<PAGE>
Phoenix Investment Partners
SEMIANNUAL REPORT
APRIL 30, 2000
EUCLID
Phoenix-Euclid
Market Neutral Fund
[LOGO]
<PAGE>
MESSAGE FROM THE PRESIDENT
DEAR SHAREHOLDER:
We are pleased to provide this financial summary for the six months ended
April 30, 2000 for the Phoenix-Euclid Market Neutral Fund. If you have any
questions, please call your financial advisor or contact us at 1-800-243-1574
between 8:00 a.m. and 6:00 p.m. Eastern Time, Monday through Friday, or at
www.phoenixinvestments.com.
Sincerely,
/s/ Philip R. McLoughlin
Philip R. McLoughlin
APRIL 30, 2000
Mutual funds are not insured by the FDIC; are not
deposits or other obligations of a bank and are not
guaranteed by a bank; and are subject to
investment risks, including possible loss of the
principal invested.
1
<PAGE>
PHOENIX-EUCLID MARKET NEUTRAL FUND
INVESTMENTS AND SECURITIES SOLD SHORT AT APRIL 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C> <C>
COMMON STOCKS--68.4%
AEROSPACE/DEFENSE--0.4%
Boeing Co. (The)........................ 5,200 $ 206,375
AGRICULTURAL PRODUCTS--0.1%
Corn Products International, Inc........ 1,700 40,800
AIR FREIGHT--0.3%
Iron Mountain, Inc.(b).................. 3,900 136,500
AIRLINES--0.2%
AirTran Holdings, Inc.(b)............... 22,700 96,475
ALUMINUM--0.3%
Alcoa, Inc.............................. 2,600 168,675
AUTO PARTS & EQUIPMENT--0.4%
Mark IV Industries, Inc................. 9,400 199,162
AUTOMOBILES--0.2%
General Motors Corp..................... 1,300 121,712
BANKS (MAJOR REGIONAL)--1.9%
Bank of New York Co., Inc. (The)........ 3,500 143,719
Fleet Boston Financial Corp............. 7,700 272,869
Mellon Financial Corp................... 4,300 138,137
SouthTrust Corp......................... 4,200 100,275
SunTrust Banks, Inc..................... 6,300 319,725
----------
974,725
----------
BANKS (MONEY CENTER)--1.4%
Bank of America Corp.................... 6,200 303,800
Chase Manhattan Corp. (The)............. 1,300 93,681
First Union Corp........................ 9,900 315,562
----------
713,043
----------
BANKS (REGIONAL)--0.9%
1St Source Corp......................... 11,900 245,437
BancWest Corp........................... 4,000 73,250
Hibernia Corp. Class A.................. 14,600 155,125
----------
473,812
----------
BEVERAGES (ALCOHOLIC)--0.1%
Robert Mondavi Corp. (The)
Class A(b).............................. 1,800 59,737
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C> <C>
BEVERAGES (NON-ALCOHOLIC)--0.5%
PepsiCo, Inc............................ 6,700 $ 245,806
BIOTECHNOLOGY--0.4%
Biogen, Inc.(b)......................... 600 35,287
IDEXX Laboratories, Inc.(b)............. 3,300 86,625
Liposome Co., Inc. (The)(b)............. 2,500 43,750
Maxim Pharmaceuticals, Inc.(b).......... 1,200 46,500
XOMA, Ltd.(b)........................... 5,800 23,562
----------
235,724
----------
BROADCASTING (TELEVISION, RADIO & CABLE)--1.0%
AMFM, Inc.(b)........................... 1,000 66,375
CBS Corp.(b)............................ 3,700 217,375
Infinity Broadcasting Corp.
Class A(b).............................. 1,600 54,300
Radio One, Inc.(b)...................... 1,100 63,800
Westwood One, Inc. (b).................. 4,000 141,500
----------
543,350
----------
BUILDING MATERIALS--0.6%
Dal-Tile International, Inc.(b)......... 27,400 267,150
Lafarge Corp............................ 2,000 50,500
----------
317,650
----------
CHEMICALS--0.1%
Airgas, Inc.(b)......................... 7,900 46,412
CHEMICALS (DIVERSIFIED)--0.5%
Engelhard Corp.......................... 4,400 77,275
Olin Corp............................... 10,300 182,825
----------
260,100
----------
CHEMICALS (SPECIALTY)--1.0%
Albemarle Corp.......................... 4,100 85,844
M.A. Hanna Co........................... 21,600 248,400
RPM, Inc................................ 8,300 84,037
Schulman (A.), Inc...................... 10,400 133,900
----------
552,181
----------
COMMUNICATIONS EQUIPMENT--0.6%
ADC Telecommunications, Inc.(b)......... 1,100 66,825
Advanced Fibre
Communications, Inc.(b)................. 400 18,275
</TABLE>
2 See Notes to Financial Statements
<PAGE>
Phoenix-Euclid Market Neutral Fund
<TABLE>
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C> <C>
COMMUNICATIONS EQUIPMENT--CONTINUED
Cable Design Technologies Corp.(b)...... 600 $ 20,550
CommScope, Inc.(b)...................... 2,200 104,500
Comverse Technology, Inc.(b)............ 200 17,837
Scientific-Atlanta, Inc................. 800 52,050
Sycamore Networks, Inc.(b).............. 200 15,700
Westell Technologies, Inc.(b)........... 1,200 34,125
----------
329,862
----------
COMPUTERS (HARDWARE)--0.6%
Dell Computer Corp.(b).................. 100 5,012
Gateway, Inc.(b)........................ 300 16,575
NCR Corp.(b)............................ 2,100 81,112
National Instruments Corp.(b)........... 3,700 180,375
Sun Microsystems, Inc.(b)............... 100 9,194
----------
292,268
----------
COMPUTERS (NETWORKING)--0.1%
Cisco Systems, Inc.(b).................. 400 27,731
Network Appliance, Inc. (b)............. 200 14,787
----------
42,518
----------
COMPUTERS (SOFTWARE & SERVICES)--1.2%
American Management Systems, Inc.(b).... 2,300 85,100
Computer Associates
International, Inc...................... 300 16,744
Hyperion Solutions Corp.(b)............. 2,000 60,656
ISS Group, Inc.(b)...................... 500 45,219
Inet Technologies, Inc.(b).............. 1,500 64,687
LHS Group, Inc.(b)...................... 1,900 75,525
Mercury Interactive Corp.(b)............ 500 45,000
Microsoft Corp.(b)...................... 200 13,950
NVIDIA Corp.(b)......................... 400 35,650
Pegasus Systems, Inc.(b)................ 1,800 31,950
Pharmacopeia, Inc.(b)................... 1,100 45,237
Proxicom, Inc.(b)....................... 800 27,350
RealNetworks, Inc.(b)................... 400 19,050
Sagent Technology, Inc.(b).............. 500 3,969
Sybase, Inc.(b)......................... 3,400 68,637
----------
638,724
----------
CONSUMER FINANCE--0.9%
Capital One Financial Corp.............. 700 30,625
MBNA Corp............................... 1,700 45,156
Metris Cos., Inc........................ 1,200 45,000
PMI Group, Inc. (The)................... 3,700 179,219
Providian Financial Corp................ 400 35,225
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C> <C>
CONSUMER FINANCE--CONTINUED
WFS Financial, Inc.(b).................. 7,000 $ 136,500
----------
471,725
----------
CONTAINERS & PACKAGING (PAPER)--0.4%
Temple-Inland, Inc...................... 4,100 205,512
DISTRIBUTORS (FOOD & HEALTH)--1.0%
Bindley Western Industries, Inc......... 9,500 165,656
Cardinal Health, Inc.................... 900 49,556
SUPERVALU, Inc.......................... 9,289 192,166
SYSCO Corp.............................. 2,800 105,350
----------
512,728
----------
ELECTRIC COMPANIES--4.5%
American Electric Power Co., Inc........ 7,700 282,012
CMP Group, Inc.......................... 2,700 78,131
Florida Progress Corp................... 6,100 298,900
Hawaiian Electric Industries, Inc....... 1,300 48,100
PG&E Corp............................... 8,400 217,875
Public Service Enterprise
Group, Inc.............................. 7,700 276,237
Puget Sound Energy, Inc................. 1,900 45,125
Reliant Energy, Inc..................... 6,300 167,737
Southern Co. (The)...................... 10,900 271,819
Texas Utilities Co...................... 11,200 377,300
UtiliCorp United, Inc................... 15,350 295,487
----------
2,358,723
----------
ELECTRICAL EQUIPMENT--1.5%
ACT Manufacturing, Inc.(b).............. 1,700 61,837
American Power Conversion Corp.(b)...... 3,100 109,469
Cooper Industries, Inc.................. 600 20,587
Emerson Electric Co..................... 5,000 274,375
General Electric Co..................... 200 31,450
Rockwell International Corp............. 1,100 43,312
Sensormatic Electronics Corp.(b)........ 5,400 90,112
Solectron Corp.(b)...................... 800 37,450
Three-Five Systems, Inc.(b)............. 900 78,300
Viasystems Group, Inc.(b)............... 100 1,594
Zomax, Inc.(b).......................... 300 14,194
----------
762,680
----------
ELECTRONICS (COMPONENT DISTRIBUTORS)--0.4%
Arrow Electronics, Inc.(b).............. 4,800 210,300
ELECTRONICS (INSTRUMENTATION)--0.4%
Agilent Technologies, Inc.(b)........... 600 53,175
FEI Co.(b).............................. 2,000 45,250
</TABLE>
See Notes to Financial Statements 3
<PAGE>
Phoenix-Euclid Market Neutral Fund
<TABLE>
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C> <C>
ELECTRONICS (INSTRUMENTATION)--CONTINUED
Thermo Instrument Systems, Inc. (b)..... 7,300 $ 130,487
----------
228,912
----------
ELECTRONICS (SEMICONDUCTORS)--0.6%
Cypress Semiconductor Corp.(b).......... 1,500 77,906
Intel Corp.............................. 200 25,362
International Rectifier Corp.(b)........ 1,400 68,775
Maxim Integrated Products, Inc.(b)...... 1,500 97,219
TranSwitch Corp.(b)..................... 700 61,644
----------
330,906
----------
ENTERTAINMENT--0.7%
Pixar, Inc.(b).......................... 3,700 137,594
Walt Disney Co. (The)................... 5,500 238,219
----------
375,813
----------
EQUIPMENT (SEMICONDUCTORS)--0.7%
Applied Science and
Technology, Inc.(b)..................... 2,000 54,375
Cymer, Inc.(b).......................... 1,300 50,781
Lam Research Corp.(b)................... 100 4,587
Silicon Valley Group, Inc.(b)........... 800 22,800
Teradyne, Inc.(b)....................... 600 66,000
Ultratech Stepper, Inc.(b).............. 5,700 85,144
Varian Semiconductor Equipment
Associates, Inc.(b)..................... 1,400 94,150
----------
377,837
----------
FINANCIAL (DIVERSIFIED)--1.0%
Citigroup, Inc.......................... 2,200 130,762
Fannie Mae.............................. 3,800 229,187
Freddie Mac............................. 4,100 188,344
----------
548,293
----------
FOODS--1.6%
Bestfoods............................... 3,700 185,925
Earthgrains Co. (The)................... 4,600 64,687
IBP, Inc................................ 8,000 132,000
International Home Foods, Inc.(b)....... 6,500 94,656
Nabisco Group Holdings Corp............. 19,500 251,062
Ralston-Ralston Purina Group............ 3,800 67,212
Tyson Foods, Inc. Class A............... 6,600 68,887
----------
864,429
----------
FOOTWEAR--0.1%
Wolverine World Wide, Inc............... 2,400 28,800
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C> <C>
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--0.5%
Harrah's Entertainment, Inc.(b)......... 3,200 $ 65,800
Mandalay Resort Group(b)................ 5,400 101,925
Pinnacle Entertainment, Inc.(b)......... 5,900 118,369
----------
286,094
----------
HEALTH CARE (DIVERSIFIED)--0.7%
Abbott Laboratories..................... 5,900 226,781
IVAX Corp.(b)........................... 4,300 117,712
----------
344,493
----------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--0.9%
DUSA Pharmaceuticals, Inc.(b)........... 3,800 62,700
Merck & Co., Inc........................ 1,600 111,200
Pfizer, Inc............................. 4,400 185,350
Schering-Plough Corp.................... 2,300 92,719
----------
451,969
----------
HEALTH CARE (HOSPITAL MANAGEMENT)--0.2%
Triad Hospitals, Inc.(b)................ 6,300 108,281
HEALTH CARE (MANAGED CARE)--0.6%
Foundation Health Systems, Inc.
