PHOENIX
SEMIANNUAL REPORT
[bullet] PHOENIX VALUE EQUITY
FUND
[bullet] SMALL CAP VALUE
FUND
[Phoenix Logo] Phoenix
Duff & Phelps
<PAGE>
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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.
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<PAGE>
PHOENIX VALUE EQUITY FUND
INVESTOR PROFILE
Phoenix Value Equity Fund is designed for long-term investors seeking
long-term capital appreciation by investing in a diversified portfolio of
common stocks.
INVESTMENT ADVISER'S REPORT
Since the Fund's inception on November 5, 1997 through the end of this
reporting period, February 28, 1998, Class A shares returned 8.96%, Class B
shares earned 8.72%, Class C shares returned 8.78% and Class M shares earned
8.95% compared with a return of 11.90% for the S&P 500 Index* and 9.55% for the
Russell 1000 Value Index.** All performance figures assume reinvestment of
dividends and exclude the effect of sales charges.
Despite concerns over the economic turmoil in Asia and its expected
negative impact on corporate earnings, the U.S. stock market climbed to record
highs over this latest reporting period. For the three-month period ended
February 28, 1998, the S&P 500 Index posted an impressive return of 10.24%, a
gain that surprised even the most bullish of Wall Street investors. As broken
down by sector performance, health-care and consumer cyclical stocks led the
market over this volatile period, while energy and transportation were
laggards.
The Fund's good performance was due to appreciation of the most contrarian
of our holdings, namely Boeing, Aetna, Raytheon, Oracle and Caterpillar. The
most heavily weighted sectors within the Fund were money center banks,
insurance companies and government Agency-sponsored securities, especially
Sallie Mae holdings. These areas underperformed during the period, acting as a
serious drag on performance, but the situation turned around in March.
OUTLOOK
We continue to buy heavily discounted, low expectation names in our
portfolio that reflect our strong value bias. Despite the high valuation levels
of the markets as a whole, we remain sanguine about the outlook for 1998.
*The S&P 500 Index is an unmanaged, commonly used measure of stock total
return performance.
**The Russell 1000 Value Index is an unmanaged, commonly used measure of total
return performance of large-capitalization value-oriented stocks.
1
<PAGE>
Phoenix Value Equity Fund
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INVESTMENTS AT FEBRUARY 28, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
-------------- --------------
<S> <C> <C>
COMMON STOCKS--94.2%
Aerospace/Defense--3.5%
Boeing Co. ................................... 10,000 $ 542,500
-----------
Air Freight--1.4%
FDX Corp. (b) ................................ 3,400 216,538
-----------
Banks (Major Regional)--7.4%
AmSouth Bancorporation ....................... 1,900 106,756
Fleet Financial Group, Inc. .................. 2,300 181,269
KeyCorp. ..................................... 2,200 154,137
NationsBank Corp. ............................ 2,200 150,700
PNC Bank Corp. ............................... 2,800 155,400
Wells Fargo & Co. ............................ 1,300 418,600
-----------
1,166,862
-----------
Banks (Money Center)--9.9%
BankAmerica Corp. ............................ 1,700 131,750
Bankers Trust New York Corp. ................. 2,400 283,800
Chase Manhattan Corp. ........................ 2,600 322,563
Citicorp ..................................... 4,300 569,750
Morgan (J.P.) & Co., Inc. .................... 2,000 239,000
-----------
1,546,863
-----------
Beverages (Alcoholic)--1.4%
Anheuser-Busch Companies, Inc. ............... 4,600 215,625
-----------
Chemicals--0.8%
Praxair, Inc. ................................ 2,500 119,531
-----------
Communications Equipment--1.8%
Motorola, Inc. ............................... 5,100 284,325
-----------
Computers (Hardware)--1.8%
Hewlett Packard Co. .......................... 1,600 107,200
Sun Microsystems, Inc. (b) ................... 3,600 171,450
-----------
278,650
-----------
Computers (Software & Services)--1.5%
Oracle Corp. (b) ............................. 9,300 229,012
-----------
Electrical Equipment--2.5%
Honeywell, Inc. .............................. 5,000 396,250
-----------
Electronics (Defense)--1.5%
Raytheon Co. Class B ......................... 4,100 241,131
-----------
Electronics (Semiconductors)--2.3%
Intel Corp. .................................. 4,000 358,750
-----------
Financial (Diversified)--10.8%
American Express Co. ......................... 1,700 153,107
FMAC ......................................... 10,100 477,225
FNMA ......................................... 8,500 542,406
SLM Holding Corp. ............................ 12,500 516,406
-----------
1,689,144
-----------
Footwear--2.3%
Nike, Inc. Class B ........................... 8,300 364,163
-----------
Health Care (Diversified)--8.2%
American Home Products Corp. ................. 2,500 234,375
Bristol-Myers Squibb Co. ..................... 3,700 370,694
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-------------- --------------
<S> <C> <C>
Foundation Health Systems, Inc.
