<PAGE>
PHOENIX INVESTMENT PARTNERS
JUNE 30, 1999
ZWEIG
Phoenix-Zweig Appreciation Fund
Phoenix-Zweig Foreign Equity Fund
Phoenix-Zweig Government Cash Fund
Phoenix-Zweig Government Fund
Phoenix-Zweig Growth & Income Fund
Phoenix-Zweig Managed Assets
Phoenix-Zweig Strategy Fund
SEMIANNUAL REPORT
[logo] PHOENIX
INVESTMENT PARTNERS
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CONTENTS
1 Shareholder Letter
3 Diversification with Phoenix-Zweig
Managed Assets
4 Phoenix-Zweig Appreciation Fund
5 Phoenix-Zweig Foreign Equity Fund
6 Phoenix-Zweig Government Fund
6 Phoenix-Zweig Government Cash Fund
7 Phoenix-Zweig Growth & Income Fund
8 Phoenix-Zweig Managed Assets
9 Phoenix-Zweig Strategy Fund
10 Statement of Net Assets
39 Statement of Operations
40 Statement of Changes in Net Assets
42 Notes to Financial Statements
46 Financial Highlights
THIS REPORT HAS BEEN PREPARED FOR THE INFORMATION OF SHAREHOLDERS OF
PHOENIX-ZWEIG TRUST AND IS NOT AUTHORIZED FOR USE UNLESS PRECEDED OR
ACCOMPANIED BY A CURRENT PROSPECTUS. THE PROSPECTUS INCLUDES INFORMATION
REGARDING THE FUND'S SALES CHARGES, EXPENSES, OBJECTIVES, POLICIES,
MANAGEMENT, PERFORMANCE AND OTHER INFORMATION. PLEASE READ IT CAREFULLY
BEFORE YOU INVEST OR SEND MONEY. CALL YOUR FINANCIAL ADVISOR OR PHOENIX
EQUITY PLANNING CORPORATION AT 1-800-272-2700 TO OBTAIN A COPY OF THE
PROSPECTUS.
THE PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE
OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO
THAT YOUR SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. THE SHORTER THE TIME PERIOD OF YOUR INVESTMENT, THE GREATER
THE POSSIBILITY OF LOSS. FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR
INSURED OR GUARANTEED BY, THE U.S. GOVERNMENT, ANY FINANCIAL INSTITUTION, THE
FEDERAL DEPOSIT INSURANCE CORPORATION, OR ANY OTHER AGENCY, ENTITY OR PERSON.
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DEAR FELLOW SHAREHOLDER,
During the first six months of 1999, our proprietary research pointed to
increasingly negative conditions for the U.S. market. We responded by gradually
and systematically cutting back our market exposure from a high of 87% on
January 1 to roughly 58% at the end of June.
Although our move may seem counter-intuitive--after all, the markets performed
well for the first half of the year--it is in perfect harmony with our goal. We
seek to achieve strong long-term returns while minimizing market volatility. We
know that preserving capital during bear markets is just as important as growing
capital in bull markets. When our research, which we've been developing and
refining for nearly 30 years, calls for caution, we listen. And, of course, when
our research improves, we will increase our market exposure once more.
I'd like briefly to summarize our research during the first six months of 1999.
MONETARY
Our monetary research began the year in a favorable position. Bond
yields were only slightly above 5%. Inflation appeared to be completely
under control. And the economy, while strong, did not appear to be
overheating.
As 1999 went on, however, monetary conditions deteriorated. Bond
yields rose sharply to over 6% at the end of June. On the last day
of the quarter, the Federal Reserve raised interest rates slightly.
Although the Fed announced a change from its tightening bias to a
neutral stance, history has shown that rate hikes are rarely good
for stocks.
The threat of inflation has reared its head as well, led by rising
commodity prices. For example, oil has risen from $12 per barrel
last fall to $20 per barrel as of this writing. Our economy is also
at full employment. The Consumer Price Index, which has been rising
slightly, remains a significant positive for stocks at its current
low rate of 2% per year.
Our monetary model has responded to these developments by
downticking to a bearish reading. As monetary conditions are the
most significant part of our research, the model's negative
position has been the main engine driving our reduced market
exposure.
SENTIMENT
In October of 1998, our sentiment model was extremely positive. The
majority of investors were pessimistic about the market's
prospects--something we view as a positive sign. That's because, when
people are nervous, they tend to keep their money out of the
market, waiting for the right time to get back in. This means there
are investment dollars on the sidelines, representing fuel to drive
the market higher.
The pessimism has steadily decreased throughout the first six
months of 1999, however, and has been replaced by an almost giddy
optimism. Investors seem to be willfully interpreting all
1
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economic and financial news as good for the market. Even the Fed
rate hike--something that in the past caused anxiety--was followed by a
brief rally in stocks and bonds.
We believe that this increased bullish sentiment has led to heavy
investment, and that there may not be much money on the sidelines
to fuel a continued rise. Our sentiment model is at a low-neutral
reading.
MOMENTUM
Our momentum model, which accounts for the smallest part of our
research, is the only area that is positive. One of our mottoes is
"Don't fight the tape," and we always take momentum into account
when determining our current market exposure.
Momentum has been positive all year, only briefly reading neutral
in late March and early April, when the bond market had stalled.
The bond market has recovered, however, and stocks of all sizes are
doing well. We believe it is a mistake to ignore momentum, so we
have not reduced the market exposure of our funds as much as the
monetary and sentiment models might suggest we should.
Flexibility is our watchword, and we will respond to any changes in our
research, increasing or decreasing market exposure as necessary. We try
never to predict the direction of the markets, but right now we are
cautiously positioned.
Our portfolio managers comment on the performance of each of the
Phoenix-Zweig Funds beginning on page 4. My associates and I thank you for
continuing to support our efforts.
Sincerely,
[PHOTO]
/s/ Martin E. Zweig
MARTIN E. ZWEIG, Ph.D.
President
July 14, 1999
2
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PHOENIX-ZWEIG MANAGED ASSETS: BUYING QUALITY AT HOME AND ABROAD
MOST INVESTORS ARE AWARE OF THE NEED FOR DIVERSIFICATION AMONG STOCKS AND
BONDS, AND BETWEEN DOMESTIC AND INTERNATIONAL SECURITIES. ZWEIG MANAGED
ASSETS OFFERS THAT DIVERSIFICATION, BUT WITH SEVERAL UNIQUE DISTINCTIONS.
PORTFOLIO MANAGER CARLTON NEEL, IN THE INTERVIEW THAT FOLLOWS, EXPLAINS WHAT
SETS ZWEIG MANAGED ASSETS APART.
Carlton, how is Phoenix-Zweig Managed Assets
different from other asset allocation funds?
Rather than remaining in a fixed allocation among U.S. and foreign stocks,
bonds, and cash, we employ tactical asset allocation in managing the fund. We
use Marty Zweig's research to determine the appropriate asset mix that will
keep us in gear with major trends around the world. We normally make gradual
and incremental changes in our allocation, looking for opportunities, and
seeking to avoid trouble spots.
What else sets the fund apart?
We only invest in what we consider to be quality securities. In the U.S., our
equity portfolio is made up of stocks from the S&P 500. Our fixed income
positions around the world tend to be high-grade debt -- never junk bonds.
Among non-U.S. equities, we buy baskets of stocks that mimic each country's
stock market. These tend to be the larger, better-known names. While we can
invest in the emerging markets, we focus on the more developed of these
countries, such as Mexico and Singapore. Many of our competitors suffered in
the fall of 1998 because they held high-octane securities, such as foreign
small-cap stocks and emerging markets bonds. Conversely, Phoenix-Zweig
Managed Assets outperformed most of its peer group during this volatile
period. Of course, it's important to remember that foreign investing involves
special risks such as currency fluctuations and political uncertainty.
How does Phoenix-Zweig Managed Assets seek to minimize risk?
One of the best ways to address volatility is through broad diversification.
We diversify the fund between equities and fixed income, as well as across
regions, countries, industries, and companies. We never take big bets on a
single country or region. Like all of the Phoenix-Zweig funds, we reduce our
market exposure when Marty Zweig's research indicates that risk is rising. In
contrast, most other global asset allocation funds stay largely fully
invested regardless of market conditions. We are also concerned with currency
risk and actively manage currency exposure. When currency research indicates
that a particular currency is weakening, we hedge against that expected
decline with foreign exchange forward contracts. Over the long run, we expect
the fund to be hedged about two-thirds of the time.
Where might Phoenix-Zweig Managed Assets fit
into an investor's portfolio?
The fund can be useful to investors in several ways. For an investor who's
just starting out, Phoenix-Zweig Managed Assets offers one-step
diversification without a huge investment. In order to achieve the broad
diversification that the fund offers, an investor would have to commit a
sizable amount of money. The fund can also serve the needs of conservative
investors who seek the growth potential of stocks and foreign markets, yet
are not willing to take on significant risk. Our risk-averse approach seeks
to give investors a consistent approach to growth -- not the roller-coaster
ride that characterizes many foreign funds. Our approach does not ensure that
the fund will meet its investment objectives, and may affect its ability to
benefit fully from rising markets. In addition, there is no guarantee the
fund's approach will shelter investors from losses in the event of a market
downturn. And for investors who already own a well-diversified portfolio,
Phoenix-Zweig Managed Assets adds Marty Zweig's experienced, active asset
allocation to the mix.
How is your research positioned right now?
We are more conservatively positioned in the fund than we've been in some
time. Even late last fall, when the markets were experiencing considerable
volatility, we were invested to a greater degree than we are now. That's
because last year, interest rates were declining, a trend that is usually
positive for stocks. This year, however, worldwide bond rates have been
increasing steadily. Global growth is on track, and commodity prices are
rising as a result. All of this strong economic news, in turn, is kindling
fears of inflation, which often has a negative effect on stocks. We will
continue to respond to changing conditions, and will adjust our asset mix as
Marty Zweig's research indicates.
3
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PHOENIX-ZWEIG APPRECIATION FUND
A FLEXIBLE APPROACH TO THE GROWTH POTENTIAL OF SMALL-COMPANY STOCKS
[PHOTO] PORTFOLIO MANAGER David Katzen
ASSETS AS OF 6/30/99 $ 342 million
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SYMBOLS ZAPAX ZAPBX ZAPCX
<S> <C> <C> <C>
INCEPTION DATE 10/7/91 4/8/96 2/4/92
CUSIP 719167579 719167710 719167595
</TABLE>
For the first half of 1999, the fund's Class A Shares declined 0.6%, versus
the 8.6% earned by the Lipper Small-Company Fund Average and the 9.3%
returned by the Russell 2000 Index. The fund's Class B and C Shares (which
have no initial sales charge but bear higher expenses) declined 0.9% and
1.0%, respectively. For the second quarter, the Class A Shares returned 8.9%,
versus the 15.6% earned by both the Lipper Small-Company Fund Average and the
Russell 2000 Index. The Class B and C Shares both returned 8.7%.
Small-cap stocks, out of favor for more than a year, began to creep into the
spotlight during the second quarter of 1999. After a difficult first quarter
that saw a continuation of small caps' underperformance, investors sought out
smaller names beginning in April. Where technology stocks posted the
strongest returns in the first quarter, energy, basic materials, and
machinery companies led the second quarter.
Although investors are taking a fresh look at small stocks, the earnings
growth of these stocks continues to lag that of large caps. While small caps
are more attractively priced than large caps, they have not matched the
consistency in earnings growth of large caps. The small-cap names we favor
demonstrate reasonable price/earnings ratios, and above-average growth rates.
During the first quarter, we suffered from an overweight in basic materials,
manufacturing, and capital goods groups. Growth stocks dominated in the first
quarter, and these cyclical companies lagged. A lack of exposure to energy
stocks constrained our results all year, and particularly in the second
quarter, as these stocks rose based on higher oil and natural gas prices.
In the second quarter, however, the market rewarded our patience in holding
these same groups, which were among the market leaders from April through
June. The basic materials companies did well as a result of higher commodity
prices. The capital goods and manufacturing stocks benefited from increased
capital spending.
PERFORMANCE annualized since inception (10/7/91)*
<TABLE>
<C> <C>
PHOENIX-ZWEIG APPRECIATION FUND A SHARES 11.3%
LIPPER SMALL-COMPANY FUND AVERAGE+ 15.3%
RUSSELL 2000 INDEX 14.7%
</TABLE>
Avg. Market Exposure 69%
PERFORMANCE after all charges and expenses
<TABLE>
<CAPTION>
Inception date Since inception 5 year 1 year
<S> <C> <C> <C> <C>
A SHARES 10/7/91 10.4% 10.3% -14.2%
B SHARES 4/8/96 8.2% N/A -14.3%
C SHARES 2/4/92 9.6% 10.8% -11.0%
</TABLE>
<TABLE>
ASSET MIXES for 1999-
<S> <C> <C>
January 1 Stocks 88% Cash 12%
June 30 Stocks 58% Cash 42%
</TABLE>
<TABLE>
TOP INDUSTRY GROUPS as of 6/30/99**
<S> <C>
CONSUMER CYCLICAL 25.9%
CAPITAL GOODS 18.1%
NON-BANK FINANCIAL 17.6%
CONSUMER STAPLES 11.6%
TECHNOLOGY 8.1%
TRANSPORTATION 7.3%
BASIC MATERIALS 5.8%
UTILITIES 2.9%
HEALTH CARE 1.5%
BANKING 1.0%
</TABLE>
* RETURNS DO NOT INCLUDE ANY INITIAL OR CONTINGENT DEFERRED SALES CHARGES. THE
LIPPER SMALL-CAP FUNDS AVERAGE IS BASED ON THE TOTAL RETURN OF 96 FUNDS. THE
RUSSELL 2000 INDEX IS UNMANAGED. INVESTORS CANNOT INVEST DIRECTLY IN INDEXES.
THE ANNUALIZED RETURN FOR THE CLASS B SHARES SINCE THEIR INCEPTION ON 4/8/96
IS 9.2%. THE ANNUALIZED RETURN FOR THE CLASS C SHARES SINCE THEIR INCEPTION
ON 2/4/92 IS 9.6%. SMALL-CAP INVESTING INVOLVES ADDED RISKS, INCLUDING
GREATER PRICE VOLATILITY, LESS LIQUIDITY AND INCREASED COMPETITIVE THREAT.
+ THE PERIOD MEASURED IS FROM 10/10/91 DUE TO LIPPER'S WEEKLY DATA.
- - FOR PURPOSES OF DETERMINING ASSET MIX, THE FUND'S STOCK FUTURES POSITION IS
TREATED AS REDUCING (OR INCREASING) STOCK EXPOSURE AND INCREASING (OR
REDUCING) CASH. FUTURES INVOLVE MARKET RISK IN EXCESS OF THEIR COST, AND MAY
ENTAIL CORRELATION AND LIQUIDITY RISKS.
** PERCENTAGE OF THE STOCK PORTION OF THE FUND ONLY; DOES NOT TAKE INTO
ACCOUNT THE FUND'S CASH OR FUTURES POSITION. SINCE THE PORTFOLIO IS
ACTIVELY MANAGED, ITS HOLDINGS ARE SUBJECT TO CHANGE.
4
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PHOENIX-ZWEIG FOREIGN EQUITY FUND
A FLEXIBLE APPROACH TO INTERNATIONAL
(NON-U.S.) STOCKS
[PHOTO] PORTFOLIO MANAGER Carlton Neel
ASSETS AS OF 6/30/99 $ 8.0 million
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SYMBOLS ZFEAX ZFEBX ZFECX
<S> <C> <C> <C>
INCEPTION DATE 11/21/97 11/21/97 11/21/97
CUSIP 719167884 719167801 719167702
</TABLE>
For the first half of 1999, the fund's Class A Shares returned 10.6%, versus the
7.4% earned by the Lipper International Fund Average and the 4.7% returned by
the Morgan Stanley World (excluding U.S.) Index. The Class B and C Shares (which
have no initial sales charge but bear higher expenses) returned 10.2% and 10.1%,
respectively. For the second quarter, the Class A Shares returned 6.0%, versus
the 5.6% earned by the Lipper International Fund Average and the 3.0% returned
by the MSCI World (ex. U.S.) Index. The Class B and C Shares both returned 5.8%.
We hold a significant position in Japanese stocks, and are bullish on that
country's prospects. The Nikkei recently passed the psychologically important
level of 18,000--a new high for the year. The Japanese government seems to be
addressing Japan's economic woes. Japanese small-cap stocks are up more than
100% for the first six months of the year. In general, small caps lead a market
rally, so we view their rise as a positive sign.
Hong Kong and Singapore have experienced solid performance for the year to date.
The Asian crisis appears to have abated, as investors are increasing their
positions in Asia.
Among European stock markets, we earned good returns in France, Germany, Italy,
and Spain. The U.K. markets are experiencing strong momentum, as well. We are
slightly concerned that it will be difficult for the European central bank to
lower interest rates in the near future. The euro is experiencing weakness, and
the recent rate hike by the U.S. Federal Reserve make a rate cut in Europe less
likely. This could put a damper on future increases in European bourses.
The fund is invested in Australia and Canada, two countries that are rather
sensitive to commodity price cycles. Commodity prices worldwide are on the rise.
As a result, our positions in these countries have performed well.
The portfolio has been hedged back into the U.S. dollar most of the year. We
believe that stronger economic conditions in the U.S. and abroad will continue
to favor the U.S. dollar.
PERFORMANCE annualized since inception (11/21/97)*
<TABLE>
<C> <C>
PHOENIX-ZWEIG FOREIGN EQUITY FUND A SHARES 13.2%
LIPPER INTERNATIONAL FUND AVERAGE+ 22.9%
MORGAN STANLEY WORLD (EXCLUDING U.S.) INDEX 13.9%
</TABLE>
Avg. Market Exposure 70%
PERFORMANCE after all charges and expenses
<TABLE>
<CAPTION>
Inception date Since inception 1 year
<S> <C> <C> <C>
A SHARES 11/21/97 9.3% 0.7%
B SHARES 11/21/97 9.6% 0.6%
C SHARES 11/21/97 12.4% 4.4%
</TABLE>
<TABLE>
ASSET MIXES for 1999-
<S> <C> <C>
January 1 Stocks 78% Cash 22%
June 30 Stocks 54% Cash 46%
</TABLE>
<TABLE>
COUNTRY ALLOCATIONS as of 6/30/99**
<CAPTION>
Stocks
<S> <C>
JAPAN 14.5%
FRANCE 3.8%
GERMANY 3.5%
UNITED KINGDOM 3.4%
SPAIN 3.1%
SOUTH AFRICA 2.8%
CANADA 2.7%
SWEDEN 2.6%
HONG KONG 2.5%
NETHERLANDS 2.4%
MEXICO 2.3%
FINLAND 2.0%
SWITZERLAND 2.0%
SINGAPORE 1.9%
NEW ZEALAND 1.8%
AUSTRALIA 1.3%
ITALY 0.8%
MALAYSIA 0.6%
BELGIUM 0.1%
TOTAL 54.1%
</TABLE>
* RETURNS DO NOT INCLUDE ANY INITIAL OR CONTINGENT DEFERRED SALES CHARGES.
THE LIPPER INTERNATIONAL FUNDS AVERAGE IS BASED ON THE TOTAL RETURN OF 504
FUNDS WITHOUT CONSIDERING ANY SALES CHARGES. THE Morgan Stanley World
(excluding U.S.) Index is unmanaged. INVESTORS CANNOT INVEST DIRECTLY IN
INDEXES. THE ANNUALIZED RETURN FOR THE CLASS B SHARES AND THE CLASS C SHARES
SINCE THEIR INCEPTION ON 11/21/97 IS 12.5% AND 12.4%, RESPECTIVELY. FOREIGN
INVESTING INVOLVES SPECIAL RISKS, INCLUDING CURRENCY FLUCTUATIONS AND
POLITICAL UNCERTAINTY.
+ THE PERIOD MEASURED IS FROM 11/26/97 DUE TO
LIPPER'S WEEKLY DATA.
- - FOR PURPOSES OF DETERMINING ASSET MIX, THE FUND'S STOCK FUTURES POSITION
IS TREATED AS REDUCING (OR INCREASING) STOCK EXPOSURE AND INCREASING (OR
REDUCING) CASH. FUTURES INVOLVE MARKET RISK IN EXCESS OF THEIR COST, AND MAY
ENTAIL CORRELATION AND LIQUIDITY RISKS.
** SINCE THE PORTFOLIO IS ACTIVELY MANAGED, ITS HOLDINGS ARE SUBJECT TO
CHANGE.
5
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PHOENIX-ZWEIG GOVERNMENT FUND
MONTHLY INCOME FROM U.S. GOVERNMENT SECURITIES
[PHOTO] PORTFOLIO MANAGER Carlton Neel
ASSETS AS OF 6/30/99 $40.3 million
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<TABLE>
<CAPTION>
SYMBOLS ZGVAX ZGVBX ZGVCX
<S> <C> <C> <C>
INCEPTION DATE 3/25/85 4/8/96 2/4/92
CUSIP 719167207 719167736 719167629
</TABLE>
For the first half of 1999, the Class A Shares declined 2.5%, matching the
2.5% decline of the Lipper U.S. Government Fund Average and the -2.3%
returned by the Lehman Government Bond Index. The Class B and C Shares (which
have no initial sales charge but bear higher expenses) declined 2.9% and
2.8%, respectively. For the second quarter, the Class A Shares returned
- -0.7%, versus the -1.4% earned by the Lipper U.S. Government Fund Average and
the -0.9% returned by the Lehman Government Bond Index. The Class B and C
Shares both returned -0.8%.
For the six months ending June 30, 1999, the 30 year Treasury bond--the
"long bond"--moved from a yield of 5.10% in January to a yield above 6%.
This increase in rates reflects the rather robust economic conditions the
U.S. is experiencing, as well as the inflation concerns that growth produces.
Throughout the first half of the year, our models deteriorated based on
rising commodity prices, a higher-than-expected Consumer Price Index, and
poor bond market momentum. Furthermore, bond market sentiment has been quite
positive all year--something that we view as a negative sign.
As a result, the duration--sensitivity to changes in interest rates--of our
U.S. bond portfolio is near one of its lows for the year. We remain concerned
that high commodity prices combined with robust employment and economic
growth may eventually lead to price pressures and higher inflation. We
believe these developments would further damage the bond market.
Although the Federal Reserve raised interest rates on June 30, it announced
that it no longer had a bias to tighten money supply. The bond market rallied
on the news, but less than might have been expected given such a positive
development. The bond market may be under further pressure for two reasons.
It appears there is little bond money waiting on the sidelines to enter the
market, and economic news continues to be strong, fueling inflation fears.
PERFORMANCE annualized since inception (3/25/85)*
<TABLE>
<S> <C>
PHOENIX-ZWEIG GOVERNMENT FUND A SHARES 6.2%
LIPPER U.S. GOV'T. FUND AVERAGE+ 7.9%
LEHMAN GOVERNMENT BOND INDEX+ 9.2%
</TABLE>
PERFORMANCE after all charges and expenses
<TABLE>
<CAPTION>
Inception date Since inception 5 year 1 year
<S> <C> <C> <C> <C>
A SHARES 3/25/85** 5.7% 4.5% -2.1%
- ---------------------------------------------- --------- ---------
B SHARES 4/8/96 4.2% N/A -3.1%
- ---------------------------------------------- --------- ---------
C SHARES 2/4/92 5.0% 5.0% 1.0%
</TABLE>
PHOENIX-ZWEIG GOVERNMENT CASH FUND
The annualized net yield of Phoenix-Zweig Government Cash Fund for the
year-to-date through June 30, 1999 was 4.23% for Class A and C Shares, 3.53%
for Class B Shares, and 4.47% for Class M Shares.
* RETURNS DO NOT INCLUDE ANY INITIAL OR CONTINGENT DEFERRED SALES CHARGES.
THE LIPPER U.S. GOVERNMENT BOND FUNDS AVERAGE IS BASED ON THE TOTAL RETURN
OF 16 FUNDS. THE LEHMAN GOVERNMENT BOND INDEX IS UNMANAGED. INVESTORS
CANNOT INVEST DIRECTLY IN INDEXES. THE ANNUALIZED RETURN FOR THE CLASS B
SHARES SINCE THEIR INCEPTION ON 4/8/96 IS 5.2%. THE ANNUALIZED RETURN FOR
THE CLASS C SHARES SINCE THEIR INCEPTION ON 2/4/92 IS 5.0%.
+ THE PERIOD MEASURED IS FROM 3/31/85 DUE TO LIPPER'S WEEKLY DATA.
** ZWEIG/GLASER ADVISERS ASSUMED RESPONSIBILITY FOR MANAGING THE FUND ON
SEPTEMBER 1, 1989.
6
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PHOENIX-ZWEIG GROWTH & INCOME FUND
A FLEXIBLE APPROACH TO GROWTH STOCKS AND HIGH DIVIDEND STOCKS
[PHOTO] PORTFOLIO MANAGER David Katzen
ASSETS AS OF 6/30/99 $ 28.9 million
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SYMBOLS ZGIAX ZGIBX ZGICX
<S> <C> <C> <C>
INCEPTION DATE 11/26/96 11/26/98 11/26/98
CUSIP 719167777 719167785 719167793
</TABLE>
For the first half of 1999, the fund's Class A Shares returned 2.2%, versus
the 10.9% earned by the Lipper Growth & Income Fund Average and the 12.4%
returned by the S&P 500 Index. The Class B and C Shares (which have no
initial sales charge but bear higher expenses) returned 1.9% and 2.0%,
respectively. For the second quarter, the Class A Shares returned 8.7%,
versus the 9.0% earned by the Lipper Growth & Income Fund Average and the
7.1% returned by the S&P 500. The Class B and C Shares returned 8.5% and
8.6%, respectively.
During the first quarter, the high dividend-yield segment of the fund
dampened our returns, as these stocks were overlooked by the market. What's
more, the growth portion of our fund, which incorporates a valuation element,
held us back as well. Because they carried enormous price/earnings ratios
that far exceeded their historical valuations, we did not hold the largest,
fastest-growing stocks that dominated the market.
In the second quarter, however, yield stocks began to outperform growth
stocks. The income part of the portfolio saw better returns than it had in
nearly five quarters. In addition, the smaller, undervalued names we own in
the growth portfolio came into favor from April through June. Thus, the
growth portion of the portfolio beat its benchmark on an equity-only basis
for the second quarter. Our avoidance of growth stocks with high P/E ratios
helped our relative performance in the second quarter.
Size seemed to matter less during the quarter, as for the first time since
late 1997, there was no advantage to be gained by capitalization-weighting a
portfolio, that is, counting the returns of large stocks more than the
returns of small stocks. This helped us, as the fund's median market cap was
$2.4 billion, which is at the low end of the range for our mid-cap fund peers.
Our utilities holdings suffered during the first quarter from the perception
that these stocks are a value-oriented investment. In the second quarter,
however, the utilities performed well, benefiting in particular from
consolidation in that industry.
PERFORMANCE annualized since inception (11/26/96)*
<TABLE>
<C> <C>
PHOENIX-ZWEIG GROWTH & INCOME FUND A SHARES 8.8%
LIPPER GROWTH & INCOME FUND AVERAGE+ 20.0%
S&P 500 INDEX 27.7%
</TABLE>
Avg. Market Exposure 77%
PERFORMANCE after all charges and expenses
<TABLE>
<CAPTION>
Inception date Since inception 1 year
<S> <C> <C> <C>
A SHARES 11/26/96 6.4% -10.7%
B SHARES 11/26/96 6.8% -10.9%
C SHARES 11/26/96 8.0% -7.3%
</TABLE>
<TABLE>
ASSET MIXES for 1999-
<S> <C> <C>
January 1 Stocks 86% Cash 14%
June 30 Stocks 59% Cash 41%
</TABLE>
TOP INDUSTRY GROUPS as of 6/30/99**
<TABLE>
<S> <C>
CONSUMER CYCLICAL 23.8%
NON-BANK FINANCIAL 18.7%
CAPITAL GOODS 16.0%
UTILITIES 12.3%
BASIC MATERIALS 9.3%
TECHNOLOGY 6.6%
CONSUMER STAPLES 4.5%
TRANSPORTATION 3.7%
ENERGY 2.2%
HEALTH CARE 1.7%
</TABLE>
* RETURNS DO NOT INCLUDE ANY INITIAL OR CONTINGENT DEFERRED SALES CHARGES.
THE LIPPER GROWTH & INCOME FUNDS AVERAGE IS BASED ON THE TOTAL RETURN OF
577 FUNDS. THE S&P 500 INDEX IS UNMANAGED. INVESTORS CANNOT INVEST
DIRECTLY IN INDEXES. THE ANNUALIZED RETURN FOR BOTH THE CLASS B SHARES AND
THE CLASS C SHARES SINCE THEIR INCEPTION ON 11/26/96 IS 8.0%.
+ THE PERIOD MEASURED IS FROM 11/27/96 DUE TO LIPPER'S WEEKLY DATA.
- - FOR PURPOSES OF DETERMINING ASSET MIX, THE FUND'S STOCK FUTURES POSITION
IS TREATED AS REDUCING (OR INCREASING) STOCK EXPOSURE AND INCREASING (OR
REDUCING) CASH. FUTURES INVOLVE MARKET RISK IN EXCESS OF THEIR COST, AND
MAY ENTAIL CORRELATION AND LIQUIDITY RISKS.
** PERCENTAGE OF THE STOCK PORTION OF THE FUND ONLY; DOES NOT TAKE INTO
ACCOUNT THE FUND'S CASH OR FUTURES POSITION. SINCE THE PORTFOLIO IS
ACTIVELY MANAGED, ITS HOLDINGS ARE SUBJECT TO CHANGE.
7
<PAGE>
PHOENIX-ZWEIG MANAGED ASSETS
A FLEXIBLE APPROACH TO DOMESTIC AND
FOREIGN STOCKS AND BONDS
[PHOTO] PORTFOLIO MANAGER Carlton Neel
ASSETS AS OF 6/30/99 $ 570 million
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SYMBOLS ZMAAX ZMABX ZMACX
<S> <C> <C> <C>
INCEPTION DATE 2/8/93 4/8/96 2/8/93
CUSIP 719167652 719167744 719167660
</TABLE>
For the first half of 1999, the fund's Class A Shares returned 4.9%, versus
the 6.2% earned by the Lipper Global Flexible Fund Average. The Class B and C
Shares (which have no initial sales charge but bear higher expenses) both
returned 4.5%. For the second quarter, the Class A Shares returned 3.6%,
versus the 4.7% earned by the Lipper Global Flexible Fund Average. The Class
B and C Shares both returned 3.4%.
Although we have been cautious on U.S. stocks all year, we believe our stock
selection has been excellent. Our approach--screening for top-performing
industry groups, and then choosing individual stocks within those groups--has
helped us outperform the S&P 500 on an equity-only basis for the six months.
Overseas, we are quite bullish on Japanese stocks. The Nikkei recently passed
the psychologically important level of 18,000--a new high for the year. The
Japanese government seems to be addressing that country's economic woes, and
the market is responding favorably.
Among European stock markets, we earned good returns in France, Germany,
Italy, and Spain.
After the Fed's announcement that it no longer had a bias to tighten money
supply, U.S. bonds rallied, but less than might have been expected. The bond
market may be under further pressure from a strengthening economy. The
duration--sensitivity to changes in interest rates--of our U.S. bond
portfolio is near one of its lows for the year.
Foreign bonds have been mired in a weak trading pattern all year, and we have
gradually cut back our holdings. We believe it will be difficult for the
European central bank to lower rates given the weakness of the euro and the
U.S. Fed hike. We own some Australian and Canadian bonds, which have somewhat
better yields than the European bonds.
The euro and the yen do not look as promising to us as the North American
currencies. As a result, we hedged our foreign holdings back into U.S.
dollars for most of the year.
PERFORMANCE annualized since inception (2/8/93)*
<TABLE>
<C> <C>
PHOENIX-ZWEIG MANAGED ASSETS A SHARES 10.8%
LIPPER GLOBAL FLEXIBLE FUND AVERAGE+ 11.1%
</TABLE>
Avg. Market Exposure 39% Stocks, 33% Bonds
PERFORMANCE after all charges and expenses
<TABLE>
<CAPTION>
Inception date Since inception 5 year 1 year
<S> <C> <C> <C> <C>
A SHARES 2/8/93 9.9% 10.8% 2.9%
B SHARES 4/8/96 12.1% N/A 2.7%
C SHARES 2/8/93 10.1% 11.3% 6.8%
</TABLE>
<TABLE>
ASSET MIXES for 1999-
<S> <C> <C> <C>
January 1 Stocks 54% Cash 9% Bonds 37%
June 30 Stocks 39% Cash 36% Bonds 25%
</TABLE>
<TABLE>
COUNTRY ALLOCATIONS as of 6/30/99**
<CAPTION>
STOCKS BONDS
<S> <C> <C>
UNITED STATES 18.7% 12.2%
AUSTRALIA 1.6% 0.0%
FINLAND 0.0% 0.9%
FRANCE 2.1% 1.6%
GERMANY 2.1% 1.6%
ITALY 1.0% 0.8%
JAPAN 4.7% 0.0%
NETHERLANDS 0.0% 1.0%
SPAIN 2.1% 1.4%
SWEDEN 1.3% 0.0%
UNITED KINGDOM 2.0% 2.5%
OTHER 3.2% 2.6%
TOTAL 38.8% 24.6%
</TABLE>
* RETURNS DO NOT INCLUDE ANY INITIAL OR CONTINGENT DEFERRED SALES CHARGES.
