<PAGE>
Phoenix Investment Partners
| Semiannual Report
|
| April 30, 2000
| ------------------
|----- Duff & Phelps Phoenix-Duff & Phelps
| ------------------ Core Bond Fund
|
|----- Engemann Phoenix-Engemann
| Aggressive Growth Fund
|
| Phoenix-Engemann
| Capital Growth Fund
|
|----- Goodwin Phoenix-Goodwin
| High Yield Fund
|
| Phoenix-Goodwin
| Money Market Fund
|
| ---- Oakhurst Phoenix-Oakhurst
Balanced Fund
Phoenix
[LOGO] Investment Partners
<PAGE>
Table of Contents
Phoenix-Duff & Phelps Core Bond Fund .............................. 2
Phoenix-Engemann Aggressive Growth Fund ........................... 7
Phoenix-Engemann Capital Growth Fund .............................. 12
Phoenix-Goodwin High Yield Fund ................................... 18
Phoenix-Goodwin Money Market Fund ................................. 26
Phoenix-Oakhurst Balanced Fund .................................... 31
Notes to Financial Statements ..................................... 40
<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 Series 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-Duff & Phelps Core Bond Fund
INVESTMENTS AT APRIL 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- --------- -------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES -- 14.7%
U.S. Treasury Bonds -- 10.6%
U.S. Treasury Bonds 8.875%, 8/15/17. AAA $1,000 $ 1,266,855
U.S. Treasury Bonds 8.50%, 2/15/20 AAA 6,700 8,357,719
U.S. Treasury Bonds 8.75%, 8/15/20 AAA 3,800 4,865,365
-----------
14,489,939
-----------
U.S. Treasury Notes -- 4.1%
U.S. Treasury Notes 5.75%, 10/31/00 AAA 5,625 5,609,515
-----------------------------------------------------------------------------
Total U.S. Government Securities
(Identified cost $19,995,372) 20,099,454
-----------------------------------------------------------------------------
AGENCY MORTGAGE-BACKED SECURITIES -- 39.1%
Fannie Mae 4.625%, 10/15/01 ............ AAA 3,600 3,484,732
Fannie Mae 10%, 5/25/04 ................ AAA 961 986,759
Fannie Mae 6.50%, 7/1/14 ............... AAA 3,878 3,712,143
Fannie Mae 6%, 10/1/14 ................. AAA 5,468 5,121,378
Fannie Mae 6.75%, 5/25/19 .............. AAA 1,000 966,896
Fannie Mae 6.75%, 6/25/21 .............. AAA 1,000 968,077
Fannie Mae 6.50%, 7/1/29 ............... AAA 8,687 8,105,987
Fannie Mae 7.50%, 11/1/29 .............. AAA 8,450 8,267,796
Fannie Mae 7%, 4/1/30 .................. AAA 9,500 9,087,344
FHLMC 6.875%, 1/15/05 .................. AAA 1,090 1,072,973
GNMA 8.50%, '01-'22 .................... AAA 156 157,748
GNMA 8%, 9/15/05 ....................... AAA 76 76,370
GNMA 8%, 9/15/06 ....................... AAA 9 9,473
GNMA 6.50%, 9/15/28 .................... AAA 4,799 4,495,762
GNMA 6.50%, 9/15/28 .................... AAA 7,507 7,033,041
-----------------------------------------------------------------------------
Total Agency Mortgage-Backed Securities
(Identified cost $54,886,095) 53,546,479
-----------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- --------- -------------
<S> <C> <C> <C>
MUNICIPAL BONDS -- 5.6%
California -- 4.2%
San Francisco City & County Redevelopment
Agency Revenue Taxable 9.75%,
6/1/13(c) .............................. AAA $4,800 $ 5,766,000
-----------
Illinois -- 0.7%
Chicago Public Building Commission Special
Obligation Taxable 6.65%, 1/1/01(c) .... AAA 1,000 995,720
-----------
Massachusetts -- 0.7%
Massachusetts Port Authority Revenue
Taxable Series C 6.35%, 7/1/06 ......... AA- 1,000 941,250
-----------------------------------------------------------------------------
Total Municipal Bonds
(Identified cost $8,197,571) 7,702,970
-----------------------------------------------------------------------------
ASSET-BACKED SECURITIES -- 15.5%
Carco Auto Loan Master Trust 99-1,
A2 5.78%, 3/15/04(d) ................... AAA 5,050 4,924,772
Citibank Credit Card Master Trust I
98-6, Class A 5.85%, 4/10/03 ........... AAA 3,500 3,457,650
ContiMortgage Home Equity Loan Trust
98-1, B 7.86%, 4/15/29 ................. BBB- 1,470 1,214,587
First USA Credit Card Master Trust
Series 98-1, Class A 5.96%,
1/18/06(d)(f) .......................... AAA 4,500 4,496,715
PECO Energy Transition Trust 99-A,
A6 6.05%, 3/1/09(d) .................... AAA 4,000 3,700,832
Premier Auto Trust 99-1, A4 5.82%,
10/8/03 ................................ AAA 3,590 3,472,284
-----------------------------------------------------------------------------
Total Asset-Backed Securities
(Identified cost $21,675,282) 21,266,840
-----------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements
2
<PAGE>
Phoenix-Duff & Phelps Core Bond Fund
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- --------- --------------
CORPORATE BONDS -- 9.3%
Banks (Money Center) -- 2.0%
Citicorp Capital I 7.933%, 2/15/27 ... A $ 3,000 $ 2,775,000
------------
Consumer Finance -- 2.6%
Ford Motor Credit Co. 5.80%, 1/12/09 . A 4,000 3,495,000
------------
Investment Banking/Brokerage -- 2.5%
Merrill Lynch & Co. 6.5%, 7/15/18 .... AA- 4,000 3,400,000
------------
Telecommunications (Long Distance) -- 2.2%
MCI WorldCom, Inc. 7.75%, 4/1/07 ..... A- 3,000 3,003,750
-----------------------------------------------------------------------------
Total Corporate Bonds
(Identified cost $13,178,052) 12,673,750
-----------------------------------------------------------------------------
NON-AGENCY MORTGAGE-BACKED SECURITIES -- 6.0%
First Union Lehman Brothers Commercial
Mortgage 97-C1, A3 7.38% 4/18/07 ..... Aaa(e) 2,500 2,479,202
J.P. Morgan Commercial Mortgage
Finance Corp. 97-C5, A2 7.069%,
9/15/29 .............................. AAA 3,000 2,929,389
Merrill Lynch Mortgage Investors, Inc.
96-C2, A3 6.96% 11/21/28 ............. AAA 3,000 2,879,175
-----------------------------------------------------------------------------
Total Non-Agency Mortgage-Backed Securities
(Identified cost $8,448,034) 8,287,766
-----------------------------------------------------------------------------
PREFERRED STOCKS -- 7.8%
SHARES
-------
Home Ownership Funding 2, Step-down
Pfd. 144A 13.338%(b)(f) .............. 13,522 10,659,054
-----------------------------------------------------------------------------
Total Preferred Stocks
(Identified cost $11,178,112) 10,659,054
-----------------------------------------------------------------------------
Total Long-Term Investments --98.0%
(Identified cost $137,558,518) 134,236,313
-----------------------------------------------------------------------------
SHARES VALUE
----------- --------------------
SHORT-TERM OBLIGATIONS -- 0.9%
Money Market Mutual Funds -- 0.9%
State Street Global Advisors Seven
Seas Money Market Fund (5.72%
seven day effective yield) ....... 1,266,212 $ 1,266,212
-------------------------------------------------------------------
Total Short-Term Obligations
(Identified cost $1,266,212) 1,266,212
-------------------------------------------------------------------
Total Investments--98.9%
(Identified cost $138,824,730) 135,502,525(a)
Cash and receivables, less liabilities--1.1% 1,459,333
--------------
NET ASSETS--100.0% $ 136,961,858
==============
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $155,610 and gross
depreciation of $3,479,614 for federal income tax purposes. At April 30,
2000, the aggregate cost of securities for federal income tax purpose was
$138,826,529.
(b) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At April 30,
2000, these securities amounted to a value of $10,659,054 or 7.8% of net
assets.
(c) These bonds are fully defeased by U.S. Government Treasury Obligations.
(d) All or portion segregated as collateral.
(e) As rated by Moody's, Fitch or Duff & Phelps.
(f) Variable or step coupon security, interest rate shown reflects the rate
currently in effect.
See Notes to Financial Statements
3
<PAGE>
Phoenix-Duff & Phelps Core Bond Fund
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000
(Unaudited)
Assets
Investment securities at value
(identified cost $138,824,730) $ 135,502,525
Receivables
Interest 1,302,373
Fund shares sold 502,114
Prepaid expenses 2,380
-------------
Total assets 137,309,392
-------------
Liabilities
Payables
Fund shares repurchased 218,896
Investment advisory fee 51,351
Distribution fee 33,905
Financial agent fee 13,249
Trustees' fee 10,382
Transfer agent fee 9,349
Accrued expenses 10,402
-------------
Total liabilities 347,534
-------------
Net Assets $ 136,961,858
=============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $ 160,733,629
Undistributed net investment loss (532,070)
Accumulated net realized loss (19,917,496)
Net unrealized depreciation (3,322,205)
-------------
Net Assets $ 136,961,858
=============
Class A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $128,348,107) 14,616,662
Net asset value per share $ 8.78
Offering price per share $8.78/(1-4.75%) $ 9.22
Class B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $8,428,867) 966,446
Net asset value and offering price per share $ 8.72
Class C
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $184,884) 21,162
Net asset value and offering price per share $ 8.74
<PAGE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000
(Unaudited)
Investment Income
Interest Income $ 4,733,643
Dividends 496,663
Security lending 9,818
------------
Total investment income 5,240,124
------------
Expenses
Investment advisory fee 330,198
Distribution fee, Class A 171,124
Distribution fee, Class B 48,453
Distribution fee, Class C 822
Transfer agent 132,460
Financial agent fee 78,594
Registration 19,128
Printing 18,847
Trustees 10,210
Custodian 7,908
Professional 1,396
Miscellaneous 5,037
------------
Total expenses 824,177
------------
Net Investment Income 4,415,947
------------
Net Realized and Unrealized Gain (Loss) on
Investments
Net realized loss on securities (5,160,747)
Net change in unrealized appreciation (depreciation) on
investments 1,690,405
------------
Net loss on investments (3,470,342)
------------
Net increase in net assets resulting from
operations $ 945,605
============
See Notes to Financial Statements
4
<PAGE>
Phoenix-Duff & Phelps Core Bond 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) $ 4,415,947 $ 9,851,758
Net realized gain (loss) (5,160,747) (6,568,044)
Net change in unrealized appreciation (depreciation) 1,690,405 (7,313,523)
------------- -------------
Increase (decrease) in net assets resulting from operations 945,605 (4,029,809)
------------- -------------
From Distributions to Shareholders
Net investment income, Class A (4,916,843) (9,689,868)
Net investment income, Class B (304,785) (665,018)
Net investment income, Class C (5,491) (279)
In excess of net investment income, Class A -- (761,865)
In excess of net investment income, Class B -- (52,287)
In excess of net investment income, Class C -- (22)
------------- -------------
Decrease in net assets from distributions to shareholders (5,227,119) (11,169,339)
------------- -------------
From Share Transactions
Class A
Proceeds from sales of shares (8,579,149 and 5,788,523 shares, respectively) 75,738,124 54,202,911
Net asset value of share issued from reinvestment of distributions
(313,075 and 655,169 shares, respectively) 2,762,535 6,141,277
Cost of shares repurchased (10,308,464 and 8,786,721 shares, respectively) (91,095,021) (81,913,552)
------------- -------------
Total (12,594,362) (21,569,364)
------------- -------------
Class B
Proceeds from sales of shares (118,534 and 657,595 shares, respectively) 1,039,080 6,129,389
Net asset value of share issued from reinvestment of distributions
(20,028 and 38,674 shares, respectively) 175,598 358,715
Cost of shares repurchased (480,488 and 709,025 shares, respectively) (4,227,153) (6,589,226)
------------- -------------
Total (3,012,475) (101,122)
------------- -------------
Class C
Proceeds from sales of shares (12,408 and 11,157 shares, respectively) 110,435 100,080
Net asset value of share issued from reinvestment of distributions
(626 and 34 shares, respectively) 5,491 301
Cost of shares repurchased (3,063 and 0 shares, respectively) (26,737) --
------------- -------------
Total 89,189 100,381
------------- -------------
Increase (decrease) in net assets from share transactions (15,517,648) (21,570,105)
------------- -------------
Net increase (decrease) in net assets (19,799,162) (36,769,253)
Net Assets
Beginning of period 156,761,020 193,530,273
------------- -------------
End of period [including undistributed net investment income (loss) of ($532,070)
and $279,102, respectively] $ 136,961,858 $ 156,761,020
============= =============
</TABLE>
See Notes to Financial Statements
5
<PAGE>
Phoenix-Duff & Phelps Core Bond Fund
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
CLASS A
--------------------------------------------------------------------------------------
Six Months
Ended Year Ended October 31
4/30/00 ------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.04 $ 9.83 $ 9.66 $ 9.47 $ 9.60 $ 8.88
Income from investment operations
Net investment income (loss) 0.27 0.59 0.59 0.55 0.52 0.55
Net realized and unrealized gain (loss) (0.21) (0.78) 0.18 0.17 (0.15) 0.72
----------- ------- ------- ------- -------- -------
Total from investment operations 0.06 (0.19) 0.77 0.72 0.37 1.27
----------- ------- ------- ------- -------- -------
Less distributions
Dividends from net investment income (0.32) (0.56) (0.57) (0.53) (0.50) (0.55)
Dividends from net realized gains -- -- -- -- -- --
In excess of net investment income -- (0.04) (0.03) -- -- --
----------- ------- -------- -------- -------- --------
Total distributions (0.32) (0.60) (0.60) (0.53) (0.50) (0.55)
----------- ------- -------- -------- -------- --------
Change in net asset value (0.26) (0.79) 0.17 0.19 (0.13) 0.72
----------- ------- -------- -------- -------- --------
Net asset value, end of period $ 8.78 $ 9.04 $ 9.83 $ 9.66 $ 9.47 $ 9.60
=========== ======= ======== ======== ======== ========
Total return(1) 0.69%(3) (1.97)% 8.16% 7.85% 4.05% 14.81%
Ratios/supplemental data:
Net assets, end of period (thousands) $ 128,348 $144,923 $180,628 $182,250 $208,552 $235,879
Ratio to average net assets of:
Operating expenses 1.07%(2) 1.04% 1.00% 0.98% 1.03% 0.99%
Net investment income 6.05%(2) 5.62% 5.46% 5.63% 5.55% 6.01%
Portfolio turnover 87%(3) 112% 290% 377% 379% 178%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS B
-------------------------------------------------------------------------------
Six Months
Ended Year Ended October 31
4/30/00 -------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 8.97 $ 9.77 $ 9.60 $ 9.45 $ 9.58 $ 8.86
Income from investment operations
Net investment income (loss) 0.21 0.51 0.52 0.47 0.44 0.48
Net realized and unrealized gain (loss) (0.18) (0.78) 0.18 0.17 (0.14) 0.72
--------- ------- ------ ------ ------- ------
Total from investment operations 0.03 (0.27) 0.70 0.64 0.30 1.20
--------- ------- ------ ------ ------- ------
Less distributions
Dividends from net investment income (0.28) (0.49) (0.51) (0.49) (0.43) (0.48)
Dividends from net realized gains -- -- -- -- -- --
In excess of net investment income -- (0.04) (0.02) -- -- --
--------- ------- ------- ------- ------- -------
Total distributions (0.28) (0.53) (0.53) (0.49) (0.43) (0.48)
--------- ------- ------- ------- ------- -------
Change in net asset value (0.25) (0.80) 0.17 0.15 (0.13) 0.72
--------- ------- ------- ------- ------- -------
Net asset value, end of period $ 8.72 $ 8.97 $ 9.77 $ 9.60 $ 9.45 $ 9.58
========= ======= ======= ======= ======= =======
Total return(1) 0.33%(3) (2.77)% 7.48% 6.94% 3.39% 13.82%
Ratios/supplemental data:
Net assets, end of period (thousands) $ 8,429 $11,737 $12,902 $ 5,321 $ 4,875 $ 3,655
Ratio to average net assets of:
Operating expenses 1.82%(2) 1.79% 1.75% 1.71% 1.78% 1.73%
Net investment income 5.26%(2) 4.89% 4.74% 4.91% 4.79% 5.23%
Portfolio turnover 87%(3) 112% 290% 377% 379% 178%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS C
----------------------------------
Six Months From
Ended Inception
4/30/00 10/12/99 to
(Unaudited) 10/31/99
<S> <C> <C>
Net asset value, beginning of period $ 8.99 $ 8.96
Income from investment operations
Net investment income (loss) 0.23 0.03
Net realized and unrealized gain (loss) (0.20) 0.03
--------- ---------
Total from investment operations 0.03 0.06
--------- ---------
Less distributions
Dividends from net investment income (0.28) (0.03)
Dividends from net realized gains -- --
In excess of net investment income -- --
--------- ---------
Total distributions (0.28) (0.03)
--------- ---------
Change in net asset value (0.25) 0.03
--------- ---------
Net asset value, end of period $ 8.74 $ 8.99
========= =========
Total return(1) 0.28%(3) 0.53%(3)
Ratios/supplemental data:
Net assets, end of period (thousands) $ 185 $ 101
Ratio to average net assets of:
Operating expenses 1.82%(2) 1.37%(2)
Net investment income 5.37%(2) 4.97%(2)
Portfolio turnover 87%(3) 112%
</TABLE>
(1) Maximum sales load is not reflected in the total return calculation.
(2) Annualized.
(3) Not annualized.
See Notes to Financial Statements
6
<PAGE>
Phoenix-Engemann Aggressive Growth Fund
INVESTMENTS AT APRIL 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
------------------- ------------------
<S> <C> <C>
COMMON STOCKS--90.1%
Biotechnology -- 0.1%
Aclara Biosciences, Inc.(b) ............................................. 25,000 $ 953,125
-----------
Broadcasting (Television, Radio & Cable) -- 4.6%
Clear Channel Communications, Inc.(b) 190,000 13,680,000
Hispanic Broadcasting Corp.(b) .......................................... 49,500 5,002,594
Univision Communications, Inc.
