<PAGE>
Phoenix Investment Partners
SEMIANNUAL REPORT
FEBRUARY 28, 1999
Duff & Phelps
Phoenix-Duff & Phelps
Core Equity Fund
Oakhurst-SM-
Phoenix-Oakhurst
Growth & Income
Fund
[LOGO] PHOENIX
INVESTMENT PARTNERS
<PAGE>
MESSAGE FROM THE PRESIDENT
DEAR SHAREHOLDER:
[PHOTO]
PHILIP MCLOUGHLIN
We are pleased to provide this financial summary for the Phoenix-Duff & Phelps
Core Equity Fund and the Phoenix-Oakhurst Growth & Income Fund for the six
months ended February 28, 1999.
The last six months marked another tremendous period for the stock market,
with the S&P 500 Index(1) gaining 30.4%. Your funds also turned in strong
relative performance as the portfolio managers remained true to their respective
investment disciplines.
If you have any questions, please contact your financial advisor or call us at
1-800-243-1574.
Sincerely,
/s/ Philip R. McLoughlin
Philip R. McLoughlin
MARCH 3, 1999
(1)THE S&P 500 INDEX IS AN UNMANAGED, COMMONLY USED MEASURE OF STOCK MARKET
TOTAL RETURN PERFORMANCE. THE INDEX IS NOT AVAILABLE FOR DIRECT INVESTMENT.
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-Duff & Phelps Core Equity Fund
INVESTMENTS AT FEBRUARY 28, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------------- ------------
<S> <C> <C> <C>
COMMON STOCKS--100.0%
BANKS (MONEY CENTER)--1.6%
BankAmerica Corp........................ 13,128 $ 857,422
BEVERAGES (NON-ALCOHOLIC)--1.4%
PepsiCo, Inc............................ 19,300 726,162
BUILDING MATERIALS--2.8%
Masco Corp.............................. 57,500 1,509,375
COMMUNICATIONS EQUIPMENT--3.0%
Lucent Technologies, Inc................ 15,800 1,604,687
COMPUTERS (HARDWARE)--9.9%
Compaq Computer Corp.................... 47,500 1,674,375
International Business Machines Corp.... 9,525 1,619,250
Sun Microsystems, Inc.(b)............... 20,100 1,955,981
------------
5,249,606
------------
COMPUTERS (NETWORKING)--3.0%
Cisco Systems, Inc.(b).................. 16,162 1,580,846
COMPUTERS (PERIPHERALS)--2.0%
EMC Corp.(b)............................ 10,400 1,064,700
ELECTRIC COMPANIES--1.0%
Duke Energy Corp........................ 9,750 554,531
ELECTRICAL EQUIPMENT--6.1%
Emerson Electric Co..................... 24,100 1,384,244
General Electric Co..................... 18,550 1,860,797
------------
3,245,041
------------
FINANCIAL (DIVERSIFIED)--2.3%
Fannie Mae.............................. 17,550 1,228,500
FOODS--1.5%
Sara Lee Corp........................... 30,000 815,625
HEALTH CARE (DIVERSIFIED)--4.0%
American Home Products Corp............. 35,850 2,133,075
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--6.1%
Lilly (Eli) & Co........................ 16,950 1,604,953
Schering-Plough Corp.................... 29,400 1,644,562
------------
3,249,515
------------
<CAPTION>
SHARES VALUE
------------- ------------
<S> <C> <C> <C>
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--4.1%
Medtronic, Inc.......................... 30,700 $ 2,168,187
HOUSEHOLD FURNISHINGS & APPLIANCES--1.9%
Maytag Corp............................. 17,600 986,700
INSURANCE (MULTI-LINE)--1.9%
Hartford Financial Services Group, Inc.
(The)................................... 18,600 1,005,562
INSURANCE (PROPERTY-CASUALTY)--4.0%
Allstate Corp. (The).................... 28,500 1,068,750
MGIC Investment Corp.................... 31,200 1,062,750
------------
2,131,500
------------
INSURANCE BROKERS--2.9%
Marsh & McLennan Companies, Inc......... 21,500 1,522,469
OFFICE EQUIPMENT & SUPPLIES--2.8%
Pitney Bowes, Inc....................... 23,600 1,491,225
OIL (INTERNATIONAL INTEGRATED)--4.1%
Conoco, Inc. Class A.................... 41,900 851,094
Mobil Corp.............................. 16,000 1,331,000
------------
2,182,094
------------
PERSONAL CARE--2.8%
Avon Products, Inc...................... 21,100 878,288
Gillette Co. (The)...................... 11,300 605,963
------------
1,484,251
------------
RESTAURANTS--2.9%
McDonald's Corp......................... 18,100 1,538,500
RETAIL (BUILDING SUPPLIES)--2.6%
Home Depot, Inc. (The).................. 23,350 1,393,703
RETAIL (DRUG STORES)--3.5%
CVS Corp................................ 35,300 1,870,900
RETAIL (FOOD CHAINS)--1.3%
Albertson's, Inc........................ 11,600 661,200
RETAIL (GENERAL MERCHANDISE)--4.2%
Dayton Hudson Corp...................... 35,450 2,217,841
SAVINGS & LOAN COMPANIES--2.9%
Washington Mutual, Inc.................. 38,000 1,520,000
</TABLE>
2 See Notes to Financial Statements
<PAGE>
Phoenix-Duff & Phelps Core Equity Fund
<TABLE>
<CAPTION>
SHARES VALUE
------------- ------------
<S> <C> <C> <C>
SERVICES (ADVERTISING/MARKETING)--2.3%
Omnicom Group, Inc...................... 18,500 $ 1,225,625
SERVICES (DATA PROCESSING)--2.2%
First Data Corp......................... 30,900 1,181,925
TELECOMMUNICATIONS (LONG DISTANCE)--4.6%
MCI WorldCom, Inc.(b)................... 29,450 2,429,625
TELEPHONE--4.3%
Ameritech Corp.......................... 10,800 706,050
Bell Atlantic Corp...................... 12,050 692,122
GTE Corp................................ 13,900 901,763
------------
2,299,935
------------
- ---------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $45,283,297) 53,130,327
- ---------------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--100.0%
(IDENTIFIED COST $45,283,297) 53,130,327
- ---------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
--------- -------------
SHORT-TERM OBLIGATIONS--0.7%
<S> <C> <C> <C>
MONEY MARKET MUTUAL FUNDS--0.7%
State Street Global Advisors Money
Market Fund (4.65% seven day effective
yield).................................. 379,226 $ 379,226
- ------------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $379,226) 379,226
- ------------------------------------------------------------------------------
TOTAL INVESTMENTS--100.7%
(IDENTIFIED COST $45,662,523) 53,509,553(a)
Cash and receivables, less liabilities--(0.7%) (361,573)
-------------
NET ASSETS--100.0% $ 53,147,980
-------------
-------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $9,232,495 and gross
depreciation of $1,496,461 for federal income tax purposes. At February 28,
1999, the aggregate cost of securities for federal income tax purposes was
$45,773,519.
(b) Non-income producing.