THE LIPPER GLOBAL FLEXIBLE FUNDS AVERAGE IS BASED ON THE TOTAL RETURN OF
16 FUNDS. THE MORGAN STANLEY AND SALOMON INDEXES ARE UNMANAGED. INVESTORS
CANNOT INVEST DIRECTLY IN INDEXES. THE ANNUALIZED RETURN FOR THE CLASS B
SHARES SINCE THEIR INCEPTION ON 4/8/96 IS 13.2%. THE ANNUALIZED RETURN FOR
THE CLASS C SHARES SINCE THEIR INCEPTION ON 2/8/93 IS 10.1%. FOREIGN
INVESTING INVOLVES SPECIAL RISKS, INCLUDING CURRENCY FLUCTUATIONS AND
POLITICAL UNCERTAINTY.
+ The period measured is from 2/11/93 due to Lipper's weekly data.
- - FOR PURPOSES OF DETERMINING ASSET MIX, THE FUND'S STOCK FUTURES POSITION
IS TREATED AS REDUCING (OR INCREASING) STOCK EXPOSURE AND INCREASING (OR
REDUCING) CASH. FUTURES INVOLVE MARKET RISK IN EXCESS OF THEIR COST, AND
MAY ENTAIL CORRELATION AND LIQUIDITY RISKS.
** SINCE THE PORTFOLIO IS ACTIVELY MANAGED, ITS HOLDINGS ARE SUBJECT TO
CHANGE.
8
<PAGE>
PHOENIX-ZWEIG STRATEGY FUND
A FLEXIBLE APPROACH TO MID-SIZED AND LARGE-COMPANY STOCKS
[PHOTO] PORTFOLIO MANAGER David Katzen
ASSETS AS OF 6/30/99 $661.2 million
- -----------------------------------------------------------------
<TABLE>
<CAPTION>
SYMBOLS ZSTAX ZSTBX ZSTCX
<S> <C> <C> <C>
INCEPTION DATE 12/29/89 4/8/96 2/4/92
CUSIP 719167561 719167769 719167587
</TABLE>
For the first half of 1999, the fund's Class A Shares returned 3.2%, versus
the 11.7% earned by the Lipper Growth Fund Average and the 12.4% returned by
the S&P 500 Index. The Class B and C Shares (which have no initial sales
charge but bear higher expenses) both returned 2.8%. For the second quarter,
the Class A Shares returned 5.5%, versus the 7.1% earned by both the Lipper
Growth Fund Average and the S&P 500. The Class B and C Shares both returned
5.3%.
During the first quarter, the trends that dominated 1998 continued. The S&P
500 far outstripped active managers, fueled by roughly 20 stocks with a
median price/earnings ratio north of 50. Our value-conscious stock picking
style was out of favor.
During the second quarter, the market underwent a reversal. Investors began
to question whether the handful of stocks that had led the market deserved
such enormous valuations. From April through June, many of these stocks
underperformed. The market turned its attention to several deep cyclical and
commodity-based industry groups, such as chemicals, base metals,
manufacturing, and paper companies. This was spurred by the stabilization of
world markets, particularly in Japan, and continuing strength in our own
business environment.
Our returns in the second quarter showed real improvement over the previous
five quarters, as we beat the S&P 500 on an equity-only basis. While we
benefited from the broadening of the market, the impact of this was somewhat
constrained because the strong group rotation was motivated not by attractive
fundamentals, but by investors' rush to make a macro bet on the economy and
inflation. We do not buy stocks simply because of economic prognostications.
Our discipline, instead, is to consider both growth and value factors in
assessing a stock. We remain committed to our stock selection style, as
discipline is the best recipe for long-term success.
PERFORMANCE annualized since inception (12/29/89)*
<TABLE>
<S> <C>
PHOENIX-ZWEIG STRATEGY FUND A SHARES 10.4%
LIPPER GROWTH FUND AVERAGE+ 16.0%
S&P 500 INDEX 18.2%
</TABLE>
AVG. MARKET EXPOSURE 69%
PERFORMANCE after all charges and expenses
<TABLE>
<CAPTION>
Inception date Since inception 5 year 1 year
<S> <C> <C> <C> <C>
A SHARES 12/29/89 9.7% 9.9% -11.7%
- ------------------------------------------------- ---------- ----------
B SHARES 4/8/96 6.6% N/A -11.9%
- ------------------------------------------------- ---------- ----------
C SHARES 2/4/92 8.3% 10.4% -8.4%
</TABLE>
ASSET MIXES for 1999-
<TABLE>
<S> <C> <C>
January 1 Stocks 88% Cash 12%
June 30 Stocks 58% Cash 42%
</TABLE>
TOP INDUSTRY GROUPS as of 6/30/99**
<TABLE>
<S> <C>
CONSUMER CYCLICAL 24.0%
NON-BANK FINANCIAL 17.1%
UTILITIES 12.3%
CAPITAL GOODS 10.4%
TECHNOLOGY 9.9%
CONSUMER STAPLES 6.5%
BASIC MATERIALS 6.1%
TRANSPORTATION 4.0%
HEALTH CARE 3.2%
BANKING 2.8%
</TABLE>
* RETURNS DO NOT INCLUDE ANY INITIAL OR CONTINGENT DEFERRED SALES CHARGES.
THE LIPPER GROWTH FUNDS AVERAGE IS BASED ON THE TOTAL RETURN OF 181 FUNDS.
THE S&P 500 INDEX IS UNMANAGED. INVESTORS CANNOT INVEST DIRECTLY IN
INDEXES. THE ANNUALIZED RETURN FOR THE CLASS B SHARES SINCE THEIR
INCEPTION ON 4/8/96 IS 7.6%. THE ANNUALIZED RETURN FOR THE CLASS C SHARES
SINCE THEIR INCEPTION ON 2/4/92 IS 9.7%.
+ THE PERIOD MEASURED IS FROM 12/31/89 DUE TO LIPPER'S WEEKLY DATA.
- FOR PURPOSES OF DETERMINING ASSET MIX, THE FUND'S STOCK FUTURES POSITION
IS TREATED AS REDUCING (OR INCREASING) STOCK EXPOSURE AND INCREASING
(OR REDUCING) CASH. FUTURES INVOLVE MARKET RISK IN EXCESS OF THEIR
COST, AND MAY ENTAIL CORRELATION AND LIQUIDITY RISKS.
** PERCENTAGE OF THE STOCK PORTION OF THE FUND ONLY; DOES NOT TAKE INTO
ACCOUNT THE FUND'S CASH OR FUTURES POSITION. SINCE THE PORTFOLIO IS
ACTIVELY MANAGED, ITS HOLDINGS ARE SUBJECT TO CHANGE.
9
<PAGE>
PHOENIX-ZWEIG APPRECIATION FUND
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS: 55.48%
AEROSPACE AND DEFENSE: 1.61%
AAR Corp................................ 23,000 $ 521,812
Alliant Techsystems Inc................. 700 60,550
Aviation Sales Co....................... 15,700 620,150
BE Aerospace, Inc....................... 116,900 2,184,569
Cordant Technologies Inc................ 21,500 971,531
Curtiss-Wright Corp..................... 5,000 194,375
Moog Inc., Class A...................... 13,600 467,500
Newport News Shipbuilding and Dry Dock
Co.................................... 12,100 356,950
Sequa Corp.............................. 1,790 125,300
--------------
5,502,737
--------------
AGRICULTURAL PRODUCTS: 0.30%
Corn Products International Inc......... 4,100 124,794
Universal Corp.......................... 31,400 892,938
--------------
1,017,732
--------------
AIR FREIGHT: 0.56%
CNF Transportation Inc.................. 49,800 1,911,075
--------------
AIRLINES: 1.28%
Alaska Air Group Inc.................... 13,200 551,100
America West Holdings................... 71,700 1,353,337
Amtran Inc.............................. 25,300 623,012
Midwest Express Holdings Inc............ 8,850 300,900
Skywest, Inc............................ 62,000 1,546,125
--------------
4,374,474
--------------
AUTO PARTS AND EQUIPMENT: 2.06%
Arvin Industries, Inc................... 43,900 1,662,713
Borg-Warner Automotive, Inc............. 22,329 1,228,095
Cooper Tire & Rubber Co................. 21,000 496,125
Intermet Corp........................... 61,500 930,187
Mark IV Industries, Inc................. 4,200 88,725
Meritor Automotive Inc.................. 44,400 1,132,200
Tower Automotive Inc.................... 59,300 1,508,444
--------------
7,046,489
--------------
AUTOMOBILES: 0.10%
Monaco Coach Corp....................... 7,950 336,384
--------------
BANKS - REGIONAL: 0.57%
Flagstar Bancorp Inc.................... 37,300 941,825
Republic Bancorp Inc.................... 65,800 999,338
--------------
1,941,163
--------------
BEVERAGES: 0.39%
Adolph Coors Co., Class B............... 3,700 183,150
Canandaigua Brands, Class A............. 22,000 1,153,625
--------------
1,336,775
--------------
BIOTECHNOLOGY: 0.17%
Liposome Co., Inc....................... 29,700 568,013
--------------
BUILDING MATERIALS: 0.83%
Elcor Corp.............................. 9,100 397,556
Mestek, Inc............................. 700 15,400
NCI Building Systems Inc................ 53,600 1,145,700
Nortek Inc.............................. 31,700 992,606
Premdor Inc............................. 1,600 17,900
Simpson Manufacturing Co., Inc.......... 5,500 261,250
--------------
2,830,412
--------------
CHEMICALS - SPECIALTY: 0.95%
Albemarle Corp.......................... 22,700 524,938
H.B. Fuller Co.......................... 13,900 950,413
Lubrizol Corp........................... 9,800 267,050
Spartech Corp........................... 39,400 1,246,025
Valspar Corp............................ 1,300 49,400
W.R. Grace & Co......................... 11,300 207,637
--------------
3,245,463
--------------
COMMUNICATION EQUIPMENT: 0.28%
Commscope Inc........................... 31,600 971,700
--------------
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
<S> <C> <C>
COMPUTER HARDWARE: 1.09%
Cybex Computer Products Corp............ 5,500 $ 153,312
Pinnacle Systems, Inc................... 45,700 1,536,662
Xircom Inc.............................. 67,400 2,026,212
--------------
3,716,186
--------------
COMPUTER SERVICES: 0.07%
IMRglobal Corp.......................... 11,900 229,075
--------------
COMPUTER SOFTWARE: 1.45%
American Management Systems............. 23,700 759,881
Avant Corp.............................. 67,000 845,875
Jack Henry & Assoc., Inc................ 5,900 231,575
Progress Software Corp.................. 73,800 2,084,850
Sterling Software Inc................... 15,300 408,319
Symantec Corp........................... 24,600 627,300
--------------
4,957,800
--------------
COMPUTERS - NETWORKING: 0.37%
Transwitch Corp......................... 26,700 1,264,912
--------------
CONSTRUCTION - CEMENT AND AGGREGATES:
1.61%
Centex Construction Products Inc........ 76,444 2,608,651
Lone Star Industries, Inc............... 76,900 2,888,556
--------------
5,497,207
--------------
CONSUMER - JEWELRY, NOVELTY AND GIFTS:
1.23%
Action Performance Companies, Inc....... 74,700 2,465,100
Fossil Inc.............................. 35,700 1,726,988
--------------
4,192,088
--------------
CONSUMER FINANCE: 1.68%
AmeriCredit Corp........................ 31,000 496,000
Doral Financial Corp.................... 183,100 3,158,475
Healthcare Financial Partners Inc....... 3,100 106,175
Metris Companies Inc.................... 14,900 607,175
PMI Group, Inc.......................... 21,700 1,363,031
--------------
5,730,856
--------------
CONTAINERS - METAL AND GLASS: 0.38%
Ball Corp............................... 31,000 1,309,750
--------------
CONTAINERS AND PACKAGES - PAPER: 0.02%
Greif Bros Corp., Class A............... 700 17,850
Shorewood Packaging Corp................ 3,300 60,844
--------------
78,694
--------------
DISTRIBUTORS - FOOD AND HEALTH: 0.52%
Handleman Co............................ 16,200 191,362
United Stationers Inc................... 71,800 1,579,600
--------------
1,770,962
--------------
DRUGS: 0.18%
Roberts Pharmaceutical Corp............. 25,200 611,100
--------------
ELECTRIC UTILITIES: 1.11%
IdaCorp Inc............................. 8,500 267,750
Minnesota Power & Light Co.............. 47,700 948,038
Nevada Power Co......................... 9,100 227,500
Public Service Co. of New Mexico........ 33,500 665,812
Rochester Gas & Electric Corp........... 42,200 1,120,937
Sierra Pacific Resources................ 15,500 563,812
--------------
3,793,849
--------------
ELECTRICAL EQUIPMENT: 0.53%
Genlyte Group, Inc...................... 45,400 1,018,662
Juno Lighting, Inc...................... 24,300 607,500
SLI Inc................................. 400 10,800
Watsco, Inc............................. 9,800 160,475
--------------
1,797,437
--------------
ENGINEERING AND CONSTRUCTION: 0.96%
Dycom Industries Inc.................... 54,200 3,035,200
Jacobs Engineering Group Inc............ 2,600 98,800
URS Corp................................ 4,800 140,700
--------------
3,274,700
--------------
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
FINANCIAL - DIVERSIFIED: 3.10%
<S> <C> <C>
Avis Rent A Car Inc..................... 41,100 $ 1,197,038
Bradley Real Estate, Inc................ 20,000 415,000
Brandywine Realty Trust................. 21,900 433,894
Camden Property Trust................... 500 13,875
Carramerica Realty Corp................. 2,700 67,500
Catellus Development Corp............... 21,800 337,900
CBL & Associates Properties, Inc........ 83,900 2,212,863
Cornerstone Properties Inc.............. 3,800 60,325
Developers Diversified Realty Corp...... 1,000 16,625
Essex Property Trust, Inc............... 6,700 237,013
Federal Realty Investment Trust......... 1,900 43,581
Franchise Finance Corp. of America...... 700 15,400
General Growth Properties, Inc.......... 8,500 301,750
Health Care Reit, Inc................... 7,600 176,700
Healthcare Realty Trust Inc............. 900 18,900
Innkeepers USA Trust.................... 44,100 441,000
Liberty Financial Companies, Inc........ 19,250 560,656
Liberty Property Trust.................. 39,500 982,563
Macerich Co............................. 700 18,375
McGrath Rentcorp........................ 15,500 310,000
MGI Properties.......................... 3,700 104,525
Pacific Gulf Properties Inc............. 1,700 38,463
Pan Pacific Retail Properties Inc....... 28,300 548,313
Prentiss Properties Trust............... 10,300 242,050
Reckson Associates Realty Corp.......... 10,200 239,700
Rental Service Corp..................... 21,500 615,438
Rouse Co................................ 2,300 58,363
SEI Investments Co...................... 3,600 317,700
Taubman Centers, Inc.................... 6,900 90,994
Trinet Corporate Realty Trust Inc....... 6,700 185,506
U.S. Trust Corp......................... 3,100 286,750
--------------
10,588,760
--------------
FOODS: 1.93%
Earthgrains Co.......................... 51,800 1,337,088
Fresh Del Monte Produce Inc............. 11,000 155,375
IBP, Inc................................ 28,400 674,500
Pilgrim's Pride Corp.................... 98,100 2,943,000
Smithfield Foods, Inc................... 44,000 1,471,250
--------------
6,581,213
--------------
FOOTWEAR: 0.02%
Timberland Co., Class A................. 900 61,256
--------------
HARDWARE AND TOOLS: 0.04%
Scotts Co............................... 2,600 123,825
--------------
HEALTH CARE - DIVERSIFIED: 0.02%
Medicis Pharmaceutical Corp............. 3,100 78,663
--------------
HEALTH CARE - SPECIAL SERVICES: 0.06%
Hanger Orthopedic Group, Inc............ 4,700 66,681
Lincare Holdings Inc.................... 5,100 127,500
--------------
194,181
--------------
HOMEBUILDING: 1.92%
Castle & Cooke Inc...................... 13,700 241,463
Champion Enterprises Inc................ 15,700 292,413
Clayton Homes, Inc...................... 17,000 194,438
Crossmann Communities, Inc.............. 7,000 203,438
Del Webb Corp........................... 26,300 627,913
Kaufman & Broad Home Corp............... 34,400 855,700
Lennar Corp............................. 10,500 252,000
M.D.C. Holdings, Inc.................... 11,900 255,850
NVR, Inc................................ 5,600 292,250
Pulte Corp.............................. 79,200 1,826,550
Ryland Group, Inc....................... 13,600 403,750
Standard Pacific Corp................... 47,100 609,356
Toll Brothers Inc....................... 4,700 100,756
U.S. Home Corp.......................... 11,229 398,629
--------------
6,554,506
--------------
HOSPITALS AND MANAGED CARE: 0.42%
Ameripath, Inc.......................... 27,100 233,738
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
<S> <C> <C>
Trigon Healthcare Inc................... 16,200 $ 589,275
Universal Health Services, Inc., Class
B..................................... 12,800 611,200
--------------
1,434,213
--------------
HOTELS AND GAMING: 0.14%
Extended Stay America Inc............... 4,500 54,000
GTECH Holdings Corp..................... 4,000 94,250
Mandalay Resort Group................... 15,500 327,438
--------------
475,688
--------------
HOUSEHOLD FURNISHINGS: 1.49%
Ethan Allen Interiors Inc............... 70,900 2,676,475
Furniture Brands International, Inc..... 69,500 1,937,313
La-Z-Boy Inc............................ 8,600 197,800
Mohawk Industries Inc................... 7,700 233,888
O'Sullivan Industries Holdings, Inc..... 3,400 57,800
--------------
5,103,276
--------------
HOUSEWARES AND HOUSEHOLD PRODUCTS: 0.03%
Church & Dwight Co., Inc................ 2,000 87,000
--------------
INSURANCE - LIFE AND HEALTH: 0.42%
Delphi Financial Group, Inc., Class A... 11,971 429,460
FBL Financial Group Inc., Class A....... 13,000 253,500
Hartford Life Inc., Class A............. 9,800 515,725
National Western Life Insurance Co.,
Class A............................... 1,000 96,250
UICI.................................... 4,800 132,600
--------------
1,427,535
--------------
INSURANCE - MULTI-LINE: 0.09%
Nationwide Financial Services, Class
A..................................... 6,900 312,225
--------------
INSURANCE - PROPERTY AND CASUALTY: 2.10%
Alleghany Corp.......................... 5,640 1,043,400
Financial Security Assurance Holdings
Ltd................................... 35,400 1,840,800
Foremost Corp. of America............... 1,200 26,400
HCC Insurance Holdings, Inc............. 900 20,419
Medical Assurance Inc................... 4,326 122,209
Radian Group Inc........................ 72,330 3,530,608
Stewart Information Services Corp....... 20,600 435,175
XL Capital Ltd.......................... 2,928 165,432
--------------
7,184,443
--------------
INSURANCE BROKERS: 0.16%
E.W. Blanch Holdings Inc................ 3,400 231,838
Hooper Holmes Inc....................... 15,300 311,737
--------------
543,575
--------------
INVESTMENT BANKING AND BROKERAGE: 0.07%
Legg Mason, Inc......................... 6,100 234,850
--------------
IRON AND STEEL: 0.02%
Roanoke Electric Steel Corp............. 4,800 83,400
--------------
LEISURE TIME - PRODUCTS: 0.60%
Acclaim Entertainment Inc............... 73,100 466,013
Callaway Golf Co........................ 10,800 157,950
Coachmen Industries, Inc................ 1,100 25,575
National R.V. Holdings Inc.............. 25,800 625,650
Score Board Inc......................... 786 25
Thor Industries Inc..................... 10,100 286,587
Winnebago Industries, Inc............... 21,000 472,500
--------------
2,034,300
--------------
MACHINERY: 3.05%
Avondale Industries, Inc................ 70,900 2,765,100
Gardner Denver Machinery, Inc........... 18,600 299,925
General Cable Corp...................... 8,500 136,000
Manitowoc Company, Inc.................. 26,225 1,091,616
Metals USA Corp......................... 78,900 1,005,975
Milacron Inc............................ 2,700 49,950
Motivepower Industries Inc.............. 127,300 2,291,400
Mueller Industries, Inc................. 5,100 173,081
Specialty Equipment Companies Inc....... 13,500 397,406
</TABLE>
11
<PAGE>
PHOENIX-ZWEIG APPRECIATION FUND
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
MACHINERY: (continued)
<S> <C> <C>
Tecumseh Products Co., Class A.......... 24,300 $ 1,471,669
Varlen Corp............................. 17,900 724,950
--------------
10,407,072
--------------
MANUFACTURING - DIVERSIFIED: 1.02%
Carlisle Companies Inc.................. 7,700 370,562
Crane Co................................ 3,300 103,744
GenCorp Inc............................. 1,700 42,925
Myers Industries, Inc................... 9,300 186,000
Thomas Industries Inc................... 49,490 1,014,545
Tredegar Industries Inc................. 47,200 1,026,600
Trinity Industries, Inc................. 19,500 653,250
United Dominion Industries Ltd.......... 1,300 31,525
Valhi, Inc.............................. 3,300 36,713
--------------
3,465,864
--------------
MANUFACTURING - SPECIALIZED: 2.16%
Astec Industries, Inc................... 27,900 1,136,925
Briggs & Stratton Corp.................. 14,100 814,275
CTS Corp................................ 39,100 2,737,000
Donaldson Company, Inc.................. 3,200 78,400
JLG Industries, Inc..................... 12,500 254,687
Reliance Steel & Aluminum Co............ 27,900 1,088,100
York International Inc.................. 29,600 1,267,250
--------------
7,376,637
--------------
NATURAL GAS: 0.33%
Equitable Resources, Inc................ 8,700 328,425
Southwest Gas Corp...................... 27,200 778,600
--------------
1,107,025
--------------
OFFICE EQUIPMENT AND SUPPLIES: 0.15%
Polycom Inc............................. 10,500 409,500
Wallace Computer Service Inc............ 4,500 112,500
--------------
522,000
--------------
OIL AND GAS - EXPLORATION AND
PRODUCTION: 0.05%
Murphy Oil Corp......................... 3,800 185,488
--------------
PAPER AND FOREST PRODUCTS: 0.29%
Chesapeake Corp......................... 1,900 71,131
MacMillan Bloedel Ltd................... 51,900 934,200
--------------
1,005,331
--------------
PHOTOGRAPHY AND IMAGING: 0.35%
Imation Corp............................ 6,600 163,762
Lason Inc............................... 21,000 1,042,125
--------------
1,205,887
--------------
POWER PRODUCERS - INDEPENDENT: 0.15%
Calpine Corp............................ 9,700 523,800
--------------
RAILROADS: 0.08%
Florida East Coast Industries Inc....... 6,300 278,775
--------------
RESTAURANTS: 1.96%
Bob Evans Farms, Inc.................... 21,500 427,312
Brinker International Inc............... 56,700 1,541,531
CEC Entertainment Inc................... 8,100 342,225
Foodmaker, Inc.......................... 98,300 2,789,263
Ruby Tuesday, Inc....................... 31,500 598,500
Ryan's Family Steak Houses, Inc......... 85,300 991,612
--------------
6,690,443
--------------
RETAIL: 0.28%
99 Cents Only Stores.................... 800 39,950
Ames Dept Stores, Inc................... 3,600 164,250
BJ's Wholesale Club, Inc................ 11,800 354,738
Neiman Marcus Group..................... 1,400 35,962
Shopko Stores Inc....................... 9,800 355,250
--------------
950,150
--------------
RETAIL - APPAREL: 2.08%
American Eagle Outfitters, Inc.......... 39,600 1,801,800
Ann Taylor Stores Corp.................. 60,200 2,709,000
Buckle Inc.............................. 18,700 537,625
Cato Corp., Class A..................... 59,700 694,012
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
<S> <C> <C>
Men's Wearhouse Inc..................... 8,600 $ 219,300
Pacific Sunwear of California, Inc...... 40,500 987,187
Talbots Inc............................. 4,000 152,500
--------------
7,101,424
--------------
RETAIL - BUILDING SUPPLIES: 0.03%
Hughes Supply, Inc...................... 3,200 95,000
--------------
RETAIL - COMPUTERS AND ELECTRONICS:
0.56%
Hollywood Entertainment Corp............ 27,200 532,100
Musicland Stores Corp................... 3,900 34,612
Tech Data Corp.......................... 6,000 229,500
Trans World Entertainment Corp.......... 99,650 1,121,062
--------------
1,917,274
--------------
RETAIL - DRUG STORES: 0.02%
Longs Drug Stores Corp.................. 2,200 76,037
--------------
RETAIL - HOME SHOPPING: 0.82%
Insight Enterprises, Inc................ 113,700 2,814,075
--------------
RETAIL - SPECIALTY: 0.85%
Claire's Stores Inc..................... 20,700 530,438
Rent-A-Center Inc....................... 20,500 492,000
Zale Corp............................... 47,000 1,880,000
--------------
2,902,438
--------------
SAVINGS AND LOAN COMPANIES: 2.11%
Bank United Corp........................ 18,500 743,468
BSB Bancorp, Inc........................ 9,600 259,200
Coast Federal Litigation Trust, CPR
Certificates.......................... 14,900 15,831
FirstFed Financial Corp................. 83,900 1,615,075
Queens County Bancorp, Inc.............. 28,100 909,737
Roslyn Bancorp Inc...................... 155,135 2,666,383
Washington Federal Inc.................. 17,660 396,246
Webster Financial Corp.................. 22,300 604,887
--------------
7,210,827
--------------
SEMICONDUCTOR EQUIPMENT: 0.88%
Orbotech Ltd............................ 57,800 3,012,825
--------------
SERVICE - ADVERTISING AND MARKETING:
0.04%
ADVO Inc................................ 7,400 153,550
--------------
SERVICE - COMMERCIAL AND CONSUMER: 0.40%
Copart, Inc............................. 23,100 490,875
Ogden Corp.............................. 9,300 250,519
Personnel Group America, Inc............ 64,000 640,000
--------------
1,381,394
--------------
SERVICE - EMPLOYMENT: 0.71%
Bally Total Fitness Holding Corp........ 11,600 329,150
Interim Services Inc.................... 59,900 1,235,438
Veterinary Centers of America........... 64,100 869,356
--------------
2,433,944
--------------
SHIPPING: 0.24%
Alexander & Baldwin, Inc................ 23,600 525,100
Sea Containers Ltd., Class A............ 8,800 295,350
--------------
820,450
--------------
SPECIALTY PRINTING: 0.87%
Consolidated Graphics, Inc.............. 24,500 1,225,000
Mail-Well, Inc.......................... 39,300 636,169
World Color Press, Inc.................. 40,000 1,100,000
--------------
2,961,169
--------------
TELEPHONE: 0.11%
CIA Anonima Telef De Ven, ADR........... 14,600 397,850
--------------
TEXTILES - APPAREL AND SPECIALTY: 0.88%
Oshkosh B'Gosh Inc...................... 79,400 1,677,325
Tarrant Apparel Group................... 59,300 1,349,075
--------------
3,026,400
--------------
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
TRUCKERS: 1.88%
<S> <C> <C>
Landstar System, Inc.................... 47,800 $ 1,725,281
M S Carriers Inc........................ 45,900 1,361,222
Rollins Truck Leasing Corp.............. 32,400 360,450
USFreightways Corp...................... 47,100 2,181,319
Werner Enterprises, Inc................. 38,725 803,544
--------------
6,431,816
--------------
TRUCKS AND PARTS: 0.15%
Terex Corp.............................. 17,200 523,525
--------------
WASTE MANAGEMENT: 0.05%
Safety-Kleen Corp....................... 10,100 183,063
--------------
TOTAL COMMON STOCKS
(Cost $158,156,114)................................ 189,571,475
--------------
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<S> <C> <C>
SHORT-TERM OBLIGATIONS: 22.22%
FEDERAL FARM CREDIT BANK, DISCOUNT
NOTES: 1.46%
4.70%, 7/1/99......................... $ 5,000,000 4,999,347
--------------
FEDERAL HOME LOAN BANK, DISCOUNT NOTES:
2.93%
4.75%, 7/7/99......................... 10,000,000 9,990,764
--------------
FEDERAL HOME LOAN MORTGAGE CORP.,
DISCOUNT NOTES: 11.69%
4.74%, 7/2/99......................... 10,000,000 9,997,366
4.80%, 7/6/99......................... 5,000,000 4,996,000
4.85%, 7/9/99......................... 5,000,000 4,993,937
4.76%, 7/14/99........................ 10,000,000 9,981,488
5.02%, 7/16/99........................ 10,000,000 9,977,689
--------------
39,946,480
--------------
FEDERAL NATIONAL MORTGAGE ASSN.,
DISCOUNT NOTES: 5.85%
4.77%, 7/1/99......................... 10,000,000 9,998,675
4.69%, 7/22/99........................ 5,000,000 4,986,140
5.01%, 7/28/99........................ 5,000,000 4,980,516
--------------
19,965,331
--------------
UNITED STATES TREASURY BILLS: 0.29%
4.44%, 8/19/99........................ 1,000,000(a) 994,170
--------------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $75,905,429)................................. 75,896,092
--------------
REPURCHASE AGREEMENTS: 22.35 %
With Morgan Stanley & Co., Inc., (dated
6/30/99), 4.95%, due 7/1/99
(Repurchase proceeds $41,354,685);
collateralized by: $42,437,242
Federal National Mortgage Association
Bonds, 5.858%-6.699%, due
7/1/2026-6/1/2032
(Market value $42,187,881)............ 41,349,000 41,349,000
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 3)
------------------------------------------------------------------
<S> <C> <C>
With Prudential Securities Inc., (dated
6/30/99), 4.92%, due 7/1/99
(Repurchase proceeds $35,004,783);
collateralized by: $36,015,000 various
United States Government and Agency
Obligations, 5.43%-13.125%, due
8/3/1999-5/15/2007
(Market value $35,700,612)............ $35,000,000 $ 35,000,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $76,349,000)................................. 76,349,000
--------------
TOTAL INVESTMENTS
(Cost $310,410,543)................... 100.05% 341,816,567
Other Assets............................ 0.36 1,227,962
------- --------------
Total Assets.......................... 100.41% 343,044,529
Total Liabilities (Note 6)............ (0.41) (1,382,104)
------- --------------
NET ASSETS (Note 7)..................... 100.00% $ 341,662,425
------- --------------
------- --------------
- ------------------------------------------------------------------
NUMBER
OF
CONTRACTS
-------
NET UNREALIZED APPRECIATION ON FUTURES
CONTRACTS: 0.02%
Standard & Poor's 500 Sept. 1999
Long futures (b)...................... 28 $ 59,501
--------------
- ------------------------------------------------------------------------
CLASS A SHARES
Net asset value (NAV) and redemption
price per share
($173,971,066/10,798,781 shares)...... $ 16.11
-------
-------
Maximum public offering price per share
-
NAV/(1 - maximum sales charge)
($16.11/.945)......................... $ 17.05
-------
-------
CLASS B SHARES
Net asset value and offering price per
share ($25,026,105/1,577,135
shares)............................... $ 15.87
-------
-------
Redemption price per share.............. **
-------
-------
CLASS C SHARES
Net asset value and offering price per
share ($140,697,476/8,887,201
shares)............................... $ 15.83
-------
-------
Redemption price per share.............. **
-------
-------
CLASS I SHARES
Net asset value, offering and redemption
price per share ($1,967,778/120,356
shares)............................... $ 16.35
-------
-------
</TABLE>
- ------------------------------------------------------------------
* Non-income producing security.
** Varies by length of time shares are held (Note 4b).
(a) Pledged as collateral for futures transactions.
