<PAGE>
June 30, 1998
PHOENIX
ANNUAL REPORT
- PHOENIX WORLDWIDE
OPPORTUNITIES FUND
[LOGO]
<PAGE>
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.
<PAGE>
PRESIDENT'S MESSAGE
- ------------------------------------------------------
Dear Worldwide Opportunities Fund Shareholder:
At Phoenix Investment Partners (formerly Phoenix Duff & Phelps), we are
creating a new kind of investment company, one that strengthens and supports the
independent, distinct investment processes of each of our partners.
Over the past year, we have added some of the industry's most experienced and
talented money management teams to provide you with a wider array of high
quality investment products. Through Phoenix Investment Partners, you have
access to seven distinct, independent money managers across the U.S. and around
the world:
<TABLE>
<CAPTION>
OUR PARTNERS THEIR DISTINCTIVE STYLES THEIR LOCATIONS
<S> <C> <C>
Aberdeen Fund Managers, Inc. International equity Scotland, Singapore,
London, and
Ft. Lauderdale, FL
Duff & Phelps Investment Management Co. Core equity Chicago, IL and
Cleveland, OH
Phoenix Investment Counsel, Inc. Classic value Sarasota, FL
Quantitative value Scotts Valley, CA
Large-cap growth equity Hartford, CT
Multi-sector fixed income Hartford, CT
Roger Engemann & Associates, Inc. Classic growth equity Pasadena, CA
Seneca Capital Management LLC Earnings-driven growth equity San Francisco, CA
Value-driven fixed income
</TABLE>
Experience has shown that investment professionals perform best when they
remain focused, disciplined, and distanced from activities that distract them
from managing your investments. At Phoenix Investment Partners, we have enabled
our money managers to do just that--manage your money.
To learn more about our partners and their distinctive investment styles,
contact your financial advisor or call the Phoenix Investment Partners National
Sales Desk at 1-800-243-4361.
Sincerely,
[SIGNATURE]
For more information on the other Phoenix mutual funds, including charges and
expenses, please obtain a current prospectus from your financial advisor or call
the Phoenix Investment Partners National Sales Desk at 1-800-243-4361. Please
read it carefully before you invest or send money.
<PAGE>
(This page has been left blank intentionally.)
<PAGE>
PHOENIX WORLDWIDE OPPORTUNITIES FUND
- -------------------------------------------------------------
INVESTOR PROFILE
Phoenix Worldwide Opportunities Fund is designed for investors seeking
long-term capital appreciation and broad equity global diversification.
Investors should note that foreign investing poses additional risks, such as
currency fluctuations, less public information, and political and economic
uncertainty.
INVESTMENT ADVISER'S REPORT
For the 12 months ended June 30, 1998, Phoenix Worldwide Opportunities Fund
Class A shares returned 31.45% and Class B shares earned 30.61% compared with a
return of 17.03% for the Morgan Stanley Capital International (MSCI) World
Index.* All performance figures assume reinvestment of dividends and exclude the
effect of sales charges.
Western economies and stock markets continued to prosper in the year under
review despite the accelerating decline in the Far East with much of the region,
including Japan, in recession. In general, the U.S. and Europe were seen as
benefiting from developments in the Far East with the impact on inflation and
hence interest rates more than offsetting the decline in demand.
The Fund has particularly benefited from its overweight position in Europe and
minimal exposure to Japan and Asia. Nearly all Western stock markets recorded
excellent returns over the year, with the S&P 500 Index returning 30.3%,** and
the MSCI Europe 34.8%,**** compared with the 35.7% decline for the MSCI Pacific
(free) Index.*****
The U.S. market has continued to perform impressively. Fear of deflation,
caused by the collapse in the Far East, has receded as investors have latched
onto the positive benefits of lower inflation and interest rates and expected
slower demand. This allowed the Fed to defer any rate rise, while bonds staged a
strong rally. The bond rally was in large measure boosted by investors' "flight
to quality" in light of the Far Eastern financial implosion. Bond yields, which
are at or near record lows, have, in turn, boosted equity markets, already
supported by strong liquidity in the form of high institutional cash levels,
share buy-backs and corporate take-over activity.
European markets in particular have also benefited from the above scenario.
The advent of the Euro currency set to be launched in January 1999 has given
European institutions access to a much greater pool of domestic currency
investments. Also, European markets have attracted significant levels of foreign
investment lured by a region whose economies have much further to go in the
current economic cycle and a paucity of investment opportunities elsewhere.
This, coupled with the need for corporations to restructure in order to be
prepared for a new (and more competitive) pan-European market and an emerging
trend of improving shareholder returns, has in combination with the global
market environment enabled the European equity market to post particularly
strong returns.
The currency-led collapse in the Pacific Basin has left the region's markets
in tatters and investors are nursing heavy losses. Only a determined effort by
the IMF and the U.S. to establish credible recovery plans contained the crisis
mostly within the region, allowing a selective market recovery in the first
quarter of this year. Even this, however, petered out as investors' relief that
the worst was over gave way to the realization that there was still much deeper
economic pain to endure. Even Hong Kong and Singapore saw their stock markets
fall heavily.
For much of the past year, Japan has been struggling to avoid a recession.
Recent data, however, show an economic contraction nearly as bad as that
experienced during the first oil crisis. Investors have been correctly cynical
of a series of fiscal packages and totally inadequate attempts to reform the
banking system. It is only with the
1
<PAGE>
PHOENIX WORLDWIDE OPPORTUNITIES FUND
- -------------------------------------------------------------
recent rapid depreciation of the yen and stock market that the government is
being forced into more concrete action.
OUTLOOK
Western markets have once again quickly shaken off their immediate concerns as
liquidity and corporate activity reasserted themselves. The U.S. remains the
trendsetter, and confidence has so far only taken glancing blows from the
external developments. Domestically, the U.S. is relatively immune to Asia; the
economy remains strong; interest rates and inflation will stay low encouraging
further corporate activity. Only a tightening of monetary policy has the
potential to end the bull market, and then it must be tight enough to end the
economic expansion. This is just not seen in most forecasters' time horizons,
and profit disappointments to date have only affected individual stocks and
sectors rather than impacting market sentiment overall.
