<PAGE>
Phoenix Investment Partners
SEMIANNUAL REPORT
JUNE 30, 2000
ENGEMANN Phoenix-Engemann
Balanced Return Fund
Phoenix-Engemann
Focus Growth Fund
Phoenix-Engemann
Nifty Fifty Fund
Phoenix-Engemann
Small & Mid-Cap
Growth Fund
Phoenix-Engemann
Value 25 Fund
[LOGO] PHOENIX
INVESTMENT PARTNERS
<PAGE>
MESSAGE FROM THE CHAIRMAN
DEAR SHAREHOLDER:
We are pleased to provide this semiannual financial summary for the
Phoenix-Engemann Funds for the six months ended June 30, 2000.
If you have any questions, please call your financial advisor or a Phoenix
customer service representative at 1-800-243-1574 between 8:00 a.m. and
6:00 p.m. Eastern Time, Monday through Friday. You can also purchase or exchange
shares, check your balance, and review your account history any time by visiting
our INVESTOR CENTER at WWW.PHOENIXINVESTMENTS.COM.
Sincerely,
/s/ Philip R. McLoughlin
Philip R. McLoughlin
JUNE 30, 2000
Mutual funds are not insured by the FDIC; are not
deposits or other obligations of a bank and are not
guaranteed by a bank; and are subject to
investment risks, including possible loss of the
principal invested.
1
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
Phoenix-Engemann Balanced Return Fund....................... 3
Phoenix-Engemann Focus Growth Fund.......................... 9
Phoenix-Engemann Nifty Fifty Fund........................... 15
Phoenix-Engemann Small & Mid-Cap Growth Fund................ 21
Phoenix-Engemann Value 25 Fund.............................. 28
Notes to Financial Statements............................... 33
</TABLE>
2
<PAGE>
PHOENIX-ENGEMANN BALANCED RETURN FUND
INVESTMENTS AT JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
STANDARD PAR
& POOR'S VALUE
RATING (000) VALUE
-------- -------- ------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--40.5%
U.S. TREASURY BONDS--20.1%
U.S. Treasury Bonds 9.25%,
2/15/16....................... AAA $ 30,000 $ 38,868,750
U.S. TREASURY NOTES--20.4%
U.S. Treasury Notes 6.50%,
8/15/05....................... AAA 39,000 39,414,375
------------------------------------------------------------------
TOTAL U.S. GOVERNMENT SECURITIES
(IDENTIFIED COST $77,819,963) 78,283,125
------------------------------------------------------------------
<CAPTION>
SHARES
--------
COMMON STOCKS--53.9%
<S> <C> <C> <C>
BROADCASTING (TELEVISION, RADIO & CABLE)--0.6%
Clear Channel Communications,
Inc.(b)....................... 15,000 1,125,000
COMMUNICATIONS EQUIPMENT--2.3%
Lucent Technologies, Inc...... 47,000 2,784,750
Tellabs, Inc.(b).............. 25,000 1,710,937
------------
4,495,687
------------
COMPUTERS (HARDWARE)--3.1%
International Business
Machines Corp................. 26,000 2,848,625
Sun Microsystems, Inc.(b)..... 34,000 3,091,875
------------
5,940,500
------------
COMPUTERS (NETWORKING)--3.7%
Cisco Systems, Inc.(b)........ 112,000 7,119,000
COMPUTERS (PERIPHERALS)--3.1%
EMC Corp.(b).................. 78,000 6,001,125
COMPUTERS (SOFTWARE & SERVICES)--6.3%
America Online, Inc.(b)....... 47,000 2,479,250
BEA Systems, Inc.(b).......... 12,000 593,250
BMC Software, Inc.(b)......... 40,000 1,459,375
Microsoft Corp.(b)............ 40,000 3,200,000
