<PAGE>
PHOENIX INVESTMENT PARTNERS
JANUARY 31, 2000
ABERDEEN
SEMIANNUAL REPORT
PHOENIX-ABERDEEN
GLOBAL SMALL
CAP FUND
PHOENIX-ABERDEEN
NEW ASIA FUND
[LOGO] PHOENIX
INVESTMENT PARTNERS
<PAGE>
PRESIDENT'S MESSAGE
DEAR SHAREHOLDER:
We are pleased to provide this semiannual financial summary for the
Phoenix-Aberdeen Series Fund for the six months ended January 31, 2000.
If you have any questions, please contact your financial advisor or call us at
1-800-243-1574 (option 0) between 8:00 a.m. and 6:00 p.m. Eastern Time, Monday
through Friday.
Sincerely,
/s/ Philip R. McLoughlin
Philip R. McLoughlin
JANUARY 31, 2000
Mutual funds are not insured by the FDIC; are not
deposits or other obligations of a bank and are not
guaranteed by a bank; and are subject to
investment risks, including possible loss of the
principal invested.
1
<PAGE>
PHOENIX-ABERDEEN GLOBAL SMALL CAP FUND
INVESTMENTS AT JANUARY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
COMMON STOCKS--38.5%
UNITED STATES--38.5%
Amphenol Corp. Class A (Electrical
Equipment)(b)................................ 4,500 $ 305,437
BJ Services Co. (Oil & Gas (Drilling &
Equipment))(b)............................... 7,000 300,125
Bank United Corp. Class A (Savings & Loan
Companies)................................... 5,000 129,688
Black Box Corp. (Electrical Equipment)(b).... 7,000 413,875
Brooktrout, Inc. (Communications
Equipment)(b)................................ 14,500 388,781
C-Cube Microsystems, Inc. (Communications
Equipment)(b)................................ 1,500 104,719
Calpine Corp. (Power Producers
(Independent))(b)............................ 8,000 585,000
Cell Pathways, Inc. (Health Care (Drugs-Major
Pharmaceuticals))(b)......................... 19,000 565,250
Charter One Financial, Inc. (Savings & Loan
Companies)................................... 4,050 78,722
Claire's Stores, Inc. (Retail (Specialty))... 2,000 37,500
Computer Network Technology Corp. (Computers
(Hardware))(b)............................... 22,000 266,750
Crown Castle International Corp. (Services
(Commercial & Consumer))(b).................. 17,000 537,625
Cullen/Frost Bankers, Inc. (Banks
(Regional)).................................. 9,000 223,875
Dallas Semiconductor Corp. (Electronics
(Semiconductors))............................ 5,000 334,063
Dura Pharmaceuticals, Inc. (Health Care
(Generic and Other))(b)...................... 25,000 387,500
Dycom Industries, Inc. (Engineering &
Construction)(b)............................. 11,000 473,000
Enhance Financial Services Group, Inc.
(Insurance (Property-Casualty)).............. 2,000 27,875
FortuneCity.Com, Inc. (Computers (Software &
Services))(b)................................ 9,000 75,727
Fuller (H.B.) Co. (Chemicals (Specialty)).... 3,100 201,500
Gadzoox Networks, Inc. (Computers
(Hardware))(b)............................... 6,000 228,000
Global Marine, Inc. (Oil & Gas (Drilling &
Equipment))(b)............................... 6,000 106,875
Health Care REIT, Inc. (REITS)............... 7,500 120,938
Horace Mann Educators Corp. (Insurance
(Property-Casualty))......................... 9,000 168,187
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
UNITED STATES--CONTINUED
L-3 Communications Holdings, Inc.
(Communications Equipment)(b)................ 8,000 $ 322,000
LaSalle Hotel Properties (REITS)............. 17,000 205,063
Littelfuse, Inc. (Electrical Equipment)(b)... 6,000 150,375
MasTec, Inc. (Engineering &
Construction)(b)............................. 11,000 508,062
MedicaLogic, Inc. (Health Care (Specialized
Services))(b)................................ 6,000 176,250
Medscape, Inc. (Services (Employment))(b).... 5,000 55,313
Men's Wearhouse, Inc. (The) (Retail
(Specialty-Apparel))(b)...................... 6,000 143,250
Metris Companies, Inc. (Consumer Finance).... 1,600 58,600
Network Access Solutions Corp. (Electronics
(Component Distributors))(b)................. 15,500 426,250
Owens Corning (Building Materials)........... 5,000 80,312
Plexus Corp. (Electrical Equipment)(b)....... 3,300 153,450
Quanta Services, Inc. (Engineering &
Construction)(b)............................. 11,000 360,250
R&B Falcon Corp. (Oil & Gas (Drilling &
Equipment))(b)............................... 20,000 253,750
RFS Hotel Investors, Inc. (REITS)............ 7,000 80,063
Radian Group, Inc. (Insurance
(Property-Casualty))......................... 3,000 120,938
Santa Fe International Corp. (Oil & Gas
(Drilling & Equipment))...................... 11,000 294,250
Shaw Group, Inc. (The) (Manufacturing
(Diversified))(b)............................ 10,000 230,625
Summit Technology, Inc. (Health Care (Medical
Products & Supplies))(b)..................... 8,000 104,000
Talbots, Inc. (The) (Retail
(Specialty-Apparel))......................... 1,500 53,156
Terex Corp. (Machinery (Diversified))(b)..... 4,000 91,000
Tetra Tech, Inc. (Services (Facilities &
Environmental))(b)........................... 18,000 265,500
Texas Industries, Inc. (Construction (Cement
& Aggregates))............................... 4,000 146,250
Transocean Sedco Forex, Inc. (Oil & Gas
(Drilling & Equipment))...................... 8,500 270,406
Trigon Healthcare, Inc. (Health Care (Managed
Care))(b).................................... 6,000 182,625
Valassis Communications, Inc. (Specialty
Printing)(b)................................. 9,000 306,000
Vixel Corp. (Computers (Networking))(b)...... 7,000 112,000
</TABLE>
2 See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen Global Small Cap Fund
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
UNITED STATES--CONTINUED
Washington Federal, Inc. (Savings & Loan
Companies)................................... 3,000 $ 50,250
- -------------------------------------------------------------------------
TOTAL UNITED STATES
(IDENTIFIED COST $9,711,658) 11,261,000
- -------------------------------------------------------------------------
FOREIGN COMMON STOCKS--55.6%
AUSTRALIA--2.0%
BRL Hardy Ltd. (Beverages (Alcoholic))....... 75,000 342,005