See Notes to Financial Statements 3
<PAGE>
Phoenix-Duff & Phelps Core Equity Fund
STATEMENT OF ASSETS AND LIABILITIES
FEBRUARY 28, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $45,662,523) $ 53,509,553
Receivables
Dividends and interest 80,759
Fund shares sold 45,456
Receivable from adviser 17,633
Prepaid expenses 916
-------------
Total assets 53,654,317
-------------
LIABILITIES
Payables
Investment securities purchased 346,856
Fund shares repurchased 78,359
Transfer agent fee 17,583
Distribution fee 17,452
Financial agent fee 5,931
Trustees' fee 4,281
Accrued expenses 35,875
-------------
Total liabilities 506,337
-------------
NET ASSETS $ 53,147,980
-------------
-------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 49,008,254
Undistributed net investment loss (16,262)
Accumulated net realized loss (3,691,042)
Net unrealized appreciation 7,847,030
-------------
NET ASSETS $ 53,147,980
-------------
-------------
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $41,210,739) 3,397,592
Net asset value per share $12.13
Offering price per share $12.13/(1-4.75%) $12.73
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $9,021,631) 750,994
Net asset value and offering price per share $12.01
CLASS C
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $2,915,610) 242,633
Net asset value and offering price per share $12.02
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED FEBRUARY 28, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends $ 280,105
Interest 17,721
-----------
Total investment income 297,826
-----------
EXPENSES
Investment advisory fee 169,218
Distribution fee, Class A 42,277
Distribution fee, Class B 41,542
Distribution fee, Class C 14,788
Distribution fee, Class M 88
Financial agent fee 31,524
Transfer agent 38,709
Registration 23,713
Custodian 11,927
Professional 8,116
Printing 6,140
Trustees 3,326
Miscellaneous 1,629
-----------
Total expenses 392,997
Less expenses borne by investment adviser (68,678)
-----------
Net expenses 324,319
-----------
NET INVESTMENT LOSS (26,493)
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities (3,651,429)
Net change in unrealized appreciation (depreciation) on
investments 12,472,230
-----------
NET GAIN ON INVESTMENTS 8,820,801
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 8,794,308
-----------
-----------
</TABLE>
4 See Notes to Financial Statements
<PAGE>
Phoenix-Duff & Phelps Core Equity Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months From
Ended Inception
2/28/99 9/25/97 to
(Unaudited) 8/31/98
------------ ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ (26,493) $ (35,084)
Net realized gain (loss) (3,651,429) 299,408
Net change in unrealized appreciation
(depreciation) 12,472,230 (4,625,200)
------------ ------------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 8,794,308 (4,360,876)
------------ ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net realized gains, Class A (261,214) --
Net realized gains, Class B (57,305) --
Net realized gains, Class C (20,502) --
In excess of net investment income,
Class A -- (25,288)
In excess of net investment income,
Class B -- (5,118)
In excess of net investment income,
Class C -- (1,736)
In excess of net investment income,
Class M -- (233)
------------ ------------
DECREASE IN NET ASSETS FROM
DISTRIBUTIONS TO SHAREHOLDERS (339,021) (32,375)
------------ ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares
(1,252,079 and 2,412,970 shares,
respectively) 14,066,640 26,993,822
Net asset value of shares issued from
reinvestment of distributions
(21,036 and 2,335 shares,
respectively) 253,063 23,837
Cost of shares repurchased (173,587
and 117,241 shares, respectively) (2,030,568) (1,316,501)
------------ ------------
Total 12,289,135 25,701,158
------------ ------------
CLASS B
Proceeds from sales of shares (106,846
and 716,086 shares, respectively) 1,176,757 8,046,048
Net asset value of shares issued from
reinvestment of distributions (1,664
and 166 shares, respectively) 19,857 1,696
Cost of shares repurchased (50,661 and
23,107 shares, respectively) (587,179) (279,158)
------------ ------------
Total 609,435 7,768,586
------------ ------------
CLASS C
Proceeds from sales of shares (42,079
and 279,432 shares, respectively) 471,839 3,172,538
Net asset value of shares issued from
reinvestment of distributions (318
and 85 shares, respectively) 3,792 865
Cost of shares repurchased (55,884 and
23,397 shares, respectively) (668,944) (253,111)
------------ ------------
Total (193,313) 2,920,292
------------ ------------
CLASS M
Proceeds from sales of shares (0 and
10,123 shares, respectively) -- 101,258
Net asset value of shares issued from
reinvestment of distributions (0 and
23 shares, respectively) -- 233
Cost of shares repurchased (10,032 and
114 shares, respectively) (109,546) (1,294)
------------ ------------
Total (109,546) 100,197
------------ ------------
INCREASE IN NET ASSETS FROM SHARE
TRANSACTIONS 12,595,711 36,490,233
------------ ------------
NET INCREASE IN NET ASSETS 21,050,998 32,096,982
NET ASSETS
Beginning of period 32,096,982 0
------------ ------------
END OF PERIOD [INCLUDING UNDISTRIBUTED
NET INVESTMENT INCOME (LOSS) OF
$(16,262) AND $10,231, RESPECTIVELY] $ 53,147,980 $ 32,096,982
------------ ------------
------------ ------------
</TABLE>
See Notes to Financial Statements 5
<PAGE>
Phoenix-Duff & Phelps Core Equity Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
------------------------ ------------------------ ------------------------
SIX FROM SIX FROM SIX FROM
MONTHS INCEPTION MONTHS INCEPTION MONTHS INCEPTION
ENDED 9/25/97 ENDED 9/25/97 ENDED 9/25/97
2/28/99 TO 2/28/99 TO 2/28/99 TO
(UNAUDITED) 8/31/98 (UNAUDITED) 8/31/98 (UNAUDITED) 8/31/98
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 9.87 $ 10.00 $ 9.81 $ 10.00 $ 9.82 $ 10.00
INCOME FROM INVESTMENT
OPERATIONS(1)
Net investment income
(loss) --(3) --(2)(3) (0.04)(4) (0.08)(2)(4) (0.04)(5) (0.08)(2)(5)
Net realized and
unrealized gain (loss) 2.34 (0.09) 2.32 (0.08) 2.32 (0.07)
-------- -------- -------- -------- -------- --------
TOTAL FROM
INVESTMENT
OPERATIONS 2.34 (0.09) 2.28 (0.16) 2.28 (0.15)
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Dividends from net
realized gains (0.08) -- (0.08) -- (0.08) --
In excess of net
investment income -- (0.04) -- (0.03) -- (0.03)
-------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS (0.08) (0.04) (0.08) (0.03) (0.08) (0.03)
-------- -------- -------- -------- -------- --------
Change in net asset value 2.26 (0.13) 2.20 (0.19) 2.20 (0.18)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF
PERIOD $ 12.13 $ 9.87 $ 12.01 $ 9.81 $ 12.02 $ 9.82
-------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- --------
Total return(6) 23.67%(7) (0.93)%(7) 23.21%(7) (1.61)%(7) 23.18%(7) (1.52)%(7)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $41,211 $22,683 $9,022 $6,801 $2,916 $2,514
RATIO TO AVERAGE NET
ASSETS OF:
Operating expenses 1.25%(8) 1.25%(8) 2.00%(8) 2.00%(8) 2.00%(8) 2.00%(8)
Net investment income
(loss) 0.07%(8) 0.02%(8) (0.68)%(8) (0.73)%(8) (0.69)%(8) (0.73)%(8)
Portfolio turnover 34%(7) 83%(7) 34%(7) 83%(7) 34%(7) 83%(7)
</TABLE>
(1) 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 timing of share purchases and redemptions.
