- ------------------------------------------------------------------------------
July 31, 1997
PHOENIX
ABERDEEN
- ------------------------------------------------------------------------------
ANNUAL REPORT
Phoenix-Aberdeen
Series Fund
(arrow) NEW ASIA FUND
(arrow) GLOBAL SMALL CAP FUND
(PHOENIX LOGO) PHOENIX
DUFF & PHELPS
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
NEW ASIA SERIES
INVESTOR PROFILE
Phoenix-Aberdeen New Asia Fund is designed for investors seeking long-term
capital appreciation.
INVESTMENT ADVISER'S REPORT
Since the Fund's inception on September 4, 1996, Class A shares have
returned 4.98% and Class B shares have earned 4.37% compared with 12.00% for
the Morgan Stanley All Country Asia Pacific ex Japan Index. All performance
figures assume reinvestment of dividends and exclude the effect of sales
charges.
Although emerging markets in the Far East enjoyed another year of strong
economic growth, with average gross domestic product (GDP) rising about 7% and
earnings increasing 10%-15%, there have been signs of cracks in the Asian
"economic miracle"--most recently in Thailand. An overheated, speculative
property market, combined with high offshore borrowing and a slowing economy,
first affected the stock market, then the currency.
Thailand's problems have had a ripple effect throughout Southeast Asia,
causing nervousness in stock markets and currencies, notably in Indonesia,
Malaysia and the Philippines, but even Hong Kong and Singapore have been
affected. Since we have always been wary of the region's firm belief that
property values can only rise in value, we welcome recent events as a
moderating influence. While the economic fundamentals of Malaysia and the
Philippines are far stronger than Thailand, we believe valuations in Malaysia
and the Philippines are vulnerable to correction. However, we are comfortable
with our Indonesian investments.
The Fund's underperformance can be attributed primarily to an
underweighting in Taiwan and an overweighted position in Thailand. With Hong
Kong's stock market dominated by the property sector where prices are now among
the highest in the world, risks are high and further upside potential is
limited. Therefore, we have minimal exposure to Hong Kong property in the
portfolio. Unfortunately, we have found few quality Chinese companies to invest
in as yet. Singapore remains Asia's best-managed economy, and we have a
relatively large position there.
The Fund benefited from our investments in Australia, which are
concentrated in the industrial, commercial and financial sectors. Performance
was also helped by our weighting in India where the market was strong due to
improved liquidity and declining interest rates.
OUTLOOK
Southeast Asian markets are likely to experience continued volatility at
least in the near term. However, we believe the outlook remains favorable for
long-term investment opportunities. The recent turmoil in the Thailand,
Malaysia and Philippine markets has created attractive valuations for many
companies. While the region faces several challenges, we feel the Fund will
benefit from its focus on quality companies as the momentum toward freer
markets will enhance the differentiation between companies with strong core
businesses and those less disciplined.
1
<PAGE>
New Asia Series
- --------------------------------------------------------------------------------
[Tabular representation of line chart]
9/4/96 7/31/97
-------- ---------
New Asia-Class A $ 9,525 $ 9,998
New Asia-Class B $10,000 $ 9,937
Morgan Stanley* $10,000 $11,200
Total Returns for the Period Ending 7/31/97
<TABLE>
<CAPTION>
From Inception
9/4/96 to
7/31/97
----------------
<S> <C>
Class A with 4.75% sales charge -0.02%
- -------------------------------------------------- -------
Class A at net asset value 4.98%
- -------------------------------------------------- -------
Class B with CDSC -0.63%
- -------------------------------------------------- -------
Class B at net asset value 4.37%
- -------------------------------------------------- -------
Morgan Stanley Capital International
All Country Asia Pacific (excluding Japan) Index* 12.00%
- -------------------------------------------------- -------
</TABLE>
This chart assumes an initial gross investment of $10,000 made on 9/4/96
(inception of the Fund) for Class A and B shares. The total return for Class A
shares reflects the maximum sales charge of 4.75% on the initial investment and
assumes reinvestment of dividends and capital gains. The total return for Class
B shares reflects the 5% contingent deferred sales charge (CDSC), which is
applicable on all shares redeemed during the 1st year after purchase and 4% for
all shares redeemed during the 2nd year after purchase (scaled down to 3%-3rd
year, 2%-4th and 5th year and 0% thereafter). Returns indicate past
performance, which is not predictive 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.
*Morgan Stanley Capital International All Country Asia Pacific (excluding
Japan) Index is a market-value weighted average of the performance of
securities listed on the stock exchanges of 14 countries in Asia and the
Pacific Basin. Performance is calculated on a total return basis, as reported
by Frank Russell Company.
2
<PAGE>
New Asia Series
- --------------------------------------------------------------------------------
INVESTMENTS AT JULY 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C>
COMMON STOCKS--92.2%
Australia--13.1%
Australian Gas Light Co. Ltd. (Utility-Gas) 60,000 $ 375,531
BRL Hardy Ltd. (Beverages) .................. 175,000 479,845
Commonwealth Bank of Australia
--Instalment Receipt (Banks) ............ 35,000 320,766
Davids Ltd. (Retail) ........................ 277,968 182,260
Pacific BBA Ltd. (Miscellaneous) ............ 135,000 573,355
QBE Insurance Group Ltd. (Insurance) ...... 110,000 655,689
------------
2,587,446
------------
Hong Kong--22.7%
CDL Hotels International Ltd. (Hotels) ...... 900,000 424,282
Giordano International Ltd. (Retail) ...... 499,000 314,191
HSBC Holdings PLC (Banks) .................. 30,000 1,046,174
Hongkong Electric Holdings Ltd. (Utility-
Electric) ................................. 135,000 550,985
Manhattan Card Co., Ltd. (Consumer
Finance) ................................. 800,000 335,809
National Mutual Asia Ltd. (Insurance) ...... 540,000 571,908
Smartone Telecommunications (Utility-
Telephone) (b) ........................... 200,000 565,709
Swire Pacific Ltd. Class B (Miscellaneous) 425,000 675,169
------------
4,484,227
------------
India--6.5%
Grasim Industries Ltd. Sponsored GDR
144A (Basic Materials) (c) ............... 27,000 364,500
Industrial Credit & Investment Corporation
of India Ltd. Sponsored GDR
(Diversified Financial Services) ......... 55,000 929,500
------------
1,294,000
------------
Indonesia--7.9%
PT Bank Bali (Banks) ........................ 225,000 623,805
PT Duta Anggada TBK (Property) ............ 450,000 271,032
PT Indosat (Utility-Telephone) ............ 220,000 668,833
------------
1,563,670
------------
Malaysia--7.1%
AMMB Holdings Berhad (Diversified
Financial Services) ..................... 65,000 369,809
Malaysian Oxygen Berhad (Chemical) ......... 95,000 403,565
Muhibbah Engineering Berhad
(Engineering & Construction) ............ 80,000 236,677
Sime UEP Properties Berhad (Property) ...... 186,000 388,014
------------
1,398,065
------------
New Zealand--2.8%
Telecom Corporation of New Zealand Ltd.
(Utility-Telephone) ..................... 110,000 560,132
------------
Philippines--6.4%
Ayala Land, Inc. Class B (Property) ......... 700,000 518,966
Philippine Long Distance Telephone Co.
Sponsored ADR (Utility-Telephone) ......... 22,000 738,375
------------
1,257,341
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C>
Singapore--9.4%
Clipsal Industries Ltd. (Electrical
Equipment) .............................. 135,000 $ 496,800
Development Bank of Singapore Ltd.