Oracle Corp.(b)............... 23,000 1,933,437
VERITAS Software Corp.(b)..... 12,000 1,356,187
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
COMPUTERS (SOFTWARE & SERVICES)--CONTINUED
Yahoo!, Inc.(b)............... 10,000 $ 1,238,750
------------
12,260,249
------------
ELECTRICAL EQUIPMENT--0.8%
Solectron Corp.(b)............ 35,000 1,465,625
ELECTRONICS (SEMICONDUCTORS)--7.3%
Intel Corp.................... 39,000 5,213,812
JDS Uniphase Corp.(b)......... 10,000 1,198,750
Maxim Integrated Products,
Inc.(b)....................... 25,000 1,698,438
Texas Instruments, Inc........ 88,000 6,044,500
------------
14,155,500
------------
ENTERTAINMENT--0.8%
Viacom, Inc. Class B(b)....... 22,000 1,500,125
FINANCIAL (DIVERSIFIED)--1.7%
American Express Co........... 21,000 1,094,625
Citigroup, Inc................ 35,500 2,138,875
------------
3,233,500
------------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--8.2%
Genentech, Inc.(b)............ 8,000 1,376,000
Merck & Co., Inc.............. 30,000 2,298,750
Pfizer, Inc................... 233,750 11,220,000
Pharmacia Corp................ 20,000 1,033,750
------------
15,928,500
------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--3.2%
Guidant Corp.(b).............. 44,000 2,178,000
Medtronic, Inc................ 81,000 4,034,813
------------
6,212,813
------------
LODGING-HOTELS--0.5%
Carnival Corp................. 50,000 975,000
MANUFACTURING (DIVERSIFIED)--1.0%
Tyco International Ltd........ 40,000 1,895,000
RETAIL (BUILDING SUPPLIES)--1.8%
Home Depot, Inc. (The)........ 69,000 3,445,688
</TABLE>
See Notes to Financial Statements 3
<PAGE>
Phoenix-Engemann Balanced Return Fund
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
RETAIL (DRUG STORES)--0.6%
Walgreen Co................... 36,000 $ 1,158,750
RETAIL (GENERAL MERCHANDISE)--2.6%
Costco Wholesale Corp.(b)..... 60,000 1,980,000
Target Corp................... 28,000 1,624,000
Wal-Mart Stores, Inc.......... 25,000 1,440,625
------------
5,044,625
------------
RETAIL (SPECIALTY)--0.5%
Staples, Inc.(b).............. 68,000 1,045,500
SERVICES (ADVERTISING/MARKETING)--1.0%
Interpublic Group of Cos.,
Inc. (The).................... 43,000 1,849,000
SERVICES (COMPUTER SYSTEMS)--1.4%
Electronic Data Systems
Corp.......................... 65,000 2,681,250
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
TELECOMMUNICATIONS (LONG DISTANCE)--3.4%
WorldCom, Inc.(b)............. 143,000 $ 6,560,125
------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $62,822,218) 104,092,562
------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
TOTAL INVESTMENTS--94.4%
(IDENTIFIED COST $140,642,181) 182,375,687(a)
Cash and receivables, less liabilities--5.6% 10,867,389
------------
NET ASSETS--100.0% $193,243,076
============
</TABLE>
<TABLE>
<S> <C>
(a) Federal Income Tax Information: Net unrealized appreciation
of investment securities is comprised of gross appreciation
of $46,775,470 and gross depreciation of $5,041,964 for
federal income tax purposes. At June 30, 2000, the aggregate
cost of securities for federal income tax purposes was
$140,642,181.
(b) Non-income producing.