A setback in European markets remains as elusive as ever, with fleeting one-
or two-day corrections in response to Wall Street fluctuations. With such
limited competition from other equity markets, Europe remains the main focus for
most strategists and fund managers.
It is essential for Japan's economy to recover, as the implications of this
for the region as a whole are immense, with no upturn in the Pacific Basin
likely without Japan's assistance. Fundamental valuations for good long-term
businesses are looking increasingly compelling, however, with short-selling
distorting the picture. Given the scale of recent declines we could see a bounce
in Asian markets on improved sentiment in the near term.
In conclusion, while financial markets are proving to be extremely volatile,
many of the past year's trends remain in place. Even with a further
deterioration in the Far East, confidence in the ability of Western markets to
withstand the squalls remains intact. The reasons for this continued bullishness
remain low interest rates, low inflation, ample liquidity and merger and
acquisition activity overcoming worries on valuation and earnings issues. These
arguments have carried for such a long time now, that it is difficult to bet
against them continuing.
*The Morgan Stanley Capital International (MSCI) World Index is an
unmanaged, commonly used measure of total return global market performance.
The Index is not available for direct investment.
**The S&P 500 Index is an unmanaged, commonly used measure of total return
stock market performance. The Index is not available for direct investment.
****The Morgan Stanley Capital International (MSCI) Europe Index is an
unmanaged, commonly used measure of total return European stock market
performance. The Index is not available for direct investment.
*****The Morgan Stanley Capital International (MSCI) Pacific (free) Index is an
unmanaged, commonly used measure of total return performance of stocks
available to foreign investors in the Pacific Basin. The Index is not
available for direct investment.
2
<PAGE>
PHOENIX WORLDWIDE OPPORTUNITIES FUND
- -------------------------------------------------------------
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PHOENIX WORLDWIDE OPPORTUNITIES FUND - CLASS
STANDARD & POOR'S 500 STOCK INDEX** MSCI WORLD (NET) INDEX* A
<S> <C> <C> <C>
6/30/88 $ 10,000 $ 10,000 $ 9,525
6/30/89 $ 12,040 $ 11,248 $ 9,084
6/29/90 $ 14,005 $ 12,046 $ 9,283
6/28/91 $ 15,041 $ 11,456 $ 8,793
6/30/92 $ 17,065 $ 11,940 $ 9,271
6/30/93 $ 19,387 $ 13,940 $ 10,330
6/30/94 $ 19,647 $ 15,368 $ 13,166
6/30/95 $ 24,777 $ 17,007 $ 14,026
6/28/96 $ 31,248 $ 20,144 $ 17,026
6/30/97 $ 42,107 $ 24,630 $ 19,307
6/30/98 $ 54,866 $ 28,824 $ 25,380
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDING 6/30/98
1 YEAR 5 YEARS 10 YEARS FROM
INCEPTION
7/15/94 TO
6/30/98
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------
Class A with 4.75% sales
charge 25.16% 18.53% 9.76% --
- ----------------------------------------------------------------------------------
Class A at net asset value 31.45% 19.70% 10.30% --
- ----------------------------------------------------------------------------------
Class B with CDSC 26.61% -- -- 16.20%
- ----------------------------------------------------------------------------------
Class B at net asset value 30.61% -- -- 16.52%
- ----------------------------------------------------------------------------------
The Morgan Stanley Capital
International World (Net)
Index* 17.03% 15.64% 11.17% 16.86%***
- ----------------------------------------------------------------------------------
S&P 500 Stock Index** 30.30% 23.13% 18.56% 28.82%
- ----------------------------------------------------------------------------------
</TABLE>
This chart assumes an initial investment of $10,000 made on 6/30/88 for Class A
shares. The total return for Class A shares reflects the maximum sales charge of
4.75% on the initial investment and assumes reinvestment of dividends and
capital gains. Class B share performance will be greater or less than that shown
based on differences in inception date, fees and sales charges. The total return
(since inception 7/15/94) for Class B shares reflects the 5% contingent deferred
sales charge (CDSC), which is applicable on all shares redeemed during the 1st
year after purchase and 4% for all shares redeemed during the 2nd year after
purchase (scaled down to 3%-3rd year, 2%-4th and 5th year and 0% thereafter).
Returns indicate past performance, which is not predictive of future
performance. Investment return and net asset value will fluctuate so that your
shares, when redeemed, may be worth more or less than the original cost.
*The Morgan Stanley Capital International World (Net) Index is an unmanaged,
arithmetical average weighted by the market value of companies listed on
stock exchanges which includes approximately 1600 companies listed on the
stock exchanges of the USA, Europe, Canada, Australia, New Zealand and the
Far East. The index's performance does not reflect sales charges. The returns
are after withholding taxes for foreign investors.
**The S&P 500 Stock Index is an unmanaged but commonly used measure of stock
total return performance. The S&P 500 performance does not reflect sales
charges.