(Banks) ................................. 27,000 350,578
Robinson & Co. Ltd. (Retail) ............... 105,000 510,367
Rothmans Industries Ltd. (Tobacco) ......... 95,000 494,052
------------
1,851,797
------------
South Korea--6.7%
Korea Electric Power Corp. Sponsored
ADR (Utility-Electric) .................. 29,000 536,500
Samsung Electronics Sponsored GDR 144A
Non-Voting Shares (Electronics) (c) ...... 25,000 762,500
Samsung Electronics Sponsored GDR 144A
Voting Shares (Electronics) (b) (c) ...... 414 25,254
------------
1,324,254
------------
Taiwan--2.0%
Standard Foods Taiwan Ltd. GDR (Retail-
Food) (b) ................................. 45,000 393,750
------------
Thailand--7.6%
Bangkok Bank Public Company Ltd.
(Banks) ................................. 50,000 389,020
Ruam Pattana Fund II (Closed End Mutual
Fund) .................................... 1,500,000 437,647
Siam Cement Public Co. Ltd. (Building &
Construction) ........................... 14,500 292,957
Siam Commercial Bank Public Co. Ltd.
(Banks) ................................. 90,000 386,823
------------
1,506,447
------------
TOTAL COMMON STOCKS
(Identified cost $17,557,618) ............... 18,221,129
------------
WARRANTS--0.0%
Malaysia--0.0%
AMMB Holdings Berhad Warrants
(Diversified Financial Services) (b) ...... 7,500 9,103
------------
TOTAL WARRANTS
(Identified cost $0) ........................ 9,103
------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD
& POOR'S PAR
RATING VALUE
(Unaudited) (000)
------------- -------
<S> <C> <C> <C>
CONVERTIBLE BONDS--0.1%
Malaysia--0.1%
AMMB Holdings Berhad (ICULS)
Cv. 7.50%, '02
(Diversified Financial
Services) ............... NR 75(d) 26,456
-------------
TOTAL CONVERTIBLE BONDS
(Identified cost $30,030) ........................ 26,456
-------------
</TABLE>
See Notes to Financial Statements
3
<PAGE>
New Asia Series
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STANDARD
& POOR'S PAR
RATING VALUE
(Unaudited) (000) VALUE
------------- --------- --------------------
<S> <C> <C> <C>
NON-CONVERTIBLE BONDS--0.1%
Malaysia--0.1%
AMMB Holdings Berhad 5%, '02
(Diversified Financial
Services) ............... NR 75(d) $ 24,606
---------------
TOTAL NON-CONVERTIBLE BONDS
(Identified cost $30,030) ........................... 24,606
---------------
TOTAL LONG-TERM INVESTMENTS--92.4%
(Identified cost $17,617,678) ..................... 18,281,294
---------------
SHORT-TERM OBLIGATIONS--7.1%
Aubrey G. Lanston & Co., Inc.
repurchase agreement, 5.72%,
dated 7/31/97 due 8/1/97,
repurchase price $1,400,222,
collateralized by U.S. Treasury
Note 6.625%, 4/30/02, market
value $1,430,843 ..................... $ 1,400 1,400,000
---------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $1,400,000) ........................ 1,400,000
---------------
TOTAL INVESTMENTS--99.5%
(Identified cost $19,017,678)........................ 19,681,294(a)
Cash and receivables, less liabilities--0.5% ...... 89,922
---------------
NET ASSETS--100.0% $ 19,771,216
===============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $1,874,904 and gross
depreciation of $1,621,870 for federal income tax purposes. At July 31,
1997, the aggregate cost of securities for federal income tax purposes was
$19,428,260.
(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 July 31,
1997, these securities amounted to a value of $1,152,254 or 5.8% of net
assets.
(d) Par value represents Malaysian Ringgits.
See Notes to Financial Statements
4
<PAGE>
New Asia Series
- --------------------------------------------------------------------------------
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Long-Term Investments
(Unaudited)
<TABLE>
<S> <C>
Banks .............................. 17.1%
Basic Materials ..................... 2.0
Beverages ........................... 2.6
Building & Construction ............ 1.6
Chemical ........................... 2.2
Closed End Mutual Fund ............... 2.4
Consumer Finance ..................... 1.8
Diversified Financial Services ...... 7.4
Electrical Equipment ............... 2.7
Electronics ........................ 4.3
Engineering & Construction ......... 1.3
Hotels .............................. 2.3
Insurance ........................... 6.7
Miscellaneous ........................ 6.8
Property ........................... 6.4
Retail .............................. 5.5
Retail-Food ........................ 2.2
Tobacco .............................. 2.7
Utility-Electric ..................... 6.0
Utility-Gas ........................ 2.1
Utility-Telephone .................. 13.9
------
100.0%
======
</TABLE>
See Notes to Financial Statements
5
<PAGE>
New Asia Series
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1997
<TABLE>
<S> <C>
Assets
Investment securities at value
(Identified cost $19,017,678) $19,681,294
Cash 22,347
Receivables
Investment securities sold 95,221
Dividends and interest 43,925
Fund shares sold 29,205
Tax reclaim 383
Prepaid expenses 5,600
------------
Total assets 19,877,975
------------
Liabilities
Payables
Fund shares repurchased 6,923
Transfer agent fee 10,040
Distribution fee 8,153
Financial agent fee 6,965
Trustees' fee 3,600
Administration fee 2,481
Investment advisory fee 1,809
Accrued expenses 66,788
------------
Total liabilities 106,759
------------
Net Assets $19,771,216
============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $19,029,133
Undistributed net investment income 72,144
Accumulated net realized gain 6,289
Net unrealized appreciation 663,650
------------
Net Assets $19,771,216
============
Class A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $13,354,750) 1,278,692
Net asset value per share $ 10.44
Offering price per share
$10.44/(1-4.75%) $ 10.96
Class B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $6,416,466) 617,740
Net asset value and offering price per share $ 10.39
</TABLE>
STATEMENT OF OPERATIONS
FROM INCEPTION SEPTEMBER 4, 1996
TO JULY 31, 1997
<TABLE>
<S> <C>
Investment Income
Dividends $ 293,861
Interest 110,792
Foreign taxes withheld (29,496)
----------
Total investment income 375,157
----------
Expenses
Investment advisory fee 105,851
Distribution fee--Class A 22,195
Distribution fee--Class B 35,750
Financial agent fee 48,401
Administration fee 18,680
Registration 84,317
Custodian 68,066
Transfer agent 46,971
Professional 22,704
Printing 19,644
Trustees 17,189
Miscellaneous 5,754
----------
Total expenses 495,522
Less expenses borne by investment adviser (207,197)
----------
Net expenses 288,325
----------
Net investment income 86,832
----------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 6,289
Net realized loss on foreign currency transactions (6,423)
Net change in unrealized appreciation (depreciation)
on investments 663,616
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions 34
----------
Net gain on investments 663,516
----------
Net increase in net assets resulting from
operations $ 750,348
==========
</TABLE>
6 See Notes to Financial Statements
<PAGE>
New Asia Series
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
From Inception
September 4, 1996
to July 31, 1997
-------------------
<S> <C>
From Operations
Net investment income $ 86,832
Net realized loss (134)
Net change in unrealized appreciation (depreciation) 663,650
------------
Increase in net assets resulting from operations 750,348
------------
From Distributions to Shareholders
Net investment income--Class A (52,987)
Net investment income--Class B (15,128)
------------
Decrease in net assets from distributions to shareholders (68,115)
------------
From Share Transactions
Class A
Proceeds from sales of shares (1,467,788 shares) 14,761,764
Net asset value of shares issued from reinvestment of distributions (4,967 shares) 49,716
Cost of shares repurchased (194,063 shares) (1,936,251)
------------
Total 12,875,229
------------
Class B
Proceeds from sales of shares (673,230 shares) 6,773,565
Net asset value of shares issued from reinvestment of distributions (1,408 shares) 14,076
Cost of shares repurchased (56,898 shares) (573,887)
------------
Total 6,213,754
------------
Increase in net assets from share transactions 19,088,983
------------
Net increase in net assets 19,771,216
Net Assets
Beginning of period 0
------------
End of period (including undistributed net investment income of $72,144) $ 19,771,216
============
</TABLE>
See Notes to Financial Statements
7
<PAGE>
New Asia Series
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A Class B
--------------------- ----------------------
From Inception From Inception
9/4/96 to 9/4/96 to
7/31/97 7/31/97
--------------------- ----------------------
<S> <C> <C>
Net asset value, beginning of period $ 10.00 $ 10.00
Income from investment operations(8)
Net investment income 0.09(4)(5) 0.01(4)(6)
Net realized and unrealized gain 0.41 0.43
----------- -----------
Total from investment operations 0.50 0.44
----------- -----------
Less distributions
Dividends from net investment income (0.06) (0.05)
Dividends from net realized gains -- --
----------- -----------
Total distributions (0.06) (0.05)
----------- -----------
Change in net asset value 0.44 0.39
----------- -----------
Net asset value, end of period $ 10.44 $ 10.39
=========== ===========
Total return(1) 4.98%(3) 4.37%(3)
Ratios/supplemental data:
Net assets, end of period (thousands) $ 13,355 $ 6,416
Ratio to average net assets of:
Operating expenses 2.10%(2) 2.85%(2)
Net investment income 0.95%(2) 0.06%(2)
Portfolio turnover 9%(3) 9%(3)
Average commission rate paid(7) $ 0.0106 $ 0.0106
</TABLE>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) Annualized
(3) Not annualized
(4) Computed using average shares outstanding.