Class A(b).............................. 7,800 78,487
Trigon Healthcare, Inc.(b).............. 2,200 79,062
UnitedHealth Group, Inc................. 2,200 146,712
----------
304,261
----------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--0.1%
ResMed, Inc.(b)......................... 1,000 34,000
HEALTH CARE (SPECIALIZED SERVICES)--0.2%
Hooper Holmes, Inc...................... 5,600 97,300
HOMEBUILDING--0.1%
Clayton Homes, Inc...................... 5,400 51,300
HOUSEHOLD FURNISHINGS & APPLIANCES--0.7%
Leggett & Platt, Inc.................... 6,400 136,800
U.S. Industries, Inc.................... 2,200 26,812
Whirlpool Corp.......................... 2,900 188,862
----------
352,474
----------
HOUSEHOLD PRODUCTS (NON-DURABLE)--0.5%
Clorox Co. (The)........................ 1,000 36,750
Colgate-Palmolive Co.................... 3,300 188,512
Energizer Holdings, Inc.(b)............. 1,266 21,601
----------
246,863
----------
</TABLE>
4 See Notes to Financial Statements
<PAGE>
Phoenix-Euclid Market Neutral Fund
<TABLE>
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C> <C>
HOUSEWARES--0.3%
Tupperware Corp......................... 7,400 $ 139,675
INSURANCE (LIFE/HEALTH)--0.5%
AFLAC, Inc.............................. 2,300 112,269
Nationwide Financial Services, Inc.
Class A................................. 5,500 152,969
----------
265,238
----------
INSURANCE (MULTI-LINE)--0.4%
Hartford Financial Services Group, Inc.
(The)................................... 800 41,750
Loews Corp.............................. 3,000 165,375
----------
207,125
----------
INSURANCE (PROPERTY-CASUALTY)--0.9%
Leucadia National Corp.................. 5,100 118,894
MGIC Investment Corp.................... 3,500 167,344
Radian Group, Inc....................... 3,166 161,268
----------
447,506
----------
INVESTMENT BANKING/BROKERAGE--0.8%
Edwards (A.G.), Inc..................... 5,700 214,462
Lehman Brothers Holdings, Inc........... 1,100 90,269
National Discount Brokers Group, Inc.
(b)..................................... 1,200 35,025
Paine Webber Group, Inc................. 1,100 48,262
Schwab (Charles) Corp. (The)............ 1,200 53,400
----------
441,418
----------
INVESTMENT MANAGEMENT--1.1%
Eaton Vance Corp........................ 2,200 93,087
Pioneer Group, Inc. (The)(b)............ 9,500 266,000
Price (T. Rowe) Associates, Inc......... 5,700 217,313
----------
576,400
----------
IRON & STEEL--1.1%
Nucor Corp.............................. 3,800 163,400
Worthington Industries, Inc............. 33,250 411,469
----------
574,869
----------
LEISURE TIME (PRODUCTS)--0.6%
Brunswick Corp.......................... 12,300 236,006
Harley-Davidson, Inc.................... 1,800 71,663
----------
307,669
----------
LODGING-HOTELS--0.5%
Extended Stay America, Inc.(b).......... 27,000 241,313
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C> <C>
MACHINERY (DIVERSIFIED)--0.4%
Dover Corp.............................. 2,000 $ 101,625
Ingersoll-Rand Co....................... 600 28,163
Manitowoc Co., Inc. (The)............... 3,000 99,563
----------
229,351
----------
MANUFACTURING (DIVERSIFIED)--1.2%
Johnson Controls, Inc................... 1,000 63,313
National Service Industries, Inc........ 2,800 60,200
Shaw Group, Inc. (The)(b)............... 1,100 39,119
Tyco International Ltd.................. 2,300 105,656
United Dominion Industries Ltd.......... 2,700 47,081
United Technologies Corp................ 3,700 230,094
WMS Industries, Inc.(b)................. 12,400 108,500
----------
653,963
----------
MANUFACTURING (SPECIALIZED)--0.8%
AptarGroup, Inc......................... 1,800 51,300
Avery Dennison Corp..................... 1,500 98,438
Insituform Technologies, Inc.(b)........ 5,100 171,169
JLG Industries, Inc..................... 2,300 21,850
Pall Corp............................... 2,000 44,625
Reliance Steel & Aluminum Co............ 2,100 48,300
----------
435,682
----------
METAL FABRICATORS--0.4%
Mueller Industries, Inc.(b)............. 6,100 200,919
NATURAL GAS--1.7%
Equitable Resources, Inc................ 7,500 347,813
KeySpan Corp............................ 5,500 161,563
Questar Corp............................ 12,100 227,631
Western Gas Resources, Inc.............. 10,400 173,550
----------
910,557
----------
OFFICE EQUIPMENT & SUPPLIES--0.2%
Wallace Computer Services, Inc.......... 10,800 118,125
OIL & GAS (DRILLING & EQUIPMENT)--1.0%
Atwood Oceanics, Inc.(b)................ 3,400 206,125
BJ Services Co.(b)...................... 2,100 147,525
Noble Drilling Corp.(b)................. 500 19,969
Tidewater, Inc.......................... 4,500 133,875
----------
507,494
----------
OIL & GAS (EXPLORATION & PRODUCTION)--2.2%
Apache Corp............................. 3,200 155,000
</TABLE>
See Notes to Financial Statements 5
<PAGE>
Phoenix-Euclid Market Neutral Fund
<TABLE>
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C> <C>
OIL & GAS (EXPLORATION & PRODUCTION)--CONTINUED
Cross Timbers Oil Co.................... 9,700 $ 140,044
Kerr-McGee Corp......................... 2,900 150,075
Mitchell Energy & Development Corp.
Class B................................. 9,600 229,800
Pioneer Natural Resources Co.(b)........ 21,800 224,813
Triton Energy Ltd.(b)................... 2,100 76,519
Vintage Petroleum, Inc.................. 8,300 164,963
----------
1,141,214
----------
OIL & GAS (REFINING & MARKETING)--0.8%
Tosco Corp.............................. 900 28,856
Ultramar Diamond Shamrock Corp.......... 15,800 391,050
----------
419,906
----------
OIL (DOMESTIC INTEGRATED)--1.2%
Conoco, Inc. Class B.................... 1,500 37,313
Occidental Petroleum Corp............... 14,600 312,988
USX-Marathon Group...................... 11,800 275,088
----------
625,389
----------
OIL (INTERNATIONAL INTEGRATED)--0.7%
Chevron Corp............................ 900 76,613
Texaco, Inc............................. 6,200 306,900
----------
383,513
----------
PAPER & FOREST PRODUCTS--1.6%
Longview Fibre Co....................... 16,100 205,275
Louisiana-Pacific Corp.................. 14,700 196,613
Westvaco Corp........................... 5,500 169,813
Weyerhaeuser Co......................... 3,200 171,000
Willamette Industries, Inc.............. 2,900 110,744
----------
853,445
----------
PERSONAL CARE--0.4%
Estee Lauder Cos., Inc. (The)
Class A................................. 600 26,475
Gillette Co. (The)...................... 4,500 166,500
----------
192,975
----------
PHOTOGRAPHY/IMAGING--0.4%
IKON Office Solutions, Inc.............. 20,400 119,850
In Focus Systems, Inc.(b)............... 2,400 71,850
Xerox Corp.............................. 1,300 34,369
----------
226,069
----------
POWER PRODUCERS (INDEPENDENT)--0.3%
AES Corp. (The)(b)...................... 1,600 143,900
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C> <C>
PUBLISHING--0.1%
Martha Stewart Living Omnimedia, Inc.