***From 7/31/94 to 6/30/98.
3
<PAGE>
Phoenix Worldwide Opportunities Fund
- ------------------------------------------------------
INVESTMENTS AT JUNE 30, 1998
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C>
COMMON STOCKS--29.7%
Airtouch Communications, Inc. (Telecommunications (Cellular/
Wireless)) (b).................................................... 27,600 $ 1,612,875
AT&T Corp. (Telecommunications (Long Distance))..................... 26,800 1,530,950
BMC Software, Inc. (Computers (Software & Services)) (b)............ 15,600 810,225
Boeing Co. (Aerospace/Defense)...................................... 11,900 530,294
Bristol-Myers Squibb Co. (Health Care (Diversified))................ 9,600 1,103,400
Cardinal Health, Inc. (Healthcare (Diversified)).................... 6,400 600,000
Computer Associates International, Inc. (Computers (Software &
Services)) (c).................................................... 18,500 1,027,906
Compuware Corp. (Computers (Software & Services)) (b)............... 20,400 1,042,950
CVS Corp. (Retail (Drug Stores)).................................... 44,400 1,728,825
Diamond Offshore Drilling, Inc. (Oil & Gas (Drilling &
Equipment))....................................................... 4,100 164,000
FDX Corp. (Air Freight) (b)......................................... 21,000 1,317,750
FNMA (Financial (Diversified))...................................... 11,700 710,775
Gannett Co., Inc. (Publishing (Newspapers))......................... 23,400 1,662,863
General Electric Co. (Electrical Equipment)......................... 18,000 1,638,000
Hartford Life, Inc. Class A (Insurance (Life/ Health)).............. 17,000 967,937
HBO & Co. (Computers (Software & Services))......................... 34,800 1,226,700
HEALTHSOUTH Corp. (Health Care (Long Term Care)) (b)................ 27,600 736,575
Home Depot, Inc. (Retail (Building Supplies))....................... 34,400 2,857,350
Household International, Inc. (Consumer Finance).................... 7,900 393,025
Intel Corp. (Electronics (Semiconductors)).......................... 12,000 889,500
International Business Machines Corp. (Computers (Hardware))........ 33,500 3,846,219
Liberty Media Group (Broadcasting (Television, Radio & Cable))
(b)............................................................... 78,000 3,027,375
Medtronic, Inc. (Health Care (Medical Products & Supplies))......... 15,200 969,000
Mellon Bank Corp. (Banks (Major Regional)).......................... 6,100 424,712
Microsoft Corp. (Computers (Software & Services)) (b)............... 3,400 368,475
Monsanto Co. (Biotechnology)........................................ 16,300 910,762
New York Times Co. Class A (Publishing (Newspapers))................ 21,500 1,703,875
Norwest Corp. (Banks (Major Regional)).............................. 34,500 1,289,437
Omnicom Group, Inc. (Services (Advertising/ Marketing))............. 17,600 877,800
Pfizer, Inc. (Healthcare (Drugs--Major Pharmaceuticals))............ 11,600 1,260,775
Procter & Gamble Co. (Personal Care)................................ 6,100 555,481
Rite Aid Corp. (Retail (Drug Stores))............................... 29,700 1,115,606
Safeway, Inc. (Retail (Food Chains)) (b)............................ 34,500 1,403,719
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C>
COMMON STOCKS--CONTINUED
Schering-Plough Corp. (Health Care (Drugs--Major
Pharmaceuticals))................................................. 13,200 $ 1,209,450
Schlumberger Ltd. (Oil & Gas (Drilling & Equipment))................ 12,300 840,244
Solectron Corp. (Electronics (Component Distribution)) (b).......... 32,000 1,346,000
Southtrust Corp. (Banks (Major Regional))........................... 60,000 2,610,000
Sprint Corp. (Telecommunications (Long Distance))................... 24,300 1,713,150
Staples, Inc. (Retail (Specialty)) (b).............................. 27,300 789,994
Tandy Corp. (Retail (Computers & Electronics))...................... 5,500 291,844
Thermo Electron Corp. (Manufacturing (Diversified)) (b)............. 1,500 51,281
Travelers Group, Inc. (Insurance (Multi-Line))...................... 10,500 636,563
Tyco International Ltd. (Manufacturing (Diversified))............... 16,900 1,064,700
U.S. Bancorp (Banks (Major Regional))............................... 22,400 963,200
USA Waste Services, Inc. (Waste Management) (b)..................... 20,400 1,007,250
Warner-Lambert Co. (Healthcare (Diversified))....................... 32,700 2,268,563
Washington Post Co. Class B (Publishing (Newspapers))............... 2,900 1,670,400
Watson Pharmaceuticals, Inc. (Healthcare (Diversified)) (b)......... 18,000 840,375
------------
57,608,150
------------
TOTAL COMMON STOCKS
(Identified cost $50,022,317)................................................... 57,608,150
------------
FOREIGN COMMON STOCKS--66.2%
AUSTRALIA--0.5%
Westpac Banking Corporation Ltd. (Banks (Major Regional))........... 153,000 933,239
------------
BELGIUM--0.7%
KBC Bancassurance Holding NV (Banks (Major Regional))............... 16,000 1,431,873
------------
BRAZIL--0.6%
Telecomunicacoes Brasileiras SA Sponsored ADR (Telephone)........... 10,600 1,157,388
------------
CANADA--0.8%
Bank of Montreal (Banks (Money Center))............................. 26,800 1,476,192
------------
FINLAND--2.2%
Merita PLC Class A (Banks (Major Regional))......................... 72,800 480,337
Raisio Group PLC (Foods)............................................ 149,000 2,704,904
Tieto Corp. Class B (Computers (Software & Services))............... 13,800 1,048,869
------------
4,234,110
------------
</TABLE>
4 See Notes to Financial Statements
<PAGE>
PHOENIX WORLDWIDE OPPORTUNITIES FUND
- ------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C>
FRANCE--9.8%
Alcatel Alsthom (Telecommunications (Cellular/Wireless))............ 15,200 $ 3,094,791
Alstom (Machinery (General Industrial)) (b)......................... 45,500 1,497,594
Atos SA (Computers (Software & Services)) (b)....................... 4,000 959,307
AXA SA (Insurance (Multi-Line))..................................... 22,700 2,553,080
Banque National de Paris (Banks (Money Center))..................... 42,300 3,456,185
Coflexip SA (Oil & Gas (Field Services))............................ 8,000 979,155