(5) Includes reimbursement of operating expenses by investment adviser of $0.15.
(6) Includes reimbursement of operating expenses by investment adviser of $0.15.
(7) 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.
(8) 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.
8 See Notes to Financial Statements
<PAGE>
GLOBAL SMALL CAP SERIES
INVESTOR PROFILE
Phoenix-Aberdeen Global Small Cap Fund is designed for investors seeking
long-term capital appreciation.
INVESTMENT ADVISER'S REPORT
Since the Fund's inception on September 4, 1996, Class A shares have
returned 10.80% and Class B shares have earned 10.00% compared with 17.25% for
the FT/S&P--Actuaries World Index Medium/Small Component. All performance
figures assume reinvestment of dividends and exclude the effect of sales
charges.
U.S. market performance was exceptionally strong during this reporting
period, benefiting from steady economic growth and low inflation. Sustained
outperformance by large-cap issues led to pronounced valuation disparities by
mid-summer. We believe these disparities sparked the current resurgence in the
small-cap market and should continue to support their outperformance in the
coming year.
International markets have generally been positive, although local returns
continue to be adversely affected by the strength of the U.S. dollar. In
general, large-cap stocks have outperformed small-cap stocks in all world
equity markets, despite the recent resurgence of mid- to small-cap issues. Most
European markets have had a strong year, with many exchanges recording new
highs. The UK stock market responded very positively to the Labour party
victory in May, and the sterling strengthened after interest rates were raised.
The Swiss, German and Dutch equity markets have all been strong, although
currency weakness has diminished some of the high returns for U.S. investors.
The Japanese market has been mixed although the economy has been showing
steady gains. Half-year corporate earnings were helped by smaller write-offs at
banks and very strong performance in the auto sector.
Far East markets have been generally weak. While economic growth continues
to be strong, the markets have begun in recent weeks to evidence some of the
underlying problems within these developing countries--overheated speculative
property markets combined with high offshore borrowing and slowing growth.
Performance of the global small-cap component suffered from our overweighting
in Southeast Asia where the markets have been very disappointing.
OUTLOOK
Global markets have been very volatile of late, and we expect this
volatility to continue. Most of the recent gains in world stock markets have
been made by the very large-cap issues, but we are beginning to see signs of a
resurgence in small-cap stocks that bodes well for the future of the Fund.
9
<PAGE>
Global Small Cap Series
- --------------------------------------------------------------------------------
[Tabular representation of line chart]
9/4/96 7/31/97
-------- ---------
Global Small-Cap-Class A $ 9,525 $10,552
Global Small Cap-Class B $10,000 $10,500
FT/S&P-Actuaries World Index* $10,000 $11,725
Total Returns for the Period Ending 7/31/97
<TABLE>
<CAPTION>
From Inception
9/4/96 to
7/31/97
----------------
<S> <C>
Class A with 4.75% sales charge 5.52%
- ------------------------------------------ ---------
Class A at net asset value 10.80%
- ------------------------------------------ ---------
Class B with CDSC 5.00%
- ------------------------------------------ ---------
Class B at net asset value 10.00%
- ------------------------------------------ ---------
FT/S&P--Actuaries World Index Medium/Small
Component* 17.25%**
- ------------------------------------------ ---------
</TABLE>
This chart assumes an initial gross investment of $10,000 made on 9/4/96
(inception of the Fund) for Class A and B shares. The total return for Class A
shares reflects the maximum sales charge of 4.75% on the initial investment and
assumes reinvestment of dividends and capital gains. The total return for Class
B shares reflects the 5% contingent deferred sales charge (CDSC), which is
applicable on all shares redeemed during the 1st year after purchase and 4% for
all shares redeemed during the 2nd year after purchase (scaled down to 3%-3rd
year, 2%-4th and 5th year and 0% thereafter). Returns indicate past
performance, which is not predictive 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 FT/S&P--Actuaries World Index[TM] is a broad-based global market index
consisting of over 2,400 stocks, covering 28 countries in the Pacific Basin,
Europe and the American markets. The index is weighted by market
capitalization and returns are calculated on a total return basis. The
Medium/Small component of the FT/S&P--Actuaries World Index consists of
companies in the World Index with market capitalization between $25 million
and $13.9 billion. Performance is reported by Goldman, Sachs & Co.
**Index information from 9/30/96 to 7/31/97.
10
<PAGE>
Global Small Cap Series
- --------------------------------------------------------------------------------
INVESTMENTS AT JULY 31, 1997
<TABLE>
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C>
COMMON STOCKS--93.7%
Argentina--0.4%
SA Importadora y Exportadora de la
Patagonia (Retail/Wholesale--Food) ...... 10,000 $ 160,032
-----------
Australia--1.9%
Davids Ltd. (Retail/Wholesale--Food) ...... 245,100 160,709
Pacific BBA Ltd. (Auto/Truck--
Replacement Parts) ........................ 150,000 637,061
-----------
797,770
-----------
Brazil--1.3%
Centrais Electricas de Santa Catarina SA
(Electric--Power Utility) ............... 90,000 132,145
CIA Energentica Brasillia Preference
Non-Voting Shares (Electric--Power
Utility) ................................. 800,000 124,850
TV Filme, Inc. (Media--Cable TV) (b) ...... 8,000 79,000
Uniao de Bancos Brasileiros SA Sponsored
GDR (Banks--Foreign) (b) .................. 5,000 201,250
-----------
537,245
-----------
Chile--0.3%
Santa Isabel SA Sponsored ADR
(Retail--Supermarkets) .................. 4,500 123,750
-----------
Denmark--1.8%
Danske Traelast (Retail/Wholesale
--Building Products) ..................... 2,800 250,854
Sondagsavisen A/S (Media--Newspapers) . 9,850 492,605
-----------
743,459
-----------
Finland--1.5%
Amer Group Ltd. Class A (Leisure--
Toys/Games/Hobby) (b) ..................... 9,900 180,809
Oy Saunatec Ltd. (Household--
Appliances) .............................. 23,045 244,112
Starckjohann Oy (Building--Construction
Products/Miscellaneous) (b) ............... 100,000 184,461
-----------
609,382
-----------
France--3.5%
Altran Technologies SA
(Telecommunications--Services) ............ 660 213,058
Hyparlo SA
(Retail--Miscellaneous/Diversified) ...... 2,150 196,168
LVL Medical (Medical--Outpatient Home
Care) .................................... 2,310 300,296
Penauille Polyservices (Commercial
Services--Security/Safety) ............... 830 187,515
Picogiga (Electric--Semiconductor
Equipment) (b) ........................... 7,000 219,866
Societe Industrielle D'Aviations Latecoere
SA (Aerospace/Defense) .................. 2,310 318,947
-----------
1,435,850
-----------
Germany--3.3%
Apcoa Parking AG (Commercial
Services--Miscellaneous) .................. 3,000 262,155
Bien-Haus AG
(Building--Mobile/Manufacturing & RV) 550 179,670
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C>
Germany--continued
Leica Camera AG (Leisure--Photo
Equipment/Related) ........................ 6,100 $ 167,885
Loesch Umweltschutz AG (Pollution
Control-- Equipment) ..................... 23,068 555,129
Puma AG (Retail--Apparel/Shoe) ............ 7,300 201,906
-----------
1,366,745
-----------
Hong Kong--3.0%
Giordano International Ltd. (Retail--
Apparel/Shoe) ........................... 651,000 409,897
Innovative International Holdings Ltd.
