<PAGE>
PHOENIX INVESTMENT PARTNERS
SEMIANNUAL REPORT
DECEMBER 31, 1999
ABERDEEN
Phoenix-Aberdeen
Worldwide
Opportunities
Fund
[LOGO] PHOENIX
INVESTMENT PARTNERS
<PAGE>
PRESIDENT'S MESSAGE
DEAR SHAREHOLDER:
We are pleased to provide this semiannual financial report for the
Phoenix-Aberdeen Worldwide Opportunities Fund for the six months ended
December 31, 1999. The financial statements contained in this report also
reflect the merger of the Phoenix-Engemann Global Growth Fund into the Phoenix-
Aberdeen Worldwide Opportunities Fund in a non-taxable transaction effective
October 22, 1999.
If you have any questions, please contact your financial advisor or call a
customer service representative at 1-800-243-1574 between 8:00 a.m. and 6:00
p.m. Eastern Time, Monday through Friday.
Sincerely,
/s/ Philip R. McLoughlin
Philip R. McLoughlin
DECEMBER 31, 1999
--------------------------------------------------
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-ABERDEEN WORLDWIDE OPPORTUNITIES FUND
INVESTMENTS AT DECEMBER 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C> <C>
COMMON STOCKS--35.0%
UNITED STATES--35.0%
AT&T Corp. (Telecommunications (Long
Distance)).............................. 50,001 $ 2,537,551
American Express Co. (Financial
(Diversified)).......................... 8,000 1,330,000
American International Group, Inc.
(Insurance (Multi-Line))................ 27,250 2,946,406
Bank of America Corp. (Banks (Money
Center))................................ 34,000 1,706,375
CIGNA Corp. (Insurance (Multi-Line)).... 15,000 1,208,437
Caterpillar, Inc. (Machinery
(Diversified)).......................... 26,000 1,223,625
Chase Manhattan Corp. (The) (Banks
(Money Center))......................... 33,000 2,563,687
Citigroup, Inc. (Financial
(Diversified)).......................... 60,000 3,333,750
Claire's Stores, Inc. (Retail
(Specialty))............................ 55,000 1,230,625
Clorox Co. (The) (Household Products
(Non-Durable)).......................... 12,000 604,500
Computer Network Technology Corp.
(Computers (Hardware))(b)............... 130,000 2,981,875
Corning, Inc. (Manufacturing
(Diversified)).......................... 31,000 3,997,063
Crown Castle International Corp.
(Services (Commercial & Consumer))(b)... 45,000 1,445,625
Delphi Automotive Systems Corp. (Auto
Parts & Equipment)...................... 116,000 1,827,000
Diebold, Inc. (Manufacturing
(Specialized)).......................... 27,000 634,500
Dycom Industries, Inc. (Engineering &
Construction)(b)........................ 75,000 3,304,687
Eaton Corp. (Manufacturing
(Diversified)).......................... 11,000 798,875
First Data Corp. (Services (Data
Processing))............................ 26,000 1,282,125
GTE Corp. (Telephone)................... 23,000 1,622,938
Gadzoox Networks, Inc. (Computers
(Hardware))(b).......................... 35,000 1,524,687
General Dynamics Corp.
(Aerospace/Defense)..................... 22,000 1,160,500
General Electric Co. (Electrical
Equipment).............................. 5,000 773,750
Gillette Co. (The) (Personal Care)...... 7,000 288,313
Goldman Sachs Group, Inc. (The)
(Investment Banking/Brokerage).......... 22,000 2,072,125
Hartford Financial Services Group, Inc.
(The) (Insurance (Multi-Line)).......... 20,000 947,500
<CAPTION>
SHARES VALUE
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<S> <C> <C> <C>
UNITED STATES--CONTINUED
Healtheon/WebMD Corp. (Computers
(Software & Services))(b)............... 60,000 $ 2,250,000
Hershey Foods Corp. (Foods)............. 21,000 997,500
Honeywell International, Inc.
(Manufacturing (Diversified))........... 54,000 3,115,125
Illinois Tool Works, Inc. (Manufacturing
(Diversified)).......................... 12,000 810,750
Ingersoll-Rand Co. (Machinery
(Diversified)).......................... 4,000 220,250
Intel Corp. (Electronics
(Semiconductors))....................... 36,100 2,971,481
Lucent Technologies, Inc.
(Communications Equipment).............. 3,000 224,437
MasTec, Inc. (Engineering &
Construction)(b)........................ 30,000 1,335,000
MediaOne Group, Inc. (Broadcasting
(Television, Radio & Cable))(b)......... 20,000 1,536,250
MedicaLogic, Inc. (Health Care
(Specialized Services))(b).............. 19,000 399,000
Microsoft Corp. (Computers (Software &
Services))(b)........................... 5,395 629,866
Minnesota Mining and Manufacturing Co.
(Manufacturing (Diversified))........... 14,000 1,370,250
Monsanto Co. (Chemicals
(Diversified)).......................... 10,000 356,250
Morgan (J.P.) & Co., Inc. (Banks (Money
Center))................................ 16,000 2,026,000
Network Access Solutions Corp.