(2) Computed using average shares outstanding.
(3) Includes reimbursement of operating expenses by investment adviser of $0.02
and $0.19, respectively.
(4) Includes reimbursement of operating expenses by investment adviser of $0.02
and $0.19, respectively.
(5) Includes reimbursement of operating expenses by investment adviser of $0.02
and $0.19, respectively.
(6) Maximum sales charges are not reflected in the total return calculation.
(7) Not annualized.
(8) Annualized.
6 See Notes to Financial Statements
<PAGE>
Phoenix-Oakhurst Growth & Income Fund
INVESTMENTS AT FEBRUARY 28, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C> <C>
COMMON STOCKS--96.2%
AEROSPACE/DEFENSE--0.5%
Cordant Technologies, Inc............... 11,400 $ 443,887
Sundstrand Corp......................... 11,200 758,100
-------------
1,201,987
-------------
AIRLINES--0.2%
Alaska Air Group, Inc.(b)............... 3,100 157,131
COMAIR Holdings, Inc.................... 6,600 248,325
SkyWest, Inc............................ 5,600 176,050
-------------
581,506
-------------
ALUMINUM--0.3%
Alcoa, Inc.............................. 20,600 834,300
AUTO PARTS & EQUIPMENT--0.2%
Arvin Industries, Inc................... 400 14,500
Federal-Mogul Corp...................... 4,400 216,425
Meritor Automotive, Inc................. 11,800 187,325
-------------
418,250
-------------
AUTOMOBILES--3.5%
Ford Motor Co........................... 110,500 6,554,031
General Motors Corp..................... 28,300 2,336,519
-------------
8,890,550
-------------
BANKS (MAJOR REGIONAL)--5.0%
Bank of New York Co., Inc. (The)........ 14,200 496,112
Bank One Corp........................... 101,900 5,477,125
City National Corp...................... 28,300 912,675
Cullen/Frost Bankers, Inc............... 7,300 345,381
Fleet Financial Group, Inc.............. 47,900 2,056,706
Hibernia Corp. Class A.................. 28,000 453,250
Mellon Bank Corp........................ 5,900 398,987
U.S. Trust Corp......................... 7,500 561,094
UnionBanCal Corp........................ 64,200 2,018,287
-------------
12,719,617
-------------
BANKS (MONEY CENTER)--4.5%
BankAmerica Corp........................ 15,400 1,005,812
Chase Manhattan Corp. (The)............. 89,100 7,094,587
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C> <C>
BANKS (MONEY CENTER)--CONTINUED
First Union Corp........................ 59,600 $ 3,177,425
-------------
11,277,824
-------------
BEVERAGES (ALCOHOLIC)--0.8%
Anheuser-Busch Companies, Inc........... 26,400 2,024,550
BEVERAGES (NON-ALCOHOLIC)--0.0%
Coca-Cola Co. (The)..................... 1,000 63,937
BIOTECHNOLOGY--1.5%
Amgen, Inc.(b).......................... 16,900 2,110,387
Biogen, Inc.(b)......................... 2,300 221,087
Chiron Corp.(b)......................... 2,000 42,125
Genentech, Inc.(b)...................... 17,700 1,412,681
-------------
3,786,280
-------------
BROADCASTING (TELEVISION, RADIO & CABLE)--0.2%
Chris-Craft Industries, Inc.(b)......... 9,800 415,275
BUILDING MATERIALS--1.1%
Armstrong World Industries, Inc......... 2,500 122,969
Centex Construction Products, Inc....... 4,200 149,887
Lafarge Corp............................ 24,000 765,000
Masco Corp.............................. 27,300 716,625
Owens Corning........................... 8,200 260,862
Southdown, Inc.......................... 9,800 462,437
Vulcan Materials Co..................... 2,500 336,875
-------------
2,814,655
-------------
CHEMICALS (DIVERSIFIED)--0.5%
Engelhard Corp.......................... 21,100 375,844
Goodrich (B.F.) Co. (The)............... 25,600 873,600
-------------
1,249,444
-------------
COMMUNICATIONS EQUIPMENT--2.2%
ECI Telecom Ltd......................... 4,100 150,675
General Instrument Corp.(b)............. 2,000 58,500
Lucent Technologies, Inc................ 38,800 3,940,625
Motorola, Inc........................... 3,500 245,875
QUALCOMM, Inc.(b)....................... 2,400 175,200
Tekelec(b).............................. 3,700 44,862
Tellabs, Inc.(b)........................ 10,300 824,644
-------------
5,440,381
-------------
</TABLE>
See Notes to Financial Statements 7
<PAGE>
Phoenix-Oakhurst Growth & Income Fund
<TABLE>
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C> <C>
COMPUTERS (HARDWARE)--4.6%
Apple Computer, Inc.(b)................. 22,900 $ 797,206
Compaq Computer Corp.................... 27,400 965,850
Dell Computer Corp.(b).................. 29,000 2,323,625
Gateway 2000, Inc.(b)................... 8,600 625,112
Hewlett-Packard Co...................... 46,000 3,056,125
International Business Machines Corp.... 20,200 3,434,000
Sun Microsystems, Inc.(b)............... 4,900 476,831
-------------
11,678,749
-------------
COMPUTERS (NETWORKING)--1.4%
3Com Corp.(b)........................... 20,500 644,469
Cisco Systems, Inc.(b).................. 29,600 2,895,250
Xircom, Inc.(b)......................... 600 20,400
-------------
3,560,119
-------------
COMPUTERS (PERIPHERALS)--0.6%
EMC Corp.(b)............................ 9,300 952,087
Seagate Technology, Inc.(b)............. 18,500 535,344
-------------
1,487,431
-------------
COMPUTERS (SOFTWARE & SERVICES)--7.6%
Adobe Systems, Inc...................... 700 28,175
America Online, Inc.(b)................. 21,900 1,947,731
Aspect Development, Inc.(b)............. 2,500 76,250
Avid Technology, Inc.(b)................ 5,000 146,562
BMC Software, Inc.(b)................... 8,100 331,087
Computer Associates International,
Inc..................................... 7,700 323,400
Computer Sciences Corp.(b).............. 6,900 459,712
Compuware Corp.(b)...................... 9,300 520,219
Comverse Technology, Inc.(b)............ 6,000 430,500
Electronic Arts, Inc.(b)................ 2,300 91,712
Electronics for Imaging, Inc.(b)........ 4,700 164,206
Mastech Corp.(b)........................ 12,800 319,200
Microsoft Corp.(b)...................... 63,600 9,547,950
NCR Corp.(b)............................ 16,100 659,094
Network Associates, Inc.(b)............. 9,900 465,300
Novell, Inc.(b)......................... 10,800 209,250
Oracle Corp.(b)......................... 29,500 1,648,312
Rational Software Corp.(b).............. 600 17,812
Sterling Software, Inc.(b).............. 10,100 257,550
Synopsys, Inc.(b)....................... 4,300 198,875
Unisys Corp.(b)......................... 33,600 1,001,700
Whittman-Hart, Inc.(b).................. 5,600 175,350
Wind River Systems, Inc.(b)............. 4,000 91,125
-------------
19,111,072
-------------
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C> <C>
CONSUMER (JEWELRY, NOVELTIES & GIFTS)--0.1%