(Auto/Truck--Original Equipment) ......... 1,000,000 452,050
Magician Industries Holding Ltd.
(Household--Housewares) .................. 1,500,000 402,002
-----------
1,263,949
-----------
India--3.4%
Crompton Greaves Ltd. Sponsored GDR
(Electric Products--Miscellaneous) (b) . 126,700 389,603
Industrial Credit & Investment Corporation
of India Ltd. Sponsored GDR
(Finance--Investment Bankers) (b) ......... 60,000 1,014,000
-----------
1,403,603
-----------
Indonesia--3.6%
PT Bank Bali (Banks--Foreign) ............... 200,000 554,493
PT Duta Anggada TBK (Real Estate
Development) .............................. 800,000 481,835
PT Tigaraksa Satria (Retail--
Miscellaneous/Diversified) ............... 350,000 461,759
-----------
1,498,087
-----------
Ireland--1.0%
Saville Systems Ireland PLC Sponsored ADR
(Computer--Integrated Systems) (b) ...... 6,500 414,375
-----------
Israel--1.2%
Tadiran Ltd.
(Telecommunications--Equipment) ......... 15,242 493,155
-----------
Japan--4.0%
FCC Co. Ltd. (Auto/Truck--Replacement
Parts) .................................... 27,000 640,794
Kawasumi Laboratories
(Medical/Dental--Supplies) ............... 34,000 542,737
Nishio Rent All Co. (Trucks & Parts--
Heavy Duty) .............................. 19,000 229,476
Shinmei Electric (Electric--Miscellaneous
Components) .............................. 12,000 260,473
-----------
1,673,480
-----------
Malaysia--1.3%
Asas Dunia Berhad (Real Estate
Development) .............................. 170,000 531,955
-----------
Mexico--0.5%
Industrias CH SA Series B
(Steel--Producers) (b) .................. 33,000 154,282
Tekchem SA (Chemicals--Specialty) (b) ...... 182,000 41,615
-----------
195,897
-----------
</TABLE>
See Notes to Financial Statements
11
<PAGE>
Global Small Cap Series
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
Netherlands--1.9%
ASM Lithography Holding NV NY
Registered (Electric--Semiconductor
Equipment) ................................. 6,000 $ 486,000
QIAGEN NV (Medical--Biomed/Genetics) (b) 5,700 307,800
-----------
793,800
-----------
Norway--0.6%
Tomra Systems ASA (Pollution Control--
Equipment) ................................. 12,600 257,919
-----------
Singapore--3.8%
Industrial & Commercial Bank Ltd.
(Banks--Foreign) ........................... 78,000 273,080
Robinson & Co. Ltd. (Retail--
Apparel/Shoe) .............................. 140,000 680,489
Rothmans Industries Ltd. (Tobacco) ......... 120,000 624,065
-----------
1,577,634
-----------
Spain--2.1%
Adolfo Dominguez SA (Retail--
Apparel/Shoe) (b) ........................ 4,500 155,538
Catalana Occidente SA (Insurance--Multi
Line) (b) ................................. 5,255 267,028
Corp. Financiera Reunida SA (Finance--
Investment Bankers) (b) .................. 105,485 472,073
-----------
894,639
-----------
Sweden--0.4%
Bure Investment Aktiebolaget (Finance--
Public Traded Investment Funds) ............ 15,000 175,190
-----------
Switzerland--1.0%
Disetronic Holding AG (Medical--
Instruments) .............................. 80 150,784
Lindt & Spruengli AG (Food--
Confectionery) ........................... 15 282,769
-----------
433,553
-----------
Taiwan--1.3%
Standard Foods Taiwan Limited GDR
(Food--Flour & Grain) (b) .................. 60,000 525,000
-----------
Thailand--0.4%
Bangkok First Investment & Trust Ltd.
(Finance--Investment Bankers) ............ 100,000 166,275
-----------
United Kingdom--9.4%
Cedardata PLC (Computer--Software) ......... 75,000 85,367
DCS Group PLC (Computer--Software) ......... 100,000 413,528
GWR Group PLC (Media--Radio/TV) ............ 100,000 282,509
Gerrard Group PLC (Finance--Investment
Bankers) ................................. 83,592 462,042
Gresham Computing PLC (Computer--
Software) ................................. 570,000 280,052
ILP Group PLC (Containers--
Paper/Plastic) ........................... 200,000 90,075
JJB Sports PLC (Retail--Apparel/Shoe) ...... 110,000 862,021
Rolfe & Nolan PLC (Computer--Services) ...... 127,300 755,753
St. James Beach Hotels PLC (Leisure--
Hotels & Motels) ........................... 100,000 316,901
Wilmington Group PLC (Media--
Periodicals) .............................. 200,000 368,490
-----------
3,916,738
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
United States--40.8%
Banks--Midwest--0.6%
Charter One Financial, Inc. .................. 4,500 $ 260,719
-----------
Commercial Services--Miscellaneous--1.0%
Caribiner International, Inc. (b) ............ 2,900 105,487
The Registry, Inc. (b) ..................... 6,000 303,750
-----------
409,237
-----------
Commercial Services--Printing--0.6%
Consolidated Graphics, Inc. (b) ............ 5,400 254,137
-----------
Commercial Services--Schools--0.9%
Computer Learning Centers, Inc. (b) ......... 2,000 95,750
Learning Tree International, Inc. (b) ...... 4,800 195,600
Strayer Education, Inc. ..................... 2,000 75,000
-----------
366,350
-----------
Computer--Integrated Systems--1.0%
DAOU Systems, Inc. (b) ..................... 5,000 98,750
Imnet Systems, Inc. (b) ..................... 9,000 315,000
-----------
413,750
-----------
Computer--Services--3.1%
At Home Corp. Series A (b) .................. 4,000 78,000
Complete Business Solutions, Inc. (b) ...... 7,000 192,500
Computer Horizons Corp. (b) .................. 8,000 320,000
Computer Task Group, Inc. .................. 6,000 269,250
RWD Technologies, Inc. (b) .................. 3,200 67,200
Technology Solutions Co. (b) ............... 9,000 353,250
-----------
1,280,200
-----------
Computer--Software--2.4%
Keane, Inc. (b) .............................. 1,500 91,688
Manugistics Group, Inc. (b) .................. 15,000 648,750
USCS International, Inc. (b) ............... 6,000 195,000
Vantive Corp. (b) ........................... 1,500 46,875
-----------
982,313
-----------
Cosmetics/Personal Care--0.8%
Twinlab Corp. (b) ........................... 4,000 90,500
Weider Nutrition International, Inc. ......... 12,000 220,500
-----------
311,000
-----------
Electric--Laser Systems/Component--1.1%
Cymer, Inc. (b) .............................. 6,500 474,500