(Electronics (Component
Distributors))(b)....................... 80,000 2,640,000
Quanta Services, Inc. (Engineering &
Construction)(b)........................ 26,000 734,500
Rambus, Inc. (Services (Commercial &
Consumer))(b)........................... 21,000 1,416,188
SBC Communications, Inc. (Telephone).... 44,000 2,145,000
SLM Holding Corp. (Financial
(Diversified)).......................... 52,000 2,197,000
Solectron Corp. (Electrical
Equipment)(b)........................... 20,000 1,902,500
Sun Microsystems, Inc. (Computers
(Hardware))(b).......................... 2,630 203,661
</TABLE>
2 See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
<TABLE>
<CAPTION>
SHARES VALUE
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<S> <C> <C> <C>
UNITED STATES--CONTINUED
Synopsys, Inc. (Computers (Software &
Services))(b)........................... 24,000 $ 1,602,000
Tyco International Ltd. (Manufacturing
(Diversified)).......................... 78,100 3,036,138
Viatel, Inc. (Telecommunications (Long
Distance))(b)........................... 4,870 261,154
Vixel Corp. (Computers
(Networking))(b)........................ 44,000 750,750
Wal-Mart Stores, Inc. (Retail (General
Merchandise))........................... 5,000 345,625
Watson Pharmaceuticals, Inc. (Health
Care (Generic and Other))(b)............ 30,000 1,074,375
Wells Fargo Co. (Banks (Major
Regional)).............................. 47,000 1,900,562
------------
81,798,131
------------
- -----------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $74,551,801) 81,798,131
- -----------------------------------------------------------------------
FOREIGN COMMON STOCKS--64.4%
ARGENTINA--0.0%
Perez Companc SA Sponsored ADR (Oil &
Gas (Exploration & Production))......... 12,000 122,894
------------
AUSTRALIA--1.0%
Australian Gas Light Co., Ltd. (Natural
Gas).................................... 150,000 881,037
QBE Insurance Group Ltd. (Insurance
(Property-Casualty)).................... 293,000 1,366,757
------------
2,247,794
------------
BELGIUM--0.2%
Dexia (Banks (Major Regional))(b)....... 3,220 532,505
------------
BRAZIL--0.7%
Tele Centro Sul Participacoes SA ADR
(Telecommunications (Long Distance)).... 4,200 381,150
Tele Norte Leste Participacoes SA ADR
(Telecommunications (Long Distance)).... 12,600 321,300
Tele Sudeste Celular Participacoes SA
ADR (Telecommunications
(Cellular/Wireless)).................... 13,000 504,563
<CAPTION>
SHARES VALUE
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<S> <C> <C> <C>
BRAZIL--CONTINUED
Telesp Participacoes SA ADR
(Telecommunications (Long Distance)).... 21,500 $ 525,406
------------
1,732,419
------------
CANADA--0.1%
Nortel Networks Corp. (Communications
Equipment).............................. 3,000 303,000
------------
DENMARK--0.6%
Danisco A/S (Foods)..................... 13,834 538,681
Tele Danmark A/S (Telephone)............ 10,138 752,516
Tele Denmark A/S Sponsored ADR
(Telecommunications (Long Distance)).... 5,000 188,750
------------
1,479,947
------------
FINLAND--2.6%
Helsingin Puhelin Oyj (Telephone)....... 14,535 1,210,640
Nokia Oyj (Communications Equipment).... 11,130 2,017,726
Nokia Oyj Sponsored ADR (Communications
Equipment).............................. 9,600 1,824,000
Stora Enso Oyj (Paper & Forest
Products)............................... 22,760 396,793
UPM-Kymmene Oyj (Paper & Forest
Products)............................... 15,526 625,481
------------
6,074,640
------------
FRANCE--7.3%
Air Liquide SA (Chemicals
(Specialty))............................ 3,636 608,624
Alcatel (Communications Equipment)...... 6,319 1,451,034
Alstom (Engineering &
Construction)(b)........................ 12,164 405,508
Axa (Insurance (Multi-Line))............ 5,655 788,249
Axa Sponsored ADR (Insurance
(Life/Health)).......................... 2,900 205,900
Canal Plus (Broadcasting (Television,
Radio & Cable))......................... 6,216 904,635
Carrefour SA (Retail (Food Chains))..... 6,224 1,147,764
Castorama Dubois (Retail (Building
Supplies)).............................. 3,722 1,132,082
Coflexip SA (Metal Fabricators)......... 9,077 659,589
Coflexip SA Sponsored ADR (Engineering &
Construction)........................... 2,900 110,200
Compagnie de Saint-Gobain (Manufacturing
(Diversified)).......................... 1,755 330,002
Dexia France (Banks (Major Regional))... 245 40,591
Lafarge SA (Construction (Cement &
Aggregates))............................ 12,111 1,410,043
</TABLE>
See Notes to Financial Statements 3
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
<TABLE>
<CAPTION>
SHARES VALUE
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<S> <C> <C> <C>
FRANCE--CONTINUED
Pechiney SA Class A (Containers &
Packaging (Paper))...................... 11,062 $ 790,461
Renault SA (Automobiles)................ 12,343 594,960
Sanofi-Synthelabo SA (Health Care
(Diversified))(b)....................... 14,339 597,013
Schneider Electric SA (Electrical
Equipment).............................. 9,721 763,170
Societe Generale Class A (Banks (Major
Regional)).............................. 4,213 980,162
Suez Lyonnaise des Eaux SA (Engineering
& Construction)......................... 2,608 417,900
Total Fina SA Class B (Oil & Gas
(Refining & Marketing))................. 14,450 1,928,316
Total Fina SA Sponsored ADR (Oil
(International Integrated))............. 2,185 151,311
Valeo SA (Auto Parts & Equipment)....... 8,927 688,698
Vivendi (Manufacturing (Diversified))... 9,525 860,022
------------
16,966,234
------------
GERMANY--5.9%
Allianz AG Vinkulierte Registered Shares
(Insurance (Multi-Line))................ 3,010 1,011,013
BASF AG (Chemicals (Diversified))....... 20,847 1,070,800
Bayer AG (Chemicals (Diversified))...... 14,339 678,752
Bewag AG (Electric Companies)........... 19,640 227,475
DaimlerChrysler AG (Automobiles)........ 12,692 986,829
Deutsche Bank AG (Banks (Major
Regional)).............................. 11,329 956,729
Deutsche Lufthansa AG (Airlines)........ 44,384 1,032,602
Deutsche Telekom AG (Telephone)......... 7,005 500,911
HypoVereinsbank AG (Banks (Major
Regional)).............................. 12,007 819,896
Mannesmann AG (Telephone)............... 7,335 1,769,295
Metro AG (Retail (Specialty))........... 16,336 878,580
Muenchener
Rueckversicherungs-Gesellschaft AG
(Insurance (Multi-Line))................ 4,883 1,238,332
RWE AG (Manufacturing (Diversified)).... 16,721 655,098
SAP AG Sponsored ADR (Computers
(Software & Services))(b)............... 30,000 1,561,875