(b) The extended market value of the long futures was $9,671,900 (representing
2.83% of the Fund's net assets) with a cost of $9,612,399
For Federal income tax purposes, the tax basis of investments owned at June 30,
1999 was $310,578,643 and net unrealized appreciation on investments consisted
of:
<TABLE>
<CAPTION>
Gross unrealized appreciation..................... $ 36,306,560
<S> <C>
Gross unrealized depreciation..................... (5,009,135)
------------
Net unrealized appreciation....................... $ 31,297,425
------------
------------
</TABLE>
13
<PAGE>
PHOENIX-ZWEIG FOREIGN EQUITY FUND
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS: 68.26%
AUSTRALIA: 6.94%
BANKS: 1.48%
National Australia Bank Ltd............. 4,543 $ 75,175
Westpac Banking Corp.................... 6,619 42,935
----------
118,110
----------
CONGLOMERATES: 1.49%
Broken Hill Proprietary Ltd............. 10,338 119,748
----------
INSURANCE: 0.30%
AMP Ltd................................. 2,178 23,810
----------
METALS AND MINING: 0.82%
Rio Tinto Ltd........................... 4,023 65,964
----------
NEWSPAPERS: 0.72%
News Corp. Ltd.......................... 6,783 57,872
----------
REAL ESTATE: 0.48%
Lend Lease Corp., Ltd................... 2,789 38,292
----------
RETAIL TRADE: 0.25%
Coles Myer Ltd.......................... 3,451 20,078
----------
TELECOMMUNICATIONS: 1.11%
Telestra Corp., Ltd..................... 15,495 88,787
----------
TRANSPORTATION: 0.29%
Brambles Industries Ltd................. 869 22,893
----------
TOTAL AUSTRALIA..................................... 555,554
----------
AUSTRIA: 0.02%
MACHINERY AND EQUIPMENT: 0.02%
Nevia Beteiligungs AG................... 310 1,859
----------
TOTAL AUSTRIA....................................... 1,859
----------
BELGIUM: 0.11%
ENERGY: 0.11%
Petrofina SA............................ 16 9,190
----------
TOTAL BELGIUM....................................... 9,190
----------
CANADA: 2.89%
AEROSPACE: 0.40%
Bombardier Inc., Class B................ 2,100 31,923
----------
BANKS: 0.89%
Canadian Imperial Bank of Commerce...... 400 9,486
Royal Bank of Canada.................... 1,200 52,699
Toronto-Dominion Bank................... 200 9,020
----------
71,205
----------
BROADCASTING: 0.11%
Thomson Corp............................ 300 9,020
----------
CONGLOMERATES: 0.33%
Imasco Ltd.............................. 1,000 26,822
----------
ENERGY: 0.27%
* Talisman Energy Inc................... 800 21,647
----------
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ----------------------------------------------------------------
<S> <C> <C>
METALS AND MINING: 0.39%
Alcan Aluminum Ltd...................... 300 $ 9,476
Barrick Gold Corp....................... 700 13,431
Dofasco Inc............................. 500 8,057
----------
30,964
----------
TELECOMMUNICATIONS: 0.50%
BCE Inc................................. 300 14,543
Norttel Networks Corp................... 300 25,539
----------
40,082
----------
TOTAL CANADA........................................ 231,663
----------
FINLAND: 2.17%
BANKS: 0.21%
* Merita Ltd., Class A.................. 3,000 17,046
----------
ELECTRONICS: 1.64%
Nokia AB, Class A....................... 1,500 131,484
----------
FOREST AND PAPER PRODUCTS: 0.18%
* UPM-Kymmen OY......................... 500 14,334
----------
METALS AND MINING: 0.14%
Outokumpu OY, Class A................... 1,000 11,241
----------
TOTAL FINLAND....................................... 174,105
----------
FRANCE: 4.16%
BANKS: 0.32%
Cie Fin Paribas......................... 149 16,702
Societe Generale Paris.................. 50 8,812
----------
25,514
----------
BUSINESS SERVICES: 0.33%
Vivendi................................. 327 26,488
----------
CONSUMER PRODUCTS AND SERVICES: 0.65%
Loreal Co............................... 77 52,051
----------
ELECTRONICS: 0.22%
Alcatel Alsthom......................... 63 8,868
* Schneider Electric SA................. 151 8,479
----------
17,347
----------
FOOD AND BEVERAGES: 0.28%
LVMH Moet Hennessy...................... 71 20,787
LVMH Moet Hennessy Rights............... 71 2,076
----------
22,863
----------
INSURANCE: 0.56%
AXA UAP................................. 367 44,773
----------
OIL AND GAS: 0.35%
Societe Nationale Elf Aquitaine......... 189 27,735
----------
REAL ESTATE: 0.09%
Simco................................... 83 7,019
----------
RETAIL TRADE: 0.27%
Carrefour............................... 150 22,043
----------
TELECOMMUNICATIONS: 0.82%
* France Telecom SA..................... 866 65,417
----------
</TABLE>
14
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ----------------------------------------------------------------
UTILITIES: 0.27%
<S> <C> <C>
Total Fina SA, Class B.................. 166 $ 21,415
----------
TOTAL FRANCE........................................ 332,665
----------
GERMANY: 3.76%
AUTOMOBILES: 0.66%
DaimlerChrysler AG...................... 599 52,321
----------
BANKS: 0.32%
Deutsche Bank AG........................ 425 25,902
----------
CHEMICALS: 0.36%
BASF AG................................. 375 16,474
Bayer AG................................ 300 12,483
----------
28,957
----------
ELECTRONICS: 0.39%
Siemens AG.............................. 400 30,855
----------
INSURANCE: 0.74%
Aachener & Muenchener Bet Namen AG...... 50 5,002
Allianz AG Holding...................... 195 54,496
----------
59,498
----------
OIL AND GAS: 0.18%
Veba AG................................. 250 14,747
----------
PHARMACEUTICALS: 0.20%
Schering AG............................. 150 16,026
----------
RETAIL TRADE: 0.04%
Metro Stamm AG.......................... 50 3,181
----------
TELECOMMUNICATIONS: 0.87%
Deutsche Telekom AG..................... 1,650 69,338
----------
TOTAL GERMANY....................................... 300,825
----------
HONG KONG: 2.76%
BANKS: 0.94%
Hang Seng Bank.......................... 1,500 16,771
HSBC Holdings Plc....................... 1,600 58,359
----------
75,130
----------
CONGLOMERATES: 0.45%
Hutchison Whampoa Ltd................... 4,000 36,217
----------
REAL ESTATE: 0.57%
Cheung Kong Holdings.................... 3,000 26,679
Sun Hung Kai Properties................. 2,000 18,237
* Wharf Holdings Warrants............... 300 278
----------
45,194
----------
TELECOMMUNICATIONS: 0.80%
China Telecom (Hong Kong)............... 10,000 27,775
Hong Kong Telecommunications............ 14,000 36,358
----------
64,133
----------
TOTAL HONG KONG..................................... 220,674
----------
ITALY: 3.11%
AUTOMOBILES: 0.18%
Fiat SPA................................ 4,500 14,247
----------
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ----------------------------------------------------------------
<S> <C> <C>
BANKS: 0.33%
Credito Italiano SPA.................... 3,750 $ 16,474
Istituto Banc San Paolo SPA............. 750 10,209
----------
26,683
----------
ENERGY: 0.60%
Eni SPA................................. 8,000 47,767
----------
INSURANCE: 0.87%
Assicurazioni Generali SPA.............. 1,625 56,306
Istituto Naz Assicuraz SPA.............. 1,500 3,481
Ras Riun Adriat Di Sicurt SPA........... 1,000 9,714
----------
69,501
----------
REAL ESTATE: 0.01%
Unione Immobiliare SPA.................. 1,500 665
----------
TELECOMMUNICATIONS: 0.96%
Telecom Italia Mobile SPA............... 8,500 50,753
Telecom Italia SPA...................... 2,500 25,987
----------
76,740
----------
UTILITIES: 0.16%
Edison SPA.............................. 1,500 12,994
----------
TOTAL ITALY......................................... 248,597
----------
JAPAN: 11.18%
AUTOMOBILES: 1.39%
Suzuki Motor Co., Ltd................... 1,000 15,904
Toyota Motor Corp....................... 3,000 94,927
----------
110,831
----------
BANKS: 1.45%
Sanwa Bank Ltd.......................... 1,000 9,840
Sumitomo Bank........................... 4,000 49,603
The Bank of Tokyo-Mitsubishi............ 4,000 56,940
----------
116,383
----------
CHEMICALS: 0.04%
Dainippon Ink & Chemicals Ltd........... 1,000 3,404
----------
ELECTRONICS: 1.77%
* Hitachi Ltd........................... 5,000 46,885
* Matsushita Electric Industrial Corp.
Ltd................................... 3,000 58,245
Nintendo Corp. Ltd...................... 100 14,053
Sharp Corp.............................. 1,000 11,814
Sony Corp............................... 100 10,782
----------
141,779
----------
FINANCE: 0.79%
Acom Co................................. 100 8,634
Hitachi Credit Corp..................... 900 17,808
Promise Co., Ltd........................ 100 5,907
Takefuji Corp........................... 300 31,006
----------
63,355
----------
FOOD AND BEVERAGES: 0.45%
Nippon Soda Co., Ltd.................... 3,000 12,244
Nisshin Flour Milling Corp.............. 3,000 23,422
----------
35,666
----------
HEALTHCARE - MANAGED CARE: 0.31%
Sankyo Co. Ltd.......................... 1,000 25,198
----------
HOMEBUILDERS: 0.19%
Toa Corp................................ 8,000 14,871
----------
INDUSTRIAL PRODUCTS, SERVICES AND
MACHINERY: 0.46%
Fujikura Ltd............................ 3,000 14,326
Minebea Co., Ltd........................ 2,000 22,307
----------
36,633
----------
</TABLE>
15
<PAGE>
PHOENIX-ZWEIG FOREIGN EQUITY FUND
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ----------------------------------------------------------------
INSURANCE: 0.15%
<S> <C> <C>
Sumitomo Marine & Fire Co............... 2,000 $ 12,062
----------
PHOTOGRAPHIC PRODUCTS: 1.23%
Fuji Photo Film Ltd..................... 1,000 37,839
Fujitsu Ltd............................. 3,000 60,352
----------
98,191
----------
RAILROADS: 0.40%
East Japan Railway Co................... 6 32,221
----------
TELECOMMUNICATIONS: 1.48%
DDI Corp................................ 6 37,327
Nippon Telegraph & Telephone Corp....... 7 81,543
----------
118,870
----------
UTILITIES: 0.94%
Kansai Electric Power Co................ 1,500 28,503
Tokyo Electric Power Co................. 2,200 46,439
----------
74,942
----------
WHOLESALE DISTRIBUTORS: 0.13%
Nissho Iwai Corp........................ 11,000 10,724
----------
TOTAL JAPAN......................................... 895,130
----------
MALAYSIA: 0.69%
BANKS: 0.27%
Malayan Banking Bhd..................... 8,000 21,611
----------
CONGLOMERATES: 0.15%
Sime Darby Bhd.......................... 10,000 11,801
----------
TELECOMMUNICATIONS: 0.08%
Telekom Malaysia Bhd.................... 2,000 6,730
----------
TRANSPORTATION: 0.19%
Malaysia International Shipping Bhd..... 9,000 14,822
----------
TOTAL MALAYSIA...................................... 54,964
----------
MEXICO: 2.45%
BROADCASTING: 0.56%
* Grupo Televisa SA..................... 2,000 44,665
----------
FOOD AND BEVERAGES: 0.57%
Grupo Modelo SA......................... 16,000 45,555
----------
RETAIL TRADE: 0.32%
* Cifra SA, Class V..................... 13,397 25,694
----------
TELECOMMUNICATIONS: 1.00%
Telefonos De Mexico SA, Class L......... 20,000 79,911
----------
TOTAL MEXICO........................................ 195,825
----------
NETHERLANDS: 2.59%
AIRLINES: 0.04%
KLM Royal Dutch Airlines NV............. 100 2,831
----------
BANKS: 0.24%
ABN Amro Holding NV..................... 894 19,361
----------
BROADCASTING: 0.22%
Wolters Kluwer-Cva NV................... 448 17,833
----------
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ----------------------------------------------------------------
<S> <C> <C>
ELECTRONICS: 0.28%
Philips Electronics NV.................. 230 $ 22,687
----------
ENERGY: 0.76%
Royal Dutch Petroleum NV................ 1,042 61,035
----------
FINANCE: 0.36%
ING Groep NV............................ 526 28,478
----------
FOOD AND BEVERAGES: 0.51%
Heineken NV............................. 234 11,981
Unilever NV............................. 425 28,641
----------
40,622
----------
FOREST AND PAPER PRODUCTS: 0.12%
Koninklijke KNP BT NV................... 200 9,384
----------
TRANSPORTATION: 0.06%
* TNT Post Group NV..................... 200 4,775
----------
TOTAL NETHERLANDS................................... 207,006
----------
NEW ZEALAND: 1.98%
BUILDING MATERIALS AND PRODUCTS: 0.07%
Fletcher Challenge Building............. 4,000 5,829
----------
FINANCE: 0.05%
Brierley Investments Ltd................ 15,000 4,213
----------
FOREST AND PAPER PRODUCTS: 0.50%
Carter Holt Harvey...................... 30,000 35,926
Fletcher Challenge Paper................ 6,000 4,483
----------
40,409
----------
INSURANCE: 0.14%
AMP Ltd................................. 1,000 10,926
----------
NATURAL GAS: 0.07%
Natural Gas Corp. Holdings.............. 5,000 5,272
----------
NEWSPAPERS: 0.05%
Independent News Ltd.................... 1,000 3,762
----------
TELECOMMUNICATIONS: 0.80%
Telecom Corp. of New Zealand............ 15,000 64,381
----------
TOBACCO: 0.18%
Lion Nathan Ltd......................... 6,000 14,371
----------
UTILITIES: 0.12%
Contact Energy Ltd...................... 5,000 8,107
Fletcher Challenge Energy............... 600 1,628
----------
9,735
----------
TOTAL NEW ZEALAND................................... 158,898
----------
SINGAPORE: 2.03%
AIRLINES: 0.47%
Singapore Airlines...................... 4,000 38,062
----------
BANKS: 0.42%
Overseas Chinese Banking Corp........... 4,000 33,363
----------
BROADCASTING: 0.25%
Singapore Press Holdings................ 1,148 19,757
----------
</TABLE>
16
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ----------------------------------------------------------------
ELECTRONICS: 0.16%
<S> <C> <C>
* Creative Technology................... 1,000 $ 13,040
----------
ENGINEERING: 0.09%
Sembcorp Industries Ltd................. 4,426 7,019
----------
REAL ESTATE: 0.31%
City Developments....................... 2,000 12,805
DBS Land................................ 6,000 11,982
----------
24,787
----------
TELECOMMUNICATIONS: 0.15%
Singapore Telecom Inc................... 7,000 12,006
----------
TOURISM: 0.18%
Shangri-La Hotel Ltd.................... 6,000 14,449
----------
TOTAL SINGAPORE..................................... 162,483
----------
SOUTH AFRICA: 3.43%
BANKS: 0.68%
Amalgamated Banks of South Africa....... 2,898 16,400
Investec Group Ltd...................... 339 14,213
Nedcor Ltd.............................. 1,031 23,646
----------
54,259
----------
BUSINESS SERVICES: 0.32%
* Dimension Data Holdings............... 2,771 12,260
* Imperial Holdings Inc................. 1,320 13,125
----------
25,385
----------
CHEMICALS: 0.20%
Sasol Ltd............................... 2,279 16,258
----------
FINANCE: 0.34%
Firstrand Ltd........................... 20,222 23,122
* Liberty International Plc............. 577 3,920
----------
27,042
----------
FOOD AND BEVERAGES: 0.63%
Rembrandt Group Ltd..................... 2,468 20,572
South African Breweries................. 3,423 29,723
----------
50,295
----------
FOREST AND PAPER PRODUCTS: 0.08%
Sappi Ltd............................... 914 6,695
----------
INDUSTRIAL PRODUCTS, SERVICES AND
MACHINERY: 0.41%
De Beers Centneary...................... 1,375 32,948
----------
INSURANCE: 0.20%
Liberty Life Association................ 1,230 15,756
----------
METALS AND MINING: 0.57%
Anglo American Platinum................. 890 20,766
AngloGold Ltd........................... 578 24,904
----------
45,670
----------
TOTAL SOUTH AFRICA.................................. 274,308
----------
SPAIN: 6.00%
BANKS: 2.21%
* Argentaria SA......................... 1,600 36,448
Banco Bilbao Vizcaya SA................. 6,775 97,884
Banco De Santander SA................... 4,100 42,704
----------
177,036
----------
BUSINESS SERVICES: 0.08%
Autopistas Cesa Co. SA.................. 525 6,145
----------
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ----------------------------------------------------------------
<S> <C> <C>
ENERGY: 0.69%
Repsol Petroleum SA..................... 2,700 $ 55,130
----------
TELECOMMUNICATIONS: 1.89%
Telefonica De Espana SA................. 3,150 151,734
----------
TOBACCO: 0.13%
Tabacalera SA, Class A.................. 500 10,106
----------
UTILITIES: 1.00%
Endesa SA............................... 2,525 53,849
Iberdrola I SA.......................... 1,700 25,894
----------
79,743
----------
TOTAL SPAIN......................................... 479,894
----------
SWEDEN: 2.76%
BANKS: 0.11%
Sparbanken Sverige AB................... 375 5,293
Svenska Handelsbanken AB, Class A....... 300 3,599
----------
8,892
----------
BUSINESS SERVICES: 0.01%
Esselte AB, Class A..................... 50 500
* Meto AG............................... 50 248
----------
748
----------
CHEMICALS: 0.02%
AGA AB, Class A......................... 150 1,870
----------
CONSUMER PRODUCTS AND SERVICES: 0.25%
Hennes & Mauritz AB, Class B............ 800 19,760
----------
ELECTRONICS: 1.58%
Ericsson LM AB, Class B................. 3,950 126,603
----------
FOREST AND PAPER PRODUCTS: 0.08%
Svenska Cellulosa AB, Class B........... 250 6,469
----------
HEALTHCARE - MANAGED CARE: 0.63%
AstraZeneca Plc......................... 1,286 50,066
----------
MACHINERY AND EQUIPMENT: 0.08%
Sandvik AB, Class A..................... 300 6,545
----------
TOTAL SWEDEN........................................ 220,953
----------
SWITZERLAND: 2.16%
BANKS: 0.22%
Credit Suisse Group..................... 50 8,652
UBS Namen AG............................ 30 8,954
----------
17,606
----------
BUSINESS SERVICES: 0.06%
Adecco SA............................... 10 5,358
----------
FOOD AND BEVERAGES: 0.45%
Nestle SA............................... 20 36,035
----------
HEALTHCARE - MANAGED CARE: 1.19%
Novartis Namen AG....................... 30 43,806
Roche Holding AG........................ 5 51,396
----------
95,202
----------
</TABLE>
17
<PAGE>
PHOENIX-ZWEIG FOREIGN EQUITY FUND
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ----------------------------------------------------------------
INSURANCE: 0.24%
<S> <C> <C>
Schweiz Ruckversiche.................... 10 $ 19,040
----------
TOTAL SWITZERLAND................................... 173,241
----------
UNITED KINGDOM: 7.07%
BANKS: 1.69%
Barclays Plc............................ 1,186 34,567
HSBC Holdings........................... 700 24,804
Lloyds TSB Group Plc.................... 5,621 75,977
----------
135,348
----------
BUILDING MATERIALS AND PRODUCTS: 0.23%
Tarmac Plc.............................. 2,400 4,511
Wolseley Plc............................ 1,800 13,534
----------
18,045
----------
BUSINESS SERVICES: 0.05%
Railtrack Group Plc..................... 200 4,089
----------
CONSUMER PRODUCTS AND SERVICES: 1.60%
Glaxo Holdings Plc...................... 2,715 75,407
Smithkline Beecham, Class A............. 4,069 52,819
----------
128,226
----------
ENGINEERING: 0.04%
Taylor Woodrow Plc...................... 1,100 3,173
----------
FOOD AND BEVERAGES: 0.25%
Unilever Plc............................ 2,232 20,213
----------
OIL AND GAS: 1.30%
BP Amoco Plc............................ 5,802 103,895
----------
REAL ESTATE: 0.24%
Land Securities Plc..................... 1,400 18,780
----------
RETAIL TRADE: 0.28%
Marks & Spencer Corp.................... 3,900 22,684
----------
TELECOMMUNICATIONS: 1.34%
British Telecommunications Corp......... 6,427 107,387
----------
UTILITIES: 0.05%
Scottish Power Plc...................... 500 4,327
----------
TOTAL UNITED KINGDOM................................ 566,167
----------
TOTAL COMMON STOCKS
(Cost $4,655,099)................................. 5,464,001
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
------------
<S> <C> <C>
UNITED STATES SHORT-TERM OBLIGATIONS:
26.81%
FEDERAL HOME LOAN MORTGAGE CORP.,
DISCOUNT NOTES: 24.94%
4.807%, 7/6/99........................ $ 1,000,000 999,199
5.02%, 7/20/99........................ 1,000,000 997,211
---------
1,996,410
---------
UNITED STATES TREASURY BILLS: 1.87%
4.16%, 7/29/99........................ 100,000(a) 99,665
4.47%, 8/5/99......................... 50,000(a) 49,791
---------
149,456
---------
TOTAL UNITED STATES SHORT-TERM OBLIGATIONS
(Cost $2,146,142)................................... 2,145,866
---------
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 3)
------------------------------------------------------------------
<S> <C> <C>
UNITED STATES REPURCHASE AGREEMENT:
9.91%
With Morgan Stanley & Co., Inc. (dated
6/30/99), 4.95%, due 7/1/99
(Repurchase proceeds $793,109);
collateralized by: $784,677 Federal
National Mortgage Association Bonds,
6.743%, due 7/1/2015 (Market value
$814,610)............................. $ 793,000 $ 793,000
---------
TOTAL REPURCHASE AGREEMENT
(Cost $793,000)..................................... 793,000
---------
TOTAL INVESTMENTS
(Cost $7,594,241)..................... 104.98% 8,402,867
Other Assets............................ 4.24 339,303
------- --------------
Total Assets.......................... 109.22% 8,742,170
Total Liabilities (Note 6)............ (9.22) (737,867)
------- --------------
NET ASSETS (Note 7)..................... 100.00% $ 8,004,303
------- --------------
------- --------------
- ------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER
OF
CONTRACTS
----------
<S> <C> <C>
UNREALIZED APPRECIATION (DEPRECIATION)
ON FUTURES CONTRACTS: 0.45%
Australia SPI Sept. 1999 Short futures
(b)................................... (9) $ 5,932
Japan Nikkei Sept. 1999 Long futures
(c)................................... 5 24,665
Spain IBEX July 1999 Short futures
(b)................................... (2) (1,608)
United Kingdom FTSE 100 Sept. 1999 Short
futures (b)........................... (3) 6,959
----------
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS.... $ 35,948
----------
- --------------------------------------------------------
CLASS A SHARES
Net asset value ("NAV") and redemption
price per share ($1,626,157/118,660
shares)............................... $ 13.70
-------
-------
Maximum public offering price per share
-
NAV/(1- Maximum sales charge)
($13.70/.945)......................... $ 14.50
-------
-------
CLASS B SHARES
Net asset value and offering price per
share ($1,775,010/130,469 shares)..... $ 13.60
-------
-------
Redemption price per share.............. **
-------
-------
CLASS C SHARES
Net asset value and offering price per
share ($3,266,081/240,563 shares)..... $ 13.58
-------
-------
Redemption price per share.............. **
-------
-------
CLASS I SHARES
Net asset value, offering and redemption
price per share ($1,337,055/97,760
shares)............................... $ 13.68
-------
-------
</TABLE>
- ------------------------------------------------------------------
* Non-income producing security.
** Varies by length of time shares are held (Note 4b).
(a) Pledged as collateral for futures transactions.
(b) The extended market value of the short futures was $953,640 (representing
11.91% of the Fund's net assets) with proceeds of $964,923.
(c) The extended market value of the long futures was $362,483 (representing
4.53% of the Fund's net assets) with a cost of $337,818.
For Federal income tax purposes, the tax basis of investments owned at June 30,
1999 was $7,594,241 and net unrealized appreciation on investments consisted of:
<TABLE>
<CAPTION>
Gross unrealized appreciation..................... $ 1,070,341
<S> <C>
Gross unrealized depreciation..................... (193,070)
------------
Net unrealized appreciation....................... $ 877,271
------------
------------
</TABLE>
18
<PAGE>
<TABLE>
<CAPTION>
% NET
INDUSTRY BREAKDOWN - FOREIGN STOCKS VALUE ASSETS
- ------------------------------------------------------------
<S> <C> <C>
Aerospace............................... $ 31,923 0.40%
Airlines................................ 40,893 0.51
Automobiles............................. 177,399 2.22
Banks................................... 943,449 11.79
Broadcasting............................ 91,275 1.14
Building Materials and Products......... 23,874 0.30
Business Services....................... 68,213 0.85
Chemicals............................... 50,489 0.63
Conglomerates........................... 194,588 2.43
Consumer Products and Services.......... 200,037 2.50
Electronics............................. 483,795 6.04
Energy.................................. 194,769 2.43
Engineering............................. 10,192 0.13
Finance................................. 123,088 1.54
Food and Beverages...................... 251,249 3.14
Forest and Paper Products............... 77,291 0.96
Healthcare - Managed Care............... 170,466 2.13
Homebuilders............................ 14,871 0.19
Industrial Products, Services and
Machinery............................. 69,581 0.87
Insurance............................... 255,366 3.19
Machinery and Equipment................. 8,404 0.10
Metals and Mining....................... 153,839 1.92
Natural Gas............................. 5,272 0.07
Newspapers.............................. 61,634 0.77
Oil and Gas............................. 146,377 1.83
Pharmaceuticals......................... 16,026 0.20
Photographic Products................... 98,191 1.23
Railroads............................... 32,221 0.40
Real Estate............................. 134,737 1.68
Retail Trade............................ 93,680 1.17
Telecommunications...................... 945,516 11.81
Tobacco................................. 24,477 0.31
Tourism................................. 14,449 0.18
Transportation.......................... 42,490 0.53
Utilities............................... 203,156 2.54
Wholesale Distributors.................. 10,724 0.13
---------- ------
$5,464,001 68.26%
---------- ------
---------- ------
</TABLE>
See notes to financial statements.
19
<PAGE>
PHOENIX-ZWEIG GOVERNMENT CASH FUND
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
UNITED STATES GOVERNMENT AGENCY
OBLIGATIONS: 86.13%
FEDERAL FARM CREDIT BANK, DISCOUNT
NOTES: 8.97%
4.68%, 7/1/99......................... $10,000,000 $ 10,000,000
5.04%, 9/28/99........................ 5,000,000 4,937,700
------------
14,937,700
------------
FEDERAL HOME LOAN BANK, DISCOUNT NOTES:
2.99%
5.06%, 8/4/99......................... 5,000,000 4,976,105
------------
FEDERAL HOME LOAN MORTGAGE CORP.,
DISCOUNT NOTES: 41.91%
4.78%, 7/1/99......................... 5,000,000 5,000,000
4.72%, 7/6/99......................... 5,000,000 4,996,722
4.80%, 7/6/99......................... 10,000,000 9,993,333
4.79%, 7/9/99......................... 5,000,000 4,994,678
4.74%, 7/14/99........................ 5,000,000 4,991,442
4.76%, 7/14/99........................ 10,000,000 9,982,811
4.80%, 7/14/99........................ 10,000,000 9,982,667
4.73%, 7/30/99........................ 5,000,000 4,980,949
4.73%, 8/10/99........................ 5,000,000 4,973,722
4.70%, 8/20/99........................ 5,000,000 4,967,361
5.03%, 8/23/99........................ 5,000,000 4,962,974
------------
69,826,659
------------
FEDERAL NATIONAL MORTGAGE ASSN.,
DISCOUNT NOTES: 32.26%
4.69%, 7/13/99........................ 10,000,000 9,984,367
4.70%, 7/13/99........................ 5,000,000 4,992,167
4.76%, 7/19/99........................ 10,000,000 9,976,200
4.70%, 7/20/99........................ 5,000,000 4,987,597
4.72%, 8/6/99......................... 5,000,000 4,976,400
4.78%, 8/13/99........................ 4,000,000 3,977,162
5.05%, 9/8/99......................... 10,000,000 9,903,208
5.09%, 10/5/99........................ 5,000,000 4,932,133
------------
53,729,234
------------
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
(Cost $143,469,698)................................ 143,469,698
------------
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS: 26.12%
With Morgan Stanley & Co., Inc. (dated
6/30/99), 4.95%, due 7/1/99
(Repurchase proceeds $28,511,920);
collateralized by: $29,459,058 Federal
National Mortgage Association Bonds,
5.831% - 6.00%, 10/1/2028 - 1/1/2034
(Market value $29,091,232)............ $28,508,000 $ 28,508,000
With Prudential Securities, Inc. (dated
6/30/99), 4.92%, due 7/1/99
(Repurchase proceeds $15,002,050);
collateralized by: $14,875,000 various
United States Government Agency
Obligations, 4.75% - 11.875%, due
7/8/1999 - 3/19/2014
(Market value $15,305,781)............ 15,000,000 15,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $43,508,000)................................. 43,508,000
------------
TOTAL INVESTMENTS
(Cost $186,977,698)................... 112.25% 186,977,698
Other Assets............................ 0.38 629,996
------- --------------
Total Assets.......................... 112.63% 187,607,694
Total Liabilities (Note 6)............ (12.63) (21,032,682)
------- --------------
NET ASSETS (Note 7)..................... 100.00% $ 166,575,012
------- --------------
------- --------------
- ------------------------------------------------------------------
Net asset value, offering and redemption
price per share (5,164,556 Class A
Shares, 2,083,173 Class B Shares,
5,487,937 Class C Shares, 2,033,469
Class I Shares and 151,805,877 Class M
Shares)............................... $ 1.00
-------
-------
WEIGHTED AVERAGE DAYS TO MATURITY....... 22
-------
-------
</TABLE>
See notes to financial statements.
20
<PAGE>
PHOENIX-ZWEIG GOVERNMENT FUND
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
UNITED STATES GOVERNMENT & AGENCY
OBLIGATIONS: 54.95%
FEDERAL HOME LOAN MORTGAGE CORP. BONDS:
22.33%
5.125%, 10/15/2008...................... $ 9,900,000 $ 8,998,724
-----------
FEDERAL HOME LOAN MORTGAGE CORP.,
MODIFIED MTGE. PASS-THROUGH
SECURITIES: 0.46%
10.50%, 1/1/2001........................ 4,040 4,142
10.50%, 6/1/2011........................ 63,212 68,532
12.00%, 11/1/2015....................... 101,060 112,348
-----------
185,022
-----------
FEDERAL NATIONAL MORTGAGE ASSN.: 2.44%
Deb., 8.25%, 12/18/2000................. 950,000 983,124
-----------
GOVERNMENT NATIONAL MORTGAGE ASSN.,
MODIFIED MTGE. PASS-THROUGH
SECURITIES: 0.10%
12.50%, 11/20/2013...................... 8,108 9,235
12.00%, 9/15/2015....................... 18,526 21,075
8.00%, 8/15/2022........................ 8,086 8,322
-----------
38,632
-----------
PRIVATE EXPORT FUNDING CORP.: 2.52%
7.90%, 3/31/2000........................ 1,000,000 1,017,079
-----------
UNITED STATES TREASURY BONDS: 16.11%
10.75%, 2/15/2003....................... 1,000,000 1,160,313
10.75%, 5/15/2003....................... 2,000,000 2,339,376
7.25%, 8/15/2022........................ 1,100,000 1,229,250
6.50%, 11/15/2026....................... 400,000 414,125
5.25%, 2/15/2029........................ 1,500,000 1,346,719
-----------
6,489,783
-----------
UNITED STATES TREASURY NOTES: 10.99%
6.25%, 8/31/2000........................ 3,300,000 3,330,938
7.25%, 5/15/2004........................ 1,036,000 1,099,455
-----------
4,430,393
-----------
TOTAL UNITED STATES GOVERNMENT & AGENCY OBLIGATIONS
(Cost $23,039,685)................................. 22,142,757
-----------
UNITED STATES SHORT TERM OBLIGATIONS:
34.66%
FEDERAL HOME LOAN MORTGAGE CORP.,
DISCOUNT NOTES: 7.43%
5.02%, 7/14/1999........................ 3,000,000 2,994,143
-----------
FEDERAL NATIONAL MORTGAGE ASSN.,
DISCOUNT NOTES: 27.23%
4.77%, 7/1/1999......................... 3,000,000 2,999,602
4.95%, 7/21/1999........................ 5,000,000 4,985,562
5.01%, 7/28/1999........................ 3,000,000 2,988,310
-----------
10,973,474
-----------
TOTAL UNITED STATES SHORT-TERM OBLIGATIONS
(Cost $13,969,539)................................. 13,967,617
-----------
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS: 9.90%
With Morgan Stanley & Co., Inc.,
(dated 6/30/99), 4.95%, due 7/1/99
(Repurchase proceeds $2,989,411);
collateralized by: $3,086,120
Federal National Mortgage Association
Bonds, 5.858%, due 11/1/2022
(Market value $3,053,330)............. $ 2,989,000 $ 2,989,000
With Prudential Securities, Inc.,
(dated 6/30/99), 4.92%, due 7/1/99
(Repurchase proceeds $1,000,137);
collateralized by: $1,018,000
various United States Government
Agency Obligations,
5.83%-5.875%, due 7/16/1999-10/16/2000
(Market value $1,020,562)............. 1,000,000 1,000,000
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost 3,989,000)................................... 3,989,000
-----------
TOTAL INVESTMENTS
(Cost $40,998,224).................... 99.51% 40,099,374
Other Assets............................ 0.87 350,986
------- --------------
Total Assets.......................... 100.38% 40,450,360
Total Liabilities (Note 6)............ (0.38) (153,712)
------- --------------
NET ASSETS (Note 7)..................... 100.00% $ 40,296,648
------- --------------
------- --------------
WEIGHTED AVERAGE DURATION........................ 3.0 years
--------------
--------------
- ------------------------------------------------------------------
CLASS A SHARES
Net asset value (NAV) and redemption
price per share ($25,623,653/2,575,557
shares)............................... $ 9.95
-------
-------
Maximum public offering price per share
-
NAV / (1 - maximum sales charge)
($9.95/.9525)......................... $ 10.45
-------
-------
CLASS B SHARES
Net asset value and offering price per
share ($2,212,898/220,842 shares)..... $ 10.02
-------
-------
Redemption price per share.............. *
-------
-------
CLASS C SHARES
Net asset value and offering price per
share ($9,344,188/941,697 shares)..... $ 9.92
-------
-------
Redemption price per share.............. *
-------
-------
CLASS I SHARES
Net asset value, offering and redemption
price per share ($3,115,909/312,172
shares)............................... $ 9.98
-------
-------
</TABLE>
- ------------------------------------------------------------------
* Varies by length of time shares are held.(Note 4b)
For Federal income tax purposes, the tax basis of investments owned at June 30,
1999 was $40,998,224 and net unrealized depreciation on investments consisted of
:
<TABLE>
<S> <C>
Gross unrealized appreciation..................... $ 121,530
Gross unrealized depreciation..................... (1,020,380)
-----------
Net unrealized depreciation....................... $ (898,850)
-----------
-----------
</TABLE>
See notes to financial statements.