-----------
Electric--Miscellaneous Components--1.2%
RF Micro Devices, Inc. (b) .................. 9,000 151,875
Rambus, Inc. (b) ........................... 6,000 331,500
-----------
483,375
-----------
Electric--Semiconductor Equipment--2.4%
Asyst Technologies, Inc. (b) ............... 3,500 188,125
PRI Automation, Inc. (b) ..................... 10,000 496,250
Uniphase Corp. (b) ........................... 4,500 307,125
-----------
991,500
-----------
Electric--Semiconductor Manufacturing--2.8%
Jabil Circuit, Inc. (b) ..................... 13,600 662,150
Sanmina Corp. (b) ........................... 4,000 293,500
Unitrode Corp. (b) ........................... 3,500 208,031
-----------
1,163,681
-----------
</TABLE>
12 See Notes to Financial Statements
<PAGE>
Global Small Cap Series
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------- -------------
<S> <C> <C>
United States--continued
Finance--Consumer Loans--0.5%
FIRSTPLUS Financial Group, Inc. (b) ......... 4,500 $ 205,312
------------
Finance--Equity REIT--0.8%
CCA Prison Realty Trust (b) .................. 1,000 31,000
Security Capital Atlantic, Inc. ............... 12,000 282,000
------------
313,000
------------
Finance--Investment Management--0.5%
ARM Financial Group, Inc. Class A ............ 9,000 186,750
------------
Insurance--Life--0.9%
AmerUs Life Holdings, Inc. Class A ............ 3,500 97,125
Equitable of Iowa Companies .................. 3,000 197,812
ReliaStar Financial Corp. ..................... 1,000 76,687
------------
371,624
------------
Insurance--Property/Casualty/Title--0.5%
American Bankers Insurance Group, Inc. . 3,000 203,063
------------
Leisure--Services--0.0%
Travel Services International, Inc. (b) ...... 500 10,250
------------
Machine--Tools & Related Products--0.3%
JLK Direct Distribution, Inc. Class A (b) . 5,000 128,438
------------
Media--Radio/TV--0.4%
Heftel Broadcasting Corp. Class A (b) ......... 3,000 175,500
------------
Medical--Biomed/Genetics--2.3%
Biogen, Inc. (b) .............................. 4,000 154,000
Immunex Corp. (b) ........................... 13,500 516,375
Incyte Pharmaceuticals, Inc. (b) ............ 4,000 271,000
------------
941,375
------------
Medical--Generic Drugs--0.7%
Watson Pharmaceuticals, Inc. (b) ............ 5,500 272,250
------------
Medical--Hospitals--0.6%
Quorum Health Group, Inc. (b) ............... 7,500 267,188
------------
Medical--Instruments--1.5%
Arterial Vascular Engineering, Inc. (b) ...... 8,500 326,188
Spine-Tech, Inc. (b) ........................ 5,000 296,250
------------
622,438
------------
Medical--Nursing Homes--0.2%
American Retirement Corp. (b) ............... 5,000 101,250
------------
Medical--Products--1.0%
Affymetrix, Inc. (b) ........................ 13,000 424,125
------------
Oil & Gas--Canadian Exploration & Production--0.5%
Domain Energy Corp. (b) ..................... 16,000 222,000
------------
Oil & Gas--Drilling--1.4%
Falcon Drilling Company, Inc. (b) ............ 20,000 577,500
------------
Oil and Gas--Field Services--1.1%
Cal Dive International, Inc. (b) ............ 7,000 186,375
Tuboscope, Inc. (b) ........................... 12,000 289,500
------------
475,875
------------
Oil and Gas--Machinery/Equipment--2.9%
Cooper Cameron Corp. (b) ..................... 4,500 263,812
EVI, Inc. (b) ................................. 4,000 195,500
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-------- -------------
<S> <C> <C>
Oil and Gas--Machinery/Equipment--continued
Gulf Island Fabrication, Inc. (b) ............ 9,600 $ 340,800
Varco International, Inc. (b) ............... 10,000 386,875
------------
1,186,987
------------
Retail--Home Furnishings--0.4%
Ethan Allen Interiors, Inc. .................. 3,500 185,500
------------
Telecommunications--Cellular--0.7%
CellStar Corp. (b) ........................... 10,000 300,000
------------
Telecommunications--Equipment--4.2%
Advanced Fibre Communications (b) ............ 8,500 593,938
Brightpoint, Inc. (b) ........................ 12,200 364,475
CIENA Corp. (b) .............................. 4,000 224,500
Powerwave Technologies, Inc. (b) ............ 4,500 158,062
Spectrian Corp. (b) ........................... 1,000 45,500
Tekelec (b) ................................. 5,000 307,500
World Access, Inc. (b) ........................ 2,400 67,500
------------
1,761,475
------------
Telecommunications--Services--0.5%
Boston Communications Group, Inc. (b) ......... 6,000 81,750
MasTec, Inc. (b) .............................. 2,000 107,375
------------
189,125
------------
Transportation--Equipment Manufacturing--1.0%
Datum, Inc. (b) .............................. 6,000 198,000
Halter Marine Group, Inc. (b) ............... 7,200 220,500
------------
418,500
------------
Total United States .............................. 16,930,287
------------
TOTAL COMMON STOCKS
(Identified cost $34,700,443) .................. 38,919,769
------------
TOTAL LONG-TERM INVESTMENTS
(Identified cost $34,700,443) .................. 38,919,769
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
VALUE
(000)
---------
<S> <C> <C>
SHORT-TERM OBLIGATIONS--6.5%
Aubrey G. Lanston & Co., Inc.
repurchase agreement, 5.72%, dated
7/31/97 due 8/1/97, repurchase price
$2,700,429, collateralized by U.S.
Treasury Note 6.625%, 4/30/02,
market value $2,760,229................ $2,700 2,700,000
------------
$2,700
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $2,700,000) ............................. 2,700,000
------------
TOTAL INVESTMENTS - 100.2%
(Identified cost $37,400,443)............................. 41,619,769(a)
Cash and receivables, less
liabilities -- (0.2%)................................... (87,837)
------------
NET ASSETS -- 100.0% ....................................... $41,531,932
=============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $6,010,405 and gross
depreciation of $2,478,033 for federal income tax purposes. At July 31,
1997, the aggregate cost of securities for federal income tax purposes was
$38,087,397.
(b) Non-income producing.