Class A(b) .............................................................. 105,000 11,471,250
-----------
30,153,844
-----------
Communications Equipment--8.4%
CIENA Corp. (b) ......................................................... 105,000 12,980,625
Comverse Technology, Inc. (b) ........................................... 80,000 7,135,000
Metawave Communications Corp. (b) ....................................... 132,500 1,755,625
Next Level Communication, Inc. (b) ...................................... 100,000 7,962,500
Spectrasite Holdings, Inc. (b) .......................................... 150,000 3,150,000
Sycamore Networks, Inc.(b) .............................................. 40,000 3,140,000
Tellabs, Inc. (b) ....................................................... 170,000 9,318,125
Terayon Communication Systems,
Inc.(b) ................................................................. 65,000 6,045,000
Ulticom, Inc. (b) ....................................................... 100,000 3,300,000
-----------
54,786,875
-----------
Computers (Hardware)--3.2%
Brocade Communications Systems,
Inc.(b) ................................................................. 100,000 12,400,000
Copper Mountain Networks, Inc. (b) ...................................... 5,000 416,875
Juniper Networks, Inc.(b) ............................................... 37,500 7,975,781
-----------
20,792,656
-----------
Computers (Networking)--2.2%
Integrated Information Systems, Inc.(b) 37,500 255,469
Network Appliance, Inc. (b) ............................................. 150,000 11,090,625
Websense, Inc. (b) ...................................................... 100,000 3,250,000
-----------
14,596,094
-----------
Computers (Software & Services)--21.0%
Agile Software Corp. (b) ................................................ 80,000 2,965,000
Ariba, Inc. (b) ......................................................... 100,000 7,418,750
Aspsecure.Com Corp. (b)(c) .............................................. 250,000 812,500
BEA Systems, Inc. (b) ................................................... 900,000 43,425,000
Epiphany, Inc. (b) ...................................................... 20,000 1,321,250
Exodus Communications, Inc. (b) ......................................... 80,000 7,075,000
Inktomi Corp. (b) ....................................................... 30,000 4,618,125
Keynote Systems, Inc. (b) ............................................... 90,000 4,038,750
LivePerson, Inc. (b) .................................................... 400,000 2,500,000
Network Solutions, Inc. (b) ............................................. 50,000 7,400,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------- ------------------
<S> <C> <C>
Computers (Software & Services)--continued
PC-Tel, Inc. (b) ........................................................ 50,000 $ 1,675,000
Peregrine Systems, Inc. (b) ............................................. 225,000 5,414,062
Predictive Systems, Inc. (b) ............................................ 62,500 2,945,312
Sapient Corp. (b) ....................................................... 60,000 4,751,250
Software Technologies Corp. (b) ......................................... 300,000 5,362,500
VERITAS Software Corp. (b) .............................................. 220,000 23,598,437
i2 Technologies, Inc. (b) ............................................... 85,000 10,986,250
-----------
136,307,186
-----------
Electrical Equipment--2.2%
Flextronics International Ltd. (b) ...................................... 118,000 8,289,500
Sanmina Corp. (b) ....................................................... 100,000 6,006,250
-----------
14,295,750
-----------
Electronics (Instrumentation)--0.8%
Caliper Technologies Corp. (b) .......................................... 25,000 937,500
Rudolph Technologies, Inc. (b) .......................................... 140,000 4,252,500
-----------
5,190,000
-----------
Electronics (Semiconductors)--25.6%
Analog Devices, Inc. (b) ................................................ 125,000 9,601,563
Applied Micro Circuits Corp. (b) ........................................ 282,000 36,342,750
Conexant Systems, Inc. (b) .............................................. 210,000 12,573,750
Intersil Holding Corp. (b) .............................................. 125,000 4,375,000
JDS Uniphase Corp. (b) .................................................. 270,000 28,012,500
Maxim Integrated Products, Inc. (b) ..................................... 200,000 12,962,500
Micrel, Inc. (b) ........................................................ 130,000 11,245,000
SDL, Inc. (b) ........................................................... 76,000 14,820,000
Silcon Storage Technology, Inc. (b) ..................................... 100,000 9,750,000
Xilinx, Inc. (b) ........................................................ 370,000 27,102,500
-----------
166,785,563
-----------
Equipment (Semiconductors)--9.8%
Applied Materials, Inc. (b) ............................................. 150,000 15,271,875
KLA-Tencor Corp. (b) .................................................... 210,000 15,723,750
Novellus Systems, Inc. (b) .............................................. 200,000 13,337,500
Teradyne, Inc. (b) ...................................................... 175,000 19,250,000
-----------
63,583,125
-----------
Financial (Diversified)--0.6%
Pinnacle Holdings, Inc. (b) ............................................. 75,000 4,214,063
-----------
Health Care (Generic and Other)--0.4%
Mylan Laboratories, Inc. ................................................ 100,000 2,837,500
-----------
Investment Banking/Brokerage--2.2%
E*TRADE Group, Inc. (b) ................................................. 350,000 7,525,000
Lehman Brothers Holdings, Inc. .......................................... 80,000 6,565,000
-----------
14,090,000
-----------
</TABLE>
See Notes to Financial Statements
7
<PAGE>
Phoenix-Engemann Aggressive Growth Fund
SHARES VALUE
--------- --------------
Manufacturing (Specialized)--2.0%
Jabil Circuit, Inc. (b) ................... 310,000 $ 12,690,625
------------
Photography/Imaging--0.5%
In Focus Systems, Inc. (b) ................ 100,000 2,993,750
------------
Services (Commercial & Consumer)--1.8%
Corporate Executive Board Co. (The) (b) 75,000 4,406,250
Universal Access, Inc. (b) ................ 250,000 5,125,000
i3 Mobile, Inc. (b) ....................... 100,000 1,875,000
------------
11,406,250
------------
Telecommunications (Cellular/Wireless)--1.9%
Dobson Communications Corp. Class A (b) ... 115,000 2,946,875
Sprint Corp. (PCS Group) (b) .............. 170,000 9,350,000
------------
12,296,875
------------
Telecommunications (Long Distance)--2.8%
Allegiance Telecom, Inc. (b) .............. 37,500 2,653,125
McLeodUSA, Inc. Class A (b) ............... 240,000 6,000,000
Qwest Communications International,
Inc. (b) ................................ 105,000 4,554,375
WinStar Communications, Inc. (b) .......... 127,500 5,084,063
------------
18,291,563
-----------------------------------------------------------------------
Total Common Stocks
(Identified cost $323,888,485) 586,264,844
-----------------------------------------------------------------------
FOREIGN COMMON STOCKS--0.9%
Telecommunications (Long Distance) -- 0.9%
Global Crossing Ltd. (Bermuda) (b) ........ 186,000 5,859,000
-----------------------------------------------------------------------
Total Foreign Common Stocks
(Identified cost $8,285,870) 5,859,000
-----------------------------------------------------------------------
Total Long-Term Investments--91.0%
(Identified cost $332,174,355) 592,123,844
-----------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- --------- --------------------
<S> <C> <C> <C> <C>
SHORT-TERM OBLIGATIONS--9.6%
Commercial Paper -- 7.9%
Albertson's, Inc. 6.01%, 5/1/00 ........ A-1 $5,000 $ 5,000,000
Greenwich Funding Corp. 6.10%,
5/1/00 ................................. A-1+ 5,002 5,002,000
Goldman Sachs & Co. 5.91%, 5/3/00 ...... A-1+ 935 934,722
Lexington Parker Capital Co. LLC
6.06%, 5/3/00 .......................... A-1 6,140 6,137,933
American Home Products Corp. 6.04%,
5/8/00 ................................. A-1 5,000 4,994,128
Albertson's, Inc. 6.01%, 5/9/00 ........ A-1 5,000 4,993,322
SBC Communications, Inc. 6.01%,
5/9/00 ................................. A-1+ 3,200 3,195,726
Kimberly-Clark Corp. 6%, 5/23/00 ....... A-1+ 5,000 4,981,667
Kimberly-Clark Corp. 6.03%, 5/25/00 .... A-1+ 1,600 1,593,568
SBC Communications, Inc. 6.05%,
5/26/00 ................................ A-1+ 5,000 4,978,993
Potomac Electric Power Co. 6.02%,
5/30/00 ................................ A-1+ 4,900 4,876,238
Special Purpose Accounts Receivable
Cooperative Corp. 6.10%, 5/31/00 ....... A-1+ 4,615 4,591,123
--------------
51,279,420
--------------
Federal Agency Securities -- 1.7%
FHLMC Discount Note 5.91%, 5/2/00 ...... 5,000 4,999,179
Freddie Mac Discount Note 5.96%,
5/17/00 .............................. 5,905 5,889,358
--------------
10,888,537
--------------
---------------------------------------------------------------------------------
Total Short-Term Obligations
(Identified cost $62,168,344) 62,167,957
---------------------------------------------------------------------------------
Total Investments--100.6%
(Identified cost $394,342,699) 654,291,801(a)
Cash and receivables, less liabilities--(0.6%) (3,609,739)
--------------
NET ASSETS--100.0% $ 650,682,062
==============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $281,567,354 and gross
depreciation of $21,618,252 for federal income tax purposes. At April 30,
2000, the aggregate cost of securities for federal income tax purposes was
$394,342,699.
(b) Non-income producing.
(c) Private placement. Security valued at fair value as determined in good
faith by or under the direction of the Trustees.
See Notes to Financial Statements
8
<PAGE>
Phoenix-Engemann Aggressive Growth Fund
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000
(Unaudited)
Assets
Investment securities at value (identified cost
$394,342,699) $654,291,801
Short-term investments held as collateral for loaned
securities 20,617,296
Cash 15,191
Receivables
Investment securities sold 1,803,794
Fund shares sold 792,365
Prepaid expenses 3,441
------------
Total assets 677,523,888
------------
Liabilities
Payables
Collateral on securities loaned 20,617,296
Investment securities purchased 4,800,313
Fund shares repurchased 805,320
Investment advisory fee 361,531
Distribution fee 161,335
Transfer agent fee 35,099
Financial agent fee 33,367
Trustees' fee 6,165
Accrued expenses 21,400
------------
Total liabilities 26,841,826
------------
Net Assets $650,682,062
============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $342,064,524
Undistributed net investment loss (1,363,733)
Accumulated net realized gain 50,032,169
Net unrealized appreciation 259,949,102
------------
Net Assets $650,682,062
============
Class A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $596,213,580) 19,000,866
Net asset value per share $ 31.38
Offering price per share $31.38/(1-5.75%) $ 33.29
Class B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $54,468,482) 1,836,633
Net asset value and offering price per share $ 29.66
<PAGE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000
(Unaudited)
Investment Income
Interest $ 1,874,837
Dividends 107,970
Security lending 232,963
------------
Total investment income 2,215,770
------------
Expenses
Investment advisory fee 2,163,042
Distribution fee, Class A 714,417
Distribution fee, Class B 232,392
Financial agent fee 180,275
Transfer agent 201,269
Printing 31,497
Custodian 19,910
Trustees 12,250
Professional 11,792
Registration 11,150
Miscellaneous 8,958
------------
Total expenses 3,586,952
Custodian fees paid indirectly (7,449)
------------
Net expenses 3,579,503
------------
Net investment loss (1,363,733)
------------
Net Realized and Unrealized Gain (Loss) on
Investments
Net realized gain on securities 50,579,444
Net change in unrealized appreciation (depreciation) on
investments 111,090,722
------------
Net gain on investments 161,670,166
------------
Net increase in net assets resulting from
operations $160,306,433
============
See Notes to Financial Statements
9
<PAGE>
Phoenix-Engemann Aggressive Growth 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) $ (1,363,733) $ (1,493,317)
Net realized gain (loss) 50,579,444 57,892,284
Net change in unrealized appreciation (depreciation) 111,090,722 124,594,176
-------------- --------------
Increase (decrease) in net assets resulting from operations 160,306,433 180,993,143
-------------- --------------
From Distributions to Shareholders
Net realized gains, Class A (46,796,438) --
Net realized gains, Class B (3,625,625) --
-------------- --------------
Decrease in net assets from distributions to shareholders (50,422,063) --
-------------- --------------
From Share Transactions
Class A
Proceeds from sales of shares (6,002,080 and 7,232,280 shares, respectively) 193,718,377 150,541,641
Net asset value of shares issued from reinvestment of distributions
(1,457,977 and 0 shares, respectively) 43,928,841 --
Cost of shares repurchased (3,877,153 and 8,007,207 shares, respectively) (123,410,602) (164,237,986)
-------------- --------------
Total 114,236,616 (13,696,345)
-------------- --------------
Class B
Proceeds from sales of shares (863,689 and 640,281 shares, respectively) 26,746,537 12,823,475
Net asset value of shares issued from reinvestment of distributions
(119,474 and 0 shares, respectively) 3,410,996 --
Cost of shares repurchased (314,809 and 546,304 shares, respectively) (9,357,168) (10,666,072)
-------------- --------------
Total 20,800,365 2,157,403
-------------- --------------
Increase (decrease) in net assets from share transactions 135,036,981 (11,538,942)
-------------- --------------
Net increase (decrease) in net assets 244,921,351 169,454,201
Net Assets
Beginning of period 405,760,711 236,306,510
-------------- --------------
End of period [including undistributed net investment income (loss) of
($1,363,733) and $0, respectively] $ 650,682,062 $ 405,760,711
============== ==============
</TABLE>
See Notes to Financial Statements
10
<PAGE>
Phoenix-Engemann Aggressive Growth Fund
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
CLASS A
-----------------------------------------
Six Months
Ended
Year Ended October
31
4/30/00 -----------------
(Unaudited) 1999
<S> <C> <C>
Net asset value, beginning of period $ 24.54 $ 13.72
Income from investment operations(3)
Net investment income (loss) (0.06)(2) (0.08)(2)
Net realized and unrealized gain (loss) 9.81 10.90
----------- -----------
Total from investment operations 9.75 10.82
----------- -----------
Less distributions
Dividends from net investment income -- --
Dividends from net realized gains (2.91) --
In excess of net investment income -- --
----------- -----------
Total distributions (2.91) --
----------- -----------
Change in net asset value 6.84 10.82
----------- -----------
Net asset value, end of period $ 31.38 $ 24.54
=========== ===========
Total return(1) 40.17%(6) 78.94%
Ratios/supplemental data:
Net assets, end of period (thousands) $ 596,214 $ 378,427
Ratio to average net assets of:
Operating expenses 1.10%(5)(7) 1.19%(4)
Net investment income (0.38)%(5) (0.41)%
Portfolio turnover 82%(6) 167%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS A
------------------------------------------------------------------
Year Ended October 31
------------------------------------------------------------------
1998 1997 1996 1995
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 17.20 $ 16.84 $ 16.51 $ 13.33
Income from investment operations(3)
Net investment income (loss) (0.03) (0.08)(2) (0.13)(2) 0.06 (2)
Net realized and unrealized gain (loss) 0.04 2.95 2.64 4.21
-------- --------- --------- ------------
Total from investment operations 0.01 2.87 2.51 4.27
-------- --------- --------- ------------
Less distributions
Dividends from net investment income -- -- (0.02) (0.19)
Dividends from net realized gains (3.46) (2.51) (2.16) (0.90)
In excess of net investment income (0.03) -- -- --
-------- --------- --------- ------------
Total distributions (3.49) (2.51) (2.18) (1.09)
-------- --------- --------- ------------
Change in net asset value (3.48) 0.36 0.33 3.18
-------- --------- --------- ------------
Net asset value, end of period $ 13.72 $ 17.20 $ 16.84 $ 16.51
======== ========= ========= ============
Total return(1) 0.38% 19.67% 17.43% 35.14%
Ratios/supplemental data:
Net assets, end of period (thousands) $222,149 $ 246,002 $ 233,488 $ 180,288
Ratio to average net assets of:
Operating expenses 1.21% 1.20% 1.20% 1.29%
Net investment income (0.18)% (0.53)% (0.81)% 0.43%
Portfolio turnover 176% 518% 401% 331%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS B
----------------------------------------
Year Ended
Six Months October
Ended 31
4/30/00 ----------------
(Unaudited) 1999
<S> <C> <C>
Net asset value, beginning of period $ 23.40 $ 13.18
Income from investment operations(3)
Net investment income (loss) (0.18)(2) (0.22)(2)
Net realized and unrealized gain (loss) 9.35 10.44
----------- ---------
Total from investment operations 9.17 10.22
----------- ---------
Less distributions
Dividends from net investment income -- --
Dividends from net realized gains (2.91) --
In excess of net investment income -- --
----------- ---------
Total distributions (2.91) --
----------- ---------
Change in net asset value 6.26 10.22
----------- ---------
Net asset value, end of period $ 29.66 $ 23.40
=========== =========
Total return(1) 39.68%(6) 77.54%
Ratios/supplemental data:
Net assets, end of period (thousands) $ 54,468 $ 27,334
Ratio to average net assets of:
Operating expenses 1.85%(5)(7) 1.94%(4)
Net investment income (1.13)%(5) (1.16)%
Portfolio turnover 82%(6) 167%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS B
------------------------------------------------------------------
Year Ended October 31
------------------------------------------------------------------
1998 1997 1996 1995
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 16.76 $ 16.57 $ 16.38 $ 13.31
Income from investment operations(3)
Net investment income (loss) (0.12) (0.20)(2) (0.25)(2) (0.12)(2)
Net realized and unrealized gain (loss) 0.03 2.90 2.60 4.26
------- --------- --------- ---------
Total from investment operations (0.09) 2.70 2.35 4.14
------- --------- --------- ---------
Less distributions
Dividends from net investment income -- -- -- (0.17)
Dividends from net realized gains (3.46) (2.51) (2.16) (0.90)
In excess of net investment income (0.03) -- -- --
------- --------- --------- ---------
Total distributions (3.49) (2.51) (2.16) (1.07)
------- --------- --------- ---------
Change in net asset value (3.58) 0.19 0.19 3.07
------- --------- --------- ---------
Net asset value, end of period $ 13.18 $ 16.76 $ 16.57 $ 16.38
======= ========= ========= =========
Total return(1) (0.28)% 16.70% 16.52% 34.15%
Ratios/supplemental data:
Net assets, end of period (thousands) $14,157 $ 13,611 $ 10,466 $ 2,393
Ratio to average net assets of:
Operating expenses 1.96% 1.96% 1.95% 2.04%
Net investment income (0.93)% (1.28)% (1.57)% (0.83)%
Portfolio turnover 176% 518% 401% 331%
</TABLE>
(1) Maximum sales load is not reflected in the total return calculation.
(2) Computed using average shares outstanding.
(3) Distributions are made in accordance with the prospectus; however, class
level per share income from investment operations may vary from
anticipated results depending on the timing of share purchases and
redemptions.
(4) The ratio of operating expenses to average net assets excludes the effect
of expenses offsets for custodian fees; if expense offsets were included,
the ratio would be 1.18% and 1.93% for Class A and Class B, respectively.
(5) Annualized.
(6) Not Annualized.
(7) The ratio of operating expenses to average net assets excludes the effect
of expense offsets for custodian fees; if expense offsets were included,
the ratio would not significantly differ.
See Notes to Financial Statements
11
<PAGE>
Phoenix-Engemann Capital Growth Fund
INVESTMENTS AT APRIL 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
--------------------- ------------------
<S> <C> <C>
COMMON STOCKS--92.5%
Banks (Major Regional)--0.6%
Wells Fargo & Co. ....................................................... 500,000 $ 20,531,250
------------
Biotechnology--0.5%
Amgen, Inc.(b) .......................................................... 200,000 11,200,000
Immunex Corp.(b) ........................................................ 120,000 4,725,000
------------
15,925,000
------------
Broadcasting (Television, Radio & Cable)--3.6%
AT&T Corp.- Liberty Media Group
Class A(b) .............................................................. 1,250,000 62,421,875
CBS Corp.(b) ............................................................ 333,500 19,593,125
Clear Channel Communications, Inc.(b) ................................... 500,000 36,000,000
------------
118,015,000
------------
Communications Equipment--2.5%
Lucent Technologies, Inc. ............................................... 590,000 36,690,625
QUALCOMM, Inc.(b) ....................................................... 100,000 10,843,750
Sycamore Networks, Inc.(b) .............................................. 120,000 9,420,000
Tellabs, Inc.(b) ........................................................ 450,000 24,665,625
------------
81,620,000
------------
Computers (Hardware)--4.1%
Dell Computer Corp.(b) .................................................. 798,300 40,014,787
Sun Microsystems, Inc.(b) ............................................... 1,000,000 91,937,500
------------
131,952,287
------------
Computers (Networking)--4.7%
Cisco Systems, Inc.(b) .................................................. 2,200,000 152,521,875
------------
Computers (Peripherals)--4.3%
EMC Corp.(b) ............................................................ 1,000,000 138,937,500
------------
Computers (Software & Services)--14.6%
America Online, Inc.(b) ................................................. 748,400 44,763,675
BEA Systems, Inc.(b) .................................................... 1,620,000 78,165,000
BMC Software, Inc.(b) ................................................... 600,000 28,087,500
Exodus Communications, Inc.(b) .......................................... 110,000 9,728,125
Microsoft Corp.(b) ...................................................... 450,000 31,387,500
Oracle Corp.(b) ......................................................... 1,600,000 127,900,000
Peregrine Systems, Inc.(b) .............................................. 340,000 8,181,250
Sapient Corp.(b) ........................................................ 100,000 7,918,750
Siebel Systems, Inc.(b) ................................................. 250,000 30,718,750
VERITAS Software Corp.(b) ............................................... 400,000 42,906,250
Yahoo!, Inc.(b) ......................................................... 180,000 23,445,000
i2 Technologies, Inc.(b) ................................................ 310,000 40,067,500
------------
473,269,300
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SHARES VALUE
--------------------- ------------------
<S> <C> <C>
Electrical Equipment--4.8%
Flextronics International Ltd.(b) ....................................... 350,000 $ 24,587,500
General Electric Co. .................................................... 650,000 102,212,500
Sanmina Corp.(b) ........................................................ 250,000 15,015,625
Solectron Corp.(b) ...................................................... 294,000 13,762,875
------------
155,578,500
------------
Electronics (Semiconductors)--13.9%
Celestica, Inc.(b) ...................................................... 350,000 19,096,875
Conexant Systems, Inc.(b) ............................................... 550,000 32,931,250
E-Tek Dynamics, Inc.(b) ................................................. 40,000 8,190,000
Intel Corp. ............................................................. 950,000 120,471,875
JDS Uniphase Corp.(b) ................................................... 200,000 20,750,000
Maxim Integrated Products, Inc. (b) ..................................... 450,000 29,165,625
SDL, Inc.(b) ............................................................ 140,000 27,300,000
Texas Instruments, Inc. ................................................. 750,000 122,156,250
Xilinx, Inc.(b) ......................................................... 975,000 71,418,750
------------
451,480,625
------------
Entertainment--1.5%
Time Warner, Inc. ....................................................... 550,000 49,465,625
------------
Equipment (Semiconductors)--3.3%
Applied Materials, Inc.(b) .............................................. 550,000 55,996,875
KLA-Tencor Corp.(b) ..................................................... 300,000 22,462,500
Teradyne, Inc.(b) ....................................................... 250,000 27,500,000
------------
105,959,375
------------
Financial (Diversified)--4.7%
American Express Co. .................................................... 250,000 37,515,625
Citigroup, Inc. ......................................................... 1,500,000 89,156,250
Morgan Stanley Dean Witter & Co. ........................................ 350,000 26,862,500
------------
153,534,375
------------
Health Care (Diversified)--2.4%
Bristol-Myers Squibb Co. ................................................ 500,000 26,218,750
Warner-Lambert Co. ...................................................... 440,000 50,077,500
------------
76,296,250
------------
Health Care (Drugs-Major Pharmaceuticals)--4.5%
Genentech, Inc.(b) ...................................................... 200,000 23,400,000
Merck & Co., Inc. ....................................................... 450,000 31,275,000
Pfizer, Inc. ............................................................ 1,946,100 81,979,462
Pharmacia Corp. ......................................................... 178,500 8,913,844
------------
145,568,306
------------
</TABLE>
See Notes to Financial Statements
12
<PAGE>
Phoenix-Engemann Capital Growth Fund
<TABLE>
<CAPTION>
SHARES VALUE
---------------------- -----------------
<S> <C> <C>
Health Care (Medical Products & Supplies)--1.1%
Medtronic, Inc. ......................................................... 700,000 $ 36,356,250
-------------
Investment Banking/Brokerage--1.8%
Goldman Sachs Group, Inc. (The) ......................................... 250,000 23,312,500
Merrill Lynch & Co., Inc. ............................................... 350,000 35,678,125
-------------
58,990,625
-------------
Manufacturing (Diversified)--2.8%
Tyco International Ltd. ................................................. 1,300,000 59,718,750
United Technologies Corp. ............................................... 500,000 31,093,750
-------------
90,812,500
-------------
Natural Gas--0.2%
Coastal Corp. (The) ..................................................... 104,280 5,233,552
-------------
Oil & Gas (Drilling & Equipment)--1.4%
Halliburton Co. ......................................................... 400,000 17,675,000
Schlumberger Ltd. ....................................................... 375,000 28,710,937
-------------
46,385,937
-------------
Oil & Gas (Exploration & Production)--1.1%
Burlington Resources, Inc. .............................................. 450,000 17,690,625
Unocal Corp. ............................................................ 500,000 16,156,250
-------------
33,846,875
-------------
Oil (International Integrated)--1.0%
Exxon Mobil Corp. ....................................................... 400,000 31,075,000
-------------
Retail (Building Supplies)--1.7%
Home Depot, Inc. (The) .................................................. 1,000,000 56,062,500
-------------
Retail (Department Stores)--0.6%
Kohl's Corp.(b) ......................................................... 420,000 20,160,000
-------------
Retail (Drug Stores)--0.4%
Walgreen Co. ............................................................ 500,000 14,062,500
-------------
Retail (General Merchandise)--2.7%
Costco Wholesale Corp.(b) ............................................... 300,000 16,218,750
Target Corp. ............................................................ 245,000 16,307,813
Wal-Mart Stores, Inc. ................................................... 1,000,000 55,375,000
-------------
87,901,563
-------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SHARES VALUE
---------------------- -----------------
<S> <C> <C>
Services (Advertising/Marketing)--0.8%
Interpublic Group of Companies, Inc.