Volkswagen AG (Automobiles)............. 5,216 293,922
------------
13,682,109
------------
<CAPTION>
SHARES VALUE
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<S> <C> <C> <C>
GREECE--0.2%
Hellenic Telecommunications Organization
SA (Telephone).......................... 18,700 $ 444,383
------------
HONG KONG--1.4%
Cheung Kong (Holdings) Ltd. (Financial
(Diversified)).......................... 40,000 508,137
Swire Pacific Ltd. Class B
(Manufacturing (Diversified))........... 3,060,000 2,696,469
------------
3,204,606
------------
HUNGARY--0.3%
Magyar Tavkozlesi Rt Sponsored ADR
(Telecommunications (Long Distance)).... 17,900 644,400
------------
INDIA--0.8%
BSES Ltd. GDR (Electric Companies)(b)... 50,000 650,000
Mahanagar Telephone Nigam Ltd. GDR
(Telecommunications (Long Distance)).... 107,000 1,214,450
------------
1,864,450
------------
INDONESIA--0.3%
PT Indosat (Telecommunications (Long
Distance)).............................. 135,000 301,395
PT Indosat (Persero) Tbk ADR
(Telecommunications (Long Distance)).... 22,000 475,750
------------
777,145
------------
ISRAEL--0.2%
Bank Hapoalim Ltd. (Banks (Major
Regional)).............................. 121,000 376,787
------------
ITALY--2.0%
Assicurazioni Generali (Insurance
(Life/Health)).......................... 18,741 619,100
Banca Intesa SPA (Banks (Major
Regional)).............................. 308,236 627,089
Beni Stabili SPA (Financial
(Diversified))(b)....................... 40,891 14,414
Eni SPA (Oil (Domestic Integrated))..... 116,208 639,033
San Paolo-IMI SPA (Banks (Major
Regional)).............................. 44,081 598,905
Telecom Italia Mobile SPA (Telephone)... 55,766 622,867
Telecom Italia SPA (Telephone).......... 63,121 890,013
Telecom Italia SPA Sponsored ADR
(Telecommunications (Long Distance)).... 4,000 560,000
------------
4,571,421
------------
JAPAN--9.0%
Asahi Bank Ltd. (The) (Banks (Major
Regional)).............................. 140,000 863,267
Canon, Inc. (Office Equipment &
Supplies)............................... 28,000 1,112,655
Circle K Japan Co., Ltd. (Retail (Food
Chains))................................ 19,000 779,192
</TABLE>
4 See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
<TABLE>
<CAPTION>
SHARES VALUE
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<S> <C> <C> <C>
JAPAN--CONTINUED
Dai Nippon Printing Co., Ltd. (Specialty
Printing)............................... 49,000 $ 781,736
Fuji Photo Film Co.
(Photography/Imaging)................... 22,000 803,171
Fujitsu Ltd. (Computers (Hardware))..... 21,000 957,815
Hitachi Credit Corp. (Consumer
Finance)................................ 36,000 731,134
Ito-Yokado Co., Ltd. (Retail (Food
Chains))................................ 9,000 977,782
Kao Corp. (Household Products
(Non-Durable)).......................... 28,000 798,865
Mabuchi Motor Co., Ltd. (Electrical
Equipment).............................. 6,000 1,047,078
NTT Mobile Communications Network, Inc.
(Telecommunications
(Cellular/Wireless)).................... 320 1,230,890
Nikko Securities Co., Ltd. (The)
(Investment Banking/Brokerage).......... 75,000 949,153
Nippon Telegraph & Telephone Corp.
(Telephone)............................. 720 1,233,239
Rinnai Corp. (Household Furnishings &
Appliances)............................. 31,900 593,227
Rohm Co., Ltd. (Electronics
(Semiconductors))....................... 4,000 1,644,318
Sankyo Co., Ltd. (Health Care
(Drugs-Major Pharmaceuticals)).......... 47,000 966,037
Sanwa Bank Ltd. (The) (Banks (Major
Regional)).............................. 83,000 1,009,778
Secom Co., Ltd. (Services (Commercial &
Consumer)).............................. 6,000 660,664
Sharp Corp. (Household Furnishings &
Appliances)............................. 54,000 1,382,108
Shin-Etsu Chemical Co., Ltd. (Chemicals
(Specialty))............................ 20,000 861,310
Suzuki Motor Corp. (Automobiles)........ 56,000 817,226
Yamato Transport Co. Ltd. (Air
Freight)................................ 22,000 852,697
------------
21,053,342
------------
MALAYSIA--0.2%
Carlsberg Brewery Malaysia Berhad
(Beverages (Alcoholic))................. 100,000 307,891
Malaysian Oxygen Berhad (Chemicals
(Specialty))............................ 61,000 150,893
------------
458,784
------------
MEXICO--1.0%
Cemex SA de C.V. Sponsored ADR
(Construction (Cement &
Aggregates))(b)......................... 16,800 468,300
Coca-Cola Femsa SA Sponsored ADR
(Beverages (Non-Alcoholic))............. 34,500 605,906
<CAPTION>
SHARES VALUE
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<S> <C> <C> <C>
MEXICO--CONTINUED
Fomento Economico Mexicano SA de CV ADR
(Beverages (Alcoholic))................. 3,400 $ 151,300
Grupo Televisa SA Sponsored GDR
(Broadcasting (Television, Radio &
Cable))(b).............................. 6,000 409,500
Telefonos de Mexico SA Sponsored ADR
Class L (Telecommunications (Long
Distance)).............................. 6,000 675,000
------------
2,310,006
------------
NETHERLANDS--5.0%
ASM Lithography Holding NV (Equipment
(Semiconductor))(b)..................... 8,495 943,699
Elsevier NV (Publishing)................ 33,394 398,885
Equant NV (Services (Data
Processing))(b)......................... 11,331 1,286,135
Fortis (NL) NV (Financial
(Diversified)).......................... 26,714 961,855
Gucci Group (Textiles (Apparel))........ 6,019 694,104
Gucci Group (Manufacturing
(Diversified)).......................... 1,800 206,100
Heineken NV (Beverages (Alcoholic))..... 12,500 609,578
IHC Caland NV (Oil & Gas (Drilling &
Equipment))............................. 8,171 298,317
ING Groep NV (Financial
(Diversified)).......................... 18,545 1,119,536
KPN NV (Telephone)...................... 9,409 918,252
Koninklijke (Royal) Philips Electronics
NV (Electronics (Component
Distributors)).......................... 7,892 1,073,039
Koninklijke (Royal) Philips Electronics
NV NY Registered Shares (Electrical
Equipment).............................. 1,932 260,820
Royal Dutch Petroleum Co. (Oil (Domestic
Integrated))............................ 14,670 899,053
STMicroelectronics NV (Electronics
(Semiconductors))....................... 2,700 415,510
Unilever NV CVA (Foods)................. 14,561 804,235
United Pan-Europe Communications NV
(Broadcasting (Television, Radio &
Cable))(b).............................. 3,235 413,783
Wolters Kluwer NV (Publishing).......... 9,981 337,760
------------
11,640,661
------------
NEW ZEALAND--0.1%
Telecom Corporation of New Zealand Ltd.