See Notes to Financial Statements
13
<PAGE>
Global Small Cap Series
- --------------------------------------------------------------------------------
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Long-Term Investments
(Unaudited)
<TABLE>
<S> <C>
Aerospace/Defense ................................. 0.8%
Auto/Truck--Original Equipment ..................... 1.2
Auto/Truck--Replacement Parts ..................... 3.3
Banks--Foreign .................................... 2.6
Banks--Midwest .................................... 0.7
Building--Construction Products/Miscellaneous ...... 0.5
Building--Mobile/Manufacturing & RV ............... 0.5
Chemicals--Specialty .............................. 0.1
Commercial Services--Miscellaneous ............... 1.7
Commercial Services--Printing ..................... 0.7
Commercial Services--Schools ..................... 0.9
Commercial Services--Security/Safety ............... 0.5
Computer--Integrated Systems ..................... 2.1
Computer--Services ................................. 5.2
Computer--Software ................................. 4.5
Containers--Paper/Plastic ........................ 0.2
Cosmetics/Personal Care ........................... 0.8
Electric--Laser Systems/Component .................. 1.2
Electric--Miscellaneous Components ............... 1.9
Electric--Power Utility ........................... 0.7
Electric--Semiconductor Equipment .................. 4.4
Electric--Semiconductor Manufacturing ............ 3.0
Electric Products--Miscellaneous .................. 1.0
Finance--Consumer Loans ........................... 0.5
Finance--Equity REIT .............................. 0.8
Finance--Investment Bankers ........................ 5.4
Finance--Investment Management ..................... 0.5
Finance--Public Traded Investment Funds ............ 0.5
Food--Confectionery .............................. 0.7
Food--Flour & Grain .............................. 1.3
Household--Appliances .............................. 0.6
Household--Housewares .............................. 1.0
Insurance--Life .................................... 1.0
Insurance--Multi Line .............................. 0.7
Insurance--Property/Casualty/Title ............... 0.5
Leisure--Hotels & Motels ........................... 0.8
Leisure--Photo Equipment/Related .................. 0.4
Leisure--Services ................................. 0.0
Leisure--Toys/Games/Hobby ........................ 0.5
Machine--Tools & Related Products .................. 0.3
Media--Cable TV .................................... 0.2
Media--Newspapers ................................. 1.3
Media--Periodicals ................................. 0.9
Media--Radio/TV .................................... 1.2
Medical--Biomed/Genetics ........................... 3.2
Medical--Generic Drugs ........................... 0.7
Medical--Hospitals ................................. 0.7
Medical--Instruments .............................. 2.0
Medical--Nursing Homes ........................... 0.3
Medical--Outpatient Home Care ..................... 0.8
Medical--Products ................................. 1.1
Medical/Dental--Supplies ........................... 1.4
Oil & Gas--Canadian Exploration & Production ...... 0.6
Oil & Gas--Drilling .............................. 1.5
Oil & Gas--Field Services ........................ 1.2
Oil & Gas--Machinery/Equipment ..................... 3.1
Pollution Control--Equipment ..................... 2.1
Real Estate Development ........................... 2.6
Retail--Apparel/Shoe .............................. 5.9
Retail--Home Furnishings ........................... 0.5
Retail--Miscellaneous/Diversified .................. 1.7
Retail--Supermarkets .............................. 0.3
Retail/Wholesale--Building Products ............... 0.6
Retail/Wholesale--Food ........................... 0.8
Steel--Producers ................................. 0.4
Telecommunications--Cellular ..................... 0.8
Telecommunications--Equipment ..................... 5.8
Telecommunications--Services ..................... 1.0
Tobacco ............................................. 1.6
Transportation--Equipment Manufacturing ............ 1.1
Trucks & Parts--Heavy Duty ........................ 0.6
------
100.0%
======
</TABLE>
14 See Notes to Financial Statements
<PAGE>
Global Small Cap Series
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1997
<TABLE>
<S> <C>
Assets
Investment securities at value
(Identified cost $37,400,443) $ 41,619,769
Foreign currency at value
(Identified cost $145,476) 145,451
Cash 15,877
Receivables
Investment securities sold 723,616
Fund shares sold 18,819
Interest and dividends 48,439
Receivable from adviser 33,152
Tax reclaim 7,779
Prepaid expenses 5,598
------------
Total assets 42,618,500
------------
Liabilities
Payables
Investment securities purchased 857,775
Fund shares repurchased 58,404
Distribution fee 19,786
Transfer agent fee 16,238
Financial agent fee 6,964
Administration fee 5,241
Trustees' fee 3,500
Accrued expenses 118,660
------------
Total liabilities 1,086,568
------------
Net Assets $ 41,531,932
============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $ 38,519,900
Undistributed net investment loss (162,808)
Accumulated net realized loss (1,044,791)
Net unrealized appreciation 4,219,631
------------
Net Assets $ 41,531,932
============
Class A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $23,873,958) 2,154,026
Net asset value per share $ 11.08
Offering price per share
$11.08/(1-4.75%) $ 11.63
Class B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $17,657,974) 1,604,682
Net asset value and offering price per share $ 11.00
</TABLE>
STATEMENT OF OPERATIONS
FROM INCEPTION SEPTEMBER 4, 1996
TO JULY 31, 1997
<TABLE>
<S> <C>
Investment Income
Dividends $ 362,395
Interest 180,628
Foreign taxes withheld (40,097)
------------
Total investment income 502,926
------------
Expenses
Investment advisory fee 240,064
Distribution fee--Class A 43,040
Distribution fee--Class B 110,269
Financial agent fee 49,465
Administration fee 42,364
Custodian 107,265
Registration 89,707
Transfer agent 65,571
Professional 22,877
Printing 22,804
Trustees 17,090
Miscellaneous 10,198
------------
Total expenses 820,714
Less expenses borne by investment adviser (144,912)
------------
Net expenses 675,802
------------
Net investment loss (172,876)
------------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized loss on securities (1,044,791)
Net realized loss on foreign currency transactions (60,957)
Net change in unrealized appreciation (depreciation)
on investments 4,219,326
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions 305
------------
Net gain on investments 3,113,883
------------
Net increase in net assets resulting from
operations $ 2,941,007
============
</TABLE>
See Notes to Financial Statements
15
<PAGE>
Global Small Cap Series
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
From Inception
September 4, 1996
to July 31, 1997
-------------------
<S> <C>
From Operations
Net investment loss $ (172,876)
Net realized loss (1,105,748)
Net change in unrealized appreciation (depreciation) 4,219,631
------------
Increase in net assets resulting from operations 2,941,007
------------
From Share Transactions
Class A
Proceeds from sales of shares (2,544,464 shares) 26,115,134
Net asset value of shares issued from reinvestment of distributions (0 shares) --
Cost of shares repurchased (390,438 shares) (4,060,236)
------------
Total 22,054,898
------------
Class B
Proceeds from sales of shares (1,768,033 shares) 18,246,161
Net asset value of shares issued from reinvestment of distributions (0 shares) --
Cost of shares repurchased (163,351 shares) (1,710,134)
------------
Total 16,536,027
------------
Increase in net assets from share transactions 38,590,925
------------
Net increase in net assets 41,531,932
Net Assets
Beginning of period 0
------------
End of period (including undistributed net investment loss of ($162,808)) $ 41,531,932
============
</TABLE>
16 See Notes to Financial Statements
<PAGE>
Global Small Cap Series
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A Class B
------------------------- --------------------------
From Inception From Inception
9/4/96 to 9/4/96 to
7/31/97 7/31/97
------------------------- --------------------------
<S> <C> <C>
Net asset value, beginning of period $ 10.00 $ 10.00
Income from investment operations
Net investment income (loss) (0.03)(4)(5) (0.10)(4)(6)
Net realized and unrealized gain 1.11 1.10
----------- -----------
Total from investment operations 1.08 1.00
----------- -----------
Less distributions
Dividends from net investment income -- --
Dividends from net realized gains -- --
----------- -----------
Total distributions -- --
----------- -----------
Change in net asset value 1.08 1.00
----------- -----------
Net asset value, end of period $ 11.08 $ 11.00
=========== ===========
Total return(1) 10.80% (3) 10.00% (3)
Ratios/supplemental data:
Net assets, end of period (thousands) $ 23,874 $ 17,658
Ratio to average net assets of:
Operating expenses 2.10% (2) 2.85% (2)
Net investment income (loss) (0.32%)(2) (1.07%)(2)
Portfolio turnover 162% (3) 162% (3)
Average commission rate paid(7) $ 0.0127 $ 0.0127
</TABLE>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) Annualized
(3) Not annualized
(4) Computed using average shares outstanding.
(5) Includes reimbursement of operating expenses by investment adviser of
$0.05.
(6) Includes reimbursement of operating expenses by investment adviser of
$0.05.
(7) 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.
See Notes to Financial Statements
17
<PAGE>
PHOENIX-ABERDEEN SERIES FUND
NOTES TO FINANCIAL STATEMENTS
July 31, 1997
1. SIGNIFICANT ACCOUNTING POLICIES
The Phoenix-Aberdeen Series Fund (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 two separate Series. Each Series has distinct
investment objectives.
The New Asia Series seeks as its investment objective long-term capital
appreciation through investing in equity securities of issuers located in at
least three different countries throughout Asia other than Japan. The Global
Small Cap Series seeks as its investment objective long-term capital
appreciation through investing in a globally diversified portfolio of equity
securities of small and medium sized companies.