Class A (b) ................................ 11,000 $ 304,562
Johnson & Johnson ............................ 5,100 385,050
-----------
1,294,681
-----------
Health Care (Drugs-Major Pharmaceuticals)--4.0%
Pfizer, Inc. ................................. 5,000 442,500
Pharmacia & Upjohn, Inc. ..................... 4,700 185,944
-----------
628,444
-----------
Health Care (Medical Products & Supplies)--0.5%
Baxter International, Inc. ................... 1,500 84,937
-----------
Insurance (Life/Health)--1.7%
Aetna, Inc. .................................. 3,100 270,863
-----------
Insurance (Multi-Line)--2.5%
American International Group, Inc. ........... 3,300 396,619
-----------
Insurance (Property-Casualty)--3.4%
Allstate Corp. ............................... 1,000 93,250
Chubb Corp. .................................. 1,800 143,662
Travelers Property Casualty Corp. Class A..... 7,200 295,200
-----------
532,112
-----------
Investment Banking/Brokerage--2.1%
Merrill Lynch & Co., Inc. .................... 4,500 322,031
-----------
Machinery (Diversified)--1.5%
Caterpillar, Inc. ............................ 4,400 240,350
-----------
Manufacturing (Diversified)--1.8%
Illinois Tool Works, Inc. .................... 4,800 287,700
-----------
Office Equipment & Supplies--1.5%
Pitney Bowes, Inc. ........................... 5,000 234,375
-----------
Photography/Imaging--1.1%
Xerox Corp. .................................. 1,900 168,506
-----------
Publishing--1.3%
Knight-Ridder, Inc. .......................... 3,600 202,500
-----------
Restaurants--3.2%
McDonald's Corp. ............................. 9,200 503,700
-----------
Retail (General Merchandise)--2.8%
Dayton Hudson Corp. .......................... 5,700 440,681
-----------
Services (Data Processing)--1.5%
First Data Corp. ............................. 7,000 238,000
-----------
Telephone--4.8%
BellSouth Corp. .............................. 4,200 256,200
GTE Corp. .................................... 6,300 340,988
SBC Communications, Inc. ..................... 2,000 151,250
-----------
748,438
-----------
Tobacco--3.4%
Fortune Brands, Inc. ......................... 4,800 190,500
Philip Morris Companies, Inc. ................ 8,000 347,500
-----------
538,000
-----------
TOTAL COMMON STOCKS
(Identified cost $13,675,644).................................. 14,781,281
-----------
</TABLE>
See Notes to Financial Statements
2
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Phoenix Value Equity Fund
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<TABLE>
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C>
FOREIGN COMMON STOCKS--4.4%
Foods--3.2%
Nestle SA ADR (Switzerland) ............... 3,400 $ 297,697
Unilever NV (Netherlands) ................. 3,100 199,369
-----------
497,066
-----------
Oil (International Integrated)--1.2%
Royal Dutch Petroleum Co. ADR NY
Registered Shares (Netherlands) ......... 3,600 195,525
-----------
</TABLE>
<TABLE>
<CAPTION>
VALUE
-----------
<S> <C>
TOTAL FOREIGN COMMON STOCKS
(Identified cost $635,694) ......................... $ 692,591
-----------
TOTAL LONG-TERM INVESTMENTS--98.6%
(Identified cost $14,311,338) ...................... 15,473,872
-----------
TOTAL INVESTMENTS--98.6%
(Identified cost $14,311,338) ...................... 15,473,872(a)
Cash and receivables, less liabilities--1.4% ....... 219,912
-----------
NET ASSETS--100% ..................................... $15,693,784
===========
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $1,269,497 and gross
depreciation of $106,963 for federal income tax purposes. At February 28,
1998, the aggregate cost of securities for federal income tax purposes was
$14,311,338.
(b) Non-income producing.
See Notes to Financial Statements
3
<PAGE>
Phoenix Value Equity Fund
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STATEMENT OF ASSETS AND LIABILITIES
FEBRUARY 28, 1998
(Unaudited)
<TABLE>
<CAPTION>
<S> <C>
Assets
Investment securities at value
(Identified cost $14,311,338) $15,473,872
Cash 52,359
Receivables
Fund shares sold 235,874
Investment securities sold 138,651
Receivable from adviser 21,021
Dividends and interest 19,909
Prepaid expenses 52,182
-----------
Total assets 15,993,868
-----------
Liabilities
Payables
Investment securities purchased 232,460
Trustees' fee 6,854
Transfer agent fee 6,781
Financial agent fee 6,597
Distribution fee 5,577
Fund shares repurchased 1,856
Accrued expenses 39,959
-----------
Total liabilities 300,084
-----------
Net Assets $15,693,784
===========
Net Assets Consist of:
Capital paid in on shares of beneficial interest $14,484,353
Undistributed net investment loss (12,889)
Accumulated net realized gain 59,786
Net unrealized appreciation 1,162,534
-----------
Net Assets $15,693,784
===========
Class A shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $10,085,721) 927,464
Net asset value per share $10.87
Offering price per share $10.87/(1-4.75%) $11.41
Class B shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $4,079,387) 375,903
Net asset value and offering price per share $10.85
Class C shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $1,396,086) 128,571
Net asset value and offering price per share $10.86
Class M shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $132,590) 12,189
Net asset value per share $10.88
Offering price per share $10.88/(1-3.50%) $11.27
</TABLE>
STATEMENT OF OPERATIONS
FROM INCEPTION NOVEMBER 5, 1997
TO FEBRUARY 28, 1998
(Unaudited)
<TABLE>
<CAPTION>
<S> <C>
Investment Income
Dividends $ 56,613