(Telephone)............................. 75,000 352,687
------------
</TABLE>
See Notes to Financial Statements 5
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
<TABLE>
<CAPTION>
SHARES VALUE
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PHILIPPINES--0.2%
Ayala Land, Inc. (Financial
(Diversified)).......................... 2,000,000 $ 521,092
------------
POLAND--0.2%
Elektrim Spolka Akcyjna SA (Distributors
(Food & Health))(b)..................... 39,800 394,631
------------
PORTUGAL--0.2%
Portugal Telecom SA (Telephone)......... 38,090 417,766
------------
SINGAPORE--1.8%
Datacraft Asia Ltd. (Computers
(Networking))........................... 63,850 529,955
Singapore Airlines Ltd. (Airlines)...... 155,000 1,758,931
United Overseas Bank Ltd. (Banks (Major
Regional)).............................. 221,760 1,957,293
------------
4,246,179
------------
SOUTH AFRICA--0.6%
BOE Ltd. (Financial (Diversified))...... 233,930 228,039
De Beers (Metals Mining)................ 18,075 525,658
Metro Cash and Carry Ltd. (Retail
(Specialty))............................ 535,000 608,448
------------
1,362,145
------------
SOUTH KOREA--0.7%
Kookmin Bank (Banks (Major Regional))... 39,808 624,027
Pohang Iron & Steel Co., Ltd. (Iron &
Steel).................................. 8,000 943,784
------------
1,567,811
------------
SPAIN--2.0%
Argentaria, Caja Postal y Banco
Hipotecario de Espana SA (Banks (Major
Regional)).............................. 23,687 556,569
Banco Popular Espanol SA (Banks (Major
Regional)).............................. 13,631 888,919
Banco Santander Central Hispano SA
(Banks (Major Regional))................ 34,929 395,409
Banco Santander Central Hispano, SA
Sponsored ADR (Banks (Money Center)).... 13,700 160,119
Groupo Dragados SA (Engineering &
Construction)........................... 27,800 245,269
Iberdrola SA (Electric Companies)....... 30,172 418,136
Repsol-YPF SA (Oil & Gas (Refining &
Marketing))............................. 30,080 697,393
<CAPTION>
SHARES VALUE
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<S> <C> <C> <C>
SPAIN--CONTINUED
Telefonia SA Sponsored ADR
(Telecommunications (Long
Distance))(b)........................... 918 $ 72,350
Telefonica SA (Telephone)(b)............ 50,011 1,249,142
------------
4,683,306
------------
SWEDEN--3.9%
ABB Ltd. (Electrical Equipment)(b)...... 6,015 733,140
AstraZeneca Group PLC (Health Care
(Drugs-Major Pharmaceuticals)).......... 7,280 308,040
Electrolux AB (Household Furnishings &
Appliances)............................. 42,388 1,066,177
SKF AB (Metal Fabricators).............. 14,010 340,864
SSAB Svenskt Stal AB Series A (Iron &
Steel).................................. 51,765 803,124
Sandvik AB Class B (Machinery
(Diversified)).......................... 25,467 811,184
Skandia Forsakrings AB (Insurance
(Life/Health)).......................... 46,172 1,394,711
Skandinaviska Enskilda Banken Class A
(Banks (Major Regional))................ 62,543 632,193
Telefonaktiebolaget LM Ericsson Class B
(Communications Equipment).............. 34,926 2,245,477
Telefonaktiebolaget LM Ericsson
Sponsored ADR (Communications
Equipment).............................. 12,900 847,369
------------
9,182,279
------------
SWITZERLAND--3.6%
Credit Suisse Group (Banks (Major
Regional)).............................. 4,912 976,354
Nestle SA (Foods)....................... 602 1,102,829
Novartis AG Registered Shares (Health
Care (Drugs-Major Pharmaceuticals))..... 1,125 1,651,856
Roche Holding AG (Health Care
(Drugs-Major Pharmaceuticals)).......... 139 1,649,878
Swisscom AG (Telephone)................. 1,560 630,936
Synthes-Stratec, Inc. (Health Care
(Medical Products & Supplies))(b)....... 920 421,202
UBS AG (Banks (Major Regional))......... 5,249 1,417,490
Zurich Allied AG (Financial
(Diversified)).......................... 1,086 619,285
------------
8,469,830
------------
TAIWAN--0.1%
Standard Foods Taiwan Ltd. GDR
(Foods)(b).............................. 39,913 164,641
------------
</TABLE>
6 See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
<TABLE>
<CAPTION>
SHARES VALUE
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<S> <C> <C> <C>
THAILAND--0.2%
BEC World Public Co. Ltd.