Galeries Lafayette (Retail (General Merchandise))................... 1,360 1,356,394
Pinault-Printemps-Redoute SA (Retail (General Merchandise))......... 1,230 1,029,403
Rhodia SA (Chemicals (Diversified)) (b)............................. 7,000 195,202
Scor SA (Insurance (Multi-Line)).................................... 7,500 475,725
Societe Generale Class A (Banks (Money Center))..................... 16,400 3,409,642
------------
19,006,478
------------
GERMANY--4.3%
Adidas-Salomon AG (Footwear)........................................ 5,950 1,036,700
Bayerische Motoren Werke AG (Automobiles)........................... 1,200 1,213,276
Bayerische Motoren Werke AG-New (Automobiles) (b)................... 360 358,997
Deutsche Lufthansa AG (Airlines).................................... 93,100 2,344,224
Mannesmann AG (Machinery (General Industrial))...................... 17,000 1,747,062
Muenchener Rueckversicherungs-Gesellschaft AG (Insurance
(Life/Health)).................................................... 3,500 1,737,367
------------
8,437,626
------------
HONG KONG--0.0%
Henderson China Holding Ltd. (Real Estate).......................... 768 300
------------
HUNGARY--0.6%
Magyar Tavkozlesi Rt. Unsponsored ADR (Telecommunications (Long
Distance))........................................................ 36,600 1,077,413
------------
IRELAND--0.4%
Elan Corp. PLC Sponsored ADR (Health Care (Medical Products &
Supplies)) (b).................................................... 11,670 750,527
------------
ITALY--6.4%
Banca Fideuram SPA (Financial (Diversified))........................ 140,400 800,514
Banca Popolare di Brescia (Financial (Diversified))................. 52,000 982,926
Ericsson SPA (Communications Equipment)............................. 25,000 1,480,971
Istituto Mobiliare Italiano SPA (Diversified Miscellaneous)......... 119,400 1,880,791
La Fondiaria Assicurazioni (Insurance (Multi-Line))................. 147,800 848,943
Mediaset SPA (Publishing)........................................... 129,900 829,071
Mediolanum SPA (Insurance (Multi-Line))............................. 46,000 1,459,537
Telecom Italia Mobile di Risp SPA (Communications Equipment)........ 235,000 793,227
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C>
ITALY--CONTINUED
Telecom Italia Mobile SPA (Communications Equipment)................ 309,000 $ 1,889,584
Telecom Italia SPA (Communications Equipment)....................... 209,500 1,542,183
------------
12,507,747
------------
MEXICO--1.8%
Cemex SA de C.V. Class B (Building Materials)....................... 112,785 497,025
Coca-Cola Femsa SA Sponsored ADR (Beverages (Non-Alcoholic)) (c).... 64,800 1,125,900
Grupo Financiero Bancomer SA de C.V. Class B (Banks (Major
Regional))........................................................ 930,000 346,704
Telefonos de Mexico SA Sponsored ADR Class L (Telephone)............ 33,500 1,610,094
------------
3,579,723
------------
NETHERLANDS--6.6%
AKZO Nobel NV (Chemicals)........................................... 9,500 2,111,817
Getronics NV (Computers (Software & Services))...................... 28,600 1,483,271
IHC Caland NV (Oil & Gas (Drilling & Equipment)).................... 21,800 1,227,055
ING Groep NV (Financial (Diversified)).............................. 38,000 2,488,226
Philips Electronics NV NY Reg. Shares (Electrical Equipment)........ 16,100 1,368,500
Vedior NV (Professional Services)................................... 38,978 1,101,766
Vendex International NV (Retail (General Merchandise)).............. 39,500 1,485,459
VNU-Verenigd Bezit NV (Publishing).................................. 42,500 1,543,958
------------
12,810,052
------------
NORWAY--0.8%
Merkantildata ASA (Computers (Software & Services))................. 121,000 1,529,542
------------
PERU--0.3%
Telefonica del Peru SA Sponsored ADR (Telephone).................... 31,000 633,563
------------
POLAND--0.2%
Amica Wronki SA (Retail (General Merchandise)) (b).................. 29,094 288,686
------------
PORTUGAL--2.1%
Brisa-Auto Estradas de Portugal SA (Transportation (Truckers))...... 2,500 106,919
Portugal Telecom SA (Communications Equipment)...................... 35,200 1,865,569
Telecel-Comunicacoes Pessoais SA (Telecommunications
(Cellular/Wireless)).............................................. 12,000 2,130,792
------------
4,103,280
------------
SPAIN--3.8%
Banco Popular Espanol SA (Banks (Major Regional))................... 25,600 2,187,262
Banco Santander SA (Banks (Money Center))........................... 80,800 2,071,592
</TABLE>
See Notes to Financial Statements 5
<PAGE>
PHOENIX WORLDWIDE OPPORTUNITIES FUND
- ------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C>
SPAIN--CONTINUED
Telefonica SA (Telephone)........................................... 67,418 $ 3,122,304
------------
7,381,158
------------
SWEDEN--1.6%
ForeningsSparbanken AB (Banks (Major Regional))..................... 23,300 701,196
Mandamus AB (Real Estate Development) (b)........................... 1,165 7,304
Skandia Forsakrings AB (Insurance (Multi-Line))..................... 161,500 2,308,604
------------
3,017,104
------------
SWITZERLAND--4.6%
Novartis AG Registered Shares (Health Care (Drugs-Major
Pharmaceuticals))................................................. 1,990 3,311,397
Schweizerische Lebensversicherungs-und Retenanstalt (Insurance
(Life/Health)).................................................... 2,030 1,718,422
Schweizerische Rueckersicherungs-Gesellschaft Registered (Insurance
(Life/ Health))................................................... 100 252,899
Zurich Verschierungs-Gesellchaft Registered Shares (Insurance
(Multi-Line))..................................................... 5,820 3,714,216
------------
8,996,934
------------
UNITED KINGDOM--18.1%
British Aerospace PLC (Aerospace/Defense)........................... 438,800 3,367,838
Cable & Wireless Communications PLC (Telecommunications (Cellular/
Wireless)) (b).................................................... 283,900 2,872,916
Compass Group PLC (Foods)........................................... 216,000 2,486,735
GKN PLC (Auto Parts & Equipment).................................... 150,000 1,899,590
Granada Group PLC (Leisure Time (Products))......................... 43,000 792,071
