<PAGE>
Phoenix Investment Partners
ANNUAL REPORT
ABERDEEN
JUNE 30, 2000
Phoenix-Aberdeen Worldwide Opportunities Fund
[LOGO]PHOENIX
INVESTMENT PARTNERS
<PAGE>
PRESIDENT'S MESSAGE
DEAR SHAREHOLDER:
[PHOTO]
We are pleased to provide this annual report for the Phoenix-Aberdeen
Worldwide Opportunities Fund for the 12 months ended June 30, 2000. On the
following pages, your Fund's portfolio management team reviews events in the
worldwide equity markets and discusses their investment strategy. We hope you
find their comments informative.
With the unprecedented volatility that markets everywhere have been
experiencing, this may be a good time to review a few "basics of investing."
REMAIN FOCUSED ON YOUR LONG-TERM INVESTMENT STRATEGY. Redeeming an investment
when the market drops or a fund's share price falls can work against you over
time. You could miss out on opportunities for your investment to grow when the
market or the fund's share price begins to move up. And over time, that could
make a big difference in how successful you are in achieving your financial
goals.
DIVERSIFY YOUR PORTFOLIO. Spreading your investments among different asset
classes and investment styles helps reduce risk. If one type of investment
doesn't perform well over a certain time period, it may be offset by the good
results of another investment.
TAKE ADVANTAGE OF DOLLAR-COST AVERAGING. You can make market fluctuations work
to your advantage by investing a set amount of money at regular intervals. This
is called dollar-cost averaging, and it means that when prices are low you will
be buying more units and when prices are high, you'll buy less. Periodic
investment plans do not assure a profit or protect against a loss in declining
markets. This type of plan involves continuous investments in securities
regardless of fluctuating price levels. Investors should consider their
financial ability to continue purchases through periods of low price levels.
Investors' biggest challenge is adopting an investing discipline and
committing to it. Your financial representative can provide the insight and
wisdom to help keep you on track to meet your personal investment goals.
If you have any questions, please call your financial advisor or contact a
Phoenix customer service representative at 1-800-243-1574 between 8 a.m. and
6 p.m., Monday through Friday. You can purchase or exchange shares, check your
balance, and review your account history by visiting our INVESTOR CENTER at
www.phoenixinvestments.com or by calling our automated account information
center at 1-800-243-1574 (option 1), 24 hours a day, 7 days a week.
1
<PAGE>
PRESIDENT'S MESSAGE (CONTINUED)
Thank you for your continued confidence in us. As always, Phoenix Investment
Partners remains committed to investor success.
Sincerely,
/s/ Philip R. McLoughlin
Philip R. McLoughlin
JUNE 30, 2000
--------------------------------------------------
Mutual funds are not insured by the FDIC; are not
deposits or other obligations of a bank and are not
guaranteed by a bank; and are subject to
investment risks, including possible loss of the
principal invested.
--------------------------------------------------
2
<PAGE>
PHOENIX-ABERDEEN WORLDWIDE OPPORTUNITIES FUND
A DISCUSSION WITH THE FUND'S PORTFOLIO MANAGEMENT TEAM
Q: WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
A: The Fund is appropriate for investors seeking long-term capital appreciation
by investing primarily in a diversified portfolio of equity securities
throughout the world. The Fund essentially focuses on quality companies with
strong management, solid growth prospects and attractive relative valuations.
Investors should note that foreign investments pose added risks such as currency
fluctuation, less public disclosure, as well as economic and political risks.
Q: HOW DID THE FUND PERFORM DURING THE VOLATILE MARKET CONDITIONS THAT HAVE BEEN
PREVALENT OVER THE PAST 12 MONTHS?
A: For the 12 months ended June 30, 2000 Class A shares returned 11.49% and
Class B shares returned 10.71% compared with a return of 12.19% for the Fund's
benchmark, the MSCI World Index (net of foreign dividends).(1) All performance
figures assume reinvestment of distributions and exclude the effect of sales
charges.
Q: WHAT FACTORS MOST AFFECTED THE WORLD MARKETS?
A: In response to economic growth in much of the world, equity markets performed
strongly during the early part of last year. As the summer progressed, however,
increasing inflationary concerns, a weak bond market and the onset of monetary
tightening created significant headwinds, causing most markets to fall back by
October to levels equal to the beginning of the year.
Nevertheless, core inflation remained subdued in most countries (even as oil
prices doubled), and both bonds and equities rallied sharply, led as ever by the
U.S. Initially broad-based, the move in equities quickly focused on technology,
media and telecommunications (TMT) -- sectors that were viewed as among the few
to offer the prospect of good earnings growth in a low nominal growth, low
inflation world. This preoccupation had been evident in the U.S. for some time,
but the opportunities presented by the rapid adoption of an "Internet mentality"
became more widely recognized in regions, such as the UK and Europe, during this
period. Indeed, it is no exaggeration to say that from last fall until March,
few investors were able to think of anything else.
The extent of the relative moves between TMT and old-economy sectors went
beyond anything previously seen outside of a mania; for example, in the U.S.,
the Nasdaq 100 Index(2) outperformed the Dow Jones Industrial Average(3) by 90%
in the five months to mid-March. This effect was mirrored elsewhere, with the
U.K.'s techMARK(4) rising a staggering 180% versus 8% for the FTSE 100,(5) while
in Europe, even broader indices, with their heavy telecom weightings, joined the
party with Germany's Dax 30(6) rising 48%.
The surge, however, eventually proved unsustainable and, during March, the
realization that valuations in these "new-economy" areas could no longer be
justified, and also that the forgotten
(1) THE MORGAN STANLEY CAPITAL INTERNATIONAL (MSCI) WORLD INDEX (NET OF FOREIGN
DIVIDENDS) IS AN UNMANAGED, COMMONLY USED MEASURE OF TOTAL RETURN GLOBAL
MARKET PERFORMANCE. THE INDEX IS NOT AVAILABLE FOR DIRECT INVESTMENT.
(2) THE NASDAQ 100 INDEX IS AN UNMANAGED, COMMONLY USED MEASURE OF TOTAL RETURN
PERFORMANCE OF THE LARGEST NON-FINANCIAL DOMESTIC AND INTERNATIONAL ISSUES
LISTED ON THE NASDAQ (NATIONAL ASSOCIATION OF SECURITIES DEALERS AUTOMATED
QUOTATION) BASED ON MARKET CAPITALIZATION. THE INDEX IS NOT AVAILABLE FOR
DIRECT INVESTMENT.
3
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund (continued)
majority of stocks were now incredibly cheap, sparked a spectacular reversal. In
Japan, for example, the two leading Internet stocks, Softbank and Hikari
Tsushin, both fell around 90% from their peaks. To put these falls into
perspective, however, despite the Nasdaq losing nearly 40% of its value between
mid-March and late-May, this merely saw it return to the levels of November. It
is also worth noting that there were few signs of panic and volumes were
relatively low.
Coinciding with these developments, investors refocused on macro issues and
cyclical developments. The U.S. economy surged ahead during the fourth quarter
of 1999 and the first quarter of 2000 on the back of a soaring stock market and
easy credit conditions as the Federal Reserve ensured sufficient liquidity
within the financial system over the Y2K period. This momentum, coupled with an
ever-widening current account deficit, led to the fear of open-ended monetary
tightening.
European economic activity was accelerating sharply, aided by the 18% fall
in the euro since its launch as well as a very accommodative monetary policy.
This raised fears of resurgent inflation, and the European central bank moved
quickly to pre-empt problems. U.K. policymakers faced a different dilemma.