Interest 6,773
----------
Total investment income 63,386
----------
Expenses
Financial agent fee 27,332
Investment advisory fee 26,053
Distribution fee--Class A 5,967
Distribution fee--Class B 7,227
Distribution fee--Class C 3,278
Distribution fee--Class M 183
Registration 39,431
Transfer agent 25,127
Custodian 11,464
Printing 7,314
Professional 7,226
Trustees 6,854
Miscellaneous 7,802
----------
Total expenses 175,258
Less expenses borne by investment adviser (123,866)
----------
Net expenses 51,392
----------
Net investment income 11,994
----------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 59,786
Net change in unrealized appreciation (depreciation)
on investments 1,162,534
----------
Net gain on investments 1,222,320
----------
Net increase in net assets resulting from
operations $1,234,314
==========
</TABLE>
See Notes to Financial Statements
4
<PAGE>
Phoenix Value Equity Fund
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STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
From Inception
November 5, 1997 to
February 28, 1998
(Unaudited)
--------------------
<S> <C>
From Operations
Net investment income $ 11,994
Net realized gain 59,786
Net change in unrealized appreciation (depreciation) 1,162,534
-----------
Increase in net assets resulting from operations 1,234,314
-----------
From Distributions to Shareholders
Net investment income--Class A (18,161)
Net investment income--Class B (4,549)
Net investment income--Class C (2,012)
Net investment income--Class M (161)
-----------
Decrease in net assets from distributions to shareholders (24,883)
-----------
From Share Transactions
Class A
Proceeds from sales of shares (932,560 shares) 9,338,803
Net asset value of shares issued from reinvestment of distributions (1,823 shares) 18,045
Cost of shares repurchased (6,919 shares) (72,938)
-----------
Total 9,283,910
-----------
Class B
Proceeds from sales of shares (379,965 shares) 3,840,051
Net asset value of shares issued from reinvestment of distributions (370 shares) 3,662
Cost of shares repurchased (4,432 shares) (45,834)
-----------
Total 3,797,879
-----------
Class C
Proceeds from sales of shares (147,939 shares) 1,474,850
Net asset value of shares issued from reinvestment of distributions (108 shares) 1,073
Cost of shares repurchased (19,476 shares) (195,500)
-----------
Total 1,280,423
-----------
Class M
Proceeds from sales of shares (12,173 shares) 121,980
Net asset value of shares issued from reinvestment of distributions (16 shares) 161
Cost of shares repurchased (0 shares) --
-----------
Total 122,141
-----------
Increase in net assets from share transactions 14,484,353
-----------
Net increase in net assets 15,693,784
Net Assets
Beginning of period 0
-----------
End of period (including undistributed net investment loss of ($12,889)) $15,693,784
===========
</TABLE>
See Notes to Financial Statements
5
<PAGE>
Phoenix Value Equity Fund
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FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A
---------------
From Inception
11/5/97 to
2/28/98
(Unaudited)
---------------
<S> <C>
Net asset value, beginning of period $10.00
Income from investment operations
Net investment income (loss) 0.02(4)(5)
Net realized and unrealized gain 0.87
-------
Total from investment operations 0.89
-------
Less distributions
Dividends from net investment income (0.02)
-------
Total distributions (0.02)
-------
Change in net asset value 0.87
-------
Net asset value, end of period $10.87
=======
Total return(1) 8.96%(3)
Ratios/supplemental data:
Net assets, end of period (thousands) $10,086
Ratio to average net assets of:
Operating expenses 1.25%(2)
Net investment income (loss) 0.61%(2)
Portfolio turnover 31%(3)
Average commission rate paid(6) $0.0326
<CAPTION>
Class B Class C Class M
-------------- -------------- --------------
From Inception From Inception From Inception
11/5/97 to 11/5/97 to 11/5/97 to
2/28/98 2/28/98 2/28/98
(Unaudited) (Unaudited) (Unaudited)
-------------- -------------- --------------
<S> <C> <C> <C>
Net asset value, beginning of period $10.00 $10.00 $10.00
Income from investment operations
Net investment income (loss) (0.01)(4)(5) (0.01)(4)(5) 0.01(4)(5)
Net realized and unrealized gain 0.88 0.89 0.88
------- -------- -------
Total from investment operations 0.87 0.88 0.89
------- -------- -------
Less distributions
Dividends from net investment income ( 0.02) (0.02) (0.01)
------- -------- -------
Total distributions ( 0.02) (0.02) (0.01)
------- -------- -------
Change in net asset value 0.85 0.86 0.88
------- -------- -------
Net asset value, end of period $10.85 $10.86 $10.88
======= ======== =======
Total return(1) 8.72%(3) 8.78%(3) 8.95%(3)
Ratios/supplemental data:
Net assets, end of period (thousands) $4,079 $1,396 $133
Ratio to average net assets of:
Operating expenses 2.00%(2) 2.00%(2) 1.50%(2)
Net investment income (loss) (0.28%)(2) (0.28%)(2) 0.44%(2)
Portfolio turnover 31%(3) 31%(3) 31%(3)
Average commission rate paid(6) $0.0326 $0.0326 $0.0326
</TABLE>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) Annualized
(3) Not annualized
(4) Computed using average shares outstanding.
(5) Includes reimbursement of operating expenses by investment adviser of
$0.11, $0.11, $0.11 and $0.11, respectively.
(6) A fund is required to disclose its average commission rate per share for
securities trades on which commissions are charged. This rate generally does
not reflect mark-ups, mark-downs, or spreads on shares traded on a
principal bass.