Kingfisher PLC (Retail (General Merchandise))....................... 44,600 722,572
Legal & General Group PLC (Financial (Diversified))................. 273,000 2,910,652
Lloyds TSB Group PLC (Financial (Diversified))...................... 253,800 3,544,409
Misys PLC (Computers (Software & Services))......................... 32,157 1,829,066
National Express Group PLC (Railroads).............................. 22,400 361,972
Next PLC (Retail (General Merchandise))............................. 185,500 1,597,057
Norwich Union PLC (Insurance (Life/ Health))........................ 120,000 873,961
Rentokil Initial PLC (Services (Commercial & Consumer))............. 330,000 2,375,863
SEMA Group PLC (Telecommunications (Cellular/Wireless))............. 47,200 561,117
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C>
UNITED KINGDOM--CONTINUED
Siebe PLC (Electrical Equipment).................................... 66,000 $ 1,320,352
SmithKline Beecham PLC (Health Care (Drugs (Major
Pharmaceuticals))................................................. 62,120 756,107
Stagecoach Holdings PLC (Transportation (Services))................. 95,200 2,052,231
Vodafone Group PLC (Telecommunications (Cellular/Wireless))......... 206,900 2,627,071
Williams PLC (Manufacturing (Diversified)).......................... 190,500 1,231,667
WPP Group PLC (Services (Advertising/ Marketing))................... 148,500 977,463
------------
35,160,710
------------
TOTAL FOREIGN COMMON STOCKS
(Identified cost $88,683,231)................................................... 128,513,645
------------
FOREIGN PREFERRED STOCKS--3.3%
GERMANY--3.3%
SAP AG Vorzug Pfd. (Computers (Software & Services))................ 9,400 6,379,395
------------
TOTAL FOREIGN PREFERRED STOCKS
(Identified cost $2,286,840).................................................... 6,379,395
------------
TOTAL LONG-TERM INVESTMENTS --99.2%
(Identified cost $140,992,388).................................................. 192,501,190
------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD
& POOR'S PAR
RATING VALUE
(UNAUDITED) (000)
-------- --------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--1.9%
COMMERCIAL PAPER--1.9%
Greenwich Funding Corp.
6.50%, 7/1/98........................................... A-1+ $ 3,005 3,005,000
Asset Securitization Corp.
5.67%, 7/7/98........................................... A-1+ 285 284,731
Enterprise Funding Corp.
5.54%, 7/15/98.......................................... A-1 469 467,989
------------
3,757,720
------------
TOTAL SHORT-TERM OBLIGATIONS
(Identified cost $3,757,720).................................................. 3,757,720
------------
TOTAL INVESTMENTS--101.1%
(Identified cost $144,750,108)................................................ 196,258,910(a)
Cash and receivables, less liabilities--(1.1%)................................ (2,215,559)
------------
NET ASSETS--100.0%.................................................... $194,043,351
------------
------------
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $53,055,631 and gross
depreciation of $2,098,446 for federal income tax purposes. At June 30,
1998, the aggregate cost of securities for federal income tax purposes was
$145,301,725.
(b) Non-income producing.
(c) Segregated as collateral for forward currency contracts.
6 See Notes to Financial Statements
<PAGE>
Phoenix Worldwide Opportunities Fund
- ------------------------------------------------------
INDUSTRY DIVERSIFICATION
AS A PERCENTAGE OF TOTAL VALUE OF
TOTAL LONG-TERM INVESTMENTS
(UNAUDITED)
<TABLE>
<S> <C>
Aerospace/Defense................................. 2.0%
Air Freight....................................... 0.7
Airlines.......................................... 1.2
Auto Parts & Equipment............................ 1.0
Automobiles....................................... 0.8
Banks (Major Regional)............................ 5.9
Banks (Money Center).............................. 5.4
Beverages (Non-Alcoholic)......................... 0.6
Biotechnology..................................... 0.5
Broadcasting (Television, Radio & Cable).......... 1.6
Building Materials................................ 0.3
Chemicals......................................... 1.1
Chemicals (Diversified)........................... 0.1
Communications Equipment.......................... 3.9
Computers (Software & Services)................... 9.2
Computers (Hardware).............................. 2.0
Consumer Finance.................................. 0.2
Diversified Miscellaneous......................... 1.0
Electrical Equipment.............................. 2.2
Electronics (Component Distribution).............. 0.7
Electronics (Semiconductors)...................... 0.5
Financial (Diversified)........................... 5.9
Foods............................................. 2.7
Footwear.......................................... 0.5
Health Care (Diversified)......................... 2.5
Health Care (Drugs--Major Pharmaceuticals)........ 3.4
Health Care (Long Term Care)...................... 0.4
Health Care (Medical Products & Supplies)......... 0.9
Insurance (Life/Health)........................... 2.9
Insurance (Multi-Line)............................ 6.2%
Leisure Time (Products)........................... 0.4
Machinery (General Industrial).................... 1.7
Manufacturing (Diversified)....................... 1.2
Oil & Gas (Drilling & Equipment).................. 1.2
Oil & Gas (Field Services)........................ 0.5
Personal Care..................................... 0.3
Professional Services............................. 0.6
Publishing........................................ 1.2
Publishing (Newspapers)........................... 2.6
Railroads......................................... 0.2
Real Estate Development........................... 0.0
Retail (Building Supplies)........................ 1.5
Retail (Computers & Electronics).................. 0.2
Retail (Drug Stores).............................. 1.5
Retail (Food Chains).............................. 0.7
Retail (General Merchandise)...................... 3.4
Retail (Specialty)................................ 0.4
Services (Advertising/Marketing).................. 1.0
Services (Commercial & Consumer).................. 1.2
Telecommunications (Long Distance)................ 2.2