Pacifica Group Ltd. (Auto Parts &
Equipment)................................... 75,000 236,773
------------
578,778
------------
AUSTRIA--0.6%
VA Technologie AG (Engineering &
Construction)................................ 2,800 188,203
BRAZIL--0.7%
CIA Paranaense de Energia Copel Sponsored ADR
(Electric Companies)......................... 10,000 80,625
Tele Celular Sul Participacoes S.A. ADR
(Telecommunications (Cellular/Wireless))..... 3,500 122,938
------------
203,563
------------
FINLAND--2.3%
Finnlines Oyj (Shipping)..................... 7,000 222,583
Rapala Normark Corp. Oyj (Machinery
(Diversified))............................... 48,000 300,561
Teleste Corp. Oyj (Electronics (Component
Distributors))(b)............................ 9,500 149,458
------------
672,602
------------
FRANCE--4.2%
Altran Technologies SA (Engineering &
Construction)................................ 3,000 575,292
Picogiga (Chemicals (Specialty))(b).......... 4,710 198,153
Sidel SA (Machinery (Diversified))........... 3,000 252,424
Societe Industrielle D'Aviations Latecoere SA
(Aerospace/Defense).......................... 2,310 216,741
------------
1,242,610
------------
GERMANY--2.9%
Apcoa Parking AG (Services (Employment))..... 3,000 186,383
Bewag Aktienge Sellschaft AG Class A
(Electric Companies)......................... 11,040 112,335
Consors Discount Broker AG (Investment
Banking/ Brokerage)(b)....................... 4,730 342,455
Fag Kugelfischer Georg Schafer AG (Metal
Fabricators)................................. 16,000 157,325
LOESCH Umweltschutz AG (Services (Commercial
& Consumer))(b).............................. 11,568 44,253
------------
842,751
------------
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
HONG KONG--2.9%
Giordano International Ltd. (Retail
(Specialty-Apparel))......................... 751,000 $ 849,426
INDIA--1.0%
ICICI Ltd. Sponsored ADR (Financial
(Diversified))(b)............................ 1,740 27,731
ICICI Ltd. Sponsored ADR (Financial
(Diversified))(b)............................ 15,000 255,000
------------
282,731
------------
INDONESIA--0.9%
PT Sari Husada TBK (Foods)(b)................ 205,333 105,160
PT Tigaraksa Satria TBK (Distributors (Food &
Health))..................................... 350,000 165,099
------------
270,259
------------
IRELAND--0.6%
IFG Group PLC (Financial (Diversified))...... 183,300 163,198
ISRAEL--0.4%
Gilat Satellite Networks Ltd. (Communications
Equipment)(b)................................ 1,200 128,100
ITALY--1.1%
Banca di Roma SPA (Banks (Major Regional))... 123,000 133,579
Banca Popolare di Bergamo Credito Varesino
SCRL (Banks (Major Regional))................ 10,130 196,239
------------
329,818
------------
JAPAN--3.5%
FCC Co., Ltd. (Auto Parts & Equipment)....... 35,000 523,161
Kawasumi Laboratories, Inc. (Health Care
(Medical Products & Supplies))............... 29,000 316,979
Shinmei Electric Co., Ltd. (Electrical
Equipment)................................... 13,200 186,208
------------
1,026,348
------------
MEXICO--1.3%
Coca-Cola Femsa SA Sponsored ADR (Beverages
(Non-Alcoholic))............................. 11,000 167,750
Corporacion Interamericana de Entretenimiento
SA Class B (Entertainment)(b)................ 30,000 122,720
Nuevo Grupo Iusacell S.A. de C.V. Sponsored
ADR (Telecommunications
(Cellular/Wireless))(b)...................... 6,000 90,750
------------
381,220
------------
NETHERLANDS--2.2%
BE Semiconductor Industries NV (Equipment
(Semiconductor))(b).......................... 31,250 489,194
ICT Automatisering NV (Electronics (Component
Distributors))............................... 4,050 162,461
------------
651,655
------------
</TABLE>
See Notes to Financial Statements 3
<PAGE>
Phoenix-Aberdeen Global Small Cap Fund
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
NORWAY--2.7%
NetCom ASA (Telephone)(b).................... 6,480 $ 312,668
Petroleum Geo Services ASA (Oil & Gas
(Drilling & Equipment))(b)................... 17,800 269,070
Tomra Systems ASA (Machinery
(Diversified))............................... 15,680 201,944
------------
783,682
------------
PORTUGAL--0.7%
BPI-SGPS S.A. - Registered Shares (Investment
Banking/Brokerage)........................... 50,010 193,270
SINGAPORE--1.5%
Industrial & Commercial Bank Ltd. (Banks
(Major Regional))............................ 78,000 189,921
Robinson & Co., Ltd. (Retail (Department
Stores))..................................... 80,000 235,254
------------
425,175
------------
SPAIN--3.3%
Adolfo Dominguez (Textiles (Home
Furnishings))(b)............................. 5,814 56,428
Befesa Medio Ambiente SA (Services
(Commercial & Consumer))(b).................. 10,865 98,861
Catalana Occidente SA (Insurance
(Property-Casualty))......................... 10,510 149,101
NH Hoteles SA (Lodging-Hotels)(b)............ 30,485 305,121
Red Electrica de Espana (Electric
Companies)................................... 20,000 112,515
Superdiplo SA (Retail (Specialty))(b)........ 12,700 192,720
Terra Networks SA (Computers
(Networking))(b)............................. 500 42,560
------------
957,306
------------
SRI LANKA--0.4%
John Keells Holdings Ltd. (Beverages
(Alcoholic))................................. 60,000 131,466
SWEDEN--3.8%
A-Com AB (Broadcasting (Television, Radio &
Cable))(b)................................... 11,100 298,543
Artimplant AB Class B (Health Care (Medical
Products & Supplies))(b)..................... 32,000 285,675
Haldex AB (Machinery (Diversified)).......... 18,000 204,704
Ortivus AB Class B (Health Care (Medical
Products & Supplies))(b)..................... 47,300 317,370
------------
1,106,292
------------
TAIWAN--0.4%
Standard Foods Taiwan Ltd. (Foods)(b)........ 28,390 117,109
UNITED KINGDOM--16.2%
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
UNITED KINGDOM--CONTINUED
Access Plus PLC (Services (Commercial &
Consumer))................................... 85,000 $ 447,774
Charles Stanley Group PLC (Investment
Banking/ Brokerage).......................... 105,500 1,081,608