</TABLE>
4 See Notes to Financial Statements
<PAGE>
Phoenix-Engemann Balanced Return Fund
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $140,642,181) $182,375,687
Cash 8,872,194
Receivables
Dividends and interest 2,054,139
Fund shares sold 543,446
------------
Total assets 193,845,466
------------
LIABILITIES
Payables
Fund shares repurchased 180,779
Distribution fee 217,978
Investment advisory fee 113,751
Administration fee 66,757
Trustees' fee 5,290
Accrued expenses 17,835
------------
Total liabilities 602,390
------------
NET ASSETS $193,243,076
============
NET ASSETS CONSIST OF:
Capital paid in on shares of
beneficial interest $133,824,932
Undistributed net investment income 928,366
Accumulated net realized gain 16,756,272
Net unrealized appreciation 41,733,506
------------
NET ASSETS $193,243,076
============
CLASS A
Shares of beneficial interest
outstanding, $1.00 par value,
unlimited authorization (Net
Assets $135,687,891) 3,340,463
Net asset value per share $40.62
Offering price per share
$40.62/(1-5.75%) $43.10
CLASS B
Shares of beneficial interest
outstanding, $1.00 par value,
unlimited authorization (Net
Assets $35,385,174) 889,495
Net asset value and offering price
per share $39.78
CLASS C
Shares of beneficial interest
outstanding, $1.00 par value,
unlimited authorization (Net
Assets $22,170,011) 556,193
Net asset value and offering price
per share $39.86
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest $2,263,379
Dividends 171,218
----------
Total investment income 2,434,597
----------
EXPENSES
Investment advisory fee 654,892
Distribution fee, Class A 160,008
Distribution fee, Class B 160,443
Distribution fee, Class C 99,565
Administration 412,829
Professional 10,537
Trustees 7,957
----------
Total expenses 1,506,231
----------
NET INVESTMENT INCOME 928,366
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain on securities 16,773,638
Net change in unrealized appreciation
(depreciation) on investments (9,558,794)
----------
NET GAIN ON INVESTMENTS 7,214,844
----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $8,143,210
==========
</TABLE>
See Notes to Financial Statements 5
<PAGE>
Phoenix-Engemann Balanced Return Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
6/30/00 Year Ended
(Unaudited) 12/31/99
------------ ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 928,366 $ 489,187
Net realized gain (loss) 16,773,638 5,917,606
Net change in unrealized appreciation (depreciation) (9,558,794) 17,431,518
------------ ------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 8,143,210 23,838,311
------------ ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A -- (489,187)
Net realized gains, Class A -- (6,406,492)
Net realized gains, Class B -- (1,606,363)
Net realized gains, Class C -- (906,849)
In excess of net investment income, Class A -- (25,941)
In excess of net realized gains, Class A -- (29,581)
In excess of net realized gains, Class B -- (7,417)
In excess of net realized gains, Class C -- (4,187)
------------ ------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS -- (9,476,017)
------------ ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (639,789 and 1,413,697
shares, respectively) 25,420,047 51,433,069
Net asset value of shares issued from reinvestment of
distributions
(0 and 167,310 shares, respectively) -- 6,421,251
Cost of shares repurchased (482,130 and 483,447 shares,
respectively) (19,000,535) (17,823,682)
------------ ------------
Total 6,419,512 40,030,638
------------ ------------
CLASS B
Proceeds from sales of shares (174,879 and 521,062 shares,
respectively) 6,770,307 18,703,613
Net asset value of shares issued from reinvestment of
distributions
(0 and 37,162 shares, respectively) -- 1,402,126
Cost of shares repurchased (87,340 and 91,202 shares,
