAGE>
which may differ from generally accepted accounting principles. These
differences include the treatment of non-taxable dividends, expiring capital
loss carryforwards, foreign currency gain/loss, partnerships, and losses
deferred due to wash sales and excise tax regulations. Permanent book and tax
basis differences relating to shareholder distributions will result in
reclassifications to paid in capital.
E. Foreign currency translation:
Foreign securities, other assets and liabilities are valued using the foreign
currency exchange rate effective at the end of the reporting period. Cost of
investments is translated at the currency exchange rate effective at the
trade date. The gain or loss resulting from a change in currency exchange
rates between the trade and settlement dates of a portfolio transaction is
treated as a gain or loss on foreign currency. Likewise, the gain or loss
resulting from a change in currency exchange rates, between the date income
is accrued and paid, is treated as a gain or loss on foreign currency. The
Fund does not separate that portion of the results of operations arising from
changes in exchange rates and that portion arising from changes in the market
prices of securities.
F. Forward currency contracts:
Each of the Portfolios, except U.S. Government Securities Portfolio and Money
Market Portfolio, may enter into forward currency contracts in conjunction
with the planned purchase or sale of foreign denominated securities in order
to hedge the U.S. dollar cost or proceeds. Forward currency contracts
involve, to varying degrees, elements of market risk in excess of the amount
recognized in the statement of assets and liabilities. Risks arise from the
possible movements in foreign exchange rates or if the counterparty does not
perform under the contract.
A forward currency contract involves an obligation to purchase or sell a
specific currency at a future date, which may be any number of days from the
date of the contract agreed upon by the parties, at a price set at the time
of the contract. These contracts are traded directly between currency traders
and their customers. The contract is marked-to-market daily and the change in
market value is recorded by each Portfolio as an unrealized gain (or loss).
When the contract is closed or offset, the Portfolio records a realized gain
(or loss) equal to the change in the value of the contract when it was opened
and the value at the time it was closed or offset.
G. Futures contracts:
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. A Portfolio may enter into
financial futures contracts as a hedge against anticipated changes in the
market value of their portfolio securities. Upon entering into a futures
contract the Portfolio is required to pledge to the broker an amount of cash
and/or securities equal to the "initial margin" requirements of the futures
exchange on which the contract is traded. Pursuant to the contract, the
Portfolio agrees to receive from or pay to the broker an amount of cash equal
to the daily fluctuation in value of the contract. Such receipts or payments
are known as variation margin and are recorded by the Portfolio as unrealized
gains or losses. When the contract is closed, the Portfolio records a
realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
The potential risk to a Portfolio is that the change in value of the futures
contract may not correspond to the change in value of the hedged instruments.
H. Expenses:
Expenses incurred by the Fund with respect to any two or more Portfolios are
allocated in proportion to the net assets of each Portfolio, except where
allocation of direct expense to each Portfolio or an alternative allocation
method can be more fairly made.
NOTE 2. INVESTMENT ADVISORY FEE AND RELATED PARTY TRANSACTIONS
As compensation for its services to the Fund, the Adviser, Phoenix Investment
Counsel, Inc. ("PIC"), an indirect majority-owned subsidiary of PHL, is
entitled to a fee based upon the following annual rates as a percentage of
the average daily net assets of each separate Portfolio:
1st $1+
Portfolio $1 Billion Billion
------------------------------------------------------------
Growth Stock Portfolio 0.60% 0.55%
Balanced Portfolio 0.55% 0.50%
Managed Bond Portfolio 0.45% 0.40%
U.S. Government Securities Portfolio 0.30% 0.25%
Money Market Portfolio 0.25% 0.20%
PIC has voluntarily agreed to assume total fund operating expenses of each
Portfolio, excluding interest, taxes, brokerage fees, commissions and
extraordinary expenses, until December 31, 2001, to the extent that such
expenses exceed the following percentages of average annual net asset values:
31
<PAGE>
Class X Class Y
---------------- -----------------
Balanced Portfolio 0.65% 0.90%
Managed Bond Portfolio 0.55% 0.80%
Growth Stock Portfolio 0.70% 0.95%
Money Market Portfolio 0.35% 0.60%
U.S. Government
Securities Portfolio 0.40% 0.65%
Phoenix Equity Planning Corporation ("PEPCO"), an indirect majority-owned
subsidiary of PHL, serves as the national distributor of the Fund's shares.
Each Portfolio pays PEPCO a distribution fee of an annual rate of 0.25% for
Class Y shares applied to the average daily net assets of each Portfolio. The
distributor has advised the Portfolio that of the total amount expensed for
the period ended June 30, 1996, $30,076 was earned by the Distributor and
$10,872 was earned by unaffiliated participants.
As Financial Agent to the Fund and to each Portfolio, PEPCO receives a fee at
an annual rate of 0.03% of the average daily net assets for bookkeeping,
administrative and pricing services. PEPCO serves as the Funds' Transfer
Agent with State Street Bank and Trust Company as sub-transfer agent. For
the period ended June 30, 1996, transfer agent fees were $64,097 of which
PEPCO retained $23 which is net of fees paid to State Street.