Although a robust domestic economy necessitated tighter monetary policy,
manufacturers suffered from the strength of sterling, which followed the ever
rising dollar. These developments presented equities with severe headwinds as
most leading Western central banks stepped up the pace of monetary tightening.
Throughout this period, Japan was at odds with the rest of the global
economy. It was, and remains, the only major economy not to see a significant
improvement in its outlook, mired as it is in structural difficulties. Deflation
continued to be a concern as the economy struggled to recover; indeed,
government spending was a key factor in keeping growth in positive territory.
Pacific Rim countries, in contrast, enjoyed a strong rebound, with both
economies and financial markets recovering sharply.
Q: WHAT IS THE OUTLOOK FOR THE NEAR TERM?
A: In recent months, global financial market correlation has intensified, if
anything, with moves on Wall Street reflected around the world in short order.
This is particularly evident currently, as investors grapple with the present
cycle of monetary tightening in a world dominated by the U.S. economy. Despite
legitimate worries over strains within this economy, figures remain remarkably
benign, even after an exceptionally strong first quarter. Second-quarter data
are now suggesting a tentative slowdown (albeit from a very high level) and many
analysts are of the view that the Federal Open Market Committee (FOMC) may only
need to tighten once more in this cycle.
The jury is still out as to whether we are just seeing a temporary pause in
the U.S. or a genuine
(3) THE DOW JONES INDUSTRIAL AVERAGE IS AN UNMANAGED, COMMONLY USED MEASURE OF
TOTAL RETURN PERFORMANCE OF 30 "BLUE CHIP" U.S. STOCKS. THE INDEX IS NOT
AVAILABLE FOR DIRECT INVESTMENT.
(4) TECHMARK IS THE LONDON STOCK EXCHANGE MARKET FOR INNOVATIVE TECHNOLOGY
COMPANIES.
(5) THE FTSE 100 IS AN UNMANAGED, COMMONLY USED MEASURE OF TOTAL RETURN
PERFORMANCE OF THE 100 LARGEST COMPANIES LISTED ON THE LONDON STOCK
EXCHANGE. THE INDEX IS NOT AVAILABLE FOR DIRECT INVESTMENT.
(6) THE DAX IS AN UNMANAGED, COMMONLY USED MEASURE OF TOTAL RETURN PERFORMANCE
OF 30 "BLUE CHIP" STOCKS TRADED ON THE FRANKFURT STOCK EXCHANGE. THE INDEX
IS NOT AVAILABLE FOR DIRECT INVESTMENT.
4
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund (continued)
slowdown, particularly given the frenetic pace of growth in the first quarter.
However, the broad-based nature of weakness in the numbers suggests that
monetary tightening and the deterioration in financial conditions (weaker
equities) may at last be beginning to bite. Indeed, with the performance of the
Nasdaq and U.S. final sales exhibiting a very close correlation in recent years,
the sharp falls in the Nasdaq are likely to have had an impact on consumption.
Contrarily, if this is the case, exactly the opposite effect will be the result
of the latest stock market rally, which was accompanied by both a weaker dollar
and lower bond yields. In reality, it will probably take several more months of
data before a clearer picture of U.S. growth trends emerges and, in any event,
below trend growth (i.e., 3.0% or less) appears unlikely this year.
Outside of the U.S., the economic and inflationary environment remains
relatively benign. In the U.K., domestic demand appears to be cresting,
suggesting an imminent peak in the interest rate cycle. In addition, the recent
10% fall in sterling eased pressure on manufacturers, pointing to a more
balanced outlook for activity. Euro-zone economies continue to gather pace. With
unemployment only recently falling below 10%, however, there remains little
danger of inflationary bottlenecks developing. The euro is at last showing signs
of a rebound, reducing the impact on inflation from external shocks. The outlook
is for continuing strong growth and low inflation, in spite of expectations for
further monetary tightening over the next 12 months.
After two quarters of negative GDP growth, figures for the first quarter of
2000 suggested that Japan was growing at a 10% rate. While the economy does
indeed look to be improving a little, this surge is largely attributable to
technical factors; therefore, the underlying growth rate is more likely to be
closer to 1.5%. The corporate sector has shown signs of improvement with a pick
up in capital spending, but, without the participation of consumers, the economy
will struggle to develop a self-sustaining recovery. At $30, the oil price is
now at a 10-year high and remains a cause of some inflationary concern.
Nevertheless, there is little evidence as yet of much leakage into core
inflation data.
Trading in most world equity markets has calmed down considerably after the
extreme volatility earlier in the year. In the U.S., financial markets are now
pricing in little further tightening by the Federal Reserve. Yet, should
economic growth remain robust as expected, then a reversal of sentiment may
occur. This suggests that, even with a summer rally, another setback in equities
is probable later in the year.
Background conditions (economic and monetary) are favorable for U.K.
equities, with a strong technical position (liquidity and merger and acquisition
activity) adding support. The outlook for U.K. investors is positive, on the
assumption that the U.S. achieves a soft economic landing. Indeed, the
implication of many strategists' forecasts is a return in excess of 20% over the
next 18 months, but volatility and sector rotation are likely to remain key
features.
The background for European equities is also favorable. Although interest
rate rises in the region are clearly not at an end, accelerating economic
activity and profits upgrades provide a positive backdrop. There are some
concerns over valuations in the TMT sector that dominates indices, even after
recent price falls, but stock selection should mitigate these worries, and the
prospect of a revaluation of the euro in the medium term should add to potential
returns for U.K.-based investors.
5
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund (continued)
Growing foreign investor disillusionment with Japanese equities was
underlined by the fastest rate of monthly disinvestment in 10 years. While this
is largely a result of an overweight position in technology issues, the economic
news is not sufficiently positive, nor are structural problems being tackled
aggressively enough to entice investors to reinvest. Other Far Eastern markets
rallied recently on the back of easing U.S. interest rate tensions, and with
background fundamentals still very positive, further progress is anticipated.
Overall, the return of macroeconomic issues to center stage marked a turning
point for equity markets, with investors now focusing much more closely on
corporate profits and cash flow, rather than the concept-driven momentum
investment seen earlier in the year. Wall Street still sets the trends, but with
U.S. interest rates and global sector movements less of an issue, at least in
the short term, the merits of individual markets may now come to the fore once
again. In this environment, we favor the U.K., European and Pacific Basin
markets.
JULY 7, 2000
6
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
AVERAGE ANNUAL TOTAL RETURNS(1) PERIOD ENDING 6/30/00
<TABLE>
<CAPTION>
INCEPTION INCEPTION
1 YEAR 5 YEARS 10 YEARS TO 6/30/00 DATE
-------- -------- -------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Class A Shares at NAV(2) 11.49% 17.05% 12.75% -- --
Class A Shares at POP(3) 5.08 15.67 12.08 -- --
Class B Shares at NAV(2) 10.71 16.17 -- 14.05% 7/15/94
Class B Shares with CDSC(4) 6.93 16.17 -- 14.05 7/15/94
Class C Shares at NAV(2) 10.71 -- -- 14.75 12/16/98
Class C Shares with CDSC(4) 10.71 -- -- 14.75 12/16/98
MSCI World (Net) Index(8) 12.19 17.07 12.00 Note 5 Note 5
S&P 500 Stock Index(9) 7.47 23.90 17.85 Note 6 Note 6
</TABLE>
<TABLE>
<C> <S>
(1) Total returns are historical and include changes in share
price and the reinvestment of both dividends and capital
gains distributions.
(2) "NAV" (Net Asset Value) total returns do not include the
effect of any sales charge.