(The) ................................................................... 615,000 $ 25,215,000
-------------
Services (Commercial & Consumer)--0.2%
Universal Access, Inc.(b) ............................................... 225,000 4,612,500
-------------
Services (Computer Systems)--1.5%
Electronic Data Systems Corp. ........................................... 710,000 48,812,500
-------------
Telecommunications (Cellular/Wireless)--1.0%
AT&T Wireless Group(b) .................................................. 218,225 6,942,283
Sprint Corp. (PCS Group)(b) ............................................. 300,000 16,500,000
VoiceStream Wireless Corp.(b) ........................................... 80,000 7,920,000
-------------
31,362,283
-------------
Telecommunications (Long Distance)--3.0%
MCI WorldCom, Inc.(b) ................................................... 1,400,000 63,612,500
Qwest Communications International,
Inc.(b) ................................................................. 800,000 34,700,000
-------------
98,312,500
-------------
Telephone--1.2%
Bell Atlantic Corp. ..................................................... 90,000 5,332,500
BellSouth Corp. ......................................................... 300,000 14,606,250
SBC Communications, Inc. ................................................ 425,000 18,620,313
-------------
38,559,063
-------------
------------------------------------------------------------------------------------------------------------------
Total Common Stocks
(Identified cost $1,873,387,415) 2,998,416,416
------------------------------------------------------------------------------------------------------------------
FOREIGN COMMON STOCKS--2.0%
Communications Equipment--1.7%
Nokia Oyj Sponsored ADR (Finland) ....................................... 600,000 34,125,000
Nortel Networks Corp. (Canada) .......................................... 200,000 22,650,000
-------------
56,775,000
-------------
Telecommunications (Long Distance)--0.3%
Global Crossing Ltd. (Bermuda)(b) ....................................... 300,000 9,450,000
------------------------------------------------------------------------------------------------------------------
Total Foreign Common Stocks
(Identified cost $58,363,090) 66,225,000
------------------------------------------------------------------------------------------------------------------
Total Long-Term Investments--94.5%
(Identified cost $1,931,750,505) 3,064,641,416
------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements
13
<PAGE>
Phoenix-Engemann Capital Growth Fund
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- --------- ----------------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--6.3%
Commercial Paper--5.6%
AT&T Corp. 6%, 5/1/00 .................. A-1+ $ 5,000 $ 5,000,000
Albertson's, Inc. 6.01%, 5/1/00 ........ A-1 5,000 5,000,000
Koch Industries, Inc. 6.04%, 5/1/00 .... A-1+ 14,590 14,590,000
Marsh USA, Inc. 6%, 5/2/00 ............. A-1+ 3,000 2,999,500
Vermont American Corp. 6%, 5/2/00 A-1+ 4,640 4,639,227
Goldman Sachs & Co. 5.91%, 5/3/00 A-1+ 5,000 4,998,358
Gannett Co., Inc. 6%, 5/4/00 ........... A-1+ 5,560 5,557,220
Corporate Asset Funding Co., Inc.
6.06%, 5/5/00 .......................... A-1+ 10,000 9,993,267
American Home Products Corp.
6.04%, 5/8/00 .......................... A-1 5,000 4,994,128
Albertson's, Inc. 6.01%, 5/9/00 ........ A-1 5,000 4,993,322
Greenwich Funding Corp. 6.05%,
5/10/00 ................................ A-1+ 680 678,972
Vermont American Corp. 6%,
5/10/00 ................................ A-1+ 5,000 4,992,500
Merrill Lynch & Co., Inc. 6.03%,
5/11/00 ................................ A-1+ 8,450 8,435,846
Dupont (E.I.) de Nemours & Co. 6%,
5/18/00 ................................ A-1+ 4,800 4,786,400
Special Purpose Accounts Receivable
Cooperative Corp. 6.10%, 5/19/00 ....... A-1 3,000 2,990,850
Asset Securitization Corp. 6.05%,
5/22/00 ................................ A-1+ 3,600 3,587,295
Enterprise Funding Corp. 6.17%,
5/22/00 ................................ A-1+ 10,000 9,964,008
Kimberly-Clark Corp. 6%, 5/23/00 ....... A-1+ 5,000 4,981,667
Pitney Bowes, Inc. 6.01%, 5/23/00 ...... A-1+ 5,000 4,981,636
Dupont (E.I.) de Nemours & Co. 6%,
5/24/00 ................................ A-1+ 2,495 2,485,436
Enterprise Funding Corp. 6.08%,
5/24/00 ................................ A-1+ 635 632,533
General Electric Capital Corp. 6.01%,
5/24/00 ................................ A-1+ 5,000 4,980,801
Kimberly-Clark Corp. 6.01%, 5/25/00 A-1+ 5,000 4,979,967
SBC Communications, Inc. 6.05%,
5/26/00 ................................ A-1+ 5,000 4,978,993
Potomac Electric Power Co. 6.02%,
5/30/00 ................................ A-1+ 5,000 4,975,753
Wal-Mart Stores, Inc. 6.02%,
5/31/00 ................................ A-1+ 9,000 8,954,850
Coca-Cola Co. 6.05%, 6/2/00 ............ A-1 2,500 2,486,556
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- --------- ----------------------
<S> <C> <C> <C>
Commercial Paper--continued
American Home Products Corp.
6.02%, 6/5/00 .......................... A-1 $ 5,000 $ 4,970,736
Lexington Parker Capital Co. LLC
6.12%, 6/5/00 .......................... A-1 5,000 4,970,250
SBC Communications, Inc. 6.10%,
6/8/00 ................................. A-1+ 1,953 1,940,425
BellSouth Telecommunications, Inc.
6.08%, 6/9/00 .......................... A-1+ 10,000 9,934,133
Wal-Mart Stores, Inc. 6.04%,
6/13/00 ................................ A-1+ 4,955 4,919,252
Special Purpose Accounts Receivable
Cooperative Corp. 6.16%, 6/19/00 ....... A-1+ 5,000 4,958,078
General Electric Capital Corp. 6.04%,
6/29/00 ................................ A-1+ 3,800 3,762,384
Preferred Receivables Funding Corp.
6.17%, 9/14/00 ......................... A-1 2,500 2,441,728
-------------
180,536,071
-------------
Federal Agency Securities--0.7%
Fannie Mae Discount Note 5.93%,
5/16/00 ................................ 5,000 4,987,646
FHLMC Discount Note 5.96%,
5/30/00 ................................ 5,000 4,975,994
FHLMC Discount Note 6.05%,
6/15/00 ................................ 3,475 3,448,720
FHLMC Discount Note 6.025%,
6/20/00 ................................ 5,000 4,958,160
FHLMC Discount Note 5.973%,
6/22/00 ................................ 5,000 4,956,862
----------------
23,327,382
----------------
---------------------------------------------------------------------------------
Total Short-Term Obligations
(Identified cost $203,863,453) 203,863,453
---------------------------------------------------------------------------------
Total Investments--100.8%
(Identified cost $2,135,613,958) 3,268,504,869(a)
Cash and receivables, less liabilities--(0.8%)
(26,921,174)
----------------
NET ASSETS--100.0% $3,241,583,695
================
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $1,206,333,136 and gross
depreciation of $73,535,232 for federal income tax purposes. At April 30,
2000, the aggregate cost of securities for federal income tax purposes was
$2,135,706,965.
(b) Non-income producing.
See Notes to Financial Statements.
14
<PAGE>
Phoenix-Engemann Capital Growth Fund
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000
(Unaudited)
Assets
Investment securities at value
(Identified cost $2,135,613,958) $3,268,504,869
Short-term investments held as collateral
for loaned securities 39,378,044
Cash 52,932
Receivables
Fund shares sold 608,211
Investment securities sold 2,859,585
Interest and dividends 855,019
Prepaid expenses 33,465
--------------
Total assets 3,312,292,125
--------------
Liabilities
Payables
Collateral on securities loaned 39,378,044
Fund shares repurchased 2,707,673
Investment securities purchased 25,542,490
Investment advisory fee 1,700,916
Distribution fee 724,955
Transfer agent fee 419,839
Financial agent fee 60,842
Trustees' fee 6,165
Accrued expenses 167,506
--------------
Total liabilities 70,708,430
--------------
Net Assets $3,241,583,695
==============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $1,906,099,099
Undistributed net investment loss (7,459,913)
Accumulated net realized gain 210,053,598
Net unrealized appreciation 1,132,890,911
--------------
Net Assets $3,241,583,695
==============
Class A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $3,130,194,588) 100,251,368
Net asset value per share $ 31.22
Offering price per share $31.22/(1-5.75%) $ 33.12
Class B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $111,389,107) 3,712,086
Net asset value and offering price per share $ 30.01
<PAGE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000
(Unaudited)
Investment Income
Dividends $ 5,826,486
Interest 3,836,872
Security lending 211,138
Foreign taxes withheld (21,382)
------------
Total investment income 9,853,114
------------
Expenses
Investment advisory fee 10,408,020
Distribution fee, Class A 3,889,461
Distribution fee, Class B 545,685
Financial agent fee 350,884
Transfer agent 1,782,613
Printing 172,300
Custodian 78,019
Professional 30,211
Registration 20,476
Trustees 12,252
Miscellaneous 24,931
------------
Total expenses 17,314,852
Custodian fees paid indirectly (1,825)
------------
Net expenses 17,313,027
------------
Net Investment loss (7,459,913)
------------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 210,258,322
Net change in unrealized appreciation (depreciation) on
investments 324,914,819
------------
Net gain on investments 535,173,141
------------
Net Increase in net assets resulting from
operations $527,713,228
============
See Notes to Financial Statements
15
<PAGE>
Phoenix-Engemann Capital Growth 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) $ (7,459,913) $ (7,296,538)
Net realized gain (loss) 210,258,322 360,181,527
Net change in unrealized appreciation (depreciation) 324,914,819 360,915,113
-------------- --------------
Increase (decrease) in net assets resulting from operations 527,713,228 713,800,102
-------------- --------------
From Distributions to Shareholders
Net realized gains, Class A (345,471,084) (230,032,244)
Net realized gains, Class B (12,455,154) (7,477,746)
-------------- --------------
Decrease in net assets from distributions to shareholders (357,926,238) (237,509,990)
-------------- --------------
From Share Transactions
Class A
Proceeds from sales of shares (6,662,241 and 10,503,608 shares, respectively) 206,798,226 288,870,150
Net asset value of shares issued from reinvestment of distributions
(10,231,993 and 8,345,723 shares, respectively) 310,029,987 213,735,576
Cost of shares repurchased (11,884,490 and 21,165,765 shares, respectively) (371,204,005) (583,643,137)
-------------- --------------
Capital contribution from Adviser (See Note 2) -- 4,561,466
-------------- --------------
Total 145,624,208 (76,475,945)
-------------- --------------
Class B
Proceeds from sales of shares (319,728 and 754,665 shares, respectively) 9,535,881 20,206,456
Net asset value of shares issued from reinvestment of distributions
(374,579 and 276,189 shares, respectively) 10,937,702 6,893,757
Cost of shares repurchased (398,275 and 731,422 shares, respectively) (12,005,341) (19,645,641)
Capital contribution from Adviser (See Note 2) -- 158,551
-------------- --------------
Total 8,468,242 7,613,123
-------------- --------------
Increase (decrease) in net assets from share transactions 154,092,450 (68,862,822)
-------------- --------------
Net increase (decrease) in net assets 323,879,440 407,427,290
Net Assets
Beginning of period 2,917,704,255 2,510,276,965
-------------- --------------
End of period (including undistributed net investment income (loss)
of ($7,459,913 and $0, respectively) $3,241,583,695 $2,917,704,255
============== ==============
</TABLE>
See Notes to Financial Statements
16
<PAGE>
Phoenix-Engemann Capital Growth Fund
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
CLASS A
--------------------------------------------
Six Months
Ended Year Ended October 31
4/30/00 ---------------------
(Unaudited) 1999
<S> <C> <C>
Net asset value, beginning of period $ 29.61 $ 24.95
Income from investment operations(3)
Net investment income (loss) (0.07)(2) (0.06)(2)
Net realized and unrealized gain (loss) 5.38 7.06
----------- ------------
Total from investment operations 5.31 7.00
----------- ------------
Less distributions
Dividends from net investment income -- --
Dividends from net realized gains (3.70) (2.39)
----------- ------------
Total distributions (3.70) (2.39)
----------- ------------
Capital contribution from Adviser -- 0.05
----------- ------------
Change in net asset value 1.61 4.66
----------- ------------
Net asset value, end of period $ 31.22 $ 29.61
=========== ============
Total return(1) 6.48%(7) 29.76%(4)
Ratios/supplemental data:
Net assets, end of period (thousands) $ 3,130,195 $2,819,742
Ratio to average net assets of:
Operating expenses 1.05%(5)(6) 1.07%(5)
Net investment income (0.44%)(6) (0.23)%
Portfolio turnover 42%(7) 100%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS A
------------------------------------------------------------------------
Year Ended October 31
------------------------------------------------------------------------
1998 1997 1996 1995
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 27.83 $ 26.87 $ 24.92 $ 21.24
Income from investment operations(3)
Net investment income (loss) (0.06)(2) 0.14 (2) 0.20 (2) 0.26
Net realized and unrealized gain (loss) 2.73 5.62 3.63 4.53
---------- ----------- ----------- ---------
Total from investment operations 2.67 5.76 3.83 4.79
---------- ----------- ----------- ---------
Less distributions
Dividends from net investment income -- (0.21) (0.25) (0.30)
Dividends from net realized gains (5.55) (4.59) (1.63) (0.81)
---------- ----------- ----------- ---------
Total distributions (5.55) (4.80) (1.88) (1.11)
---------- ----------- ----------- ---------
Capital contribution from Adviser -- -- -- --
---------- ----------- ----------- ---------
Change in net asset value (2.88) 0.96 1.95 3.68
---------- ----------- ----------- ---------
Net asset value, end of period $ 24.95 $ 27.83 $ 26.87 $ 24.92
=========== =========== =========== =========
Total return(1) 12.26% 24.81% 16.34% 23.91%
Ratios/supplemental data:
Net assets, end of period (thousands) $2,434,217 $2,518,289 $2,347,471 $2,300,251
Ratio to average net assets of:
Operating expenses 1.08% 1.10% 1.17% 1.20%
Net investment income (0.22)% 0.53% 0.80% 0.92%
Portfolio turnover 110% 196% 116% 109%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS B
----------------------------------------
Year Ended
Six Months October
Ended 31
4/30/00 ----------------
(Unaudited) 1999
<S> <C> <C>
Net asset value, beginning of period $ 28.68 $ 24.40
Income from investment operations(3)
Net investment income (loss) (0.18)(2) (0.26)(2)
Net realized and unrealized gain (loss) 5.21 6.88
----------- ---------
Total from investment operations 5.03 6.62
----------- ---------
Less distributions
Dividends from net investment income -- --
Dividends from net realized gains (3.70) (2.39)
----------- ---------
Total distributions (3.70) (2.39)
----------- ---------
Capital contribution from Adviser -- 0.05
----------- ---------
Change in net asset value 1.33 4.28
----------- ---------
Net asset value, end of period $ 30.01 $ 28.68
=========== =========
Total return(1) 6.31%(7) 28.80%(4)
Ratios/supplemental data:
Net assets, end of period (thousands) $ 111,389 $ 97,963
Ratio to average net assets of:
Operating expenses 1.80%(5)(6) 1.82%(5)
Net investment income (loss) (1.19)%(6) (0.99)%
Portfolio turnover 42%(7) 100%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS B
--------------------------------------------------------------
Year Ended October 31
--------------------------------------------------------------
1998 1997 1996 1995
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 27.51 $ 26.63 $ 24.74 $ 21.19
Income from investment operations(3)
Net investment income (loss) (0.24)(2) (0.06)(2) --(2) --
Net realized and unrealized gain (loss) 2.68 5.57 3.61 4.60
--------- --------- -------- -------
Total from investment operations 2.44 5.51 3.61 4.60
--------- --------- -------- -------
Less distributions
Dividends from net investment income -- (0.04) (0.09) (0.24)
Dividends from net realized gains (5.55) (4.59) (1.63) (0.81)
--------- --------- -------- -------
Total distributions (5.55) (4.63) (1.72) (1.05)
--------- --------- -------- -------
Capital contribution from Adviser -- -- -- --
--------- --------- -------- -------
Change in net asset value (3.11) 0.88 1.89 3.55
--------- --------- -------- -------
Net asset value, end of period $ 24.40 $ 27.51 $ 26.63 $ 24.74
========= ========= ======== =======
Total return(1) 11.41% 23.89% 15.48% 23.02%
Ratios/supplemental data:
Net assets, end of period (thousands) $ 76,060 $ 68,022 $45,326 $20,111
Ratio to average net assets of:
Operating expenses 1.83% 1.85% 1.93% 1.97%
Net investment income (loss) (0.97)% (0.25)% 0.01% 0.01%
Portfolio turnover 110% 196% 116% 109%
</TABLE>
(1) Maximum sales load is not reflected in the total return calculation.
(2) Computed using average shares outstanding.
(3) Distributions are made in accordance with the prospectus; however, class
level per share income from investment operations may vary from
anticipated results depending on the time of share purchases and
redemptions.
(4) Total return includes the effect of the capital contribution from the
Adviser. (See Note 2). Without this contribution total return would have
been 29.54% and 28.58% for Class A and Class B, respectively.
(5) The ratio of operating expenses to average net assets excludes the effect
of expense offsets for custodian fees; if expense offsets were included,
the ratio would not significantly differ.
(6) Annualized.
(7) Not annualized.