Zale Corp.(b)........................... 10,300 $ 341,187
CONSUMER FINANCE--0.3%
Countrywide Credit Industries, Inc...... 21,000 795,375
DISTRIBUTORS (FOOD & HEALTH)--0.1%
Cardinal Health, Inc.................... 3,500 252,656
ELECTRIC COMPANIES--4.2%
Ameren Corp............................. 7,700 287,306
Central & South West Corp............... 91,100 2,260,419
DTE Energy Co........................... 5,800 229,100
Dominion Resources, Inc................. 15,500 598,687
Duke Energy Corp........................ 28,300 1,609,562
LG&E Energy Corp........................ 63,300 1,444,031
Minnesota Power, Inc.................... 24,700 992,631
New Century Energies, Inc............... 9,500 385,344
Northern States Power Co................ 20,300 523,994
PG&E Corp............................... 12,100 381,150
Potomac Electric Power Co............... 16,400 399,750
Puget Sound Energy, Inc................. 27,400 661,025
Texas Utilities Co...................... 19,200 814,800
-------------
10,587,799
-------------
ELECTRICAL EQUIPMENT--2.7%
Briggs & Stratton Corp.................. 4,000 195,250
General Electric Co..................... 49,500 4,965,469
Honeywell, Inc.......................... 7,700 538,519
Rockwell International Corp............. 26,500 1,177,594
-------------
6,876,832
-------------
ELECTRONICS (INSTRUMENTATIONS)--0.4%
EG&G, Inc............................... 26,400 699,600
Mettler-Toledo International, Inc.(b)... 14,500 370,656
-------------
1,070,256
-------------
ELECTRONICS (SEMICONDUCTORS)--3.0%
Intel Corp.............................. 55,100 6,608,556
Micron Technology, Inc.................. 2,500 144,062
Texas Instruments, Inc.................. 6,600 588,637
Vitesse Semiconductor Corp.(b).......... 2,600 119,437
-------------
7,460,692
-------------
ENGINEERING & CONSTRUCTION--0.0%
McDermott International, Inc............ 2,200 43,862
</TABLE>
8 See Notes to Financial Statements
<PAGE>
Phoenix-Oakhurst Growth & Income Fund
<TABLE>
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C> <C>
ENTERTAINMENT--0.5%
Viacom, Inc. Class B(b)................. 15,000 $ 1,325,625
FINANCIAL (DIVERSIFIED)--4.1%
American Express Co..................... 11,700 1,269,450
Citigroup, Inc.......................... 20,100 1,180,875
Doral Financial Corp.................... 22,400 424,200
Fannie Mae.............................. 52,500 3,675,000
Freddie Mac............................. 10,200 600,525
Morgan Stanley Dean Witter & Co......... 34,000 3,077,000
-------------
10,227,050
-------------
FOODS--1.1%
Earthgrains Co. (The)................... 29,100 714,769
Fresh Del Monte Produce, Inc.(b)........ 9,800 180,687
Quaker Oats Co.......................... 32,000 1,748,000
Tyson Foods, Inc. Class A............... 9,200 188,600
-------------
2,832,056
-------------
HEALTH CARE (DIVERSIFIED)--4.0%
Abbott Laboratories..................... 10,800 501,525
Allergan, Inc........................... 9,400 766,100
Bristol-Myers Squibb Co................. 17,800 2,241,687
Johnson & Johnson....................... 29,700 2,535,638
Mallinckrodt, Inc....................... 1,700 52,594
Mylan Laboratories, Inc................. 6,900 188,456
Warner-Lambert Co....................... 56,500 3,902,031
-------------
10,188,031
-------------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--4.3%
Barr Laboratories, Inc.(b).............. 3,300 122,100
Jones Pharma, Inc....................... 7,300 205,313
Lilly (Eli) & Co........................ 28,700 2,717,531
Medicis Pharmaceutical Corp. Class
A(b).................................... 4,800 181,200
Merck & Co., Inc........................ 14,200 1,160,850
Pfizer, Inc............................. 12,700 1,675,606
Pharmacia & Upjohn, Inc................. 39,500 2,150,281
Roberts Pharmaceutical Corp.(b)......... 16,300 368,788
Schering-Plough Corp.................... 42,400 2,371,750
-------------
10,953,419
-------------
HEALTH CARE (HOSPITAL MANAGEMENT)--0.2%
PacifiCare Health Systems, Inc. Class
B(b).................................... 5,300 382,925
HEALTH CARE (LONG TERM CARE)--0.1%
Omnicare, Inc........................... 12,400 296,825
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C> <C>
HEALTH CARE (MANAGED CARE)--0.9%
Aetna, Inc.............................. 9,400 $ 696,188
Humana, Inc.(b)......................... 11,100 194,250
Trigon Healthcare, Inc.(b).............. 17,500 613,594
United HealthCare Corp.................. 3,200 157,800
Wellpoint Health Networks, Inc.(b)...... 6,100 481,138
-------------
2,142,970
-------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--0.5%
Bergen Brunswig Corp. Class A........... 9,000 219,938
Hillenbrand Industries, Inc............. 10,000 418,750
IDEXX Laboratories, Inc.(b)............. 4,700 105,163
St. Jude Medical, Inc.(b)............... 8,100 203,513
VISX, Inc.(b)........................... 3,800 234,650
-------------
1,182,014
-------------
HEALTH CARE (SPECIALIZED SERVICES)--0.0%
Total Renal Care Holdings, Inc.(b)...... 6,400 56,800
HOMEBUILDING--0.5%
Centex Corp............................. 13,100 482,244
Fleetwood Enterprises, Inc.............. 8,300 269,231
Horton (D.R.), Inc...................... 3,600 57,375
Kaufman and Broad Home Corp............. 2,900 65,250
Lennar Corp............................. 6,500 150,719
Pulte Corp.............................. 12,600 303,188
-------------
1,328,007
-------------
HOUSEHOLD FURNISHINGS & APPLIANCES--0.5%
Premark International, Inc.............. 36,300 1,159,331
Whirlpool Corp.......................... 4,200 182,700
-------------
1,342,031
-------------
HOUSEHOLD PRODUCTS (NON-DURABLES)--0.7%
Church & Dwight Co., Inc................ 9,000 375,750
Procter & Gamble Co. (The).............. 14,300 1,279,850
-------------
1,655,600
-------------
HOUSEWARES--0.7%
Fortune Brands, Inc..................... 28,600 861,575
Tupperware Corp......................... 54,000 945,000
-------------
1,806,575
-------------
INSURANCE (LIFE/HEALTH)--1.5%
Delphi Financial Group, Inc. Class
A(b).................................... 5,400 258,863
Equitable Companies, Inc. (The)......... 4,800 324,300
</TABLE>
See Notes to Financial Statements 9
<PAGE>
Phoenix-Oakhurst Growth & Income Fund
<TABLE>
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C> <C>
INSURANCE (LIFE/HEALTH)--CONTINUED
Lincoln National Corp................... 32,500 $ 3,077,344
-------------
3,660,507
-------------
INSURANCE (MULTI-LINE)--1.0%
Ambac Financial Group, Inc.............. 19,000 1,064,000
HCC Insurance Holdings, Inc............. 4,900 85,138
Hartford Financial Services Group, Inc.