(3) "POP" (Public Offering Price) total returns include the
effect of the maximum front-end 5.75% sales charge.
(4) CDSC (contingent deferred sales charge) is applied to
redemptions of certain classes of shares that do not have
a sales charge applied at the time of purchase. CDSC
charges for B shares decline from 5% to 0% over a five
year period. CDSC charges for C shares are 1% in the first
year and 0% thereafter.
(5) Index performance is 15.83% for Class B (since 7/31/94)
and 14.03% for Class C (since 12/31/98).
(6) Index performance is 23.94% for Class B (since 7/15/94)
and 17.17% for Class C (since 12/16/98).
(7) This chart illustrates POP returns on Class A Shares for
ten years. Returns on Class B and Class C Shares will vary
due to differing sales charges.
(8) The MSCI World (Net) Index (Morgan Stanley Capital
International World (Net) Index) is an unmanaged, commonly
used measure of global stock market total return
performance. The Index's performance does not reflect
sales charges.
(9) The S&P 500 Index is an unmanaged commonly used measure of
stock market total return performance. The Index's
performance does not reflect sales charges.
All returns represent past performance which may not be
indicative of future performance. The investment return
and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth
more or less than their original cost.
</TABLE>
GROWTH OF $10,000 PERIODS ENDING 6/30
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PHOENIX-ABERDEEN WORLDWIDE CLASS A(7) MSCI WORLD (NET)(8) S&P 500 STOCK INDEX(9)
<S> <C> <C> <C>
6/29/1990 $9,425 $10,000 $10,000
6/28/1991 $8,928 $9,510 $10,740
6/30/1992 $9,413 $9,912 $12,186
6/30/1993 $10,488 $11,573 $13,843
6/30/1994 $13,368 $12,758 $14,029
6/30/1995 $14,241 $14,119 $17,692
6/28/1996 $17,287 $16,722 $22,313
6/30/1997 $19,603 $20,447 $30,067
6/30/1998 $25,769 $23,929 $39,177
6/30/1999 $28,062 $27,678 $48,073
6/30/2000 $31,287 $31,053 $51,662
</TABLE>
This Growth of $10,000 chart assumes an initial investment of $10,000 made on
6/30/90 in Class A shares and reflects the maximum sales charge of 5.75% on the
initial investment. Performance assumes dividends and capital gains are
reinvested. The performance of other share classes will be greater or less than
that shown based on differences in inception dates, fees and sales charges.
COUNTRY WEIGHTINGS 6/30/00
As a percentage of equity holdings
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
United States 38%
United Kingdom 12%
Japan 11%
Netherlands 6%
France 5%
Spain 5%
Sweden 4%
Other 19%
</TABLE>
See Notes to Financial Statements 7
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
TOP TEN HOLDINGS
<TABLE>
<C> <S> <C>
1. Shaw Group, Inc. (The) 1.7%
FABRICATOR OF PIPING SYSTEMS
2. Calpine Corp. 1.6%
DEVELOPER OF POWER GENERATION FACILITIES
3. Tyco International Ltd. 1.5%
TELECOMMUNICATIONS, HEALTH CARE AND SPECIAL PRODUCTS, FIRE AND
SECURITY SERVICES
4. WorldCom, Inc. 1.5%
PROVIDES A BROAD RANGE OF COMMUNICATIONS AND NETWORKING SERVICES
5. American International Group, Inc. 1.4%
MAJOR INTERNATIONAL INSURANCE HOLDING COMPANY
6. Citigroup, Inc. 1.4%
DIVERSIFIED FINANCIAL SERVICES COMPANY
7. Telefonaktiebolaget LM Ericsson AB Class B 1.4%
PROVIDES ADVANCED SYSTEMS AND PRODUCTS FOR WIRED AND MOBILE
COMMUNICATIONS
8. Swire Pacific Ltd. Class B 1.4%
TRANSATLANTIC AIRLINE
9. Bank of New York Co., Inc. (The) 1.3%
COMMERCIAL BANK
10. General Dynamics Corp. 1.3%
AEROSPACE COMPANY
</TABLE>
INVESTMENTS AT JUNE 30, 2000
<TABLE>
<CAPTION>
SHARES VALUE
----------- -----------
<S> <C> <C> <C>
COMMON STOCKS--37.0%
UNITED STATES--37.0%
AES Corp. (The) (Power Producers
(Independent))(b)....................... 45,000 $ 2,053,125
ALLTEL Corp. (Telephone)................ 23,000 1,424,563
AT&T Corp. (Telecommunications (Long
Distance)).............................. 1 32
Alcoa, Inc. (Aluminum).................. 60,000 1,740,000
American General Corp. (Insurance
(Life/Health)).......................... 32,000 1,952,000
American International Group, Inc.
(Insurance (Multi-Line))................ 27,000 3,172,500
Baker Hughes, Inc. (Oil & Gas
(Drilling & Equipment))................. 71,000 2,272,000
Bank of New York Co., Inc. (The) (Banks
(Major Regional))....................... 63,000 2,929,500
Biogen, Inc. (Biotechnology)(b)......... 11,500 741,750
CIGNA Corp. (Insurance (Multi-Line)).... 26,000 2,431,000
Cabletron Systems, Inc. (Computers
(Networking))(b)........................ 66,000 1,666,500
Calpine Corp. (Power Producers
(Independent))(b)....................... 54,000 3,550,500
Chase Manhattan Corp. (The) (Banks
(Money Center))......................... 48,000 2,211,000
Citigroup, Inc. (Financial
(Diversified)).......................... 52,000 3,133,000
Crown Castle International Corp.
(Services (Commercial & Consumer))(b)... 70,000 2,555,000
<CAPTION>
SHARES VALUE
----------- -----------
<S> <C> <C> <C>
UNITED STATES--CONTINUED
Delphi Automotive Systems Corp. (Auto
Parts & Equipment)...................... 165,000 $ 2,423,437
Diamond Offshore Drilling, Inc. (Oil &
Gas (Drilling & Equipment))............. 15,000 526,875
First Data Corp. (Services (Data
Processing))............................ 50,000 2,481,250
Ford Motor Co. (Automobiles)............ 18,000 774,000
GTE Corp. (Telephone)................... 35,000 2,178,750
General Dynamics Corp.
(Aerospace/Defense)..................... 55,000 2,873,750
Honeywell International, Inc.
(Manufacturing (Diversified))........... 50,000 1,684,375
Illinois Tool Works, Inc. (Manufacturing
(Diversified)).......................... 23,000 1,311,000
Ingersoll-Rand Co. (Machinery
(Diversified)).......................... 20,000 805,000
International Business Machines Corp.
(Computers (Hardware)).................. 13,000 1,424,312
Lear Corp. (Auto Parts &
Equipment)(b)........................... 11,000 220,000
Litton Industries, Inc. (Electronics
(Defense))(b)........................... 40,000 1,680,000
Lockheed Martin Corp.
(Aerospace/Defense)..................... 40,000 992,500
MIH Ltd. (Broadcasting (Television,
Radio & Cable))(b)...................... 11,000 330,344
</TABLE>
8 See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
<TABLE>
<CAPTION>
SHARES VALUE
----------- -----------
<S> <C> <C> <C>
UNITED STATES--CONTINUED
Manufacturers' Services Ltd. (Electrical
Equipment)(b)........................... 21,500 $ 442,094
MasTec, Inc. (Engineering &
Construction)(b)........................ 22,100 843,944
Minnesota Mining and Manufacturing Co.