21
<PAGE>
PHOENIX-ZWEIG GROWTH & INCOME FUND
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS: 51.44%
AEROSPACE AND DEFENSE: 1.27%
B.F. Goodrich & Co...................... 1,000 $ 42,500
Cordant Technologies Inc................ 4,400 198,825
General Dynamics Corp................... 400 27,400
Newport News Shipbuilding and Dry Dock
Co.................................... 1,300 38,350
Northrop Grumman Corp................... 900 59,681
--------------
366,756
--------------
AGRICULTURAL PRODUCTS: 0.42%
Corn Products International Inc......... 1,700 51,744
Universal Corp.......................... 2,400 68,250
--------------
119,994
--------------
AIR FREIGHT: 0.20%
CNF Transportation Inc.................. 1,500 57,563
--------------
AIRLINES: 0.18%
* America West Holdings................. 1,600 30,200
Southwest Airlines Co................... 700 21,787
--------------
51,987
--------------
AUTO PARTS AND EQUIPMENT: 2.13%
Arvin Industries, Inc................... 6,200 234,825
Borg-Warner Automotive, Inc............. 2,700 148,500
Cooper Tire & Rubber Co................. 1,600 37,800
* Lear Corp............................. 800 39,800
Mark IV Industries, Inc................. 4,500 95,062
Superior Industries International,
Inc................................... 800 21,850
* Tower Automotive Inc.................. 1,500 38,156
--------------
615,993
--------------
AUTOMOBILES: 0.93%
Ford Motor Co........................... 4,300 242,681
General Motors Corp..................... 400 26,400
--------------
269,081
--------------
BANKS - MONEY CENTER: 0.12%
Chase Manhattan Corp.................... 400 34,650
--------------
BANKS - REGIONAL: 0.19%
Firstar Corp............................ 700 19,600
Republic New York Corp.................. 500 34,094
--------------
53,694
--------------
BEVERAGES: 0.07%
Anheuser-Busch Companies, Inc........... 300 21,281
--------------
BIOTECHNOLOGY: 0.31%
* ICOS Corp............................. 600 24,488
* IDEC Pharmaceuticals Corp............. 300 23,119
* Medimmune, Inc........................ 600 40,650
--------------
88,257
--------------
BROADCASTING: 0.10%
* Westwood One, Inc..................... 800 28,550
--------------
BUILDING MATERIALS: 0.23%
Owens Corning Inc....................... 1,100 37,813
USG Corp................................ 500 28,000
--------------
65,813
--------------
CHEMICALS: 0.40%
Dow Chemical Corp....................... 200 25,375
* FMC Corp.............................. 400 27,325
IMC Global, Inc......................... 2,000 35,250
Monsanto Co............................. 700 27,606
--------------
115,556
--------------
CHEMICALS - SPECIALTY: 0.58%
A. Schulman Inc......................... 1,300 22,344
Albemarle Corp.......................... 500 11,562
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
<S> <C> <C>
H.B. Fuller Co.......................... 200 $ 13,675
Lubrizol Corp........................... 2,200 59,950
M.A. Hanna Co........................... 1,300 21,369
Valspar Corp............................ 500 19,000
* W.R. Grace & Co....................... 1,100 20,212
--------------
168,112
--------------
COMMUNICATION EQUIPMENT: 0.51%
* Commscope Inc......................... 1,700 52,275
* QUALCOMM Inc.......................... 500 71,750
Scientific-Atlanta Inc.................. 600 21,600
--------------
145,625
--------------
COMPUTER HARDWARE: 0.54%
Hewlett-Packard Co...................... 200 20,100
International Business Machines Corp.... 300 38,775
* Lexmark International Group, Inc.,
Class A .............................. 700 46,244
* Qlogic Corp........................... 200 26,400
* Xircom Inc............................ 800 24,050
--------------
155,569
--------------
COMPUTER SERVICES: 0.58%
* BEA Systems Inc....................... 2,200 62,838
* DST Systems Inc....................... 500 31,437
* IMRglobal Corp........................ 2,200 42,350
* Medquist Inc.......................... 700 30,625
--------------
167,250
--------------
COMPUTER SOFTWARE: 0.77%
Adobe Systems Inc....................... 300 24,648
* Citrix Systems, Inc................... 300 16,950
Computer Associates International,
Inc................................... 800 44,000
* Oracle Corp........................... 600 22,275
* Siebel Systems Inc.................... 800 53,050
* Sterling Software Inc................. 900 24,019
* VERITAS Software Co................... 400 37,975
--------------
222,917
--------------
COMPUTERS - NETWORKING: 0.05%
* Cisco Systems Inc..................... 206 13,218
--------------
CONSTRUCTION - CEMENT AND AGGREGATES:
1.36%
Lafarge Corp............................ 6,200 219,713
Lone Star Industries, Inc............... 800 30,050
Southdown, Inc.......................... 2,200 141,350
--------------
391,113
--------------
CONSUMER - JEWELRY, NOVELTY AND GIFTS:
0.02%
* Fossil, Inc........................... 100 4,838
--------------
CONSUMER FINANCE: 0.50%
C I T Group Holdings, Inc............... 1,300 37,537
Metris Companies Inc.................... 1,100 44,825
Providian Financial Corp................ 650 60,775
--------------
143,137
--------------
CONTAINERS - METAL AND GLASS: 0.47%
Ball Corp............................... 3,200 135,200
--------------
CONTAINERS AND PACKAGES - PAPER: 0.09%
Temple-Inland Inc....................... 400 27,300
--------------
DISTRIBUTORS - FOOD AND HEALTH: 0.34%
Supervalu Inc........................... 3,800 97,613
--------------
ELECTRIC UTILITIES: 5.91%
Allegheny Energy Inc.................... 1,600 51,300
CINergy Corp............................ 1,100 35,200
DTE Energy Co........................... 2,200 88,000
Edison International Corp............... 1,900 50,825
Entergy Corp............................ 4,400 137,500
Florida Progress Corp................... 2,300 95,019
</TABLE>
22
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
ELECTRIC UTILITIES: (continued)
<S> <C> <C>
GPU, Inc................................ 4,600 $ 194,063
Northern States Power Co................ 2,300 55,631
OGE Energy Corp......................... 2,100 49,875
PG&E Corp............................... 3,875 125,938
Pinnacle West Capital Corp.............. 2,000 80,500
PP&L Resources, Inc..................... 1,400 43,050
Public Service Co. of New Mexico........ 9,100 180,862
Public Service Enterprise Group Inc..... 3,700 151,238
Puget Sound Energy Inc.................. 1,100 26,400
Rochester Gas & Electric Corp........... 1,400 37,188
Texas Utilities Co...................... 800 33,000
Unicom Corp............................. 2,700 104,119
Utilicorp United Inc.................... 5,350 130,072
Western Resources Inc................... 1,400 37,275
--------------
1,707,055
--------------
ELECTRICAL EQUIPMENT: 0.27%
Rockwell International Corp............. 1,000 60,750
* SLI Inc............................... 600 16,200
--------------
76,950
--------------
ELECTRONICS - COMPONENT DISTRIBUTOR:
0.14%
* Artesyn Technologies Inc.............. 300 6,656
Uniphase Corp........................... 200 33,200
--------------
39,856
--------------
ELECTRONICS AND INSTRUMENTATION: 0.11%
* Waters Corp........................... 600 31,875
--------------
ENGINEERING AND CONSTRUCTION: 0.23%
* Dycom Industries Inc.................. 500 28,000
McDermott International Inc............. 1,400 39,550
--------------
67,550
--------------
FINANCIAL - DIVERSIFIED: 5.21%
AMBAC Financial Group Inc............... 600 34,275
Apartment Investment & Management Co.,
Class A............................... 1,600 68,400
Arden Realty Inc........................ 1,300 32,012
* Avis Rent A Car Inc................... 1,200 34,950
Brandywine Realty Trust................. 2,200 43,588
Camden Property Trust................... 500 13,875
Carramerica Realty Corp................. 2,500 62,500
* Catellus Development Corp............. 1,700 26,350
CBL & Associates Properties, Inc........ 1,200 31,650
Citigroup Inc........................... 650 30,875
Cornerstone Properties Inc.............. 2,600 41,275
Crescent Real Estate Equities, Inc...... 1,500 35,625
Duke Realty Investments Inc............. 500 11,281
Equitable Companies Inc................. 700 46,900
Equity Office Properties Trust.......... 4,200 107,625
Federal Home Loan Mortgage Corp......... 700 40,600
FelCor Lodging Trust Inc................ 3,200 66,400
Finova Group Inc........................ 600 31,575
First Industrial Realty Trust Inc....... 2,400 65,850
General Growth Properties, Inc.......... 300 10,650
Highwoods Properties, Inc............... 3,600 98,775
Hospitality Properties Trust............ 1,000 27,125
Liberty Property Trust.................. 4,300 106,962
Mack-Cali Realty Corp................... 400 12,375
Morgan Stanley, Dean Witter, Discover &
Co.................................... 500 51,250
Prologis Trust.......................... 570 11,542
Public Storage Inc...................... 3,100 86,800
Reckson Associates Realty Corp.......... 2,500 58,750
Rouse Co................................ 700 17,762
SEI Investments Co...................... 100 8,825
Spieker Properties, Inc................. 300 11,662
Taubman Centers, Inc.................... 2,500 32,969
Trinet Corporate Realty Trust Inc....... 1,600 44,300
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
<S> <C> <C>
TrizecHahn Corp......................... 4,600 $ 93,725
Urban Shopping Centers Inc.............. 200 6,300
--------------
1,505,378
--------------
FOODS: 0.53%
Chiquita Brands International, Inc...... 5,000 45,000
IBP, Inc................................ 1,500 35,625
Quaker Oats Co.......................... 400 26,550
* Smithfield Foods, Inc................. 1,400 46,813
--------------
153,988
--------------
HARDWARE AND TOOLS: 0.21%
Black & Decker Corp..................... 500 31,563
* Scotts Co............................. 600 28,575
--------------
60,138
--------------
HEALTH CARE - DIVERSIFIED: 0.15%
Mallinckrodt Group Inc.................. 1,200 43,650
--------------
HEALTH CARE - MEDICAL PRODUCTS AND
SUPPLIES: 0.11%
* Boston Scientific Corp................ 700 30,756
--------------
HEALTH CARE - SPECIAL SERVICES: 0.07%
* Lincare Holdings Inc.................. 800 20,000
--------------
HOMEBUILDING: 0.77%
Centex Corp............................. 3,500 131,469
Kaufman & Broad Home Corp............... 1,400 34,825
Pulte Corp.............................. 1,300 29,981
* Toll Brothers Inc..................... 1,200 25,725
--------------
222,000
--------------
HOSPITALS AND MANAGED CARE: 0.26%
Aetna Inc............................... 400 35,775
* Pacificare Health Systems, Inc........ 300 21,581
United Healthcare Corp.................. 300 18,787
--------------
76,143
--------------
HOTELS AND GAMING: 0.27%
* Extended Stay America Inc............. 600 7,200
* Harrah's Entertainment, Inc........... 1,200 26,400
* Mandalay Resort Group................. 900 19,013
* MGM Grand Inc......................... 500 24,500
--------------
77,113
--------------
HOUSEHOLD FURNISHINGS: 2.30%
* DII Group Inc......................... 800 29,850
* Furniture Brands International,
Inc................................... 4,500 125,437
Leggett & Platt, Inc.................... 1,200 33,375
Maytag Corp............................. 1,500 104,531
* Mohawk Industries Inc................. 3,800 115,425
Shaw Industries, Inc.................... 2,000 33,000
Springs Industries, Inc., Class A....... 2,900 126,512
Whirlpool Corp.......................... 1,300 96,200
--------------
664,330
--------------
HOUSEWARES AND HOUSEHOLD PRODUCTS: 0.33%
Church & Dwight Co., Inc................ 500 21,750
Fortune Brands Inc...................... 800 33,100
Kimberly-Clark Corp..................... 700 39,900
--------------
94,750
--------------
INSURANCE - LIFE AND HEALTH: 0.33%
Conseco Inc............................. 1,400 42,613
Lincoln National Corp................... 1,000 52,312
--------------
94,925
--------------
INSURANCE - MULTI-LINE: 0.09%
Nationwide Financial Services, Class
A..................................... 600 27,150
--------------
INSURANCE - PROPERTY AND CASUALTY: 1.31%
Enhance Financial Services Group Inc.... 1,800 35,550
</TABLE>
23
<PAGE>
PHOENIX-ZWEIG GROWTH & INCOME FUND
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
INSURANCE - PROPERTY AND CASUALTY: (continued)
<S> <C> <C>
Fidelity National Financial, Inc........ 1,200 $ 25,200
Financial Security Assurance Holdings
Ltd................................... 3,200 166,400
First American Financial Corp........... 600 10,725
Fremont General Corp.................... 400 7,550
HCC Insurance Holdings, Inc............. 600 13,613
Old Republic International Corp......... 3,450 59,728
PartnerRe Ltd........................... 200 7,475
Travelers Property Casualty Corp., Class
A..................................... 1,300 50,863
--------------
377,104
--------------
INSURANCE BROKERS: 0.15%
E.W. Blanch Holdings Inc................ 300 20,456
Marsh & McLennan Co., Inc............... 300 22,650
--------------
43,106
--------------
INVESTMENT BANKING AND BROKERAGE: 1.08%
Bear Stearns Co., Inc................... 1,785 83,449
Charles Schwab Corp..................... 500 54,937
Legg Mason, Inc......................... 600 23,100
Lehman Brothers Holdings Inc............ 600 37,350
Merrill Lynch & Company, Inc............ 600 47,963
PaineWebber Group Inc................... 1,400 65,450
--------------
312,249
--------------
INVESTMENT MANAGEMENT: 0.20%
Alliance Capital Management L.P......... 1,100 35,544
T. Rowe Price Associates, Inc........... 600 23,025
--------------
58,569
--------------
IRON AND STEEL: 0.26%
USX-U.S. Steel Group.................... 2,800 75,600
--------------
LEISURE TIME - PRODUCTS: 0.30%
Brunswick Corp.......................... 2,100 58,537
Callaway Golf Co........................ 1,900 27,788
--------------
86,325
--------------
MACHINERY: 1.74%
General Cable Corp...................... 2,400 38,400
Ingersoll-Rand Co....................... 400 25,850
Manitowoc Company, Inc.................. 2,750 114,469
Milacron Inc............................ 4,600 85,100
* Motivepower Industries Inc............ 1,900 34,200
* Mueller Industries, Inc............... 700 23,756
Tecumseh Products Co., Class A.......... 3,000 181,687
--------------
503,462
--------------
MANUFACTURING - DIVERSIFIED: 1.32%
GenCorp Inc............................. 1,300 32,825
Premark International Inc............... 2,300 86,250
Trinity Industries, Inc................. 4,200 140,700
Tyco International Ltd.................. 700 66,325
United Dominion Industries Ltd.......... 2,300 55,775
--------------
381,875
--------------
MANUFACTURING - SPECIALIZED: 1.10%
Avery Dennison Corp..................... 600 36,225
Briggs & Stratton Corp.................. 1,600 92,400
* Cognex Corp........................... 200 6,312
Donaldson Company, Inc.................. 800 19,600
JLG Industries, Inc..................... 1,300 26,487
Pall Corp............................... 1,300 28,844
York International Inc.................. 2,500 107,031
--------------
316,899
--------------
NATURAL GAS: 0.39%
Equitable Resources, Inc................ 2,100 79,275
UGI Corp................................ 1,700 34,319
--------------
113,594
--------------
OFFICE EQUIPMENT AND SUPPLIES: 0.08%
* Polycom Inc........................... 600 23,400
--------------
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
<S> <C> <C>
OIL - INTERGRATED: 0.65%
Amerada Hess Corp....................... 1,100 $ 65,450
Atlantic Richfield Co................... 200 16,713
Occidental Petroleum Corp............... 900 19,012
Phillips Petroleum Co................... 400 20,125
Royal Dutch Petroleum Co................ 300 18,075
Shell Transport and Trading Co.......... 400 18,550
USX-Marathon Group...................... 900 29,306
--------------
187,231
--------------
OIL AND GAS - EXPLORATION AND
PRODUCTION: 0.45%
Apache Corp............................. 600 23,400
Devon Energy Corp....................... 600 21,450
Kerr-McGee Corp......................... 400 20,075
Murphy Oil Corp......................... 800 39,050
Pioneer Natural Resources Co............ 2,500 27,500
--------------
131,475
--------------
PAPER AND FOREST PRODUCTS: 1.65%
Boise Cascade Corp...................... 2,400 102,900
Chesapeake Corp......................... 2,200 82,362
Georgia-Pacific Group................... 2,200 104,225
Georgia-Pacific Timber Co............... 1,100 27,775
Louisiana-Pacific Corp.................. 2,300 54,625
Mead Corp............................... 500 20,875
Weyerhaeuser Co......................... 600 41,250
Willamette Industries, Inc.............. 900 41,456
--------------
475,468
--------------
PHOTOGRAPHY AND IMAGING: 0.18%
* Imation Corp.......................... 900 22,331
* Lason Inc............................. 600 29,775
--------------
52,106
--------------
PUBLISHING: 0.24%
Knight-Ridder, Inc...................... 800 43,950
Media General, Inc...................... 500 25,500
--------------
69,450
--------------
RAILROADS: 0.67%
Canadian National Railway Co............ 1,800 120,600
Kansas City Southern Industries, Inc.... 500 31,906
Union Pacific Corp...................... 700 40,819
--------------
193,325
--------------
RESTAURANTS: 0.68%
Bob Evans Farms, Inc.................... 3,400 67,575
* Brinker International Inc............. 1,600 43,500
* Foodmaker, Inc........................ 1,800 51,075
Wendy's International Inc............... 1,200 33,975
--------------
196,125
--------------
RETAIL: 1.21%
* 99 Cents Only Stores.................. 800 39,950
* BJ's Wholesale Club, Inc.............. 700 21,044
Dayton Hudson Corp...................... 300 19,500
Dillards Department Stores, Inc., Class
A..................................... 600 21,075
* Dollar Tree Stores, Inc............... 700 30,800
* Federated Department Stores, Inc...... 600 31,763
J.C. Penney Company, Inc................ 500 24,281
Ross Stores, Inc........................ 1,500 75,562
Shopko Stores Inc....................... 1,000 36,250
Wal-Mart Stores Inc..................... 1,000 48,250
--------------
348,475
--------------
RETAIL - APPAREL: 1.59%
* Abercrombie & Fitch Co., Class A...... 600 28,800
* American Eagle Outfitters, Inc........ 600 27,300
* Ann Taylor Stores Corp................ 1,600 72,000
Gap, Inc................................ 1,200 60,450
* Men's Wearhouse Inc................... 800 20,400
* Pacific Sunwear of California, Inc.... 1,400 34,125
Talbots Inc............................. 300 11,437
TJX Co., Inc............................ 6,100 203,206
--------------
457,718
--------------
</TABLE>
24
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
RETAIL - BUILDING SUPPLIES: 0.58%
<S> <C> <C>
Home Depot, Inc......................... 500 $ 32,219
Hughes Supply, Inc...................... 3,750 111,328
Lowe's Co., Inc......................... 400 22,675
--------------
166,222
--------------
RETAIL - COMPUTERS AND ELECTRONICS:
0.56%
* Best Buy Co., Inc..................... 700 47,250
Tandy Corp.............................. 1,000 48,875
* Tech Data Corp........................ 1,100 42,075
* Trans World Entertainment Corp........ 2,000 22,500
--------------
160,700
--------------
RETAIL - HOME SHOPPING: 0.14%
* CDW Computer Centers, Inc............. 100 4,400
* Insight Enterprises, Inc.............. 700 17,325
* Micro Warehouse Inc................... 1,100 19,662
--------------
41,387
--------------
RETAIL - SPECIALTY: 0.49%
Claire's Stores Inc..................... 700 17,938
* Michaels Stores Inc................... 800 24,500
* Rent-A-Center Inc..................... 200 4,800
Tiffany & Co............................ 600 57,900
* Toys R Us, Inc........................ 800 16,550
* Zale Corp............................. 500 20,000
--------------
141,688
--------------
SAVINGS AND LOAN COMPANIES: 0.76%
Astoria Financial Corp.................. 1,400 61,513
Bank United Corp........................ 600 24,113
Dime Bancorp Inc........................ 1,700 34,213
* Golden State Bancorp Inc.............. 1,100 24,200
Golden West Financial Corp.............. 300 29,400
Washington Federal Inc.................. 400 8,975
Webster Financial Corp.................. 1,400 37,975
--------------
220,389
--------------
SEMICONDUCTOR EQUIPMENT: 0.52%
* Applied Materials Inc................. 600 44,325
* Orbotech Ltd.......................... 400 20,850
* Teradyne Inc.......................... 500 35,875
Texas Instruments Inc................... 200 29,000
* Veeco Instruments Inc................. 600 20,400
--------------
150,450
--------------
SERVICE - ADVERTISING AND MARKETING:
0.09%
* TMP Worldwide Inc..................... 400 25,400
--------------
SERVICE - COMMERCIAL AND CONSUMER: 0.09%
* NCO Group Inc......................... 700 26,600
--------------
SHIPPING: 0.03%
Alexander & Baldwin, Inc................ 400 8,900
--------------
SPECIALTY PRINTING: 0.25%
Banta Corp.............................. 1,900 39,900
* World Color Press, Inc................ 1,200 33,000
--------------
72,900
--------------
TELEPHONE: 0.37%
CIA Anonima Telef De Ven, ADR........... 1,500 40,875
Telefonos De Mexico, ADR................ 800 64,650
--------------
105,525
--------------
TEXTILES - APPAREL AND SPECIALTY: 0.11%
* Jones Apparel Group, Inc.............. 900 30,881
--------------
TRUCKERS: 0.81%
J.B. Hunt Transport Services, Inc....... 2,700 43,875
USFreightways Corp...................... 4,100 189,881
--------------
233,756
--------------
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
------------------------------------------------------------------
<S> <C> <C>
TRUCKS AND PARTS: 1.74%
Cummins Engine Company, Inc............. 1,400 $ 79,975
* Navistar International Corp........... 3,500 175,000
New Holland N.V......................... 1,400 23,975
PACCAR Inc.............................. 4,200 224,175
--------------
503,125
--------------
TOTAL COMMON STOCKS
(Cost $13,706,156).................................. 14,846,153
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
------------
<S> <C> <C>
SHORT-TERM OBLIGATIONS: 31.78%
FEDERAL HOME LOAN MORTGAGE CORP.,
DISCOUNT NOTES: 13.83%
4.85%, 7/6/99......................... $ 1,000,000 999,192
5.02%, 7/16/99........................ 3,000,000 2,993,307
--------------
3,992,499
--------------
FEDERAL NATIONAL MORTGAGE ASSN.,
DISCOUNT NOTES: 17.26%
4.89%, 7/19/99........................ 2,000,000 1,994,838
5.01%, 7/28/99........................ 3,000,000 2,988,310
--------------
4,983,148
--------------
UNITED STATES TREASURY BILLS: 0.69%
4.61%, 9/16/99........................ 200,000(a) 198,049
--------------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $9,174,917)................................... 9,173,696
--------------
REPURCHASE AGREEMENTS: 17.12%
With Morgan Stanley & Co., Inc., (dated
6/30/99), 4.95%, due 7/1/99
(Repurchase proceeds $2,941,404);
collateralized by: $3,065,687 Federal
National Mortgage
Association Bonds, 5.858% - 7.50%,
due 7/1/2010 - 3/1/2033
(Market value $3,011,442)............. 2,941,000 2,941,000
With Prudential Securities Inc., (dated
6/30/99), 4.92%, due 7/1/99
(Repurchase proceeds $2,000,273);
collateralized by: $2,107,000 various
United States Government and Agency
Obligations, 5.04% - 5.845%, due
8/27/1999 - 3/13/2001
(Market value $2,106,296)............. 2,000,000 2,000,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $4,941,000)................................... 4,941,000
--------------
TOTAL INVESTMENTS
(Cost $27,822,073).................... 100.34% 28,960,849
Other Assets............................ 0.27 76,897
------- --------------
Total Assets.......................... 100.61% 29,037,746
Total Liabilities (Note 6)............ (0.61) (175,260)
------- --------------
NET ASSETS (Note 7)..................... 100.00% $ 28,862,486
------- --------------
------- --------------
- ------------------------------------------------------------------
NUMBER
OF
CONTRACTS
-------
NET UNREALIZED APPRECIATION ON FUTURES
CONTRACTS: 0.14%
Standard & Poor's 500 Sept. 1999
Long futures (b)...................... 6 $ 41,304
--------------
</TABLE>
25
<PAGE>
PHOENIX-ZWEIG GROWTH & INCOME FUND
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- --------------------------------------------------------
<S> <C>
CLASS A SHARES
Net asset value (NAV) and redemption
price per share ($4,980,594/365,593
shares)............................... $ 13.62
-------
-------
Maximum public offering price per share
-
NAV/(1 - maximum sales charge)
($13.62/.945)......................... $ 14.41
-------
-------
CLASS B SHARES
Net asset value and offering price per
share ($12,520,430/918,489 shares).... $ 13.63
-------
-------
Redemption price per share.............. **
-------
-------
CLASS C SHARES
Net asset value and offering price per
share (9,494,781/697,323 shares)...... $ 13.62
-------
-------
Redemption price per share.............. **
-------
-------
CLASS I SHARES
Net asset value, offering and redemption
price per share ($1,866,681/136,503
shares)............................... $ 13.68
-------
-------
</TABLE>
- ------------------------------------------------------------------
* Non-income producing security.
** Varies by length of time shares are held (Note 4b).
(a) Pledged as collateral for futures transactions.
(b) The extended market value of the long futures was $2,072,550 (representing
7.18% of the Fund's net assets) with a cost of $2,031,246
For Federal income tax purposes, the tax basis of investments owned at June 30,
1999 was $27,829,979 and net unrealized appreciation on investments consisted
of:
<TABLE>
<CAPTION>
<S> <C>
Gross unrealized appreciation..................... $ 1,597,472
Gross unrealized depreciation..................... (425,298)
------------
Net unrealized appreciation....................... $ 1,172,174
------------
------------
</TABLE>
See notes to financial statements.