Gresham Computing PLC (Electronics (Component
Distributors))(b)............................ 371,500 412,483
ILP Group PLC (Containers (Metal &
Glass))(b)................................... 260,000 113,787
Independent Energy Holdings PLC ADR (Electric
Companies)(b)................................ 3,200 144,600
Rolfe & Nolan PLC (Services (Data
Processing))................................. 100,000 996,855
Singer & Friedlander Group PLC (Financial
(Diversified))............................... 140,000 506,046
Teather & Greenwood Holdings PLC (Financial
(Diversified))............................... 19,000 239,448
Wilmington Group PLC (Publishing)............ 108,000 781,632
------------
4,724,233
------------
- -------------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $14,121,668) 16,249,795
- -------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--94.1%
(IDENTIFIED COST $23,833,326) 27,510,795
- -------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
--------- -----
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--4.5%
COMMERCIAL PAPER--4.5%
Emerson Electric Co. 5.80%, 2/1/00...... A-1+ $275 275,000
Enterprise Funding Corp. 5.85%,
2/4/00.................................. A-1+ 420 419,795
General Electric Capital Corp. 5.57%,
2/4/00.................................. A-1+ 600 599,721
- -------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $1,294,516) 1,294,516
- -------------------------------------------------------------------------
TOTAL INVESTMENTS--98.6%
(IDENTIFIED COST $25,127,842) 28,805,311(a)
Cash and receivables, less liabilities--1.4% 421,334
-------------
NET ASSETS--100.0% $ 29,226,645
=============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $6,923,333 and gross
depreciation of $3,308,043 for federal income tax purposes. At January 31,
2000, the aggregate cost of securities for federal income tax purpose was
$25,190,021.
(b) Non-income producing.
4 See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen Global Small Cap Fund
INDUSTRY DIVERSIFICATION
AS A PERCENTAGE OF TOTAL VALUE OF
TOTAL LONG-TERM INVESTMENTS
(UNAUDITED)
<TABLE>
<S> <C>
Aerospace/Defense....................... 0.8%
Auto Parts & Equipment.................. 2.8
Banks (Major Regional).................. 1.9
Banks (Regional)........................ 0.8
Beverages (Alcoholic)................... 1.7
Beverages (Non-Alcoholic)............... 0.6
Broadcasting (Television, Radio &
Cable)................................ 1.1
Building Materials...................... 0.3
Chemicals (Specialty)................... 1.5
Communications Equipment................ 3.4
Computers (Hardware).................... 1.8
Computers (Networking).................. 0.6
Computers (Software & Services)......... 0.3
Construction (Cement & Aggregates)...... 0.5
Consumer Finance........................ 0.2
Containers (Metal & Glass).............. 0.4
Distributors (Food & Health)............ 0.6
Electric Companies...................... 1.6
Electrical Equipment.................... 4.4
Electronics (Component Distributors).... 4.2
Electronics (Semiconductors)............ 1.2
Engineering & Construction.............. 7.7
Entertainment........................... 0.5
Equipment (Semiconductor)............... 1.8
Financial (Diversified)................. 4.3
Foods................................... 0.8
Health Care (Drugs-Major
Pharmaceuticals)...................... 2.1
Health Care (Generic And Other)......... 1.4
Health Care (Managed Care).............. 0.7%
Health Care (Medical Products &
Supplies)............................. 3.7
Health Care (Specialized Services)...... 0.6
Insurance (Property-Casualty)........... 1.7
Investment Banking/Brokerage............ 5.9
Lodging-Hotels.......................... 1.1
Machinery (Diversified)................. 3.8
Manufacturing (Diversified)............. 0.8
Metal Fabricators....................... 0.6
Oil & Gas (Drilling & Equipment)........ 5.4
Power Producers (Independent)........... 2.1
Publishing.............................. 2.8
REITS................................... 1.5
Retail (Department Stores).............. 0.9
Retail (Specialty)...................... 0.8
Retail (Specialty-Apparel).............. 3.8
Savings & Loan Companies................ 0.9
Services (Commercial & Consumer)........ 4.1
Services (Data Processing).............. 3.6
Services (Employment)................... 0.9
Services (Facilities & Environmental)... 1.0
Shipping................................ 0.8
Specialty Printing...................... 1.1
Telecommunications
(Cellular/Wireless)................... 0.8
Telephone............................... 1.1
Textiles (Home Furnishings)............. 0.2
------
100.0%
======
</TABLE>
5
<PAGE>
Phoenix-Aberdeen Global Small Cap Fund
STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $25,127,842) $ 28,805,311
Cash 2,170
Foreign currency at value
(Identified cost $494,862) 494,862
Receivables
Investment securities sold 628,422
Fund shares sold 29,500
Dividends and interest 7,575
Tax reclaim 3,411
Prepaid expenses 412
------------
Total assets 29,971,663
------------
LIABILITIES
Payables
Investment securities purchased 607,151
Investment advisory fee 28,519
Transfer agent fee 14,125
Distribution fee 12,839
Trustees' fee 8,634
Financial agent fee 6,342
Administration fee 3,700
Accrued expenses 63,708
------------
Total liabilities 745,018
------------
NET ASSETS $ 29,226,645
============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 23,675,722
Undistributed net investment loss (233,073)
Accumulated net realized gain 2,106,749
Net unrealized appreciation 3,677,247
------------
NET ASSETS $ 29,226,645
============
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $18,689,735) 1,471,523
Net asset value per share $12.70
Offering price per share $12.70/(1-4.75%) $13.33
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $10,536,910) 849,112
Net asset value and offering price per share $12.41
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JANUARY 31, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends $ 107,439