At June 30, 1996, PHL and affiliates held Portfolio shares which aggregated
the following:
Aggregate
Net Asset
Shares Value
---------------- -----------------
Balanced Portfolio Class X 6 $ 100
Balanced Portfolio Class Y 5,634 99,955
Managed Bond Portfolio Class X 3 100
Managed Bond Portfolio Class Y 3,021 100,222
Growth Stock Portfolio Class X 2 100
Growth Stock Portfolio Class Y 2,086 99,821
Money Market Portfolio Class X 101 101
Money Market Portfolio Class Y 101,530 101,530
U.S. Government Securities
Portfolio Class X 8 101
U.S. Government Securities
Portfolio Class Y 7,646 100,464
NOTE 3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities during the period ended June 30, 1996
(excluding U.S. Government securities and short-term securities) aggregated
the following:
Purchases Sales
---------------- -----------------
Balanced Portfolio $37,514,768 $40,144,417
Managed Bond Portfolio 18,830,438 23,084,242
Growth Stock Portfolio 96,189,527 92,177,803
Purchases and sales of U.S. Government securities during the period ended
June 30, 1996, aggregated the following:
Purchases Sales
---------------- -----------------
Balanced Portfolio $13,014,152 $ 9,279,235
Managed Bond Portfolio 34,199,538 29,244,400
U.S. Government Securities
Portfolio 13,246,016 15,791,426
NOTE 4. MERGERS
The Fund commenced operations on March 1, 1996, other than the Enhanced
Reserves Portfolio which became available for sale on July 19, 1996 following
the tax-free reorganization of the Duff & Phelps Enhanced Reserves Fund with
the Phoenix Duff & Phelps Institutional Enhanced Reserves Portfolio. Prior to
March 1, 1996, the Portfolios, other than Enhanced Reserves Portfolio,
existed as separate accounts of Phoenix Home Life Mutual Insurance Company
("PHL"). Upon commencement of operations, the net assets of each separate
account were transferred into the corresponding Portfolio of the Fund in a
tax-free exchange for an equal number of shares of that Portfolio, other than
the Money Market Portfolio which issued 33.828 shares for each unit of the
separate account. The number of shares and dollars issued are listed in each
Portfolio's Statement of Changes in Net Assets.
The net assets of each Portfolio before and after the reorganization are as
follows:
Before After
---------------- -----------------
Balanced Portfolio $100,100 $ 58,215,721
Managed Bond Portfolio 100,100 66,796,561
Growth Stock Portfolio 100,100 206,603,100
Money Market Portfolio 100,100 10,872,970
U.S. Government Securities
Portfolio 100,100 13,137,421
Enhanced Reserves Portfolio -- 136,554,593
32
<PAGE>
PHOENIX DUFF & PHELPS INSTITUTIONAL MUTUAL FUNDS
101 Munson Street
Greenfield, Massachusetts 01301
Board of Trustees
C. Duane Blinn
Robert Chesek
E. Virgil Conway
William W. Crawford
Harry Dalzell-Payne
William N. Georgeson
Francis E. Jeffries
Leroy Keith, Jr.
Philip R. McLoughlin
Everett L. Morris
James M. Oates
Richard A. Pavia
Calvin J. Pedersen
Philip R. Reynolds
Herbert Roth, Jr.
Richard E. Segerson
Lowell P. Weicker, Jr.
Officers
Philip R. McLoughlin, President
William J. Newman, Senior Vice President
George I. Askew, Vice President
James M. Dolan, Vice President
Marvin E. Flewellen, Vice President
Michael E. Haylon, Vice President
Christopher J. Kelleher, Vice President
Thomas S. Melvin, Jr., Vice President
William R. Moyer, Vice President
Leonard J. Saltiel, Vice President
Dorothy J. Skaret, Vice President
James D. Wehr, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Secretary
Investment Adviser
Phoenix Investment Counsel, Inc.
56 Prospect Street
Hartford, Connecticut 06115-0480
Investment Adviser (Enhanced Reserves Portfolio)
Duff & Phelps Investment Management Co.
55 East Monroe Street
Suite 3800
Chicago, Illinois 60603
Custodians
The Chase Manhattan Bank, N.A.
1 Chase Manhattan Plaza
Floor 3B
New York, New York 10081
State Street Bank and Trust Company
(Enhanced Reserves Portfolio)
P.O. Box 1713
Boston, Massachusetts 02101
This report is not authorized for distribution to prospective investors
unless preceded or accompanied by an effective Prospectus which includes
information concerning the sales charge and other pertinent information.
33
<PAGE>
[Back Cover]
Phoenix Duff & Phelps Institutional Mutual Funds
P.O. Box 2200
Enfield, CT 06083-2200
[Phoenix Duff & Phelps double-diamond logo]
PDP 91 (8/96)
Bulk Rate Rail
U.S. Postage
PAID
Springfield, MA
Permit No. 444
- -------[Dalbar Award seal]-------
DALBAR
Honors Commitment To
Investors
1995
- ---------------------------------
[End of Back Cover]
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