26
<PAGE>
PHOENIX-ZWEIG MANAGED ASSETS
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS: 49.56%
UNITED STATES: 25.37%
AIRFREIGHT: 0.06%
CNF Transportation Inc.................. 9,000 $ 345,375
------------
AIRLINES: 0.07%
* UAL Corp.............................. 6,000 390,000
------------
ALUMINUM: 0.13%
Alcoa Inc............................... 12,000 742,500
------------
APARREL AND TEXTILES: 0.14%
Spring Industries Inc., Class A......... 18,000 785,250
------------
AUTOMOBILES: 0.29%
General Motors Corp..................... 25,000 1,650,000
------------
AUTOMOTIVE PARTS AND EQUIPMENT: 0.12%
TRW Inc................................. 13,000 713,375
------------
BANKS: 2.04%
Chase Manhattan Corp.................... 37,000 3,205,125
Fleet Financial Group Inc............... 68,000 3,017,500
J.P. Morgan & Company, Inc.............. 18,000 2,529,000
PNC Bank Corp........................... 50,000 2,881,250
------------
11,632,875
------------
BIOTECHNOLOGY: 0.83%
Amgen Inc............................... 50,000 3,043,750
* Biogen Inc............................ 26,000 1,672,125
------------
4,715,875
------------
BUILDING MATERIALS AND PRODUCTS: 0.21%
USG Corp................................ 22,000 1,232,000
------------
CHEMICALS: 0.70%
Dow Chemical Corp....................... 18,000 2,283,750
Union Carbide Corp...................... 35,000 1,706,250
------------
3,990,000
------------
COMPUTER HARDWARE: 1.57%
Compaq Computer Corp.................... 13,000 307,937
Hewlett-Packard Co...................... 22,000 2,211,000
International Business Machines Corp.... 50,000 6,462,500
------------
8,981,437
------------
COMPUTER SERVICES: 0.15%
Electronic Data Systems Corp............ 8,000 452,500
Shared Medical Systems Inc.............. 6,000 391,500
------------
844,000
------------
COMPUTERS AND SOFTWARE: 1.17%
* America Online Inc.................... 4,000 442,000
Autodesk Inc............................ 18,000 532,125
* Microsoft Corp........................ 8,000 721,500
* Oracle Corp........................... 133,500 4,956,188
------------
6,651,813
------------
CONSUMER PRODUCTS AND SERVICES: 0.41%
Colgate-Palmolive Co.................... 20,000 1,975,000
Interpublic Group Companies, Inc........ 4,000 346,500
------------
2,321,500
------------
CONTAINERS - METAL AND GLASS: 0.19%
Crown Cork & Seal Co., Inc.............. 38,000 1,083,000
------------
ELECTRICAL EQUIPMENT: 0.58%
General Electric Co..................... 9,000 1,017,000
Honeywell Inc........................... 20,000 2,317,500
------------
3,334,500
------------
ELECTRONICS: 1.02%
* Computer Sciences Corp................ 18,000 1,245,375
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
Harris Corp............................. 36,000 $ 1,410,750
Intel Corp.............................. 40,000 2,380,000
Scientific-Atlanta Inc.................. 22,000 792,000
------------
5,828,125
------------
ENTERTAINMENT: 0.33%
* King World Productions Inc............ 24,000 835,500
* Viacom Inc., Class B.................. 24,000 1,056,000
------------
1,891,500
------------
FINANCE: 0.58%
Federal National Mortgage Association... 29,000 1,982,875
Household International Corp............ 12,599 596,878
Morgan Stanley, Dean Witter, Discover &
Co.................................... 7,000 717,500
------------
3,297,253
------------
FOOD AND BEVERAGES: 1.11%
Adolph Coors Co., Class B............... 9,000 445,500
Conagra Inc............................. 42,000 1,118,250
IBP Inc................................. 60,000 1,425,000
Pepsico Inc............................. 66,000 2,553,375
* Unilever NV, ADR...................... 11,178 779,666
------------
6,321,791
------------
FOREST AND PAPER PRODUCTS: 0.06%
Weyerhauser Co.......................... 5,000 343,750
------------
HEALTHCARE - DIVERSIFIED: 0.15%
Johnson & Johnson Inc................... 9,000 882,000
------------
HEALTHCARE - MANAGED CARE: 0.18%
* Humana Inc............................ 81,000 1,047,937
------------
HOTELS AND GAMING: 0.27%
* Harrah's Entertainment Inc............ 41,000 902,000
Marriott International Inc.............. 17,000 635,375
------------
1,537,375
------------
HOUSEHOLD PRODUCTS: 0.97%
Fort James Corp......................... 22,000 833,250
Kimberly Clark Corp..................... 4,000 228,000
Maytag Corp............................. 13,000 905,938
Procter & Gamble Co..................... 21,000 1,874,250
Whirlpool Corp.......................... 23,000 1,702,000
------------
5,543,438
------------
INSURANCE: 0.55%
AFLAC Inc............................... 12,000 574,500
CIGNA Corp.............................. 25,000 2,225,000
Conseco Inc............................. 10,539 320,781
------------
3,120,281
------------
INVESTMENT BANKING AND BROKERAGE: 0.03%
Merrill Lynch & Co...................... 2,000 159,875
------------
INVESTMENT MANAGEMENT: 0.07%
Equitable Companies, Inc................ 6,000 402,000
------------
MANUFACTURING: 0.47%
Minnesota Mining & Manufacturing Co..... 15,000 1,304,063
Tenneco Inc............................. 59,000 1,408,625
------------
2,712,688
------------
METALS AND MINING: 0.14%
Freeport McMoran Copper & Gold Co.,
Class B............................... 23,000 412,562
Newmont Mining Corp..................... 19,000 377,625
------------
790,187
------------
NATURAL GAS: 0.32%
Consolidated Natural Gas Co............. 30,000 1,822,500
------------
NEWSPAPERS: 0.23%
New York Times Co., Class A............. 35,000 1,288,437
------------
</TABLE>
27
<PAGE>
PHOENIX-ZWEIG MANAGED ASSETS
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
OFFICE AUTOMATION AND EQUIPMENT: 0.19%
<S> <C> <C>
Xerox Corp.............................. 18,000 $ 1,063,125
------------
OIL AND GAS: 2.05%
Ashland Inc............................. 39,000 1,564,875
Diamond Offshore Drilling Inc........... 25,000 709,375
Exxon Corp.............................. 9,000 694,125
Halliburton Co.......................... 11,000 497,750
Phillips Petroleum Co................... 45,000 2,264,063
Sunoco Inc.............................. 83,000 2,505,562
Texaco Inc.............................. 29,000 1,812,500
Tidewater Inc........................... 27,000 823,500
Unocal Corp............................. 20,000 792,500
------------
11,664,250
------------
PERSONAL CARE PRODUCTS: 0.06%
Alberto-Culver Co., Class B............. 13,000 346,125
------------
PHARMACEUTICALS: 1.84%
Allergan Inc............................ 35,000 3,885,000
Merck & Company, Inc.................... 50,000 3,700,000
Pfizer Inc.............................. 7,000 768,250
Schering-Plough Inc..................... 40,000 2,120,000
------------
10,473,250
------------
PRINTING AND PUBLISHING: 0.21%
Knight-Ridder Inc....................... 5,000 274,688
McGraw-Hill Cos......................... 17,000 916,937
------------
1,191,625
------------
RECREATIONAL PRODUCTS: 0.32%
Brunswick Corp.......................... 57,000 1,588,875
Mattel Inc.............................. 10,000 264,375
------------
1,853,250
------------
RESTAURANTS: 0.13%
* Brinker International Inc............. 27,000 734,062
------------
RETAIL TRADE: 1.43%
* Amazon.com Inc........................ 2,000 250,250
* Federated Deptartment Stores Inc...... 56,000 2,964,500
* K-Mart Corp........................... 40,000 657,500
Limited Inc............................. 46,000 2,087,250
Sears Roebuck & Co...................... 22,000 980,375
Supervalu Inc........................... 13,000 333,938
TJX Companies Inc....................... 26,000 866,125
------------
8,139,938
------------
STEEL: 0.05%
USX-U.S. Steel Group Inc................ 10,000 270,000
------------
TELECOMMUNICATIONS: 2.93%
Ameritech Corp.......................... 31,000 2,278,500
AT & T Corp............................. 93,000 5,190,562
Bell Atlantic Corp...................... 30,720 2,008,320
Lucent Technologies Inc................. 26,000 1,753,375
* United States Cellular Corp........... 38,000 2,033,000
U S West Communications Group Inc....... 30,000 1,762,500
Vodafone Airtouch Corp., ADR............ 8,500 1,674,500
------------
16,700,757
------------
TOBACCO: 0.39%
Philip Morris Companies Inc............. 55,000 2,210,312
------------
TRUCKS AND PARTS: 0.17%
* Navistar International Corp........... 19,000 950,000
------------
UTILITIES: 0.38%
FirstEnergy Corp........................ 20,000 620,000
UtiliCorp United Inc.................... 64,000 1,556,000
------------
2,176,000
------------
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
WASTE MANAGEMENT: 0.08%
Browning-Ferris Industries Inc.......... 11,000 $ 473,000
------------
TOTAL UNITED STATES
(Cost $103,349,085)................................ 144,648,331
------------
FOREIGN STOCKS: 24.19%
AUSTRALIA: 1.55%
BANKS: 0.43%
Commonwealth Bank of Australia.......... 155,000 2,467,401
------------
FINANCE: 0.07%
Colonial Ltd............................ 109,500 387,758
------------
METALS AND MINING: 0.09%
Rio Tinto Ltd........................... 31,600 518,133
------------
OIL AND GAS: 0.09%
Woodside Petroleum Ltd.................. 72,100 488,207
------------
PRINTING AND PUBLISHING: 0.17%
Publishing & Broadcasting Ltd........... 144,000 950,278
------------
REAL ESTATE: 0.16%
Lend Lease Corp., Ltd................... 67,000 919,898
------------
RECREATIONAL PRODUCTS: 0.07%
TAB Ltd................................. 204,600 413,046
------------
TELECOMMUNICATIONS: 0.32%
Cable & Wireless Optus Ltd.............. 385,900 878,671
Telestra Corp., Ltd..................... 164,000 939,733
------------
1,818,404
------------
TRANSPORTATION: 0.15%
Brambles Industries Ltd................. 33,860 891,996
------------
TOTAL AUSTRALIA...................................... 8,855,121
------------
FRANCE: 3.56%
BANKS: 0.17%
Banque Nationale De Paris............... 9,150 762,421
Societe Generale Paris.................. 1,350 237,924
------------
1,000,345
------------
BUSINESS SERVICES: 0.33%
Vivendi................................. 23,550 1,907,654
------------
CHEMICALS: 0.16%
Air Liquide Co.......................... 5,906 928,808
------------
CONSUMER PRODUCTS AND SERVICES: 0.50%
Loreal Co............................... 3,400 2,298,340
* Promodes.............................. 800 525,111
------------
2,823,451
------------
ELECTRONICS: 0.25%
Alcatel Alsthom......................... 7,500 1,055,739
* Schneider SA.......................... 6,250 350,946
------------
1,406,685
------------
FOOD AND BEVERAGES: 0.20%
LVMH Moet Hennessy...................... 3,550 1,039,337
* LVMH Moet Hennessy Rights............. 3,550 103,787
------------
1,143,124
------------
INSURANCE: 0.48%
AXA UAP................................. 22,300 2,720,522
------------
</TABLE>
28
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
OIL AND GAS: 0.29%
<S> <C> <C>
Societe Nationale Elf Aquitaine......... 11,300 $ 1,658,234
------------
REAL ESTATE: 0.10%
Simco................................... 6,600 558,111
------------
RETAIL TRADE: 0.49%
Carrefour............................... 12,180 1,789,884
Cie De St. Gobain....................... 6,150 979,865
------------
2,769,749
------------
TELECOMMUNICATIONS: 0.44%
* France Telecom SA..................... 33,200 2,507,889
------------
UTILITIES: 0.15%
Total SA, Class B....................... 6,650 857,910
------------
TOTAL FRANCE......................................... 20,282,482
------------
GERMANY: 2.08%
AUTOMOBILES: 0.39%
DaimlerChrysler AG...................... 20,160 1,760,907
Volkswagen AG........................... 6,800 435,475
------------
2,196,382
------------
BANKS: 0.28%
* Bayerische Vereinsbank AG............. 6,250 406,053
Deutsche Bank AG........................ 8,700 530,685
Dresdner Bank AG........................ 16,500 644,890
------------
1,581,628
------------
CHEMICALS: 0.32%
Bayer AG................................ 39,700 1,653,996
Hoechst AG.............................. 4,450 201,459
------------
1,855,455
------------
CONGLOMERATES: 0.08%
Viag AG................................. 900 425,080
------------
CONSUMER PRODUCTS AND SERVICES: 0.06%
Karstadt AG............................. 750 360,421
------------
ELECTRONICS: 0.22%
Siemens AG.............................. 16,200 1,249,624
------------
INSURANCE: 0.25%
Allianz AG Holding...................... 5,250 1,456,378
------------
MACHINERY AND EQUIPMENT: 0.21%
Mannesmann AG........................... 8,050 1,203,723
------------
TELECOMMUNICATIONS: 0.11%
Deutsche Telekom AG..................... 15,000 630,350
------------
UTILITIES: 0.16%
RWE AG.................................. 19,550 905,022
------------
TOTAL GERMANY........................................ 11,864,063
------------
ITALY: 0.97%
APPAREL AND TEXTILES: 0.03%
Benetton Group SPA...................... 96,617 190,305
------------
AUTOMOBILES: 0.08%
Fiat SPA................................ 101,568 321,557
Fiat SPA Priv........................... 74,034 118,720
------------
440,277
------------
BANKS: 0.20%
Credito Italiano SPA.................... 134,443 590,623
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
Istituto Banc San Paolo SPA............. 26,222 $ 356,946
Mediobanca SPA.......................... 17,635 184,588
------------
1,132,157
------------
BROADCASTING: 0.03%
Mediaset SPA............................ 19,587 174,116
------------
BUILDING MATERIALS AND PRODUCTS: 0.02%
Sirti SPA............................... 19,582 94,507
------------
CONGLOMERATES: 0.01%
Snia BPD................................ 29,050 36,399
------------
ENERGY: 0.13%
Eni SPA................................. 128,807 769,096
------------
INDUSTRIAL PRODUCTS, SERVICES AND
MACHINERY: 0.05%
Pirelli SPA............................. 103,067 280,599
------------
INSURANCE: 0.17%
Assicurazioni Generali SPA.............. 21,198 734,508
Ras Riun Adriat Di Sicurt SPA........... 22,014 213,852
------------
948,360
------------
TELECOMMUNICATIONS: 0.23%
Telecom Italia Mobile SPA............... 109,816 655,702
Telecom Italia SPA...................... 64,095 666,265
------------
1,321,967
------------
UTILITIES: 0.02%
Edison SPA.............................. 13,496 116,909
------------
TOTAL ITALY.......................................... 5,504,692
------------
JAPAN: 3.86%
AUTOMOBILES: 0.25%
Honda Motor Co.......................... 12,000 508,592
* Nissan Motor Co., Ltd................. 22,000 105,056
Toyota Motor Corp....................... 26,000 822,703
------------
1,436,351
------------
BANKS: 0.45%
Asahi Bank Ltd.......................... 26,000 124,587
Fuji Bank Ltd........................... 35,000 244,052
Industrial Bank of Japan................ 33,000 261,732
Sakura Bank Ltd......................... 50,000 189,607
Sanwa Bank Ltd.......................... 10,000 98,397
Shizuoka Bank Ltd....................... 5,000 49,818
Sumitomo Bank........................... 47,000 582,840
The Bank of Tokyo-Mitsubishi............ 61,000 868,333
Tokai Bank.............................. 22,000 125,413
------------
2,544,779
------------
CHEMICALS: 0.44%
Asahi Chemical Industries............... 26,000 144,134
Kuraray Co., Ltd........................ 49,000 589,425
Kyowa Hakko Kogyo....................... 53,000 303,445
Mitsubishi Chemical Corp................ 38,000 131,543
Shin-Etsu Chemical Co................... 7,000 234,220
Sumitomo Chemical Co., Ltd.............. 29,000 132,973
Takeda Chemical Industries.............. 18,000 834,270
Toray Industries Inc.................... 25,000 125,165
------------
2,495,175
------------
ELECTRONICS: 0.37%
Fanuc Ltd............................... 2,800 150,364
* Hitachi Ltd........................... 44,000 412,591
Kyocera Corp............................ 2,800 164,243
Murata Manufacturing Co., Ltd........... 4,000 263,054
Rohm Co................................. 1,000 156,560
Sanyo Electric Co., Ltd................. 35,000 142,267
Sony Corp............................... 7,400 797,835
------------
2,086,914
------------
</TABLE>
29
<PAGE>
PHOENIX-ZWEIG MANAGED ASSETS
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
FINANCE: 0.43%
<S> <C> <C>
Acom Co................................. 4,500 $ 388,508
Aiful Corp.............................. 6,840 837,482
Daiwa Securities Group.................. 26,000 171,844
Hitachi Credit Corp..................... 15,100 298,781
Promise Co., Ltd........................ 4,100 242,193
Takefuji Corp........................... 4,800 496,101
------------
2,434,909
------------
FOOD AND BEVERAGES: 0.16%
Ajinomoto Co., Inc...................... 12,000 136,814
Asahi Breweries Ltd..................... 14,000 174,190
Kirin Brewery Co., Ltd.................. 15,000 179,693
Nichirei Corp........................... 45,000 76,586
Nippon Flour Mills Ltd.................. 30,000 78,073
Nippon Soda Co., Ltd.................... 19,000 77,545
* Nisshin Flour Milling Corp............ 25,000 195,183
------------
918,084
------------
FOREST AND PAPER PRODUCTS: 0.06%
Hokuetsu Paper Mills.................... 42,000 226,933
Oji Paper Co., Ltd...................... 19,000 109,881
------------
336,814
------------
HOMEBUILDERS: 0.10%
Daiwa House Industries Co., Ltd......... 10,000 105,172
Obayashi Corp........................... 62,000 311,947
Sekisui House Ltd....................... 13,000 140,268
Toa Corp................................ 1,000 1,859
------------
559,246
------------
HOUSEHOLD PRODUCTS: 0.05%
Matsushita Electric Industries Co.,
Ltd................................... 16,000 310,641
------------
INDUSTRIAL PRODUCTS, SERVICES AND
MACHINERY: 0.17%
Asahi Glass Co., Ltd.................... 17,000 110,253
Bridgestone Corp........................ 8,000 241,904
Denso Corp.............................. 13,000 264,210
Fujikura Ltd............................ 4,000 19,101
Minebea Co., Ltd........................ 17,000 189,607
Sumitomo Electric Industrial Co.,
Ltd................................... 13,000 147,786
------------
972,861
------------
INSURANCE: 0.05%
Sumitomo Marine & Fire Co............... 43,000 259,336
------------
MACHINERY AND EQUIPMENT: 0.13%
* Mitsubishi Corp....................... 80,000 541,970
Mitsubishi Heavy Industries Ltd......... 34,000 137,921
Toyoda Automatic Loom Work.............. 4,000 67,911
------------
747,802
------------
MANUFACTURING: 0.06%
* NGK Insulators........................ 24,000 250,628
Shinagawa Refractories.................. 22,000 77,611
------------
328,239
------------
METALS AND MINING: 0.18%
Kawasaki Steel Co....................... 410,000 765,532
Nippon Steel Co......................... 125,000 290,193
------------
1,055,725
------------
PERSONAL CARE PRODUCTS: 0.03%
Sankyo Co., Ltd......................... 6,000 151,190
------------
PHARMACEUTICALS: 0.04%
Yamanouchi Pharmaceuticals.............. 6,000 229,511
------------
PHOTOGRAPHIC PRODUCTS: 0.30%
Canon Inc............................... 25,000 718,771
Fuji Photo Film Ltd..................... 18,000 681,097
Fujitsu Ltd............................. 14,000 281,642
------------
1,681,510
------------
PRINTING & PUBLISHING: 0.02%
Toppan Printing Co., Ltd................ 13,000 145,101
------------
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
RAILROADS: 0.11%
East Japan Railway Co................... 42 $ 225,545
* Keio Electric Railway Co.............. 63,000 242,027
Kinki Nippon Railway Co................. 29,000 142,556
------------
610,128
------------
RETAIL TRADE: 0.06%
Ito-Yokado Co., Ltd..................... 3,000 200,760
Marui Co., Ltd.......................... 7,000 115,664
------------
316,424
------------
TELECOMMUNICATIONS: 0.20%
Nippon Telegraph & Telephone............ 100 1,164,904
------------
TOURISM: 0.00%
Toho Zinc............................... 6,000 15,218
------------
TRANSPORTATION: 0.03%
Nippon Yusen Kabus Kaish................ 51,000 196,348
------------
UTILITIES: 0.14%
Kansai Electric Power Co................ 14,300 271,728
Osaka Gas Co., Ltd...................... 7,000 23,769
Showa Shell Sekiyu...................... 25,000 164,202
Tokyo Electric Power Co................. 16,000 337,740
------------
797,439
------------
WHOLESALE DISTRIBUTORS: 0.03%
Mitsui & Co., Ltd....................... 29,000 202,214
------------
TOTAL JAPAN.......................................... 21,996,863
------------
MEXICO: 0.98%
BROADCASTING: 0.08%
* Grupo Televisa SA..................... 21,000 468,988
------------
BUILDING MATERIALS AND PRODUCTS: 0.08%
Cemex SA, Class A....................... 93,000 457,224
------------
CONGLOMERATES: 0.09%
Alfa SA, Class A........................ 53,000 219,618
Grupo Carso SA.......................... 61,000 282,467
------------
502,085
------------
FOOD AND BEVERAGES: 0.17%
Grupo Industrial Bimbo SA............... 128,000 284,505
Grupo Modelo SA......................... 232,000 660,542
------------
945,047
------------
HEALTHCARE - MANAGED CARE: 0.07%
Kimberly Clark De Mexico SA............. 93,000 379,461
------------
METALS AND MINING: 0.04%
Grupo Mexico SA......................... 61,000 258,901
------------
RETAIL TRADE: 0.11%
* Cifra SA, Class V..................... 329,352 631,653
------------
TELECOMMUNICATIONS: 0.34%
Telefonos De Mexico SA.................. 67,000 266,284
Telefonos De Mexico SA, Class L......... 413,000 1,650,164
------------
1,916,448
------------
TOTAL MEXICO......................................... 5,559,807
------------
NEW ZEALAND: 0.08%
UTILITIES: 0.08%
Contact Energy Ltd...................... 290,000 470,220
------------
TOTAL NEW ZEALAND.................................... 470,220
------------
</TABLE>
30
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
SINGAPORE: 1.57%
<S> <C> <C>
AIRLINES: 0.22%
Singapore Airlines Corp................. 133,000 $ 1,265,551
------------
BANKS: 0.44%
Development Bank Singapore.............. 96,000 1,172,864
Overseas Chineese Banking Corp.......... 158,000 1,317,827
------------
2,490,691
------------
CONGLOMERATES: 0.11%
Natsteel Ltd............................ 120,000 210,044
Singapore Technologies Eng Ltd.......... 371,000 420,576
------------
630,620
------------
ELECTRONICS: 0.03%
* Creative Technology Ltd............... 10,600 138,220
------------
ENGINEERING: 0.06%
Sembcorp Industries Ltd................. 214,000 339,383
------------
FOOD AND BEVERAGES: 0.04%
Fraser & Neave Corp..................... 54,000 239,471
------------
HOTELS AND GAMING: 0.02%
Hotel Properties........................ 129,000 134,872
------------
PRINTING AND PUBLISHING: 0.16%
Singapore Press Holdings Co............. 53,100 913,850
------------
REAL ESTATE: 0.29%
City Development Corp................... 161,000 1,030,778
DBS Land Corp........................... 222,000 443,348
United Industrial Corp.................. 287,000 193,862
------------
1,667,988
------------
TELECOMMUNICATIONS: 0.20%
Singapore Telecommunications Ltd........ 665,000 1,140,558
------------
TOTAL SINGAPORE...................................... 8,961,204
------------
SOUTH AFRICA: 0.56%
BANKS: 0.11%
Amalgamated Banks of South Africa....... 33,625 190,288
Investec Group Ltd...................... 3,937 165,061
Nedcor Ltd.............................. 11,972 274,575
------------
629,924
------------
BUSINESS SERVICES: 0.05%
* Dimension Data Holdings............... 32,153 142,263
* Imperial Holdings Inc................. 15,321 152,334
------------
294,597
------------
CHEMICALS: 0.03%
Sasol Ltd............................... 26,448 188,680
------------
FINANCE: 0.06%
Firstrand Ltd........................... 234,603 268,251
* Liberty International Plc............. 6,704 45,549
------------
313,800
------------
FOOD AND BEVERAGES: 0.10%
Rembrandt Group Ltd..................... 28,635 238,684
South African Breweries................. 39,718 344,887
------------
583,571
------------
FOREST AND PAPER PRODUCTS: 0.02%
Sappi Ltd............................... 10,614 77,743
------------
INDUSTRIAL PRODUCTS, SERVICES AND
MACHINERY: 0.07%
De Beers Centneary...................... 15,957 382,365
------------
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
INSURANCE: 0.03%
Liberty Life Association................ 14,273 $ 182,833
------------
METALS AND MINING: 0.09%
Anglo American Platinum................. 10,333 241,095
AngloGold Ltd........................... 6,711 289,147
------------
530,242
------------
TOTAL SOUTH AFRICA................................... 3,183,755
------------
SPAIN: 4.31%
BANKS: 1.71%
* Argentaria SA......................... 74,400 1,694,850
Banco Bilbao Vizcaya SA................. 213,300 3,081,709
Banco De Santander SA................... 340,560 3,547,134
* Banco Espanol Credito SA.............. 85,100 1,404,145
------------
9,727,838
------------
BUSINESS SERVICES: 0.06%
Autopistas Cesa Co...................... 29,820 349,033
------------
ENERGY: 0.34%
Repsol Petroleum SA..................... 93,900 1,917,315
------------
FINANCE: 0.08%
Corporacion Financiera SA............... 2,900 469,527
------------
HOMEBUILDERS: 0.10%
Fomento De Construcion SA............... 10,400 595,236
------------
INDUSTRIAL PRODUCTS, SERVICES AND
MACHINERY: 0.09%
Grupo Dragados SA....................... 45,300 531,155
------------
INSURANCE: 0.03%
Mapfre SA............................... 8,400 171,084
------------
RETAIL TRADE: 0.07%
* Centros Com. Pryca SA................. 23,100 386,866
------------
STEEL: 0.05%
Acerinox SA............................. 10,000 292,358
------------
TELECOMMUNICATIONS: 0.77%
Telefonica De Espana SA................. 90,800 4,373,794
------------
TOBACCO: 0.07%
Tabacalera SA, Class A.................. 20,500 414,355
------------
UTILITIES: 0.94%
Endesa SA............................... 108,000 2,303,228
General De Aguas D'Barcelona SA......... 6,800 354,130
Iberdrola I SA.......................... 130,300 1,984,666
Sevillana De Electricidad SA............ 28,300 328,031
Union Electrica Fenosa SA............... 30,000 392,286
------------
5,362,341
------------
TOTAL SPAIN.......................................... 24,590,902
------------
SWEDEN: 1.34%
AUTOMOBILES: 0.12%
Volvo AB, Class A....................... 8,900 256,469
Volvo AB, Class B....................... 15,800 458,092
------------
714,561
------------
BANKS: 0.07%
Svenska Handelsbanken AB, Class A....... 32,700 392,308
------------
BUILDING MATERIALS AND PRODUCTS: 0.04%
Skanska AB, Class B..................... 6,300 237,491
------------
</TABLE>
31
<PAGE>
PHOENIX-ZWEIG MANAGED ASSETS
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
CONSUMER PRODUCTS AND SERVICES: 0.16%
<S> <C> <C>
Hennes & Mauritz AB, Class B............ 37,600 $ 928,723
------------
ELECTRONICS: 0.58%
ABB AB, Class B......................... 16,100 213,038
Electrolux AB, Class B.................. 19,500 408,257
Ericsson LM AB, Class B................. 83,800 2,685,898
------------
3,307,193
------------
HEALTHCARE - MANAGED CARE: 0.27%
AstraZeneca Plc......................... 39,299 1,529,989
------------
INSURANCE: 0.09%
Skandia Forsakrings AB.................. 26,500 495,589
------------
REAL ESTATE: 0.01%
Drott AB, Class B....................... 6,300 51,129
------------
TOTAL SWEDEN......................................... 7,656,983
------------
UNITED KINGDOM: 3.33%
BANKS: 0.62%
Abbey National Plc...................... 25,200 471,507
HSBC Holdings........................... 26,200 928,398
HSBC Holdings, Class A.................. 17,500 620,665
Lloyds TSB Group Plc.................... 50,100 677,187
National Westminster Bank Plc........... 27,650 585,776
Royal Bank of Scotland.................. 12,772 259,909
------------
3,543,442
------------
BROADCASTING: 0.06%
Reed International Corp................. 48,950 329,085
------------
BUILDING MATERIALS AND PRODUCTS: 0.07%
RMC Group Inc........................... 8,500 136,531
Tarmac Plc.............................. 71,600 134,589
Wolseley Plc............................ 15,400 115,791
------------
386,911
------------
BUSINESS SERVICES: 0.03%
Railtrack Group Plc..................... 8,800 179,912
------------
CHEMICALS: 0.10%
BOC Group............................... 16,077 315,509
Imperial Chemical Industries Inc........ 23,700 234,236
------------
549,745
------------
CONGLOMERATES: 0.07%
Hanson Co............................... 10,121 88,702
TI Group................................ 45,500 306,609
------------
395,311
------------
CONSUMER PRODUCTS AND SERVICES: 0.40%
BAA Plc................................. 13,400 128,529
Caradon Plc............................. 11,340 26,723
De La Rue Plc........................... 4,600 27,590
Glaxo Holdings Plc...................... 50,600 1,405,378
Smithkline Beecham, Class A............. 42,422 550,670
Tomkins Corp............................ 31,400 136,360
------------
2,275,250
------------
FOOD AND BEVERAGES: 0.30%
Allied Domecq Plc....................... 24,500 236,736
Associated British Foods Plc............ 14,256 94,268
BASS Plc................................ 19,114 277,942
Cadbury Schweppes Inc................... 81,600 519,647
Unilever Plc............................ 56,071 507,768
United Biscuits Corp.................... 29,511 88,617
------------
1,724,978
------------
INSURANCE: 0.28%
Allied Zurich Plc....................... 25,950 324,170
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
Prudential Corp......................... 66,600 $ 985,772
Royal & Sun Alliance Insurance Co....... 32,000 287,768
------------
1,597,710
------------
MANUFACTURING: 0.08%
Invensys Plc............................ 45,200 214,102
Williams Plc............................ 34,628 228,706
------------
442,808
------------
OIL AND GAS: 0.35%
BP Amoco Plc............................ 61,600 1,103,052
Shell Transport & Trading............... 120,000 899,433
------------
2,002,485
------------
REAL ESTATE: 0.05%
Land Securities Plc..................... 21,400 287,065
------------
RETAIL TRADE: 0.33%
Boots Co................................ 26,764 319,362
Great Universal Stores Inc.............. 15,800 176,704
Kingfisher Plc.......................... 31,400 361,565
Marks & Spencer Plc..................... 111,100 646,215
Selfridges Plc.......................... 5,270 22,014
Tesco Corp.............................. 142,800 370,281
------------
1,896,141
------------
TELECOMMUNICATIONS: 0.39%
British Telecommunications Corp......... 109,600 1,831,274
Cable & Wireless Plc.................... 30,200 384,403
------------
2,215,677
------------
TOBACCO: 0.07%
British American Tobacco Plc............ 33,350 311,211
Imperial Tobacco Group Plc.............. 8,097 88,449
------------
399,660
------------
TOURISM: 0.05%
Ladbroke Group.......................... 18,800 74,604
Rank Group Plc.......................... 10,000 39,565
Scottish & Newscastle Plc............... 18,200 190,061
------------
304,230
------------
UTILITIES: 0.08%
BG Plc.................................. 28,900 176,867
National Power Corp..................... 13,500 98,739
Scottish Power Plc...................... 19,200 166,154
------------
441,760
------------
TOTAL UNITED KINGDOM................................. 18,972,170
------------
TOTAL FOREIGN STOCKS
(Cost $96,192,972)................................. 137,898,262
------------
TOTAL COMMON STOCKS
(Cost $199,542,057)................................ 282,546,593
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<S> <C> <C>
BONDS: 24.68%
UNITED STATES GOVERNMENT OBLIGATIONS:
12.20%
FEDERAL HOME LOAN MORTGAGE CORP. BONDS:
4.10%
5.125%, 10/15/2008.................... $25,700,000 23,360,323
------------
UNITED STATES TREASURY BONDS: 2.90%
10.75%, 5/15/2003..................... 7,000,000 8,187,816
6.50%, 11/15/2026..................... 2,600,000 2,691,814
6.375%, 8/15/2027..................... 2,300,000 2,350,313
5.25%, 2/15/2029...................... 3,700,000 3,321,908
------------
16,551,851
------------
</TABLE>
32
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 3)
- ------------------------------------------------------------------
UNITED STATES TREASURY NOTES: 5.20%
<S> <C> <C>
6.25%, 8/31/2000...................... $10,400,000 $ 10,497,500
7.50%, 2/15/2005...................... 7,100,000 7,648,035
3.625%, 1/15/2008(a).................. 11,826,381 11,497,465
------------
29,643,000
------------
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS
(Cost $72,055,518)................................. 69,555,174
------------
</TABLE>
<TABLE>
<S> <C> <C>
FOREIGN GOVERNMENT OBLIGATIONS: 12.48%
CANADIAN GOVERNMENT BONDS: 1.71%
7.00%, 12/1/2006...................... C$ 13,200,000 9,737,999
------------
DEUTSCHLAND REBUBLIC GOVERNMENT BONDS:
1.56%
6.00%, 7/4/2007....................... EUR 7,848,330 8,901,303
------------
FINNISH GOVERNMENT BONDS: 0.92%
7.25%, 4/18/2006...................... EUR 4,372,886 5,250,882
------------
FRANCE O.A.T. BONDS: 1.65%
5.50%, 10/25/2007..................... EUR 8,506,655 9,378,638
------------
ITALIAN GOVERNMENT BONDS: 0.80%
6.75%, 7/1/2007....................... EUR 3,873,420 4,551,278
------------
NETHERLANDS GOVERNMENT BONDS: 0.96%
5.25%, 7/15/2008...................... EUR 5,082,338 5,476,996
------------
NEW ZEALAND GOVERNMENT BONDS: 0.95%
7.00%, 7/15/2009...................... NZ$ 10,000,000 5,440,690
------------
SPANISH GOVERNMENT BONDS: 1.44%
6.00%, 1/31/2008...................... EUR 7,332,348 8,215,677
------------
UNITED KINGDOM TREASURY BONDS: 2.49%
8.50%, 7/16/2007...................... L 6,400,000 12,061,538
7.25%, 12/7/2007...................... L 1,200,000 2,138,399
------------
14,199,937
------------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost $72,007,123)............................................ 71,153,400
------------
TOTAL BONDS
(Cost $144,062,641)........................................... 140,708,574
------------
</TABLE>
<TABLE>
<S> <C> <C>
UNITED STATES SHORT-TERM OBLIGATIONS:
6.03%
FEDERAL HOME LOAN BANK, DISCOUNT NOTES:
1.75%
4.68%, 7/28/99........................ $10,000,000 9,965,766
------------
FEDERAL HOME LOAN MORTGAGE CORP.,
DISCOUNT NOTES: 1.75%
5.03%, 8/3/99......................... 10,000,000 9,952,494
------------
FEDERAL NATIONAL MORTGAGE ASSN.,
DISCOUNT NOTES: 1.75%
5.01%, 7/28/99........................ 10,000,000 9,961,033
------------
UNITED STATES TREASURY BILLS: 0.78%
4.05%, 7/29/99........................ 500,000(b) 498,369
4.44%, 8/12/99........................ 1,000,000(b) 995,033
4.44%, 8/19/99........................ 2,000,000(b) 1,988,339
4.61%, 9/16/99........................ 1,000,000(b) 990,247
------------
4,471,988
------------
TOTAL UNITED STATES SHORT-TERM OBLIGATIONS
(Cost $34,352,515)................................. 34,351,281
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 3)
- ------------------------------------------------------------------
UNITED STATES REPURCHASE AGREEMENTS:
18.52%
<S> <C> <C>
With Morgan Stanley & Co., Inc. (dated
6/30/99), 4.95%, due 7/1/99
(Repurchase proceeds $57,571,915);
collateralized by: $57,953,225 Federal
National Mortgage Association Bonds,
6.644% - 6.985%, due 9/1/2021 -
9/1/2036
(Market value $58,965,392)............ $57,564,000 $ 57,564,000
With Prudential Securities Inc., (dated
6/30/99), 4.92%, due 7/1/99
(Repurchase proceeds $48,006,560);
collateralized by: $49,505,000 various
United States Government Agency
Obligations, 5.21% - 13.25%, due
8/19/99 - 11/15/2028
(Market value $48,960,760)............ 48,000,000 48,000,000
------------
TOTAL UNITED STATES REPURCHASE AGREEMENTS
(Cost $105,564,000)................................ 105,564,000
------------
TOTAL INVESTMENTS
(Cost $483,521,213)................... 98.79% 563,170,448
Other Assets............................ 1.84 10,474,674
------- --------------
Total Assets.......................... 100.63% 573,645,122
Total Liabilities (Note 6)............ (0.63) (3,569,772)
------- --------------
NET ASSETS (Note 7)..................... 100.00% $ 570,075,350
------- --------------
------- --------------
- ------------------------------------------------------------------
NUMBER
OF
CONTRACTS
-------
UNREALIZED APPRECIATION (DEPRECIATION)
ON FUTURES CONTRACTS: (0.27)%
France CAC 40 Sept. 1999 Short futures
(c)................................... (170) $ (128,072)
Japan Nikkei Sept. 1999 Long futures
(d)................................... 75 369,981
Standard & Poor's 500 Sept. 1999 Short
futures (c)........................... (110) (1,819,000)
Spain IBEX July 1999 Short futures
(c)................................... (120) (127,652)
United Kingdom FTSE 100 Sept. 1999 Short
futures (c)........................... (80) 189,767
--------------
NET UNREALIZED DEPRECIATION ON FUTURES
CONTRACTS............................. $ (1,514,976)
--------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------
<S> <C>
CLASS A SHARES
Net asset value (NAV) and redemption
price per share
($112,355,919/7,637,660 shares)....... $ 14.71
-------
-------
Maximum public offering price per share
-
NAV/(1 - Maximum sales charge)
($14.71/.945)......................... $ 15.57
-------
-------
CLASS B SHARES
Net asset value and offering price per
share ($42,696,870/2,880,785
shares)............................... $ 14.82
-------
-------
Redemption price per share.............. **
-------
-------
CLASS C SHARES
Net asset value and offering price per
share ($412,884,172/28,279,951
shares)............................... $ 14.60
-------
-------
Redemption price per share.............. **
-------
-------
CLASS I SHARES
Net asset value, offering and redemption
price per share ($2,138,389/143,969
shares)............................... $ 14.85
-------
-------
</TABLE>
- ------------------------------------------------------------------
* Non-income producing security.
** Varies by length of time shares are held (Note 4b).
(a) Principal amount is adjusted monthly pursuant to the change in the Consumer
Price Index.
(b) Pledged as collateral for futures transactions.