(Entertainment)......................... 83,000 $ 586,168
------------
TURKEY--0.8%
Haci Omer Sabanci Holding AS (Investment
Management)............................. 13,044,000 757,533
Yapi ve Kredi Bankasi AS (Banks (Major
Regional)).............................. 32,600,000 1,006,729
------------
1,764,262
------------
UNITED KINGDOM--11.2%
3i Group PLC (Investment
Banking/Brokerage)...................... 51,712 923,011
AstraZeneca Group PLC (Health Care
(Drugs-Major Pharmaceuticals)).......... 26,370 1,093,852
BG Group PLC (Natural Gas).............. 55,567 359,030
BOC Group PLC (Chemicals (Specialty))... 16,459 353,597
BP Amoco PLC (Oil (Domestic
Integrated))............................ 223,378 2,246,120
Bank of Scotland (Banks (Major
Regional)).............................. 56,916 661,023
Barclays PLC (Banks (Major Regional))... 25,004 719,731
Bass PLC (Beverages (Alcoholic))........ 31,419 391,037
Berkeley Group PLC (The)
(Homebuilding).......................... 30,194 348,722
British Aerospace PLC
(Aerospace/Defense)..................... 64,796 429,126
British American Tobacco PLC
(Tobacco)............................... 44,056 250,318
British Telecommunications PLC
(Telephone)............................. 86,549 2,115,214
Cable & Wireless PLC (Telephone)........ 39,368 667,071
Colt Telecom Group PLC (Telephone)(b)... 8,241 421,847
Compass Group PLC (Services (Commercial
& Consumer))............................ 19,171 263,219
Diageo PLC (Beverages (Alcoholic))...... 28,334 227,924
Dixons Group PLC (Retail (Computers &
Electronics))........................... 9,900 238,113
FirstGroup PLC (Services (Commercial &
Consumer)).............................. 76,938 301,374
Glaxo Wellcome PLC (Health Care
(Drugs-Major Pharmaceuticals)).......... 48,837 1,380,512
Granada Group PLC (Restaurants)......... 34,005 344,675
HSBC Holdings PLC (Financial
(Diversified)).......................... 82,881 1,155,364
Hilton Group PLC (Gaming, Lottery &
Pari-mutuel Companies).................. 91,045 291,556
Invensys PLC (Machinery
(Diversified)).......................... 84,864 461,962
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C> <C>
UNITED KINGDOM--CONTINUED
Legal & General Group PLC (Insurance
(Multi-Line))........................... 198,429 $ 540,080
Lloyds TSB Group PLC (Financial
(Diversified)).......................... 80,554 1,007,771
Logica PLC (Services (Data
Processing))............................ 36,144 932,383
National Westminster Bank PLC (Banks
(Major Regional))....................... 36,620 786,725
Norwich Union PLC (Insurance
(Life/Health)).......................... 56,148 415,841
RMC Group PLC (Construction (Cement &
Aggregates))............................ 26,680 359,853
Reuters Holdings Group PLC
(Publishing)............................ 22,638 310,638
Rio Tinto PLC (Metals Mining)........... 29,383 709,562
Royal & Sun Alliance Insurance Group PLC
(Insurance (Multi-Line))................ 61,252 466,504
Sage Group PLC (The) (Computers
(Software & Services)).................. 22,460 274,093
Schroders PLC (Investment
Banking/Brokerage)...................... 16,349 329,050
Serco Group PLC (Services (Commercial &
Consumer)).............................. 10,423 327,045
Shell Transport & Trading Co. PLC (Oil
(Domestic Integrated)).................. 102,856 854,807
SmithKline Beecham PLC (Health Care
(Drugs-Major Pharmaceuticals)).......... 63,322 808,044
Smiths Industries PLC
(Aerospace/Defense)..................... 15,692 230,027
Thames Water PLC (Water Utilities)...... 16,348 203,861
Vodafone Group PLC (Telecommunications
(Cellular/Wireless)).................... 353,457 1,751,356
Woolwich PLC (Consumer Finance)......... 42,238 233,337
------------
26,185,375
------------
- -----------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $113,634,026) 150,385,699
- -----------------------------------------------------------------------
WARRANTS--0.0%
BELGIUM--0.0%
Dexia Strips (Banks (Major
Regional))(b)........................... 3,220 162
------------
</TABLE>
See Notes to Financial Statements 7
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
<TABLE>
<CAPTION>
SHARES VALUE
----------- ------------
<S> <C> <C> <C>
GERMANY--0.0%
Muenchener
Rueckversicherungs-Gesellschaft AG
Warrants (Insurance (Multi-Line))(b).... 94 $ 4,999
- -----------------------------------------------------------------------
TOTAL WARRANTS
(IDENTIFIED COST $0) 5,161
- -----------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--99.4%
(IDENTIFIED COST $188,185,827) 232,188,991
- -----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000)
--------- --------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--1.2%
COMMERCIAL PAPER--1.2%
Koch Industries, Inc. 7.50%,
1/3/00.............................. A-1+ $ 2,780 2,778,842
- ------------------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $2,778,842) 2,778,842
- ------------------------------------------------------------------------
TOTAL INVESTMENTS--100.6%
(IDENTIFIED COST $190,964,669) 234,967,833(a)
Cash and receivables, less liabilities--(0.6%) (1,492,882)
-------------
NET ASSETS--100.0% $ 233,474,951
=============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $53,208,252 and gross
depreciation of $10,228,809 for federal income tax purposes. At
December 31, 1999, the aggregate cost of securities for federal income tax
purposes was $191,988,390.
(b) Non-income producing.