Class A(b).............................. 5,600 $ 79,800
PUBLISHING (NEWSPAPERS)--0.7%
Belo (A.H.) Corp........................ 3,800 63,413
Dow Jones & Co., Inc.................... 2,000 129,750
Knight-Ridder, Inc...................... 2,000 98,125
New York Times Co. (The) Class A........ 1,400 57,663
----------
348,951
----------
REITS--3.9%
AMB Property Corp....................... 4,100 90,456
Avalonbay Communities, Inc.............. 1,400 54,775
Boston Properties, Inc.................. 1,300 45,338
Developers Diversified Realty Corp...... 11,200 170,100
Duke-Weeks Realty Corp.................. 6,200 134,463
Equity Office Properties Trust.......... 8,700 236,531
Equity Residential Properties Trust..... 7,000 318,500
MeriStar Hospitality Corp............... 6,400 126,400
Post Properties, Inc.................... 2,200 92,400
Reckson Associates Realty Corp.......... 13,900 278,869
Simon Property Group, Inc............... 4,000 101,500
Spieker Properties, Inc................. 5,800 257,013
United Dominion Realty Trust, Inc....... 1,700 17,000
Vornado Realty Trust.................... 800 27,600
Weingarten Realty Investors............. 2,400 97,200
----------
2,048,145
----------
RESTAURANTS--0.3%
Brinker International, Inc.(b).......... 4,400 140,250
RETAIL (BUILDING SUPPLIES)--0.4%
Hughes Supply, Inc...................... 1,100 16,775
Lowe's Cos., Inc........................ 1,500 74,250
Sherwin-Williams Co. (The).............. 5,600 139,300
----------
230,325
----------
RETAIL (COMPUTERS & ELECTRONICS)--0.1%
Best Buy Co., Inc.(b)................... 500 40,375
RETAIL (DEPARTMENT STORES)--0.3%
Federated Department Stores, Inc.(b).... 1,900 64,600
May Department Stores Co. (The)......... 3,300 90,750
----------
155,350
----------
RETAIL (DISCOUNTERS)--0.2%
Dollar Tree Stores, Inc.(b)............. 1,700 98,388
</TABLE>
6 See Notes to Financial Statements
<PAGE>
Phoenix-Euclid Market Neutral Fund
<TABLE>
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C> <C>
RETAIL (DISCOUNTERS)--CONTINUED
Ross Stores, Inc........................ 1,200 $ 24,900
----------
123,288
----------
RETAIL (DRUG STORES)--0.1%
Walgreen Co............................. 2,300 64,688
RETAIL (FOOD CHAINS)--0.3%
Ruddick Corp............................ 7,100 81,206
Safeway, Inc.(b)........................ 1,800 79,425
----------
160,631
----------
RETAIL (GENERAL MERCHANDISE)--1.0%
BJ's Wholesale Club, Inc.(b)............ 2,800 99,225
Costco Wholesale Corp.(b)............... 2,200 118,938
Sears, Roebuck & Co..................... 3,900 142,838
Wal-Mart Stores, Inc.................... 2,800 155,050
----------
516,051
----------
RETAIL (SPECIALTY)--1.0%
Pier 1 Imports, Inc..................... 13,700 155,838
Staples, Inc.(b)........................ 4,000 76,250
Tiffany & Co............................ 900 65,419
Venator Group, Inc.(b).................. 12,800 152,000
Zale Corp.(b)........................... 1,500 61,875
----------
511,382
----------
RETAIL (SPECIALTY-APPAREL)--0.7%
American Eagle Outfitters, Inc.(b)...... 1,400 23,800
Charming Shoppes, Inc.(b)............... 33,600 226,800
Gap, Inc. (The)......................... 600 22,050
Talbots, Inc. (The)..................... 1,700 85,956
----------
358,606
----------
SAVINGS & LOAN COMPANIES--0.5%
Golden West Financial Corp.............. 1,700 58,013
GreenPoint Financial Corp............... 5,100 94,988
Sovereign Bancorp, Inc.................. 15,300 105,188
----------
258,189
----------
SERVICES (ADVERTISING/MARKETING)--0.1%
Interpublic Group of Companies, Inc.
(The)................................... 1,000 41,000
SERVICES (COMMERCIAL & CONSUMER)--0.8%
Gemstar International Group Ltd. (b).... 400 18,500
Navigant Consulting, Inc.(b)............ 8,400 83,475
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C> <C>
SERVICES (COMMERCIAL & CONSUMER)--CONTINUED
Stewart Enterprises, Inc. Class A....... 27,500 $ 132,344
TeleTech Holdings, Inc.(b).............. 2,400 78,300
United Rentals, Inc.(b)................. 6,800 92,225
----------
404,844
----------
SERVICES (COMPUTER SYSTEMS)--0.6%
Computer Sciences Corp.(b).............. 800 65,250
Electronic Data Systems Corp............ 2,500 171,875
Lightbridge, Inc.(b).................... 3,300 69,300
MarchFirst, Inc.(b)..................... 1,000 21,313
----------
327,738
----------
SERVICES (DATA PROCESSING)--1.0%
Automatic Data Processing, Inc.......... 3,500 188,344
Concord EFS, Inc.(b).................... 5,300 118,588
DST Systems, Inc.(b).................... 600 44,513
MedQuist, Inc.(b)....................... 3,800 134,663
Paychex, Inc............................ 400 21,050
----------
507,158
----------
SERVICES (EMPLOYMENT)--0.2%
Interim Services, Inc.(b)............... 7,700 131,863
SHIPPING--0.3%
Alexander & Baldwin, Inc................ 7,700 161,700
SPECIALTY PRINTING--0.6%
Banta Corp.............................. 11,500 224,969
Topps Co., Inc. (The)(b)................ 9,600 84,000
----------
308,969
----------
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--0.2%
AT&T Wireless Group(b).................. 700 22,269
Western Wireless Corp. Class A(b)....... 2,200 109,313
----------
131,582
----------
TELECOMMUNICATIONS (LONG DISTANCE)--1.4%
AT&T Corp............................... 3,400 158,738
Nextlink Communications, Inc.
Class A(b).............................. 200 16,863
Sprint Corp............................. 9,000 553,500
----------
729,101
----------
TELEPHONE--1.0%
Bell Atlantic Corp...................... 3,200 189,600
BellSouth Corp.......................... 6,000 292,125
</TABLE>
See Notes to Financial Statements 7
<PAGE>
Phoenix-Euclid Market Neutral Fund
<TABLE>
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C> <C>
TELEPHONE--CONTINUED
CenturyTel, Inc......................... 900 $ 22,050
----------
503,775
----------
TEXTILES (APPAREL)--0.5%
Liz Claiborne, Inc...................... 2,100 97,256
Russell Corp............................ 7,400 145,225
Tommy Hilfiger Corp.(b)................. 3,300 29,081
----------
271,562
----------
TEXTILES (HOME FURNISHINGS)--0.8%
Mohawk Industries, Inc.(b).............. 1,700 42,181
Shaw Industries, Inc.................... 12,300 194,494
Springs Industries, Inc. Class A........ 4,100 168,356
----------
405,031
----------
TRUCKERS--0.4%
USFreightways Corp...................... 4,600 214,475
TRUCKS & PARTS--0.3%
PACCAR, Inc............................. 3,300 156,956
-----------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $35,394,010) 35,824,804
-----------------------------------------------------------------
FOREIGN COMMON STOCKS--6.4%
AIRLINES--0.3%
Ryanair Holdings PLC Sponsored ADR
(Ireland)(b)............................ 4,200 171,150
ALUMINUM--0.7%
Alcan Aluminum Ltd. (Canada)............ 11,900 389,725
AUTO PARTS & EQUIPMENT--0.1%
Magna International, Inc. Class A
(Canada)................................ 800 37,400
COMMUNICATIONS EQUIPMENT--0.7%
Alcatel Sponsored ADR (France).......... 2,100 95,419
NDS Group PLC Sponsored ADR (United
Kingdom)(b)............................. 1,500 84,750
Nokia Oyj Sponsored ADR (Finland)....... 1,200 68,250
Telefonaktiebolaget LM Ericsson
Sponsored ADR (Sweden).................. 1,400 123,812
----------
372,231
----------
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C> <C>
ELECTRONICS (INSTRUMENTATION)--0.4%
Qiagen NV (Netherlands)(b).............. 1,400 $ 203,175
ELECTRONICS (SEMICONDUCTORS)--0.3%
Taiwan Semiconductor Manufacturing Co.
Ltd. Sponsored ADR (Taiwan)(b).......... 3,300 172,631
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--0.7%
Shire Pharmaceuticals Group PLC ADR
(United Kingdom)(b)..................... 3,100 124,775
Teva Pharmaceutical Industries Ltd.
Sponsored ADR (Israel).................. 5,800 255,200
----------
379,975
----------
MACHINERY (DIVERSIFIED)--0.1%
CNH Global NV (Netherlands)............. 3,700 49,950
OIL (INTERNATIONAL INTEGRATED)--1.4%
BP Amoco PLC Sponsored ADR (United
Kingdom)................................ 3,690 188,190
Royal Dutch Petroleum Co. NY Registered
Shares (Netherlands).................... 5,800 332,775
Shell Transport & Trading Co. ADR
(United Kingdom)........................ 3,800 183,350
----------
704,315
----------
RAILROADS--0.9%
Canadian Pacific Ltd. (Canada).......... 19,800 471,488
SPECIALTY PRINTING--0.3%
Quebecor World, Inc. (Canada)........... 7,200 162,900
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--0.3%
Vodafone AirTouch PLC Sponsored ADR
(United Kingdom)........................ 3,700 173,900
TELECOMMUNICATIONS (LONG DISTANCE)--0.2%
Telefonos de Mexico SA Sponsored ADR
Series L (Mexico)....................... 1,400 82,338
-----------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $3,385,126) 3,371,178
-----------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--74.8%
(IDENTIFIED COST $38,779,136) 39,195,982
-----------------------------------------------------------------
</TABLE>
8 See Notes to Financial Statements
<PAGE>
Phoenix-Euclid Market Neutral Fund
<TABLE>
<CAPTION>
PAR
VALUE
(000) VALUE
------- ----------
SHORT-TERM OBLIGATIONS--25.9%
<S> <C> <C> <C>
FEDERAL AGENCY SECURITIES--9.5%
Freddie Mac 5.89%, 5/23/00.............. $5,000 $4,982,003
REPURCHASE AGREEMENT--16.1%
Morgan Stanley & Co., Inc. repurchase
agreement 5.72%, dated 4/28/00 due
5/1/00, repurchase price $4,453,122
collateralized by Fannie Mae Bonds 6% to
7%, 6/1/06 to 7/1/18, market value
$4,540,333.............................. 4,451 4,451,000
Prudential Securities, Inc. repurchase
agreement 5.79%, dated 4/28/00 due
5/1/00, repurchase price $4,001,930
collateralized by FC Discount Note
5.84%, 5/15/00, market value
$4,080,051.............................. 4,000 4,000,000
----------
8,451,000
----------
U.S. GOVERNMENT SECURITIES--0.3%
U.S. Treasury Bill 5.45%, 6/22/00....... 150 148,819
-----------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $13,581,822) 13,581,822
-----------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
TOTAL INVESTMENTS--100.7%
(IDENTIFIED COST $52,360,958) 52,777,804(a)
SECURITIES SOLD SHORT--(70.8%)
(PROCEEDS $38,005,033) (37,122,876)
Cash and receivables, less liabilities--70.1% 36,738,826
--------------
NET ASSETS--100.0% $ 52,393,754
==============
</TABLE>
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $1,374,963 and gross
depreciation of $2,684,690 for federal income tax purposes. At April 30,
2000, the aggregate cost of securities for federal income tax purposes was
$54,087,531.