See Notes to Financial Statements
6
<PAGE>
PHOENIX SMALL CAP VALUE FUND
INVESTOR PROFILE
Phoenix Small Cap Value Fund is designed for long-term investors seeking
long-term capital appreciation by investing in a diversified portfolio of
common stocks of small companies with market capitalizations of $100 million to
$1 billion.
INVESTMENT ADVISER'S REPORT
Since the Fund's inception on November 20, 1997 through the end of this
reporting period, February 28, 1998, Class A shares returned 8.45%, Class B
shares earned 8.21%, Class C shares returned 8.18% and Class M shares earned
8.37% compared with a return of 7.35% for the Russell 2000 Value Index.* All
performance figures assume reinvestment of dividends and exclude the effect of
sales charges.
Despite concerns over the economic turmoil in Asia and its expected
negative impact on corporate earnings, the U.S. stock market climbed to record
highs over this latest reporting period. For the three-month period ended
February 28, 1998, the S&P 500 Index** posted an impressive return of 10.24%, a
gain that surprised even the most bullish of Wall Street investors. As
investors increasingly favored liquidity and earnings growth, large-caps
outperformed smaller-cap stocks.
The Fund's performance was held back by our position in small savings and
loan institutions and banks, which have been flat to down year-to-date. The
best performers were builders, such as Lennar and Del Webb, and
transportation-related stocks, such as Gulfstream.
OUTLOOK
We continue to buy heavily discounted, low expectation names in our
portfolio that reflect our strong value bias. Despite the high valuation levels
of the markets as a whole, we remain sanguine about the outlook for 1998.
*The Russell 2000 Value Index is an unmanaged, commonly used measure of total
return performance for small-capitalization value-oriented stocks.
**The S&P 500 Index is an unmanaged, commonly used measure of stock total
return performance.
7
<PAGE>
Phoenix Small Cap Value Fund
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INVESTMENTS AT FEBRUARY 28, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C>
COMMON STOCKS--89.5%
Aerospace/Defense--2.0%
Gulfstream Aerospace Corp. (b) ......................... 9,000 $ 364,500
----------
Airlines--2.5%
America West Holdings Corp. (b) ........................ 18,200 451,588
----------
Auto Parts & Equipment--1.7%
Breed Technologies, Inc. ............................... 6,000 130,500
Superior Industries International, Inc. ................ 6,000 186,375
----------
316,875
----------
Banks (Major Regional)--16.2%
Ambassador Bank of the Commonwealth (b)................. 4,000 137,000
Associated Banc-Corp ................................... 900 47,138
BancorpSouth, Inc. ..................................... 2,000 87,250
Bank Plus Corp. (b) .................................... 20,000 295,000
Charter One Financial, Inc. ............................ 3,000 181,781
Dime Bancorp, Inc. ..................................... 5,300 161,650
First American Corp. ................................... 1,900 90,962
First Midwest Bancorp, Inc. ............................ 4,800 211,800
FirstMerit Corp. ....................................... 4,400 129,525
Old National Bancorp ................................... 3,200 149,600
ONBANCorp, Inc. ........................................ 3,000 217,875
People's Bank .......................................... 5,000 187,812
St. Paul Bancorp, Inc. ................................. 5,500 145,750
Sterling Bancorp ....................................... 6,000 144,750
Trustmark Corp. ........................................ 7,500 329,063
United Bankshares, Inc. ................................ 2,900 147,356
Washington Federal, Inc. ............................... 4,400 121,550
Whitney Holding Corp. .................................. 2,700 170,438
----------
2,956,300
----------
Biotechnology--1.7%
ICOS Corp. (b) ......................................... 21,800 306,563
----------
Broadcasting (Television, Radio, & Cable)--1.8%
Jones Intercable, Inc. (b) ............................. 20,000 327,500
----------
Building Materials--8.1%
Lennar Corp. ........................................... 22,000 614,625
Toll Brothers, Inc. (b) ................................ 19,200 576,000
Webb (Del E.) Corp. .................................... 9,000 288,000
----------
1,478,625
----------
Chemicals (Specialty)--1.6%
Fuller (H.B.) Co. ...................................... 5,000 284,375
----------
Commercial Finance--4.4%
First Indiana Corp. .................................... 4,000 117,000
Fremont General Corp. .................................. 9,500 557,531
National Commerce Bancorporation ....................... 3,400 127,925
----------
802,456
----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C>
Communications Equipment--0.7%
Scientific-Atlanta, Inc. ............................... 7,000 $ 122,500
----------
Computers (Peripherals)--0.7%
At Home Corp. Series A (b) ............................. 4,000 136,500
----------
Computers (Software &
Services)--1.0%
Walker Interactive Systems (b) ......................... 11,000 186,313
----------
Containers & Packaging (Paper)--1.1%
Shorewood Packaging Corp. (b) .......................... 8,200 200,900
----------
Electronics (Component
Distributors)--1.8%
CHS Electronics, Inc. (b) .............................. 16,000 330,000
----------
Electronics (Instrumentation)--0.7%
Iomega Corp. (b) ....................................... 6,000 54,750