Interest 19,203
Foreign taxes withheld (3,368)
----------
Total investment income 123,274
----------
EXPENSES
Investment advisory fee 107,519
Distribution fee, Class A 20,069
Distribution fee, Class B 46,216
Financial agent fee 31,062
Administration fee 18,974
Transfer agent 36,152
Custodian 24,369
Professional 14,882
Registration 11,347
Printing 10,920
Trustees 9,202
Miscellaneous 8,458
----------
Total expenses 339,170
Less expenses borne by investment adviser (38,878)
----------
Net expenses 300,292
----------
NET INVESTMENT LOSS (177,018)
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 3,105,525
Net realized loss on foreign currency transactions (4,242)
Net change in unrealized appreciation (depreciation) on investments 3,423,085
Net change in unrealized appreciation (depreciation) on foreign
currency and foreign currency transactions (89)
----------
NET GAIN ON INVESTMENTS 6,524,279
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $6,347,261
==========
</TABLE>
See Notes to Financial Statements
6
<PAGE>
Phoenix-Aberdeen Global Small Cap Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
1/31/00 Year Ended
(Unaudited) 7/31/99
------------ ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ (177,018) $ (199,318)
Net realized gain (loss) 3,101,283 (940,765)
Net change in unrealized appreciation
(depreciation) 3,422,996 1,799,015
----------- -----------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 6,347,261 658,932
----------- -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net realized gains, Class A -- (435,832)
Net realized gains, Class B -- (289,554)
In excess of net realized gains, Class
A -- (595,185)
In excess of net realized gains, Class
B -- (395,424)
----------- -----------
DECREASE IN NET ASSETS FROM
DISTRIBUTIONS TO SHAREHOLDERS -- (1,715,995)
----------- -----------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (407,923
and 543,132 shares, respectively) 4,268,082 5,038,303
Net asset value of shares issued from
reinvestment of distributions
(0 and 119,451 shares, respectively) -- 992,705
Cost of shares repurchased (405,179
and 953,295 shares, respectively) (4,274,124) (8,709,664)
----------- -----------
Total (6,042) (2,678,656)
----------- -----------
CLASS B
Proceeds from sales of shares (78,606
and 83,960 shares, respectively) 816,762 738,926
Net asset value of shares issued from
reinvestment of distributions
(0 and 75,170 shares, respectively) -- 615,640
Cost of shares repurchased (117,590
and 483,883 shares, respectively) (1,230,331) (4,224,626)
----------- -----------
Total (413,569) (2,870,060)
----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM
SHARE TRANSACTIONS (419,611) (5,548,716)
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS 5,927,650 (6,605,779)
NET ASSETS
Beginning of period 23,298,995 29,904,774
----------- -----------
END OF PERIOD [INCLUDING UNDISTRIBUTED
NET INVESTMENT INCOME (LOSS) AND
DISTRIBUTIONS IN EXCESS OF NET
INVESTMENT INCOME OF ($233,073) AND
($56,055), RESPECTIVELY] $29,226,645 $23,298,995
=========== ===========
</TABLE>
See Notes to Financial Statements
7
<PAGE>
Phoenix-Aberdeen Global Small Cap Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
-----------------------------------------------------
SIX MONTHS FROM
ENDED YEAR ENDED JULY 31, INCEPTION
1/31/00 --------------------- 9/4/96 TO
(UNAUDITED) 1999 1998 7/31/97
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.96 $ 10.11 $ 11.08 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(4) (0.06) (0.04) (0.07) (0.03)
Net realized and unrealized gain
(loss) 2.80 0.52 0.14 1.11
------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 2.74 0.48 0.07 1.08
------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net realized gains -- (0.27) (0.89) --
In excess of net realized gains -- (0.36) -- --
In excess of net investment income -- -- (0.15) --
------- ------- ------- -------
TOTAL DISTRIBUTIONS -- (0.63) (1.04) --
------- ------- ------- -------
Change in net asset value 2.74 (0.15) (0.97) 1.08
------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 12.70 $ 9.96 $ 10.11 $ 11.08
======= ======= ======= =======
Total return(1) 27.51 %(3) 5.99 % 1.86 % 10.80 %(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $18,690 $14,626 $17,781 $23,874
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(5) 2.10 %(2) 2.10 % 2.10 % 2.10 %(2)
Net investment income (loss) (1.13)%(2) (0.50)% (0.65)% (0.32)%(2)
Portfolio turnover 47 %(3) 81 % 212 % 162 %(3)
<CAPTION>
CLASS B
-----------------------------------------------------
SIX MONTHS FROM
ENDED YEAR ENDED JULY 31, INCEPTION
1/31/00 --------------------- 9/4/96 TO
(UNAUDITED) 1999 1998 7/31/97
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.77 $ 10.00 $ 11.00 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(4) (0.10) (0.11) (0.14) (0.10)
Net realized and unrealized gain
(loss) 2.74 0.51 0.14 1.10
------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 2.64 0.40 -- 1.00
------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net realized gains -- (0.27) (0.89) --
In excess of net realized gains -- (0.36) -- --
In excess of net investment income -- -- (0.11) --
------- ------- ------- -------
TOTAL DISTRIBUTIONS -- (0.63) (1.00) --
------- ------- ------- -------
Change in net asset value 2.64 (0.23) (1.00) 1.00
------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 12.41 $ 9.77 $ 10.00 $ 11.00
======= ======= ======= =======
Total return(1) 27.02 %(3) 5.22 % 1.12 % 10.00 %(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $10,537 $8,673 $12,123 $17,658
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(6) 2.85 %(2) 2.85 % 2.85 % 2.85 %(2)
Net investment income (loss) (1.87 )%(2) (1.26)% (1.40)% (1.07)%(2)
Portfolio turnover 47 %(3) 81 % 212 % 162 %(3)
</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) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 2.41%,
2.36%, 2.37% and 2.61% for the periods ended January 31, 2000 and July 31,
1999, 1998 and 1997, respectively.