See Notes to Financial Statements
17
<PAGE>
Phoenix-Goodwin High Yield Fund
INVESTMENTS AT APRIL 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
--------- ------------ ----------------
<S> <C> <C> <C>
ASSET-BACKED SECURITIES--0.7%
Pennant CBO Ltd. 144A 1A, D 13.43%,
3/14/11(b) ................................. Ba $ 3,000 $2,945,156
------------------------------------------------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Identified cost $2,918,050) 2,945,156
------------------------------------------------------------------------------------
CORPORATE BONDS--60.3%
Auto Parts & Equipment--0.3%
Cambridge Industries, Inc. Series B
10.25%, 7/15/07 ............................ Ca 5,000 1,250,000
Broadcasting (Television, Radio & Cable)--5.2%
Adelphia Communications Corp. 9.50%,
3/1/05 ..................................... B 3,550 3,443,500
CSC Holdings, Inc. 7.625%, 7/15/18 ......... Ba 4,000 3,470,000
Charter Communications Holdings LLC
8.625%, 4/1/09 ............................. B 5,000 4,393,750
EchoStar Communications Corp.
9.375%, 2/1/09 ............................. B 4,900 4,777,500
Production Resource Group 11.50%,
1/15/08 .................................... Caa 3,000 1,065,000
UnitedGlobalCom, Inc. Series B 0%,
2/15/08 (d) ................................ B 8,000 5,240,000
----------
22,389,750
----------
Building Materials--0.7%
Nortek, Inc. 9.875%, 3/1/04 ................ B 3,000 2,850,000
----------
Communications Equipment--7.5%
Earthweb 7%, 1/25/05 ....................... NR 1,000 600,000
McLeodUSA, Inc. 8.125%, 2/15/09 ............ B 1,900 1,714,750
Metromedia Fiber Network, Inc. 10%
12/15/09 ................................... B 5,100 4,519,587
Metromedia Fiber Network, Inc. Series
B 10%, 11/15/08 ............................ B 3,880 3,705,400
Park N View, Inc. Series B 13%,
5/15/08 .................................... B 4,000 2,400,000
Spectrasite Holdings, Inc. 144A
10.75%, 3/15/10 (b) ........................ B 500 495,000
Spectrasite Holdings, Inc. 144A
0%, 3/15/10 (b)(d) ......................... B 9,800 5,120,500
Stellex Industries, Inc. Series B 9.50%,
11/1/07 .................................... Caa 8,500 4,717,500
Telecorp PCS, Inc. 144A
0%, 4/15/09(b)(d) .......................... B 7,000 4,620,000
Williams Communications Group, Inc.
10.875%, 10/1/09 ........................... B 4,000 4,040,000
----------
31,932,737
----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
--------- ------------ ----------------
<S> <C> <C> <C>
Computers (Networking)--0.6%
Psinet Inc. 11%, 8/1/09 .................... B $ 3,000 $ 2,655,000
-----------
Computers (Software & Services)--2.8%
At Home Corp. 144A 4.75%, 12/15/06(b) B 4,000 2,700,000
Globix Corp. 144A 12%, 2/1/10(b) ........... NR 3,500 3,062,500
WAM!NET, Inc. Series B 0%, 3/1/05(d) ....... CCC+(c) 11,000 6,105,000
-----------
11,867,500
-----------
Containers (Metal & Glass) -- 1.4%
Portola Packaging, Inc. 10.75%,
10/1/05 .................................... B 7,000 6,125,000
-----------
Gaming, Lottery & Pari-mutuel Companies--2.6%
Capital Gaming International, Inc. 12%,
5/28/01 .................................... NR 2 427
Horseshoe Gaming Holdings Series B
8.625%, 5/18/09 ............................ B 3,500 3,298,750
Horseshoe Gaming LLC Series B ..............
9.375%, 6/15/07 ............................ B 2,450 2,394,875
Isle of Capri Casinos 8.75%, 4/15/09 ....... B 325 294,938
Waterford Gaming LLC 144A 9.50%,
3/15/10(b) ................................. B 5,224 5,041,160
-----------
11,030,150
-----------
Health Care (Drugs-Major Pharmaceuticals)--0.6%
Schein Pharmaceutical, Inc. 9.04%,
12/15/04(d) ................................ Caa 2,800 2,464,000
-----------
Health Care (Generic and Other)--0.9%
ICN Pharmaceuticals, Inc. Series B
9.25%, 8/15/05 ............................. Ba 4,000 3,910,000
-----------
Health Care (Medical Products & Supplies)--1.0%
Fresenius Medical Care 9.25%,
12/01/06 ................................... Ba 4,400 4,114,000
-----------
Homebuilding--1.5%
Beazer Homes USA, Inc. 9%, 3/1/04 .......... Ba 3,000 2,775,000
K.Hovnanian Enterprises, Inc. 9.125%,
5/1/09 ..................................... Ba 4,000 3,500,000
-----------
6,275,000
-----------
Insurance (Multi-Line)--0.7%
Willis Corroon Corp. 9%, 2/1/09 ............ Ba 4,000 3,040,000
-----------
Leisure Time (Products)--2.2%
Bally Total Fitness Holding Corp.
Series D 9.875%, 10/15/07 .................. B 6,700 6,164,000
Venetian Casino Resort LLC 10%,
11/15/05(d) ................................ Caa 3,500 3,150,000
-----------
9,314,000
-----------
</TABLE>
See Notes to Financial Statements
18
<PAGE>
Phoenix-Goodwin High Yield Fund
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
--------- ------------ ----------------
<S> <C> <C> <C>
Metals Mining--0.0%
NSM Steel Ltd. Series B 144A
12.25%, 2/1/08 (b)(e)(f) ............................................. Ca $ 7,500 $ 112,500
-----------
Oil & Gas (Exploration & Production) --1.3%
Benton Oil & Gas Co. 11.625%,
5/1/03 ............................................................... B 8,375 5,590,313
-----------
Oil (Domestic Integrated)--1.3%
RBF Finance Co. 11.375%, 3/15/09 ..................................... Ba 5,000 5,350,000
-----------
Paper & Forest Products--2.8%
Buckeye Technologies, Inc. 8%,
10/15/10 ............................................................. Ba 6,765 6,173,063
S.D. Warren Co. PIK 14%, 12/15/06 .................................... NR 5,330 5,889,925
-----------
12,062,988
-----------
Personal Care--0.8%
Revlon Consumer Products Corp.
8.125%, 2/1/06 ....................................................... Caa 2,000 1,430,000
Revlon Consumer Products Corp.
9%, 11/1/06 .......................................................... Caa 3,000 2,175,000
-----------
3,605,000
-----------
Photography/Imaging--2.6%
Anacomp, Inc. Series B 10.875%,
4/1/04 ............................................................... B 5,200 4,810,000
Anacomp, Inc. Series D 10.875%,
4/1/04 ............................................................... B 6,900 6,382,500
-----------
11,192,500
-----------
Retail (Specialty)--1.3%
Musicland Group, Inc. 9%, 6/15/03 .................................... B 5,100 4,590,000
Musicland Group, Inc. Series B
9.875%, 3/15/08 ...................................................... B 1,000 820,000
-----------
5,410,000
-----------
Services (Advertising/Marketing)--1.5%
Lamar Media Corp. 9.25%, 8/15/07 ..................................... B 6,500 6,370,000
-----------
Services (Commercial & Consumer)--3.8%
Fisher Scientific International, Inc.
9%, 2/1/08 ........................................................... B 4,000 3,700,000
Service Corporation International 7%,
6/1/15 ............................................................... Ba 5,400 3,996,000
United Rentals, Inc. Series B 9.25%,
1/15/09 .............................................................. B 2,000 1,815,000
United Rentals, Inc. Series B 9.50%,
6/1/08 ............................................................... B 7,125 6,555,000
-----------
16,066,000
-----------
Telecommunications (Cellular/Wireless)--1.2%
Alamosa PCS Holdings, Inc. 0%,
2/15/10(d) ........................................................... Caa 4,500 2,362,500
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
--------- ------------ ----------------
<S> <C> <C> <C>
Telecommunications (Cellular/Wireless)--continued
Triton PCS, Inc. 0%, 5/1/08(d) ....................................... B $ 3,000 $ 2,167,500
VoiceStream Wireless Holdings 144A
10.375%, 11/15/09(b) ................................................. B 500 510,000
-----------
5,040,000
-----------
Telecommunications (Long Distance)--11.5%
Interamericas Communications Corp.
14%, 10/27/07 ........................................................ NR 10,000 10,550,000
KMC Telecom Holdings, Inc. 0%,
2/15/08(d) ........................................................... Caa 8,000 3,970,000
KMC Telecom Holdings, Inc. 13.5%,
5/15/09 .............................................................. Caa 3,000 2,685,000
Level 3 Communications, Inc. 144A
10.75%, 3/15/08(b) ................................................... B 5,000 4,385,405
NTL Communications Corp. 144A
5.75%, 12/15/09(b) ................................................... CCC(c) 3,500 3,101,875
NTL Communications Corp. Series B
9.25%, 11/15/06 ...................................................... NR 9,000 7,975,742
NTL, Inc. Series B, 0%, 2/1/06(d) .................................... B 9,100 8,417,500
RCN Corp. 0%, 10/15/07(d) ............................................ B 7,750 4,979,375
Splitrock Services, Inc. Series B
11.75%, 7/15/08 ...................................................... NR 3,000 3,195,000
-----------
49,259,897
-----------
Telephone--1.4%
Pathnet, Inc. 12.25%, 4/15/08 ........................................ NR 5,825 3,873,625
Teligent, Inc. 11.50%, 12/1/07 ....................................... Caa 2,500 2,162,500
-----------
6,036,125
-----------
Textiles (Apparel)--0.3%
Collins & Aikman Products Co.
11.50%, 4/15/06 ...................................................... B 1,340 1,319,900
-----------
Truckers--1.9%
American Commercial Lines LLC
Series B 10.25%, 6/30/08 ............................................. B 3,600 3,006,000
Sea Containers Ltd. Series B
7.875%, 2/15/08 ...................................................... Ba 8,000 5,200,000
-----------
8,206,000
-----------
Waste Management--0.6%
Allied Waste North America, Inc.
Series B 10%, 8/1/09 ................................................. B 4,000 2,730,000
---------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Identified cost $303,425,753) 257,568,360
---------------------------------------------------------------------------------------------------------------
NON-AGENCY MORTGAGE-BACKED SECURITIES--4.5%
First Chicago/Lennar Trust 97-CHL1,
E 144A 8.07%, 2/28/11(b)(d) .......................................... B(c) 10,000 7,160,938
</TABLE>
See Notes to Financial Statements
19
<PAGE>
Phoenix-Goodwin High Yield Fund
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
--------- ------------ ---------------
<S> <C> <C> <C>
NON-AGENCY MORTGAGE-BACKED SECURITIES--(Continued)
SASCO Floating Rate Commercial
Mortgage 98-C3A, 144A H 6.675%,
4/25/03(b)(d) ................................ Ba $8,000 $ 7,505,000
Salomon Brothers Mortgage Securities
VII 95-C, 1 144A 7.183%, 9/30/08(b)(d) ....... B 5,525 4,713,896
--------------------------------------------------------------------------------------
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $19,472,123) 19,379,834
--------------------------------------------------------------------------------------
FOREIGN CORPORATE BONDS--18.3%
Argentina--1.9%
Cablevision Series SA, 13.75%, 5/1/09 B 3,000 2,880,000
Imasac SA 144A 11%, 5/2/05(b) ................ B 3,230 2,196,400
Multicanal SA 13.125%, 4/15/09 ............... B 3,000 3,033,750
-----------
8,110,150
-----------
Bahamas--0.8%
Sun International Hotels Ltd. 8.625%,
12/15/07 ..................................... Ba 3,000 2,685,000
Sun International Hotels Ltd. 9%,
3/15/07 ...................................... Ba 1,000 925,000
-----------
3,610,000
-----------
Brazil--2.5%
Globo Communicacoes e Participacoes
SA 144A 10.625%, 12/5/08(b) .................. B 3,500 2,887,500
Globo Communicacoes e Participacoes
SA RegS 144A 10.50%,12/20/06(b) .............. B 5,000 4,200,000
Localiza Rent a Car 10.25%, 10/1/05 .......... B 5,000 3,625,000
-----------
10,712,500
-----------
Canada--3.4%
Clearnet Communications, Inc. 0%,
12/15/05(d) .................................. B 4,000 4,080,000
Clearnet Communications, Inc. 0%,
5/1/09(d) .................................... B 4,000 2,340,000
GT Group Telecom 144A 0%,
2/1/10(b)(d) ................................. Caa 5,450 2,915,750
Hurricane Hydrocarbons Ltd. 144A
11.75%, 11/1/04(b)(e)(f) ..................... C 5,778 5,344,502
-----------
14,680,252
-----------
Cayman Islands--0.5%
Battery Park CDO Ltd. Series 5 144A
15.407%, 2/10/11 (b) ......................... B 2,000 1,910,000
-----------
Greece--0.6%
Fage Dairy Industries SA 9%, 2/1/07 .......... B 3,000 2,508,750
-----------
Indonesia--0.6%
APP Finance II Mauritius Ltd. 12%,
12/29/49(d) .................................. Caa 4,900 2,744,000
-----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PAR
MOODY'S VALUE
RATING (000) VALUE
--------- ------------ ---------------
<S> <C> <C> <C>
Mexico--3.5%
Alestra SA de RL de C.V. 144A
12.125%, 5/15/06(b) .......................... B $5,000 $4,812,500
Grupo Industrial Durango 12.625%,
8/1/03 ....................................... B 2,000 2,015,000
Grupo Iusacell SA 144A 14.25%,
12/1/06(b) ................................... B 1,380 1,445,550
Maxcom Telecomunicaciones 144A
13.75%, 4/1/07(b) ............................ NR 4,000 3,910,000
Vicap SA 11.375%, 5/15/07 .................... Ba 3,000 2,812,500
----------
14,995,550
----------
Netherlands--0.8%
United Pan-Europe Communications
144A 11.25%, 11/1/09(b) ...................... B 4,000 3,461,210
----------
Poland--0.3%
Poland Telecom Finance Series B 14%,
12/1/07 ...................................... NR 5,000 1,150,000
----------
South Korea--0.9%
Hyundai Semiconductor 144A 8.25%,
5/15/04(b) ................................... Ba 4,000 3,625,000
----------
United Kingdom--2.5%
Atlantic Telecom Group PLC 144A 13%,
1/15/10(b)(h) ................................ B 3,125 2,819,189
Colt Telecom Group 144A 7.625%,
12/15/09(b) .................................. B 6,000 5,153,136
Jazztel PLC 144A 13.125%,
12/15/09(b) .................................. Caa 3,000 2,733,759
----------
10,706,084
----------
--------------------------------------------------------------------------------------
TOTAL FOREIGN CORPORATE BONDS
(Identified cost $89,140,997) 78,213,496
---------------------------------------------------------------------------------------
FOREIGN CONVERTIBLE BONDS--1.6%
Russia--1.6%
Lukinter Finance Lukoil Cv. 144A 1%,
11/3/03(b) ................................... CCC-(c) 7,500 6,862,500
----------
--------------------------------------------------------------------------------------
TOTAL FOREIGN CONVERTIBLE BONDS
(Identified cost $8,114,688) 6,862,500
--------------------------------------------------------------------------------------
</TABLE>
SHARES
--------
PREFERRED STOCKS--4.4%
Telecommunications (Cellular/Wireless)--2.2%
Dobson Communications Corp.
12.125% ....................... 15,464 1,530,983
Dobson Communications Corp. 13% 20,650 2,114,044
See Notes to Financial Statements
20
<PAGE>
Phoenix-Goodwin High Yield Fund
SHARES VALUE
------------ --------------
Telecommunications (Cellular/Wireless)--(Continued)
Nextel Communications, Inc. Series
D PIK 13% ................................... 53,399 $ 5,526,779
------------
9,171,806
------------
Telecommunications (Long Distance)--1.4%
Global Crossing Holdings Ltd. PIK
10.50% ...................................... 62,500 6,125,000
------------
Telephone--0.8%
IXC Communications, Inc. Series B
PIK 12.50% .................................. 34,053 3,498,897
------------
--------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Identified cost $19,028,853) 18,795,703
--------------------------------------------------------------------------
COMMON STOCKS--2.2%
Shipping--0.1%
Hvide Marine, Inc.(e) ....................... 81,666 541,037
------------
Specialty Printing--0.0%
Sullivan Holdings, Inc. Class C(e)(f)(g) .... 76 0
------------
Telecommunications (Long Distance)--2.1%
FirstCom Corp.(e) ........................... 357,500 7,418,125
McLeodUSA, Inc. Class A(e) .................. 54,863 1,371,586
------------
8,789,711
------------
--------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Identified cost $4,470,858) 9,330,748
--------------------------------------------------------------------------
FOREIGN COMMON STOCKS--0.2%
Telecommunications (Long Distance)--0.2%
AT&T Canada, Inc. (Canada)(e) ............... 13,716 584,645
------------
--------------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $106,428) 584,645
--------------------------------------------------------------------------
WARRANTS--0.2%
Communications Equipment--0.1%
Loral Space & Communications, Inc.
Warrants(e) ................................. 8,000 72,000
Park N View, Inc. Warrants(e) ............... 4,000 240,000
------------
312,000
------------
Computers (Software & Services)--0.1%
WAM!NET, Inc. Warrants(e) ................. 33,000 383,625
------------
<PAGE>
SHARES VALUE
------- ------------
Gaming, Lottery & Pari-mutuel Companies--0.0%
Capital Gaming International, Inc.
Warrants(e)(g) ............................ 410 $ 0
------------
Metals Mining--0.0%
NSM Steel Ltd. 144A Warrants(b)(e)(g)...... 4,748,195 47,482
------------
Telecommunications (Long Distance)--0.0%
KMC Telecom Holdings, Inc. 144A
Warrants(b)(e) ............................ 8,000 16,000
Poland Telecom Finance 144A
Warrants(b)(e) ............................ 5,000 0
------------
16,000
------------
Telephone--0.0%
Atlantic Telecom Group Warrants(e) ........ 3,125 142,383
Pathnet, Inc. 144A Warrants(b)(e) ......... 6,000 60,000
------------
202,383
------------
--------------------------------------------------------------------------
TOTAL WARRANTS
(Identified cost $1,761) 961,490
-------------------------------------------- ------------
--------------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--92.4%
(Identified cost $446,679,511) ............ 394,641,932
--------------------------------------------- ------------
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
---------- ---------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--4.2%
Commercial Paper--4.2%
American Home Products Corp,
6.07%, 5/1/00 ...................... A-1 $8,108 8,108,000
Potomac Electric Power Co. 6.06%,
5/1/00 ............................. A-1 2,130 2,130,000
McDonald's Corp. 6.05%, 5/5/00 ..... A-1+ 7,715 7,709,814
---------
-----------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $17,947,814) 17,947,814
------------------------------------- ----------
TOTAL INVESTMENTS--96.6%
(Identified cost $464,627,325) 412,589,746(a)
Cash and receivables, less liabilities--3.4% 14,729,746
-----------
NET ASSETS--100.0% $ 427,319,492
==============
</TABLE>
(a) Federal Income Tax Information: Net unrealized depreciation of investment
securities is comprised of gross appreciation of $13,436,029 and gross
depreciation of $65,746,049 for federal income tax purposes. At April 30,
2000, the aggregate cost of securities for federal income tax purposes was
$464,899,766.
(b) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At April 30,
2000, these securities amounted to a value of $105,874,408 or 24.8% of net
assets.
(c) As rated by Standard & Poor's, Duff & Phelps or Fitch.
(d) Variable or step coupon security; interest rate reflects the rate currently
in effect.
(e) Non-income producing.
(f) Security in default.
(g) Security valued at fair value as determined in good faith by or under the
direction of the Trustees.
(h) Par value represents Euro.