(The)................................... 13,900 751,469
Loews Corp.............................. 8,000 625,500
-------------
2,526,107
-------------
INSURANCE (PROPERTY-CASUALTY)--1.1%
Allstate Corp. (The).................... 76,300 2,861,250
INSURANCE BROKERS--1.7%
Gallagher (Arthur J.) & Co.............. 24,400 1,165,100
Marsh & McLennan Companies, Inc......... 44,400 3,144,075
-------------
4,309,175
-------------
INVESTMENT BANKING/BROKERAGE--1.2%
Bear Stearns Companies, Inc. (The)...... 3,530 151,128
Edwards (A.G.), Inc..................... 2,900 94,431
EVEREN Capital Corp..................... 5,600 120,400
Lehman Brothers Holdings, Inc........... 9,200 487,600
Merrill Lynch & Co., Inc................ 28,000 2,149,000
-------------
3,002,559
-------------
LEISURE TIME (PRODUCTS)--0.1%
Polaris Industries, Inc................. 6,800 192,100
MACHINERY (DIVERSIFIED)--0.7%
Ingersoll-Rand Co....................... 26,400 1,254,000
Manitowoc Co., Inc. (The)............... 3,200 118,000
York International Corp................. 10,900 395,125
-------------
1,767,125
-------------
MANUFACTURING (DIVERSIFIED)--3.0%
AlliedSignal, Inc....................... 12,000 496,500
Crane Co................................ 13,900 381,381
Pentair, Inc............................ 9,100 344,663
Tredegar Industries, Inc................ 11,100 283,744
Tyco International Ltd.................. 25,200 1,875,825
United Technologies Corp................ 32,800 4,063,100
-------------
7,445,213
-------------
METALS MINING--0.1%
Placer Dome, Inc........................ 10,900 119,219
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C> <C>
NATURAL GAS--3.7%
El Paso Energy Corp..................... 9,200 $ 335,225
Reliant Energy, Inc..................... 5,700 152,831
Sempra Energy........................... 114,200 2,398,200
Southwest Gas Corp...................... 67,200 1,932,000
UtiliCorp United, Inc................... 129,600 4,455,000
-------------
9,273,256
-------------
OFFICE EQUIPMENT & SUPPLIES--0.1%
United Stationers, Inc.(b).............. 13,100 239,894
OIL & GAS (DRILLING & EQUIPMENT)--0.1%
Tidewater, Inc.......................... 7,600 142,975
OIL & GAS (EXPLORATION & PRODUCTION)--0.2%
MDU Resources Group, Inc................ 15,900 373,650
OIL & GAS (REFINING & MARKETING)--0.1%
Ultramar Diamond Shamrock Corp.......... 15,100 298,225
OIL (DOMESTIC INTEGRATED)--0.1%
Atlantic Richfield Co................... 5,000 273,125
OIL (INTERNATIONAL INTEGRATED)--0.7%
Exxon Corp.............................. 26,200 1,743,938
PAPER & FOREST PRODUCTS--0.3%
Chesapeake Corp......................... 10,400 327,600
Louisiana-Pacific Corp.................. 18,900 347,288
-------------
674,888
-------------
PHOTOGRAPHY/IMAGING--0.5%
Eastman Kodak Co........................ 20,100 1,330,369
PUBLISHING (NEWSPAPERS)--0.3%
Hollinger International, Inc............ 24,500 303,188
Knight-Ridder, Inc...................... 7,800 391,463
-------------
694,651
-------------
RAILROADS--0.2%
Union Pacific Corp...................... 12,900 604,688
RETAIL (BUILDING SUPPLIES)--0.8%
Home Depot, Inc. (The).................. 25,100 1,498,156
Lowe's Companies, Inc................... 8,700 516,019
-------------
2,014,175
-------------
RETAIL (COMPUTERS & ELECTRONICS)--0.3%
Best Buy Co., Inc.(b)................... 8,200 760,550
</TABLE>
10 See Notes to Financial Statements
<PAGE>
Phoenix-Oakhurst Growth & Income Fund
<TABLE>
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C> <C>
RETAIL (DEPARTMENT STORES)--0.0%
Federated Department Stores, Inc.(b).... 2,700 $ 102,769
RETAIL (FOOD CHAINS)--0.2%
SUPERVALU, Inc.......................... 17,600 423,500
RETAIL (GENERAL MERCHANDISE)--2.2%
Wal-Mart Stores, Inc.................... 64,900 5,605,738
RETAIL (SPECIALTY)--0.2%
Office Depot, Inc.(b)................... 12,000 428,250
RETAIL (SPECIALTY-APPAREL)--0.6%
AnnTaylor Stores Corp.(b)............... 3,000 113,438
Gap, Inc. (The)......................... 7,500 485,156
Ross Stores, Inc........................ 7,000 320,250
TJX Companies, Inc. (The)............... 23,000 656,938
Warnaco Group, Inc. (The) Class A....... 1,600 36,000
-------------
1,611,782
-------------
SAVINGS & LOAN COMPANIES--0.1%
Dime Bancorp, Inc....................... 1,200 29,700
Golden West Financial Corp.............. 1,700 159,694
-------------
189,394
-------------
SERVICES (ADVERTISING/MARKETING)--0.2%
Omnicom Group, Inc...................... 5,600 371,000
SERVICES (COMMERCIAL & CONSUMER)--2.0%
ACNielsen Corp.(b)...................... 2,200 57,200
American Management Systems, Inc.(b).... 8,600 287,025
Cendant Corp.(b)........................ 28,800 477,000
Century Business Services, Inc.(b)...... 4,500 52,594
Deluxe Corp............................. 66,400 2,249,300
Hertz Corp. (The) Class A............... 8,100 322,481
Interim Services, Inc.(b)............... 3,500 66,500
Ogden Corp.............................. 43,100 1,053,256
Viad Corp............................... 17,900 473,231
-------------
5,038,587
-------------
SERVICES (DATA PROCESSING)--0.0%
Reynolds & Reynolds Co. (The) Class A... 5,300 100,038
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--0.0%
CellStar Corp........................... 6,300 71,663
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C> <C>
TELECOMMUNICATIONS (LONG DISTANCE)--3.0%
AT&T Corp............................... 78,400 $ 6,438,600
MCI WorldCom, Inc.(b)................... 13,800 1,138,500
-------------
7,577,100
-------------
TELEPHONE--4.1%
Ameritech Corp.......................... 5,300 346,488
Bell Atlantic Corp...................... 43,400 2,492,788
BellSouth Corp.......................... 41,600 1,924,000
GTE Corp................................ 25,300 1,641,338
SBC Communications, Inc................. 57,800 3,056,175
U S WEST, Inc........................... 18,200 970,288
-------------
10,431,077
-------------
TEXTILES (APPAREL)--0.7%
Jones Apparel Group, Inc.(b)............ 9,400 262,613
Tommy Hilfiger Corp.(b)................. 6,400 442,000
V.F. Corp............................... 23,200 1,116,500
-------------
1,821,113
-------------
TOBACCO--1.4%
Philip Morris Companies, Inc............ 83,700 3,274,763
Universal Corp.......................... 9,400 255,563
-------------
3,530,326
-------------
TRUCKS & PARTS--0.1%
PACCAR, Inc............................. 7,600 318,250
- ------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $218,713,165) 242,632,740
- ------------------------------------------------------------------------------
FOREIGN COMMON STOCKS--0.9%
COMMUNICATIONS EQUIPMENT--0.7%
Northern Telecom Ltd. (Canada).......... 28,200 1,637,362
FOODS--0.2%