(6) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 3.16%,
3.11%, 3.12% and 3.36% for the periods ended January 31, 2000 and July 31,
1999, 1998 and 1997, respectively.
See Notes to Financial Statements
8
<PAGE>
PHOENIX-ABERDEEN NEW ASIA FUND
INVESTMENTS AT JANUARY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
---------- -------------
<S> <C> <C> <C>
FOREIGN COMMON STOCKS--96.8%
AUSTRALIA--13.3%
Australian Gas Light Co., Ltd. (Natural
Gas).................................... 55,000 $ 319,205
BRL Hardy Ltd. (Beverages
(Alcoholic))............................ 100,000 456,007
Broken Hill Proprietary Co., Ltd.
(Manufacturing (Diversified))........... 12,000 143,460
Commonwealth Bank of Australia (Banks
(Major Regional))....................... 13,000 216,396
Leighton Holdings Ltd. (Engineering &
Construction)........................... 70,000 251,346
Pacifica Group Ltd. (Auto Parts &
Equipment).............................. 70,000 220,988
QBE Insurance Group Ltd. (Insurance
(Property-Casualty)).................... 68,000 307,049
-------------
1,914,451
-------------
HONG KONG--19.5%
CDL Hotels International Ltd.
(Lodging-Hotels)........................ 850,000 234,888
Cheung Kong (Holdings) Ltd. (Financial
(Diversified)).......................... 26,000 328,329
Giordano International Ltd. (Retail
(Specialty-Apparel)).................... 550,000 622,083
HSBC Holdings PLC (Financial
(Diversified)).......................... 35,200 417,361
Johnson Electric Holdings Ltd.
(Manufacturing (Diversified))........... 40,000 256,545
Li & Fung Ltd. (Distributors (Food &
Health))................................ 120,000 385,589
Pacific Century Insurance Holdings Ltd.
(Insurance (Property-Casualty))(b)...... 400,000 196,650
Swire Pacific Ltd. Class B
(Manufacturing (Diversified))........... 500,000 359,883
-------------
2,801,328
-------------
INDIA--11.0%
BSES Ltd. GDR (Electric Companies)...... 32,000 552,000
Gas Authority of India Ltd. GDR (Oil &
Gas (Refining & Marketing))(b).......... 15,000 119,250
<CAPTION>
SHARES VALUE
---------- -------------
<S> <C> <C> <C>
INDIA--CONTINUED
ICICI Ltd. Sponsored ADR (Financial
(Diversified))(b)....................... 23,000 $ 391,000
Mahanagar Telephone Nigam Ltd. Sponsored
GDR (Telecommunications (Long
Distance)).............................. 20,000 287,500
Videsh Sanchar Nigam, Ltd.
(Telephone)............................. 8,000 228,000
-------------
1,577,750
-------------
INDONESIA--3.8%
PT Indosat (Telecommunications (Long
Distance)).............................. 300,000 553,925
MALAYSIA--7.9%
Carlsberg Brewery Malaysia Berhad
(Beverages (Alcoholic))................. 75,000 262,505
Malaysian Oxygen Berhad (Chemicals
(Specialty))............................ 95,000 285,005
Public Bank Berhad (Banks (Major
Regional)).............................. 250,000 328,953
Sime UEP Properties Berhad (Financial
(Diversified)).......................... 200,000 263,163
-------------
1,139,626
-------------
NEW ZEALAND--1.9%
Telecom Corporation of New Zealand Ltd.
(Telephone)............................. 65,000 270,381
PHILIPPINES--5.6%
Ayala Land, Inc. (Financial
(Diversified)).......................... 1,300,000 310,984
Bank of The Philippine Islands (Banks
(Major Regional))....................... 115,000 282,191
La Tondena Distillers, Inc. (Beverages
(Alcoholic))............................ 300,000 210,857
-------------
804,032
-------------
SINGAPORE--9.1%
Clipsal Industries (Holdings) Ltd.