(b) Non-income producing.
<TABLE>
<CAPTION>
SHARES
-------------
<S> <C> <C> <C>
SECURITIES SOLD SHORT--70.8%
COMMON STOCKS--60.8%
AEROSPACE/DEFENSE--0.6%
AAR Corp................................ 8,700 131,044
Northrop Grumman Corp................... 2,600 184,275
Precision Castparts Corp................ 1,400 58,450
----------
373,769
----------
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
AIR FREIGHT--0.3%
Airborne Freight Corp................... 5,500 $ 117,906
CNF Transportation, Inc................. 600 16,762
----------
134,668
----------
AIRLINES--0.9%
AMR Corp................................ 4,200 143,062
Continental Airlines, Inc. Class B...... 700 28,000
Delta Air Lines, Inc.................... 1,200 63,300
Midwest Express Holdings, Inc........... 5,800 146,812
US Airways Group, Inc................... 3,300 91,781
----------
472,955
----------
ALUMINUM--0.3%
Reynolds Metals Co...................... 2,700 179,550
AUTO PARTS & EQUIPMENT--0.9%
Dana Corp............................... 6,700 203,512
Federal-Mogul Corp...................... 4,400 59,675
Goodyear Tire & Rubber Co. (The)........ 6,100 168,512
MascoTech, Inc.......................... 3,400 39,312
----------
471,011
----------
BANKS (MAJOR REGIONAL)--2.0%
Bank One Corp........................... 6,900 210,450
Comerica, Inc........................... 600 25,425
Fifth Third Bancorp..................... 1,000 63,125
PNC Financial Services Group............ 2,200 95,975
State Street Corp....................... 1,700 164,687
Union Planters Corp..................... 2,614 74,009
Wachovia Corp........................... 3,100 194,331
Wells Fargo & Co........................ 5,600 229,950
----------
1,057,952
----------
BANKS (REGIONAL)--0.3%
Centura Banks, Inc...................... 1,400 57,837
Commerce Bancorp, Inc................... 945 37,505
Wilmington Trust Corp................... 1,700 78,412
----------
173,754
----------
BEVERAGES (ALCOHOLIC)--0.4%
Anheuser-Busch Cos., Inc................ 2,000 141,125
</TABLE>
See Notes to Financial Statements 9
<PAGE>
Phoenix-Euclid Market Neutral Fund
<TABLE>
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
BEVERAGES (ALCOHOLIC)--CONTINUED
Brown-Forman Corp. Class B.............. 800 $ 43,650
----------
184,775
----------
BIOTECHNOLOGY--0.4%
Aphton Corp............................. 900 24,750
Biomira, Inc............................ 2,400 18,300
Edwards Lifesciences Corp............... 600 9,000
MedImmune, Inc.......................... 200 31,987
Millennium Pharmaceuticals, Inc......... 1,000 79,375
Neurocrine Biosciences, Inc............. 2,400 51,000
----------
214,412
----------
BROADCASTING (TELEVISION, RADIO & CABLE)--1.5%
AT&T Corp.- Liberty Media Group
Class A................................. 3,600 179,775
Clear Channel Communications, Inc....... 1,600 115,200
Comcast Corp. Class A................... 1,700 68,106
Cox Radio, Inc. Class A................. 2,400 174,000
Pegasus Communications Corp............. 800 87,300
RCN Corp................................ 1,900 54,387
Univision Communications, Inc.
Class A................................. 1,000 109,250
----------
788,018
----------
BUILDING MATERIALS--0.6%
Owens Corning........................... 5,900 107,306
USG Corp................................ 5,100 212,925
----------
320,231
----------
CHEMICALS--0.7%
Cabot Corp.............................. 3,200 86,400
Dow Chemical Co. (The).................. 800 90,400
Dupont (E.I.) de Nemours & Co........... 500 23,719
Lyondell Chemical Co.................... 7,700 141,487
Union Carbide Corp...................... 500 29,500
----------
371,506
----------
CHEMICALS (DIVERSIFIED)--0.1%
PPG Industries, Inc..................... 1,400 76,125
CHEMICALS (SPECIALTY)--1.2%
Ecolab, Inc............................. 1,800 70,312
Hercules, Inc........................... 3,014 46,905
International Flavors &
Fragrances, Inc......................... 4,900 168,744
MacDermid, Inc.......................... 7,200 168,750
Millennium Chemicals, Inc............... 8,200 163,487
----------
618,198
----------
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
COMMUNICATIONS EQUIPMENT--0.7%
CAIS Internet, Inc...................... 3,400 $ 45,050
CIENA Corp.............................. 200 24,725
Davox Corp.............................. 1,300 33,150
General Motors Corp. Class H............ 700 67,419
Intelect Communications, Inc............ 3,500 10,719
Motorola, Inc........................... 800 95,250
Netro Corp.............................. 200 8,625
Tellabs, Inc............................ 800 43,850
Tut Systems, Inc........................ 800 38,400
----------
367,188
----------
COMPUTERS (HARDWARE)--0.2%
Alteon Websystems, Inc.................. 300 20,400
Apple Computer, Inc..................... 400 49,625
Compaq Computer Corp.................... 1,700 49,725
Emulex Corp............................. 100 4,537
----------
124,287
----------
COMPUTERS (PERIPHERALS)--0.9%
ION Networks, Inc....................... 800 9,200
Lexmark International Group, Inc.
Class A................................. 600 70,800
Procom Technology, Inc.................. 700 25,200
Quantum Corp. - DLT & Storage Systems... 2,800 32,900
Seagate Technology, Inc................. 700 35,569
Secure Computing Corp................... 1,600 19,900
Storage Technology Corp................. 5,500 71,500
Unova, Inc.............................. 15,400 215,600
----------
480,669
----------
COMPUTERS (SOFTWARE & SERVICES)--1.5%
Akamai Technologies, Inc................ 100 9,887
Ariba, Inc.............................. 400 29,675
Art Technology Group, Inc............... 200 12,150
Ask Jeeves, Inc......................... 400 12,150
At Home Corp. Series A.................. 1,400 26,075
BMC Software, Inc....................... 1,100 51,494
Commerce One, Inc....................... 200 12,212
Digital Insight Corp.................... 810 31,691
eBay, Inc............................... 100 15,919
e-MedSoft.com........................... 2,100 17,194
eShare Technologies, Inc................ 1,600 11,400
Epicor Software Corp.................... 3,800 15,200
Exodus Communications, Inc.............. 200 17,687
IMRglobal Corp.......................... 2,300 29,612
InfoSpace, Inc.......................... 200 14,362
Inktomi Corp............................ 100 15,394
</TABLE>
10 See Notes to Financial Statements
<PAGE>
Phoenix-Euclid Market Neutral Fund
<TABLE>
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
COMPUTERS (SOFTWARE & SERVICES)--CONTINUED
Intuit, Inc............................. 500 $ 17,969
Macromedia, Inc......................... 500 43,500
Manugistics Group, Inc.................. 1,000 42,812
netGuru, Inc............................ 1,000 22,750
Phone.com, Inc.......................... 200 16,800
Puma Technology, Inc.................... 200 6,125
PurchasePro.com, Inc.................... 300 9,000
QRS Corp................................ 1,100 36,300
Rare Medium Group, Inc.................. 500 10,281
Rational Software Corp.................. 200 17,025
Red Hat, Inc............................ 300 7,519
Redback Networks, Inc................... 400 31,750
Santa Cruz Operation, Inc. (The)........ 3,500 21,219
Sonic Foundry, Inc...................... 300 13,425
Synopsys, Inc........................... 500 21,000
Talk City, Inc.......................... 10,900 38,150
VERITAS Software Corp................... 300 32,180
Vertel Corp............................. 900 14,962
VerticalNet, Inc........................ 200 10,800
Vignette Corp........................... 300 14,456
Visual Networks, Inc.................... 1,000 39,000
----------
789,125
----------
CONSTRUCTION (CEMENT & AGGREGATES)--1.2%
Martin Marietta Materials, Inc.......... 3,600 190,800
Southdown, Inc.......................... 3,400 197,625
Vulcan Materials Co..................... 5,500 240,969
----------
629,394
----------
CONSUMER (JEWELRY, NOVELTIES & GIFTS)--0.1%
Department 56, Inc...................... 3,500 31,937
CONSUMER FINANCE--0.3%
Countrywide Credit Industries, Inc...... 4,600 127,075
Household International, Inc............ 1,300 54,275
----------
181,350
----------
CONTAINERS (METAL & GLASS)--0.1%
Owens-Illinois, Inc..................... 5,400 72,900
ELECTRIC COMPANIES--3.5%
Ameren Corp............................. 1,400 51,362
Carolina Power & Light Co............... 7,400 270,562
Cinergy Corp............................ 5,000 133,750
DQE, Inc................................ 500 19,125
Dominion Resources, Inc................. 907 40,815
Duke Energy Corp........................ 1,000 57,500
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
ELECTRIC COMPANIES--CONTINUED
FPL Group, Inc.......................... 3,000 $ 135,562
IPALCO Enterprises, Inc................. 3,700 75,619
Kansas City Power & Light Co............ 13,400 344,212
Montana Power Co. (The)................. 4,200 185,062
New Century Energies, Inc............... 1,800 58,725
Niagara Mohawk Holdings, Inc............ 1,800 24,975
PECO Energy Co.......................... 4,600 191,762
SCANA Corp.............................. 4,750 122,906
Western Resources, Inc.................. 8,500 133,875
----------
1,845,812
----------
ELECTRICAL EQUIPMENT--0.6%
Hubbell, Inc. Class B................... 10,000 260,625
Sanmina Corp............................ 800 48,050
----------
308,675
----------
ELECTRONICS (COMPONENT DISTRIBUTORS)--0.3%
Grainger (W.W.), Inc.................... 3,500 151,812
ELECTRONICS (DEFENSE)--0.3%
Raytheon Co. Class A.................... 6,300 144,506
ELECTRONICS (INSTRUMENTATION)--0.1%
Tektronix, Inc.......................... 1,050 60,769
ELECTRONICS (SEMICONDUCTORS)--1.0%