Unilever NV NY Registered Shares
(Netherlands)........................... 8,200 593,988
- ------------------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $2,061,286) 2,231,350
- ------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements 11
<PAGE>
Phoenix-Oakhurst Growth & Income Fund
<TABLE>
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C> <C>
UNIT INVESTMENT TRUSTS--2.0%
S&P 500 Depository Receipts............. 40,900 $ 5,058,819
- ------------------------------------------------------------------------------
TOTAL UNIT INVESTMENT TRUSTS
(IDENTIFIED COST $4,372,865) 5,058,819
- ------------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--99.1%
(IDENTIFIED COST $225,147,316) 249,922,909
- ------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
--------- ---------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--0.8%
COMMERCIAL PAPER--0.8%
Corporate Asset Funding Co., Inc.
4.90%, 3/1/99....................... A-1+ $ 1,915 1,915,000
- ----------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $1,915,000) 1,915,000
- ----------------------------------------------------------------------------
TOTAL INVESTMENTS--99.9%
(IDENTIFIED COST $227,062,316) 251,837,909(a)
Cash and receivables, less liabilities--0.1% 274,067
--------------
NET ASSETS--100.0% $ 252,111,976
--------------
--------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $31,087,623 and gross
depreciation of $6,788,842 for federal income tax purposes. At February 28,
1999, the aggregate cost of securities for federal income tax purposes was
$227,539,128.
(b) Non-income producing.
12 See Notes to Financial Statements
<PAGE>
Phoenix-Oakhurst Growth & Income Fund
STATEMENT OF ASSETS AND LIABILITIES
FEBRUARY 28, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $227,062,316) $ 251,837,909
Cash 7,258
Receivables
Fund shares sold 3,329,326
Investment securities sold 2,753,336
Dividends and interest 423,711
Prepaid expenses 3,232
--------------
Total assets 258,354,772
--------------
LIABILITIES
Payables
Investment securities purchased 5,750,161
Fund shares repurchased 137,293
Distribution fee 105,741
Investment advisory fee 95,017
Transfer agent fee 25,094
Financial agent fee 17,328
Trustees' fee 4,281
Accrued expenses 107,881
--------------
Total liabilities 6,242,796
--------------
NET ASSETS $ 252,111,976
--------------
--------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 228,019,919
Undistributed net investment income 178,997
Accumulated net realized loss (862,533)
Net unrealized appreciation 24,775,593
--------------
NET ASSETS $ 252,111,976
--------------
--------------
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $144,220,184) 10,663,429
Net asset value per share $13.52
Offering price per share $13.52/(1-4.75%) $14.19
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $73,617,428) 5,490,512
Net asset value and offering price per share $13.41
CLASS C
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $34,274,364) 2,555,381
Net asset value and offering price per share $13.41
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED FEBRUARY 28, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends $ 1,537,636
Interest 50,346
Foreign taxes withheld (2,771)
-------------
Total investment income 1,585,211
-------------
EXPENSES
Investment advisory fee 681,891
Distribution fee, Class A 137,933
Distribution fee, Class B 254,307
Distribution fee, Class C 102,884
Distribution fee, Class M 109
Financial agent fee 85,532
Registration 71,970
Transfer agent 56,558
Custodian 25,781
Printing 25,050
Professional 9,732
Trustees 8,089
Miscellaneous 1,760
-------------
Total expenses 1,461,596
Less expenses borne by investment adviser (57,601)
-------------
Net expenses 1,403,995
-------------
NET INVESTMENT INCOME 181,216
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities (944,017)
Net realized gain on written options 170,624
Net change in unrealized appreciation (depreciation) on
investments 41,949,884
-------------
NET GAIN ON INVESTMENTS 41,176,491
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 41,357,707
-------------
-------------
</TABLE>
See Notes to Financial Statements 13
<PAGE>
Phoenix-Oakhurst Growth & Income Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months From
Ended Inception
2/28/99 9/25/97 to
(Unaudited) 8/31/98
------------- -------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 181,216 $ 149,153
Net realized gain (loss) (773,393) 1,300,955
Net change in unrealized appreciation
(depreciation) 41,949,884 (17,174,291)
------------- -------------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 41,357,707 (15,724,183)
------------- -------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (179,144) (42,177)
Net investment income, Class B -- (8,886)
Net investment income, Class C -- (2,045)
Net investment income, Class M -- (666)
Net realized gains, Class A (815,106) (28,476)
Net realized gains, Class B (383,201) (7,740)
Net realized gains, Class C (153,038) (1,972)
Net realized gains, Class M -- (562)
------------- -------------
DECREASE IN NET ASSETS FROM
DISTRIBUTIONS TO SHAREHOLDERS (1,530,489) (92,524)
------------- -------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares
(4,716,826 and 7,752,380 shares,
respectively) 59,768,808 91,918,012
Net asset value of shares issued from
reinvestment of distributions
(67,501 and 6,829 shares,
respectively) 889,667 69,035
Cost of shares repurchased (1,418,843
and 461,264 shares, respectively) (17,795,318) (5,511,853)
------------- -------------
Total 42,863,157 86,475,194
------------- -------------
CLASS B
Proceeds from sales of shares
(2,701,801 and 3,273,232 shares,
respectively) 34,423,840 38,849,933
Net asset value of shares issued from
reinvestment of distributions
(24,963 and 1,596 shares,
respectively) 326,518 16,121
Cost of shares repurchased (303,050
and 208,030 shares, respectively) (3,798,765) (2,497,896)
------------- -------------
Total 30,951,593 36,368,158
------------- -------------
CLASS C
Proceeds from sales of shares
(1,557,802 and 1,126,262 shares,
respectively) 19,965,183 13,154,434
Net asset value of shares issued from
reinvestment of distributions
(10,331 and 382 shares,
respectively) 135,241 3,862
Cost of shares repurchased (80,348 and
59,048 shares, respectively) (1,022,198) (700,659)
------------- -------------
Total 19,078,226 12,457,637
------------- -------------
CLASS M
Proceeds from sales of shares (0 and
52,446 shares, respectively) -- 542,477
Net asset value of shares issued from
reinvestment of distributions (0 and
121 shares, respectively) -- 1,227
Cost of shares repurchased (11,751 and
40,816 shares, respectively) (140,889) (495,315)