VLSI Technology, Inc. (b) .............................. 3,500 67,594
----------
122,344
----------
Financial (Diversified)--1.8%
Advest Group, Inc. ..................................... 3,600 89,775
Astoria Financial Corp. ................................ 2,400 134,100
Finet Holdings Corp. (b) ............................... 25,000 93,750
----------
317,625
----------
Foods--0.1%
Cal-Maine Foods, Inc. .................................. 4,000 25,500
----------
Footwear--0.4%
Brown Group, Inc. ...................................... 5,200 77,350
----------
Hardware & Tools--0.5%
Starrett (L.S.) Co. Class A ............................ 2,200 88,275
----------
Health Care (Medical Products &
Supplies)--1.8%
Alaris Medical, Inc. (b) ............................... 45,000 244,687
Technical Chemicals & Products, Inc. (b) ............... 8,000 77,000
----------
321,687
----------
Insurance (Multi-Line)--6.9%
Horace Mann Educators Corp. ............................ 17,000 603,500
Lawyers Title Corp. .................................... 12,500 545,312
Penncorp Financial Group, Inc. ......................... 3,200 111,200
----------
1,260,012
----------
</TABLE>
See Notes to Financial Statements
8
<PAGE>
Phoenix Small Cap Value Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
----------- --------------
<S> <C> <C>
Insurance (Property-Casualty)--3.9%
Commerce Group, Inc. ........................ 13,500 $ 472,500
Selective Insurance Group, Inc. ............. 8,500 233,219
-----------
705,719
-----------
Investment Banking/Brokerage--2.6%
EVEREN Capital Corp. ........................ 5,000 213,125
McDonald & Company Investments .............. 10,200 255,000
-----------
468,125
-----------
Iron & Steel--1.5%
Quanex Corp. ................................ 8,500 281,562
-----------
Machinery (Diversified)--2.5%
Blount International, Inc. Class A .......... 9,200 255,875
Stewart & Stevenson Services, Inc. .......... 8,000 195,500
-----------
451,375
-----------
Manufacturing (Diversified)--2.0%
Furon Co. ................................... 17,500 368,594
-----------
Manufacturing (Specialized)--0.9%
Sturm, Ruger & Co., Inc. .................... 8,000 161,500
-----------
Metals Mining--1.5%
AK Steel Holding Corp. ...................... 6,700 125,206
Titanium Metals Corp. (b) ................... 4,800 144,600
-----------
269,806
-----------
Professional Services--4.0%
Valassis Communications, Inc. (b) ........... 10,500 400,312
Wackenhut Corp. Class A ..................... 14,200 332,812
-----------
733,124
-----------
Publishing--2.7%
Houghton Mifflin Co. ........................ 5,000 158,750
Young Broadcasting Corp. Class A (b) ........ 7,600 336,300
-----------
495,050
-----------
Railroads--0.8%
Railtex, Inc. (b) ........................... 9,000 146,250
-----------
REITS--2.3%
First Union Real Estate Investments ......... 8,000 94,500
Hospitality Properties Trust ................ 5,000 175,000
Winston Hotels, Inc. ........................ 12,000 158,250
-----------
427,750
-----------
Retail (Building Supplies)--1.9%
Sherwin-Williams Co. ........................ 10,500 351,094
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
----------- --------------
<S> <C> <C>
Retail (General Merchandise)--1.3%
Heilig-Meyers Co. ........................... 15,000 $ 232,500
-----------
Retail (Specialty)--2.2%
Claire's Stores, Inc. ....................... 22,000 396,000
-----------
Savings & Loan Companies--1.5%
Downey Financial Corp. ...................... 2,800 81,900
FirstFed Financial Corp. (b) ................ 3,000 121,125
Glacier Bancorp, Inc. ....................... 2,200 63,250
-----------
266,275
-----------
Services (Advertising/Marketing)--0.4%
ACNielsen Corp. (b) ......................... 3,000 75,000
-----------
TOTAL COMMON STOCKS
(Identified cost $14,992,954).............................. 16,307,512
-----------
FOREIGN COMMON STOCKS--0.2%
Financial (Diversified)--0.2%
London Pacific Group Ltd. Sponsored ADR
(United Kingdom) .......................... 2,000 25,000
-----------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $24,830).................................. 25,000
-----------
UNIT INVESTMENT TRUSTS--5.1%
DIAMONDS Trust Series I (b) ................. 3,000 257,015
S&P 500 Depositary Receipts ................. 5,000 525,313
S&P 400 Mid-Cap Depositary Receipts ......... 2,200 149,497
-----------
931,825
-----------
TOTAL UNIT INVESTMENT TRUSTS
(Identified cost $874,453)................................. 931,825
-----------
TOTAL LONG-TERM INVESTMENTS--94.8%
(Identified cost $15,892,237).............................. 17,264,337
-----------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
---------- ---------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--3.6%
Commercial Paper--3.6%
Koch Industries, Inc. 5.67%,
3/2/98 ................... A-1+ $660 659,896
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $659,896)............................. 659,896
-----------
TOTAL INVESTMENTS--98.4%
(Identified cost $16,552,133).......................... 17,924,233(a)
Cash and receivables, less liabilities--1.6% .......... 292,504
-----------
NET ASSETS--100.0% ...................................... $18,216,737
===========
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $1,713,785 and gross
depreciation of $341,685 for federal income tax purposes. At February 28,
1998, the aggregate cost of securities for federal income tax purposes was
$16,552,133.
(b) Non-income producing.