Adaptec, Inc............................ 600 16,200
Applied Micro Circuits Corp............. 400 51,550
Conexant Systems, Inc................... 400 23,950
Elantec Semiconductor, Inc.............. 2,200 89,100
LSI Logic Corp.......................... 600 37,500
Linear Technology Corp.................. 2,000 114,250
Micron Technology, Inc.................. 400 55,700
National Semiconductor Corp............. 800 48,600
PMC-Sierra, Inc......................... 200 38,375
RF Micro Devices, Inc................... 300 31,219
SDL, Inc................................ 100 19,500
----------
525,944
----------
ENGINEERING & CONSTRUCTION--0.0%
Granite Construction, Inc............... 900 21,375
ENTERTAINMENT--0.3%
Viacom, Inc. Class B.................... 2,400 130,500
EQUIPMENT (SEMICONDUCTORS)--0.4%
GaSonics International Corp............. 1,700 56,100
PRI Automation, Inc..................... 1,000 79,875
</TABLE>
See Notes to Financial Statements 11
<PAGE>
Phoenix-Euclid Market Neutral Fund
<TABLE>
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
EQUIPMENT (SEMICONDUCTORS)--CONTINUED
Semitool, Inc........................... 3,800 $ 76,178
----------
212,153
----------
FINANCIAL (DIVERSIFIED)--1.2%
Ambac Financial Group, Inc.............. 400 19,200
LandAmerica Financial Group, Inc........ 12,500 220,312
Markel Corp............................. 1,700 246,500
SLM Holding Corp........................ 4,000 125,250
Starwood Hotels & Resorts
Worldwide, Inc.......................... 1,300 36,969
----------
648,231
----------
FOODS--1.2%
Dole Food Co., Inc...................... 2,500 43,906
General Mills, Inc...................... 6,500 236,437
Heinz (H.J.) Co......................... 2,600 88,400
Hershey Foods Corp...................... 3,900 176,962
Wrigley (Wm.) Jr. Co.................... 1,100 79,612
----------
625,317
----------
GAMING, LOTTERY & PARI-MUTUEL COMPANIES--0.5%
Anchor Gaming........................... 2,300 92,575
International Game Technology........... 3,700 90,187
Speedway Motorsports, Inc............... 3,800 90,962
----------
273,724
----------
GOLD & PRECIOUS METALS MINING--0.4%
Agnico-Eagle Mines Ltd. (Canada)........ 5,000 27,187
AngloGold Ltd. Sponsored ADR (South
Africa)................................. 3,200 62,200
Barrick Gold Corp. (Canada)............. 7,700 129,456
----------
218,843
----------
HEALTH CARE (DIVERSIFIED)--0.8%
Allergan, Inc........................... 900 52,987
American Home Products Corp............. 3,000 168,562
Bristol-Myers Squibb Co................. 3,400 178,287
----------
399,836
----------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--0.8%
Forest Laboratories, Inc................ 600 50,438
GelTex Pharmaceuticals, Inc............. 1,800 28,688
Genentech, Inc.......................... 400 46,800
Inhale Therapeutic Systems, Inc......... 900 55,688
Lilly (Eli) & Co........................ 2,100 162,356
Miravant Medical Technologies........... 1,400 23,450
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--CONTINUED
Neurogen Corp........................... 2,300 $ 67,275
----------
434,695
----------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--1.4%
Bard (C.R.), Inc........................ 3,000 130,688
Bausch & Lomb, Inc...................... 1,200 72,450
Baxter International, Inc............... 3,000 195,375
Guidant Corp............................ 800 45,900
Medtronic, Inc.......................... 2,600 135,038
MiniMed, Inc............................ 700 86,056
Varian Medical Systems, Inc............. 2,000 80,000
----------
745,507
----------
HEALTH CARE (SPECIALIZED SERVICES)--0.1%
PAREXEL International Corp.............. 4,600 41,400
HOMEBUILDING--0.3%
Champion Enterprises, Inc............... 14,300 100,994
Syntroleum Corp......................... 2,800 54,950
----------
155,944
----------
HOUSEHOLD PRODUCTS (NON-DURABLE)--1.0%
Fort James Corp......................... 5,300 126,869
Kimberly-Clark Corp..................... 2,600 150,963
Procter & Gamble Co. (The).............. 3,800 226,575
----------
504,407
----------
HOUSEWARES--0.2%
Newell Rubbermaid, Inc.................. 4,331 109,087
INSURANCE (LIFE/HEALTH)--0.9%
American General Corp................... 1,900 106,400
Jefferson-Pilot Corp.................... 500 33,281
Lincoln National Corp................... 4,300 149,694
ReliaStar Financial Corp................ 4,700 202,394
----------
491,769
----------
INSURANCE (MULTI-LINE)--0.3%
CIGNA Corp.............................. 2,000 159,500
INSURANCE (PROPERTY-CASUALTY)--4.5%
21st Century Insurance Group............ 2,400 52,500
Berkley (W.R.) Corp..................... 18,200 384,475
Chubb Corp. (The)....................... 400 25,450
Fremont General Corp.................... 11,700 68,006
HSB Group, Inc.......................... 9,100 263,900
Horace Mann Educators Corp.............. 12,200 177,663
</TABLE>
12 See Notes to Financial Statements
<PAGE>
Phoenix-Euclid Market Neutral Fund
<TABLE>
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
INSURANCE (PROPERTY-CASUALTY)--CONTINUED
Ohio Casualty Corp...................... 18,800 $ 312,550
Progressive Corp. (The)................. 600 39,263
SAFECO Corp............................. 4,600 101,775
Selective Insurance Group, Inc.......... 7,200 136,350
Transatlantic Holdings, Inc............. 3,200 265,400
Trenwick Group, Inc..................... 18,700 264,138
Unitrin, Inc............................ 7,500 253,125
----------
2,344,595
----------
INSURANCE BROKERS--0.6%
Gallagher (Arthur J.) & Co.............. 5,000 186,250
Marsh & McLennan Cos., Inc.............. 1,500 147,844
----------
334,094
----------
INVESTMENT BANKING/BROKERAGE--0.0%
Knight/Trimark Group, Inc............... 400 15,075
IRON & STEEL--0.9%
AK Steel Holding Corp................... 3,800 42,038
Cleveland-Cliffs, Inc................... 6,200 152,288
UCAR International, Inc................. 7,900 104,181
USX-U.S. Steel Group.................... 7,700 192,981
----------
491,488
----------
LODGING-HOTELS--0.0%
Xcelera.com, Inc........................ 200 17,500
MACHINERY (DIVERSIFIED)--0.5%
Caterpillar, Inc........................ 2,700 106,481
Kaydon Corp............................. 5,100 119,213
Terex Corp.............................. 1,400 21,875
----------
247,569
----------
MANUFACTURING (DIVERSIFIED)--1.7%
Carlisle Cos., Inc...................... 3,500 144,156
Corning, Inc............................ 498 98,355
Eaton Corp.............................. 1,900 159,600
Hillenbrand Industries, Inc............. 6,600 198,825
Honeywell International, Inc............ 2,700 151,200
Illinois Tool Works, Inc................ 1,700 108,906
Textron, Inc............................ 600 37,163
----------
898,205
----------
MANUFACTURING (SPECIALIZED)--0.3%
Sealed Air Corp......................... 900 50,063
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
MANUFACTURING (SPECIALIZED)--CONTINUED
York International Corp................. 3,900 $ 94,088
----------
144,151
----------
METAL FABRICATORS--0.0%
General Cable Corp...................... 2,000 15,375
METALS MINING--0.3%
Phelps Dodge Corp....................... 2,800 129,500
NATURAL GAS--3.4%
Eastern Enterprises..................... 2,500 152,188
El Paso Energy Corp..................... 2,500 106,250
Enron Corp.............................. 2,200 153,313
MCN Energy Group, Inc................... 5,800 144,638
NICOR, Inc.............................. 12,100 409,888
ONEOK, Inc.............................. 11,000 277,750
Washington Gas Light Co................. 17,200 440,750
Williams Cos., Inc. (The)............... 3,100 115,669
----------
1,800,446
----------
OFFICE EQUIPMENT & SUPPLIES--0.1%
Pitney Bowes, Inc....................... 900 36,788
OIL & GAS (DRILLING & EQUIPMENT)--1.6%
Baker Hughes, Inc....................... 1,100 34,994
Cooper Cameron Corp..................... 400 30,000
Diamond Offshore Drilling, Inc.......... 1,800 72,563
Grant Prideco, Inc...................... 1,700 32,725
Halliburton Co.......................... 5,800 256,288
Input/Output, Inc....................... 5,800 42,775
Schlumberger Ltd........................ 700 53,594
Tuboscope, Inc.......................... 14,550 252,806
Weatherford International, Inc.......... 1,700 69,063
----------
844,808
----------
OIL & GAS (EXPLORATION & PRODUCTION)--1.0%
Basin Exploration, Inc.................. 3,300 46,200
Burlington Resources, Inc............... 2,600 102,213
Noble Affiliates, Inc................... 4,800 173,100
Unocal Corp............................. 6,442 208,157
----------
529,670
----------
OIL & GAS (REFINING & MARKETING)--0.8%
Pennzoil-Quaker State Co................ 16,900 184,844
Sunoco, Inc............................. 6,900 209,156
----------
394,000
----------
</TABLE>
See Notes to Financial Statements 13
<PAGE>
Phoenix-Euclid Market Neutral Fund
<TABLE>
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
OIL (DOMESTIC INTEGRATED)--0.7%
Amerada Hess Corp....................... 2,400 $ 152,700
Phillips Petroleum Co................... 4,000 189,750
----------
342,450
----------
PAPER & FOREST PRODUCTS--0.5%
Bowater, Inc............................ 3,500 192,500
International Paper Co.................. 2,000 73,500
----------
266,000
----------
PHOTOGRAPHY/IMAGING--0.3%
Eastman Kodak Co........................ 1,600 89,500
Polaroid Corp........................... 3,500 70,656
----------
160,156
----------
PUBLISHING--0.1%
Houghton Mifflin Co..................... 1,200 49,875
PUBLISHING (NEWSPAPERS)--1.6%
Gannett Co., Inc........................ 800 51,100
Hollinger International, Inc............ 17,800 224,725
Scripps (E.W.) Co. (The) Class A........ 5,000 233,438