See Notes to Financial Statements
21
<PAGE>
Phoenix-Goodwin High Yield Fund
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000
(Unaudited)
Assets
Investment securities at value
(Identified cost $464,627,325) $ 412,589,746
Cash 42,780
Receivables
Interest and dividends 10,697,653
Investment securities sold 1,100,479
Fund shares sold 116,641
Net unrealized appreciation on swap agreements 3,631,314
Prepaid expenses 7,041
--------------
Total assets 428,185,654
--------------
Liabilities
Payables
Fund shares repurchased 318,985
Investment advisory fee 232,645
Distribution fee 124,589
Transfer agent fee 96,395
Financial agent fee 27,704
Trustees' fee 6,165
Accrued expenses 59,679
--------------
Total liabilities 866,162
--------------
Net Assets $ 427,319,492
==============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $ 583,145,865
Undistributed net investment income 4,094,240
Accumulated net realized loss (111,631,952)
Net unrealized depreciation (48,288,661)
--------------
Net Assets $ 427,319,492
==============
Class A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $372,054,126) 49,749,979
Net asset value and offering price per share $ 7.48
Offering price per share $7.48/(1-4.75%) $ 7.85
Class B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $52,324,471) 7,030,536
Net asset value and offering price per share $ 7.44
Class C
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $2,940,895) 394,012
Net asset value and offering price per share $ 7.46
<PAGE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000
(Unaudited)
Investment Income
Interest $ 26,682,045
Dividends 887,857
-------------
Total investment income 27,569,902
-------------
Expenses
Investment advisory fee 1,511,735
Distribution fee, Class A 504,982
Distribution fee, Class B 289,939
Distribution fee, Class C 15,870
Financial agent fee 160,888
Transfer agent 389,708
Printing 42,067
Registration 27,399
Custodian 26,936
Professional 13,888
Trustees 11,000
Miscellaneous 11,626
-------------
Total expenses 3,006,038
Custodian fees paid indirectly (19,621)
-------------
Net expenses 2,986,417
-------------
Net Investment Income 24,583,485
-------------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized loss on securities (10,220,956)
Net realized loss on foreign currency transactions (609,070)
Net change in unrealized appreciation (depreciation) on
investments 2,177,051
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions 117,604
Net change in unrealized appreciation (depreciation on
swap agreements 3,631,314
-------------
Net loss on investments (4,904,057)
-------------
Net Increase in net assets resulting from operations $ 19,679,428
=============
See Notes to Financial Statements
22
<PAGE>
Phoenix-Goodwin High Yield 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) $ 24,583,485 $ 49,328,746
Net realized gain (loss) (10,830,026) (35,956,557)
Net change in unrealized appreciation (depreciation) 5,925,969 37,969,963
------------- --------------
Increase (decrease) in net assets resulting from operations 19,679,428 51,342,152
------------- --------------
From Distributions to Shareholders
Net investment income, Class A (19,010,079) (45,037,890)
Net investment income, Class B (2,574,896) (5,920,213)
Net investment income, Class C (140,549) (234,211)
------------- --------------
Decrease in net assets from distributions to shareholders (21,725,524) (51,192,314)
------------- --------------
From Share Transactions
Class A
Proceeds from sales of shares (8,579,451 and 18,425,232 shares, respectively) 66,551,317 143,288,356
Net asset value of share issued from reinvestment of distributions
(1,373,334 and 3,230,108 shares, respectively) 10,618,750 25,061,675
Cost of shares repurchased (12,127,376 and 26,344,264 shares, respectively) (94,368,100) (205,309,631)
------------- --------------
Total (17,198,033) (36,959,600)
------------- --------------
Class B
Proceeds from sales of shares (1,391,022 and 2,899,381 shares, respectively) 10,712,004 22,455,385
Net asset value of share issued from reinvestment of distributions
(115,982 and 278,064 shares, respectively) 893,409 2,147,868
Cost of shares repurchased (2,409,834 and 3,357,007 shares, respectively) (18,607,903) (25,931,082)
------------- --------------
Total (7,002,490) (1,327,829)
------------- --------------
Class C
Proceeds from sales of shares (125,285 and 269,525 shares, respectively) 972,089 2,100,156
Net asset value of share issued from reinvestment of distributions
(6,439 and 10,955 shares, respectively) 50,177 84,719
Cost of shares repurchased (143,251 and 96,278 shares, respectively) (1,112,439) (745,241)
------------- --------------
Total (90,173) 1,439,634
------------- --------------
Increase (decrease) in net assets from share transactions (24,290,696) (36,847,785)
------------- --------------
Net increase (decrease) in net assets (26,336,792) (36,697,957)
Net Assets
Beginning of period 453,656,284 490,354,241
------------- --------------
End of period [including undistributed net investment income (loss) of
$4,094,240 and $1,236,279, respectively] $ 427,319,492 $ 453,656,284
============= ==============
</TABLE>
See Notes to Financial Statements
23
<PAGE>
Phoenix-Goodwin High Yield Fund
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
CLASS A
----------------------------------------
Six Months Year Ended
Ended October
31
4/30/00 ----------------
(Unaudited) 1999
<S> <C> <C>
Net asset value, beginning of period $ 7.53 $ 7.55
Income from investment operations
Net investment income (loss) 0.41 0.76
Net realized and unrealized gain (loss) (0.09) --
----------- ---------
Total from investment operations 0.32 0.76
----------- ---------
Less distributions
Dividends from net investment income (0.37) (0.78)
----------- ---------
Total distributions (0.37) (0.78)
----------- ---------
Change in net asset value (0.05) (0.02)
----------- ---------
Net asset value, end of period $ 7.48 $ 7.53
=========== =========
Total return(1) 4.26%(3) 10.16%
Ratios/supplemental data:
Net assets, end of period (thousands) $ 372,054 $ 391,057
Ratio to average net assets of:
Operating expenses 1.20%(2)(5) 1.16%(4)
Net investment income 10.67%(2) 9.71%
Portfolio turnover 39%(3) 73%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS A
--------------------------------------------------------
Year Ended October 31
--------------------------------------------------------
1998 1997 1996 1995
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.09 $ 8.63 $ 8.17 $ 8.11
Income from investment operations
Net investment income (loss) 0.83 0.80 0.78 0.80
Net realized and unrealized gain (loss) (1.56) 0.46 0.46 0.04
-------- ------- ------- -------
Total from investment operations (0.73) 1.26 1.24 0.84
-------- ------- ------- -------
Less distributions
Dividends from net investment income (0.81) (0.80) (0.78) (0.78)
-------- -------- -------- --------
Total distributions (0.81) (0.80) (0.78) (0.78)
-------- -------- -------- --------
Change in net asset value (1.54) 0.46 0.46 0.06
-------- -------- -------- --------
Net asset value, end of period $ 7.55 $ 9.09 $ 8.63 $ 8.17
======== ======== ======== ========
Total return(1) (8.97)% 15.03% 15.95% 11.19%
Ratios/supplemental data:
Net assets, end of period (thousands) $427,659 $532,906 $501,265 $507,855
Ratio to average net assets of:
Operating expenses 1.12% 1.11% 1.17% 1.21%
Net investment income 9.13% 8.76% 9.21% 10.01%
Portfolio turnover 103% 167% 162% 147%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS B
----------------------------------------
Six Months Year Ended
Ended October
31
4/30/00 ----------------
(Unaudited) 1999
<S> <C> <C>
Net asset value, beginning of period $ 7.51 $ 7.52
Income from investment operations
Net investment income (loss) 0.38 0.70
Net realized and unrealized gain (loss) (0.10) 0.01
----------- ---------
Total from investment operations 0.28 0.71
----------- ---------
Less distributions
Dividends from net investment income (0.35) (0.72)
----------- ---------
Total distributions (0.35) (0.72)
----------- ---------
Change in net asset value (0.07) (0.01)
----------- ---------
Net asset value, end of period $ 7.44 $ 7.51
=========== =========
Total return(1) 3.74%(3) 9.37%
Ratios/supplemental data:
Net assets, end of period (thousands) $ 52,324 $ 59,547
Ratio to average net assets of:
Operating expenses 1.94%(2)(5) 1.91%(4)
Net investment income 9.92%(2) 8.94%
Portfolio turnover 39%(3) 73%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS B
----------------------------------------------------
Year Ended October 31
----------------------------------------------------
1998 1997 1996 1995
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.07 $ 8.63 $ 8.19 $ 8.13
Income from investment operations
Net investment income (loss) 0.76 0.73 0.71 0.72
Net realized and unrealized gain (loss) (1.55) 0.46 0.45 0.07
--------- ------ ------ -------
Total from investment operations (0.79) 1.19 1.16 0.79
--------- ------ ------ -------
Less distributions
Dividends from net investment income (0.76) (0.75) (0.72) (0.73)
--------- ------- ------- -------
Total distributions (0.76) (0.75) (0.72) (0.73)
--------- ------- ------- -------
Change in net asset value (1.55) 0.44 0.44 0.06
--------- ------- ------- -------
Net asset value, end of period $ 7.52 $ 9.07 $ 8.63 $ 8.19
========= ======= ======= =======
Total return(1) (9.61)% 14.18% 14.88% 10.44%
Ratios/supplemental data:
Net assets, end of period (thousands) $ 61,026 $52,184 $25,595 $12,331
Ratio to average net assets of:
Operating expenses 1.88% 1.86% 1.92% 1.97%
Net investment income 8.46% 8.00% 8.47% 9.18%
Portfolio turnover 103% 167% 162% 147%
</TABLE>
-----------
(1) Maximum sales load is not reflected in the total return calculation.
(2) Annualized.
(3) Not annualized.
(4) For the year ended October 31, 1999, the ratio of operating expenses to
average net assets excludes the effect of expense offsets for custodian
fees; if expense offsets were included, the ratio would have been 1.15%
for Class A and the ratio would not significantly differ for Class B and
Class C.
(5) For the six months ended April 30, 2000, the ratio of operating expenses to
average net assets excludes the effect of expense offsets for custodian
fees; if expense offsets were included, the ratio would have been 1.19% for
Class A, 1.93% for Class B and 1.93% for Class C, respectively.
See Notes to Financial Statements
24
<PAGE>
Phoenix-Goodwin High Yield Fund
<TABLE>
<CAPTION>
CLASS C
-----------------------------------------------------------------
Six Months From
Ended Year Inception
4/30/00 Ended 2/27/98 to
(Unaudited) 10/31/99 10/31/98
<S> <C> <C> <C>
Net asset value, beginning of period $ 7.53 $ 7.54 $ 9.31
Income from investment operations
Net investment income (loss) 0.39 0.71 0.50
Net realized and unrealized gain (loss) (0.11) -- (1.76)
---------- -------- ----------
Total from investment operations 0.28 0.71 (1.26)
---------- -------- ----------
Less distributions
Dividends from net investment income (0.35) (0.72) (0.51)
---------- -------- ----------
Total distributions (0.35) (0.72) (0.51)
---------- -------- ----------
Change in net asset value (0.07) (0.01) (1.77)
---------- -------- ----------
Net asset value, end of period $ 7.46 $ 7.53 $ 7.54
========== ======== ==========
Total return(1) 3.73%(3) 9.38% (14.09)%(3)
Ratios/supplemental data:
Net assets, end of period (thousands) $ 2,941 $ 3,052 $ 1,669
Ratio to average net assets of:
Operating expenses 1.94%(2)(5) 1.91%(4) 1.88%(2)
Net investment income 10.16%(2) 8.85% 8.94%(2)
Portfolio turnover 39%(3) 73% 103%
</TABLE>
(1) Maximum sales load is not reflected in the total return calculation.
(2) Annualized.
(3) Not annualized.
(4) For the year ended October 31, 1999, the ratio of operating expenses to
average net assets excludes the effect of expense offsets for custodian
fees; if expense offsets were included, the ratio would have been 1.15%
for Class A and the ratio would not significantly differ for Class B and
Class C.
(5) For the six months ended April 30, 2000, the ratio of operating expenses to
average net assets excludes the effect of expense offsets for custodian
fees; if expense offsets were included, the ratio would have been 1.19%
for Class A, 1.93% for Class B and 1.93% for Class C, respectively.
See Notes to Financial Statements
25
<PAGE>
Phoenix-Goodwin Money Market Fund
INVESTMENTS AT APRIL 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
FACE
VALUE INTEREST RESET
(000) DESCRIPTION RATE DATE VALUE
--------- -------------------------------- ---------- --------- -------------
<S> <C> <C> <C> <C>
FEDERAL AGENCY SECURITIES (b)--VARIABLE -- 24.7%
$ 2,500 FFCB (Final Maturity 6/1/00) 6.245% 5/1/00 $2,500,000
393 SBA (final maturity 1/25/21) 6.50 5/1/00 392,549
2,845 SBA (final maturity 3/25/24) 6.375 5/1/00 2,840,954
3,000 SLMA (final maturity 3/7/01) 6.042 5/2/00 3,000,000
2,500 SLMA (final maturity 5/18/00) 6.382 5/2/00 2,500,000
2,500 FHLB (final maturity 10/12/00) 6.082 5/3/00 2,500,000
5,000 FHLB (final maturity 7/31/00) 6.167 5/3/00 5,000,652
2,500 FHLB (final maturity 3/1/01) 6.725 6/1/00 2,499,349
2,124 SBA (final maturity 10/25/22) 6.50 7/1/00 2,121,457
3,136 SBA (final maturity 11/25/21) 6.625 7/1/00 3,134,553
2,256 SBA (final maturity 2/25/23) 6.50 7/1/00 2,255,794
335 SBA (final maturity 5/25/21) 6.50 7/1/00 335,004
3,260 SBA (final maturity 9/25/23) 6.375 7/1/00 3,260,376
2,883 SBA (final maturity 2/25/23) 6.50 7/1/00 2,882,576
3,000 FHLB (final maturity 7/14/00) 5.705 7/14/00 2,997,609
10,500 FFCB (final maturity 7/24/00) 6.29 7/24/00 10,500,273
----------------------------------------------------------------------------------
Total Federal Agency Securities--Variable 48,721,146
----------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STANDARD
& POOR'S MATURITY
RATING DATE
---------- ---------
<S> <C> <C> <C> <C> <C>
COMMERCIAL PAPER -- 68.5%
4,130 Albertson's, Inc. A-1 6.01 5/1/00 4,130,000
1,365 American Home
Products Corp. A-1 6.01 5/1/00 1,365,000
4,500 Wal-Mart Stores, Inc. A-1+ 6.04 5/2/00 4,499,245
1,810 Heinz (H.J) Co. A-1 6.05 5/5/00 1,808,783
700 Honeywell International A-1 5.92 5/8/00 699,194
3,500 Sara Lee Corp. A-1+ 6.08 5/8/00 3,500,000
3,655 Schering Corp. A-1+ 6.00 5/11/00 3,648,908
3,735 American Home
Products Corp. A-1 6.02 5/12/00 3,728,130
3,000 Wisconsin Electric Power
Co. A-1+ 6.00 5/12/00 2,994,500
2,976 Donnelley (R.R.) & Sons
Co. A-1 6.02 5/16/00 2,968,535
3,500 Pitney Bowes, Inc A-1+ 6.00 5/16/00 3,491,250
3,500 Private Export Funding
Corp. A-1+ 6.01 5/17/00 3,490,651
3,750 Special Purpose
Accounts Receivable
Cooperative Corp. A-1 6.05 5/17/00 3,739,917
5,250 Dupont (E.I.) de
Nemours & Co. A-1+ 6.02 5/18/00 5,235,075
2,890 General Electric Capital
Corp. A-1+ 6.04 5/19/00 2,881,272
2,715 Heinz (H.J) Co. A-1 6.02 5/19/00 2,706,828
3,500 Honeywell International A-1 6.04 5/19/00 3,489,430
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FACE STANDARD
VALUE & POOR'S INTEREST MATURITY
(000) DESCRIPTION RATING RATE DATE VALUE
---------- --------------------------------- ---------- ---------- ----------- --------------
<S> <C> <C> <C> <C> <C>
$ 3,000 Special Purpose Accounts
Receivable Cooperative Corp. A-1 6.10% 5/19/00 $ 2,990,850
4,225 Goldman Sachs & Co. A-1+ 5.99 5/22/00 4,210,237
373 Greenwich Funding Corp. A-1+ 5.97 5/22/00 371,701
2,500 Lexington Parker Capital Co.
LLC A-1 6.00 5/22/00 2,491,250
2,500 Lexington Parker Capital Co.
LLC A-1 6.06 5/22/00 2,491,163
2,500 Sara Lee Corp. A-1+ 6.10 5/22/00 2,500,000
2,500 Goldman Sachs & Co. A-1+ 6.08 5/23/00 2,490,711
3,500 Sara Lee Corp. A-1+ 6.07 5/23/00 3,500,000
3,500 Kimberly-Clark Corp. A-1+ 6.01 5/24/00 3,486,561
3,000 Kimberly-Clark Corp. A-1+ 6.05 5/24/00 2,988,404
3,000 Lexington Parker Capital Co.
LLC A-1 6.08 5/24/00 2,989,547
3,500 Associates Corporation of North
America A+ 6.01 5/25/00 3,485,977
3,500 Colgate-Palmolive Co. A-1 6.02 5/25/00 3,485,953
1,000 Ford Motor Credit Co. A-1 6.05 5/25/00 995,967
3,335 Corporate Asset Funding Co.,
Inc. A-1+ 6.03 5/26/00 3,321,035
3,500 Vermont American Corp. A-1+ 6.02 5/26/00 3,485,368
2,500 Colgate-Palmolive Co. A-1 6.02 5/30/00 2,487,876
4,310 Dupont (E.I.) de Nemours & Co. A-1+ 6.02 5/30/00 4,289,099
3,700 Heinz (H.J.) Co. A-1 6.02 5/30/00 3,682,057
2,500 Special Purpose Accounts
Receivable Cooperative Corp. A-1 5.97 5/30/00 2,487,977
4,000 General Electric Capital Corp. A-1+ 6.04 5/31/00 3,979,867
780 Coca-Cola Co. A-1 5.94 6/1/00 776,010
2,500 Bavaria Universal Funding Corp. A-1 5.97 7/10/00 2,470,979
2,188 Enterprise Funding Corp. A-1+ 6.30 7/20/00 2,157,368
2,500 Preferred Receivables Funding
Corp. A-1 6.00 7/20/00 2,466,667
3,500 Preferred Receivables Funding
Corp. A-1 6.17 9/14/00 3,418,419
2,500 Bavaria Universal Funding Corp. A-1 6.16 9/15/00 2,441,394
2,000 Preferred Receivables Funding
Corp. A-1 6.19 9/21/00 1,950,824
330 Preferred Receivables Funding
Corp. A-1 6.26 9/21/00 321,794
2,500 SBC Communications, Inc. A-1+ 6.30 10/10/00 2,429,125
-------------------------------------------------------------------------------------------------
Total Commercial Paper 135,020,898
-------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements
26
<PAGE>
Phoenix-Goodwin Money Market Fund
<TABLE>
<CAPTION>
FACE STANDARD
VALUE & POOR'S INTEREST MATURITY
(000) DESCRIPTION RATING RATE DATE VALUE
--------------- -------------------------------- ---------- ---------- --------- --------------------
<S> <C> <C> <C> <C> <C>
MEDIUM-TERM NOTES(c)-- 5.8%
$ 1,000 Beta Finance, Inc. AAA 5.265% 5/15/00 $ 999,634
1,578 Associates Corporation of North
America A+ 6.31 6/16/00 1,578,454
1,000 Associates Corporation of North
America A+ 6.32 6/16/00 1,000,622
3,000 Beta Finance, Inc. AAA 5.75 7/21/00 2,994,570
2,500 Pitney Bowes. Inc. AA 5.95 9/29/00 2,500,000
2,450 Associates Corporation of North
America A+ 5.85 1/15/01 2,435,463
------------------------------------------------------------------------------------------------------
Total Medium-Term Notes 11,508,743
------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FACE STANDARD
VALUE & POOR'S INTEREST MATURITY
(000) DESCRIPTION RATING RATE DATE VALUE
--------------- -------------------------------- ---------- ---------- --------- --------------------
<S> <C> <C> <C> <C> <C>
CERTIFICATES OF DEPOSIT -- 0.3%
$ 550 Deutsche Bank Financial, Inc. A-1+ 5.25% 5/18/00 $ 549,882
------------------------------------------------------------------------------------------------------
Total Certificates of Deposit 549,882
--------------
------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS --99.3%
(Identified cost $195,800,669) 195,800,669(a)
Cash and receivables, less liabilities--0.7% 1,431,338
--------------
NET ASSETS--100.0% $ 197,232,007
==============
</TABLE>
(a) Federal Income Tax Information: At April 30, 2000, the aggregate cost of
securities was the same for book and tax purposes.
(b) Variable rate demand notes. The interest rates shown reflect the rates
currently in effect.
(c) The interest rate shown is the coupon rate.