(c) The extended market value of the short futures was $66,606,763
(representing 11.68% of the Fund's net assets) with proceeds of
$64,721,806.
33
<PAGE>
PHOENIX-ZWEIG MANAGED ASSETS
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
(d) The extended market value of the long futures was $5,437,252 (representing
0.95% of the Fund's net assets) with a cost of $5,067,271.
<TABLE>
<S> <C>
For Federal income tax purposes, the tax basis of investments
owned at June 30, 1999 was $483,682,240 and net unrealized
appreciation on investments consisted of:
Gross unrealized appreciation..................... $ 91,010,281
Gross unrealized depreciation..................... (12,027,340)
------------
Net unrealized appreciation....................... $ 78,982,941
------------
------------
</TABLE>
<TABLE>
<CAPTION>
% NET
INDUSTRY BREAKDOWN - COMMON STOCKS VALUE ASSETS
- --------------------------------------------------------------
<S> <C> <C>
Airfreight.............................. $ 345,375 0.06%
Airlines................................ 1,655,551 0.29
Aluminum................................ 742,500 0.13
Apparel and Textiles.................... 975,555 0.17
Automobiles............................. 6,437,571 1.13
Automotive Parts and Equipment.......... 713,375 0.13
Banks................................... 37,143,388 6.52
Biotechnology........................... 4,715,875 0.83
Broadcasting............................ 972,189 0.17
Building Materials and Products......... 2,408,133 0.42
Business Services....................... 2,731,196 0.48
Chemicals............................... 10,007,863 1.76
Computer Hardware....................... 8,981,437 1.57
Computer Services....................... 844,000 0.15
Computers and Software.................. 6,651,813 1.17
Conglomerates........................... 1,989,495 0.35
Consumer Products and Services.......... 8,709,345 1.53
Containers - Metal and Glass............ 1,083,000 0.19
Electrical Equipment.................... 3,334,500 0.58
Electronics............................. 14,016,761 2.46
Energy.................................. 2,686,411 0.47
<CAPTION>
% NET
INDUSTRY BREAKDOWN - COMMON STOCKS VALUE ASSETS
- --------------------------------------------------------------
<S> <C> <C>
Engineering............................. $ 339,383 0.06%
Entertainment........................... 1,891,500 0.33
Finance................................. 6,903,247 1.21
Food and Beverages...................... 11,876,066 2.08
Forest and Paper Products............... 758,307 0.13
Healthcare - Diversified................ 882,000 0.15
Healthcare - Managed Care............... 2,957,387 0.52
Homebuilders............................ 1,154,482 0.20
Hotels and Gaming....................... 1,672,247 0.29
Household Products...................... 5,854,079 1.03
Industrial Products, Services and
Machinery............................. 2,166,980 0.38
Insurance............................... 10,952,093 1.92
Investment Banking and Brokerage........ 159,875 0.03
Investment Management................... 402,000 0.07
Machinery and Equipment................. 1,951,525 0.34
Manufacturing........................... 3,483,735 0.61
Metals and Mining....................... 3,153,188 0.55
Natural Gas............................. 1,822,500 0.32
Newspapers.............................. 1,288,437 0.23
Office Automation and Equipment......... 1,063,125 0.19
Oil and Gas............................. 15,813,176 2.77
Personal Care Products.................. 497,315 0.09
Pharmaceuticals......................... 10,702,761 1.88
Photographic Products................... 1,681,510 0.29
Printing and Publishing................. 3,200,854 0.56
Railroads............................... 610,128 0.11
Real Estate............................. 3,484,191 0.61
Recreational Products................... 2,266,296 0.40
Restaurants............................. 734,062 0.13
Retail Trade............................ 14,140,771 2.48
Steel................................... 562,358 0.10
Telecommunications...................... 33,790,748 5.93
Tobacco................................. 3,024,327 0.53
Tourism................................. 319,448 0.06
Transportation.......................... 1,088,344 0.19
Trucks and Parts........................ 950,000 0.17
Utilities............................... 11,127,601 1.95
Waste Management........................ 473,000 0.08
Wholesale Distributors.................. 202,214 0.03
------------ ------
$282,546,593 49.56%
------------ ------
------------ ------
</TABLE>
See notes to financial statements.
34
<PAGE>
PHOENIX-ZWEIG STRATEGY FUND
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS: 57.28%
AEROSPACE AND DEFENSE: 0.85%
Cordant Technologies Inc................ 76,600 $ 3,461,363
General Dynamics Corp................... 22,200 1,520,700
Northrop Grumman Corp................... 9,800 649,862
------------
5,631,925
------------
AGRICULTURAL PRODUCTS: 0.03%
Universal Corp.......................... 7,400 210,437
------------
AIRLINES: 1.20%
Delta Air Lines, Inc.................... 36,400 2,097,550
Southwest Airlines Co................... 187,700 5,842,162
------------
7,939,712
------------
AUTO PARTS AND EQUIPMENT: 0.72%
Arvin Industries, Inc................... 49,900 1,889,963
Borg-Warner Automotive, Inc............. 17,400 957,000
Cooper Tire & Rubber Co................. 16,000 378,000
* Lear Corp............................. 7,800 388,050
TRW Inc................................. 20,400 1,119,450
------------
4,732,463
------------
AUTOMOBILES: 1.39%
Ford Motor Co........................... 162,900 9,193,669
------------
BANKS - MONEY CENTER: 1.52%
Chase Manhattan Corp.................... 106,300 9,208,238
J.P. Morgan & Company, Inc.............. 6,100 857,050
------------
10,065,288
------------
BANKS - REGIONAL: 0.10%
Firstar Corp............................ 24,500 686,000
------------
BEVERAGES: 0.81%
Adolph Coors Co., Class B............... 107,000 5,296,500
Anheuser-Busch Companies, Inc........... 1,100 78,031
------------
5,374,531
------------
BUILDING MATERIALS: 1.40%
Armstrong World Industries Inc.......... 12,800 740,000
Owens Corning Inc....................... 11,500 395,312
USG Corp................................ 145,200 8,131,200
------------
9,266,512
------------
CHEMICALS: 0.47%
Dow Chemical Corp....................... 4,800 609,000
E. I. Du Pont De Nemours & Co........... 26,400 1,803,450
* FMC Corp.............................. 10,400 710,450
------------
3,122,900
------------
CHEMICALS - SPECIALTY: 0.19%
Albemarle Corp.......................... 51,200 1,184,000
Valspar Corp............................ 2,500 95,000
------------
1,279,000
------------
COMMUNICATION EQUIPMENT: 0.61%
* Commscope Inc......................... 10,100 310,575
Lucent Technologies Inc................. 27,100 1,827,556
Nokia Corp., ADR........................ 20,900 1,913,656
------------
4,051,787
------------
COMPUTER HARDWARE: 3.24%
* Apple Computer, Inc................... 93,600 4,334,850
Hewlett-Packard Co...................... 7,000 703,500
International Business Machines Corp.... 73,800 9,538,650
* Lexmark International Group, Inc.,
Class A .............................. 104,000 6,870,500
------------
21,447,500
------------
COMPUTER SERVICES: 0.07%
* DST Systems Inc....................... 7,500 471,562
------------
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
COMPUTER SOFTWARE: 1.36%
Adobe Systems Inc....................... 22,300 $ 1,832,084
* American Management Systems........... 6,500 208,406
Computer Associates International,
Inc................................... 13,000 715,000
* Sterling Software Inc................. 232,700 6,210,181
------------
8,965,671
------------
CONSTRUCTION - CEMENT AND AGGREGATES:
1.54%
Lafarge Corp............................ 62,000 2,197,125
Lone Star Industries, Inc............... 38,600 1,449,913
Southdown, Inc.......................... 102,100 6,559,925
------------
10,206,963
------------
CONSUMER FINANCE: 0.81%
C I T Group Holdings, Inc............... 21,000 606,375
Countrywide Credit Industries, Inc...... 96,300 4,116,825
PMI Group, Inc.......................... 4,800 301,500
Providian Financial Corp................ 3,400 317,900
------------
5,342,600
------------
CONTAINERS - METAL AND GLASS: 0.34%
Ball Corp............................... 53,900 2,277,275
------------
CONTAINERS AND PACKAGES - PAPER: 0.09%
Temple-Inland Inc....................... 8,900 607,425
------------
DISTRIBUTORS - FOOD AND HEALTH: 1.08%
Supervalu Inc........................... 277,200 7,120,575
------------
DRUGS: 0.24%
Schering-Plough Corp.................... 30,000 1,590,000
------------
ELECTRIC UTILITIES: 6.06%
Allegheny Energy Inc.................... 20,200 647,663
BEC Energy Holding Co................... 7,000 288,750
DTE Energy Co........................... 130,900 5,236,000
Edison International Corp............... 212,600 5,687,050
Florida Progress Corp................... 51,900 2,144,119
GPU, Inc................................ 163,200 6,885,000
Minnesota Power & Light Co.............. 8,300 164,962
OGE Energy Corp......................... 10,700 254,125
PECO Energy Co.......................... 48,400 2,026,750
PG&E Corp............................... 104,000 3,380,000
PP&L Resources, Inc..................... 23,900 734,925
Public Service Enterprise Group Inc..... 105,000 4,291,875
Unicom Corp............................. 159,900 6,166,144
Utilicorp United Inc.................... 88,300 2,146,794
------------
40,054,157
------------
ELECTRICAL EQUIPMENT: 0.33%
Rockwell International Corp............. 35,700 2,168,775
------------
ELECTRONICS AND INSTRUMENTATION: 0.07%
* Waters Corp........................... 8,200 435,625
------------
FINANCIAL - DIVERSIFIED: 4.90%
AMBAC Financial Group Inc............... 128,500 7,340,563
Apartment Investment & Management Co.,
Class A............................... 46,900 2,004,975
Carramerica Realty Corp................. 4,600 115,000
Citigroup Inc........................... 59,710 2,836,225
Cornerstone Properties Inc.............. 3,800 60,325
Crescent Real Estate Equities, Inc...... 19,100 453,625
Duke Realty Investments Inc............. 13,500 304,594
Equitable Companies Inc................. 25,100 1,681,700
Equity Office Properties Trust.......... 115,800 2,967,375
Equity Residential Properties Trust..... 8,300 374,019
Federal Home Loan Mortgage Corp......... 152,800 8,862,400
Finova Group Inc........................ 11,700 615,713
General Growth Properties, Inc.......... 5,200 184,600
</TABLE>
35
<PAGE>
PHOENIX-ZWEIG STRATEGY FUND
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
FINANCIAL - DIVERSIFIED: (continued)
<S> <C> <C>
Kimco Realty Corp....................... 2,100 $ 82,162
Liberty Property Trust.................. 11,700 291,037
Mack-Cali Realty Corp................... 6,100 188,719
Morgan Stanley, Dean Witter, Discover &
Co.................................... 37,800 3,874,500
SEI Investments Co...................... 700 61,775
Spieker Properties, Inc................. 3,200 124,400
------------
32,423,707
------------
FOODS: 0.06%
Hormel Foods Corp....................... 8,100 326,025
* Keebler Foods Co...................... 3,000 91,311
------------
417,336
------------
HARDWARE AND TOOLS: 0.07%
Black & Decker Corp..................... 7,200 454,500
------------
HEALTH CARE - DIVERSIFIED: 0.17%
Johnson & Johnson....................... 4,600 450,800
Mallinckrodt Group Inc.................. 18,300 665,662
------------
1,116,462
------------
HEALTH CARE - SPECIAL SERVICES: 0.25%
* Healthsouth Corp...................... 68,800 1,027,700
* Lincare Holdings Inc.................. 25,200 630,000
------------
1,657,700
------------
HOMEBUILDING: 1.88%
Centex Corp............................. 244,700 9,191,544
Clayton Homes, Inc...................... 22,500 257,344
Lennar Corp............................. 28,100 674,400
Pulte Corp.............................. 99,300 2,290,106
------------
12,413,394
------------
HOSPITALS AND MANAGED CARE: 1.18%
Aetna Inc............................... 20,200 1,806,637
Columbia/HCA Healthcare Corp............ 60,000 1,368,750
* Pacificare Health Systems, Inc........ 41,900 3,014,181
* Trigon Healthcare Inc................. 19,300 702,037
United Healthcare Corp.................. 8,100 507,263
* Universal Health Services, Inc., Class
B..................................... 8,300 396,325
------------
7,795,193
------------
HOTELS AND GAMING: 0.08%
* Harrah's Entertainment, Inc........... 24,600 541,200
------------
HOUSEHOLD FURNISHINGS: 1.15%
* Furniture Brands International,
Inc................................... 17,600 490,600
Maytag Corp............................. 21,300 1,484,344
* Mohawk Industries Inc................. 90,700 2,755,012
Sony Corp............................... 6,500 717,437
Westpoint Stevens Inc................... 47,200 1,407,150
Whirlpool Corp.......................... 10,300 762,200
------------
7,616,743
------------
HOUSEWARES AND HOUSEHOLD PRODUCTS: 0.20%
Fortune Brands Inc...................... 16,200 670,275
Kimberly-Clark Corp..................... 10,900 621,300
------------
1,291,575
------------
INSURANCE - LIFE AND HEALTH: 0.76%
Conseco Inc............................. 51,800 1,576,663
Hartford Life Inc....................... 10,800 568,350
Lincoln National Corp................... 55,000 2,877,188
------------
5,022,201
------------
INSURANCE - MULTI-LINE: 0.04%
Nationwide Financial Services........... 5,500 248,875
------------
INSURANCE - PROPERTY AND CASUALTY: 0.87%
Allmerica Financial Corp................ 6,500 395,281
Everest Reinsurance Holdings Inc........ 2,500 81,563
Financial Security Assurance Holdings
Ltd................................... 38,000 1,976,000
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
Fremont General Corp.................... 70,200 $ 1,325,025
Old Republic International Corp......... 115,750 2,003,922
------------
5,781,791
------------
INSURANCE BROKERS: 0.06%
Marsh & McLennan Co., Inc............... 5,500 415,250
------------
INVESTMENT BANKING AND BROKERAGE: 1.83%
A.G. Edwards, Inc....................... 104,750 3,378,188
Bear Stearns Co., Inc................... 22,900 1,070,575
Legg Mason, Inc......................... 10,600 408,100
Lehman Brothers Holdings Inc............ 32,200 2,004,450
Merrill Lynch & Company, Inc............ 46,200 3,693,112
PaineWebber Group Inc................... 32,300 1,510,025
------------
12,064,450
------------
INVESTMENT MANAGEMENT: 0.06%
T. Rowe Price Associates, Inc........... 9,600 368,400
------------
LEISURE TIME - PRODUCTS: 0.07%
Brunswick Corp.......................... 16,000 446,000
------------
MACHINERY: 0.75%
Ingersoll-Rand Co....................... 76,900 4,969,663
------------
MANUFACTURING - DIVERSIFIED: 2.87%
Hanson PLC.............................. 4,000 177,500
Johnson Controls Inc.................... 22,000 1,524,875
Premark International Inc............... 126,100 4,728,750
Trinity Industries, Inc................. 100,300 3,360,050
Tyco International Ltd.................. 97,000 9,190,750
------------
18,981,925
------------
MANUFACTURING - SPECIALIZED: 0.32%
Briggs & Stratton Corp.................. 7,300 421,575
Pall Corp............................... 12,800 284,000
York International Inc.................. 32,800 1,404,250
------------
2,109,825
------------
NATURAL GAS: 0.97%
Coastal Corp............................ 157,000 6,280,000
Questar Corp............................ 5,800 110,925
------------
6,390,925
------------
OIL - INTERGRATED: 1.14%
Amerada Hess Corp....................... 11,400 678,300
Atlantic Richfield Co................... 8,600 718,638
Eni SPA................................. 900 54,000
Occidental Petroleum Corp............... 25,500 538,687
Royal Dutch Petroleum Co................ 75,400 4,542,850
Shell Transport and Trading Co.......... 10,200 473,025
USX-Marathon Group...................... 16,100 524,256
------------
7,529,756
------------
OIL AND GAS - EXPLORATION AND
PRODUCTION: 0.27%
Apache Corp............................. 20,700 807,300
Kerr-McGee Corp......................... 15,000 752,812
Murphy Oil Corp......................... 4,700 229,419
------------
1,789,531
------------
PAPER AND FOREST PRODUCTS: 1.15%
Boise Cascade Corp...................... 28,000 1,200,500
Georgia-Pacific Group................... 72,700 3,444,163
Louisiana-Pacific Corp.................. 27,300 648,375
Mead Corp............................... 16,400 684,700
Westvaco Corp........................... 13,200 382,800
Weyerhaeuser Co......................... 9,800 673,750
Willamette Industries, Inc.............. 11,900 548,144
------------
7,582,432
------------
PUBLISHING: 0.35%
Knight-Ridder, Inc...................... 42,600 2,340,337
------------
</TABLE>
36
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
RAILROADS: 1.09%
<S> <C> <C>
Canadian National Railway Co............ 74,400 $ 4,984,800
Kansas City Southern Industries, Inc.... 3,500 223,344
Union Pacific Corp...................... 33,700 1,965,131
------------
7,173,275
------------
RESTAURANTS: 1.35%
* Brinker International Inc............. 119,600 3,251,625
Darden Restaurants, Inc................. 258,600 5,640,712
------------
8,892,337
------------
RETAIL: 3.60%
* BJ's Wholesale Club, Inc.............. 9,300 279,581
Dayton Hudson Corp...................... 23,200 1,508,000
Dillards Department Stores, Inc., Class
A..................................... 46,900 1,647,362
* Federated Department Stores, Inc...... 13,300 704,069
J.C. Penney Company, Inc................ 12,600 611,888
* Kmart Corp............................ 125,100 2,056,331
May Department Stores Co................ 30,000 1,226,250
Ross Stores, Inc........................ 196,900 9,918,837
Wal-Mart Stores Inc..................... 121,000 5,838,250
------------
23,790,568
------------
RETAIL - APPAREL: 0.72%
* American Eagle Outfitters, Inc........ 17,300 787,150
* Ann Taylor Stores Corp................ 14,500 652,500
Limited, Inc............................ 9,200 417,450
TJX Co., Inc............................ 87,800 2,924,837
------------
4,781,937
------------
RETAIL - BUILDING SUPPLIES: 0.20%
Home Depot, Inc......................... 10,900 702,369
Lowe's Co., Inc......................... 11,200 634,900
------------
1,337,269
------------
RETAIL - COMPUTERS AND ELECTRONICS:
0.68%
* Best Buy Co., Inc..................... 10,900 735,750
Circuit City Stores, Inc................ 20,300 1,887,900
Tandy Corp.............................. 14,800 723,350
* Tech Data Corp........................ 30,300 1,158,975
------------
4,505,975
------------
RETAIL - DRUG STORES: 0.03%
Longs Drug Stores Corp.................. 5,700 197,006
------------
RETAIL - HOME SHOPPING: 0.02%
CDW Computer Centers, Inc............... 3,600 158,400
------------
RETAIL - SPECIALTY: 0.91%
Claire's Stores Inc..................... 52,100 1,335,063
Tiffany & Co............................ 29,200 2,817,800
* Toys R Us, Inc........................ 27,100 560,631
* Zale Corp............................. 32,000 1,280,000
------------
5,993,494
------------
SAVINGS AND LOAN COMPANIES: 0.46%
Astoria Financial Corp.................. 19,700 865,569
Bank United Corp........................ 4,000 160,750
* Golden State Bancorp Inc.............. 21,600 475,200
Golden West Financial Corp.............. 10,500 1,029,000
Greenpoint Financial Corp............... 7,500 246,094
Roslyn Bancorp Inc...................... 16,370 281,359
------------
3,057,972
------------
SEMICONDUCTOR EQUIPMENT: 0.30%
Texas Instruments Inc................... 13,500 1,957,500
------------
SERVICE - COMMERCIAL AND CONSUMER: 0.20%
Galileo International Inc............... 17,600 940,500
H & R Block, Inc........................ 7,600 380,000
------------
1,320,500
------------
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 3)
- ------------------------------------------------------------------
<S> <C> <C>
SERVICE - EMPLOYMENT: 0.01%
* Modis Professional Services, Inc...... 5,900 $ 81,125
------------
SPECIALTY PRINTING: 0.19%
* World Color Press, Inc................ 46,300 1,273,250
------------
TELEPHONE: 0.77%
CIA Anonima Telef De Ven, ADR........... 28,700 782,075
Tele Danmark, ADR....................... 26,200 674,650
Telefonos De Mexico, ADR................ 40,200 3,248,663
Telekomunik Indonesia, ADR.............. 32,400 402,975
------------
5,108,363
------------
TEXTILES - APPAREL AND SPECIALTY: 0.29%
* Jones Apparel Group, Inc.............. 20,000 686,250
* Tommy Hilfiger Corp................... 16,300 1,198,050
------------
1,884,300
------------
TRUCKS AND PARTS: 0.49%
Cummins Engine Company, Inc............. 3,300 188,513
* Navistar International Corp........... 40,700 2,035,000
New Holland N.V......................... 44,300 758,638
PACCAR Inc.............................. 4,200 224,175
------------
3,206,326
------------
TOTAL COMMON STOCKS
(Cost $327,310,968)............................... 378,731,120
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<S> <C> <C>
SHORT-TERM OBLIGATIONS: 24.46%
FEDERAL FARM CREDIT BANK, DISCOUNT
NOTES: 3.78%
4.68%, 7/1/99........................... $15,000,000 14,998,050
4.70%, 7/1/99........................... 10,000,000 9,998,695
------------
24,996,745
------------
FEDERAL HOME LOAN BANK, DISCOUNT NOTES:
3.02%
4.75%, 7/7/99........................... 10,000,000 9,990,764
4.68%, 7/28/99.......................... 10,000,000 9,965,766
------------
19,956,530
------------
FEDERAL HOME LOAN MORTGAGE CORP.,
DISCOUNT NOTES: 11.33%
4.74%, 7/2/99........................... 15,000,000 14,996,050
4.80%, 7/6/99........................... 10,000,000 9,991,999
4.85%, 7/9/99........................... 10,000,000 9,987,875
4.76%, 7/14/99.......................... 20,000,000 19,962,976
5.02%, 7/16/99.......................... 20,000,000 19,955,377
------------
74,894,277
------------
FEDERAL NATIONAL MORTGAGE ASSN.,
DISCOUNT NOTES: 6.03%
4.89%, 7/19/99.......................... 10,000,000 9,974,191
4.89%, 7/21/99.......................... 10,000,000 9,971,475
4.95%, 7/21/99.......................... 20,000,000 19,942,250
------------
39,887,916
------------
UNITED STATES TREASURY BILLS: 0.30%
4.365%, 7/29/99......................... 1,000,000(a) 996,576
4.61%, 9/16/99.......................... 1,000,000(a) 990,247
------------
1,986,823
------------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $161,741,481)................................ 161,722,291
------------
</TABLE>
37
<PAGE>
PHOENIX-ZWEIG STRATEGY FUND
STATEMENT OF NET ASSETS AS OF JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 3)
- ------------------------------------------------------------------
REPURCHASE AGREEMENTS: 20.97%
<S> <C> <C>
With Morgan Stanley & Co., Inc., (dated
6/30/99), 4.95%, due 7/1/99
(Repurchase proceeds $75,685,405);
collateralized by: $77,316,736 Federal
National Mortgage Association Bonds,
5.769% - 6.752%, due 5/1/2027 -
10/1/2036
(Market value $77,199,472)............ $75,675,000 $ 75,675,000
With Prudential Securities Inc., (dated
6/30/99), 4.92%, due 7/1/99
(Repurchase proceeds $63,008,610);
collateralized by: $59,984,000 various
United States Government and Agency
Obligations, 5.00% - 9.25%, due
8/3/1999 - 2/15/2016
(Market value $64,260,453)............ 63,000,000 63,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $138,675,000)................................ 138,675,000
------------
TOTAL INVESTMENTS
(Cost $627,727,449)................... 102.71% 679,128,411
Other Assets............................ 0.14 926,581
------- --------------
Total Assets.......................... 102.85% 680,054,992
Total Liabilities (Note 6)............ (2.85) (18,854,124)
------- --------------
NET ASSETS (Note 7)..................... 100.00% $ 661,200,868
------- --------------
------- --------------
- ------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER
OF
CONTRACTS
----------
<S> <C> <C>
NET UNREALIZED APPRECIATION ON FUTURES
CONTRACTS: 0.04%
Standard & Poor's 500 Sept. 1999
Long futures (b)...................... 24 $ 254,153
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
<S> <C>
CLASS A SHARES
Net asset value (NAV) and redemption price per
share ($310,712,899/20,495,883 shares).......... $15.16
------
------
Maximum public offering price per share - NAV/(1 -
maximum sales charge) ($15.16/.945)............. $16.04
------
------
CLASS B SHARES
Net asset value and offering price per share
($66,212,190/4,336,248 shares).................. $15.27
------
------
Redemption price per share........................ **
------
------
CLASS C SHARES
Net asset value and offering price per share
($282,689,094/18,555,425 shares)................ $15.23
------
------
Redemption price per share........................ **
------
------
CLASS I SHARES
Net asset value, offering and redemption price per
share ($1,586,685/103,581 shares)............... $15.32
------
------
</TABLE>
- ------------------------------------------------------------------
* Non-income producing security.
** Varies by length of time shares are held (Note 4b).
(a) Pledged as collateral for futures transactions.
(b) The extended market value of the long futures was $8,290,200 (representing
1.25% of the Fund's net assets) with a cost of $8,036,047
For Federal income tax purposes, the tax basis of investments owned at June 30,
1999 was $629,103,201 and net unrealized appreciation on investments consisted
of:
<TABLE>
<CAPTION>
<S> <C>
Gross unrealized appreciation..................... $ 54,383,504
Gross unrealized depreciation..................... (4,104,141)
------------
Net unrealized appreciation....................... $ 50,279,363
------------
------------
</TABLE>
See notes to financial statements.
38
<PAGE>
PHOENIX-ZWEIG TRUST
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED) (IN
THOUSANDS)
<TABLE>
<CAPTION>
PHOENIX-ZWEIG PHOENIX-ZWEIG
PHOENIX-ZWEIG FOREIGN GOVERNMENT PHOENIX-ZWEIG PHOENIX-ZWEIG PHOENIX-ZWEIG PHOENIX-ZWEIG
APPRECIATION EQUITY CASH GOVERNMENT GROWTH & INCOME MANAGED STRATEGY
FUND FUND FUND FUND FUND ASSETS FUND
----------- ---------- ----------- -------------- ---------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income
Dividends*........... $ 1,336 $ 82 $ -- $ -- $ 249 $ 2,748 $ 4,031
Interest............. 2,331 49 3,513 1,277 199 7,830** 5,629
- -----------------------------------------------------------------------------------------------------------------------------
Total income..... 3,667 131 3,513 1,277 448 10,578 9,660
- -----------------------------------------------------------------------------------------------------------------------------
Expenses: (Note 3)
Advisory fees (Note
4)................. 1,882 42 361 130 123 2,873 2,846
Distribution fees,
Class A (Note 4)... 284 3 21 41 9 172 520
Distribution fees,
Class B (Note 4)... 131 9 10 11 69 195 365
Distribution fees,
Class C (Note 4)... 795 16 9 40 55 2,094 1,688
Distribution fees,
Class M (Note 4)... -- -- 33 -- -- -- --
Transfer agent
fees............... 325 17 32 40 32 287 652
Amortization of
organization
expenses........... -- 3 -- -- 3 -- --
Custodian fees....... 66 18 11 6 25 68 73
Portfolio accounting
fees............... 76 12 14 18 14 86 92
Professional fees.... 32 10 5 4 9 40 49
Reports to
shareholders....... 49 1 8 3 4 49 103
Registration fees.... 19 15 19 13 20 18 30
Insurance............ -- -- -- -- -- -- --
Trustees' fees....... 8 1 2 1 1 9 16
Miscellaneous........ 3 -- -- 1 1 3 5
- -----------------------------------------------------------------------------------------------------------------------------
Total expenses... 3,670 147 525 308 365 5,894 6,439
Less: Expenses
reimbursed by
investment adviser
(Note 4)........... -- (36) (199) -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------
Net expenses..... 3,670 111 326 308 365 5,894 6,439
- -----------------------------------------------------------------------------------------------------------------------------
Net investment
income
(loss)......... (3) 20 3,187 969 83 4,684 3,221
- -----------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND
UNREALIZED GAINS
(LOSSES)
Net realized gains
(losses):
Investments.......... 53,137 275 1 425 1,503 19,015 75,533
Futures.............. 518 488 -- -- 36 20,660 9,420
Foreign currency..... -- (58) -- -- -- 43 --
- -----------------------------------------------------------------------------------------------------------------------------
Net realized gains... 53,655 705 1 425 1,539 39,718 84,953
- -----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in
unrealized appreciation
of investments,
futures, and foreign
currency............... (63,163) 146 -- (2,544) (1,359) (18,353) (69,881)
- -----------------------------------------------------------------------------------------------------------------------------
Net realized and
unrealized gains
(losses) on
investments, futures,
and foreign currency... (9,508) 851 1 (2,119) 180 21,365 15,072
- -----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets resulting
from operations........ $(9,511) $871 $3,188 $ (1,150) $ 263 $ 26,049 $ 18,293
- -----------------------------------------------------------------------------------------------------------------------------
* Net of taxes withheld
on foreign dividends... $ 3 $ 5 - - $ 1 $ 234 $ 30
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
** Net of taxes withheld on foreign interest of $41.
See notes to financial statements.
39
<PAGE>
PHOENIX-ZWEIG TRUST
STATEMENT OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED JUNE 30, 1999
AND FOR THE YEAR ENDED DECEMBER 31, 1998 (UNAUDITED) (IN THOUSANDS)
<TABLE>
<CAPTION>
PHOENIX-ZWEIG
PHOENIX-ZWEIG FOREIGN EQUITY
APPRECIATION FUND FUND
-------------------- -----------------
1999 1998 1999 1998
--------- --------- ------- --------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS
OPERATIONS
Net investment income
(loss)................ $ (3) $ 35 $ 20 $ 48
Net realized gains
(losses) on
investments, futures,
and foreign
currency.............. 53,655 41,928 705 (486)
Unrealized appreciation
(depreciation) on
investments, futures,
and foreign
currency.............. (63,163) (54,600) 146 687
- ------------------------------------------------------------------
Net increase (decrease)
in net assets
resulting from
operations............ (9,511) (12,637) 871 249
- ------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS
FROM NET INVESTMENT
INCOME:
Class A................. -- (1,074) -- (17)
Class B................. -- -- -- (9)
Class C................. -- -- -- (18)
Class I................. -- (16) -- (16)
Class M................. -- -- -- --
DISTRIBUTIONS TO
SHAREHOLDERS FROM NET
REALIZED GAINS ON
INVESTMENTS:
Class A................. -- (23,624) -- --
Class B................. -- (2,982) -- --
Class C................. -- (20,467) -- --
Class I................. -- (162) -- --
Class M................. -- -- -- --
- ------------------------------------------------------------------
Total dividends and
distributions to
shareholders.......... -- (48,325) -- (60)
- ------------------------------------------------------------------
CAPITAL SHARE
TRANSACTIONS (Note 8):
NET PROCEEDS FROM SALE
OF SHARES
Class A................. 95,747 101,998 438 2,264
Class B................. 1,166 14,584 26 1,246
Class C................. 1,698 25,225 3,748 3,563
Class I................. 277 1,080 156 --
Class M................. -- -- -- --
- ------------------------------------------------------------------
98,888 142,887 4,368 7,073
- ------------------------------------------------------------------
NET ASSET VALUE OF SHARES
ISSUED TO SHAREHOLDERS
IN REINVESTMENT OF
DIVIDENDS AND
DISTRIBUTIONS
Class A................. -- 21,161 -- 16
Class B................. -- 2,521 -- 7
Class C................. -- 15,810 -- 14
Class I................. -- 177 -- 16
Class M................. -- -- -- --
- ------------------------------------------------------------------
-- 39,669 -- 53
- ------------------------------------------------------------------
COST OF SHARES REDEEMED
Class A................. (158,149) (146,964) (1,163) (582)
Class B................. (5,964) (4,697) (303) (127)
Class C................. (58,335) (60,176) (4,195) (1,436)
Class I................. (1,086) (1,188) (60) --
Class M................. -- -- -- --
- ------------------------------------------------------------------
(223,534) (213,025) (5,721) (2,145)
- ------------------------------------------------------------------
Increase (decrease) in
net assets derived
from capital share
transactions.......... (124,646) (30,469) (1,353) 4,981
- ------------------------------------------------------------------
Net increase (decrease)
in net assets......... (134,157) (91,431) (482) 5,170
NET ASSETS:
Beginning of period..... 475,819 567,250 8,486 3,316
- ------------------------------------------------------------------
End of period........... $ 341,662 $ 475,819 $ 8,004 $ 8,486
- ------------------------------------------------------------------
Accumulated net
investment income
(loss)................ $ (1,399) $ (1,398) $ 7 $ (13)
- ------------------------------------------------------------------
</TABLE>
See notes to financial statements.