Washington Post Co. (The) Class B....... 700 341,600
----------
850,863
----------
RAILROADS--1.4%
CSX Corp................................ 3,100 64,906
Kansas City Southern
Industries, Inc......................... 700 50,313
Norfolk Southern Corp................... 14,800 260,850
Union Pacific Corp...................... 2,300 96,888
Wisconsin Central Transportation
Corp.................................... 19,300 281,056
----------
754,013
----------
REITS--1.4%
BRE Properties, Inc. Class A............ 1,700 47,494
Cousins Properties, Inc................. 10,200 400,350
Crescent Real Estate Equities Co........ 7,000 119,875
Manufactured Home Communities, Inc...... 4,900 122,500
Smith (Charles E.) Residential
Realty, Inc............................. 1,300 48,994
----------
739,213
----------
RETAIL (DEPARTMENT STORES)--0.5%
Dillard's, Inc. Class A................. 6,500 90,594
Kohl's Corp............................. 1,800 86,400
Saks, Inc............................... 8,600 98,363
----------
275,357
----------
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
RETAIL (DISCOUNTERS)--0.5%
Consolidated Stores Corp................ 3,900 $ 48,506
Dollar General Corp..................... 3,400 77,775
ShopKo Stores, Inc...................... 6,100 109,038
----------
235,319
----------
RETAIL (DRUG STORES)--0.1%
Longs Drug Stores Corp.................. 1,200 27,900
RETAIL (FOOD CHAINS)--0.2%
Albertson's, Inc........................ 92 2,996
Hannaford Brothers Co................... 1,200 86,850
----------
89,846
----------
RETAIL (GENERAL MERCHANDISE)--0.3%
Target Corp............................. 2,300 153,094
RETAIL (HOME SHOPPING)--0.1%
Amazon.com, Inc......................... 500 27,594
Stamps.com, Inc......................... 1,200 19,200
----------
46,794
----------
RETAIL (SPECIALTY)--0.6%
Claire's Stores, Inc.................... 1,500 27,656
Footstar, Inc........................... 4,900 182,219
Payless ShoeSource, Inc................. 2,100 115,763
----------
325,638
----------
RETAIL (SPECIALTY-APPAREL)--0.1%
Buckle, Inc. (The)...................... 2,900 37,156
SAVINGS & LOAN COMPANIES--0.4%
People's Bank........................... 3,600 73,350
Washington Mutual, Inc.................. 4,900 125,256
----------
198,606
----------
SERVICES (ADVERTISING/MARKETING)--0.4%
CMGI, Inc............................... 200 14,250
Internet Capital Group, Inc............. 300 12,713
Omnicom Group, Inc...................... 1,900 173,019
----------
199,982
----------
SERVICES (COMMERCIAL & CONSUMER)--0.4%
Budget Group, Inc. Class A.............. 23,400 109,688
Ogden Corp.............................. 7,800 76,538
Rambus, Inc............................. 100 23,000
----------
209,226
----------
</TABLE>
14 See Notes to Financial Statements
<PAGE>
Phoenix-Euclid Market Neutral Fund
<TABLE>
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
SERVICES (COMPUTER SYSTEMS)--0.3%
Ingram Micro, Inc....................... 3,900 $ 76,781
Sabre Holdings Corp..................... 1,681 58,730
----------
135,511
----------
SERVICES (DATA PROCESSING)--0.6%
CheckFree Holdings Corp................. 500 25,406
First Data Corp......................... 3,300 160,669
FutureLink Distribution Corp............ 1,000 13,875
National Data Corp...................... 3,500 97,125
----------
297,075
----------
SPECIALTY PRINTING--0.4%
Deluxe Corp............................. 7,300 183,869
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--0.8%
Sprint Corp. (PCS Group)................ 7,000 385,000
VoiceStream Wireless Corp............... 400 39,600
----------
424,600
----------
TELECOMMUNICATIONS (LONG DISTANCE)--0.4%
Covad Communications Group, Inc......... 450 12,488
Deltathree.com, Inc..................... 600 6,675
Level 3 Communications, Inc............. 400 35,600
MGC Communications, Inc................. 300 14,700
NTL, Inc................................ 600 45,900
Qwest Communications
International, Inc...................... 1,700 73,738
Winstar Communications, Inc............. 800 31,900
----------
221,001
----------
TELEPHONE--0.5%
Broadwing, Inc.......................... 800 22,650
SBC Communications, Inc................. 600 26,288
U S West, Inc........................... 2,800 199,325
----------
248,263
----------
TEXTILES (APPAREL)--0.4%
V. F. Corp.............................. 6,600 186,450
TRUCKERS--0.4%
Hunt (J.B.) Transport Services, Inc..... 5,400 89,100
United Parcel Service, Inc. Class B..... 1,900 126,350
----------
215,450
----------
TRUCKS & PARTS--0.2%
Navistar International Corp............. 2,500 87,500
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
WASTE MANAGEMENT--0.5%
Allied Waste Industries, Inc............ 9,700 $ 59,413
Newpark Resources, Inc.................. 23,800 196,350
----------
255,763
----------
WATER UTILITIES--0.2%
E*Town Corp............................. 500 32,594
United Water Resources, Inc............. 1,500 52,125
----------
84,719
----------
------------------------------------------------------------------------
TOTAL COMMON STOCKS
(PROCEEDS $32,744,843) 31,868,533
------------------------------------------------------------------------
FOREIGN COMMON STOCKS--10.0%
AUTOMOBILES--0.3%
DaimlerChrysler AG (Germany)............ 2,300 132,394
BANKS (MONEY CENTER)--0.4%
Banco Frances SA Sponsored ADR
(Argentina)............................. 9,500 187,625
BEVERAGES (ALCOHOLIC)--0.6%
Diageo PLC Sponsored ADR (United
Kingdom)................................ 9,600 326,400
BEVERAGES (NON-ALCOHOLIC)--0.1%
Panamerican Beverages, Inc. Class A
(Mexico)................................ 4,200 69,037
CHEMICALS--0.5%
Aventis SA Sponsored ADR (France)....... 4,700 264,375
CHEMICALS (SPECIALTY)--0.8%
Agrium, Inc. (Canada)................... 22,600 211,875
Potash Corporation of
Saskatchewan, Inc. (Canada)............. 4,300 231,394
----------
443,269
----------
COMMUNICATIONS EQUIPMENT--0.2%
ECtel Ltd. (Israel)..................... 1,000 20,000
Gilat Satellite Networks Ltd.
(Israel)................................ 200 17,175
Newbridge Networks Corp. (Canada)....... 1,500 53,719
Nortel Networks Corp. (Canada).......... 100 11,325
Wavecom SA ADR (France)................. 300 23,812
----------
126,031
----------
ELECTRIC COMPANIES--0.4%
Enersis SA Sponsored ADR (Chile)........ 2,300 42,837
ScottishPower PLC ADR (United
Kingdom)................................ 4,800 153,300
----------
196,137
----------
</TABLE>
See Notes to Financial Statements 15
<PAGE>
Phoenix-Euclid Market Neutral Fund
<TABLE>
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
ELECTRICAL EQUIPMENT--0.6%
Koninklijke (Royal) Philips Electronics
NV NY Registered Shares (Netherlands)... 3,600 $ 160,650
SONY Corp. Sponsored ADR (Japan)........ 600 135,375
----------
296,025
----------
ENTERTAINMENT--0.2%
News Corp. Ltd. (The) Sponsored ADR
(Australia)............................. 800 41,150
Seagram Co. Ltd. (The) (Canada)......... 1,300 70,200
----------
111,350
----------
FINANCIAL (DIVERSIFIED)--0.3%
XL Capital Ltd. Class A (Bermuda)....... 3,000 142,875
FOODS--0.5%
Unilever NV NY Registered Shares
(Netherlands)........................... 6,100 277,931
GOLD & PRECIOUS METALS MINING--0.1%
Compania de Minas Buenaventura SA
(Peru).................................. 4,600 79,350
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--0.1%
AstraZeneca Group PLC Sponsored ADR
(United Kingdom)........................ 900 37,913
Elan Corp. PLC Sponsored ADR
(Ireland)............................... 500 21,438
----------
59,351
----------
INSURANCE (LIFE/HEALTH)--1.0%
ING Groep NV Sponsored ADR
(Netherlands)........................... 9,500 521,906
INSURANCE (PROPERTY-CASUALTY)--0.7%
IPC Holdings Ltd. (Bermuda)............. 27,700 353,175
IRON & STEEL--0.3%
Corus Group PLC Sponsored ADR (United
Kingdom)................................ 10,000 136,875
OIL & GAS (DRILLING & EQUIPMENT)--0.3%
Petroleum Geo-Services ASA Sponsored ADR
(Norway)................................ 9,800 159,250
<CAPTION>
SHARES VALUE
------------- -----------
<S> <C> <C> <C>
OIL (INTERNATIONAL INTEGRATED)--0.9%
ENI SPA Sponsored ADR (Italy)........... 3,500 $ 182,000
Total Fina Elf SA Sponsored ADR
(France)................................ 4,100 310,063
----------
492,063
----------
PAPER & FOREST PRODUCTS--0.6%
Abitibi-Consolidated, Inc. (Canada)..... 14,100 153,338
Asia Pulp & Paper Co. Ltd. Sponsored ADR
(Singapore)............................. 22,400 141,400
----------
294,738
----------
TELECOMMUNICATIONS (LONG DISTANCE)--1.1%
BCE, Inc. (Canada)...................... 1,000 114,750
Cable & Wireless HKT Ltd. (Hong Kong)... 3,947 91,274
Cia. de Telecomunicaciones de Chile SA
Sponsored ADR (Chile)................... 5,200 96,200
Global Crossing Ltd. (Bermuda).......... 500 15,750
Telecom Argentina Stet - France Telecom
SA Sponsored ADR (Argentina)............ 700 19,556
Telecom Corporation of New Zealand Ltd.
Sponsored ADR (New Zealand)............. 3,900 132,356
Telecom Italia SPA Sponsored ADR
(Italy)................................. 800 114,300
----------
584,186
----------
------------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(PROCEEDS $5,260,190) 5,254,343
------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
TOTAL SECURITIES SOLD SHORT
(PROCEEDS $38,005,033) $37,122,876(a)
-----------
</TABLE>
(a) Federal Income Tax Information: Net unrealized depreciation of securities
sold short is comprised of gross appreciation of $2,015,237 and gross
depreciation of $2,886,978 for federal income tax purposes. At April 30,
2000, the aggregate proceeds of securities for federal income tax purposes
was $36,251,135.