Each Series offers both Class A and Class B shares. Class A shares are
sold with a front-end sales charge of up to 4.75%. Class B shares are sold with
a contingent deferred sales charge which declines from 5% to zero depending on
the period of time the shares are held. Both classes of shares have identical
voting, dividend, liquidation and other rights and the same terms and
conditions, except that each class bears different distribution expenses and
has exclusive voting rights with respect to its distribution plan. Income and
expenses of each Series are borne pro rata by the holders of both classes of
shares, except that each class bears distribution expenses unique to that
class.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. 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:
Equity securities are valued at the last sale price, or if there had been
no sale that day, at the last bid price. Debt securities are valued on the
basis of broker quotations or valuations provided by a pricing service which
utilizes information with respect to recent sales, market transactions in
comparable securities, quotations from dealers, and various relationships
between securities in determining value. Short-term investments having a
remaining maturity of 60 days or less are valued at amortized cost which
approximates market. All other securities and assets are valued at fair value
as determined in good faith by or under the direction of the Trustees.
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 Series is notified. Interest income is recorded on the accrual
basis. Realized gains and losses are determined on the identified cost basis.
C. Income taxes:
Each of the Series is treated as a separate taxable entity. It is the
policy of each Series 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 and tax-exempt
income to its shareholders. In addition, each Series 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 Series on the ex-dividend date. Income
and capital gain distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles.
These differences include the treatment of non-taxable dividends, foreign
currency gain/loss, partnerships, operating losses 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 and 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 Series 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
18
<PAGE>
PHOENIX-ABERDEEN SERIES FUND
NOTES TO FINANCIAL STATEMENTS
July 31, 1997 (Continued)
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 Series as an unrealized gain (or loss). When
the contract is closed or offset with the same counterparty, the Series 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. Expenses:
Expenses incurred by the Fund with respect to more than one Series are
allocated in proportion to the net assets of each Series, except where
allocation of direct expense to each Series or an alternative allocation method
can be more fairly made.
H. Repurchase agreements
A repurchase agreement is a transaction where a Series acquires a security
for cash and obtains a simultaneous commitment from the seller to repurchase
the security at an agreed upon price and date. The Series, through its
custodian, takes possession of securities collateralizing the repurchase
agreement. The collateral is marked-to-market daily to ensure that the market
value of the underlying assets remains sufficient to protect the Series in the
event of default by the seller. If the seller defaults and the value of the
collateral declines, or, if the seller enters insolvency proceedings,
realization of collateral may be delayed or limited.
2. INVESTMENT ADVISORY FEE AND RELATED PARTY TRANSACTIONS
Phoenix-Aberdeen International Advisors, LLC ("PAIA" or the "Adviser")
serves as the investment adviser to the Fund. PAIA is a joint venture between
PM Holdings, Inc., a direct subsidiary of Phoenix Home Life Mutual Insurance
Company ("PHL"), and Aberdeen Fund Managers, Inc. ("Aberdeen"), a wholly-owned
subsidiary of Aberdeen Trust PLC.
PAIA is entitled to a fee at an annual rate of 0.85% of the average daily
net assets of each Series. Pursuant to sub-advisory agreements, the Adviser
delegates certain investment decisions and functions to other entities. Phoenix
Investment Counsel, Inc. ("PIC"), an indirect, majority-owned subsidiary of
PHL, receives a fee at an annual rate of 0.15% of the average daily net assets
of each Series from PAIA for providing cash management and other services, as
needed. In addition, PAIA allocates certain assets of the Global Small Cap
Series for management by PIC. PAIA pays a sub-advisory fee to PIC at an annual
rate of 0.40% of the average daily net assets of the Global Small Cap Series so
allocated. PAIA also pays a sub-advisory fee to Aberdeen at an annual rate of
0.40% of the average net assets of the New Asia Series and 0.40% of the average
net assets of the Global Small Cap Series allocated to Aberdeen by the Adviser
for management.
The Adviser has agreed to reimburse the New Asia Series and the Global
Small Cap Series to the extent that other operating expenses (excluding
advisory fees, distribution fees, interest, taxes, brokerage fees and
commissions and extraordinary expenses) exceed 1.00% of the average daily net
assets for Class A and Class B shares for each Series.
Phoenix Equity Planning Corporation ("PEPCO" or the "Distributor"), an
indirect, majority-owned subsidiary of PHL, which serves as the national
distributor of the Fund's shares, has advised the Fund that it retained net
selling commissions of $71,678 for Class A shares and deferred sales charges of
$54,140 for Class B shares for the period ended July 31, 1997. In addition,
each Series pays PEPCO a distribution fee at an annual rate of 0.25% for Class
A shares and 1.00% for Class B shares applied to the average daily net assets
of each Series. The Distributor has advised the Fund that of the total amount
expensed for the period ended July 31, 1997, $171,251 was retained by the
Distributor, $30,507 was paid out to unaffiliated participants and $9,496 was
paid to W.S. Griffith, an indirect subsidiary of PHL.
As Financial Agent to the Fund and to each Series, PEPCO received a fee
for bookkeeping and pricing services at an annual rate of 0.03% of the average
daily net assets of each Series through December 31, 1996, and starting on
January 1, 1997, at an annual rate of 0.05% of average daily net assets up to
$100 million, 0.04% of average daily net assets of $100 million to $300
million, 0.03% of average daily net assets of $300 million through $500
million, and 0.015% of average daily net assets greater than $500 million; a
minimum fee may apply. As Administrator for the Fund, Phoenix Duff & Phelps
Corporation ("PDP"), an indirect, majority-owned subsidiary of PHL, received a
fee at an annual rate of 0.15% of the average daily net assets of each Series
for administrative services.
19
<PAGE>
PHOENIX-ABERDEEN SERIES FUND
NOTES TO FINANCIAL STATEMENTS
July 31, 1997 (Continued)
PEPCO serves as the Fund's Transfer Agent with State Street Bank and Trust
Company as sub-transfer agent. For the period ended July 31, 1997, transfer
agent fees were $112,542 of which PEPCO retained $12,042 which is net of fees
paid to State Street.
At July 31, 1997, PHL and its affiliates held Fund shares which aggregated
the following:
<TABLE>
<CAPTION>
Aggregate
Shares Net Asset Value
--------- -----------------
<S> <C> <C>
New Asia Series Class A ...... 291,622 $3,044,538
New Asia Series Class B ...... 10,045 104,368
Global Small Cap Series Class A 490,000 5,429,200
Global Small Cap Series Class B 10,000 110,000
</TABLE>
3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities during the period ended July 31, 1997
(excluding U.S. Government and agency securities, short-term securities, and
forward currency contracts) aggregated the following:
<TABLE>
<CAPTION>
Purchases Sales
------------- -------------
<S> <C> <C>
New Asia Series ......... $18,670,526 $ 1,059,137
Global Small Cap Series 82,470,827 46,725,593
</TABLE>
There were no purchases or sales of long-term U.S. Government and agency
securities during the period ended July 31, 1997.
4. CREDIT RISK
In countries with limited or developing markets, investments may present
greater risks than in more developed markets and the prices of such investments
may be volatile. The consequences of political, social or economic changes in
these markets may have disruptive effects on the market prices of these
investments and the income they generate, as well as a Series' ability to
repatriate such amounts.
5. CAPITAL LOSS CARRYOVERS
At July 31, 1997, the Global Small Cap Series had a capital loss carryover
of $166,196, expiring in 2005, which may be used to offset future capital
gains.