------------- -------------
Total (140,889) 48,389
------------- -------------
INCREASE IN NET ASSETS FROM SHARE
TRANSACTIONS 92,752,087 135,349,378
------------- -------------
NET INCREASE IN NET ASSETS 132,579,305 119,532,671
NET ASSETS
Beginning of period 119,532,671 0
------------- -------------
END OF PERIOD [INCLUDING UNDISTRIBUTED
NET INVESTMENT INCOME OF $178,997
AND $176,925, RESPECTIVELY] $ 252,111,976 $ 119,532,671
------------- -------------
------------- -------------
</TABLE>
14 See Notes to Financial Statements
<PAGE>
Phoenix-Oakhurst Growth & Income Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
---------------------- ---------------------- ----------------------
SIX FROM SIX FROM SIX FROM
MONTHS INCEPTION MONTHS INCEPTION MONTHS INCEPTION
ENDED 9/25/97 ENDED 9/25/97 ENDED 9/25/97
2/28/99 TO 2/28/99 TO 2/28/99 TO
(UNAUDITED) 8/31/98 (UNAUDITED) 8/31/98 (UNAUDITED) 8/31/98
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 10.47 $ 10.00 $ 10.40 $ 10.00 $ 10.41 $ 10.00
INCOME FROM INVESTMENT
OPERATIONS(1)
Net investment income (loss) 0.03(2)(3) 0.06(2)(3) (0.02)(2)(4) (0.02)(2)(4) (0.02)(2)(5) (0.02)(2)(5)
Net realized and unrealized
gain (loss) 3.13 0.48 3.12 0.48 3.11 0.49
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT
OPERATIONS 3.16 0.54 3.10 0.46 3.09 0.47
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net
investment income (0.02) (0.04) -- (0.03) -- (0.03)
Dividends from net realized
gains (0.09) (0.03) (0.09) (0.03) (0.09) (0.03)
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS (0.11) (0.07) (0.09) (0.06) (0.09) (0.06)
------- ------- ------- ------- ------- -------
Change in net asset value 3.05 0.47 3.01 0.40 3.00 0.41
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 13.52 $ 10.47 $ 13.41 $ 10.40 $ 13.41 $ 10.41
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
Total return(6) 30.31%(7) 5.39%(7) 29.84%(7) 4.59%(7) 29.71%(7) 4.67%(7)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $144,220 $76,399 $73,617 $31,902 $34,274 $11,108
RATIO TO AVERAGE NET ASSETS
OF:
Operating expenses 1.25%(8) 1.25%(8) 2.00%(8) 2.00%(8) 2.00%(8) 2.00%(8)
Net investment income (loss) 0.49%(8) 0.57%(8) (0.26)%(8) (0.19)%(8) (0.25)%(8) (0.18)%(8)
Portfolio turnover 49%(7) 106%(7) 49%(7) 106%(7) 49%(7) 106%(7)
</TABLE>
(1) 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 timing of share purchases and redemptions.
(2) Computed using average shares outstanding.
(3) Includes reimbursement of operating expenses by investment adviser of less
than $0.01 and $0.07, respectively.
(4) Includes reimbursement of operating expenses by investment adviser of less
than $0.01 and $0.07, respectively.
(5) Includes reimbursement of operating expenses by investment adviser of less
than $0.01 and $0.07, respectively.
(6) Maximum sales charges are not reflected in the total return calculation.
(7) Not annualized.
(8) Annualized.
See Notes to Financial Statements
15
<PAGE>
PHOENIX EQUITY SERIES FUND
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 1999 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
The Phoenix Equity 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 a "Fund". Each Fund has distinct
investment objectives.
Phoenix-Duff & Phelps Core Equity Fund seeks long-term capital appreciation by
investing in a diversified portfolio of common stocks. Phoenix-Oakhurst Growth &
Income Fund seeks dividend growth, current income and capital appreciation by
investing in common stocks.
Each Fund offers Class A, Class B and Class C shares. Class M shares have been
closed. 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. Class C
shares are sold with a 1% contingent deferred sales charge if redeemed within
one year of purchase. All 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 Fund are borne pro
rata by the holders of all 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 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. Interest income is
recorded on the accrual basis. Dividend income is recorded on the ex-dividend
date or, in the case of certain foreign securities, as soon as the Fund is
notified. The Trust does not amortize premiums but does accrete discounts using
the effective interest method. Realized gains and losses are determined on the
identified cost basis.
C. INCOME TAXES:
Each Fund is treated as a separate taxable entity. It is the policy of each
Fund 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 income to its shareholders. In addition, each Fund 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 Fund 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 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 Fund 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
16
<PAGE>
PHOENIX EQUITY SERIES FUND
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 1999 (UNAUDITED) (CONTINUED)
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 Fund as an unrealized gain (or loss). When the
contract is closed or offset with the same counterparty, the Fund 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. OPTIONS:
Each Fund may write covered options or purchase options contracts for the
purpose of hedging against changes in the market value of the underlying
securities or foreign currencies.
Each fund will realize a gain or loss upon the expiration or closing of the
option transaction. Gains and losses on written options are reported separately
in the Statement of Operations. When a written option is exercised, the proceeds
on sales or amounts paid are adjusted by the amount of premium received. Options
written are reported as a liability in the Statement of Assets and Liabilities
and subsequently marked-to-market to reflect the current value of the option.
The risk associated with written options is that the change in value of options
contracts may not correspond to the change in value of the hedged instruments.
In addition, losses may arise from changes in the value of the underlying
instruments, or if a liquid secondary market does not exist for the contracts.
Each Fund may purchase options which are included in the Funds' Schedule of
Investments and subsequently marked-to-market to reflect the current value of
the option. When a purchased option is exercised, the cost of the security is
adjusted by the amount of premium paid. The risk associated with purchased
options is limited to the premium paid.
H. EXPENSES:
Expenses incurred by the Trust with respect to more than one Fund are
allocated in proportion to the net assets of each Fund, except where allocation
of direct expense to each Fund or an alternative allocation method can be more
fairly made.