respectively) (3,417,537) (3,292,239)
------------ ------------
Total 3,352,770 16,813,500
------------ ------------
CLASS C
Proceeds from sales of shares (139,547 and 263,121 shares,
respectively) 5,372,473 9,526,650
Net asset value of shares issued from reinvestment of
distributions
(0, and 21,486 shares, respectively) -- 812,372
Cost of shares repurchased (50,540 and 38,401 shares,
respectively) (1,959,057) (1,373,573)
------------ ------------
Total 3,413,416 8,965,449
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS 13,185,698 65,809,587
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS 21,328,908 80,171,881
NET ASSETS
Beginning of period 171,914,168 91,742,287
------------ ------------
END OF PERIOD [INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $928,366 AND $0, RESPECTIVELY] $193,243,076 $171,914,168
============ ============
</TABLE>
6 See Notes to Financial Statements
<PAGE>
Phoenix-Engemann Balanced Return Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
----------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ----------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 38.80 $ 34.83 $ 29.05 $ 28.08 $ 25.39 $ 20.54
INCOME FROM INVESTMENT OPERATIONS(4)
Net investment income (loss) 0.24 0.21(1) 0.40 0.30(1) 0.29(1) 0.27(1)
Net realized and unrealized gain (loss) 1.58 6.07 8.03 4.98 4.23 5.31
-------- -------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 1.82 6.28 8.43 5.28 4.52 5.58
-------- -------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income -- (0.16) (0.40) (0.32) (0.30) (0.29)
Dividends from net realized gains -- (2.13) (2.25) (3.99) (1.53) (0.44)
In excess of net investment income -- (0.01) -- -- -- --
In excess of net realized gains -- (0.01) -- -- -- --
-------- -------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS -- (2.31) (2.65) (4.31) (1.83) (0.73)
-------- -------- ------- ------- ------- -------
Change in net asset value 1.82 3.97 5.78 0.97 2.69 4.85
-------- -------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 40.62 $ 38.80 $ 34.83 $ 29.05 $ 28.08 $ 25.39
======== ======== ======= ======= ======= =======
Total return(2) 4.69%(6) 18.10% 29.12% 18.98% 17.78% 27.18%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $135,688 $123,482 $72,620 $56,610 $51,947 $52,028
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.46%(5) 1.56% 1.63% 1.7%(3) 2.0%(3) 2.1%
Net investment income (loss) 1.25%(5) 0.58% 1.15% 1.0% 1.1% 1.2%
Portfolio turnover 29%(6) 41% 124% 40.3% 35.1% 51.1%
</TABLE>
<TABLE>
<C> <S>
(1) Computed using average shares outstanding.
(2) Maximum sales load is not reflected in the total return
calculation.
(3) If the investment adviser had not waived fees and
reimbursed expenses, the ratios of operating expenses to
average net assets would have been 1.70% and 2.10% for the
periods ended December 31, 1997 and 1996, respectively.
(4) Distributions are made in accordance with the prospectus;
however, class level per share income from investment
operations may vary from anticipated results depending on
the timing of share purchases and redemptions.
(5) Annualized.
(6) Not annualized.
</TABLE>
See Notes to Financial Statements 7
<PAGE>
Phoenix-Engemann Balanced Return Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS B
------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 38.13 $ 34.37 $ 28.76 $27.85 $25.26 $20.49
INCOME FROM INVESTMENT OPERATIONS(4)
Net investment income (loss) 0.09 (0.06)(1) 0.13 0.08(1) 0.09(1) 0.08(1)
Net realized and unrealized gain (loss) 1.56 5.96 7.91 4.93 4.16 5.29
------- ------- ------- ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 1.65 5.90 8.04 5.01 4.25 5.37
------- ------- ------- ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- (0.18) (0.11) (0.13) (0.16)