Under current tax law, foreign currency and capital losses realized after
October 31, 1996, may be deferred and treated as occurring on the first day of
the following fiscal year. For the year ended July 31, 1997, the following
foreign currency and capital losses were deferred:
<TABLE>
<S> <C>
New Asia Series ............... $ 4,097
Global Small Cap Series ...... 777,042
</TABLE>
6. RECLASS OF CAPITAL ACCOUNTS
In accordance with accounting pronouncements, the Series of the Fund have
recorded several reclassifications in the capital accounts. These
reclassifications have no impact on the net asset value of the Series and are
designed generally to present undistributed income and realized gains on a tax
basis which is considered to be more informative to the shareholder. As of July
31, 1997, the Series recorded the following reclassifications to increase
(decrease) the accounts listed below:
<TABLE>
<CAPTION>
Capital paid
Undistributed Accumulated in on shares
net investment net realized of beneficial
income (loss) gain (loss) interest
---------------- -------------- ---------------
<S> <C> <C> <C>
New Asia Series $53,427 $ 6,423 $ (59,850)
Global Small
Cap Series ... 10,068 60,957 (71,025)
</TABLE>
This report is not authorized for distribution to prospective investors in
the Phoenix-Aberdeen Series Fund unless preceded or accompanied by an effective
prospectus which includes information concerning the sales charge, the Fund's
record and other pertinent information.
20
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP (Price Waterhouse logo)
To the Trustees and Shareholders of
Phoenix-Aberdeen Series Fund
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments (except for bond ratings), and the
related statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
the New Asia Fund and the Global Small Cap Fund (constituting the
Phoenix-Aberdeen Series Fund, hereinafter referred to as the "Fund") at July
31, 1997, and the results of each of their operations, the changes in each of
their net assets and the financial highlights for the period indicated, in
conformity with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation of
securities at July 31, 1997 by correspondence with the custodian and brokers
and the application of alternative auditing procedures where confirmations from
brokers were not received, provide a reasonable basis for the opinion expressed
above.
/s/ Price Waterhouse LLP
Boston, Massachusetts
September 11, 1997
21
<PAGE>
PHOENIX-ABERDEEN SERIES FUND
101 Munson Street
Greenfield, MA 01301
Trustees
C. Duane Blinn
Robert Chesek
E. Virgil Conway
Harry Dalzell-Payne
Francis E. Jeffries
Leroy Keith, Jr.
Philip R. McLoughlin
Everett L. Morris
James M. Oates
Calvin J. Pedersen
Philip R. Reynolds
Herbert Roth, Jr.
Richard E. Segerson
Lowell P. Weicker, Jr.
Officers
Philip R. McLoughlin, President
Michael E. Haylon, Executive Vice President
David R. Pepin, Executive Vice President
Chong Yoon Chou, Senior Vice President
Christopher D. Fishwick, Senior Vice President
Vivek Gandhi, Senior Vice President
Peter Hames, Senior Vice President
Gawaine Lewis, Senior Vice President
Philip Mottram, Senior Vice President
William J. Newman, Senior Vice President
Hugh Young, Senior Vice President
Shahreza Yusof, Senior Vice President
William E. Keen, III, Vice President
William R. Moyer, Vice President
Leonard J. Saltiel, Vice President
Julie L. Sapia, Vice President
Dorothy J. Skaret, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Secretary
Investment Adviser
Phoenix-Aberdeen International Advisers, LLC
56 Prospect Street
Hartford, Connecticut 06115-0480
Principal Underwriter
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
Custodian
Brown Brothers Harriman & Co.
40 Water Street
Boston, Massachusetts 02109
Transfer Agent
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
Independent Accountants
Price Waterhouse LLP
160 Federal Street
Boston, Massachusetts 02110
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
--------------------
Phoenix-Aberdeen Series Fund BULK RATE MAIL
PO Box 2200 U.S. POSTAGE
Enfield CT 06083-2200 PAID
SPRINGFIELD, MA
PERMIT NO. 444
--------------------
(Phoenix logo)PHOENIX
DUFF&PHELPS
PDP 189 (9/97)
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> PHOENIX-ABERDEEN NEW ASIA FUND CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> SEP-04-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 19018
<INVESTMENTS-AT-VALUE> 19681
<RECEIVABLES> 169
<ASSETS-OTHER> 28
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19878
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107
<TOTAL-LIABILITIES> 107
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19029
<SHARES-COMMON-STOCK> 1279
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 72
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 664
<NET-ASSETS> 19771
<DIVIDEND-INCOME> 264
<INTEREST-INCOME> 111
<OTHER-INCOME> 0
<EXPENSES-NET> (288)
<NET-INVESTMENT-INCOME> 87
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 664
<NET-CHANGE-FROM-OPS> 751
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (53)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1468
<NUMBER-OF-SHARES-REDEEMED> (194)
<SHARES-REINVESTED> 5
<NET-CHANGE-IN-ASSETS> 13355
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 495
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<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 0.41
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.44
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> PHOENIX-ABERDEEN NEW ASIA FUND CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> SEP-04-1997
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 19018
<INVESTMENTS-AT-VALUE> 19681
<RECEIVABLES> 169
<ASSETS-OTHER> 28
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19878
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107
<TOTAL-LIABILITIES> 107
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19029
<SHARES-COMMON-STOCK> 618
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 72
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 664
<NET-ASSETS> 19771
<DIVIDEND-INCOME> 264
<INTEREST-INCOME> 111
<OTHER-INCOME> 0
<EXPENSES-NET> (288)
<NET-INVESTMENT-INCOME> 87
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 664
<NET-CHANGE-FROM-OPS> 751
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 673
<NUMBER-OF-SHARES-REDEEMED> (57)
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 6416
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 106
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 495
<AVERAGE-NET-ASSETS> 13732
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.43
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.39
<EXPENSE-RATIO> 2.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> PHOENIX-ABERDEEN GLOBAL SMALL CAP FUND CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> SEP-04-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 37400
<INVESTMENTS-AT-VALUE> 41620
<RECEIVABLES> 832
<ASSETS-OTHER> 167
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42619
<PAYABLE-FOR-SECURITIES> 858
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 229
<TOTAL-LIABILITIES> 1087
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38520
<SHARES-COMMON-STOCK> 2154
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (163)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1045)
<ACCUM-APPREC-OR-DEPREC> 4220
<NET-ASSETS> 41532
<DIVIDEND-INCOME> 322
<INTEREST-INCOME> 181
<OTHER-INCOME> 0
<EXPENSES-NET> (676)
<NET-INVESTMENT-INCOME> (173)
<REALIZED-GAINS-CURRENT> (1106)
<APPREC-INCREASE-CURRENT> 4220
<NET-CHANGE-FROM-OPS> 2941
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2544
<NUMBER-OF-SHARES-REDEEMED> (390)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 23874
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 240
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 821
<AVERAGE-NET-ASSETS> 31144
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 1.11
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.08
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> PHOENIX-ABERDEEN GLOBAL SMALL CAP FUND CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> SEP-04-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 37400
<INVESTMENTS-AT-VALUE> 41620
<RECEIVABLES> 832
<ASSETS-OTHER> 167
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42619
<PAYABLE-FOR-SECURITIES> 858
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 229
<TOTAL-LIABILITIES> 1087
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38520
<SHARES-COMMON-STOCK> 1605
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (163)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1045)
<ACCUM-APPREC-OR-DEPREC> 4220
<NET-ASSETS> 41532
<DIVIDEND-INCOME> 322
<INTEREST-INCOME> 181
<OTHER-INCOME> 0
<EXPENSES-NET> (676)
<NET-INVESTMENT-INCOME> (173)
<REALIZED-GAINS-CURRENT> (1106)
<APPREC-INCREASE-CURRENT> 4220
<NET-CHANGE-FROM-OPS> 2941
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1768
<NUMBER-OF-SHARES-REDEEMED> (163)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 17658
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 240
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 821
<AVERAGE-NET-ASSETS> 31144
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.10)
<PER-SHARE-GAIN-APPREC> 1.10
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.00
<EXPENSE-RATIO> 2.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