I. REPURCHASE AGREEMENTS:
A repurchase agreement is a transaction where a Fund acquires a security for
cash and obtains a simultaneous commitment from the seller to repurchase the
security at an agreed upon price and date. Each Fund, 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 Fund 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
The advisers to the Trust are Duff & Phelps Investment Management Co. ("DPIM")
and Phoenix Investment Counsel, Inc. ("PIC"). DPIM is a subsidiary of Phoenix
Investment Partners Ltd., which is an indirect, majority-owned subsidiary of
Phoenix Home Life Mutual Insurance Company ("PHL"). PIC is an indirect,
majority-owned subsidiary of PHL. As compensation for their services to the
Trust, the Advisers are entitled to a fee based upon the following annual rates
as a percentage of the average daily net assets of each separate Fund:
<TABLE>
<CAPTION>
1st $1-2 $2+
Fund Adviser $1 Billion Billion Billion
- ------------------------------ --------- ------------ ---------- ----------
<S> <C> <C> <C> <C>
Core Equity Fund.............. DPIM 0.75% 0.70% 0.65%
Growth & Income Fund.......... PIC 0.75% 0.70% 0.65%
</TABLE>
The Advisers have voluntarily agreed to assume total fund operating expenses
of each respective Fund, excluding interest, taxes, brokerage fees, commissions
and extraordinary expenses until December 31, 1999, to the extent that such
expenses exceed the following percentages of average annual net assets:
<TABLE>
<CAPTION>
Class A Class B Class C
- ----------- ----------- -----------
<S> <C> <C>
1.25% 2.00% 2.00%
</TABLE>
Phoenix Equity Planning Corporation ("PEPCO"), an indirect, majority-owned
subsidiary of PHL, serves as the national distributor of the Trust's shares.
PEPCO has advised the Trust that it retained net selling commissions of $60,141
for Class A shares, and deferred sales charges of $55,610 for Class B shares and
$8,213 for Class C shares for the six months ended February 28, 1999. In
addition, each Fund pays PEPCO a distribution fee at an annual rate of 0.25% for
Class A shares, 1.00% for Class B shares and 1.00% for Class C shares applied to
the average daily net assets of the Fund. The Distributor has advised the Trust
that of the total amount expensed for the six months ended February 28, 1999,
$435,399 was retained by the Distributor, $134,698 was paid to unaffiliated
participants, and $23,831 was paid to W.S. Griffith, an indirect subsidiary of
PHL.
As Financial Agent of the Trust, PEPCO receives a financial agent fee equal to
the sum of (1) the documented cost of fund accounting
17
<PAGE>
PHOENIX EQUITY SERIES FUND
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 1999 (UNAUDITED) (CONTINUED)
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 the 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 each
Fund. Certain minimum fees and fee waivers may apply.
PEPCO serves as the Trust's Transfer Agent with State Street Bank and Trust
Company as sub-transfer agent. For the six months ended February 28, 1999,
transfer agent fees were $95,267 of which PEPCO retained $46,610 which is net of
the fees paid to State Street.
At February 28, 1999, PHL and affiliates held Trust shares which aggregated
the following:
<TABLE>
<CAPTION>
Aggregate
Net Asset
Shares Value
------------ ------------
<S> <C> <C>
Core Equity Fund-Class A................. 1,467,238 $ 17,797,600
Core Equity Fund-Class B................. 10,093 121,221
Core Equity Fund-Class C................. 10,092 121,309
</TABLE>
3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities during the six months ended February 28,
1999 (excluding U.S. Government and agency securities and short-term securities)
aggregated the following:
<TABLE>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
Core Equity Fund.......................... $ 28,328,313 $ 15,605,812
Growth & Income Fund...................... 181,216,868 90,422,212
</TABLE>
There were no purchases or sales of long-term U.S. Government and agency
securities during the six months ended February 28, 1999.
Written option activity for the six months ended February 28, 1999, for Growth
& Income Fund aggregated the following:
<TABLE>
<CAPTION>
Call Options
----------------------
Number of Amount of
Options Premium
----------- ---------
<S> <C> <C>
Options outstanding at August 31, 1998...... -- $ --
Options written............................. 1,088 212,206
Options canceled in closing purchase
transactions.............................. (76) (14,971)
Options expired............................. (872) (169,656)
Options exercised........................... (140) (27,579)
--- ---------
Options outstanding at February 28, 1999.... -- $ --
--- ---------
--- ---------
</TABLE>
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 Fund's ability to
repatriate such amounts.
This report is not authorized for distribution to prospective investors in the
Phoenix Equity Series Fund unless preceded or accompanied by an effecive
Prospectus which includes information concerning the sales charge, the Fund's
record and other pertinent information.
18
<PAGE>
PHOENIX EQUITY SERIES FUND
101 Munson Street
Greenfield, Massachusetts 01301
TRUSTEES
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
Herbert Roth, Jr.
Richard E. Segerson
Lowell P. Weicker, Jr.
OFFICERS
Philip R. McLoughlin, President
Michael E. Haylon, Executive Vice President
John F. Sharry, Executive Vice President
Steven L. Colton, Vice President
William R. Moyer, Vice President
Diane L. Mustain, Vice President
Leonard J. Saltiel, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Clerk and Secretary
INVESTMENT ADVISERS
Duff & Phelps Investment Management Co.
(Phoenix-Duff & Phelps Core Equity Fund)
55 East Monroe Street
Suite 3800
Chicago, Illinois 60603
Phoenix Investment Counsel, Inc.
(Phoenix-Oakhurst Growth & Income Fund)
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
State Street Bank and Trust Company
P.O. Box 351
Boston, Massachusetts 02101
TRANSFER AGENT
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
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
World Wide Web address:
WWW.PHOENIXINVESTMENTS.COM
<PAGE>
PHOENIX EQUITY PLANNING CORPORATION
PO Box 2200
Enfield CT 06083-2200
PRSRT STD
U.S. POSTAGE
PAID
Springfield, MA
Permit No. 444
[LOGO] PHOENIX
INVESTMENT PARTNERS
PXP 212 (4/99)
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<SERIES>
<NUMBER> 023
<NAME> PHOENIX GROWTH AND INCOME FUND - C CLASS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 227062
<INVESTMENTS-AT-VALUE> 251838
<RECEIVABLES> 6506
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 258355
<PAYABLE-FOR-SECURITIES> 5750
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 493
<TOTAL-LIABILITIES> 6243
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 228020
<SHARES-COMMON-STOCK> 2555
<SHARES-COMMON-PRIOR> 1068
<ACCUMULATED-NII-CURRENT> 179
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (863)
<ACCUM-APPREC-OR-DEPREC> 24776
<NET-ASSETS> 252112
<DIVIDEND-INCOME> 1535
<INTEREST-INCOME> 50
<OTHER-INCOME> 0
<EXPENSES-NET> (1404)
<NET-INVESTMENT-INCOME> 181
<REALIZED-GAINS-CURRENT> (773)
<APPREC-INCREASE-CURRENT> 41950
<NET-CHANGE-FROM-OPS> 41358
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (153)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1558
<NUMBER-OF-SHARES-REDEEMED> (81)
<SHARES-REINVESTED> 10
<NET-CHANGE-IN-ASSETS> 23166
<ACCUMULATED-NII-PRIOR> 177
<ACCUMULATED-GAINS-PRIOR> 1262
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 682
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1462
<AVERAGE-NET-ASSETS> 183343
<PER-SHARE-NAV-BEGIN> 10.41
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 3.11
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.41
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