(Manufacturing (Diversified))........... 30,000 2,475,000
Morgan (J.P.) & Co., Inc. (Banks (Money
Center))................................ 17,000 1,872,125
Motorola, Inc. (Communications
Equipment).............................. 37,000 1,075,312
Philip Morris Cos., Inc. (Tobacco)...... 78,000 2,071,875
Shaw Group, Inc. (The) (Metal
Fabricators)(b)......................... 80,000 3,770,000
Solectron Corp. (Electrical
Equipment)(b)........................... 45,000 1,884,375
Texaco, Inc. (Oil (International
Integrated))............................ 35,000 1,863,750
Tyco International Ltd. (Manufacturing
(Diversified)).......................... 70,000 3,316,250
United Technologies Corp. (Manufacturing
(Diversified)).......................... 44,500 2,619,938
Unocal Corp. (Oil & Gas (Exploration &
Production))............................ 35,000 1,159,375
Viatel, Inc. (Telecommunications (Long
Distance))(b)........................... 18,898 539,774
Visteon Corp. (Auto Parts &
Equipment)(b)........................... 2,356 28,566
Watson Pharmaceuticals, Inc. (Health
Care (Generic and Other))(b)............ 45,000 2,418,750
WorldCom, Inc. (Telecommunications (Long
Distance))(b)........................... 70,000 3,211,250
-----------
81,130,441
-----------
----------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $77,240,149) 81,130,441
----------------------------------------------------------------------
FOREIGN COMMON STOCKS--60.5%
AUSTRALIA--1.0%
Australian Gas Light Co., Ltd. (Natural
Gas).................................... 150,000 896,127
QBE Insurance Group Ltd. (Insurance
(Property-Casualty)).................... 260,000 1,275,725
-----------
2,171,852
-----------
BELGIUM--0.2%
Dexia (Banks (Major Regional)).......... 3,179 487,577
<CAPTION>
SHARES VALUE
----------- -----------
<S> <C> <C> <C>
BELGIUM--CONTINUED
Dexia Strips (Banks (Major
Regional))(b)........................... 3,471 $ 166
-----------
487,743
-----------
BRAZIL--0.8%
Aracruz Celulose SA ADR (Paper & Forest
Products)............................... 17,500 337,969
Companhia Cervejaria Brahma ADR
(Beverages (Alcoholic))................. 21,000 357,000
Tele Centro Sul Participacoes SA ADR
(Telecommunications (Long Distance)).... 7,000 511,438
Tele Norte Leste Participacoes SA ADR
(Telecommunications (Long Distance)).... 22,000 519,750
-----------
1,726,157
-----------
CHILE--0.1%
Companhia de Telecomunicaciones de Chile
SA ADR (Telecommunications (Long
Distance)).............................. 9,000 163,125
DENMARK--0.2%
Danisco A/S (Foods)..................... 16,665 558,916
FINLAND--1.9%
Nokia Oyj (Communications Equipment).... 37,268 1,909,485
Nokia Oyj ADR (Communications
Equipment).............................. 38,400 1,917,600
Sonera Oyj (Telephone).................. 7,500 343,295
-----------
4,170,380
-----------
FRANCE--5.1%
Air Liquide SA (Chemicals
(Specialty))............................ 5,820 762,090
Aventis SA (Chemicals (Diversified)).... 27,200 1,993,328
Axa (Insurance (Multi-Line))............ 7,691 1,216,464
Carrefour SA (Retail (Food Chains))..... 10,566 725,197
Castorama Dubois Investissement SA
(Retail (Building Supplies))............ 4,602 1,142,559
Euler SA (Financial (Diversified))(b)... 5,600 268,351
Group Danone (Foods).................... 5,400 719,517
Lafarge SA (Construction (Cement &
Aggregates))............................ 13,755 1,073,291
STMicroelectronics NV (Electronics
(Semiconductors))....................... 6,876 435,023
Schneider Electric SA (Electrical
Equipment).............................. 17,651 1,235,164
</TABLE>
See Notes to Financial Statements 9
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
<TABLE>
<CAPTION>
SHARES VALUE
----------- -----------
<S> <C> <C> <C>
FRANCE--CONTINUED
Suez Lyonnaise des Eaux SA (Engineering
& Construction)......................... 3,147 $ 553,561
Valeo SA (Auto Parts & Equipment)....... 7,577 406,741
Vivendi SA (Manufacturing
(Diversified)).......................... 8,735 774,109
-----------
11,305,395
-----------
GERMANY--2.2%
Allianz AG Vinkulierte Registered Shares
(Insurance (Multi-Line))................ 2,880 1,049,080
Bayerische Hypo- und Vereinsbank AG
(Banks (Major Regional))................ 13,671 892,442
Bayerische Motoren Werke AG
(Automobiles)........................... 21,600 654,294
Deutsche Bank AG Registered Shares
(Banks (Major Regional))................ 15,263 1,264,114
E.On AG (Manufacturing (Diversified))... 10,068 496,065
RWE AG (Manufacturing (Diversified)).... 14,193 478,905
-----------
4,834,900
-----------
GREECE--0.3%
Hellenic Telecommunications Organization
SA (Telephone).......................... 29,200 715,421
HONG KONG--1.4%
Swire Pacific Ltd. Class B
(Manufacturing (Diversified))........... 3,660,000 2,981,515
HUNGARY--0.3%
Magyar Tavkozlesi Rt ADR
(Telecommunications (Long Distance)).... 17,900 616,431
INDIA--0.8%
BSES Ltd. GDR (Electric Companies)(b)... 50,000 937,500
Mahanagar Telephone Nigam Ltd. GDR
(Telephone)............................. 70,000 735,000
-----------
1,672,500
-----------
INDONESIA--0.2%
PT Indonesian Satellite Corp. Tbk
(Telephone)............................. 255,000 300,095
PT Indonesian Satellite Corp. Tbk ADR
(Telecommunications (Long Distance)).... 15,000 170,625
-----------
470,720
-----------
<CAPTION>
SHARES VALUE
----------- -----------
<S> <C> <C> <C>
ISRAEL--0.2%
Bank Hapoalim Ltd. (Banks (Major
Regional)).............................. 121,000 $ 350,888
ITALY--1.5%
Banca Intesa SPA (Banks (Major
Regional)).............................. 261,629 621,971
Banca Intesa SPA-New (Banks (Major
Regional)).............................. 9,343 42,308
Riunione Adriatica di Sicurta SPA
(Insurance (Multi-Line))................ 180,000 1,984,279
San Paolo - IMI SPA (Banks (Major
Regional)).............................. 37,416 666,759
-----------
3,315,317
-----------
JAPAN--10.4%
Canon, Inc. (Office Equipment &
Supplies)............................... 33,000 1,646,857
Circle K Japan Co., Ltd. (Retail (Food
Chains))................................ 31,000 1,128,056
Dai Nippon Printing Co., Ltd. (Specialty
Printing)............................... 70,000 1,236,561
Fuji Photo Film Co., Ltd.