(Electrical Equipment).................. 150,000 127,037
Robinson & Co., Ltd. (Retail (Department
Stores))................................ 110,000 323,474
Singapore Airlines Ltd. (Airlines)...... 36,000 376,877
United Overseas Bank Ltd. (Banks (Major
Regional)).............................. 64,920 477,272
-------------
1,304,660
-------------
</TABLE>
See Notes to Financial Statements 9
<PAGE>
Phoenix-Aberdeen New Asia Fund
<TABLE>
<CAPTION>
SHARES VALUE
---------- -------------
<S> <C> <C> <C>
SOUTH KOREA--11.7%
H&CB (Banks (Major Regional))(b)........ 11,550 $ 333,608
Kookmin Bank (Banks (Major
Regional))(b)........................... 16,996 305,589
Korea Telecom Corp. (Telephone)(b)...... 3,500 392,535
Pohang Iron & Steel Co., Ltd. (Iron &
Steel)(b)............................... 4,000 519,310
Seoul City Gas Co., Ltd. (Natural
Gas)(b)................................. 7,500 128,175
-------------
1,679,217
-------------
SRI LANKA--2.1%
John Keells Holdings Ltd. (Beverages
(Alcoholic))............................ 75,000 164,332
National Development Bank Ltd. (Banks
(Major Regional))....................... 100,000 141,052
-------------
305,384
-------------
TAIWAN--1.7%
Standard Foods Taiwan Ltd. GDR
(Foods)(b).............................. 58,494 241,286
THAILAND--7.7%
BEC World Public Co., Ltd.
(Entertainment)......................... 37,500 302,291
Hana Microelectronics Public Co., Ltd.
(Electronics (Component
Distributors))(b)....................... 65,000 416,401
Phatra Insurance Public Co., Ltd.
Foreign (Insurance
(Property-Casualty)).................... 73,700 131,804
Ruam Pattana Fund II (Financial
(Diversified))(b)....................... 1,500,000 256,247
-------------
1,106,743
-------------
UNITED KINGDOM--1.5%
Rowe Evans Investments Group PLC
(Agricultural Products)................. 200,000 218,822
- -----------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $13,763,878) 13,917,605
- -----------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--96.8%
(IDENTIFIED COST $13,763,878) 13,917,605
- -----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
------------ ------ -------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--4.6%
COMMERCIAL PAPER--4.6%
Asset Securitization Corp. 5.83%,
2/1/00.................................. A-1+ $355 $ 355,000
General Electric Capital Corp. 5.57%,
2/4/00.................................. A-1+ 300 299,861
- -----------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $654,861) 654,861
- -----------------------------------------------------------------------------
TOTAL INVESTMENTS--101.4%
(IDENTIFIED COST $14,418,739) 14,572,466(a)
Cash and receivables, less liabilities--(1.4%) (198,234)
-------------
NET ASSETS--100.0% $ 14,374,232
=============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $2,900,678 and gross
depreciation of $2,892,353 for federal income tax purposes. At January 31,
2000, the aggregate cost of securities for federal income tax purposes was
$14,564,141.
(b) Non-income producing.
10
See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen New Asia Fund
INDUSTRY DIVERSIFICATION
AS A PERCENTAGE OF TOTAL VALUE OF
TOTAL LONG-TERM INVESTMENTS
(UNAUDITED)
<TABLE>
<S> <C>
Agricultural Products................... 1.5%
Airlines................................ 2.7
Auto Parts & Equipment.................. 1.6
Banks (Major Regional).................. 15.0
Beverages (Alcoholic)................... 7.9
Chemicals (Specialty)................... 2.0
Distributors (Food & Health)............ 2.8
Electric Companies...................... 4.0
Electrical Equipment.................... 0.9
Electronics (Component Distributors).... 3.0
Engineering & Construction.............. 1.8
Entertainment........................... 2.2
Financial (Diversified)................. 14.1
Foods................................... 1.7
Insurance (Property-Casualty)........... 4.6
Iron & Steel............................ 3.7
Lodging-Hotels.......................... 1.7
Manufacturing (Diversified)............. 5.5
Natural Gas............................. 3.2
Oil & Gas (Refining & Marketing)........ 0.9
Retail (Department Stores).............. 2.3
Retail (Specialty-Apparel).............. 4.5
Telecommunications (Long Distance)...... 6.0
Telephone............................... 6.4
------
100.0%
======
</TABLE>
11
<PAGE>
Phoenix-Aberdeen New Asia Fund
STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $14,418,739) $ 14,572,466
Receivables
Fund shares sold 115,829
Receivable from adviser 10,731
Dividends and interest 721
Prepaid expenses 150
-------------
Total assets 14,699,897
-------------
LIABILITIES
Payables
Custodian 19,896
Investment securities purchased 187,069
Fund shares redeemed 52,515
Trustees' fee 8,634
Transfer agent fee 8,240
Distribution fee 5,632
Financial agent fee 5,080
Administration fee 1,882
Accrued expenses 36,717
-------------
Total liabilities 325,665
-------------
NET ASSETS $ 14,374,232
=============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 16,645,286
Undistributed net investment loss (31,691)
Accumulated net realized loss (2,393,081)
Net unrealized appreciation 153,718
-------------
NET ASSETS $ 14,374,232
=============
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $10,623,460) 1,152,820
Net asset value per share $9.22
Offering price per share $9.22/(1-4.75%) $9.68
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $3,750,772) 413,606
Net asset value and offering price per share $9.07
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JANUARY 31, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends $ 168,723
Interest 11,597
Foreign taxes withheld (7,324)
----------
Total investment income 172,996
----------
EXPENSES
Investment advisory fee 57,447
Distribution fee, Class A 12,396
Distribution fee, Class B 17,999
Financial agent fee 26,107
Administration fee 10,138
Transfer agent 27,504
Custodian 18,012
Professional 10,867
Registration 9,629
Trustees 9,202
Printing 8,902
Miscellaneous 4,432