40
<PAGE>
<TABLE>
<CAPTION>
PHOENIX-ZWEIG
PHOENIX-ZWEIG PHOENIX-ZWEIG GROWTH & INCOME PHOENIX-ZWEIG PHOENIX-ZWEIG
GOVERNMENT CASH FUND GOVERNMENT FUND FUND MANAGED ASSETS STRATEGY FUND
-------------------- ----------------- ------------------ ------------------- ----------------------
1999 1998 1999 1998 1999 1998 1999 1998 1999 1998
--------- --------- ------- -------- -------- -------- -------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS
OPERATIONS
Net investment income
(loss)................ $ 3,187 $ 4,316 $ 969 $ 2,066 $ 83 $ 125 $ 4,684 $ 9,661 $ 3,221 $ 6,756
Net realized gains
(losses) on
investments, futures,
and foreign
currency.............. 1 -- 425 833 1,539 (568) 39,718 15,943 84,953 33,592
Unrealized appreciation
(depreciation) on
investments, futures,
and foreign
currency.............. -- -- (2,544) 474 (1,359) (1,295) (18,353) 49,478 (69,881) (77,620)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
resulting from
operations............ 3,188 4,316 (1,150) 3,373 263 (1,738) 26,049 75,082 18,293 (37,272)
- -----------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS
FROM NET INVESTMENT
INCOME:
Class A................. (304) (238) (616) (1,445) (29) (68) (1,212) (3,259) (2,106) (5,289)
Class B................. (35) (28) (45) (60) (19) (24) (286) (565) (195) (265)
Class C................. (130) (186) (223) (504) (14) (22) (2,960) (8,751) (839) (1,004)
Class I................. (57) (13) (77) (85) (12) (19) (25) (85) (12) (14)
Class M................. (2,661) (3,851) -- -- -- -- -- -- -- --
DISTRIBUTIONS TO
SHAREHOLDERS FROM NET
REALIZED GAINS ON
INVESTMENTS:
Class A................. -- -- -- -- -- -- -- (341) -- (13,202)
Class B................. -- -- -- -- -- -- -- (89) -- (2,617)
Class C................. -- -- -- -- -- -- -- (1,207) -- (13,842)
Class I................. -- -- -- -- -- -- -- (5) -- (43)
Class M................. (1) -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Total dividends and
distributions to
shareholders.......... (3,188) (4,316) (961) (2,094) (74) (133) (4,483) (14,302) (3,152) (36,276)
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE
TRANSACTIONS (Note 8):
NET PROCEEDS FROM SALE
OF SHARES
Class A................. 356,261 95,695 1,027 5,104 156 5,229 6,995 21,680 294,919 39,755
Class B................. 1,405 2,873 852 1,519 461 7,079 13,352 15,275 1,255 23,954
Class C................. 5,802 9,960 1,268 4,783 372 7,191 17,236 42,784 3,303 44,887
Class I................. 1 4,310 159 2,921 228 -- 281 34 195 521
Class M................. 261,944 425,483 -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
625,413 538,321 3,306 14,327 1,217 19,499 37,864 79,773 299,672 109,117
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE OF SHARES
ISSUED TO SHAREHOLDERS
IN REINVESTMENT OF
DIVIDENDS AND
DISTRIBUTIONS
Class A................. 241 145 377 850 25 60 1,033 2,999 1,684 15,081
Class B................. 29 22 21 31 14 17 197 490 152 2,279
Class C................. 124 157 114 281 12 18 2,241 7,486 632 11,239
Class I................. 37 13 77 85 12 19 25 90 12 57
Class M................. 1,568 1,659 -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
1,999 1,996 589 1,247 63 114 3,496 11,065 2,480 28,656
- -----------------------------------------------------------------------------------------------------------------------------------
COST OF SHARES REDEEMED
Class A................. (359,627) (90,023) (4,213) (5,155) (3,387) (3,660) (22,083) (26,000) (401,881) (180,481)
Class B................. (1,089) (1,494) (750) (599) (4,478) (1,873) (5,516) (3,272) (19,338) (14,239)
Class C................. (7,062) (6,154) (3,380) (3,712) (5,275) (5,560) (51,916) (73,692) (151,595) (187,646)
Class I................. (889) (1,537) (57) (1,000) (83) -- (96) (1,190) (72) (188)
Class M................. (186,970) (408,477) -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
(555,637) (507,685) (8,400) (10,466) (13,223) (11,093) (79,611) (104,154) (572,886) (382,554)
- -----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in
net assets derived
from capital share
transactions.......... 71,775 32,632 (4,505) 5,108 (11,943) 8,520 (38,251) (13,316) (270,734) (244,781)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets......... 71,775 32,632 (6,616) 6,387 (11,754) 6,649 (16,685) 47,464 (255,593) (318,329)
NET ASSETS:
Beginning of period..... 94,800 62,168 46,913 40,526 40,616 33,967 586,760 539,296 916,794 1,235,123
- -----------------------------------------------------------------------------------------------------------------------------------
End of period........... $ 166,575 $ 94,800 $40,297 $ 46,913 $ 28,862 $ 40,616 $570,075 $ 586,760 $ 661,201 $ 916,794
- -----------------------------------------------------------------------------------------------------------------------------------
Accumulated net
investment income
(loss)................ $ -- $ -- $ 9 $ 1 $ (2) $ (11) $ (34) $ (235) $ 134 $ 65
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
41
<PAGE>
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999 (UNAUDITED)
NOTE 1--ACQUISITION
On March 1, 1999, Phoenix Investment Partners, Ltd. ("Phoenix") completed the
acquisition of Zweig/Glaser Advisers, the Trust's investment manager (the
"Manager"), and of Zweig Securities Corp., the Trust's distributor (the
"Distributor"). As a result, Zweig Series Trust changed its' name to
Phoenix-Zweig Trust and each of the Series in the Trust changed its' name by
adding Phoenix- to the beginning of each Series' name. In addition, Zweig/Glaser
Advisers LLC has succeeded Zweig/Glaser Advisers as the Manager and Phoenix
Equity Planning Corporation ("PEPCO") has succeeded Zweig Securities Corp. as
the Distributor. In order to continue to have access to the advisory and
consulting services of Dr. Martin E. Zweig and his associates, the Manager
entered into a sub-advisory servicing agreement with Zweig Consulting LLC.
NOTE 2--ORGANIZATION
Phoenix-Zweig Trust (the "Trust"), organized as a Delaware business trust, is
registered under the Investment Company Act of 1940 (the "Act") as a
diversified, open-end management investment company. The Trust presently
consists of seven separate investment portfolios ("Series"): Phoenix-Zweig
Appreciation Fund, Phoenix-Zweig Foreign Equity Fund, Phoenix-Zweig Government
Cash Fund, Phoenix-Zweig Government Fund, Phoenix-Zweig Growth & Income Fund,
Phoenix-Zweig Managed Assets and Phoenix-Zweig Strategy Fund. Each Series offers
Class A, Class B, Class C and Class I Shares and Phoenix-Zweig Government Cash
Fund also offers Class M Shares.
NOTE 3--SIGNIFICANT ACCOUNTING POLICIES
(A) GENERAL: Investment transactions are recorded on trade date. Realized gains
and losses on sales of investments are determined on the identified cost basis
for both financial reporting and income tax purposes. Distributions to
shareholders and dividend income are recorded on the ex-dividend date. Interest
income is recorded on the accrual basis. Direct expenses are charged to each
class or Series and general expenses are allocated in proportion to net assets.
Organization expenses are amortized on a straight-line basis over the first 60
months of operations of a Series. The preparation of financial statements in
accordance with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts and disclosures
in the financial statements. Actual results could differ from those estimates.
(B) PORTFOLIO VALUATION: Stocks, futures and options are valued at the closing
prices reported on recognized securities exchanges or if no sale was reported,
and for unlisted securities, at the mean between the last-reported bid and asked
prices. Bonds and other fixed-income securities are valued at prices obtained
from an established bond-pricing service. Forward foreign currency contracts are
valued using forward currency exchange rates supplied by a quotation service.
Securities for which market quotations are not readily available (of which there
were none at June 30, 1999) are valued at fair value as determined by the Board
of Trustees. The repatriation of proceeds received from the sale of Malaysian
securities has been restricted by the Malaysian government until at least
September 1, 1999. As a result, Malaysian securities are considered illiquid and
are being fair valued using methods determined in good faith by the Board of
Trustees. Short-term obligations having a remaining maturity of 60 days or less
are valued at amortized cost (which approximates market value). Phoenix-Zweig
Government Cash Fund values all short-term investments using the amortized cost
method pursuant to Rule 2a-7 under the Act.
(C) FUTURES CONTRACTS AND OPTION ACCOUNTING PRINCIPLES: Initial margin deposits
on futures contracts are recorded as assets. The value of such contracts are
"marked to market" daily and changes are recognized as unrealized gains or
losses. Variation margin payments are recognized as assets or liabilities,
depending upon whether unrealized gains or losses are incurred. When a futures
contract is closed, the Series realizes a gain or loss equal to the difference
between the proceeds from (or cost of) the closing transaction and its basis in
the contract. When a Series writes an option, an amount equal to the premium
received is recorded as an asset and a corresponding liability. The liability is
subsequently "marked to market" daily. When an option written is exercised, the
proceeds of sale of the underlying security are increased by the premium
originally received and the Series realizes a gain or loss. When an option
written expires or the Series enters into a closing purchase transaction, the
liability is extinguished and the Series realizes a gain or loss.
(D) FOREIGN CURRENCY TRANSLATION: Assets and liabilities denominated in a
foreign currency are translated into U.S. dollars using exchange rates on the
valuation date. Purchases and sales of investments , expense payments and income
receipts are translated into U.S. dollars using the exchange rate on the
transaction date. The Trust does not segregate that portion of the results of
operations resulting from changes in foreign exchange rates from the portion
resulting from changes in market prices of investments held; both are included
in net realized and unrealized gains or losses.
(E) OFF-BALANCE-SHEET RISK, REPURCHASE AGREEMENTS AND DERIVATIVES: Foreign
investments and forward foreign currency contracts may involve risks relating to
the level of governmental supervision and regulation of foreign markets, and the
possibility of political or economic instability. With respect to forward
foreign currency contracts and repurchase agreements, losses may arise if the
counterparty does not perform under the contract or agreement. The Trust's
investment manager monitors the requirement that the market value of the
securities used to collateralize a repurchase agreement exceed the dollar amount
of the counterparty's obligation to repurchase. A Series' use of futures
contracts, forward foreign currency contracts and options involves, to varying
degrees, elements of market risk in excess of the amount recognized in the
statement of net assets. These derivative financial instruments ("derivatives")
are used to adjust the risk and return characteristics of a Series' portfolio.
Derivatives are not used for the purpose of leverage. The objective in buying or
selling a derivative instrument is to increase or decrease a Series' exposure to
changing security prices, interest rates or currency exchange rates. If the
Manager misjudges market conditions or employs a strategy that does not
correlate well with the Series' other investments, use of these derivatives
could result in a loss, regardless of the Manager's original intent to reduce
risk.
(F) FEDERAL INCOME TAXES: As long as management's view is that it is in the best
interests of the shareholders, it is the policy of each Series to continue to
comply with the requirements of the Internal Revenue Code applicable to
regulated investment companies and to distribute all of its net taxable income,
including any net realized gain on investments, to its shareholders; therefore,
no provision for federal income tax is required.
(G) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends and distributions are
declared separately for each class of shares of a Series. The character of
distributions made during the year from net investment income or net realized
gains may differ from their ultimate characterization for federal income tax
purposes due to differences in the recognition of income and expense items for
financial statement and federal income tax purposes.
42
<PAGE>
At October 31, 1998 (each Series' tax fiscal year-end), Phoenix-Zweig Foreign
Equity Fund had a capital loss carryforward of $307,743 expiring October 31,
2006; Phoenix-Zweig Growth & Income Fund had a capital loss carryforward of
$39,205 expiring October 31, 2005; and Phoenix-Zweig Government Fund had capital
loss carryforwards of $249,274, $7,227,155 and $1,010,121 expiring October 31,
1999, 2002 and 2004 respectively; available to offset any net capital gains
subsequently realized, subject to certain limitations.
NOTE 4--INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
(A) INVESTMENT MANAGER: The Trust's investments are managed by Zweig/Glaser
Advisers LLC (the "Manager"), a wholly-owned subsidiary of Phoenix Investment
Partners, Ltd. The Manager's investment advisory fee is based on the average
daily net assets of each Series at the following annual rates: Phoenix-Zweig
Appreciation Fund - 1.00%, Phoenix-Zweig Foreign Equity Fund - 1.00%,
Phoenix-Zweig Government Cash Fund - 0.50%, Phoenix-Zweig Government Fund -
0.60%, Phoenix-Zweig Growth & Income Fund - 0.75%; Phoenix-Zweig Managed Assets
- -1.00% and Phoenix-Zweig Strategy Fund - 0.75%. The fees are accrued daily and
paid monthly. Investment advisory fees for the six months ended June 30, 1999
aggregated $8,257,390 before expense reimbursements
The Manager has voluntarily undertaken to limit the expenses of Phoenix-Zweig
Government Cash Fund (exclusive of taxes, interest, brokerage commissions, the
distribution fees described below and extraordinary expenses) until December 31,
1999 to 0.35% of its average daily net assets. During the six months ended June
30, 1999, the Manager's reimbursements to Phoenix-Zweig Government Cash Fund
aggregated $199,335. The Manager reserves the right to discontinue this expense
limitation at any time after December 31, 1999.
The Manager had voluntarily undertaken to limit the expenses of Phoenix-Zweig
Foreign Equity Fund (exclusive of taxes, interest, brokerage commissions, the
distribution fees described below and extraordinary expenses) until April 30,
1999 to 1.50% of its average daily net assets. During the period January 1, 1999
to April 30, 1999, the Manager's reimbursements to Phoenix-Zweig Foreign Equity
Fund aggregated $35,865.
(B) PRINCIPAL DISTRIBUTOR: PEPCO (the "Distributor") serves as principal
distributor of shares of the Trust. The Trust's Class A Shares (excluding
Phoenix-Zweig Government Cash Fund shares) are sold with an initial sales
charge, Class B Shares and Class C Shares are sold without an initial sales
charge, but are subject to a contingent deferred sales charge, and Class I
Shares and Class M Shares are sold without a sales charge. During the six months
ended June 30, 1999, the Distributor's share of the initial and contingent
deferred sales charges was $17,583 and $1,027,825, respectively.
Pursuant to a Rule 12b-1 plan of distribution, the Trust pays the Distributor a
combined service and distribution fee equal to an annual rate of 0.30% of
average daily net assets for each Series of Class A Shares, 1.00% for each
Series of Class B Shares, and 1.00% for Class C Shares of Phoenix-Zweig
Appreciation Fund, Phoenix-Zweig Foreign Equity Fund, Phoenix-Zweig Growth &
Income Fund, Phoenix-Zweig Managed Assets and Phoenix-Zweig Strategy Fund,
0.75% for Class C Shares of Phoenix-Zweig Government Fund and 0.30% for Class C
Shares of Phoenix-Zweig Government Cash Fund. A separate Rule 12b-1
distribution sharing plan for Class M Shares of Phoenix - Zweig Government Cash
Fund provides that service organizations may be paid up to 0.30% of average
daily net assets equally by the Class M Shares and the Manager. Class I Shares,
which are available for purchase by tax-exempt retirement plans of the
Distributor and its affiliates and certain institutional investors, do not have
a Rule 12b-1 Plan.
During the six months ended June 30, 1999, the Trust paid Zweig Securities Corp.
brokerage commissions of $91,728 in connection with portfolio transactions
effected by it.
One Trustee and all of the officers of the Trust are also officers of the
Manager and/or the Distributor.
43
<PAGE>
NOTE 5--PURCHASES AND SALES OF INVESTMENTS/OUTSTANDING FORWARD FOREIGN CURRENCY
CONTRACTS
During the six months ended June 30, 1999, purchases and sales of investments,
excluding repurchase agreements, short-term obligations held to maturity, and
futures contracts, were:
<TABLE>
<CAPTION>
PHOENIX-ZWEIG PHOENIX-ZWEIG PHOENIX-ZWEIG PHOENIX-ZWEIG PHOENIX-ZWEIG PHOENIX-ZWEIG
APPRECIATION FOREIGN EQUITY GOVERNMENT GROWTH & INCOME MANAGED STRATEGY
FUND FUND FUND FUND ASSETS FUND
-------------- --------------- -------------- ------------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Purchases................ $ 57,225,716 $ 874,735 $ 19,465,411 $21,790,697 $ 100,404,405 $ 279,663,475
Sales.................... 274,830,505 2,397,520 35,423,440 41,938,713 214,497,242 605,534,226
</TABLE>
Forward foreign currency contracts outstanding at June 30, 1999, for
Phoenix-Zweig Foreign Equity Fund were:
<TABLE>
<CAPTION>
NET UNREALIZED
SETTLEMENT APPRECIATION
CONTRACTS TO DELIVER IN EXCHANGE FOR DATE VALUE (DEPRECIATION)
---------------------- ---------------- ---------- ------------ ---------------
<S> <C> <C> <C> <C> <C>
Sales
Euro Currency.......... EUR 1,700,000 $1,781,430 9/15/99 ($ 1,763,625) $17,805
Japanese Yen........... Y 106,700,000 886,176 9/16/99 (891,914) (5,738)
Swedish Krona.......... SKr 1,870,000 221,218 9/15/99 (221,017) 201
Swiss Franc............ Sf 280,000 184,819 9/15/99 (181,758) 3,061
U.K. Pound Sterling.... L 560,000 890,596 9/15/99 (883,284) 7,312
---------------- ------------ ---------------
$3,964,239 ($ 3,941,598) $22,641
---------------- ------------ ---------------
---------------- ------------ ---------------
</TABLE>
Forward foreign currency contracts outstanding at June 30, 1999, for
Phoenix-Zweig Managed Assets were:
<TABLE>
<CAPTION>
NET UNREALIZED
SETTLEMENT APPRECIATION
CONTRACTS TO DELIVER IN EXCHANGE FOR DATE VALUE (DEPRECIATION)
------------------------ ---------------- ---------- -------------- ---------------
<S> <C> <C> <C> <C> <C>
Sales
Euro Currency.......... EUR 100,00,000 $104,790,000 9/15/99 ($ 103,742,623) $1,047,377
Japanese Yen........... Y 2,650,000,000 22,009,053 9/16/99 (22,151,567) (142,514)
Swedish Krona.......... SKr 65,000,000 7,689,396 9/15/99 (7,682,404) 6,992
U.K. Pound Sterling.... L 24,000,000 38,168,400 9/15/99 (37,855,024) 313,376
---------------- -------------- ---------------
$172,656,849 ($ 171,431,618) $1,225,231
---------------- -------------- ---------------
---------------- -------------- ---------------
</TABLE>
NOTE 6--LIABILITIES - JUNE 30, 1999 (IN THOUSANDS)
<TABLE>
<CAPTION>
PHOENIX-ZWEIG PHOENIX-ZWEIG PHOENIX-ZWEIG PHOENIX-ZWEIG PHOENIX-ZWEIG
APPRECIATION FOREIGN EQUITY GOVERNMENT CASH GOVERNMENT GROWTH & INCOME
FUND FUND FUND FUND FUND
-------------- --------------- ---------------- -------------- -------------------
<S> <C> <C> <C> <C> <C>
Advisory fee............. $ 18 $ -- $ 2 $ 1 $ 1
Distribution and service
fees................... 178 5 13 14 19
Capital shares
redeemed............... 919 695 621 128 140
Dividends................ -- -- 599 -- --
Investments purchased.... -- -- 19,798 -- --
Variation margin
payable................ 9 7 -- -- --
Accrued expenses......... 258 31 -- 11 15
------- ----- -------- ------- -----
Total Liabilities.... $1,382 $738 $21,033 $ 154 $175
------- ----- -------- ------- -----
------- ----- -------- ------- -----
<CAPTION>
PHOENIX-ZWEIG PHOENIX-ZWEIG
MANAGED STRATEGY
ASSETS FUND
-------------- --------------
<S> <C> <C>
Advisory fee............. $ 31 $ 27
Distribution and service
fees................... 401 369
Capital shares
redeemed............... 1,691 3,748
Dividends................ -- --
Investments purchased.... -- 14,178
Variation margin
payable................ 1,279 --
Accrued expenses......... 168 532
------- --------------
Total Liabilities.... $3,570 $18,854
------- --------------
------- --------------
</TABLE>
NOTE 7--NET ASSETS - JUNE 30, 1999 (IN THOUSANDS)
<TABLE>
<CAPTION>
PHOENIX-ZWEIG PHOENIX-ZWEIG PHOENIX-ZWEIG PHOENIX-ZWEIG PHOENIX-ZWEIG
APPRECIATION FOREIGN EQUITY GOVERNMENT CASH GOVERNMENT GROWTH & INCOME
FUND FUND FUND FUND FUND
-------------- --------------- ---------------- -------------- -------------------
<S> <C> <C> <C> <C> <C>
Net Assets consist of:
Capital paid-in........ $243,600 $6,912 $166,575 $46,001 $26,181
Undistributed net
investment income
(loss)............... (1,399) 7 -- 9 (2)
Accumulated net
realized gain
(loss)............... 67,996 208 -- (4,814) 1,503
Net unrealized
appreciation
(depreciation) of
investments.......... 31,465 877 -- (899) 1,180
-------------- ------- ---------------- -------------- --------
$341,662 $8,004 $166,575 $40,297 $28,862
-------------- ------- ---------------- -------------- --------
-------------- ------- ---------------- -------------- --------
<CAPTION>
PHOENIX-ZWEIG PHOENIX-ZWEIG
MANAGED STRATEGY
ASSETS FUND
-------------- --------------
<S> <C> <C>
Net Assets consist of:
Capital paid-in........ $445,086 $482,423
Undistributed net
investment income
(loss)............... -- 134
Accumulated net
realized gain
(loss)............... 45,845 126,989
Net unrealized
appreciation
(depreciation) of
investments.......... 79,144 51,655
-------------- --------------
$570,075 $661,201
-------------- --------------
-------------- --------------
</TABLE>
44
<PAGE>
NOTE 8--CAPITAL SHARES
The Trust has unlimited authorized shares of beneficial interest ($0.10 par
value), divided into Series and issued in classes (see note 1). Capital share
transactions for the six months ended June 30, 1999 and for the year ended
December 31, 1998 are set forth below.
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS I
------------------------- ---------------------- ------------------------ --------------------
1999 1998 1999 1998 1999 1998 1999 1998
------------ ----------- ---------- ---------- ----------- ----------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PHOENIX-ZWEIG
APPRECIATION FUND
Sold................... 6,163,748 5,803,260 75,746 787,653 115,014 1,399,569 18,286 67,519
Issued in reinvestment
of dividends and
distributions........ -- 1,350,165 -- 163,583 -- 1,027,289 -- 11,146
Redeemed............... (10,223,925) (8,374,991) (394,712) (275,440) (3,849,393) (3,540,745) (65,921) (58,827)
- ----------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease)....... (4,060,177) (1,221,566) (318,966) 675,796 (3,734,379) (1,113,887) (47,635) 19,838
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
PHOENIX-ZWEIG FOREIGN
EQUITY FUND (3)
Sold................... 33,742 182,658 2,077 99,679 289,559 287,187 12,621 --
Issued in reinvestment
of dividends......... -- 1,314 -- 592 -- 1,128 -- 1,272
Redeemed............... (86,337) (48,853) (23,325) (10,834) (323,529) (116,523) (4,465) --
- ----------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease)....... (52,595) 135,119 (21,248) 89,437 (33,970) 171,792 8,156 1,272
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
PHOENIX-ZWEIG GOVERNMENT
CASH FUND (1)
Sold................... 356,260,674 95,695,366 1,405,201 2,873,372 5,802,114 9,959,590 1,294 4,309,423
Issued in reinvestment
of dividends......... 241,586 144,560 28,969 22,211 123,829 157,370 36,814 12,346
Redeemed............... (359,627,046) (90,022,815) (1,089,165) (1,493,668) (7,062,026) (6,153,574) (888,970) (1,537,000)
- ----------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease)....... (3,124,786) 5,817,111 345,005 1,401,915 (1,136,083) 3,963,386 (850,862) 2,784,769
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
PHOENIX-ZWEIG GOVERNMENT
FUND (2)
Sold................... 99,378 487,472 82,963 144,175 124,945 461,788 15,422 278,578
Issued in reinvestment
of dividends......... 37,133 82,836 2,091 2,992 11,297 27,410 7,564 8,254
Redeemed............... (412,197) (500,204) (73,238) (57,792) (332,778) (362,588) (5,638) (95,877)
- ----------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease)....... (275,686) 70,104 11,816 89,375 (196,536) 126,610 17,348 190,955
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
PHOENIX-ZWEIG GROWTH &
INCOME FUND
Sold................... 11,715 384,281 35,630 501,874 28,332 518,964 17,995 --
Issued in reinvestment
of dividends......... 1,868 4,346 1,034 1,278 866 1,309 899 1,365
Redeemed............... (257,983) (276,404) (344,206) (145,254) (405,852) (432,508) (6,201) --
- ----------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease)....... (244,400) 112,223 (307,542) 357,898 (376,654) 87,765 12,693 1,365
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
PHOENIX-ZWEIG MANAGED
ASSETS
Sold................... 483,686 1,570,483 922,024 1,108,058 1,206,308 3,147,226 19,607 2,421
Issued in reinvestment
of dividends and
distributions........ 70,735 213,319 13,372 34,599 154,536 536,232 1,688 6,289
Redeemed............... (1,526,221) (1,893,703) (378,050) (235,957) (3,616,484) (5,428,861) (6,477) (82,314)
- ----------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease)....... (971,800) (109,901) 557,346 906,700 (2,255,640) (1,745,403) 14,818 (73,604)
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
PHOENIX-ZWEIG STRATEGY
FUND
Sold................... 19,915,569 2,574,127 84,066 1,471,884 222,607 2,788,560 13,384 34,727
Issued in reinvestment
of dividends and
distributions........ 112,236 1,028,617 10,041 157,763 41,913 780,919 813 3,891
Redeemed............... (27,180,621) (11,819,361) (1,298,269) (933,992) (10,222,449) (12,480,544) (4,761) (11,916)
- ----------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease)....... (7,152,816) (8,216,617) (1,204,162) 695,655 (9,957,929) (8,911,065) 9,436 26,702
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) For the six months ended June 30, 1999 and for the year ended December 31,
1998, respectively, shares of Phoenix-Zweig Government Cash Fund Class M
sold were 261,944,271 and 425,483,310; shares issued in reinvestment of
dividends were 1,567,647 and 1,658,994; and shares redeemed were
186,970,190 and 408,477,447 for a net increase of 76,541,728 and 18,664,857
shares, respectively.
(2) Class I Shares of Phoenix-Zweig Government Fund commenced operations on
July 14, 1997.
(3) Phoenix-Zweig Foreign Equity Fund commenced operations on November 24,
1997.
NOTE 9--BORROWINGS
The Trust has entered into a Liquidity Line of Credit with The Bank of New York
for $100,000,000. The Trust has not had to use the Line of Credit since it was
established on July 21, 1997. If a Series uses the Line of Credit, it will be
collateralized by that Series' portfolio.