See Notes to Financial Statements
27
<PAGE>
Phoenix-Goodwin Money Market Fund
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000
(Unaudited)
Assets
Investment securities at value
(Identified cost $195,800,669) $ 195,800,669
Cash 1,574,178
Receivables
Fund shares sold 858,780
Interest 922,956
Investment securities sold 285,301
Prepaid expenses 2,404
-------------
Total assets 199,444,288
-------------
Liabilities
Payables
Fund shares repurchased 1,876,846
Dividend distribution 177,827
Investment advisory fee 70,769
Transfer agent fee 46,205
Distribution fee 14,096
Financial agent fee 13,219
Trustees' fee 7,267
Accrued expenses 6,052
-------------
Total liabilities 2,212,281
-------------
Net Assets $ 197,232,007
=============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $ 197,232,007
-------------
Net Assets $ 197,232,007
=============
Class A
Shares of beneficial interest outstanding, $1.00 par
value, unlimited authorization
(Net Assets $174,376,292) 174,376,292
Net asset value and offering price per share $ 1.00
Class B
Shares of beneficial interest outstanding, $1.00 par
value, unlimited authorization
(Net Assets $21,479,031) 21,479,031
Net asset value and offering price per share $ 1.00
Class C
Shares of beneficial interest outstanding, $1.00 par
value, unlimited authorization
(Net Assets $1,376,684) 1,376,684
Net asset value and offering price per share $ 1.00
<PAGE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000
(Unaudited)
Investment Income
Interest $6,909,365
----------
Total investment income 6,909,365
----------
Expenses
Investment advisory fee 470,008
Distribution fee, Class B 78,177
Distribution fee, Class C 2,999
Financial agent fee 105,981
Transfer agent 221,974
Registration 31,664
Custodian 21,990
Printing 12,658
Trustees 7,094
Professional 2,308
Miscellaneous 6,294
----------
Net expenses 961,147
----------
Net investment income $5,948,218
==========
See Notes to Financial Statements
28
<PAGE>
Phoenix-Goodwin Money Market 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) $ 5,948,218 $ 9,868,732
-------------- ----------------
From Distributions to Shareholders
Net investment income, Class A (5,475,819) (9,145,952)
Net investment income, Class B (459,403) (722,494)
Net investment income, Class C (12,996) (286)
-------------- ----------------
Decrease in net assets from distributions to shareholders (5,948,218) (9,868,732)
-------------- ----------------
From Share Transactions
Class A
Proceeds from sales of shares (955,582,660 and 1,899,144,846 shares, respectively) 955,582,660 1,899,144,846
Net asset value of share issued from reinvestment of distributions
(4,771,041 and 8,113,952 shares, respectively) 4,771,041 8,113,952
Cost of shares repurchased (991,043,251 and 1,897,484,874 shares, respectively) (991,043,251) (1,897,484,874)
-------------- ----------------
Total (30,689,550) 9,773,924
-------------- ----------------
Class B
Proceeds from sales of shares (49,356,883 and 74,245,737 shares, respectively) 49,356,883 74,245,737
Net asset value of share issued from reinvestment of distributions
(372,888 and 599,130 shares, respectively) 372,888 599,130
Cost of shares repurchased (48,304,264 and 74,769,104 shares, respectively) (48,304,264) (74,769,104)
-------------- ----------------
Total 1,425,507 75,763
-------------- ----------------
Class C
Proceeds from sales of shares (2,418,558 and 144,728 shares, respectively) 2,418,558 144,728
Net asset value of share issued from reinvestment of distributions
(10,145 and 194 shares, respectively) 10,145 194
Cost of shares repurchased (1,196,941 and 0 shares, respectively) (1,196,941) --
-------------- ----------------
Total 1,231,762 144,922
-------------- ----------------
Increase (decrease) in net assets from share transactions (28,032,281) 9,994,609
-------------- ----------------
Net increase (decrease) in net assets (28,032,281) 9,994,609
Net Assets
Beginning of period 225,264,288 215,269,679
-------------- ----------------
End of period $ 197,232,007 $ 225,264,288
============== ================
</TABLE>
See Notes to Financial Statements
29
<PAGE>
Phoenix-Goodwin Money Market Fund
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
CLASS A
-----------------------------------
Six Months Year Ended
Ended October
31
4/30/00 ----------------
(Unaudited) 1999
<S> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00
Income from investment operations
Net investment income (loss) 0.026 0.044
----------- ----------
Total from investment operations 0.026 0.044
----------- ----------
Less distributions
Dividends from net investment income (0.026) (0.044)
Change in net asset value -- --
----------- ----------
Net asset value, end of period $ 1.00 $ 1.00
=========== ==========
Total return 2.58%(2) 4.47%
Ratios/supplemental data:
Net assets, end of period (thousands) $ 174,376 $ 205,066
Ratio to average net assets of:
Operating expenses 0.75%(1) 0.77%(3)
Net investment income (loss) 5.14%(1) 4.41%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS A
------------------------------------------------------
Year Ended October 31
------------------------------------------------------
1998 1997 1996 1995
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment operations
Net investment income (loss) 0.049 0.048 0.047 0.053
-------- -------- -------- --------
Total from investment operations 0.049 0.048 0.047 0.053
-------- -------- -------- --------
Less distributions
Dividends from net investment income (0.049) (0.048) (0.047) (0.053)
Change in net asset value -- -- -- --
-------- -------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========
Total return 5.00% 4.76% 4.67% 5.32%
Ratios/supplemental data:
Net assets, end of period (thousands) $195,292 $188,695 $192,859 $193,534
Ratio to average net assets of:
Operating expenses 0.73% 0.79% 0.84% 0.71%
Net investment income (loss) 4.90% 4.76% 4.68% 5.31%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS B
--------------------------------------------------------------------------------------
Six Months
Ended
Year Ended October 31
4/30/00 --------------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment operations
Net investment income (loss) 0.022 0.036 0.041 0.040 0.039 0.046
---------- ---------- -------- -------- -------- ---------
Total from investment operations 0.022 0.036 0.041 0.040 0.039 0.046
---------- ---------- -------- -------- -------- ---------
Less distributions
Dividends from net investment income (0.022) (0.036) (0.041) (0.040) (0.039) (0.046)
---------- ---------- -------- -------- -------- ---------
Change in net asset value -- -- -- -- -- --
---------- ---------- -------- -------- -------- ---------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ======== ======== ======== =========
Total return 2.20%(2) 3.69% 4.22% 4.02% 3.93% 4.63%
Ratios/supplemental data:
Net assets, end of period (thousands) $ 21,479 $ 20,054 $ 19,978 $ 15,013 $ 10,223 $ 8,506
Ratio to average net assets of:
Operating expenses 1.50%(1) 1.52%(3) 1.48% 1.55% 1.59% 1.44%
Net investment income (loss) 4.40%(1) 3.66% 4.15% 4.02% 3.92% 4.62%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS C
----------------------------------------
Six Months From
Ended Inception
4/30/00 10/12/99 to
(Unaudited) 10/31/99
<S> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00
Income from investment operations
Net investment income (loss) 0.021 0.003
---------- ------------
Total from investment operations 0.021 0.003
---------- ------------
Less distributions
Dividends from net investment income (0.021) (0.003)
---------- ------------
Change in net asset value -- --
---------- ------------
Net asset value, end of period $ 1.00 $ 1.00
========== ============
Total return 2.08%(2) 0.19%(2)
Ratios/supplemental data:
Net assets, end of period (thousands) $ 1,377 $ 145
Ratio to average net assets of:
Operating expenses 1.76%(1) 1.82%(1)(3)
Net investment income (loss) 4.31%(1) 3.95%(1)
</TABLE>
(1) Annualized.
(2) Not annualized.
(3) For the year ended October 31, 1999, the ratio of operating expenses to
average net assets excludes the effect of expense offsets for custodian
fees, if expense offsets were included, the ratio would not significantly
differ.
See Notes to Financial Statements
30
<PAGE>
Phoenix-Oakhurst Balanced Fund
INVESTMENTS AT APRIL 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- --------- -------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--3.0%
U.S. Treasury Bonds--0.4%
U.S. Treasury Bonds 5.25%, 2/15/29 AAA $ 2,500 $ 2,199,335
U.S. Treasury Bonds 6.125%, 8/15/29 . AAA 1,250 1,251,615
U.S. Treasury Bonds 6.25%, 5/15/30 AAA 2,200 2,287,248
-----------
5,738,198
-----------
U.S. Treasury Notes--2.6%
U.S. Treasury Notes 4.50%, 9/30/00 AAA 6,150 6,105,345
U.S. Treasury Notes 4.25%, 11/15/03 AAA 8,400 7,795,809
U.S. Treasury Notes 5.875%, 11/15/04 . AAA 10,000 9,732,010
U.S. Treasury Notes 4.75%, 11/15/08 AAA 400 357,564
U.S. Treasury Notes 6%, 8/15/09 .......... AAA 12,020 11,752,097
U.S. Treasury Notes 6.5%, 2/15/10 ........ AAA 4,000 4,078,213
-----------
39,821,038
-----------
-------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT SECURITIES
(Identified cost $46,017,706) 45,559,236
-------------------------------------------------------------------------------
AGENCY MORTGAGE-BACKED SECURITIES--3.5%
GNMA 6.50%, '23-'28 ...................... AAA 57,229 54,083,120
-------------------------------------------------------------------------------
TOTAL AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $55,991,110) 54,083,120
-------------------------------------------------------------------------------
AGENCY NON MORTGAGE-BACKED SECURITIES--2.2%
Fannie Mae 6.375%, 6/15/09 ............... Aaa(d) 1,265 1,184,256
Fannie Mae 6.625%, 9/15/09 ............... AAA(d) 18,340 17,468,850
Freddie Mac 6.625%, 9/15/09 .............. AAA 15,000 14,287,500
-------------------------------------------------------------------------------
TOTAL AGENCY NON MORTGAGE-BACKED SECURITIES
(Identified cost $34,491,489) 32,940,606
-------------------------------------------------------------------------------
MUNICIPAL BONDS--7.0%
California--2.3%
Alameda Corridor Transportation
Authority Revenue Taxable Series C
6.50%, 10/1/19 ........................... AAA 1,100 974,875
Alameda Corridor Transportation
Authority Revenue Taxable Series C
6.60%, 10/1/29 ........................... AAA 2,750 2,406,250
Fresno County Pension Obligation
Revenue Taxable 6.21%, 8/15/06 ........... AAA 3,820 3,571,700
Kern County Pension Obligation
Revenue Taxable 7.26%, 8/15/14 ........... AAA 6,830 6,633,637
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- --------- -------------
<S> <C> <C> <C>
California--continued
Los Angeles County Metropolitan
Transportation Authority Revenue
Series C 5%, 7/1/23 ...................... AAA $ 4,800 $ 4,194,000
Pasadena Pension Funding Revenue
Taxable Series A 6.95%, 5/15/07 .......... AAA 1,915 1,855,156
Pasadena Pension Funding Revenue
Taxable Series A 7%, 5/15/08 ............. AAA 3,435 3,323,362
Pasadena Pension Funding Revenue
Taxable Series A 7.05%, 5/15/09 .......... AAA 2,500 2,418,750
Pasadena Pension Funding Revenue
Taxable Series A 7.15%, 5/15/11 .......... AAA 565 548,050
San Bernardino County Pension
Obligation Revenue Taxable 6.87%,
8/1/08 ................................... AAA 1,530 1,466,888
Sonoma County Pension Obligation
Revenue Taxable 6.625%, 6/1/13 ........... AAA 4,265 3,929,131
Ventura County Pension Obligation
Taxable 6.58%, 11/1/06 ................... AAA 3,560 3,390,900
-----------
34,712,699
-----------
Colorado--0.1%
Denver City and County School
District .................................
01 Pension Taxable 6.76%,
12/15/07 ................................. AAA 2,000 1,912,500
-----------
Florida--1.0%
Miami Beach Special Obligation
Revenue Taxable 8.60%, 9/1/21 ............ AAA 11,675 12,273,344
Tampa Solid Waste System Revenue
Taxable Series A 6.23%, 10/1/05 .......... AAA 1,970 1,844,413
University of Miami Exchangeable
Revenue Taxable Series A 7.65%,
4/1/20 ................................... AAA 2,120 2,051,100
-----------
16,168,857
-----------
Massachusetts--0.5%
Massachusetts Port Authority
Revenue
Taxable Series C 6.05%, 7/1/02 ........... AA- 3,340 3,243,975
Massachusetts Turnpike Authority
Metropolitan Highway System
Revenue Series A 5%, 1/1/39 .............. AAA 4,800 4,008,000
-----------
7,251,975
-----------
New Jersey--0.3%
New Jersey Sports Taxable Series A
6.75%, 3/01/12 ........................... AAA 5,000 4,681,250
-----------
</TABLE>
See Notes to Financial Statements
31
<PAGE>
Phoenix-Oakhurst Balanced Fund
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- ------------- ---------------
<S> <C> <C> <C>
New York--0.8%
New York City Municipal Water Finance
Authority Water & Sewer System
Revenue Series B 5%, 6/15/29 .......................................... AAA $ 4,800 $ 4,104,000
New York State Taxable Series C
6.35%, 3/1/07 ......................................................... AAA 9,290 8,709,375
-----------
12,813,375
-----------
Oregon--0.3%
Multnomah County Pension Revenue
Taxable 7.25%, 6/01/11 ................................................ Aaa(d) 3,000 2,932,500
Portland Pension Revenue Taxable
Series C 7.32%, 6/1/08 ................................................ Aaa(d) 1,000 986,250
-----------
3,918,750
-----------
Pennsylvania--1.0%
Philadelphia Authority For Industrial
Development Pension Funding
Retirement Systems Revenue
Taxable Series A 5.79%, 4/15/09 ....................................... AAA 8,500 7,533,125
Pittsburgh Pension Obligation Taxable
Series C 6.50%, 3/1/17 ................................................ AAA 9,245 8,274,275
-----------
15,807,400
-----------
Texas--0.7%
Dallas-Fort Worth International Airport
Revenue Taxable 6.50%, 11/1/09 ........................................ AAA 1,900 1,750,850
Dallas-Fort Worth International Airport
Revenue Taxable 6.60%, 11/1/12 ........................................ AAA 5,750 5,232,500
Texas State Veterans Limited Taxable
Series B 6.10%, 12/1/03 ............................................... AA 3,995 3,815,225
-----------
10,798,575
-----------
------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Identified cost $114,024,443) 108,065,381
------------------------------------------------------------------------------------------------------------------
ASSET-BACKED SECURITIES--4.2%
AESOP Funding II LLC 97-1A, A2
6.40%, 10/20/03 ....................................................... AAA 9,250 9,036,094
Associates Manufactured Housing Pass
Through 97-2, A6 7.075%, 3/15/28 ...................................... AAA 3,000 2,857,031
Capita Equipment Receivables Trust
97-1, B 6.45%, 8/15/02 ................................................ A+ 5,020 4,948,622
Case Equipment Loan Trust 98-A, A4
5.83%, 2/15/05 ........................................................ AAA 10,977 10,829,057
Discover Card Master Trust I 98-7, A
5.60%, 5/16/06 ........................................................ AAA 8,300 7,825,240
Ford Credit Auto Owner Trust 99-B, A4
5.80%, 6/15/02 ........................................................ AAA 3,000 2,964,726
Green Tree Financial Corp. 96-2, M1
7.60%, 4/15/27 ........................................................ AA- 9,250 8,880,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- ------------- ---------------
<S> <C> <C> <C>
Honda Auto Lease Trust 99-A, A5
6.65%, 7/15/05 ........................................................ AAA $ 5,500 $ 5,439,844
Premier Auto Trust 98-3, B 6.14%,
9/8/04 ................................................................ A+ 4,000 3,893,298
Triangle Funding Ltd. 98-2A, 8.1312%,
10/15/04(e) ........................................................... BBB 8,000 7,952,500
------------------------------------------------------------------------------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Identified cost $66,059,764) 64,626,412
------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS--5.0%
Auto Parts & Equipment--0.3%
Federal-Mogul Corp. 7.50%, 1/15/09 .................................... BB+ 5,365 4,131,050
-----------
Banks (Major Regional)--0.3%
U.S. Bank of Minnesota N.A. 6.30%,
7/15/08 ............................................................... A 3,000 2,760,000
Wachovia Corp. 5.625%, 12/15/08 ....................................... A+ 3,000 2,587,500
-----------
5,347,500
-----------
Broadcasting (Television, Radio & Cable)--0.4%
CSC Holdings, Inc. 7.25%, 7/15/08 ..................................... BB+ 4,665 4,221,825
Charter Communications Holdings LLC
8.625%, 4/1/09 ........................................................ B+ 2,000 1,757,500
-----------
5,979,325
-----------
Communications Equipment--0.1%
Williams Communications Group, Inc.
10.875%, 10/1/09 ...................................................... BB- 2,350 2,373,500
-----------
Computers (Software & Services)--0.2%
Computer Associates International, Inc.
Series B 6.375%, 4/15/05 .............................................. BBB+ 3,590 3,329,725
-----------
Entertainment--0.3%
Capitol Records, Inc. 144A 8.375%,
8/15/09(c) ............................................................ BBB+ 4,600 4,634,500
-----------
Gaming, Lottery & Pari-mutuel Companies--0.5%
Isle of Capri Casinos 8.75%, 4/15/09 .................................. B 3,425 3,108,187
Park Place Entertainment 144A
9.375%, 2/15/07(c) .................................................... BB+ 4,000 3,960,000
-----------
7,068,187
-----------
Health Care (Hospital Management)--0.3%
Tenet Healthcare Corp. 8%, 1/15/05 .................................... BB+ 4,865 4,682,562
-----------
Health Care (Medical Products & Supplies)--0.2%
Boston Scientific Corp. 6.625%,
3/15/05 ............................................................... BBB 3,250 3,026,563
-----------
Insurance (Multi-Line)--0.1%
Willis Corroon Corp. 9%, 2/1/09 ....................................... B+ 1,480 1,124,800
-----------
</TABLE>
See Notes to Financial Statements
32
<PAGE>
Phoenix-Oakhurst Balanced Fund
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- ------------- ---------------
<S> <C> <C> <C>
Leisure Time (Products)--0.2%
Bally Total Fitness Holding Corp. Series
D 9.875%, 10/15/07 .................................................... B- $ 2,900 $ 2,668,000
-----------
Paper & Forest Products--0.2%
Buckeye Technologies, Inc. 9.25%,
9/15/08 ............................................................... BB- 3,765 3,746,175
-----------
Retail (Food Chains)--0.1%
Kroger Co. 7.45%, 3/1/08 .............................................. BBB- 1,290 1,210,988
-----------
Services (Commercial & Consumer)--0.3%
Budget Group, Inc. 9.125%, 4/1/06 ..................................... BB- 2,750 2,241,250
United Rentals, Inc. Series B 8.80%,
8/15/08 ............................................................... BB- 1,570 1,389,450
United Rentals, Inc. Series B 9.50%,
6/1/08 ................................................................ BB- 935 860,200
-----------
4,490,900
-----------
Telecommunications (Long Distance)--0.6%
Global Crossing Holdings Ltd. 144A
9.125%, 11/15/06(c) ................................................... BB 3,000 2,925,000
Nextlink Communications, Inc. 10.75%,
11/15/08 .............................................................. B 2,000 1,970,000
Qwest Communications International,
Inc. Series B 7.50%, 11/1/08 .......................................... BB+ 4,300 4,128,000
-----------
9,023,000
-----------
Telephone--0.2%
Century Telephone Enterprises, Inc.
Series F 6.30%, 1/15/08 ............................................... BBB+ 3,000 2,685,000
-----------
Textiles (Home Furnishings)--0.5%
Westpoint Stevens, Inc. 7.875%,
6/15/05 ............................................................... BB 8,465 7,025,950
-----------
Truckers--0.1%
Teekay Shipping Corp. 8.32%, 2/1/08 ................................... BB+ 2,640 2,385,900
-----------
Trucks & Parts--0.1%
Cummins Engine, Inc. 6.45%, 3/1/05 .................................... BBB+ 2,060 1,918,375
-----------
------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Identified cost $83,476,401) 76,852,000
------------------------------------------------------------------------------------------------------------------
NON-AGENCY MORTGAGE-BACKED SECURITIES--7.6%
CS First Boston Mortgage Securities
Corp. 97-C2, A3 6.55%, 11/17/07 ....................................... AAA 10,750 9,970,625
CS First Boston Mortgage Securities
Corp. 97-C2, B 6.72%, 11/17/07 ........................................ Aa(d) 9,000 8,482,500
CS First Boston Mortgage Securities
Corp. 98-C1, A1B 6.48%, 5/17/08 ....................................... AAA 7,900 7,259,359
Commercial Mortgage Asset Trust
99-C1 D 7.35%, 10/17/13 ............................................... BBB 2,100 1,912,312
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- ------------- ---------------
<S> <C> <C> <C>
DLJ Commercial Mortgage Corp.
98-CF2, A1B 6.24%, 11/12/31 ........................................... Aaa(d) $ 3,000 $ 2,737,500
DLJ Mortgage Acceptance Corp.
96-CF1, A1B 7.58%, 2/12/06 ............................................ AAA 6,550 6,482,453
DLJ Mortgage Acceptance Corp.
97-CF2, A2 6.84%, 9/15/07 ............................................. AA 750 708,281
First Union - Lehman Brothers
Commercial Mortgage 97-C1, B 7.43%,
4/18/07 ............................................................... Aa(d) 11,807 11,423,272
G.E. Capital Mortgage Services, Inc.