8
See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
INDUSTRY DIVERSIFICATION
AS A PERCENTAGE OF TOTAL VALUE OF
TOTAL LONG-TERM INVESTMENTS
(UNAUDITED)
<TABLE>
<S> <C>
Aerospace/Defense....................... 0.8%
Air Freight............................. 0.4
Airlines................................ 1.2
Auto Parts & Equipment.................. 1.1
Automobiles............................. 1.2
Banks (Major Regional).................. 8.2
Banks (Money Center).................... 2.8
Beverages (Alcoholic)................... 0.7
Beverages (Non-Alcoholic)............... 0.3
Broadcasting (Television, Radio &
Cable)................................ 1.4
Chemicals (Diversified)................. 0.9
Chemicals (Specialty)................... 0.8
Communications Equipment................ 3.8
Computers (Hardware).................... 2.4
Computers (Networking).................. 0.6
Computers (Software & Services)......... 2.7
Construction (Cement & Aggregates)...... 1.0
Consumer Finance........................ 0.4
Containers & Packaging (Paper).......... 0.3
Distributors (Food & Health)............ 0.2
Electric Companies...................... 0.6
Electrical Equipment.................... 2.4
Electronics (Component Distributors).... 1.6
Electronics (Semiconductors)............ 2.2
Engineering & Construction.............. 2.8
Entertainment........................... 0.3
Equipment (Semiconductor)............... 0.4
Financial (Diversified)................. 5.6
Foods................................... 1.6
Gaming, Lottery & Pari-Mutuel........... 0.1
Health Care (Diversified)............... 0.3
Health Care (Drugs-Major
Pharmaceuticals)...................... 3.4
Health Care (Generic And Other)......... 0.5
Health Care (Medical Products &
Supplies)............................. 0.2
Health Care (Specialized Services)...... 0.2
Homebuilding............................ 0.1
Household Furnishings & Appliances...... 1.3
Household Products (Non-Durable)........ 0.6
<CAPTION>
Insurance (Life/Health)................. 1.0%
Insurance (Multi-Line).................. 3.9
Insurance (Property-Casualty)........... 0.6
Investment Banking/Brokerage............ 1.8
Investment Management................... 0.3
Iron & Steel............................ 0.8
Machinery (Diversified)................. 1.2
Manufacturing (Diversified)............. 7.6
Manufacturing (Specialized)............. 0.3
Metals Fabricators...................... 0.4
Metals Mining........................... 0.5
Natural Gas............................. 0.5
Office Equipment & Supplies............. 0.5
Oil & Gas (Drilling & Equipment)........ 0.1
Oil & Gas (Exploration & Production).... 0.1
Oil & Gas (Refining & Marketing)........ 1.1
Oil (Domestic Integrated)............... 2.0
Oil (International Integrated).......... 0.1
Paper & Forest Products................. 0.4
Personal Care........................... 0.1
Photography/Imaging..................... 0.3
Publishing.............................. 0.5
Restaurants............................. 0.1
Retail (Building Supplies).............. 0.5
Retail (Computers & Electronics)........ 0.1
Retail (Food Chains).................... 1.3
Retail (General Merchandise)............ 0.1
Retail (Specialty)...................... 1.2
Services (Commercial & Consumer)........ 1.9
Services (Data Processing).............. 1.5
Specialty Printing...................... 0.3
Telecommunications
(Cellular/Wireless)................... 1.5
Telecommunications (Long Distance)...... 3.5
Telephone............................... 7.6
Textiles (Apparel)...................... 0.3
Tobacco................................. 0.1
Water Utilities......................... 0.1
--------
100.0%
========
</TABLE>
9
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $190,964,669) $ 234,967,833
Cash 6,135
Foreign currency at value (Identified cost $40) 37
Receivables
Investment securities sold 4,718
Fund shares sold 422,151
Dividends 141,485
Tax reclaim 137,950
Prepaid expenses 3,040
--------------
Total assets 235,683,349
--------------
LIABILITIES
Payables
Fund shares repurchased 1,724,710
Investment advisory fee 145,637
Transfer agent fee 75,288
Distribution fee 63,556
Financial agent fee 18,374
Trustees' fee 5,768
Accrued expenses 175,065
--------------
Total liabilities 2,208,398
--------------
NET ASSETS $ 233,474,951
==============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 191,239,613
Undistributed net investment loss (664,539)
Accumulated net realized gain 3,750,232
Net unrealized appreciation 39,149,645
--------------
NET ASSETS $ 233,474,951
==============
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $209,145,353) 19,769,715
Net asset value per share $10.58
Offering price per share $10.58/(1-4.75%) $11.11
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $18,290,619) 1,832,141
Net asset value and offering price per share $9.98
CLASS C
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $6,038,979) 606,293
Net asset value and offering price per share $9.96
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends $ 1,133,808
Interest 166,977
Foreign taxes withheld (52,029)
-------------
Total investment income 1,248,756
-------------
EXPENSES
Investment advisory fee 777,854
Distribution fee, Class A 238,034
Distribution fee, Class B 71,256
Distribution fee, Class C 13,750
Financial agent fee 104,869
Transfer agent 218,629
Custodian 113,149
Printing 68,160
Professional 33,957
Registration 25,132
Trustees 6,309
Miscellaneous 18,680
-------------
Total expenses 1,689,779
-------------
NET INVESTMENT LOSS (441,023)
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 7,021,694
Net realized loss on foreign currency transactions (18,653)
Net change in unrealized appreciation (depreciation) on
investments 21,313,243
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions 532
-------------
NET GAIN ON INVESTMENTS 28,316,816
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 27,875,793
=============
</TABLE>
10 See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
12/31/99 Year Ended
(Unaudited) 6/30/99
------------- ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ (441,023) $ 61,041
Net realized gain (loss) 7,003,041 50,145,530
Net change in unrealized appreciation
(depreciation) 21,313,775 (33,670,686)
------------- ------------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 27,875,793 16,535,885
------------- ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net realized gains, Class A (25,806,512) (34,904,402)
Net realized gains, Class B (1,912,082) (2,069,960)
Net realized gains, Class C (251,973) (20,465)
------------- ------------
DECREASE IN NET ASSETS FROM
DISTRIBUTIONS TO SHAREHOLDERS (27,970,567) (36,994,827)