See Notes to Financial Statements
9
<PAGE>
Phoenix Small Cap Value Fund
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
FEBRUARY 28, 1998
(Unaudited)
<TABLE>
<S> <C>
Assets
Investment securities at value
(Identified cost $16,552,133) $17,924,233
Cash 23,563
Receivables
Fund shares sold 347,284
Investment securities sold 315.118
Receivable from adviser 17,669
Dividends and interest 10,679
Prepaid expenses 55,527
------------
Total assets 18,694,073
------------
Liabilities
Payables
Investment securities purchased 377,258
Fund shares repurchased 44,673
Financial agent fee 6,597
Transfer agent fee 6,371
Trustees' fee 5,884
Distribution fee 5,660
Accrued expenses 30,893
------------
Total liabilities 477,336
------------
Net Assets $18,216,737
============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $16,987,672
Undistributed net investment loss (24,843)
Accumulated net realized loss (118,192)
Net unrealized appreciation 1,372,100
------------
Net Assets $18,216,737
============
Class A shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets $12,868,535) 1,188,159
Net asset value per share $10.83
Offering price per share $10.83/(1-4.75%) $11.37
Class B shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets $3,460,050) 319,978
Net asset value and offering price per share $10.81
Class C shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets $1,740,310) 160,927
Net asset value and offering price per share $10.81
Class M shares of beneficial interest outstanding, $1 par
value, unlimited authorization (Net Assets $147,842) 13,647
Net asset value per share $10.83
Offering price per share $10.83/(1-3.50%) $11.22
</TABLE>
STATEMENT OF OPERATIONS
FROM INCEPTION NOVEMBER 20, 1997
TO FEBRUARY 28, 1998
(Unaudited)
<TABLE>
<S> <C>
Investment income
Dividends $ 42,496
Interest 16,478
----------
Total investment income 58,974
----------
Expenses
Investment advisory fee 29,544
Financial agent fee 23,562
Distribution fee--Class A 6,352
Distribution fee--Class B 4,544
Distribution fee--Class C 2,547
Distribution fee--Class M 165
Registration 30,797
Transfer agent 24,714
Custodian 9,843
Printing 6,279
Professional 6,204
Trustees 5,884
Miscellaneous 6,985
----------
Total expenses 157,420
Less expenses borne by investment adviser (106,061)
----------
Net expenses 51,359
----------
Net investment income 7,615
----------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized loss on securities (118,192)
Net change in unrealized appreciation (depreciation)
on investments 1,372,100
----------
Net gain on investments 1,253,908
----------
Net increase in net assets resulting from
operations $1,261,523
==========
</TABLE>
See Notes to Financial Statements
10
<PAGE>
Phoenix Small Cap Value Fund
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
From Inception
November 20, 1997 to
February 28, 1998
(Unaudited)
---------------------
<S> <C>
From Operations
Net investment income $ 7,615
Net realized loss (118,192)
Net change in unrealized appreciation (depreciation) 1,372,100
-----------
Increase in net assets resulting from operations 1,261,523
-----------
From Distributions to Shareholders
Net investment income--Class A (27,475)
Net investment income--Class B (2,932)
Net investment income--Class C (1,800)
Net investment income--Class M (251)
-----------
Decrease in net assets from distributions to shareholders (32,458)
-----------
From Share Transactions
Class A
Proceeds from sales of shares (1,208,555 shares) 12,191,923
Net asset value of shares issued from reinvestment of distributions (2,693 shares) 26,901
Cost of shares repurchased (23,089 shares) (241,166)
-----------
Total 11,977,658
-----------
Class B
Proceeds from sales of shares (322,600 shares) 3,272,177
Net asset value of shares issued from reinvestment of distributions (224 shares) 2,235
Cost of shares repurchased (2,846 shares) (29,504)
-----------
Total 3,244,908
-----------
Class C
Proceeds from sales of shares (160,825 shares) 1,627,092
Net asset value of shares issued from reinvestment of distributions (102 shares) 1,015
Cost of shares repurchased (0 shares) --
-----------
Total 1,628,107
-----------
Class M
Proceeds from sales of shares (13,622 shares) 136,750
Net asset value of shares issued from reinvestment of distributions (25 shares) 249
Cost of shares repurchased (0 shares) --
-----------
Total 136,999
-----------
Increase in net assets from share transactions 16,987,672
-----------
Net increase in net assets 18,216,737
Net Assets
Beginning of period 0
-----------
End of period (including undistributed net investment loss of ($24,843)) $18,216,737
===========
</TABLE>
See Notes to Financial Statements
11
<PAGE>
Phoenix Small Cap Value Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
Class A
--------------
From Inception
11/20/97 to
2/28/98
(Unaudited)
--------------
<S> <C>
Net asset value, beginning of period $10.00
Income from investment operations
Net investment income (loss) 0.01(4)(5)
Net realized and unrealized gain 0.85
-------
Total from investment operations 0.86
-------
Less distributions
Dividends from net investment income (0.03)
-------
Total distributions (0.03)
-------
Change in net asset value 0.83
-------
Net asset value, end of period $10.83
=======
Total return(1) 8.45%(3)
Ratios/supplemental data:
Net assets, end of period (thousands) $12,869
Ratio to average net assets of:
Operating expenses 1.40%(2)
Net investment income 0.44%(2)
Portfolio turnover 38%(3)
Average commission rate paid(6) $0.0377
<CAPTION>
Class B Class C Class M
-------------- -------------- --------------
From Inception From Inception From Inception
11/20/97 to 11/20/97 to 11/20/97 to
2/28/98 2/28/98 2/28/98
(Unaudited) (Unaudited) (Unaudited)
-------------- -------------- --------------
<S> <C> <C> <C>
Net asset value, beginning of period $10.00 $10.00 $10.00
Income from investment operations
Net investment income (loss) (0.01)(4)(5) (0.01)(4)(5) 0.01(4)(5)
Net realized and unrealized gain 0.85 0.85 0.85
------- ------- -------
Total from investment operations 0.84 0.84 0.86
------- ------- -------
Less distributions
Dividends from net investment income (0.03) (0.03) (0.03)
------- ------- -------
Total distributions (0.03) (0.03) (0.03)
------- ------- -------
Change in net asset value 0.81 0.81 0.83
------- ------- -------
Net asset value, end of period $10.81 $10.81 $10.83
======= ======= =======
Total return(1) 8.21%(3) 8.18%(3) 8.37%(3)
Ratios/supplemental data:
Net assets, end of period (thousands) $3,460 $1,740 $148
Ratio to average net assets of:
Operating expenses 2.15%(2) 2.15%(2) 1.65%(2)
Net investment income (0.53%)(2) (0.50%)(2) 0.25%(2)
Portfolio turnover 38%(3) 38%(3) 38%(3)
Average commission rate paid(6) $0.0377 $0.0377 $0.0377
</TABLE>
(1) Maximum sales charges are not reflected in the total return calculation.