16 See Notes to Financial Statements
<PAGE>
Phoenix-Euclid Market Neutral Fund
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value, exclusive of repurchase
agreements (Identified cost $43,909,958) $ 44,326,804
Repurchase agreements at value (Identified cost $8,451,000) 8,451,000
Cash 921,904
Deposits with broker for securities sold short 36,546,984
Receivables
Interest and dividends 183,589
Fund shares sold 15,935
Variation margin for futures contracts 9,125
Prepaid expenses 8,455
--------------
Total assets 90,463,796
--------------
LIABILITIES
Securities sold short at value (Proceeds $38,005,033) 37,122,876
Payables
Investment securities purchased 431,497
Fund shares repurchased 307,737
Dividends on short sales 47,227
Investment advisory fee 36,101
Distribution fee 27,036
Transfer agent fee 22,445
Trustees' fee 5,676
Financial agent fee 3,045
Accrued expenses 66,402
--------------
Total liabilities 38,070,042
--------------
NET ASSETS $ 52,393,754
==============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 73,020,107
Undistributed net investment income 458,221
Accumulated net realized loss (22,419,205)
Net unrealized appreciation on investments 452,474
Net unrealized appreciation on securities sold short 882,157
--------------
NET ASSETS $ 52,393,754
==============
CLASS A
Shares of beneficial interest outstanding, no par value,
unlimited authorization (Net Assets $10,229,488) 1,050,629
Net asset value per share $9.74
Offering price per share $9.74/(1-5.75%) $10.33
CLASS B
Shares of beneficial interest outstanding, no par value,
unlimited authorization (Net Assets $17,532,418) 1,805,180
Net asset value and offering price per share $9.71
CLASS C
Shares of beneficial interest outstanding, no par value,
unlimited authorization (Net Assets $11,308,207) 1,167,710
Net asset value and offering price per share $9.68
CLASS I
Shares of beneficial interest outstanding, no par value,
unlimited authorization (Net Assets $13,323,641) 1,377,458
Net asset value and offering price per share $9.67
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest $ 1,869,401
Dividends 626,236
Foreign taxes withheld (519)
--------------
Total investment income 2,495,118
--------------
EXPENSES
Investment advisory fee 571,627
Distribution fee, Class A 22,492
Distribution fee, Class B 130,404
Distribution fee, Class C 92,290
Financial agent fee 25,352
Custodian 67,345
Transfer agent 52,756
Professional 22,577
Registration 20,049
Printing 16,657
Trustees 11,118
Miscellaneous 20,407
--------------
Expenses before dividends on short sales 1,053,074
Dividends on short sales 598,207
Less expenses borne by investment adviser (29,778)
--------------
Net expenses 1,621,503
--------------
NET INVESTMENT INCOME 873,615
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities (254,206)
Net realized loss on securities sold short (1,664,705)
Net realized gain on futures contracts 104,505
Net change in unrealized appreciation (depreciation) on
investments 1,154,458
Net change in unrealized appreciation (depreciation) on
securities sold short (5,981,995)
--------------
NET LOSS ON INVESTMENTS (6,641,943)
--------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (5,768,328)
==============
</TABLE>
See Notes to Financial Statements 17
<PAGE>
Phoenix-Euclid Market Neutral Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
4/30/00 Year Ended
(Unaudited) 10/31/99
------------ ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 873,615 $ 2,013,700
Net realized gain (loss) (1,814,406) (8,588,059)
Net change in unrealized appreciation
(depreciation) (4,827,537) 4,108,654
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (5,768,328) (2,465,705)
------------ ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (415,480) (493,481)
Net investment income, Class B (566,873) (368,614)
Net investment income, Class C (406,730) (464,216)
Net investment income, Class I (513,147) (329,267)
------------ ------------
DECREASE IN NET ASSETS FROM
DISTRIBUTIONS TO SHAREHOLDERS (1,902,230) (1,655,578)
------------ ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (141,566
and 1,304,055 shares, respectively) 1,458,428 13,984,222
Net asset value of shares issued from
reinvestment of distributions
(34,119 and 38,748 shares,
respectively) 348,013 425,449
Cost of shares repurchased (1,058,657
and 3,038,214 shares, respectively) (10,689,960) (32,084,881)
------------ ------------
Total (8,883,519) (17,675,210)
------------ ------------
CLASS B
Proceeds from sales of shares (23,191
and 740,976 shares, respectively) 232,191 7,877,039
Net asset value of shares issued from
reinvestment of distributions
(41,267 and 23,293 shares,
respectively) 420,920 255,754
Cost of shares repurchased (1,487,058
and 1,959,172 shares, respectively) (14,821,621) (20,460,298)
------------ ------------
Total (14,168,510) (12,327,505)
------------ ------------
CLASS C
Proceeds from sales of shares (37,665
and 473,559 shares, respectively) 397,675 5,033,700
Net asset value of shares issued from
reinvestment of distributions
(33,190 and 33,377 shares,
respectively) 337,208 365,808
Cost of shares repurchased (1,299,159
and 3,379,228 shares, respectively) (12,950,365) (35,257,389)
------------ ------------
Total (12,215,482) (29,857,881)
------------ ------------
CLASS I
Proceeds from sales of shares (0 and
531,705 shares, respectively) -- 5,589,480
Net asset value of shares issued from
reinvestment of distributions
(50,706 and 29,941 shares,
respectively) 513,147 326,358
Cost of shares repurchased (513,146
and 643,924 shares, respectively) (5,031,831) (6,928,065)
------------ ------------
Total (4,518,684) (1,012,227)
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM
SHARE TRANSACTIONS (39,786,195) (60,872,823)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS (47,456,753) (64,994,106)
NET ASSETS
Beginning of period 99,850,507 164,844,613
------------ ------------
END OF PERIOD [INCLUDING UNDISTRIBUTED
NET INVESTMENT INCOME (LOSS) OF
$458,221 AND $1,486,836,
RESPECTIVELY] $ 52,393,754 $ 99,850,507
============ ============
</TABLE>
18 See Notes to Financial Statements
<PAGE>
Phoenix-Euclid Market Neutral Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
----------------------------------------------
SIX MONTHS FROM
ENDED YEAR INCEPTION
4/30/00 ENDED 5/1/98 TO
(UNAUDITED) 10/31/99 10/31/98
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.68 $ 10.84 $ 11.34
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.13(6) 0.26 0.09
Net realized and unrealized gain (loss) (0.81) (0.29) (0.59)
------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS (0.68) (0.03) (0.50)
------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income (0.26) (0.13) --
------- ------- -------
Change in net asset value (0.94) (0.16) (0.50)
------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 9.74 $ 10.68 $ 10.84
======= ======= =======
Total return(1) (6.40)%(3) (0.40)% (4.41)%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $10,229 $20,648 $39,331
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses (excluding dividends on
short sales, after expense reimbursement) 2.34%(2) 2.34% 2.30%(2)
Operating expenses (including dividends on
short sales, after expense reimbursement) 3.91%(2)(4) 3.88% 3.65%(2)(4)
Net investment income 2.64%(2) 1.94% 2.33%(2)
Portfolio turnover rate 187%(3) 453% 216%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
----------------------------------------------
SIX MONTHS FROM
ENDED YEAR INCEPTION
4/30/00 ENDED 5/1/98 TO
(UNAUDITED) 10/31/99 10/31/98
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.62 $ 10.81 $ 11.34
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.10(6) 0.15 0.06
Net realized and unrealized gain (loss) (0.82) (0.26) (0.59)
------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS (0.72) (0.11) (0.53)
------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income (0.19) (0.08) --
------- ------- -------
Change in net asset value (0.91) (0.19) (0.53)
------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 9.71 $ 10.62 $ 10.81
======= ======= =======
Total return(1) (6.83)%(3) (1.02)% (4.67)%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $17,532 $34,290 $47,794
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses (excluding dividends on
short sales, after expense reimbursement) 3.04%(2) 3.04% 3.00%(2)
Operating expenses (including dividends on
short sales, after expense reimbursement) 4.61%(2)(5) 4.58% 4.35%(2)(5)
Net investment income 1.94%(2) 1.24% 1.63%(2)
Portfolio turnover rate 187%(3) 453% 216%
</TABLE>
(1) Maximum sales charge is not reflected in total return calculation.
(2) Annualized.
(3) Not annualized.
(4) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets (including dividends on
short sales) would have been 3.99% and 3.69% for the periods ended
April 30, 2000 and October 31, 1998, respectively.
(5) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets (including dividends on
short sales) would have been 4.69% and 4.39% for the periods ended
April 30, 2000 and October 31, 1998, respectively.
(6) Computed using average shares outstanding.
See Notes to Financial Statements 19
<PAGE>
Phoenix-Euclid Market Neutral Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS C
----------------------------------------------
SIX MONTHS FROM
ENDED YEAR INCEPTION
4/30/00 ENDED 5/1/98 TO
(UNAUDITED) 10/31/99 10/31/98
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.59 $ 10.80 $ 11.34
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.10(6) 0.19 0.06
Net realized and unrealized gain (loss) (0.82) (0.31) (0.60)
------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS (0.72) (0.12) (0.54)
------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income (0.19) (0.09) --
------- ------- -------
Change in net asset value (0.91) (0.21) (0.54)
------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 9.68 $ 10.59 $ 10.80
======= ======= =======
Total return(1) (6.78)%(3) (1.12)% (4.76)%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $11,308 $25,364 $56,874
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses (excluding dividends on
short sales, after expense reimbursement) 3.04%(2) 3.04% 3.00%(2)
Operating expenses (including dividends on
short sales, after expense reimbursement) 4.61%(2)(4) 4.58% 4.35%(2)(4)
Net investment income 1.93%(2) 1.24% 1.63%(2)
Portfolio turnover rate 187%(3) 453% 216%
</TABLE>
<TABLE>
<CAPTION>
CLASS I
----------------------------------------------
SIX MONTHS FROM
ENDED YEAR INCEPTION
4/30/00 ENDED 5/1/98 TO
(UNAUDITED) 10/31/99 10/31/98
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.62 $ 10.85 $ 11.34
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.15(6) 0.28 0.14
Net realized and unrealized gain (loss) (0.81) (0.28) (0.63)
------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS (0.66) -- (0.49)
------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income (0.29) (0.23) --
------- ------- -------
Change in net asset value (0.95) (0.23) (0.49)
------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 9.67 $ 10.62 $ 10.85
======= ======= =======
Total return(1) (6.35)%(3) (0.01)% (4.32)%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $13,324 $19,549 $20,846
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses (excluding dividends on
short sales, after expense reimbursement) 2.05%(2) 2.04% 2.00%(2)
Operating expenses (including dividends on
short sales, after expense reimbursement) 3.62%(2)(5) 3.58% 3.35%(2)(5)
Net investment income 2.93%(2) 2.24% 2.63%(2)
Portfolio turnover rate 187%(3) 453% 216%
</TABLE>
(1) Maximum sales charge is not reflected in total return calculation.
(2) Annualized.
(3) Not annualized.
(4) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets (including dividends on
short sales) would have been 4.68% and 4.39% for the periods ended
April 30, 2000 and October 31, 1998, respectively.
(5) If the investment adviser had not waived fees and reimbursed expenses, the
ratio of operating expenses to average net assets (including dividends on
short sales) would have been 3.70% and 3.39% for the periods ended
April 30, 2000 and October 31, 1998, respectively.
(6) Computed using average shares outstanding.