(Photography/Imaging)................... 35,000 1,435,707
Hitachi Credit Corp. (Consumer
Finance)................................ 45,000 1,220,682
Ito-Yokado Co., Ltd. (Retail (Food
Chains))................................ 18,000 1,085,429
Kao Corp. (Household Products
(Non-Durable)).......................... 40,000 1,224,935
Mabuchi Motor Co., Ltd. (Electrical
Equipment).............................. 8,000 1,035,902
NTT DoCoMo, Inc. (Telecommunications
(Cellular/ Wireless))................... 370 1,003,672
Nikko Securities Co., Ltd. (The)
(Investment Banking/Brokerage).......... 130,000 1,290,152
Rinnai Corp. (Household Furnishings &
Appliances)............................. 58,000 1,296,484
Rohm Co., Ltd. (Electronics
(Semiconductors))....................... 3,700 1,084,106
Sankyo Co., Ltd. (Health Care
(Drugs-Major Pharmaceuticals)).......... 75,000 1,697,755
Sanwa Bank Ltd. (The) (Banks (Major
Regional)).............................. 155,000 1,239,396
Secom Co., Ltd. (Services (Commercial &
Consumer)).............................. 16,000 1,172,006
Sharp Corp. (Household Furnishings &
Appliances)............................. 82,000 1,453,193
Shin-Etsu Chemical Co., Ltd. (Chemicals
(Specialty))............................ 32,000 1,627,198
Suzuki Motor Corp. (Automobiles)........ 70,000 905,091
-----------
22,783,182
-----------
</TABLE>
10 See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
<TABLE>
<CAPTION>
SHARES VALUE
----------- -----------
<S> <C> <C> <C>
MALAYSIA--0.5%
Carlsberg Brewery Malaysia Berhad
(Beverages (Alcoholic))................. 100,000 $ 336,849
Malaysian Oxygen Berhad (Chemicals
(Specialty))............................ 127,000 360,955
Sime UEP Properties Berhad
(Homebuilding).......................... 274,000 367,745
-----------
1,065,549
-----------
MEXICO--0.8%
Cemex SA de CV ADR (Construction (Cement
& Aggregates)).......................... 559 13,067
Fomento Economico Mexicano SA de CV ADR
(Beverages (Alcoholic))................. 10,800 465,075
Grupo Televisa SA GDR (Broadcasting
(Television, Radio & Cable))(b)......... 4,000 275,750
Telefonos de Mexico SA de C.V. ADR
Series L (Telecommunications (Long
Distance)).............................. 19,000 1,085,375
-----------
1,839,267
-----------
NETHERLANDS--6.3%
ASM Lithography Holding NV (Equipment
(Semiconductors))....................... 37,770 1,629,990
Elsevier NV (Publishing)................ 75,845 922,616
Fortis (NL) NV (Financial
(Diversified)).......................... 22,675 662,731
Gucci Group (Textiles (Apparel))........ 7,316 691,135
Gucci Group NV ADR (Textiles
(Specialty))............................ 1,800 170,550
Heineken NV (Beverages (Alcoholic))..... 23,060 1,409,198
IHC Caland NV (Oil & Gas (Drilling &
Equipment))............................. 18,636 911,077
ING Groep NV (Financial
(Diversified)).......................... 15,741 1,068,312
KPN NV (Telephone)(b)................... 15,972 717,301
Koninklijke (Royal) Philips Electronics
NV ADR (Electrical Equipment)........... 7,728 367,080
Koninklijke Ahold NV (Retail (Food
Chains))................................ 20,500 605,843
Royal Dutch Petroleum Co. (Oil (Domestic
Integrated))............................ 30,577 1,908,131
United Pan-Europe Communications NV
(Broadcasting (Television, Radio &
Cable))................................. 38,135 1,001,263
VNU NV (Publishing)..................... 18,583 963,708
<CAPTION>
SHARES VALUE
----------- -----------
<S> <C> <C> <C>
NETHERLANDS--CONTINUED
Versatel Telecom International NV
(Telephone)(b).......................... 17,700 $ 746,549
-----------
13,775,484
-----------
PHILIPPINES--0.1%
Ayala Land, Inc. (Financial
(Diversified)).......................... 2,400,000 305,353
POLAND--0.2%
Elektrim Spolka Akcyjna SA (Distributors
(Food & Health))........................ 39,800 456,962
SINGAPORE--0.7%
Singapore Airlines Ltd. (Airlines)...... 76,000 751,657
United Overseas Bank Ltd. (Banks (Major
Regional)).............................. 111,760 730,424
-----------
1,482,081
-----------
SOUTH AFRICA--0.5%
BoE Ltd. (Financial (Diversified))...... 988,930 561,580
De Beers (Metals Mining)................ 18,075 439,893
RMB Holdings Ltd. (Financial
(Diversified)).......................... 29,944 44,608
-----------
1,046,081
-----------
SOUTH KOREA--0.6%
Kookmin Bank (Banks (Major Regional))... 51,808 659,804
Pohang Iron & Steel Co., Ltd. (Iron &
Steel).................................. 9,000 781,413
-----------
1,441,217
-----------
SPAIN--4.4%
Altadis SA (Tobacco).................... 126,600 1,952,640
Amadeus Global Travel Distribution SA
(Services (Employment))(b).............. 104,125 1,192,766
Banco Bilbao Vizcaya Argentaria SA
(Banks (Major Regional))................ 33,457 501,919
Banco Popular Espanol SA (Banks (Major
Regional)).............................. 23,104 717,571
Banco Santander Central Hispano SA
(Banks (Major Regional))................ 29,601 313,546
Banco Santander Central Hispano SA ADR
(Banks (Money Center)).................. 13,700 142,138
Empresa Nacional de Electricidad SA
(Electric Companies).................... 26,000 505,694
Grupo Dragados SA (Engineering &
Construction)........................... 46,629 335,682
</TABLE>
See Notes to Financial Statements 11
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
<TABLE>
<CAPTION>
SHARES VALUE
----------- -----------
<S> <C> <C> <C>
SPAIN--CONTINUED
Repsol YPF SA (Oil & Gas (Refining &
Marketing))............................. 102,647 $ 2,051,562
Telefonica SA (Telephone)(b)............ 92,383 1,992,540
Telefonica SA ADR (Telecommunications
(Long Distance))(b)..................... 918 58,809
-----------
9,764,867
-----------
SWEDEN--3.7%
ABB Ltd. (Electrical Equipment)......... 5,105 594,855
Assa Abloy AB Class B (Machinery
(Diversified)).......................... 24,440 493,218
Electrolux AB Class B (Household
Furnishings & Appliances)............... 34,468 536,431
Skandia Forsakrings AB (Insurance
(Life/Health)).......................... 39,180 1,040,843
Skandinaviska Enskilda Banken Class A
(Banks (Major Regional))................ 53,086 632,501
Svenska Handelsbanken AB Class A (Banks
(Major Regional))....................... 101,200 1,476,914
Tele1 Europe Holding AB
(Telephone)(b).......................... 23,400 288,141
Telefonaktiebolaget LM Ericsson AB Class
B (Communications Equipment)............ 154,280 3,069,515
-----------
8,132,418
-----------
SWITZERLAND--3.3%
Credit Suisse Group Registered Shares
(Banks (Major Regional))................ 5,220 1,041,708
Nestle SA Registered Shares (Foods)..... 641 1,287,069
Novartis AG Registered Shares (Health
Care (Drugs-Major Pharmaceuticals))..... 955 1,517,598
Roche Holding AG (Health Care
(Drugs-Major Pharmaceuticals)).......... 136 1,328,159
UBS AG Registered Shares (Banks (Major
Regional)).............................. 10,512 1,545,055
Zurich Allied AG (Financial
(Diversified)).......................... 921 456,515
-----------
7,176,104
-----------
TAIWAN--0.5%
Bank Sinopac (Banks (Major
Regional))(b)........................... 730,000 469,301
<CAPTION>
SHARES VALUE
----------- -----------
<S> <C> <C> <C>
TAIWAN--CONTINUED
President Chain Store Corp. (Retail
(Food Chains)).......................... 120,000 $ 448,067
Standard Foods Taiwan Ltd. GDR
(Foods)(b).............................. 45,238 130,059
-----------
1,047,427
-----------
THAILAND--0.3%
BEC World Public Co., Ltd.