96-8, 1M 7.25%, 5/25/26 ............................................... AA 5,206 5,034,104
GMAC Commercial Mortgage
Securities, Inc. 97-C2, B 6.703%,
12/15/07 .............................................................. Aa(d) 5,000 4,536,719
LB Commercial Conduit Mortgage Trust
98-C4, A1B 6.21%, 10/15/08 ............................................ AAA 10,060 9,123,163
LB Commercial Conduit Mortgage Trust
99-C2, A2 7.325%, 9/15/09 ............................................. Aaa(d) 4,855 4,783,692
Lehman Large Loan 97-LLI, B 6.95%,
3/12/07 ............................................................... AA+ 10,825 10,253,305
Nationslink Funding Corp. 96-1, B
7.69%, 12/20/05 ....................................................... AA 6,157 6,080,740
Prudential Home Mortgage Securities
93-L, 2B3 6.641%, 12/25/23 ............................................ A(d) 5,000 4,789,063
Residential Funding Mortgage
Securities I 96-S1, A11 7.10%,
1/25/26 ............................................................... AAA 6,600 6,245,250
Residential Funding Mortgage
Securities I 96-S4, M1 7.25%, 2/25/26 AA 5,716 5,394,020
Residential Funding Mortgage
Securities I 96-S8, A4 6.75%, 3/25/11 AAA 1,815 1,734,092
Securitized Asset Sales, Inc. 93-J, 2B
6.808%, 11/28/23 ...................................................... AAA(d) 9,360 8,827,727
-----------
------------------------------------------------------------------------------------------------------------------
TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES
(Identified cost $122,357,070) 115,778,177
------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT SECURITIES--4.0%
Chile--0.5%
Republic of Chile 6.875% 04/28/09 ..................................... A- 8,200 7,441,500
-----------
Croatia--0.6%
Croatia Series A 7.0625%, 7/31/10(e) .................................. BBB- 5,541 4,945,464
Croatia Series B 7.0625%, 7/31/06(e) .................................. BBB- 4,419 4,076,664
-----------
9,022,128
-----------
El Salvador--0.5%
Republic of El Salvador 144A 9.50%,
8/15/06(c) ............................................................ BB+ 7,000 7,175,000
-----------
</TABLE>
See Notes to Financial Statements
33
<PAGE>
Phoenix-Oakhurst Balanced Fund
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- --------- -------------
<S> <C> <C> <C>
Mexico--0.5%
United Mexican States 10.375%,
2/17/09 ................................. BB+ $3,500 $ 3,688,125
United Mexican States 11.50%,
5/15/26 ................................. BB+ 3,500 4,143,125
-----------
7,831,250
-----------
Poland--1.0%
Poland Bearer PDI 6%, 10/27/14(e) ....... BBB 17,470 15,733,919
-----------
South Korea--0.5%
Republic of Korea 8.875%, 4/15/08 ....... BBB 7,920 8,182,152
-----------
Uruguay--0.4%
Republic of Uruguay 7.25%, 5/4/09 ....... BBB- 6,900 6,348,000
-----------
-------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified cost $61,931,091) 61,733,949
---------------------------------------- -----------
FOREIGN CORPORATE BONDS--1.8%
Bahamas--0.2%
Sun International Hotels Ltd. 8.625%,
12/15/07 ................................ B+ 3,000 2,685,000
-----------
Canada--0.2%
Imax Corp. 7.875%, 12/1/05 .............. BB- 2,935 2,685,525
-----------
Cayman Islands--0.3%
Pemex Finance Ltd. 7.33%, 5/15/12 ....... AAA 5,225 4,955,913
Chile--0.4%
Compania Sud Americana de Vapores
144A 7.375%, 12/8/03(c) ................. BBB 4,500 4,286,790
Petropower I Funding Trust 144A
7.36%, 2/15/14(c) ....................... BBB 2,429 2,100,049
-----------
6,386,839
-----------
Luxembourg--0.4%
Tyco International Group SA 6.375%,
6/15/05 ................................. A- 6,700 6,272,875
-----------
Mexico--0.2%
Grupo Iusacell SA 144A 14.25%,
12/1/06(c) .............................. B+ 2,000 2,095,000
-----------
Netherlands--0.1%
HSBC Capital Funding 144A 9.547%,
12/31/49(c)(e) .......................... A(d) 2,000 2,030,000
-----------
-------------------------------------------------------------------------------
TOTAL FOREIGN CORPORATE BONDS
(Identified cost $28,641,666) 27,111,152
-------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SHARES VALUE
---------- -------------
<S> <C> <C>
PREFERRED STOCKS--0.5%
Home Ownership Funding 2, Step-
down Pfd. 144A 13.338%(c) .............................................. 10,000 $ 7,882,750
-----------
--------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Identified cost $8,187,765) 7,882,750
--------------------------------------------------------------------------------------------------
COMMON STOCKS-- 55.1%
Banks (Major Regional)--1.9%
Wells Fargo & Co. ...................................................... 702,400 28,842,300
-----------
Beverages (Non-Alcoholic)--1.4%
PepsiCo, Inc. .......................................................... 590,500 21,663,969
-----------
Broadcasting (Television, Radio & Cable)--2.4%
AMFM, Inc.(b) .......................................................... 130,500 8,661,937
AT&T Corp. Liberty Media Group
Class A(b) ............................................................. 166,700 8,324,581
CBS Corp.(b) ........................................................... 215,700 12,672,375
Clear Channel Communications, Inc.(b) .................................. 99,800 7,185,600
-----------
36,844,493
-----------
Chemicals--1.0%
Air Products & Chemicals, Inc. ......................................... 146,000 4,535,125
Dupont (E.I.) de Nemours & Co. ......................................... 140,000 6,641,250
Rohm & Haas Co. ........................................................ 117,000 4,168,125
-----------
15,344,500
-----------
Chemicals (Specialty)--0.2%
Ecolab, Inc. ........................................................... 65,000 2,539,062
-----------
Communications Equipment--1.7%
ADTRAN, Inc.(b) ........................................................ 48,000 3,243,000
CommScope, Inc.(b) ..................................................... 42,000 1,995,000
General Motors Corp. Class H(b) ........................................ 99,000 9,534,937
Lucent Technologies, Inc. .............................................. 171,800 10,683,812
-----------
25,456,749
-----------
Computers (Hardware)--0.6%
Compaq Computer Corp. .................................................. 311,700 9,117,225
-----------
Computers (Networking)--2.9%
Cisco Systems, Inc.(b) ................................................. 642,800 44,564,119
-----------
Computers (Software & Services)--3.2%
Affiliated Computer Services, Inc.(b) .................................. 80,000 2,650,000
America Online, Inc.(b) ................................................ 209,800 12,548,662
American Management Systems, Inc.(b) 184,300 6,819,100
Edwards (J.D.) & Co.(b) ................................................ 126,100 2,301,325
Microsoft Corp.(b) ..................................................... 349,900 24,405,525
-----------
48,724,612
-----------
Containers & Packaging (Paper)--0.1%
Temple-Inland, Inc. .................................................... 38,600 1,934,825
-----------
Distributors (Food & Health)--0.8%
Cardinal Health, Inc. .................................................. 210,900 11,612,681
-----------
</TABLE>
See Notes to Financial Statements
34
<PAGE>
Phoenix-Oakhurst Balanced Fund
<TABLE>
<CAPTION>
SHARES VALUE
-------------------- ------------------
<S> <C> <C>
Electric Companies--0.9%
Duke Energy Corp. ....................................................... 183,000 $10,522,500
Edison International .................................................... 178,000 3,393,125
-----------
13,915,625
-----------
Electrical Equipment--3.3%
General Electric Co. .................................................... 262,400 41,262,400
Vishay Intertechnology, Inc.(b) ......................................... 104,000 8,723,000
-----------
49,985,400
-----------
Electronics (Instrumentation)--0.5%
Waters Corp.(b) ......................................................... 82,000 7,790,000
-----------
Electronics (Semiconductors)-- 6.5%
Advanced Micro Devices, Inc.(b) ......................................... 245,300 21,525,075
Altera Corp.(b) ......................................................... 62,000 6,339,500
Fairchild Semiconductor Corp.
Class A(b) .............................................................. 159,200 7,562,000
Intel Corp. ............................................................. 432,300 54,821,044
Linear Technology Corp. ................................................. 89,800 5,129,825
Maxim Integrated Products, Inc.(b) ...................................... 65,600 4,251,700
-----------
99,629,144
-----------
Equipment (Semiconductors)--0.6%
Electroglas, Inc.(b) .................................................... 56,600 2,193,250
Kulicke & Soffa Industries, Inc. ........................................ 96,800 7,580,650
-----------
9,773,900
-----------
Financial (Diversified)-- 4.2%
Citigroup, Inc. ......................................................... 566,250 33,656,484
Freddie Mac ............................................................. 172,000 7,901,250
Morgan Stanley Dean Witter & Co. ........................................ 291,800 22,395,650
-----------
63,953,384
-----------
Health Care (Diversified)--1.2%
Abbott Laboratories ..................................................... 217,800 8,371,687
Bristol-Myers Squibb Co. ................................................ 195,500 10,251,531
-----------
18,623,218
-----------
Health Care (Drugs-Major Pharmaceuticals)--2.0%
Pfizer, Inc. ............................................................ 391,700 16,500,362
QLT Phototherapeutics, Inc. ............................................. 10,800 600,075
Schering-Plough Corp. ................................................... 348,200 14,036,812
-----------
31,137,249
-----------
Health Care (Generic and Other)--0.1%
Alpharma, Inc. Class A .................................................. 41,900 1,618,388
-----------
Health Care (Hospital Management)--0.5%
Columbia/HCA Healthcare Corp. ........................................... 155,000 4,407,813
Health Management Associates, Inc.
Class A(b) .............................................................. 208,000 3,315,000
-----------
7,722,813
-----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SHARES VALUE
-------------------- ------------------
<S> <C> <C>
Health Care (Medical Products & Supplies)--2.0%
Bard (C.R.), Inc. ....................................................... 191,000 $ 8,320,438
Baxter International, Inc. .............................................. 210,500 13,708,813
Boston Scientific Corp.(b) .............................................. 318,300 8,434,950
-----------
30,464,201
-----------
Household Products (Non-Durable)--0.7%
Fort James Corp. ........................................................ 50,000 1,196,875
Kimberly-Clark Corp. .................................................... 89,000 5,167,563
Procter & Gamble Co. (The) .............................................. 82,000 4,889,250
-----------
11,253,688
-----------
Insurance (Multi-Line)--1.6%
American International Group, Inc. ...................................... 220,500 24,186,094
-----------
Manufacturing (Diversified)--2.1%
Tyco International Ltd. ................................................. 702,600 32,275,688
-----------
Natural Gas--0.2%
El Paso Energy Corp. .................................................... 61,000 2,592,500
-----------
Oil & Gas (Drilling & Equipment)--1.2%
Halliburton Co. ......................................................... 134,400 5,938,800
Schlumberger Ltd. ....................................................... 87,300 6,683,906
Transocean Sedco Forex, Inc. ............................................ 116,901 5,494,347
-----------
18,117,053
-----------
Oil & Gas (Exploration & Production)--0.4%
Anadarko Petroleum Corp. ................................................ 153,800 6,680,688
-----------
Oil & Gas (Refining & Marketing)--0.3%
Tosco Corp. ............................................................. 91,000 2,917,688
Valero Energy Corp. ..................................................... 83,400 2,418,600
-----------
5,336,288
-----------
Oil (Domestic Integrated)--0.7%
Conoco, Inc. Class A .................................................... 419,700 9,994,106
-----------
Oil (International Integrated)--0.9%
Chevron Corp. ........................................................... 59,000 5,022,375
Exxon Mobil Corp. ....................................................... 109,900 8,537,856
-----------
13,560,231
-----------
Paper & Forest Products--0.6%
Bowater, Inc. ........................................................... 89,000 4,895,000
Georgia-Pacific Group ................................................... 19,000 698,250
International Paper Co. ................................................. 104,000 3,822,000
-----------
9,415,250
-----------
Retail (Building Supplies)--0.8%
Home Depot, Inc. (The) .................................................. 212,800 11,930,100
-----------
Retail (Food Chains)--0.4%
Safeway, Inc.(b) ........................................................ 131,700 5,811,263
-----------
Retail (General Merchandise)--1.1%
Wal-Mart Stores, Inc. ................................................... 314,100 17,393,288
-----------
</TABLE>
See Notes to Financial Statements
35
<PAGE>
Phoenix-Oakhurst Balanced Fund
SHARES VALUE
--------- ----------------
Retail (Specialty)--0.3%
Staples, Inc.(b) ...................... 225,500 $ 4,298,594
--------------
Services (Computer Systems)--0.8%
Electronic Data Systems Corp. ......... 182,300 12,533,125
--------------
Services (Data Processing)--1.8%
CheckFree Holdings Corp.(b) ........... 84,000 4,268,250
First Data Corp. ...................... 272,000 13,243,000
Fiserv, Inc.(b) ....................... 232,800 10,701,525
--------------
28,212,775
--------------
Telecommunications (Long Distance)--2.5%
AT&T Corp. ............................ 458,034 21,384,462
MCI WorldCom, Inc.(b) ................. 380,099 17,270,732
--------------
38,655,194
--------------
Telephone--0.7%
SBC Communications, Inc. .............. 262,300 11,492,019
--------------
---------------------------------------------------------------------
TOTAL COMMON STOCKS
(Identified cost $587,989,455) 844,995,801
---------------------------------------------------------------------
FOREIGN COMMON STOCKS--0.5%
Health Care (Drugs-Major Pharmaceuticals)--0.5%
Elan Corp. PLC Sponsored ADR
(Ireland)(b) .......................... 179,600 7,700,350
---------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $4,956,722) 7,700,350
---------------------------------------------------------------------
UNIT INVESTMENT TRUSTS--1.4%
S&P 500 Depository Receipts ........... 143,500 20,870,281
---------------------------------------------------------------------
TOTAL UNIT INVESTMENT TRUSTS
(Identified cost $18,854,987) 20,870,281
---------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--95.8%
(Identified cost $1,232,979,669) 1,468,199,215
---------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
---------- --------- ----------------------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--3.4%
Commercial Paper--3.4%
American Home Products Corp.
6.04%, 5/1/00 ........................ A-1 $7,070 $ 7,070,000
Lexington Parker Capital Co. LLC
6.06%, 5/1/00 ........................ A-1 3,140 3,140,000
SBC Communications, Inc. 6.01%,
5/2/00 ............................... A-1+ 2,090 2,089,651
Marsh USA, Inc. 6%, 5/3/00 ........... A-1+ 5,465 5,463,178
Gannett Co., Inc. 6%, 5/4/00 ......... A-1+ 7,410 7,406,295
Albertson's, Inc. 6.01%, 5/9/00 ...... A-1 2,610 2,606,514
BellSouth Telecommunications, Inc.
6%, 5/9/00 ........................... A-1+ 760 758,987
Lexington Parker Capital Co. LLC
6.04%, 5/9/00 ........................ A-1 1,600 1,597,852
General Electric Capital Corp.. 6%,
5/15/00 .............................. A-1+ 2,065 2,060,182
Dupont (E.I.) de Nemours & Co.
6%, 5/17/00 .......................... A-1+ 6,044 6,027,883
American Home Products Corp.
6.05%, 5/22/00 ....................... A-1 2,225 2,217,148
Enterprise Funding Corp. 6.05%,
5/22/00 .............................. A-1+ 3,103 3,092,049
Enterprise Funding Corp. 6.05%,
5/24/00 .............................. A-1+ 2,661 2,650,714
Dupont (E.I.) de Nemours & Co.
6.02%, 5/30/00 ....................... A-1+ 5,000 4,975,753
Preferred Receivables Funding
Corp. 6.19%, 9/21/00 ................. A-1 1,000 974,961
----------------
52,131,167
----------------
---------------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $52,131,618) 52,131,167
---------------------------------------------------------------------------------
TOTAL INVESTMENTS--99.2%
(Identified cost $1,285,111,287) ..... 1,520,330,382(a)
Cash and receivables, less liabilities--0.8% 12,868,877
----------------
NET ASSETS--100.0% $ 1,533,199,259
================
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $283,851,817 and gross
depreciation of $52,074,661 for federal income tax purposes. At April 30,
2000, the aggregate cost of securities for federal income tax purpose was
$1,288,553,226.
(b) Non-income producing.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At April 30,
2000, these securities amounted to a value of $37,089,089 or 2.4% of net
assets.
(d) As rated by Moody's, Fitch or Duff & Phelps.
(e) Variable or step coupon security; interest rate shown reflects the rate
currently in effect.