------------- ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares
(14,972,343 and 12,453,031 shares,
respectively) 152,323,507 136,514,002
Net asset value of shares issued from
Phoenix-Engemann Global Growth Fund
merger (1,312,244 and 0 shares,
respectively) (See Note 4) 12,184,288 --
Net asset value of shares issued from
reinvestment of distributions
(2,527,125 and 3,086,328 shares,
respectively) 23,912,354 31,171,910
Cost of shares repurchased (16,664,208
and 12,685,436 shares, respectively) (171,036,930) (139,064,651)
------------- ------------
Total 17,383,219 28,621,261
------------- ------------
CLASS B
Proceeds from sales of shares (382,517
and 986,822 shares, respectively) 3,664,419 10,356,022
Net asset value of shares issued from
Phoenix-Engemann Global Growth Fund
merger (549,899 and 0 shares,
respectively) (See Note 4) 4,830,309 --
Net asset value of shares issued from
reinvestment of distributions
(193,866 and 177,841 shares,
respectively) 1,739,379 1,723,276
Cost of shares repurchased (477,189
and 883,524 shares, respectively) (4,548,342) (9,320,274)
------------- ------------
Total 5,685,765 2,759,024
------------- ------------
CLASS C
Proceeds from sales of shares (103,921
and 83,139 shares, respectively) 1,005,592 877,235
Net asset value of shares issued from
Phoenix-Engemann Global Growth Fund
merger (421,337 and 0 shares,
respectively) (See Note 4) 3,694,337 --
Net asset value of shares issued from
reinvestment of distributions
(23,826 and 2,112 shares,
respectively) 216,109 20,465
Cost of shares repurchased (23,194 and
4,848 shares, respectively) (223,629) (54,062)
------------- ------------
Total 4,692,409 843,638
------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM
SHARE TRANSACTIONS 27,761,393 32,223,923
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS 27,666,619 11,764,981
------------- ------------
NET ASSETS
Beginning of period 205,808,332 194,043,351
------------- ------------
END OF PERIOD [INCLUDING UNDISTRIBUTED
NET INVESTMENT INCOME (LOSS) AND
DISTRIBUTIONS IN EXCESS OF NET
INVESTMENT INCOME OF ($664,539) AND
($223,516), RESPECTIVELY] $ 233,474,951 $205,808,332
============= ============
</TABLE>
See Notes to Financial Statements 11
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
-------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
12/31/99 ------------------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.93 $ 12.40 $ 10.75 $ 10.29 $ 9.04 $ 10.17
INCOME FROM INVESTMENT OPERATIONS(5)
Net investment income (loss) (0.02)(1) 0.01(1) 0.02 0.03(1) (0.02)(1) 0.01(1)
Net realized and unrealized gain 1.21 0.90 2.97 1.25 1.87 0.56
------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT
OPERATIONS 1.19 0.91 2.99 1.28 1.85 0.57
------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Dividends from net investment
income -- -- (0.13) (0.04) -- --
Dividends from net realized gains (1.54) (2.38) (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 (1.54) (2.38) (1.34) (0.82) (0.60) (1.70)
------- -------- -------- -------- -------- --------
Change in net asset value (0.35) (1.47) 1.65 0.46 1.25 (1.13)
------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $10.58 $10.93 $12.40 $10.75 $10.29 $ 9.04
======= ======== ======== ======== ======== ========
Total return(2) 12.77%(3) 8.90% 31.45% 13.40% 21.39% 6.53%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $209,145 $192,619 $183,188 $153,005 $146,052 $126,481
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.57%(4) 1.45% 1.42% 1.53% 1.60% 1.80%
Net investment income (loss) (0.36)%(4) 0.07% 0.21% 0.34% (0.19)% 0.16%
Portfolio turnover 52%(3) 166% 156% 234% 245% 277%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
---------------------------------------------------------------------------------------
SIX MONTHS FROM
ENDED YEAR ENDED JUNE 30, INCEPTION
12/31/99 -------------------------------------------------------- 7/15/94 TO
(UNAUDITED) 1999 1998 1997 1996 6/30/95
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.44 $ 12.04 $ 10.53 $ 10.14 $ 8.98 $ 10.40
INCOME FROM INVESTMENT OPERATIONS(5)
Net investment income (loss) (0.06)(1) (0.07)(1) (0.06) (0.03)(1) (0.08)(1) (0.02)(1)
Net realized and unrealized gain 1.14 0.85 2.90 1.21 1.84 0.30
------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT
OPERATIONS 1.08 0.78 2.84 1.18 1.76 0.28
------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Dividends from net investment
income -- -- (0.11) (0.01) -- --
Dividends from net realized gains (1.54) (2.38) (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 (1.54) (2.38) (1.33) (0.79) (0.60) (1.70)
------- -------- -------- -------- -------- --------
Change in net asset value (0.46) (1.60) 1.51 0.39 1.16 (1.42)
------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.98 $ 10.44 $ 12.04 $ 10.53 $ 10.14 $ 8.98
======= ======== ======== ======== ======== ========
Total return(2) 12.28%(3) 7.99% 30.61% 12.46% 20.50% 3.54%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $18,291 $12,351 $10,855 $8,412 $5,709 $2,849
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.33%(4) 2.21% 2.17% 2.29% 2.34% 2.61%(4)
Net investment income (loss) (1.15)%(4) (0.65)% (0.54)% (0.35)% (0.86)% (0.33)%(4)
Portfolio turnover 52%(3) 166% 156% 234% 245% 277%(3)
</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.
12
See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS C
------------------------
SIX MONTHS FROM
ENDED INCEPTION
12/31/99 12/16/98 TO
(UNAUDITED) 6/30/99
<S> <C> <C>
Net asset value, beginning of period $10.42 $11.62
INCOME FROM INVESTMENT OPERATIONS(5)
Net investment income (loss) (0.06)(1) --(1)
Net realized and unrealized gain 1.14 1.18
------ ------
TOTAL FROM INVESTMENT
OPERATIONS 1.08 1.18
------ ------
LESS DISTRIBUTIONS
Dividends from net investment
income -- --
Dividends from net realized gains (1.54) (2.38)
In excess of net investment income -- --
In excess of net realized gains -- --
------ ------
TOTAL DISTRIBUTIONS (1.54) (2.38)
------ ------
Change in net asset value (0.46) (1.20)
------ ------
NET ASSET VALUE, END OF PERIOD $ 9.96 $10.42
====== ======
Total return(2) 12.29%(3) 11.68%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(thousands) $6,039 $838
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.40%(4) 2.28%(4)
Net investment income (loss) (1.37)%(4) 0.04%(4)
Portfolio turnover 52%(3) 166%(3)
</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.
See Notes to Financial Statements
13
<PAGE>
PHOENIX-ABERDEEN WORLDWIDE OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Phoenix-Aberdeen 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 Class A, Class B
and Class C 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.