(Entertainment)......................... 101,000 602,543
TURKEY--0.2%
Yapi ve Kredi Bankasi AS (Banks (Major
Regional)).............................. 34,069,385 379,478
UNITED KINGDOM--11.8%
3i Group PLC (Investment
Banking/Brokerage)...................... 51,712 1,063,910
AstraZeneca Group PLC (Health Care
(Drugs-Major Pharmaceuticals)).......... 26,370 1,231,571
BAE Systems PLC (Aerospace/Defense)..... 64,796 404,147
BG Group PLC (Natural Gas).............. 55,567 359,202
BOC Group PLC (Chemicals (Specialty))... 16,459 236,713
BP Amoco PLC (Oil (Domestic
Integrated))............................ 223,378 2,143,996
Bank of Scotland (Banks (Major
Regional)).............................. 56,916 541,544
Barclays PLC (Banks (Major Regional))... 17,004 422,944
Bass PLC (Beverages (Alcoholic))........ 31,419 353,407
Berkeley Group PLC (The)
(Homebuilding).......................... 30,194 285,690
British American Tobacco PLC
(Tobacco)............................... 44,056 294,129
British Telecommunications PLC
(Telephone)............................. 86,549 1,118,959
CGNU PLC (Insurance (Multi-Line))....... 26,951 448,809
CMG PLC (Services (Data Processing)).... 112,600 1,597,469
Cable & Wireless PLC (Telephone)........ 39,368 666,911
Capital Radio PLC (Broadcasting
(Television, Radio & Cable))............ 10,900 254,534
Carlton Communications PLC
(Entertainment)......................... 38,700 497,994
Colt Telecom Group PLC (Telephone)(b)... 8,241 274,471
Compass Group PLC (Restaurants)......... 19,171 252,643
Daily Mail and General Trust (Publishing
(Newspapers))........................... 12,800 221,876
Dixons Group PLC (Retail (Computers &
Electronics))........................... 38,657 157,425
FirstGroup PLC (Services (Commercial &
Consumer)).............................. 76,938 278,377
Glaxo Wellcome PLC (Health Care
(Drugs-Major Pharmaceuticals)).......... 48,837 1,424,705
</TABLE>
12 See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
<TABLE>
<CAPTION>
SHARES VALUE
----------- -----------
<S> <C> <C> <C>
UNITED KINGDOM--CONTINUED
Granada Group PLC (Restaurants)......... 34,005 $ 339,767
HSBC Holdings PLC (Financial
(Diversified)).......................... 82,881 947,946
Hilton Group PLC (Gaming, Lottery &
Pari-mutuel Companies).................. 91,045 319,771
Invensys PLC (Machinery
(Diversified)).......................... 84,864 318,617
Legal & General Group PLC (Insurance
(Multi-Line))........................... 198,429 464,118
Lloyds TSB Group PLC (Financial
(Diversified)).......................... 65,054 614,544
Logica PLC (Services (Data
Processing))............................ 36,144 855,790
Marconi PLC (Electronics (Component
Distributors)).......................... 18,300 238,256
RMC Group PLC (Construction (Cement &
Aggregates))............................ 17,854 230,287
Reuters Group PLC (Publishing).......... 22,638 386,239
Rio Tinto PLC (Metals Mining)........... 29,383 480,412
Royal & Sun Alliance Insurance Group PLC
(Insurance (Multi-Line))................ 61,252 397,807
Sage Group PLC (The) (Computers
(Software & Services)).................. 22,460 181,911
Schroders PLC (Investment
Banking/Brokerage)...................... 16,349 294,037
Serco Group PLC (Services (Commercial &
Consumer)).............................. 62,538 494,680
Shell Transport & Trading Co. PLC (Oil
(Domestic Integrated)).................. 102,856 858,755
SmithKline Beecham PLC (Health Care
(Drugs-Major Pharmaceuticals)).......... 63,322 829,211
Smiths Industries PLC
(Aerospace/Defense)..................... 15,692 203,232
Vodafone AirTouch PLC
(Telecommunications
(Cellular/Wireless)).................... 618,107 2,498,442
WPP Group PLC (Services
(Advertising/Marketing))................ 14,380 210,078
<CAPTION>
SHARES VALUE
----------- -----------
<S> <C> <C> <C>
UNITED KINGDOM--CONTINUED
Woolwich PLC (Consumer Finance)......... 42,238 $ 178,882
-----------
25,874,208
-----------
----------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $112,963,789) 132,713,481
----------------------------------------------------------------------
WARRANTS--0.0%
GERMANY--0.0%
Muenchener
Rueckversicherungs-Gesellschaft AG
Warrants (Insurance (Multi-Line))(b).... 94 7,884
----------------------------------------------------------------------
TOTAL WARRANTS
(IDENTIFIED COST $0) 7,884
----------------------------------------------------------------------
TOTAL LONG-TERM INVESTMENTS--97.5%
(IDENTIFIED COST $190,203,938) 213,851,806
----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
STANDARD
& POOR'S PAR
RATING VALUE
(Unaudited) (000)
------------ ------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS--2.2%
COMMERCIAL PAPER--2.2%
Koch Industries, Inc. 6.89%,
7/3/00........................ A-1+ $4,505 4,503,276
General Electric Capital Corp.
6.85%, 7/5/00................. A-1+ 260 259,802
----------
4,763,078
----------
----------------------------------------------------------------
TOTAL SHORT-TERM OBLIGATIONS
(IDENTIFIED COST $4,763,078) 4,763,078
----------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
TOTAL INVESTMENTS--99.7%
(IDENTIFIED COST $194,967,016) 218,614,884(a)
Cash and receivables, less liabilities--0.3% 763,217
------------
NET ASSETS--100.0% $219,378,101
============
</TABLE>
(a) Federal Income Tax Information: Net unrealized appreciation of investment
securities is comprised of gross appreciation of $34,270,083 and gross
depreciation of $12,456,182 for federal income tax purposes. At June 30,
2000, the aggregate cost of securities for federal income tax purposes was
$196,800,983.
(b) Non-income producing.