See Notes to Financial Statements
36
<PAGE>
Phoenix-Oakhurst Balanced Fund
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000
(Unaudited)
Assets
Investment securities at value
(Identified cost $1,285,111,287) $ 1,520,330,382
Short-term investments held as collateral
for loaned securities 49,436,488
Cash 3,099
Receivables
Interest and dividends 8,659,577
Investment securities sold 7,673,771
Fund shares sold 159,192
Prepaid expenses 20,464
---------------
Total assets 1,586,282,973
---------------
Liabilities
Payables
Collateral on securities loaned 49,436,488
Fund shares repurchased 1,187,250
Investment securities purchased 987,384
Investment advisory fee 673,437
Distribution fee 341,133
Transfer agent fee 304,020
Financial agent fee 41,463
Trustees' fee 6,165
Accrued expenses 106,374
---------------
Total liabilities 53,083,714
---------------
Net Assets $ 1,533,199,259
===============
Net Assets Consist of:
Capital paid in on shares of beneficial interest $ 1,177,156,119
Undistributed net investment income 5,518,316
Accumulated net realized gain 115,305,729
Net unrealized appreciation 235,219,095
---------------
Net Assets $ 1,533,199,259
===============
Class A
Shares of beneficial interest outstanding, $1.00 par
value, unlimited authorization
(Net Assets $1,495,957,394) 85,174,432
Net asset value per share $ 17.56
Offering price per share $17.56/(1-5.75%) $ 18.63
Class B
Shares of beneficial interest outstanding, $1.00 par
value, unlimited authorization
(Net Assets $37,241,865) 2,130,026
Net asset value and offering price per share $ 17.48
<PAGE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000
(Unaudited)
Investment Income
Interest $ 23,184,676
Dividends 4,173,475
Security lending 101,346
Foreign taxes withheld (34,174)
-------------
Total investment income 27,425,323
-------------
Expenses
Investment advisory fee 4,172,616
Distribution fee, Class A 1,914,444
Distribution fee, Class B 190,189
Financial agent fee 247,202
Transfer agent 1,093,374
Printing 106,258
Custodian 81,845
Professional 18,956
Registration 14,102
Trustees 12,261
Miscellaneous 19,830
-------------
Total expenses 7,871,077
Custodian fees paid indirectly (6,753)
-------------
Net expenses 7,864,324
-------------
Net Investment income 19,560,999
-------------
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on securities 116,699,228
Net change in unrealized appreciation (depreciation) on
investments (51,391,260)
-------------
Net gain on investments 65,307,968
-------------
Net Increase in net assets resulting from
operations $ 84,868,967
=============
See Notes to Financial Statements
37
<PAGE>
Phoenix-Oakhurst Balanced 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) $ 19,560,999 $ 35,863,854
Net realized gain (loss) 116,699,228 96,133,633
Net change in unrealized appreciation (depreciation) (51,391,260) 121,818,561
-------------- --------------
Increase (decrease) in net assets resulting from operations 84,868,967 253,816,048
-------------- --------------
From Distributions to Shareholders
Net investment income, Class A (20,793,458) (35,733,708)
Net investment income, Class B (393,163) (587,211)
Net realized gains, Class A (92,466,588) (59,145,470)
Net realized gains, Class B (2,314,781) (1,279,772)
-------------- --------------
Decrease in net assets from distributions to shareholders (115,967,990) (96,746,161)
-------------- --------------
From Share Transactions
Class A
Proceeds from sales of shares (1,197,349 and 3,094,136 shares, respectively) 20,975,624 53,824,896
Net asset value of share issued from reinvestment of distributions
(6,124,255 and 5,171,102 shares, respectively) 106,590,906 87,493,618
Cost of shares repurchased (9,251,053 and 16,196,289 shares, respectively) (162,342,321) (282,470,843)
-------------- --------------
Total (34,775,791) (141,152,329)
-------------- --------------
Class B
Proceeds from sales of shares (115,570 and 404,309 shares, respectively) 2,014,604 7,032,370
Net asset value of share issued from reinvestment of distributions
(147,909 and 102,012 shares, respectively) 2,565,191 1,720,281
Cost of shares repurchased (296,309 and 373,100 shares, respectively) (5,145,083) (6,493,887)
-------------- --------------
Total (565,288) 2,258,764
-------------- --------------
Increase (decrease) in net assets from share transactions (35,341,079) (138,893,565)
-------------- --------------
Net increase (decrease) in net assets (66,440,102) 18,176,322
Net Assets
Beginning of period 1,599,639,361 1,581,463,039
-------------- --------------
End of period [including undistributed net investment income (loss) of
$5,518,316 and $7,143,938, respectively] $1,533,199,259 $1,599,639,361
============== ==============
</TABLE>
See Notes to Financial Statements
38
<PAGE>
Phoenix-Oakhurst Balanced Fund
FINANCIAL HIGHLIGHTS
(Selected data for a share outstanding throughout the indicated period)
<TABLE>
<CAPTION>
CLASS A
-----------------------------------------
Six Months Year Ended October
Ended 31
4/30/00 ------------------
(Unaudited) 1999
<S> <C> <C>
Net asset value, beginning of period $ 17.92 $ 16.29
Income from investment operations
Net investment income (loss) 0.23 0.40
Net realized and unrealized gain (loss) 0.74 2.25
----------- --------
Total from investment operations 0.97 2.65
----------- --------
Less distributions
Dividends from net investment income (0.24) (0.39)
Dividends from net realized gains (1.09) (0.63)
----------- --------
Total distributions (1.33) (1.02)
----------- --------
Change in net asset value (0.36) 1.63
----------- --------
Net asset value, end of period $ 17.56 $ 17.92
=========== ========
Total return(1) 5.51%(4) 16.73%
Ratios/supplemental data:
Net assets, end of period (thousands) $ 1,495,957 $1,561,026
Ratio to average net assets of:
Operating expenses 0.98%(2)(3) 0.97%(2)
Net investment income 2.50%(3) 2.19%
Portfolio turnover 26%(4) 57%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS A
--------------------------------------------------------------
Year Ended October 31
--------------------------------------------------------------
1998 1997 1996 1995
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 18.07 $ 17.56 $ 17.04 $ 15.23
Income from investment operations
Net investment income (loss) 0.42 0.48 0.48 0.52
Net realized and unrealized gain (loss) 0.90 2.38 1.46 1.80
--------- --------- --------- ---------
Total from investment operations 1.32 2.86 1.94 2.32
--------- --------- --------- ---------
Less distributions
Dividends from net investment income (0.40) (0.48) (0.49) (0.51)
Dividends from net realized gains (2.70) (1.87) (0.93) --
---------- ---------- ---------- ----------
Total distributions (3.10) (2.35) (1.42) (0.51)
---------- ---------- ---------- ----------
Change in net asset value (1.78) 0.51 0.52 1.81
---------- ---------- ---------- ----------
Net asset value, end of period $ 16.29 $ 18.07 $ 17.56 $ 17.04
========== ========== ========== ==========
Total return(1) 8.68% 18.04% 12.03% 15.52%
Ratios/supplemental data:
Net assets, end of period (thousands) $1,548,475 $1,702,385 $1,897,306 $2,345,440
Ratio to average net assets of:
Operating expenses 0.97% 0.98% 1.01% 1.02%
Net investment income 2.41% 2.65% 2.74% 3.27%
Portfolio turnover 138% 206% 191% 197%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS B
----------------------------------------
Six Months Year Ended
Ended October
31
4/30/00 ----------------
(Unaudited) 1999
<S> <C> <C>
Net asset value, beginning of period $ 17.85 $ 16.25
Income from investment operations
Net investment income (loss) 0.16 0.27
Net realized and unrealized gain (loss) 0.74 2.24
----------- ---------
Total from investment operations 0.90 2.51
----------- ---------
Less distributions
Dividends from net investment income (0.18) (0.28)
Dividends from net realized gains (1.09) (0.63)
----------- ---------
Total distributions (1.27) (0.91)
----------- ---------
Change in net asset value (0.37) 1.60
----------- ---------
Net asset value, end of period $ 17.48 $ 17.85
=========== =========
Total return(1) 5.12%(4) 15.84%
Ratios/supplemental data:
Net assets, end of period (thousands) $ 37,242 $ 38,613
Ratio to average net assets of:
Operating expenses 1.73%(2){3) 1.72%(2)
Net investment income 1.76%(3) 1.45%
Portfolio turnover 26%(4) 57%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS B
--------------------------------------------------
Year Ended October 31
--------------------------------------------------
1998 1997 1996 1995
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 18.04 $ 17.54 $ 17.01 $ 15.23
Income from investment operations
Net investment income (loss) 0.30 0.35 0.35 0.40
Net realized and unrealized gain (loss) 0.90 2.37 1.47 1.80
------- ------- ------- -------
Total from investment operations 1.20 2.72 1.82 2.20
------- ------- ------- -------
Less distributions
Dividends from net investment income (0.29) (0.35) (0.36) (0.42)
Dividends from net realized gains (2.70) (1.87) (0.93) --
------- ------- ------- -------
Total distributions (2.99) (2.22) (1.29) (0.42)
------- ------- ------- -------
Change in net asset value (1.79) 0.50 0.53 1.78
------- ------- ------- -------
Net asset value, end of period $ 16.25 $ 18.04 $ 17.54 $ 17.01
======= ======= ======= =======
Total return(1) 7.91% 17.13% 11.24% 14.68%
Ratios/supplemental data:
Net assets, end of period (thousands) $32,988 $30,216 $26,209 $16,971
Ratio to average net assets of:
Operating expenses 1.72% 1.73% 1.76% 1.78%
Net investment income 1.66% 1.90% 1.96% 2.46%
Portfolio turnover 138% 206% 191% 197%
</TABLE>
(1) Maximum sales load is not reflected in the total return calculation.
(2) The ratio of operating expenses to average net assets excludes the effect
of expense offsets for custodian fees; if expense offsets were included,
the ratio would not significantly differ.
(3) Annualized.
(4) Not Annualized.
See Notes to Financial Statements
39
<PAGE>
Phoenix Series Fund
Notes to Financial Statements
April 30, 2000 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
Phoenix Series Fund (the "Trust") is organized as a Massachusetts business
trust and is registered under the Investment Company Act of 1940, as amended,
as a diversified, open-end management investment company. Each Fund has
distinct investment objectives. The Core Bond Fund seeks to provide both
current income and capital appreciation. The Aggressive Growth Fund seeks
appreciation of capital through the use of aggressive investment techniques.
The Capital Growth Fund seeks a long-term appreciation of capital. The High
Yield Fund seeks to provide high current income. The Money Market Fund seeks to
provide as high a level of current income consistent with capital preservation
and liquidity. The Balanced Fund seeks to provide reasonable income, long-term
capital growth and conservation of capital.
Each Series offers both Class A and Class B shares and, additionally, Core
Bond Fund, High Yield Fund, and Money Market Fund offer Class C shares.
Effective April 3, 2000, Class A shares of Aggressive Growth, Capital Growth
and Balanced Fund are sold with a front-end sales charge of up to 5.75%. Prior
to that date, the maximum sales charge for those funds was 4.75%. Class A
shares of Core Bond and High Yield Fund are sold with a front-end sales charge
of up to 4.75%. Class B shares are sold with a contingent deferred sales charge
which declines from 5% to zero depending on the period of time the shares are
held. Class C shares are sold with a 1% contingent deferred sales charge if
redeemed within one year of purchase. All classes of shares have identical
voting, dividend, liquidation and other rights and the same terms and
conditions, except that each class bears different distribution expenses and
has exclusive voting rights with respect to its distribution plan. Income and
expenses of each Fund are borne pro rata by the holders of all classes of
shares, except that each class bears distribution expenses unique to that
class.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
preparation of financial statements in conformity with 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.
<PAGE>
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 their fair value as
determined in good faith by or under the direction of the Trustees.
The Money Market Fund uses the amortized cost method of security valuation
which, in the opinion of the Trustees, represents the fair value of the
particular security. The Trustees monitor the deviations between the classes'
net asset value per share as determined by using available market quotations and
its amortized cost per share. If the deviation exceeds 1/2 of 1%, the Board of
Trustees will consider what action, if any, should be initiated to provide a
fair valuation. This valuation procedure allows each class of the Fund to
maintain a constant net asset value of $1 per share.
B. Security transactions and related income:
Security transactions are recorded on the trade date. Dividend income is
recorded on the ex-dividend date or, in the case of certain foreign securities,
as soon as the Fund is notified. Interest income is recorded on the accrual
basis. The Trust does not amortize premiums except for the Money Market Fund,
but does amortize discounts using the effective interest method. 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 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, expiring
capital loss carryforwards, foreign currency gain/loss, partnerships, 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 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.
40
<PAGE>
Phoenix Series Fund
Notes to Financial Statements
April 30, 2000 (Unaudited) (Continued)
F. Forward currency contracts:
Each of the Funds, except the Core Bond and Money Market 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 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, 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.
G. Security lending:
The Trust loans securities to qualified brokers through an agreement with
State Street Bank & Trust (the Custodian). Under the terms of the agreement, the
Trust receives collateral with a market value not less than 100% of the market
value of loaned securities. Collateral is adjusted daily in connection with
changes in the market value of securities on loan. Collateral consists of cash,
securities issued or guaranteed by the U.S. Government or its agencies and the
sovereign debt of foreign countries. Interest earned on the collateral and
premiums paid by the borrower are recorded as income by the Trust net of fees
charged by the Custodian for its services in connection with this securities
lending program. Lending portfolio securities involves a risk of delay in the
recovery of the loaned securities or in the foreclosure on collateral. At April
30, 2000, the Trust had the following amounts of securities on loan and related
collateral:
<PAGE>
Value of
Value of Securities
Collateral on Loan
-------------- --------------
Aggressive Growth Fund ....... $20,915,870 $22,270,613
Capital Growth Fund .......... 40,927,178 40,026,100
Balanced Fund ................ 63,382,709 61,574,113
H. Expenses:
Expenses incurred by the Trust with respect to any two or more Funds are
allocated in proportion to the net assets of each Fund, except where allocation
of direct expense to each Fund or an alternative allocation method can be more
fairly made.
I. Options:
The Trust, except for the Core Bond and Money Market 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.
Each Fund, except for the Core Bond and Money Market Fund, may purchase
options which are included in the Series' 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.
J. When-issued and delayed delivery transactions:
Each Fund may engage in when-issued or delayed delivery transactions. The
Funds record when-issued securities on the trade date and maintain collateral
for the securities purchased. Securities purchased on a when-issued or delayed
delivery basis begin earning interest on the settlement date.
<PAGE>
K. Swap Agreements:
The Trust may invest in swap agreements for the purpose of hedging against
changes in interest rates or foreign currencies. Swap agreements involve the
exchange by the Funds with another party of their respective commitments to pay
or receive interest, (e.g., an exchange of floating rate payments for fixed
rate payments) with respect to a notional amount of principal. Swaps are marked
to market daily based upon quotations from market makers and the change, if
any, is recorded as an unrealized gain or loss in the Statement of Operations.
Net payments of interest are recorded as interest income. Entering into these
agreements involves, to varying degrees, elements of credit and market risk in
excess of the amounts recognized on the Statement of Assets and Liabilities.
Such risks involve the possibility that there will be no liquid market for
these agreements, that the counterparty to the agreement may default on its
obligation to perform and that there may be unfavorable changes in the
fluctuation of interest and/or exchange rates.
41
<PAGE>
Phoenix Series Fund
Notes to Financial Statements
April 30, 2000 (Unaudited) (Continued)
2. INVESTMENT ADVISORY FEE AND RELATED PARTY TRANSACTIONS
As compensation for their services to the Trust, the Advisers, Phoenix
Investment Counsel, Inc. ("PIC"), an indirect majority-owned subsidiary of
Phoenix Home Life Mutual Insurance Company ("PHL"), and Duff & Phelps
Investment Management Co. ("DPIM"), a subsidiary of Phoenix Investment
Partners, Ltd., formerly Phoenix, Duff & Phelps Corporation, which is an
indirect majority owned subsidiary of PHL are entitled to a fee based upon the
following annual rates as a percentage of the average daily net assets of each
separate Series:
1st $1 $1-2 $2+
Series Billion Billion Billion
------------------------------ --------- --------- ----------
Core Bond Fund ............... 0.45% 0.40% 0.35%
Aggressive Growth Fund ....... 0.70% 0.65% 0.60%
Capital Growth Fund .......... 0.70% 0.65% 0.60%
High Yield Fund .............. 0.65% 0.60% 0.55%
Money Market Fund ............ 0.40% 0.35% 0.30%
Balanced Fund ................ 0.55% 0.50% 0.45%
DPIM serves as investment adviser for the Core Bond Fund and PIC serves as
investment advisor for the remaining funds within the Trust.
The Adviser has agreed to assume expenses and reduce the advisory fee for the
benefit of the Money Market Fund to the extent that total expenses (excluding
interest, taxes, brokerage fees and commissions and extraordinary expenses)
exceed 0.85% for Class A shares and 1.60% for Class B shares of the average of
the aggregate daily net asset value.
Roger Engemann & Associates, Inc. ("REA") is the subadvisor to the Aggressive
Growth Fund and Capital Growth Fund. For its services, REA is paid a fee by the
Adviser equal to 0.20% of the average daily net assets of the Aggressive Growth
Fund up to $262 million, 0.35% of such value between $262 million and $1
billion, 0.325% of such value between $1 billion and $2 billion and 0.30% of
such value in excess of $2 billion and a fee equal to 0.10% of the average
daily net assets of the Capital Growth Fund up to $3 billion and 0.30% of such
value in excess of $3 billion. REA is a wholly-owned subsidiary of Pasadena
Capital Corporation which in turn is a wholly-owned subsidiary of Phoenix
Investment Partners, Ltd., an indirect, majority-owned subsidiary of PHL.
Phoenix Equity Planning Corporation (PEPCO), an indirect majority-owned
subsidiary of PHL, which serves as the national distributor of the Trust's
shares, has advised the Trust that it retained selling commissions of $232,915
for Class A shares, deferred sales charges of $465,215 for Class B shares and
$4,477 for Class C shares, for the six months ended April 30, 2000. In addition,
each Series except the Money Market Fund pays PEPCO a distribution fee at an
annual rate of 0.25% for Class A shares, 1.00% for Class B shares and 1.00% for
Class C shares applied to the average daily net assets of each Fund; the
distribution fee for the Money Market Fund is 0%, 0.75% and 1.00% for Class A,
Class B and Class C, respectively. The distributor has advised the Trust that of
the total amount expensed for the six months ended April 30, 2000, $1,891,141
was earned by the Distributor, $5,938,432 was earned by unaffiliated
participants, and $769,381 was paid to W.S. Griffith, an indirect subsidiary of
PHL.
As Financial Agent of the Trust, PEPCO receives a financial agent fee equal to
the sum of (1) the documented cost of fund accounting and related services
provided by PFPC Inc. (subagent to PEPCO), plus (2) the documented cost to
PEPCO to provide financial reporting, tax services and oversight of subagent's
performance. The current fee schedule of PFPC Inc. ranges from 0.085% to
0.0125% of the average daily net asset values of the Fund. Certain minimum fees
and fee waivers may apply.
PEPCO serves as the Trust's Transfer Agent with State Street Bank and Trust
Company as sub-transfer agent. For the six months ended April 30, 2000,
transfer agent fees were $3,821,398 of which PEPCO retained $1,712,965 which is
net of fees paid to State Street.
At April 30, 2000, PHL and affiliates held Trust shares which aggregated the
following:
<PAGE>
Aggregate
Net Asset
Shares Value
------------ ------------
Core Bond Fund ............... 11,899 $ 104,014
Aggressive Growth Fund ....... 15,904 471,701
High Yield Fund .............. 504 3,768
Money Market Fund ............ 3,933,083 3,933,083
In October, 1999, the Adviser voluntarily contributed capital to
Phoenix-Engemann Capital Growth Fund in the amount of $4,720,017 as disclosed
in the statement of changes. This contribution offset losses realized on the
sale of certain securities by the Fund. The Adviser received no shares of
beneficial interest or other consideration in exchange for this contribution
which increased the net asset value of the Fund.
3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities during the six months ended April 30, 2000
(excluding U.S. Government and agency securities and short-term securities)
aggregated the following:
Purchases Sales
---------------- ----------------
Core Bond Fund ................ $ 35,746,481 $ 23,467,463
Aggressive Growth Fund ........ 507,464,853 446,720,388
Capital Growth Fund ........... 1,299,437,588 1,724,325,534
High Yield Fund ............... 169,375,204 189,094,008
Balanced Fund ................. 321,723,237 482,645,528
42
<PAGE>
Phoenix Series Fund
Notes to Financial Statements
April 30, 2000 (Unaudited) (Continued)
Purchases and sales of U.S. Government and agency securities during the six
months ended April 30, 2000, aggregated the following:
Purchases Sales
--------------- ---------------
Core Bond Fund ........ $103,512,577 $117,469,206
Balanced Fund ......... 70,472,699 71,725,235
At April 30, 2000, the High Yield Fund had the following swap agreements
outstanding:
<TABLE>
<CAPTION>
Unrealized
Appreciation
Notional Amount (Depreciation)
----------------- ---------------
<S> <C> <C>
$ 4,890,000 Agreement with Morgan Stanley Capital
Services Inc. terminating on March 15, 2008
to receive interest at 12.82% in exchange for
payment of 10.75% on EUR 5,000,000 $ 400,000
$ 6,105,000 Agreement with Morgan Stanley Capital
Services Inc. terminating on December 15,
2004 to receive interest at 9.64% in exchange
for payment of 7.625% on EUR 6,000,000 701,250
$ 4,200,000 Agreement with Morgan Stanley Capital
Services Inc. terminating on November 1, 2004
to receive interest at 13.26% in exchange for
payment of 11.25% on EUR 4,000,000 673,333
$ 9,267,000 Agreement with Morgan Stanley Capital
Services Inc. terminating on November 15,
2006 to receive interest at 11.07% in
exchange for payment of 9.25% on EUR
9,000,000 1,125,000
$ 5,261,160 Agreement with Chase Manhattan Bank
terminating on December 15, 2004 to receive
interest at 12.09% in exchange for payment of
10.00% on EUR 5,100,000 731,731
----------
$3,631,314
==========
</TABLE>
4. CREDIT RISK
In countries with limited or developing markets, investments may present
greater risks than in more developed markets and the prices of such investments
may be volatile. The consequences of political, social or economic changes in
these markets may have disruptive effects on the market prices of these
investments and the income they generate, as well as a fund's ability to
repatriate such amounts.
5. CAPITAL LOSS CARRYOVERS
The following Funds have capital loss carryforwards which may be used to
offset future capital gains.
Core Bond High Yield
Expiration Date Fund Fund
----------------- ------------- --------------
2002 ............ $ 5,893,108 $ 14,103,053
2003 ............ -- 46,929,335
2004 ............ 2,433,827 --
2006 ............ -- 1,533,950
2007 ............ 6,429,814 38,223,988
----------- ------------
Total ........... $14,756,749 $100,790,326
=========== ============
This report is not authorized for distribution to prospective investors in the
Phoenix Series Fund unless preceded or accompanied by an effective Prospectus
which includes information concerning the sales charge, Fund's record and other
pertinent information.
43
<PAGE>
Phoenix Series Fund
101 Munson Street
Greenfield, Massachusetts 01301
Trustees
Robert Chesek
E. Virgil Conway
Harry Dalzell-Payne
Francis E. Jeffries
Leroy Keith, Jr.
Philip R. McLoughlin
Everett L. Morris
James M. Oates
Calvin J. Pedersen
Herbert Roth, Jr.
Richard E. Segerson
Lowell P. Weicker, Jr.
Officers
Philip R. McLoughlin, President
Michael E. Haylon, Executive Vice President
John F. Sharry, Executive Vice President
J. Roger Engemann, Senior Vice President
James D. Wehr, Senior Vice President
David L. Albrycht, Vice President
Steven L. Colton, Vice President
Robert S. Driessen, Vice President
Christopher J. Kelleher, Vice President
James E. Mair, Vice President
William R. Moyer, Executive Vice President
Timothy P. Norman, Vice President
Michael Kearney, Vice President
Christopher J. Saner, Vice President
Julie L. Sapia, Vice President
Andrew Szabo, Vice President
John S. Tilson, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Secretary
Nancy J. Engberg, Assistant Secretary
<PAGE>
Investment Advisers
Phoenix Investment Counsel, Inc.
56 Prospect Street
Hartford, Connecticut 06115-0480
Duff & Phelps Investment Management
(Core Bond Fund)
55 East Monroe Street
Chicago, IL 60603
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
State Street Bank and Trust Company
P.O. Box 351
Boston, Massachusetts 02101
Independent Accountants
PricewaterhouseCoopers LLP
160 Federal Street
Boston, Massachusetts 02110
How to Contact Us
The Fund Connection 1-800-243-1574
Customer Service 1-800-243-1574
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
Phoenix
[LOGO] Investment Partners
For more information about
Phoenix mutual funds, please call
your financial representative or
contact us at 1-800-243-4361 or
www.phoenixinvestments.com.
PXP 395 (6/00)
-------------------
| PRSRT STD |
| U.S. Postage PAID |
| Andrew |
| Associates |
-------------------