Dividends from net realized gains -- (2.13) (2.25) (3.99) (1.53) (0.44)
In excess of net realized gains -- (0.01) -- -- -- --
------- ------- ------- ------ ------ ------
TOTAL DISTRIBUTIONS -- (2.14) (2.43) (4.10) (1.66) (0.60)
------- ------- ------- ------ ------ ------
Change in net asset value 1.65 3.76 5.61 0.91 2.59 4.77
------- ------- ------- ------ ------ ------
NET ASSET VALUE, END OF PERIOD $ 39.78 $ 38.13 $ 34.37 $28.76 $27.85 $25.26
======= ======= ======= ====== ====== ======
Total return(2) 4.33%(6) 17.22% 28.06% 18.15% 16.82% 26.20%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $35,385 $30,580 $11,512 $7,125 $4,609 $2,721
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.21%(5) 2.30% 2.38% 2.4%(3) 2.7%(3) 2.9%
Net investment income (loss) 0.50%(5) (0.16)% 0.39% 0.3% 0.3% 0.3%
Portfolio turnover 29%(6) 41% 124% 40.3% 35.1% 51.1%
</TABLE>
<TABLE>
<CAPTION>
CLASS C
-----------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 -----------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 38.21 $ 34.44 $28.80 $27.88 $25.28 $20.48
INCOME FROM INVESTMENT OPERATIONS(4)
Net investment income (loss) 0.09 (0.06)(1) 0.14 0.08(1) 0.09(1) 0.07(1)
Net realized and unrealized gain (loss) 1.56 5.97 7.92 4.92 4.16 5.30
------- ------- ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 1.65 5.91 8.06 5.00 4.25 5.37
------- ------- ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- (0.17) (0.09) (0.12) (0.13)
Dividends from net realized gains -- (2.13) (2.25) (3.99) (1.53) (0.44)
In excess of net realized gains -- (0.01) -- -- -- --
------- ------- ------ ------ ------ ------
TOTAL DISTRIBUTIONS -- (2.14) (2.42) (4.08) (1.65) (0.57)
------- ------- ------ ------ ------ ------
Change in net asset value 1.65 3.77 5.64 0.92 2.60 4.80
------- ------- ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $ 39.86 $ 38.21 $34.44 $28.80 $27.88 $25.28
======= ======= ====== ====== ====== ======
Total return(2) 4.32%(6) 17.22% 28.07% 18.11% 16.79% 26.23%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $22,170 $17,852 $7,610 $5,581 $4,183 $2,809
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.21%(5) 2.30% 2.38% 2.4%(3) 2.7%(3) 2.9%
Net investment income (loss) 0.50%(5) (0.16)% 0.39% 0.3% 0.3% 0.3%
Portfolio turnover 29%(6) 41% 124% 40.3% 35.1% 51.1%
</TABLE>
<TABLE>
<C> <S>
(1) Computed using average shares outstanding.
(2) Maximum sales load is not reflected in the total return
calculation.
(3) If the investment adviser had not waived fees and
reimbursed expenses, the ratios of operating expenses to
average net assets would have been 2.50% and 2.80% for the
periods ended December 31, 1997 and 1996, respectively.
(4) Distributions are made in accordance with the prospectus;
however, class level per share income from investment
operations may vary from anticipated results depending on
the timing of share purchases and redemptions.
(5) Annualized.
(6) Not annualized.
</TABLE>
8 See Notes to Financial Statements
<PAGE>
PHOENIX-ENGEMANN FOCUS GROWTH FUND
INVESTMENTS AT JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C> <C>
COMMON STOCKS--93.4%
BROADCASTING (TELEVISION, RADIO & CABLE)--3.0%
Clear Channel Communications,
Inc.(b)............................... 314,000 $ 23,550,000
COMMUNICATIONS EQUIPMENT--5.9%
Lucent Technologies, Inc.............. 396,000 23,463,000
Tellabs, Inc.(b)...................... 344,100 23,549,344
------------
47,012,344
------------
COMPUTERS (HARDWARE)--5.0%
Dell Computer Corp.(b)................ 300,000 14,793,750
Sun Microsystems, Inc.(b)............. 269,000 24,462,187
------------
39,255,937
------------
COMPUTERS (NETWORKING)--10.0%
Cisco Systems, Inc.(b)................ 1,184,448 75,286,476
Genuity, Inc.(b)...................... 385,500 3,529,734