(2) Annualized
(3) Not annualized
(4) Computed using average shares outstanding.
(5) Includes reimbursement of operating expenses by investment adviser of
$0.09, $0.09, $0.09 and $0.09, respectively.
(6) A fund is required to disclose its average commission rate per share for
securities trades on which commissions are charged. This rate generally
does not reflect mark-ups, mark-downs, or spreads on shares traded on a
principal basis.
See Notes to Financial Statements
12
<PAGE>
PHOENIX INVESTMENT TRUST 97
NOTES TO FINANCIAL STATEMENTS
February 28, 1998 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
The Phoenix Investment Trust 97 (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 Value Equity Fund's primary investment objective is to seek
long-term capital appreciation and its secondary objective is to seek current
income by investing in a diversified portfolio of common stocks.
Phoenix Small Cap Value Fund seeks long-term capital appreciation.
Each Fund offers Class A, Class B, Class C and Class M shares. Class A
shares are sold with the 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. Class M shares are sold with a front-end sales charge of up to 3.50%.
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. 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. Realized gains and losses are determined on the identified cost
basis.
C. Income taxes:
Each of the Funds 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 and tax-exempt 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 liabilities. Risks arise from the possible
movements in foreign
13
<PAGE>
PHOENIX INVESTMENT TRUST 97
NOTES TO FINANCIAL STATEMENTS
February 28, 1998 (Unaudited) (Continued)
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. 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.
H. 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
As compensation for its services to the Trust, the Adviser, Phoenix
Investment Counsel, Inc., an indirect majority-owned subsidiary of Phoenix Home
Life Mutual Insurance Company ("PHL"), is 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 $1-2 $2+
Fund Billion Billion Billion
- ---------------------- --------- --------- ----------
<S> <C> <C> <C>
Value Equity Fund 0.75% 0.70% 0.65%
Small Cap Value Fund 0.90 0.85 0.80
</TABLE>
The Adviser has voluntarily agreed to assume total operating expenses of
each Fund excluding interest, taxes, brokerage fees, commissions and
extraordinary expenses, until August 31, 1998, to the extent that such expenses
exceed the following percentages of the average annual net asset values for
each Fund:
<TABLE>
<CAPTION>
Class A Class B Class C Class M
Shares Shares Shares Shares
--------- --------- --------- ----------
<S> <C> <C> <C> <C>
Value Equity Fund 1.25% 2.00% 2.00% 1.50%
Small Cap Value Fund 1.40 2.15 2.15 1.65
</TABLE>
As Distributor of the Trust's shares, Phoenix Equity Planning Corp.
("PEPCO"), an indirect majority-owned subsidiary of PHL, has advised the Trust
that it retained net selling commissions of $15,702 for Class A shares and $298
for Class M shares, and deferred sales charges of $447 for Class B shares and
$1,916 for Class C shares for the period ended February 28, 1998. 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, 1.00% for Class C shares and 0.50% for Class
M 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 period ended
February 28, 1998, $27,788 was earned by the Distributor, $2,459 was paid to
unaffiliated participants, and $16 was paid to W.S. Griffith, an indirect
subsidiary of PHL.
As Financial Agent of the Trust, PEPCO receives a fee for bookkeeping,
administration, and pricing services at an annual rate of 0.05% of average
daily net assets up to $100 million, 0.04% of average daily net assets of $100
million to $300 million, 0.03% of average daily net assets of $300 million
through $500 million, and 0.015% of average daily net assets greater than $500
million; a minimum fee may apply. PEPCO serves as the Trust's Transfer Agent
with State Street Bank and Trust Company as sub-transfer agent. For the period
ended February 28, 1998, transfer agent fees were $49,841 of which PEPCO
retained $52 which is net of the fees paid to State Street.