----------
Total expenses 212,635
Less expenses borne by investment adviser (57,232)
----------
Net expenses 155,403
----------
NET INVESTMENT INCOME 17,593
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 1,032,249
Net realized loss on foreign currency transactions (4,339)
Net change in unrealized appreciation (depreciation) on investments 597,830
Net change in unrealized appreciation (depreciation) on foreign
currency and foreign currency transactions (2,483)
----------
NET GAIN ON INVESTMENTS 1,623,257
----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $1,640,850
==========
</TABLE>
See Notes to Financial Statements
12
<PAGE>
Phoenix-Aberdeen New Asia Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
1/31/00 Year Ended
(Unaudited) 7/31/99
------------ ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 17,593 $ 81,072
Net realized gain (loss) 1,027,910 (617,377)
Net change in unrealized appreciation
(depreciation) 595,347 4,773,146
----------- -----------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 1,640,850 4,236,841
----------- -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A -- (7,556)
Net investment income, Class B -- (1,990)
In excess of net investment income,
Class A -- (65,904)
In excess of net investment income,
Class B -- (17,358)
----------- -----------
DECREASE IN NET ASSETS FROM
DISTRIBUTIONS TO SHAREHOLDERS -- (92,808)
----------- -----------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares
(1,377,067 and 1,223,989 shares,
respectively) 11,388,914 8,368,949
Net asset value of shares issued from
reinvestment of distributions
(0 and 11,699 shares, respectively) -- 71,364
Cost of shares repurchased (1,326,651
and 1,299,843 shares, respectively) (11,074,442) (8,708,720)
----------- -----------
Total 314,472 (268,407)
----------- -----------
CLASS B
Proceeds from sales of shares (37,794
and 81,037 shares, respectively) 313,921 538,924
Net asset value of shares issued from
reinvestment of distributions
(0 and 2,871 shares, respectively) -- 17,372
Cost of shares repurchased (52,460 and
165,810 shares, respectively) (443,473) (991,898)
----------- -----------
Total (129,552) (435,602)
----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM
SHARE TRANSACTIONS 184,920 (704,009)
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS 1,825,770 3,440,024
NET ASSETS
Beginning of period 12,548,462 9,108,438
----------- -----------
END OF PERIOD [INCLUDING UNDISTRIBUTED
NET INVESTMENT INCOME (LOSS) AND
DISTRIBUTIONS IN EXCESS OF NET
INVESTMENT INCOME OF ($31,691) AND
($49,284), RESPECTIVELY] $14,374,232 $12,548,462
=========== ===========
</TABLE>
See Notes to Financial Statements
13
<PAGE>
Phoenix-Aberdeen New Asia Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
------------------------------------------------------
SIX MONTHS FROM
ENDED YEAR ENDED JULY 31, INCEPTION
1/31/00 -------------------- 9/4/96 TO
(UNAUDITED) 1999 1998 7/31/97
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 8.23 $ 5.45 $10.44 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(4) 0.02 0.07 0.06 0.09(7)
Net realized and unrealized gain
(loss) 0.97 2.78 (4.75) 0.41
------- ------ ------ -------
TOTAL FROM INVESTMENT OPERATIONS 0.99 2.85 (4.69) 0.50
------- ------ ------ -------
LESS DISTRIBUTIONS
Dividends from net investment income -- (0.01) (0.10) (0.06)
In excess of net investment income -- (0.06) (0.20) --
------- ------ ------ -------
TOTAL DISTRIBUTIONS -- (0.07) (0.30) (0.06)
------- ------ ------ -------
Change in net asset value 0.99 2.78 (4.99) 0.44
------- ------ ------ -------
NET ASSET VALUE, END OF PERIOD $ 9.22 $ 8.23 $ 5.45 $ 10.44
======= ====== ====== =======
Total return(1) 12.03%(3) 52.94% (45.29)% 4.98%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $10,623 $9,068 $6,352 $13,355
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(5) 2.10%(2) 2.10% 2.10 % 2.10%(2)
Net investment income 0.47%(2) 1.03% 0.89 % 0.95%(2)
Portfolio turnover 33%(3) 38% 44 % 9%(3)
</TABLE>
<TABLE>
<CAPTION>
CLASS B
------------------------------------------------------
SIX MONTHS FROM
ENDED YEAR ENDED JULY 31, INCEPTION
1/31/00 -------------------- 9/4/96 TO
(UNAUDITED) 1999 1998 7/31/97
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 8.13 $ 5.40 $10.39 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(4) (0.01) 0.02 0.01 0.01(7)
Net realized and unrealized gain
(loss) 0.95 2.75 (4.73) 0.43
------- ------ ------ -------
TOTAL FROM INVESTMENT OPERATIONS 0.94 2.77 (4.72) 0.44
------- ------ ------ -------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- (0.09) (0.05)
In excess of net investment income -- (0.04) (0.18) --
------- ------ ------ -------
TOTAL DISTRIBUTIONS -- (0.04) (0.27) (0.05)
------- ------ ------ -------
Change in net asset value 0.94 2.73 (4.99) 0.39
------- ------ ------ -------
NET ASSET VALUE, END OF PERIOD $ 9.07 $ 8.13 $ 5.40 $ 10.39
======= ====== ====== =======
Total return(1) 11.56 %(3) 51.68% (45.83)% 4.37%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $3,751 $3,481 $2,756 $6,416
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(6) 2.85 %(2) 2.85% 2.85 % 2.85%(2)
Net investment income (0.33)%(2) 0.30% 0.18 % 0.06%(2)
Portfolio turnover 33 %(3) 38% 44 % 9%(3)
</TABLE>
(1) Maximum sales charges are not reflected in the total calculation.
(2) Annualized
(3) Not annualized
(4) Computed using average shares outstanding.
(5) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 2.95%,
3.20%, 3.52% and 3.76% for the periods ended January 31, 2000 and July 31,
1999, 1998 and 1997, respectively.
(6) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets would have been 3.69%,
3.95%, 4.27% and 4.51% for the periods ended January 31, 2000 and July 31,
1999, 1998 and 1997, respectively.
(7) 1997 distributions were made in accordance with the prospectus; however,
class level per share income from investment operations may vary from
anticipated results depending on the timing of share purchases and
redemptions.