See Notes to Financial Statements 13
<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....................... 2.1
Airlines................................ 0.3
Aluminum................................ 0.8
Auto Parts & Equipment.................. 1.4
Automobiles............................. 1.1
Banks (Major Regional).................. 8.4
Banks (Money Center).................... 2.0
Beverages (Alcoholic)................... 1.4
Biotechnology........................... 0.3
Broadcasting (Television, Radio &
Cable)................................ 0.9
Chemicals (Diversified)................. 0.9
Chemicals (Specialty)................... 1.4
Communications Equipment................ 3.7
Computers (Hardware).................... 0.7
Computers (Networking).................. 0.8
Computers (Software & Services)......... 0.1
Construction (Cement & Aggregates)...... 0.6
Consumer Finance........................ 0.6
Distributors (Food & Health)............ 0.2
Electric Companies...................... 0.7
Electrical Equipment.................... 2.4
Electronics (Component Distributors).... 0.3
Electronics (Defense)................... 0.8
Electronics (Semiconductors)............ 0.7
Engineering & Construction.............. 0.8
Entertainment........................... 0.5
Equipment (Semiconductors).............. 0.8
Financial (Diversified)................. 3.8
Foods................................... 1.3
Gaming, Lottery & Pari-Mutuel
Companies............................. 0.1
Health Care (Drugs-Major
Pharmaceuticals)...................... 3.7
Health Care (Generic And Other)......... 1.1
Homebuilding............................ 0.3
Household Furnishings & Appliances...... 1.5
Household Products (Non-Durable)........ 0.6
<CAPTION>
Insurance (Life/Health)................. 1.4
Insurance (Multi-Line).................. 5.2
Insurance (Property-Casualty)........... 0.6
Investment Banking/Brokerage............ 1.2
Iron & Steel............................ 0.4
Machinery (Diversified)................. 0.8
Manufacturing (Diversified)............. 7.5
Metal Fabricators....................... 1.8
Metals Mining........................... 0.4
Natural Gas............................. 0.6
Office Equipment & Supplies............. 0.8
Oil & Gas (Drilling & Equipment)........ 1.7
Oil & Gas (Exploration & Production).... 0.5
Oil & Gas (Refining & Marketing)........ 1.0
Oil (Domestic Integrated)............... 2.3
Oil (International Integrated).......... 0.9
Paper & Forest Products................. 0.2
Photography/Imaging..................... 0.7
Power Producers (Independent)........... 2.6
Publishing.............................. 1.1
Publishing (Newspapers)................. 0.1
Restaurants............................. 0.3
Retail (Building Supplies).............. 0.5
Retail (Computers & Electronics)........ 0.1
Retail (Food Chains).................... 1.9
Services (Advertising/Marketing)........ 0.1
Services (Commercial & Consumer)........ 2.1
Services (Data Processing).............. 2.3
Services (Employment)................... 0.6
Specialty Printing...................... 0.6
Telecommunications
(Cellular/Wireless)................... 1.6
Telecommunications (Long Distance)...... 3.2
Telephone............................... 5.4
Textiles (Apparel)...................... 0.3
Textiles (Specialty).................... 0.1
Tobacco................................. 2.0
--------
100.0%
========
</TABLE>
14 See Notes to Financial Statements
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $194,967,016) $ 218,614,884
Foreign currency at value (Identified cost $54,793) 54,778
Receivables
Investment securities sold 5,413,491
Dividends and interest 294,374
Tax reclaims 161,387
Fund shares sold 108,988
Prepaid expenses 2,046
--------------
Total assets 224,649,948
--------------
LIABILITIES
Custodian 1,426,757
Payables
Investment securities purchased 2,888,085
Fund shares repurchased 496,157
Investment advisory fee 136,538
Transfer agent fee 77,255
Distribution fee 60,382
Financial agent fee 19,505
Trustees' fee 14,426
Accrued expenses 152,742
--------------
Total liabilities 5,271,847
--------------
NET ASSETS $ 219,378,101
==============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest $ 174,552,341
Accumulated net investment loss (677,180)
Accumulated net realized gain 21,848,630
Net unrealized appreciation 23,654,310
--------------
NET ASSETS $ 219,378,101
==============
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $195,356,668) 18,672,067
Net asset value per share $10.46
Offering price per share $10.46/(1-5.75%) $11.10
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $17,317,181) 1,760,349
Net asset value and offering price per share $9.84
CLASS C
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $6,704,252) 682,940
Net asset value and offering price per share $9.82
</TABLE>
STATEMENT OF OPERATIONS
YEAR ENDED JUNE 30, 2000
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends $ 3,052,320
Interest 363,693
Foreign taxes withheld (174,772)
--------------
Total investment income 3,241,241
--------------
EXPENSES
Investment advisory fee 1,625,176
Distribution fee, Class A 490,422
Distribution fee, Class B 159,429
Distribution fee, Class C 45,784
Financial agent fee 215,379
Transfer agent 461,156
Custodian 277,846
Printing 69,954
Professional 62,104
Registration 57,376
Trustees 18,202
Miscellaneous 45,179
--------------
Total expenses 3,528,007
--------------
NET INVESTMENT LOSS (286,766)
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 25,559,538
Net realized loss on foreign currency transactions (219,403)
Net change in unrealized appreciation (depreciation) on
investments 957,947
Net change in unrealized appreciation (depreciation) on
foreign currency and foreign currency transactions 12,841
--------------
NET GAIN ON INVESTMENTS 26,310,923
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 26,024,157
==============
</TABLE>
See Notes to Financial Statements 15
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Ended Year Ended
6/30/00 6/30/99
------------ ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ (286,766) $ 61,041
Net realized gain (loss) 25,340,135 50,145,530
Net change in unrealized appreciation
(depreciation) 970,788 (33,670,686)
------------ ------------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 26,024,157 16,535,885
------------ ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net realized gains, Class A (25,806,889) (34,904,402)
Net realized gains, Class B (1,912,082) (2,069,960)
Net realized gains, Class C (251,970) (20,465)
------------ ------------
DECREASE IN NET ASSETS FROM
DISTRIBUTIONS TO SHAREHOLDERS (27,970,941) (36,994,827)
------------ ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares
(23,382,174 and 12,453,031 shares,
respectively) 240,088,995 136,514,002
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
(2,527,156 and 3,086,328 shares,
respectively) 23,912,680 31,171,910
Cost of shares repurchased (26,171,718
and 12,685,436 shares, respectively) (271,096,781) (139,064,651)
------------ ------------
Total 5,089,182 28,621,261
------------ ------------
CLASS B
Proceeds from sales of shares (516,400
and 986,822 shares, respectively) 4,982,225 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 (682,864
and 883,524 shares, respectively) (6,575,517) (9,320,274)
------------ ------------
Total 4,976,396 2,759,024
------------ ------------
CLASS C
Proceeds from sales of shares (255,174
and 83,139 shares, respectively) 2,501,824 877,235
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 (97,800 and
4,848 shares, respectively) (961,295) (54,062)
------------ ------------
Total 5,450,975 843,638
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM
SHARE TRANSACTIONS 15,516,553 32,223,923
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS 13,569,769 11,764,981
NET ASSETS
Beginning of period 205,808,332 194,043,351
------------ ------------
END OF PERIOD [INCLUDING UNDISTRIBUTED
NET INVESTMENT INCOME (LOSS) OF
($677,180) AND DISTRIBUTIONS IN
EXCESS OF NET INVESTMENT INCOME OF
($223,516), RESPECTIVELY] $219,378,101 $205,808,332
============ ============
</TABLE>
16 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 A
---------------------------------------------------------------
YEAR ENDED JUNE 30,
---------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.93 $ 12.40 $ 10.75 $ 10.29 $ 9.04
INCOME FROM INVESTMENT OPERATIONS(3)
Net investment income (loss) (0.01)(1) 0.01(1) 0.02 0.03(1) (0.02)(1)
Net realized and unrealized gain 1.08 0.90 2.97 1.25 1.87
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS 1.07 0.91 2.99 1.28 1.85
-------- -------- -------- -------- --------
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)
In excess of net investment income -- -- (0.01) -- --
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS (1.54) (2.38) (1.34) (0.82) (0.60)
-------- -------- -------- -------- --------
Change in net asset value (0.47) (1.47) 1.65 0.46 1.25
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 10.46 $ 10.93 $ 12.40 $ 10.75 $ 10.29
======== ======== ======== ======== ========
Total return(2) 11.49% 8.90% 31.45% 13.40% 21.39%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $195,357 $192,619 $183,188 $153,005 $146,052
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.56% 1.45% 1.42% 1.53% 1.60%
Net investment income (loss) (0.06)% 0.07% 0.21% 0.34% (0.19)%
Portfolio turnover 112% 166% 156% 234% 245%
</TABLE>
(1) Computed using average shares outstanding.