Class C shares are sold with a 1% contingent deferred sales charge if redeemed
within one year of purchase. Each class of shares has identical voting,
dividend, liquidation and other rights and the same terms and conditions, except
that each class bears different distribution expenses and has exclusive voting
rights with respect to its distribution plan. Income and expenses of the Fund
are borne pro rata by the holders of each class of shares, except that each
class bears distribution expenses unique to that class.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets, liabilities,
revenues and expenses. Actual results could differ from those estimates.
A. SECURITY VALUATION:
Equity securities are valued at the last sale price, or if there had been no
sale 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. Interest income is recorded on the accrual
basis. 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.
14
<PAGE>
PHOENIX-ABERDEEN WORLDWIDE OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 (UNAUDITED) (CONTINUED)
2. INVESTMENT ADVISORY FEES AND RELATED PARTY TRANSACTIONS
As compensation for their services to the Fund, the adviser, Phoenix
Investment Counsel, Inc. ("PIC"), an indirect majority-owned subsidiary of
Phoenix Home Life Mutual Insurance Company ("PHL"), is entitled to a fee at an
annual rate of 0.75% of the average daily net assets of the Fund up to $1
billion, 0.70% between $1 billion and $2 billion, and 0.65% in excess of $2
billion.
Aberdeen Fund Managers, Inc. ("Aberdeen"), a subsidiary of Aberdeen Asset
Management PLC, is the subadviser to the Phoenix-Aberdeen Worldwide
Opportunities Fund. For its services, Aberdeen is paid a fee by the Adviser
equal to 0.375% of the average daily net assets of the Phoenix-Aberdeen
Worldwide Opportunities Fund up to $1 billion, 0.35% between $1 billion and $2
billion, and 0.325% in excess of $2 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 $4,486 for Class A shares and deferred sales
charges of $15,178 for Class B shares and $108 for Class C shares for the six
months ended December 31, 1999. 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 and
Class C 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 six months ended December 31, 1999, approximately $134,105 was retained
by the Distributor, $178,798 was paid to unaffiliated participants and $10,137
was paid to W.S. Griffith, an indirect subsidiary of PHL.
As Financial Agent of the Fund, 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 six months ended December 31, 1999,
transfer agent fees were $218,629 of which PEPCO retained $83,646 which is net
of the fees paid to State Street.
At December 31, 1999, PHL and affiliates held 281 Class A shares, 2 Class B
shares and 12,591 Class C shares of the Fund with a combined value of $128,398.
3. PURCHASE AND SALE OF SECURITIES
Portfolio purchases and sales of investments, excluding short-term securities,
for the six months ended December 31, 1999 aggregated $104,552,106 and
$107,712,725 respectively. There were no purchases or sales of long-term U.S.
Government securities.
4. MERGER
On October 20, 1999, the Board of Trustees of Phoenix-Engemann Funds
unanimously approved an Agreement and Plan of Reorganization relating to the
proposed combination of the Phoenix-Aberdeen Worldwide Opportunities Fund and
the Phoenix-Engemann Global Growth Fund.
Pursuant to the Agreement, the Global Growth Fund transferred substantially
all of its assets to the Worldwide Opportunities Fund in exchange for shares of
the Worldwide Opportunities Fund and the assumption by the Worldwide
Opportunities Fund of certain identified liabilities of the Global Growth Fund.
Following the exchange, the Global Growth Fund distributed the shares of the
Worldwide Opportunities Fund to its shareholders pro rata, in liquidation of the
Global Growth Fund.
On October 22, 1999 the Fund acquired all the net assets of the
Phoenix-Engemann Global Growth Fund ("Global Growth Fund"). The acquisition was
accomplished by a tax-free exchange of 1,312,244 Class A shares of the Fund,
549,899 Class B shares of the Fund and 421,337 Class C shares of the Fund
(valued at $12,184,288, $4,830,309 and $3,694,337, respectively) for 513,377
Global Growth Fund Class A shares, 208,541 Global Growth Fund Class B shares,
and 159,597 Global Growth Fund Class C shares outstanding on October 22, 1999.
The Global Growth Fund's net assets at that date of $20,708,934, including
$4,847,652 of unrealized appreciation were combined with those of the Fund. The
aggregate net assets of the Fund immediately after the merger were $209,751,070.
5. CREDIT RISK
In countries with limited or developing markets, investments may present
greater risks than in more developed markets and the prices of such investments
may be volatile. The consequences of political, social or economic changes in
these markets may have disruptive effects on the market prices of these
investments and the income they generate, as well as a fund's ability to
repatriate such amounts.
This report is not authorized for distribution to prospective investors in the
Phoenix-Aberdeen Worldwide Opportunities Fund unless preceded or accompanied by
and effective prospectus which includes information concerning the sales charge,
the Fund's record and other pertinent information.
15
<PAGE>
RESULTS OF SHAREHOLDER MEETING (UNAUDITED)
A special meeting of Shareholders of the Global Growth Fund of Phoenix-Engemann
Funds was held on October 20, 1999 to approve the following matter:
1. Approval of a merger with Phoenix-Aberdeen Worldwide Opportunities Fund
On the record date for this meeting there were 911,386 shares outstanding and
52.58% of the shares outstanding and entitled to vote were present by proxy.
NUMBER OF VOTES
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
--------- --------- ---------
<S> <C> <C> <C>
1. Approval of merger 464,354 3,282 11,594
</TABLE>
16
<PAGE>
PHOENIX-ABERDEEN WORLDWIDE OPPORTUNITIES 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
William R. Moyer, Executive Vice President
John F. Sharry, Executive Vice President
Robert S. Driessen, Vice President
Michael Kearney, 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
<TABLE>
<S> <C>
HOW TO CONTACT US
The Fund Connection 1-800-243-1574
Customer Service 1-800-243-1574 (option 0)
Investment Strategy Hotline 1-800-243-4361 (option 2)
Marketing Department 1-800-243-4361 (option 3)
Text Telephone 1-800-243-1926
</TABLE>
www.phoenixinvestments.com
<PAGE>
PHOENIX EQUITY PLANNING CORPORATION PRSRT STD
PO Box 2200 U.S. Postage
Enfield CT 06083-2200 PAID
Springfield, MA
Permit No. 444
[LOGO] PHOENIX
INVESTMENT PARTNERS
PXP 682 (2/00)