14
<PAGE>
PHOENIX INVESTMENT TRUST 97
NOTES TO FINANCIAL STATEMENTS
February 28, 1998 (Unaudited) (Continued)
At February 28, 1998, PHL and its affiliates held shares of the Trust
which aggregated the following:
<TABLE>
<CAPTION>
Aggregate
Shares Net Asset Value
--------- ----------------
<S> <C> <C>
Value Equity Fund--Class A ......... 471,139 $5,121,285
Value Equity Fund--Class B ......... 10,020 108,719
Value Equity Fund--Class C ......... 10,016 108,776
Value Equity Fund--Class M ......... 10,014 108,954
Small Cap Value Fund--
Class A ......................... 471,506 5,106,405
Small Cap Value Fund--
Class B ......................... 10,029 108,415
Small Cap Value Fund--
Class C ......................... 10,026 108,381
Small Cap Value Fund--
Class M ......................... 10,025 108,570
</TABLE>
3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities during the period ended February 28,
1998 (excluding U.S. Government and agency securities, short-term securities,
and forward currency contracts) aggregated the following:
<TABLE>
<CAPTION>
Purchases Sales
-------------- -------------
<S> <C> <C>
Value Equity Fund ..... $18,017,417 $3,765,865
Small Cap Value Fund .. 20,529,525 4,519,096
</TABLE>
There were no purchases or sales of long-term U.S. Government and agency
securities during the period ended February 28, 1998.
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.
5. SUBSEQUENT EVENT
Class M Shares are currently closed to new investors and subsequent
investments by existing shareholders. Existing shareholders in Class M Shares
may exchange their shares for Class M Shares of any other affiliated Phoenix
Fund without paying any fees or sales charges provided the fund into which the
exchange is made has existing Class M Share investors at the time of the
exchange.
This report is not authorized for distribution to prospective investors in
the Phoenix Investment Trust 97 unless preceded or accompanied by an effective
Prospectus which includes information concerning the sales charge, the Fund's
record and other pertinent information.
15
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
PHOENIX INVESTMENT TRUST 97
101 Munson Street
Greenfield, MA 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
Christian C. Bertelsen, Vice President
William E. Keen, III, Vice President
William R. Moyer, Vice President
Leonard J. Saltiel, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Clerk and Secretary
Investment Adviser
Phoenix Investment Counsel, Inc.
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
Customer Service 1-800-243-1574 (option 0)
Automated Voice Response Unit 1-800-243-1574 (option 1)
Investment Strategy Hotline 1-800-243-4361 (option 2)
Marketing Department 1-800-243-4361 (option 3)
Text Telephone 1-800-243-1926
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
Phoenix Funds
PO Box 2200
[Phoenix Logo] Phoenix
Duff & Phelps
PDP 234 (4/98)
- ---------------
BULK RATE MAIL
US POSTAGE
PAID
SPRINGFIELD, MA
PERMIT NO. 444
- ---------------
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> PHOENIX SMALL CAP VALUE FUND Cl A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> NOV-20-1997
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 16552
<INVESTMENTS-AT-VALUE> 17924
<RECEIVABLES> 691
<ASSETS-OTHER> 79
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18694
<PAYABLE-FOR-SECURITIES> 377
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 100
<TOTAL-LIABILITIES> 477
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16988
<SHARES-COMMON-STOCK> 1188
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (25)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (118)
<ACCUM-APPREC-OR-DEPREC> 1372
<NET-ASSETS> 18217
<DIVIDEND-INCOME> 43
<INTEREST-INCOME> 16
<OTHER-INCOME> 0
<EXPENSES-NET> (51)
<NET-INVESTMENT-INCOME> 8
<REALIZED-GAINS-CURRENT> (118)
<APPREC-INCREASE-CURRENT> 1372
<NET-CHANGE-FROM-OPS> 1262
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (28)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1209
<NUMBER-OF-SHARES-REDEEMED> (23)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 12869
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 157
<AVERAGE-NET-ASSETS> 16239
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.85
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.83
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 002
<NAME> PHOENIX SMALL CAP VALUE FUND CL B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> NOV-20-1997
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 16552
<INVESTMENTS-AT-VALUE> 17924
<RECEIVABLES> 691
<ASSETS-OTHER> 79
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18694
<PAYABLE-FOR-SECURITIES> 377
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 100
<TOTAL-LIABILITIES> 477
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16988
<SHARES-COMMON-STOCK> 320
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (25)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (118)
<ACCUM-APPREC-OR-DEPREC> 1372
<NET-ASSETS> 18217
<DIVIDEND-INCOME> 43
<INTEREST-INCOME> 16
<OTHER-INCOME> 0
<EXPENSES-NET> (51)
<NET-INVESTMENT-INCOME> 8
<REALIZED-GAINS-CURRENT> (118)
<APPREC-INCREASE-CURRENT> 1372
<NET-CHANGE-FROM-OPS> 1262
<EQUALIZATION> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PHOENIX SMALL CAP VALUE FUND CL C
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> PHOENIX SMALL CAP VALUE FUND CL M
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<NAME> PHOENIX VALUE EQUITY FUND CL A
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 002
<NAME> PHOENIX SMALL CAP VALUE CL B
<MULTIPLIER> 1,000
<S> <C>
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<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> NOV-20-1997
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<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 003
<NAME> PHOENIX VALUE EQUITY FUND CL C
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<S> <C>
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<FISCAL-YEAR-END> AUG-31-1998
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<NAME> PHOENIX VALUE EQUITY FUND CL M
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