20 See Notes to Financial Statements
<PAGE>
PHOENIX-EUCLID MARKET NEUTRAL FUND
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Phoenix-Euclid Funds (the "Trust") is organized as a Delaware business trust
and is registered under the Investment Company Act of 1940, as amended, as a
diversified, open-end management investment company. The Trust presently
consists of one investment portfolio: Phoenix-Euclid Market Neutral Fund (the
"Fund"). The Fund seeks long-term capital appreciation while maintaining minimal
portfolio exposure to general equity market risk.
The Fund offers Class A, Class B, Class C and Class I shares. Effective
April 3, 2000, Class A shares are sold with a front-end sales charge of up to
5.75%. Prior to that date, the maximum sales charge was 5.50%. 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 1.25% contingent deferred sales charge if redeemed within one year of
purchase. Class I shares have no sales charge. Each class of shares has
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 the Fund are borne pro rata by the holders of each class of shares,
except that each class bears distribution expenses unique to that class.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets, liabilities,
revenues and expenses. Actual results could differ from those estimates.
A. SECURITY VALUATION:
Equity securities are valued at the last sale price, or if there had been no
sale that day, at the last bid price. Debt securities are valued on the basis of
broker quotations or valuations provided by a pricing service which utilizes
information with respect to recent sales, market transactions in comparable
securities, quotations from dealers, and various relationships between
securities in determining value. Short-term investments having a remaining
maturity of 60 days or less are valued at amortized cost which approximates
market. All other securities and assets are valued at fair value as determined
in good faith by or under the direction of the Trustees.
B. SECURITY TRANSACTIONS AND RELATED INCOME:
Security transactions are recorded on the trade date. 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. Interest income is recorded on the accrual basis. The Fund does not
amortize premiums, but does amortize discounts using the effective interest
method. Realized gains and losses are determined on the identified cost basis.
C. INCOME TAXES:
It is the policy of the Fund 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, the 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, expiring
capital loss carryforwards, 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, other assets and liabilities are valued using the foreign
currency exchange rate effective at the end of the reporting period. Cost of
investments is translated at the currency exchange rate effective at the trade
date. The gain or loss resulting from a change in currency exchange rates
between the trade and settlement dates of a portfolio transaction is treated as
a gain or loss on foreign currency. Likewise, the gain or loss resulting from a
change in currency exchange rates between the date income is accrued and paid is
treated as a gain or loss on foreign currency. The Fund does not separate that
portion of the results of operations arising from changes in exchange rates and
that portion arising from changes in the market prices of securities.
F. FUTURES CONTRACTS:
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. The Fund may enter into financial
futures contracts as a hedge against anticipated changes in the market value of
their portfolio securities. Upon entering into a futures contract, the Fund is
required to pledge to the broker an amount of cash and/or securities equal to
the "initial margin" requirements of the futures exchange on which the contract
is traded. Pursuant to the contract, the Fund agrees to receive from or pay to
the broker an amount of cash equal to the daily fluctuation in value of
21
<PAGE>
PHOENIX-EUCLID MARKET NEUTRAL FUND
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000 (UNAUDITED) (CONTINUED)
the contract. Such receipts or payments are known as daily variation margin and
are recorded by the Fund as unrealized gains or losses. When the contract is
closed, the Fund records a realized gain or loss equal to the difference between
the value of the contract at the time it was opened and the value at the time it
was closed. The potential risk to the Fund is that the change in value of the
futures contract may not correspond to the change in value of the hedged
instruments.
G. OPTIONS:
The 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.
The 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.
The Fund may purchase options which are included in the Fund's 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. SHORT SALES:
A short sale is a transaction in which the Fund sells a security it does not
own in anticipation of a decline in market price. To sell a security short, the
Fund must borrow the security. The Fund's obligation to replace the security
borrowed and sold short will be fully collateralized at all times by the
proceeds from the short sale retained by the broker and by cash and securities
deposited in a segregated account with the Fund's custodian. If the price of the
security sold short increases between the time of the short sale and the time
the Fund replaces the borrowed security, the Fund will realize a loss, and if
the price declines during the period, the Fund will realize a gain. Any realized
gain will be decreased, and any realized loss increased, by the amount of
transaction costs. Dividends paid by the Fund in connection with such short
sales are recorded as expenses. At April 30, 2000, the value of securities sold
short amounted to $37,122,876 against which collateral of $75,742,966 was held.
The collateral includes the deposits with broker for securities sold short and
the common stocks held long, as shown in the Schedule of Investments and
Securities Sold Short.
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. The 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.
J. BORROWINGS:
The Fund is a participant in a Liquidity Line of Credit with The Bank of New
York for $100,000,000. The Fund has not had to use the Line of Credit since it
became a participant on December 16, 1998. If a Fund uses the Line of Credit, it
will be collateralized by that Fund's portfolio.
2. INVESTMENT ADVISORY FEE AND RELATED PARTY TRANSACTIONS
As compensation for its services to the Fund, the Adviser, Euclid Advisors
LLC, a wholly-owned subsidiary of Zweig/Glaser Advisers LLC, which is a
wholly-owned subsidiary of Phoenix Investment Partners, Ltd., is entitled to a
fee at an annual rate of 1.50% of the average daily net assets of the Fund.
Effective February 28, 2000, the Adviser has voluntarily agreed to reimburse
the Fund to the extent that total expenses (excluding taxes, interest, dividends
on short sales, brokerage commissions, 12b-1 fees and extraordinary expenses)
exceed 2.00% of the Fund's average daily net assets through February 28, 2001.
As Distributor of the Trust's shares, Phoenix Equity Planning Corporation
("PEPCO"), an indirect majority-owned subsidiary of Phoenix Home Life Mutual
Insurance Company ("PHL"), has advised the Fund that it retained net selling
commissions of $1,047 for Class A shares and deferred sales charges of $355,489
for Class B shares and $4,438 for Class C shares for the six months ended
April 30, 2000. In addition, the Fund pays PEPCO a distribution fee at an annual
rate of 0.30% for Class A shares and 1.00% for Class B and Class C shares
applied to the average daily net assets of each Fund. There is no distribution
fee for Class I shares. The Distributor has advised the Fund that of the total
amount expensed for the six months ended April 30, 2000, $123,150 was retained
by the Distributor and $122,036 was paid out to unaffiliated participants.
22
<PAGE>
PHOENIX-EUCLID MARKET NEUTRAL FUND
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000 (UNAUDITED) (CONTINUED)
Effective November 1, 1999, PEPCO became Financial Agent of the Fund, and
receives a fee for financial reporting, tax services and oversight of subagent's
performance based upon an annual rate of 0.07% of the average daily net assets
of the Fund for the first $50 million; 0.06% of such value between $50 million
and $200 million; and 0.01% of such value in excess of $200 million.
Prior to that date, The Bank of New York was the Financial Agent of the Fund
and was paid according to the same fee schedule.
Effective November 1, 1999, PFPC, Inc., a subagent to PEPCO, receives a fee
which 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 Fund's Transfer Agent with State Street Bank and Trust as
sub-transfer agent. For the six months ended April 30, 2000, transfer agent fees
were $52,756 of which PEPCO retained $4,932 which is net of fees paid to State
Street.
3. PURCHASE AND SALE OF SECURITIES
During the six months ended April 30, 2000, purchases and sales of
investments, excluding short-term securities, repurchase agreements and futures
contracts, were as follows:
<TABLE>
<S> <C>
Purchases............................... $108,443,588
Sales................................... 163,352,499
Short sales............................. 98,706,974
Purchases to cover short sales.......... 161,760,870
</TABLE>
There were no purchases or sales of long-term U.S. Government Securities.
At April 30, 2000, the Fund had entered into futures contracts as follows:
<TABLE>
<CAPTION>
Value of
Contracts Market Net
Number of When Value of Unrealized
Description Contracts Opened Contracts Appreciation
----------- --------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
Standard & Poor's 500 Index............. (5) $(1,860,628) $(1,825,000) $35,628
</TABLE>
4. OTHER
As of April 30, 2000, the Fund had 1 shareholder who individually owned 11.6%
of total net assets, who is not affiliated with PHL or PXP.
5. CAPITAL LOSS CARRYOVERS
At October 31, 1999, the Fund had capital loss carryovers of $9,389,382 and
$7,745,316, expiring in 2006 and 2007, respectively. These may be used to offset
future capital gains.
This report is not authorized for distribution to prospective investors in the
Phoenix-Euclid Market Neutral Fund unless preceded or accompanied by an
effective prospectus which includes information concerning the sales charge, the
Fund's record and other pertinent information.
23
<PAGE>
PHOENIX-EUCLID FUNDS
900 Third Avenue, 31st Floor
New York, New York 10022
TRUSTEES
James Balog
Claire B. Benenson
S. Leland Dill
Philip R. McLoughlin
Donald B. Romans
OFFICERS
Philip R. McLoughlin, Chairman and Chief
Executive Officer
Martin E. Zweig, President
Michael E. Haylon, Executive Vice President
William R. Moyer, Executive Vice President
John F. Sharry, Executive Vice President
Thomas N. Steenburg, Senior Vice President
Barry M. Mandinach, First Vice President
Carlton B. Neel, First Vice President
Nancy G. Curtiss, Treasurer
Beth Abraham, Assistant Vice President
David O'Brien, Assistant Vice President
Marc Baltuch, Secretary
INVESTMENT ADVISER
Euclid Advisors LLC
900 Third Avenue, 31st Floor
New York, New York 10022-4728
PRINCIPAL UNDERWRITER
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
TRANSFER AGENT
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
CUSTODIAN
The Bank of New York
One Wall Street
New York, New York 10286
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
HOW TO CONTACT US
The Fund Connection 1-800-243-1574
Customer Service 1-800-243-1574
Investment Strategy Hotline 1-800-243-4361 (option 2)
Marketing Department 1-800-243-4361 (option 3)
Text Telephone 1-800-243-1926
www.phoenixinvestments.com
<PAGE>
PHOENIX EQUITY PLANNING CORPORATION
PO Box 2200
Enfield CT 06083-2200
PRSRT STD
U.S. Postage
PAID
Andrew
Associates
[LOGO]
For more information about
Phoenix mutual funds, please call
your financial representative or
contact us at 1-800-243-4361 or
www.phoenixinvestments.com
PXP 2180A (6/00)
<PAGE>
PHOENIX EQUITY PLANNING CORPORATION
PO Box 2200
Enfield CT 06083-2200
[LOGO]
For more information about
Phoenix mutual funds, please call
your financial representative or
contact us at 1-800-243-4361 or
www.phoenixinvestments.com
PXP 2180A (6/00)