Telecommunications (Cellular/Wireless)............ 6.6
Telephone......................................... 3.4
Transportation (Services)......................... 1.1
Truckers.......................................... 0.1
Waste Management.................................. 0.5
-----
100.0%
-----
-----
</TABLE>
See Notes to Financial Statements 7
<PAGE>
PHOENIX WORLDWIDE OPPORTUNITIES FUND
- ------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1998
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $144,750,108) $ 196,258,910
Cash 12,249
Foreign currency at value (Identified cost $52) 45
Receivables
Investment securities sold 594,734
Dividends and interest 243,512
Fund shares sold 118,305
Tax reclaim 141,902
--------------
Total assets 197,369,657
--------------
LIABILITIES
Payables
Investment securities purchased 2,024,086
Fund shares repurchased 660,216
Closed foreign currency contracts 270,349
Investment advisory fee 117,311
Transfer agent fee 73,087
Financial agent fee 14,907
Distribution fee 45,566
Trustees' fee 2,874
Accrued expenses 117,910
--------------
Total liabilities 3,326,306
--------------
NET ASSETS $ 194,043,351
--------------
--------------
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 131,259,597
Distributions in excess of net investment income (420,414)
Accumulated net realized gain 11,697,612
Net unrealized appreciation 51,506,556
--------------
NET ASSETS $ 194,043,351
--------------
--------------
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $183,188,428) 14,768,288
Net asset value per share $12.40
Offering price per share
$12.40/(1-4.75%) $13.02
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $10,854,923) 901,909
Net asset value and offering price per share $12.04
</TABLE>
STATEMENT OF OPERATIONS
JUNE 30, 1998
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends $ 2,525,050
Interest 436,712
Foreign taxes withheld (197,776)
-------------
Total investment income 2,763,986
-------------
EXPENSES
Investment advisory fee 1,278,505
Distribution fee--Class A 403,413
Distribution fee--Class B 91,030
Financial agent fee 97,030
Transfer agent 328,305
Custodian 160,845
Professional 39,466
Registration 33,903
Printing 21,878
Trustees 15,271
Miscellaneous 12,477
-------------
Total expenses 2,482,123
-------------
NET INVESTMENT INCOME 281,863
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 17,923,154
Net realized loss on foreign currency transactions (2,049,704)
Net change in unrealized appreciation (depreciation) on
investments 31,381,926
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions (86,223)
-------------
NET GAIN ON INVESTMENTS 47,169,153
-------------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS $ 47,451,016
-------------
-------------
</TABLE>
8 See Notes to Financial Statements
<PAGE>
PHOENIX WORLDWIDE OPPORTUNITIES FUND
- ------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
JUNE 30, 1998 JUNE 30, 1997
-------------- --------------
<S> <C> <C>
FROM OPERATIONS
Net investment income $ 281,863 $ 465,980
Net realized gain 15,873,450 15,784,753
Net change in unrealized appreciation 31,295,703 3,210,431
-------------- --------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 47,451,016 19,461,164
-------------- --------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income--Class A (1,559,972) (547,706)
Net investment income--Class B (82,470) (3,491)
Net realized capital gains--Class A (16,213,603) (10,600,864)
Net realized capital gains--Class B (923,384) (464,200)
In excess of net investment income--Class A (334,226) (36,512)
In excess of net investment income--Class B (17,669) (233)
-------------- --------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS (19,131,324) (11,653,006)
-------------- --------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (1,700,588 and 7,287,155
shares, respectively) 19,328,353 73,684,613
Net asset value of shares issued from reinvestment of
distributions
(1,716,156 and 1,017,922 shares, respectively) 16,423,613 9,812,762
Cost of shares repurchased (2,883,240 and 8,259,993
shares, respectively) (32,460,031) (83,959,118)
-------------- --------------
Total 3,291,935 (461,743)
-------------- --------------
CLASS B
Proceeds from sales of shares (234,656 and 294,976 shares,
respectively) 2,624,751 2,922,714
Net asset value of shares issued from reinvestment of
distributions (100,820 and 40,165 shares, respectively) 939,638 381,165
Cost of shares repurchased (232,300 and 99,485 shares,
respectively) (2,549,881) (994,110)
-------------- --------------
Total 1,014,508 2,309,769
-------------- --------------
INCREASE IN NET ASSETS FROM SHARE TRANSACTIONS 4,306,443 1,848,026
-------------- --------------
NET INCREASE IN NET ASSETS 32,626,135 9,656,184
NET ASSETS
Beginning of period 161,417,216 151,761,032
-------------- --------------
END OF PERIOD (INCLUDING DISTRIBUTIONS IN EXCESS OF NET
INVESTMENT INCOME AND UNDISTRIBUTED NET INVESTMENT
INCOME OF ($420,414) AND $1,360,579, RESPECTIVELY) $194,043,351 $161,417,216
-------------- --------------
-------------- --------------
</TABLE>
See Notes to Financial Statements 9
<PAGE>
PHOENIX WORLDWIDE OPPORTUNITIES FUND
- ------------------------------------------------------
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
-----------------------------------------------------------------
YEAR ENDED JUNE 30,
1998 1997 1996 1995 1994
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.75 $ 10.29 $ 9.04 $ 10.17 $ 8.00
INCOME FROM INVESTMENT OPERATIONS(5)
Net investment income (loss) 0.02 0.03(1) (0.02)(1) 0.01(1) 0.01
Net realized and unrealized gain 2.97 1.25 1.87 0.56 2.19
--------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS 2.99 1.28 1.85 0.57 2.20
--------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income (0.13) (0.04) -- -- (0.03)
Dividends from net realized gains (1.20) (0.78) (0.60) (1.37) --
In excess of net investment income (0.01) -- -- -- --
In excess of net realized gains -- -- -- (0.33) --
--------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS (1.34) (0.82) (0.60) (1.70) (0.03)
--------- --------- --------- --------- ---------
Change in net asset value 1.65 0.46 1.25 (1.13) 2.17
--------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.40 $ 10.75 $ 10.29 $ 9.04 $ 10.17