(2) Maximum sales charges are not reflected in the total return calculation.
(3) Distributions are made in accordance with the prospectus; however, class
level per share income from investment operations may vary from anticipated
results depending on the timing of share purchases and redemptions.
See Notes to Financial Statements 17
<PAGE>
Phoenix-Aberdeen Worldwide Opportunities Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS B CLASS C
----------------------------------------------------------- --------
YEAR ENDED JUNE 30, YEAR
----------------------------------------------------------- ENDED
2000 1999 1998 1997 1996 6/30/00
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.44 $ 12.04 $ 10.53 $10.14 $ 8.98 $10.42
INCOME FROM INVESTMENT OPERATIONS(5)
Net investment income (loss) (0.08)(1) (0.07)(1) (0.06) (0.03)(1) (0.08)(1) (0.07)(1)
Net realized and unrealized gain 1.02 0.85 2.90 1.21 1.84 1.01
------- ------- ------- ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 0.94 0.78 2.84 1.18 1.76 0.94
------- ------- ------- ------ ------ ------
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) (1.54)
In excess of net investment income -- -- (0.02) -- -- --
------- ------- ------- ------ ------ ------
TOTAL DISTRIBUTIONS (1.54) (2.38) (1.33) (0.79) (0.60) (1.54)
------- ------- ------- ------ ------ ------
Change in net asset value (0.60) (1.60) 1.51 0.39 1.16 (0.60)
------- ------- ------- ------ ------ ------
NET ASSET VALUE, END OF PERIOD $ 9.84 $ 10.44 $ 12.04 $10.53 $10.14 $ 9.82
======= ======= ======= ====== ====== ======
Total return(2) 10.71% 7.99% 30.61% 12.46% 20.50% 10.71%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $17,317 $12,351 $10,855 $8,412 $5,709 $6,704
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.31% 2.21% 2.17% 2.29% 2.34% 2.31%
Net investment income (loss) (0.80)% (0.65)% (0.54)% (0.35)% (0.86)% (0.74)%
Portfolio turnover 112% 166% 156% 234% 245% 112%
<CAPTION>
CLASS C
-----------
FROM
INCEPTION
12/16/98 TO
6/30/99
<S> <C>
Net asset value, beginning of period $11.62
INCOME FROM INVESTMENT OPERATIONS(5)
Net investment income (loss) --(1)
Net realized and unrealized gain 1.18
------
TOTAL FROM INVESTMENT OPERATIONS 1.18
------
LESS DISTRIBUTIONS
Dividends from net investment income --
Dividends from net realized gains (2.38)
In excess of net investment income --
------
TOTAL DISTRIBUTIONS (2.38)
------
Change in net asset value (1.20)
------
NET ASSET VALUE, END OF PERIOD $10.42
======
Total return(2) 11.68%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $838
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.28%(4)
Net investment income (loss) 0.04%(4)
Portfolio turnover 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.
18 See Notes to Financial Statements
<PAGE>
PHOENIX-ABERDEEN WORLDWIDE OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
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. Effective April 3, 2000, Class A shares are sold with a
front-end sales charge of up to 5.75%. Prior to that date the rate was 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.
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.
19
<PAGE>
PHOENIX-ABERDEEN WORLDWIDE OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000 (CONTINUED)
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 $10,260 for Class A shares and deferred
sales charges of $34,092 for Class B shares and $629 for Class C shares for the
year ended June 30, 2000. 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 year
ended June 30, 2000, approximately $310,271 was retained by the Distributor,
$365,346 was paid to unaffiliated participants and $20,018 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 ("State Street") as sub-transfer agent. For the year ended June 30,
2000, transfer agent fees were $461,156 of which PEPCO retained $169,515 which
is net of the fees paid to State Street.
For the year ended June 30, 2000, the Fund paid PXP Securities Corp., a wholly
owned subsidiary of PHL, brokerage commissions of $13,500 in connection with
portfolio transactions effected by it.
At June 30, 2000, 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 $126,603.
3. PURCHASE AND SALE OF SECURITIES
Portfolio purchases and sales of investments, excluding short-term securities,
for the year ended June 30, 2000 aggregated $232,949,159 and $252,255,636
respectively. There were no purchases or sales of long-term U.S. Government
securities.
4. MERGER
On October 22, 1999 the Fund acquired all the net assets of the
Phoenix-Engemann Global Growth Fund ("Global Growth Fund") pursuant to an
Agreement and Plan of Reorganization approved by the Board of Trustees of
Phoenix-Engemann Funds on October 20, 1999. 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
net 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.
6. CAPITAL LOSS CARRYOVERS
For the year ended June 30, 2000, the Fund utilized a capital loss carryover
of $405,220 which was generated from the Global Growth Fund merger.
Under current tax law, foreign currency and capital losses realized after
October 31 may be deferred and treated as occurring on the first day of the
following fiscal year. For the year ended June 30, 2000, the Fund deferred
foreign currency losses of $144,784.
7. RECLASSIFICATION OF CAPITAL ACCOUNTS
In accordance with accounting pronouncements, 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. As of June 30, 2000, the Fund has increased
capital paid in on shares of beneficial interest by $405,220, increased
undistributed net investment loss by $166,898 and decreased accumulated net
realized gain by $238,322.
TAX INFORMATION NOTICE (UNAUDITED) LONG-TERM CAPITAL GAINS
The Fund distributed $11,460,308 of long-term gain dividends.
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.
20
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
[LOGO]
To the Trustees and Shareholders
of Phoenix-Aberdeen Worldwide Opportunities Fund
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments 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-Aberdeen Worldwide
Opportunities Fund (the "Fund") at June 30, 2000, the results of its operations,
the changes in its net assets and the financial highlights for the periods
indicated, in conformity with accounting principles generally accepted in the
United States. 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 auditing standards generally accepted in the
United States, 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, 2000 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
August 10, 2000
21
<PAGE>
RESULTS OF SHAREHOLDER MEETING (UNAUDITED)
Special meetings of Shareholders of the Phoenix-Aberdeen Worldwide Opportunities
Fund were held on May 16, 2000 and May 31, 2000 to approve the following
matters:
1. Approve a new Rule 12b-1 Distribution Plan for Class B Shares
2. Approve a new Rule 12b-1 Distribution Plan for Class C Shares
On the record date for these meetings, the shares outstanding and percentage of
the shares outstanding and entitled to vote that were present by proxy were as
follows:
<TABLE>
<CAPTION>
CLASS OF SHARES SHARES OUTSTANDING PERCENTAGE PRESENT BY PROXY
--------------- ------------------ ---------------------------
<S> <C> <C>
Phoenix-Aberdeen Worldwide Opportunities Fund Class B 1,801,789 50.25%
Phoenix-Aberdeen Worldwide Opportunities Fund Class C 655,290 51.13%
</TABLE>
NUMBER OF VOTES
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
-------- -------- --------
<S> <C> <C> <C>
1. Approve a new Rule 12b-1 Distribution Plan for Class B
Shares 812,546 31,032 61,808
2. Approve a new Rule 12b-1 Distribution Plan for Class C
Shares 320,830 4,761 9,458
</TABLE>
22
<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
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
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 -----------------
P O Box 2200 | PRSRT STD |
Enfield CT 06083-2200 | U.S. Postage |
| P A I D |
| Andrew |
| Associates |
-----------------
[LOGO] PHOENIX
INVESTMENT PARTNERS
For more information about
Phoenix mutual funds, please call
your financial representative or
contact us at 1-800-243-4361 or
www.phoenixinvestments.com.
PXP 758 (8/00)