See Notes to Financial Statements
14
<PAGE>
PHOENIX-ABERDEEN SERIES FUND
NOTES TO FINANCIAL STATEMENTS
JANUARY 31, 2000 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
The Phoenix-Aberdeen Series Fund (the "Trust") 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 Global Small Cap Fund 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. The New Asia Fund 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.
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 Trust in the preparation of its financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States 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 Trust 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 Trust to comply with the requirements of the Internal
Revenue Code (the "Code") applicable to regulated investment companies, and to
distribute 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, Passive Foreign Investment Companies, 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 Trust 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 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.
15
<PAGE>
PHOENIX-ABERDEEN SERIES FUND
NOTES TO FINANCIAL STATEMENTS
JANUARY 31, 2000 (UNAUDITED) (CONTINUED)
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 Trust 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 Trust. 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 Asset Management PLC (previously known as 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 aggregate 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 Global Small Cap Series and 0.40%
of the average net assets of the New Asia Series allocated to Aberdeen by the
Adviser for management.
The Adviser has agreed to reimburse the Global Small Cap Series and the New
Asia 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 Trust's shares, has advised the Trust that it retained net
selling commissions of $2,522 for Class A shares and deferred sales charges of
$21,866 for Class B shares for the six months ended January 31, 2000. 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 Trust that of the total
amount expensed for the six months ended January 31, 2000, $66,613 was retained
by the Distributor, $25,365 was paid out to unaffiliated participants and $4,702
was paid to W.S. Griffith, an indirect subsidiary of PHL.
As Financial Agent to the Trust, PEPCO receives a financial agent fee equal to
the sum of (1) the documented cost of fund accounting and related services
provided by PFPC Inc. (subagent to PEPCO), plus (2) the documented cost to PEPCO
to provide financial reporting, tax services and oversight of subagent's
performance. The current fee schedule of PFPC Inc. ranges from 0.085% to 0.0125%
of the average daily net asset values of the Trust. Certain minimums and waivers
may apply. As Administrator for the Trust, Phoenix Investment Partners Ltd., 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 for administrative
services.
PEPCO serves as the Trust's Transfer Agent with State Street Bank and Trust
Company as sub-transfer agent. For the six months ended January 31, 2000,
transfer agent fees were $63,656 of which PEPCO retained $3,984 which is net of
fees paid to State Street.
At January 31, 2000, PHL and its affiliates held Trust shares which aggregated
the following:
<TABLE>
<CAPTION>
Aggregate
Net Asset
Shares Value
--------- ------------
<S> <C> <C>
Global Small Cap Fund, Class A.................... 588,481 $7,473,709
New Asia Fund, Class A............................ 309,003 2,849,008
</TABLE>
16
<PAGE>
PHOENIX-ABERDEEN SERIES FUND
NOTES TO FINANCIAL STATEMENTS
JANUARY 31, 2000 (UNAUDITED) (CONTINUED)
3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities during the six months ended January 31, 2000
(excluding U.S. Government and agency securities, short-term securities, and
forward currency contracts) aggregated the following:
<TABLE>
<CAPTION>
Purchases Sales
------------- -------------
<S> <C> <C>
Global Small Cap Fund............................. $ 11,627,536 $ 13,723,177
New Asia Fund..................................... 4,267,245 4,392,653
</TABLE>
There were no purchases or sales of long-term U.S. Government and agency
securities during the six months ended January 31, 2000.
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, 1999, the Global Small Cap Fund had a capital loss carryover of
$725,764 expiring in 2007, and the New Asia Fund had a capital loss carryover of
$100,079, expiring in 2006 and $3,177,949 expiring in 2007. These may be used to
offset future capital gains.
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.
17
<PAGE>
PHOENIX-ABERDEEN SERIES FUND
101 Munson Street
Greenfield, Massachusetts 01301
TRUSTEES
Robert Chesek
E. Virgil Conway
Harry Dalzell-Payne
Francis F. Jeffries
Leroy Keith, Jr.
Philip R. McLoughlin
Everett L. Morris
James M. Oates
Calvin J. Pedersen
Herbert Roth, Jr.
Richard E. Segerson
Lowell P. Weicker, Jr.
OFFICERS
Philip R. McLoughlin, President
Michael E. Haylon, Executive Vice President
William R. Moyer, Executive Vice President
John F. Sharry, 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
Hugh Young, Senior Vice President
Shahreza Yusof, Senior Vice President
Christian C. Bertelsen, Vice President
Robert S. Driessen, Vice President
Michael A. Kearney, Vice President
Julie L. Sapia, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Clerk and Secretary
INVESTMENT ADVISER
Phoenix-Aberdeen International Advisors, 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
TRANSFER AGENT
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
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
160 Federal Street
Boston, Massachusetts 02110
HOW TO CONTACT US
The Fund Connection 1-800-243-1574
Customer Service 1-800-243-1574 (option 0)
Investment Strategy Hotline 1-800-243-4361 (option 2)
Marketing Department 1-800-243-4361 (option 3)
Text Telephone 1-800-243-1926
WWW.PHOENIXINVESTMENTS.COM
<PAGE>
------------
PHOENIX EQUITY PLANNING CORPORATION | PRSRT STD |
PO BOX 2200 |U.S. POSTAGE|
ENFIELD CT 06083-2200 | PAID |
| ANDREW |
| ASSOCIATES |
[LOGO] PHOENIX ------------
INVESTMENT PARTNERS
FOR MORE INFORMATION ABOUT
PHOENIX MUTUAL FUNDS, PLEASE CALL
YOUR FINANCIAL REPRESENTATIVE OR
CONTACT US AT 1-800-243-4361 OR
WWW.PHOENIXINVESTMENTS.COM.
PXP 189 (3/00)