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
Total return(2) 31.45% 13.40% 21.39% 6.53% 27.46%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $183,188 $153,005 $146,052 $126,481 $118,707
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.42% 1.53% 1.60% 1.80% 1.50%
Net investment income (loss) 0.21% 0.34% (0.19)% 0.16% 0.09%
Portfolio turnover 156% 234% 245% 277% 259%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
---------------------------------------------------
FROM
INCEPTION
7/15/94
YEAR ENDED JUNE 30, TO
1998 1997 1996 06/30/95
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.53 $ 10.14 $ 8.98 $ 10.40
INCOME FROM INVESTMENT OPERATIONS(5)
Net investment income (loss) (0.06) (0.03)(1) (0.08)(1) (0.02)(1)
Net realized and unrealized gain 2.90 1.21 1.84 0.30
--------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS 2.84 1.18 1.76 0.28
--------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income (0.11) (0.01) -- --
Dividends from net realized gains (1.20) (0.78) (0.60) (1.37)
In excess of net investment income (0.02) -- -- --
In excess of net realized gains -- -- -- (0.33)
--------- --------- --------- ---------
TOTAL DISTRIBUTIONS (1.33) (0.79) (0.60) (1.70)
--------- --------- --------- ---------
Change in net asset value 1.51 0.39 1.16 (1.42)
--------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.04 $ 10.53 $ 10.14 $ 8.98
--------- --------- --------- ---------
--------- --------- --------- ---------
Total return(2) 30.61% 12.46% 20.50% 3.54%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $10,855 $8,412 $5,709 $ 2,849
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.17% 2.29% 2.34% 2.61%(4)
Net investment income (loss) (0.54)% (0.35)% (0.86)% (0.33)%(4)
Portfolio turnover 156% 234% 245% 277%
</TABLE>
(1) Computed using average shares outstanding.
(2) Maximum sales charges are not reflected in the total return calculation.
(3) Not annualized.
(4) Annualized.
(5) 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.
10 See Notes to Financial Statements
<PAGE>
PHOENIX WORLDWIDE OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1998
1. SIGNIFICANT ACCOUNTING POLICIES
Phoenix Worldwide Opportunities Fund ("the Fund") 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.
The Fund's investment objective is capital appreciation by investing in equity
securities of domestic and non-U.S. issuers. The Fund offers both Class A and
Class B shares. Class A shares are sold with a front-end sales charge of up to
4.75%. Class B shares are sold with a contingent deferred sales charge which
declines from 5% to zero depending on the period of time the shares are held.
Both classes of shares have identical voting, dividend, liquidation and other
rights and the same terms and conditions, except that each class bears different
distribution expenses and has exclusive voting rights with respect to its
distribution plan. Income and expenses of the Fund are borne pro rata by the
holders of both classes of shares, except that each class bears distribution
expenses unique to that class.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets, liabilities, revenues and expenses.
Actual results could differ from those estimates.
A. SECURITY VALUATION:
Equity securities are valued at the last sale price, or if there had been no
sale of the security on that day, at the last bid price. Short-term investments
having a remaining maturity of 60 days or less are valued at amortized cost
which approximates market. All other securities and assets are valued at their
fair value as determined in good faith by or under the direction of the
Trustees.
B. SECURITY TRANSACTIONS AND RELATED INCOME:
Security transactions are recorded on the trade date. Dividend income is
recorded on the ex-dividend date, or in the case of certain foreign securities,
as soon as the Fund is notified. Realized gains and losses from investment
transactions are reported on the identified cost basis.
C. INCOME TAXES:
It is the policy of the Fund to comply with the requirements of the Internal
Revenue Code (the "Code"), applicable to regulated investment companies, and to
distribute substantially all of its taxable income to its shareholders. In
addition, the Fund intends to distribute an amount sufficient to avoid
imposition of any excise tax under Section 4982 of the Code. Therefore, no
provision for federal income taxes or excise taxes has been made.
D. DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders are recorded 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 and other assets and liabilities are valued using the
foreign currency exchange rate effective at the end of the reporting period.
Cost of investments is translated at the currency exchange rate effective at the
trade date. The gain or loss resulting from a change in currency exchange rates
between the trade and settlement dates of a portfolio transaction is treated as
a gain or loss on foreign currency. Likewise, the gain or loss resulting from a
change in currency exchange rates between the date income is accrued and paid is
treated as a gain or loss on foreign currency. The Fund does not separate that
portion of the results of operations arising from changes in exchange rates and
that portion arising from changes in the market prices of securities.
F. FORWARD CURRENCY CONTRACTS:
The 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 and to manage the Fund's currency exposure. 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 the Fund as an unrealized gain (or loss). When the contract
is closed or offset with the same counterparty, the Fund records a realized gain
(or loss) equal to the change in the value of the contract when it was opened
and the value at the time it was closed or offset.
2. INVESTMENT ADVISORY FEES AND RELATED PARTY TRANSACTIONS
Effective June 1, 1998, National Securities and Research Corporation assigned
its investment advisory agreement to Phoenix Investment Counsel, Inc. ("PIC"),
both an indirect majority-owned subsidiary of Phoenix Home Life Mutual Insurance
Company
11
<PAGE>
PHOENIX WORLDWIDE OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1998 (CONTINUED)
("PHL"). PIC is entitled to a fee at an annual rate of 0.75% of the average
daily net assets of the Fund for the first $1 billion.