45
<PAGE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT THE SIX
MONTHS ENDED
JUNE 30, 1999 AND THE YEARS ENDED DECEMBER 31, 1998, 1997, 1996,1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
NET
NET REALIZED DISTRIBUTIONS
ASSET NET AND DIVIDENDS FROM NET
VALUE INVESTMENT UNREALIZED TOTAL FROM FROM NET REALIZED
PERIOD BEGINNING INCOME GAINS INVESTMENT INVESTMENT CAPITAL
ENDED OF PERIOD (LOSS) (LOSSES) OPERATIONS INCOME GAINS
- ---------------------------------------------- ---------- ----------- ----------- ----------- ----------- --------------
<S> <C> <C> <C> <C> <C> <C>
PHOENIX-ZWEIG APPRECIATION FUND CLASS A
1999 $ 16.21 $ 0.03 $ (0.13) $ (0.10) $ -- $ --
1998 18.27 0.07 (0.32) (0.25) (0.07) (1.74)
1997 15.90 0.10 3.67 3.77 (0.09) (1.31)
1996 15.91 0.17 2.25 2.42 (0.17) (2.26)
1995 13.54 0.16 3.05 3.21 (0.33) (0.51)
1994 14.33 0.16 (0.43) (0.27) (0.06) (0.46)
PHOENIX-ZWEIG APPRECIATION FUND CLASS B (2)
1999 16.02 (0.04) (0.11) (0.15) -- --
1998 18.13 (0.06) (0.31) (0.37) -- (1.74)
1997 15.82 (0.02) 3.64 3.62 -- (1.31)
1996 16.34 0.03 1.74 1.77 (0.03) (2.26)
PHOENIX-ZWEIG APPRECIATION FUND CLASS C
1999 15.99 (0.08) (0.08) (0.16) -- --
1998 18.10 (0.07) (0.30) (0.37) -- (1.74)
1997 15.79 (0.02) 3.64 3.62 -- (1.31)
1996 15.83 0.06 2.22 2.28 (0.06) (2.26)
1995 13.36 0.06 3.03 3.09 (0.11) (0.51)
1994 14.19 0.06 (0.43) (0.37) -- (0.46)
PHOENIX-ZWEIG APPRECIATION FUND CLASS I (3)
1999 16.43 0.05 (0.13) (0.08) -- --
1998 18.46 0.09 (0.29) (0.20) (0.09) (1.74)
1997 16.04 0.15 3.71 3.86 (0.13) (1.31)
1996 17.28 0.04 1.02 1.06 (0.04) (2.26)
PHOENIX-ZWEIG FOREIGN EQUITY FUND CLASS A (6)
1999(19) 12.39 0.07 1.24 1.31 -- --
1998(18) 11.45 0.08 0.96 1.04 (0.10) --
1997(17) 11.34 0.01 0.11 0.12 (0.01) --
PHOENIX-ZWEIG FOREIGN EQUITY FUND CLASS B (6)
1999(19) 12.35 0.01 1.24 1.25 -- --
1998(18) 11.45 0.04 0.92 0.96 (0.06) --
1997(17) 11.34 0.01 0.11 0.12 (0.01) --
PHOENIX-ZWEIG FOREIGN EQUITY FUND CLASS C (6)
1999(19) 12.33 0.01 1.24 1.25 -- --
1998(18) 11.45 0.05 0.90 0.95 (0.07) --
1997(17) 11.34 0.01 0.11 0.12 (0.01) --
PHOENIX-ZWEIG FOREIGN EQUITY FUND CLASS I (6)
1999(19) 12.35 0.08 1.25 1.33 -- --
1998(18) 11.46 0.16 0.91 1.07 (0.18) --
1997(17) 11.34 0.02 0.12 0.14 (0.02) --
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS A (1)
1999(11) 1.00 0.02 -- 0.02 (0.02) --
1998(10) 1.00 0.05 -- 0.05 (0.05) --
1997(9) 1.00 0.05 -- 0.05 (0.05) --
1996(8) 1.00 0.05 -- 0.05 (0.05) --
1995(7) 1.00 0.05 -- 0.05 (0.05) --
1994 1.00 0.03 -- 0.03 (0.03) --
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS B (2)
1999(11) 1.00 0.02 -- 0.02 (0.02) --
1998(10) 1.00 0.04 -- 0.04 (0.04) --
1997(9) 1.00 0.04 -- 0.04 (0.04) --
1996(8) 1.00 0.03 -- 0.03 (0.03) --
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS C (1)
1999(11) 1.00 0.02 -- 0.02 (0.02) --
1998(10) 1.00 0.05 -- 0.05 (0.05) --
1997(90) 1.00 0.05 -- 0.05 (0.05) --
1996(8) 1.00 0.05 -- 0.05 (0.05) --
1995(7) 1.00 0.05 -- 0.05 (0.05) --
1994 1.00 0.03 -- 0.03 (0.03) --
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS I (3)
1999(11) 1.00 0.02 -- 0.02 (0.02) --
1998(10) 1.00 0.05 -- 0.05 (0.05) --
1997(9) 1.00 0.05 -- 0.05 (0.05) --
1996(8) 1.00 0.01 -- 0.01 (0.01) --
<CAPTION>
RATIOS TO AVERAGE
NET ASSETS
TOTAL NET ASSET ---------------------
DIVIDENDS VALUE NET PORTFOLIO
PERIOD AND END TOTAL INVESTMENT TURNOVER
ENDED DISTRIBUTIONS OF PERIOD RETURN*** EXPENSES INCOME RATE
- ---------------------------------------------- ------------- --------- --------- -------- ---------- -------
<S> <C>
PHOENIX-ZWEIG APPRECIATION FUND CLASS A
1999 $ -- $ 16.11 (0.62)% 1.61%* 0.34%* 20%
1998 (1.81) 16.21 (0.97) 1.52 0.34 117
1997 (1.40) 18.27 23.83 1.52 0.61 77
1996 (2.43) 15.90 15.39 1.62 1.03 88
1995 (0.84) 15.91 24.00 1.63 1.10 68
1994 (0.52) 13.54 (1.83) 1.70 1.09 97
PHOENIX-ZWEIG APPRECIATION FUND CLASS B (2)
1999 -- 15.87 (0.94) 2.31* (0.36)* 20
1998 (1.74) 16.02 (1.66) 2.22 (0.36) 117
1997 (1.31) 18.13 22.97 2.22 (0.09) 77
1996 (2.29) 15.82 11.01** 2.32* 0.33* 88
PHOENIX-ZWEIG APPRECIATION FUND CLASS C
1999 -- 15.83 (1.00) 2.31* (0.36)* 20
1998 (1.74) 15.99 (1.67) 2.22 (0.36) 117
1997 (1.31) 18.10 23.01 2.22 (0.09) 77
1996 (2.32) 15.79 14.54 2.32 0.33 88
1995 (0.62) 15.83 23.20 2.33 0.40 68
1994 (0.46) 13.36 (2.55) 2.40 0.39 97
PHOENIX-ZWEIG APPRECIATION FUND CLASS I (3)
1999 -- 16.35 (0.49) 1.31* 0.64* 20
1998 (1.83) 16.43 (0.67) 1.22 0.64 117
1997 (1.44) 18.46 24.17 1.22 0.91 77
1996 (2.30) 16.04 6.30** 1.32* 1.33* 88
PHOENIX-ZWEIG FOREIGN EQUITY FUND CLASS A (6)
1999(19) -- 13.70 10.57 2.63* 0.81* 14
1998(18) (0.10) 12.39 9.08 1.80 1.14 40
1997(17) (0.01) 11.45 1.09** 1.80* 1.20* 64*
PHOENIX-ZWEIG FOREIGN EQUITY FUND CLASS B (6)
1999(19) -- 13.60 10.20 3.33* 0.11* 14
1998(18) (0.06) 12.35 8.36 2.50 0.44 40
1997(17) (0.01) 11.45 1.03** 2.50* 0.50* 64*
PHOENIX-ZWEIG FOREIGN EQUITY FUND CLASS C (6)
1999(19) -- 13.58 10.14 3.33* 0.11* 14
1998(18) (0.07) 12.33 8.27 2.50 0.44 40
1997(17) (0.01) 11.45 1.03** 2.50* 0.50* 64*
PHOENIX-ZWEIG FOREIGN EQUITY FUND CLASS I (6)
1999(19) -- 13.68 10.77 2.33* 1.11* 14
1998(18) (0.18) 12.35 9.32 1.50 1.44 40
1997(17) (0.02) 11.46 1.22** 1.50* 1.50* 64*
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS A (1)
1999(11) (0.02) 1.00 2.12 0.65* 4.23* N/A
1998(10) (0.05) 1.00 4.91 0.65 4.75 N/A
1997(9) (0.05) 1.00 4.97 0.65 4.85 N/A
1996(8) (0.05) 1.00 4.83 0.65 4.73 N/A
1995(7) (0.05) 1.00 5.08 0.87 4.97 N/A
1994 (0.03) 1.00 2.55** 0.62** 2.52** N/A
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS B (2)
1999(11) (0.02) 1.00 1.76 1.35* 3.52* N/A
1998(10) (0.04) 1.00 4.18 1.35 3.97 N/A
1997(9) (0.04) 1.00 4.24 1.35 4.15 N/A
1996(8) (0.03) 1.00 3.03** 1.35* 4.03* N/A
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS C (1)
1999(11) (0.02) 1.00 2.12 0.65* 4.23* N/A
1998(10) (0.05) 1.00 4.91 0.65 4.73 N/A
1997(90) (0.05) 1.00 4.97 0.65 4.85 N/A
1996(8) (0.05) 1.00 4.83 0.65 4.73 N/A
1995(7) (0.05) 1.00 5.08 0.87 4.97 N/A
1994 (0.03) 1.00 2.55** 0.62** 2.52** N/A
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS I (3)
1999(11) (0.02) 1.00 2.27 0.35* 4.54* N/A
1998(10) (0.05) 1.00 5.23 0.35 5.15 N/A
1997(9) (0.05) 1.00 5.28 0.35 5.15 N/A
1996(8) (0.01) 1.00 0.80** 0.35* 5.03* N/A
<CAPTION>
NET ASSETS
PERIOD END OF PERIOD
ENDED (IN THOUSANDS)
- ---------------------------------------------- --------------
PHOENIX-ZWEIG APPRECIATION FUND CLASS A
1999 $ 173,971
1998 240,900
1997 293,809
1996 275,935
1995 272,590
1994 213,400
PHOENIX-ZWEIG APPRECIATION FUND CLASS B (2)
1999 25,026
1998 30,370
1997 22,122
1996 8,350
PHOENIX-ZWEIG APPRECIATION FUND CLASS C
1999 140,697
1998 201,789
1997 248,584
1996 218,714
1995 195,204
1994 139,397
PHOENIX-ZWEIG APPRECIATION FUND CLASS I (3)
1999 1,968
1998 2,760
1997 2,735
1996 2,202
PHOENIX-ZWEIG FOREIGN EQUITY FUND CLASS A (6)
1999(19) 1,626
1998(18) 2,122
1997(17) 414
PHOENIX-ZWEIG FOREIGN EQUITY FUND CLASS B (6)
1999(19) 1,775
1998(18) 1,873
1997(17) 713
PHOENIX-ZWEIG FOREIGN EQUITY FUND CLASS C (6)
1999(19) 3,266
1998(18) 3,384
1997(17) 1,177
PHOENIX-ZWEIG FOREIGN EQUITY FUND CLASS I (6)
1999(19) 1,357
1998(18) 1,107
1997(17) 1,012
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS A (1)
1999(11) 5,165
1998(10) 8,290
1997(9) 2,472
1996(8) 3,360
1995(7) 3,661
1994 4,303
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS B (2)
1999(11) 2,083
1998(10) 1,738
1997(9) 336
1996(8) 33
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS C (1)
1999(11) 5,488
1998(10) 6,624
1997(90) 2,661
1996(8) 4,535
1995(7) 4,458
1994 5,040
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS I (3)
1999(11) 2,033
1998(10) 2,884
1997(9) 100
1996(8) 1,401
</TABLE>
46
<PAGE>
<TABLE>
<CAPTION>
NET
NET REALIZED DISTRIBUTIONS
ASSET NET AND DIVIDENDS FROM NET
VALUE INVESTMENT UNREALIZED TOTAL FROM FROM NET REALIZED
PERIOD BEGINNING INCOME GAINS INVESTMENT INVESTMENT CAPITAL
ENDED OF PERIOD (LOSS) (LOSSES) OPERATIONS INCOME GAINS
- ---------------------------------------------- ---------- ----------- ----------- ----------- ----------- --------------
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS M (12)
<S> <C> <C> <C> <C> <C> <C>
1999 $ 1.00 $ 0.02 $ -- $ 0.02 $ (0.02) $ --
1998 1.00 0.05 -- 0.05 (0.05) --
1997 1.00 0.05 -- 0.05 (0.05) --
1996 1.00 0.05 -- 0.05 (0.05) --
1995 1.00 0.05 -- 0.05 (0.05) --
1994 1.00 0.04 -- 0.04 (0.04) --
PHOENIX-ZWEIG GOVERNMENT FUND CLASS A
1999 10.44 0.24 (0.50) (0.26) (0.23) --
1998 10.09 0.53 0.35 0.88 (0.53) --
1997 9.81 0.52 0.28 0.80 (0.52) --
1996(13) 10.39 0.53 (0.58) (0.05) (0.53) --
1995+ 9.63 0.52 0.77 1.29 (0.53) --
1994 10.43 0.50 (0.79) (0.29) (0.51) --
PHOENIX-ZWEIG GOVERNMENT FUND CLASS B (2)
1999 10.52 0.20 (0.50) (0.30) (0.20) --
1998 10.15 0.44 0.37 0.81 (0.44) --
1997 9.86 0.46 0.26 0.72 (0.43) --
1996(13) 9.76 0.29 0.11 0.40 (0.30) --
PHOENIX-ZWEIG GOVERNMENT FUND CLASS C
1999 10.42 0.21 (0.50) (0.29) (0.21) --
1998 10.08 0.47 0.36 0.83 (0.49) --
1997 9.81 0.48 0.27 0.75 (0.48) --
1996(13) 10.38 0.49 (0.58) (0.09) (0.48) --
1995+ 9.62 0.48 0.76 1.24 (0.48) --
1994 10.40 0.46 (0.79) (0.33) (0.45) --
PHOENIX-ZWEIG GOVERNMENT FUND CLASS I (5)
1999 10.48 0.25 (0.50) (0.25) (0.25) --
1998 10.11 0.55 0.37 0.92 (0.55) --
1997 9.88 0.26 0.23 0.49 (0.26) --
PHOENIX-ZWEIG GROWTH & INCOME FUND
CLASS A (4)
1999 13.40 0.08 0.22 0.30 (0.08) --
1998(16) 13.73 0.11 (0.33) (0.22) (0.11) --
1997(15) 11.37 0.24 2.36 2.60 (0.24) --
1996(14) 11.34 0.01 0.03 0.04 (0.01) --
PHOENIX-ZWEIG GROWTH & INCOME FUND
CLASS B (4)
1999 13.39 0.02 0.24 0.26 (0.02) --
1998(16) 13.73 0.02 (0.34) (0.32) (0.02) --
1997(15) 11.37 0.16 2.36 2.52 (0.16) --
1996(14) 11.34 0.01 0.03 0.04 (0.01) --
PHOENIX-ZWEIG GROWTH & INCOME FUND
CLASS C (4)
1999 13.37 0.02 0.25 0.27 (0.02) --
1998(16) 13.71 0.02 (0.34) (0.32) (0.02) --
1997(15) 11.38 0.17 2.33 2.50 (0.17) --
1996(14) 11.34 0.01 0.04 0.05 (0.01) --
PHOENIX-ZWEIG GROWTH & INCOME FUND
CLASS I (4)
1999 13.44 0.10 0.23 0.33 (0.09) --
1998(16) 13.77 0.15 (0.33) (0.18) (0.15) --
1997(15) 11.37 0.24 2.40 2.64 (0.24) --
1996(14) 11.34 0.02 0.03 0.05 (0.02) --
PHOENIX-ZWEIG MANAGED ASSETS CLASS A
1999 14.18 0.16 0.53 0.69 (0.16) --
1998 12.72 0.38 1.50 1.88 (0.38) (0.04)
1997 12.75 0.13 1.83 1.96 -- (1.99)
1996 12.48 0.35 0.86 1.21 (0.45) (0.49)
1995 11.76 0.47 1.40 1.87 (0.75) (0.40)
1994 12.38 0.33 (0.69) (0.36) (0.26) --
PHOENIX-ZWEIG MANAGED ASSETS CLASS B (2)
1999 14.28 0.10 0.54 0.64 (0.10) --
1998 12.79 0.26 1.53 1.79 (0.26) (0.04)
1997 12.90 0.04 1.84 1.88 -- (1.99)
1996 12.43 0.13 1.00 1.13 (0.17) (0.49)
PHOENIX-ZWEIG MANAGED ASSETS CLASS C
1999 14.07 0.11 0.53 0.64 (0.11) --
1998 12.63 0.29 1.48 1.77 (0.29) (0.04)
1997 12.76 0.04 1.82 1.86 -- (1.99)
1996 12.49 0.27 0.85 1.12 (0.36) (0.49)
1995 11.73 0.38 1.40 1.78 (0.62) (0.40)
1994 12.36 0.23 (0.68) (0.45) (0.18) --
<CAPTION>
RATIOS TO AVERAGE
NET ASSETS
TOTAL NET ASSET ---------------------
DIVIDENDS VALUE NET PORTFOLIO
PERIOD AND END TOTAL INVESTMENT TURNOVER
ENDED DISTRIBUTIONS OF PERIOD RETURN*** EXPENSES INCOME RATE
- ---------------------------------------------- ------------- --------- --------- -------- ---------- -------
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS M (12)
<S> <C>
1999 $ (0.02) $ 1.00 2.24% 0.41%* 4.46%* N/A
1998 (0.05) 1.00 5.16 0.41 5.01 N/A
1997 (0.05) 1.00 5.22 0.41 5.09 N/A
1996 (0.05) 1.00 5.09 0.40 4.98 N/A
1995 (0.05) 1.00 5.32 0.64 5.20 N/A
1994 (0.04) 1.00 3.67 0.70 3.58 N/A
PHOENIX-ZWEIG GOVERNMENT FUND CLASS A
1999 (0.23) 9.95 (2.50) 1.30* 4.61* 68%
1998 (0.53) 10.44 8.91 1.32 5.09 48
1997 (0.52) 10.09 8.42 1.36 5.26 128
1996(13) (0.53) 9.81 (0.42) 1.14 5.25 170
1995+ (0.53) 10.39 13.84 1.26 5.22 195
1994 (0.51) 9.63 (2.83) 1.28 5.07 191
PHOENIX-ZWEIG GOVERNMENT FUND CLASS B (2)
1999 (0.20) 10.02 (2.86) 2.00* 3.91* 68
1998 (0.44) 10.52 8.20 2.02 4.39 48
1997 (0.43) 10.15 7.55 2.06 4.56 128
1996(13) (0.30) 9.86 4.16** 1.84* 4.55* 170
PHOENIX-ZWEIG GOVERNMENT FUND CLASS C
1999 (0.21) 9.92 (2.78) 1.75* 4.16* 68
1998 (0.49) 10.42 8.46 1.77 4.64 48
1997 (0.48) 10.08 7.86 1.81 4.81 128
1996(13) (0.48) 9.81 (0.82) 1.59 4.80 170
1995+ (0.48) 10.38 13.27 1.71 4.77 195
1994 (0.45) 9.62 (3.18) 1.73 4.62 191
PHOENIX-ZWEIG GOVERNMENT FUND CLASS I (5)
1999 (0.25) 9.98 (2.42) 1.00* 4.91* 68
1998 (0.55) 10.48 9.33 1.02 5.39 48
1997 (0.26) 10.11 5.01** 1.06* 5.56* 128
PHOENIX-ZWEIG GROWTH & INCOME FUND
CLASS A (4)
1999 (0.08) 13.62 2.24 1.71* 1.03* 90
1998(16) (0.11) 13.40 (1.61) 1.56 0.82 152
1997(15) (0.24) 13.73 23.12 1.30 2.26 120
1996(14) (0.01) 11.37 0.39** 1.30* 1.47* 2
PHOENIX-ZWEIG GROWTH & INCOME FUND
CLASS B (4)
1999 (0.02) 13.63 1.94 2.41* 0.33* 90
1998(16) (0.02) 13.39 (2.33) 2.26 0.12 152
1997(15) (0.16) 13.73 22.29 2.00 1.56 120
1996(14) (0.01) 11.37 0.33** 2.00* 0.77* 2
PHOENIX-ZWEIG GROWTH & INCOME FUND
CLASS C (4)
1999 (0.02) 13.62 2.02 2.41* 0.33* 90
1998(16) (0.02) 13.37 (2.34) 2.26 0.12 152
1997(15) (0.17) 13.71 22.15 2.00 1.56 120
1996(14) (0.01) 11.38 0.42** 2.00* 0.77* 2
PHOENIX-ZWEIG GROWTH & INCOME FUND
CLASS I (4)
1999 (0.09) 13.68 2.46 1.41* 1.33* 90
1998(16) (0.15) 13.44 (1.31) 1.26 1.12 152
1997(15) (0.24) 13.77 23.42 1.00 2.56 120
1996(14) (0.02) 11.37 0.41** 1.00* 1.77* 2
PHOENIX-ZWEIG MANAGED ASSETS CLASS A
1999 (0.16) 14.71 4.87 1.49* 2.19* 22
1998 (0.42) 14.18 14.87 1.51 2.77 62
1997 (1.99) 12.72 15.47 1.59 2.40 168
1996 (0.94) 12.75 9.80 1.64 2.64 187
1995 (1.15) 12.48 16.26 1.59 3.69 239
1994 (0.26) 11.76 (2.93) 1.68 2.70 299
PHOENIX-ZWEIG MANAGED ASSETS CLASS B (2)
1999 (0.10) 14.82 4.49 2.19* 1.49* 22
1998 (0.30) 14.28 14.06 2.21 2.07 62
1997 (1.99) 12.79 14.67 2.29 1.70 168
1996 (0.66) 12.90 9.11** 2.34* 1.94* 187
PHOENIX-ZWEIG MANAGED ASSETS CLASS C
1999 (0.11) 14.60 4.52 2.19* 1.49* 22
1998 (0.33) 14.07 14.03 2.21 2.07 62
1997 (1.99) 12.63 14.67 2.29 1.70 168
1996 (0.85) 12.76 9.03 2.34 1.94 187
1995 (1.02) 12.49 15.44 2.29 2.99 239
1994 (0.18) 11.73 (3.66) 2.38 2.00 299
<CAPTION>
NET ASSETS
PERIOD END OF PERIOD
ENDED (IN THOUSANDS)
- ---------------------------------------------- --------------
PHOENIX-ZWEIG GOVERNMENT CASH FUND
CLASS M (12)
1999 $ 151,806
1998 75,264
1997 56,599
1996 45,271
1995 48,515
1994 78,149
PHOENIX-ZWEIG GOVERNMENT FUND CLASS A
1999 25,624
1998 29,767
1997 28,062
1996(13) 33,848
1995+ 42,207
1994 47,622
PHOENIX-ZWEIG GOVERNMENT FUND CLASS B (2)
1999 2,213
1998 2,199
1997 1,215
1996(13) 513
PHOENIX-ZWEIG GOVERNMENT FUND CLASS C
1999 9,344
1998 11,859
1997 10,199
1996(13) 14,330
1995+ 19,778
1994 22,599
PHOENIX-ZWEIG GOVERNMENT FUND CLASS I (5)
1999 3,116
1998 3,088
1997 1,050
PHOENIX-ZWEIG GROWTH & INCOME FUND
CLASS A (4)
1999 4,981
1998(16) 8,172
1997(15) 6,836
1996(14) 2,508
PHOENIX-ZWEIG GROWTH & INCOME FUND
CLASS B (4)
1999 12,520
1998(16) 16,416
1997(15) 11,920
1996(14) 2,693
PHOENIX-ZWEIG GROWTH & INCOME FUND
CLASS C (4)
1999 9,495
1998(16) 14,364
1997(15) 13,525
1996(14) 4,509
PHOENIX-ZWEIG GROWTH & INCOME FUND
CLASS I (4)
1999 1,867
1998(16) 1,664
1997(15) 1,686
1996(14) 101
PHOENIX-ZWEIG MANAGED ASSETS CLASS A
1999 112,356
1998 122,085
1997 110,908
1996 114,837
1995 141,110
1994 154,441
PHOENIX-ZWEIG MANAGED ASSETS CLASS B (2)
1999 42,697
1998 33,172
1997 18,117
1996 6,339
PHOENIX-ZWEIG MANAGED ASSETS CLASS C
1999 412,884
1998 429,655
1997 407,625
1996 426,194
1995 527,432
1994 570,710
</TABLE>
47
<PAGE>
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
NET
NET REALIZED DISTRIBUTIONS
ASSET NET AND DIVIDENDS FROM NET
VALUE INVESTMENT UNREALIZED TOTAL FROM FROM NET REALIZED
PERIOD BEGINNING INCOME GAINS INVESTMENT INVESTMENT CAPITAL
ENDED OF PERIOD (LOSS) (LOSSES) OPERATIONS INCOME GAINS
- ---------------------------------------------- ---------- ----------- ----------- ----------- ----------- --------------
PHOENIX-ZWEIG MANAGED ASSETS CLASS I (3)
<S> <C> <C> <C> <C> <C> <C>
1999 $ 14.31 $ 0.18 $ 0.54 $ 0.72 $ (0.18) $ --
1998 13.05 0.56 1.41 1.97 (0.67) (0.04)
1997 12.99 0.09 1.96 2.05 -- (1.99)
1996 13.02 0.05 0.45 0.50 (0.04) (0.49)
PHOENIX-ZWEIG STRATEGY FUND CLASS A
1999 14.80 0.11 0.36 0.47 (0.11) --
1998 15.77 0.17 (0.48) (0.31) (0.18) (0.48)
1997 15.01 0.20 2.49 2.69 (0.19) (1.74)
1996 14.51 0.20 1.68 1.88 (0.20) (1.18)
1995 12.36 0.27 2.80 3.07 (0.37) (0.55)
1994 12.52 0.24 (0.10) 0.14 (0.20) (0.10)
PHOENIX-ZWEIG STRATEGY FUND CLASS B (2)
1999 14.90 0.05 0.37 0.42 (0.05) --
1998 15.86 0.05 (0.48) (0.43) (0.05) (0.48)
1997 15.07 0.07 2.53 2.60 (0.07) (1.74)
1996 15.12 0.06 1.13 1.19 (0.06) (1.18)
PHOENIX-ZWEIG STRATEGY FUND CLASS C
1999 14.86 0.05 0.37 0.42 (0.05) --
1998 15.81 0.05 (0.48) (0.43) (0.04) (0.48)
1997 15.04 0.07 2.52 2.59 (0.08) (1.74)
1996 14.56 0.11 1.66 1.77 (0.11) (1.18)
1995 12.35 0.16 2.82 2.98 (0.22) (0.55)
1994 12.51 0.15 (0.10) 0.05 (0.11) (0.10)
PHOENIX-ZWEIG STRATEGY FUND CLASS I (3)
1999 14.94 0.12 0.38 0.50 (0.12) --
1998 15.87 0.17 (0.45) (0.28) (0.17) (0.48)
1997 15.07 0.23 2.54 2.77 (0.23) (1.74)
1996 15.42 0.04 0.83 0.87 (0.04) (1.18)
<CAPTION>
RATIOS TO AVERAGE
NET ASSETS
TOTAL NET ASSET ---------------------
DIVIDENDS VALUE NET PORTFOLIO
PERIOD AND END TOTAL INVESTMENT TURNOVER
ENDED DISTRIBUTIONS OF PERIOD RETURN*** EXPENSES INCOME RATE
- ---------------------------------------------- ------------- --------- --------- -------- ---------- -------
PHOENIX-ZWEIG MANAGED ASSETS CLASS I (3)
<S> <C>
1999 $ (0.18) $ 14.85 5.00% 1.19%* 2.49%* 22%
1998 (0.71) 14.31 15.16 1.21 3.07 62
1997 (1.99) 13.05 15.88 1.29 2.70 168
1996 (0.53) 12.99 3.83** 1.34* 2.94* 187
PHOENIX-ZWEIG STRATEGY FUND CLASS A
1999 (0.11) 15.16 3.15 1.32* 1.23* 53
1998 (0.66) 14.80 (1.88) 1.24 0.97 116
1997 (1.93) 15.77 18.07 1.24 1.20 126
1996 (1.38) 15.01 13.00 1.28 1.27 181
1995 (0.92) 14.51 25.12 1.27 1.92 95
1994 (0.30) 12.36 1.14 1.40 1.90 70
PHOENIX-ZWEIG STRATEGY FUND CLASS B (2)
1999 (0.05) 15.27 2.79 2.02* 0.53* 53
1998 (0.53) 14.90 (2.61) 1.94 0.27 116
1997 (1.81) 15.86 17.33 1.94 0.50 126
1996 (1.24) 15.07 7.88** 1.98* 0.57* 181
PHOENIX-ZWEIG STRATEGY FUND CLASS C
1999 (0.05) 15.23 2.80 2.02* 0.53* 53
1998 (0.52) 14.86 (2.64) 1.94 0.27 116
1997 (1.82) 15.81 17.30 1.94 0.50 126
1996 (1.29) 15.04 12.19 1.98 0.57 181
1995 (0.77) 14.56 24.26 1.97 1.22 95
1994 (0.21) 12.35 0.41 2.10 1.20 70
PHOENIX-ZWEIG STRATEGY FUND CLASS I (3)
1999 (0.12) 15.32 3.36 1.02* 1.53* 53
1998 (0.65) 14.94 (1.66) 0.94 1.27 116
1997 (1.97) 15.87 18.52 0.94 1.50 126
1996 (1.22) 15.07 5.68** 0.98* 1.57* 181
<CAPTION>
NET ASSETS
PERIOD END OF PERIOD
ENDED (IN THOUSANDS)
- ---------------------------------------------- --------------
PHOENIX-ZWEIG MANAGED ASSETS CLASS I (3)
1999 $ 2,138
1998 1,848
1997 2,645
1996 2,893
PHOENIX-ZWEIG STRATEGY FUND CLASS A
1999 310,713
1998 409,065
1997 565,721
1996 581,149
1995 558,286
1994 424,805
PHOENIX-ZWEIG STRATEGY FUND CLASS B (2)
1999 66,212
1998 82,531
1997 76,820
1996 42,317
PHOENIX-ZWEIG STRATEGY FUND CLASS C
1999 282,689
1998 423,791
1997 591,512
1996 621,334
1995 530,300
1994 307,011
PHOENIX-ZWEIG STRATEGY FUND CLASS I (3)
1999 1,587
1998 1,407
1997 1,070
1996 903
</TABLE>
- ----------
(1) Commenced operations on May 1,1994.
(2) Commenced operations on April 8, 1996.
(3) Commenced operations on November 1, 1996.
(4) Commenced operations on November 26, 1996.
(5) Commenced operations on July 14, 1997.
(6) Commenced operations on November 21, 1997.
(7) During 1995, the Manager voluntarily reimbursed Phoenix-Zweig Government
Cash Fund Class A and Class C $.005 and $.003 per share (0.47% and 0.28%
ratio of expenses to average net assets), respectively.
(8) During 1996, the Manager voluntarily reimbursed Phoenix-Zweig Government
Cash Fund Class A, Class B, Class C and Class I $.007, $.007, $.006 and
$.004 per share (0.66%, 0.60%, 0.60% and 0.38% ratio of expenses to average
net assets), respectively.
(9) During 1997, the Manager voluntarily reimbursed Phoenix-Zweig Government
Cash Fund Class A, Class B, Class C and Class I $.011, $.058, $.01 and
$.005 per share (1.09%, 6.14%, 1.00% and 0.47% ratio of expenses to average
net assets), respectively.
(10) During 1998, the Manager voluntarily reimbursed Phoenix-Zweig Government
Cash Fund Class A, Class B, Class C and Class I $.007, $.024, $.007 and
$.011 per share (0.65%, 2.35%, 0.73% and 1.12% ratio of expenses to average
net assets), respectively.
(11) During 1999, the Manager voluntarily reimbursed Phoenix-Zweig Government
Cash Fund Class A, Class B, Class C and Class I $.002, $.005, $.003 and
$.001 per share (0.35%, 1.00%, 0.53% and 0.30% ratio of expenses to average
net assets), respectively.
(12) During 1999, 1998, 1997, 1996, 1995 and 1994, the Manager voluntarily
reimbursed Phoenix-Zweig Government Cash Fund Class M $.001, $.003, $.003,
$.003, $.001 and $.002 per share (0.24%, 0.28%, 0.32%, 0.32%, 0.10% and
0.15% ratio of expenses to average net assets), respectively.
(13) During 1996, the Manager voluntarily reimbursed Phoenix-Zweig Government
Fund Class A, Class B and Class C $.002, $.003 and $.002 per share ( 0.22%,
0.26% and 0.22% ratio of expenses to average net assets), respectively.
(14) During 1996, the Manager voluntarily reimbursed Phoenix-Zweig Growth &
Income Fund Class A, Class B, Class C and Class I $.021, $.021, $.021 and
$.021 per share (2.07%, 2.07%, 2.07% and 2.07% ratio of expenses to average
net assets), respectively.
(15) During 1997, the Manager voluntarily reimbursed Phoenix-Zweig Growth &
Income Fund Class A, Class B, Class C and Class I $.08, $.08, $.08 and $.08
per share (0.70%, 0.70%, 0.70% and 0.70% ratio of expenses to average net
assets), respectively.
(16) During 1998, the Manager voluntarily reimbursed Phoenix-Zweig Growth &
Income Fund Class A, Class B, Class C and Class I $.005, $.005, $.005 and
$.005 per share (0.05%, 0.05%, 0.05% and 0.05% ratio of expenses to average
net assets), respectively.
(17) During 1997, the Manager voluntarily reimbursed Phoenix-Zweig Foreign
Equity Fund Class A, Class B, Class C and Class I $.03, $.03, $.03 and $.03
per share (3.35%, 3.35%, 3.35% and 3.35% ratio of expenses to average net
assets), respectively.
(18) During 1998, the Manager voluntarily reimbursed Phoenix-Zweig Foreign
Equity Fund Class A, Class B, Class C and Class I $.20, $.20, $.20 and $.20
per share (2.20%, 2.20%, 2.20% and 2.20% ratio of expenses to average net
assets), respectively.
(19) During the four months ended April 30, 1999, the Manager voluntarily
reimbursed Phoenix-Zweig Foreign Equity Fund Class A, Class B, Class C and
Class I $.04, $.04, $.04 and $.04 per share (0.47%, 0.47%, 0.47% and 0.47%
ratio of expenses to average net assets), respectively.
* Annualized
** Not Annualized
*** Total Return does not consider the effect of any initial or contingent
deferred sales charge.
+ Based on the average of the number of shares outstanding during the year.
48
<PAGE>
<TABLE>
<S> <C> <C> <C>
TRUSTEES OFFICERS INVESTMENT MANAGER
James Balog Eugene J. Glaser Annemarie Gilly Zweig/Glaser Advisers LLC
Claire B. Benenson CHAIRMAN, TRUSTEE FIRST VICE PRESIDENT 900 Third Avenue--31st Floor
S. Leland Dill & CHIEF EXECUTIVE OFFICER New York, NY 10022
Eugene J. Glaser Barry M. Mandinach
Donald B. Romans Martin E. Zweig FIRST VICE PRESIDENT SUB-ADVISER
PRESIDENT Zweig Consulting LLC
Carlton B. Neel 900 Third Avenue
Michael E. Haylon FIRST VICE PRESIDENT New York, NY 10022
EXECUTIVE VICE PRESIDENT
Jeffrey Lazar PRINCIPAL DISTRIBUTOR
John F. Sharry VICE PRESIDENT Phoenix Equity Planning Corp.
EXECUTIVE VICE PRESIDENT 100 Bright Meadow Boulevard
Marc Baltuch PO Box 2200
David Katzen SECRETARY Enfield, CT 06083-2200
SENIOR VICE PRESIDENT
Thomas Disbrow CUSTODIAN
Thomas N. Steenburg ASSISTANT VICE PRESIDENT The Bank of New York
SENIOR VICE PRESIDENT & ASSISTANT TREASURER One Wall Street
New York, New York 10286
Alfred J. Ratcliffe Beth Abraham
FIRST VICE PRESIDENT & TREASURER ASSISTANT VICE PRESIDENT TRANSFER AGENT
Phoenix Equity Planning Corp.
Charles I. Leone Rhonda Lee Berzner 100 Bright Meadow Boulevard
FIRST VICE PRESIDENT ASSISTANT VICE PRESIDENT P.O. Box 2200
& ASSISTANT SECRETARY Enfield, CT 06083-2200
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SUPPLEMENTARY PROXY INFORMATION
A Special Meeting of Shareholders of Zweig Series Trust was held on February
25, 1999 to approve a new investment management agreement with Zweig/Glaser
Advisers, to approve a new sub-advisory servicing agreement with Zweig
Consulting LLC, to elect Trustees, and to ratify the selection of
PricewaterhouseCoopers LLP as independent accountants for the current fiscal
year.
The results of the voting on the four proposals were as follows:
<TABLE>
<CAPTION>
PROPOSAL VOTES FOR VOTES AGAINST ABSTAINED
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NEW INVESTMENT MANAGEMENT AGREEMENT
Zweig Appreciation Fund 328,030,553 8,436,562 7,101,408
Zweig Foreign Equity Fund 6,599,045 23,891 18,439
Zweig Government Cash Fund 59,670,733 156,093 15,017,679
Zweig Government Fund 32,296,774 918,392 570,260
Zweig Growth & Income Fund 27,859,928 218,728 1,342,041
Zweig Managed Assets 435,997,742 8,505,995 11,688,369
Zweig Strategy Fund 680,032,500 16,426,655 17,298,525
NEW SUB-ADVISORY SERVICING AGREEMENT
Zweig Appreciation Fund 327,525,803 8,503,006 7,539,730
Zweig Foreign Equity Fund 6,593,572 26,984 20,819
Zweig Government Cash Fund 59,756,688 86,069 15,001,747
Zweig Government Fund 31,868,622 1,265,791 650,993
Zweig Growth & Income Fund 28,038,079 210,075 1,172,570
Zweig Managed Assets 434,192,922 9,287,478 12,712,210
Zweig Strategy Fund 676,695,629 18,367,832 18,693,869
ELECTION OF TRUSTEES
James Balog 1,615,744,392 0 42,466,223
Claire B. Benenson 1,615,209,244 0 43,001,371
S. Leland Dill 1,616,242,822 0 41,967,973
Eugene J. Glaser 1,616,541,511 0 41,669,104
Donald B. Romans 1,616,848,869 0 41,361,746
RATIFY THE SELECTION OF INDEPENDENT ACCOUNTANTS 1,618,921,797 11,997,003 27,291,448
</TABLE>
<PAGE>
PHOENIX EQUITY PLANNING CORPORATION
PO Box 2200
Enfield CT 06083-2200
[LOGO]
PHOENIX
INVESTMENT PARTNERS
For more information, contact your financial advisor
or call us at 1.800.272.2700.
Visit our websites at www.zweig.com and www.phoenixinvestments.com.
Mutual funds distributed by Phoenix Equity Planning Corporation, Enfield, CT
06083
- -C- 1999 Phoenix Investment Partners, Ltd. PXP 1226 (6/99)