As Distributor of the Fund's shares, Phoenix Equity Planning Corp. ("PEPCO"),
an indirect majority-owned subsidiary of PHL, has advised the Fund that it
retained net selling commissions of $9,838 for Class A shares and deferred sales
charges of $27,065 for Class B shares for the year ended June 30, 1998. In
addition, the Fund pays PEPCO a distribution fee at an annual rate of 0.25% for
Class A shares and 1.00% for Class B shares of the average daily net assets of
the Fund. The Distribution Plan for Class A shares provides for fees to be paid
up to a maximum on an annual basis of 0.30%; the Distributor has voluntarily
agreed to limit the fee to 0.25%. The Distributor has advised the Fund that of
the total amount expensed for the year ended June 30, 1998, approximately
$196,013 was retained by the Distributor, $285,398 was paid to unaffiliated
participants and $13,032 was paid to W.S. Griffith, an indirect subsidiary of
PHL.
As Financial Agent of the Fund, PEPCO received a fee for bookkeeping,
administration, and pricing services through May 31, 1998, at an annual rate of
0.005% of average daily net assets up to $100 million, 0.04% of average daily
net assets of $100 million to $300 million, 0.03% of average daily net assets of
$300 million through $500 million, and 0.015% of average daily net assets
greater than $500 million; a minimum fee applied. Effective June 1, 1998, 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 Fund's Transfer Agent with State Street Bank and Trust
Company as sub-transfer agent. For the year ended June 30, 1998, transfer agent
fees were $328,305 of which PEPCO retained $122,891 which is net of the fees
paid to State Street.
At June 30, 1998, PHL and affiliates held 195 Class A shares and 2 Class B
shares of the Fund with a combined value of $2,430.
3. PURCHASE AND SALE OF SECURITIES
Portfolio purchases and sales of investments, excluding short-term securities,
for the year ended June 30, 1998 aggregated $258,729,907 and $268,779,128
respectively. There were no purchases or sales of long-term U.S. Government
securities.
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. RECLASS OF CAPITAL ACCOUNTS
The Fund has recorded several reclassifications in the capital accounts. These
reclassifications have no impact on the net asset value of the Fund and are
designed generally to present undistributed income and realized gains on a tax
basis which is considered to be more informative to the shareholder. For the
year ended June 30, 1998, the Fund has decreased undistributed net investment
income by $68,519 and increased accumulated net realized gains by $68,519.
TAX INFORMATION NOTICE (UNAUDITED)
For the fiscal year ended June 30, 1998, the Fund distributed long-term
capital gains dividends of $9,139,661.
12
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
[LOGO]
To the Trustees and Shareholders of
Phoenix Worldwide Opportunities Fund
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments (except for bond ratings), and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Phoenix Worldwide Opportunities Fund (the "Fund") at June 30, 1998, the results
of its operations for the year then ended, the changes in its net assets for
each of the two years in the period then ended and the financial highlights for
each of the periods indicated, in conformity with generally accepted accounting
principles. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at June 30, 1998 by correspondence with the custodian
and brokers, provide a reasonable basis for the opinion expressed above.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
August 7, 1998
<PAGE>
PHOENIX WORLDWIDE OPPORTUNITIES FUND
101 Munson Street
Greenfield, Massachusetts 01801
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
William E. Keen, III, Vice President
William R. Moyer, Vice President
Leonard J. Saltiel, Vice President
Pierre G. Trinque, Vice President
Nancy G. Curtiss, Treasurer
G. Jeffrey Bohne, Secretary
INVESTMENT ADVISER
Phoenix Investment Counsel, Inc.
56 Prospect Street
Hartford, Connecticut 06115-0480
PRINCIPAL UNDERWRITER
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
TRANSFER AGENT
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
CUSTODIAN
Brown Brothers Harriman & Co.
40 Water Street
Boston, Massachusetts 02109
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
160 Federal Street
Boston, Massachusetts 02110
HOW TO CONTACT US
Toll-Free Numbers
The Fund Connection 1-800-243-1574
Customer Service 1-800-243-1574 (option 0)
Investment Strategy Hotline 1-800-243-4361 (option 2)
Marketing Department 1-800-243-4361 (option 3)
Text Telephone 1-800-243-1926
World Wide Web address:
www.phoenixinvestments.com
<PAGE>
PHOENIX FUNDS BULK RATE MAIL
PO Box 2200 U.S. POSTAGE
Enfield CT 06083-2200 PAID
SPRINGFIELD, MA
PERMIT NO 444
[LOGO]
PXP 682 (8/98)
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000034273
<NAME> PHOENIX WORLDWIDE OPPORTUNITIES FUND
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 144750
<INVESTMENTS-AT-VALUE> 196259
<RECEIVABLES> 1099
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 197370
<PAYABLE-FOR-SECURITIES> 2024
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1303
<TOTAL-LIABILITIES> 3326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 131260
<SHARES-COMMON-STOCK> 14768
<SHARES-COMMON-PRIOR> 14235
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (420)
<ACCUMULATED-NET-GAINS> 11698
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 51507
<NET-ASSETS> 194043
<DIVIDEND-INCOME> 2525
<INTEREST-INCOME> 437
<OTHER-INCOME> (198)
<EXPENSES-NET> (2482)
<NET-INVESTMENT-INCOME> 282
<REALIZED-GAINS-CURRENT> 15873
<APPREC-INCREASE-CURRENT> 31296
<NET-CHANGE-FROM-OPS> 47451
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1560)
<DISTRIBUTIONS-OF-GAINS> (16214)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1701
<NUMBER-OF-SHARES-REDEEMED> (2883)
<SHARES-REINVESTED> 1716
<NET-CHANGE-IN-ASSETS> 30183
<ACCUMULATED-NII-PRIOR> 1361
<ACCUMULATED-GAINS-PRIOR> 12893
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1279
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2482
<AVERAGE-NET-ASSETS> 170468
<PER-SHARE-NAV-BEGIN> 10.75
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 2.97
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (1.20)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.40
<EXPENSE-RATIO> 1.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000034273
<NAME> PHOENIX WORLDWIDE OPPORTUNITIES FUND
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</TABLE>