------------
78,816,210
------------
COMPUTERS (PERIPHERALS)--4.6%
EMC Corp.(b).......................... 468,000 36,006,750
COMPUTERS (SOFTWARE & SERVICES)--8.6%
America Online, Inc.(b)............... 584,000 30,806,000
Microsoft Corp.(b).................... 221,600 17,728,000
Oracle Corp.(b)....................... 150,000 12,609,375
Yahoo!, Inc.(b)....................... 58,000 7,184,750
------------
68,328,125
------------
ELECTRICAL EQUIPMENT--3.4%
General Electric Co................... 510,000 27,030,000
ELECTRONICS (SEMICONDUCTORS)--23.4%
Broadcom Corp. Class A(b)............. 106,000 23,207,375
Intel Corp............................ 252,800 33,796,200
JDS Uniphase Corp.(b)................. 460,000 55,142,500
Texas Instruments, Inc................ 718,400 49,345,100
Xilinx, Inc.(b)....................... 278,000 22,952,375
------------
184,443,550
------------
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C> <C>
EQUIPMENT (SEMICONDUCTORS)--0.9%
Applied Materials, Inc.(b)............ 82,000 $ 7,431,250
FINANCIAL (DIVERSIFIED)--4.4%
American Express Co................... 282,000 14,699,250
Citigroup, Inc........................ 330,000 19,882,500
------------
34,581,750
------------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--8.5%
Genentech, Inc.(b).................... 86,000 14,792,000
Merck & Co., Inc...................... 208,200 15,953,325
Pfizer, Inc........................... 754,300 36,206,400
------------
66,951,725
------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--1.9%
Medtronic, Inc........................ 300,200 14,953,712
INVESTMENT BANKING/BROKERAGE--3.8%
Goldman Sachs Group, Inc. (The)....... 100,000 9,487,500
Merrill Lynch & Co., Inc.............. 176,000 20,240,000
------------
29,727,500
------------
RETAIL (BUILDING SUPPLIES)--2.4%
Home Depot, Inc. (The)................ 375,000 18,726,563
RETAIL (GENERAL MERCHANDISE)--2.7%
Costco Wholesale Corp.(b)............. 190,000 6,270,000
Wal-Mart Stores, Inc.................. 259,000 14,924,875
------------
21,194,875
------------
RETAIL (SPECIALTY)--0.9%
Bed Bath & Beyond, Inc.(b)............ 205,000 7,431,250
TELECOMMUNICATIONS (LONG DISTANCE)--3.1%
WorldCom, Inc.(b)..................... 526,500 24,153,188
TRUCKERS--0.9%
United Parcel Service, Inc. Class B... 119,500 7,050,500
--------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $303,063,413) 736,645,229
--------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements 9
<PAGE>
Phoenix-Engemann Focus Growth Fund
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C> <C>
FOREIGN COMMON STOCKS--3.7%
COMMUNICATIONS EQUIPMENT--3.7%
Nokia Oyj Sponsored ADR (Finland)..... 385,000 $ 19,225,938
Nortel Networks Corp. (Canada)........ 150,000 10,237,500
------------
29,463,438
------------
--------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $21,616,922) 29,463,438
--------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
TOTAL INVESTMENTS--97.1%
(IDENTIFIED COST $324,680,335) 766,108,667(a)
Cash and receivables, less liabilities--2.9% 22,761,138
------------
NET ASSETS--100.0% $788,869,805
============
</TABLE>
<TABLE>
<S> <C>
(a) Federal Income Tax Information: Net unrealized appreciation
of investment securities is comprised of gross appreciation
of $444,476,035 and gross depreciation of $3,047,703 for
federal income tax purposes. At June 30, 2000, the aggregate
cost of securities for federal income tax purposes was
$324,680,335.
(b) Non-income producing.
</TABLE>
10 See Notes to Financial Statements
<PAGE>
Phoenix-Engemann Focus Growth Fund
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $324,680,335) $ 766,108,667
Cash 26,139,508
Receivables
Fund shares sold 277,365
Dividends and interest 220,216
--------------
Total assets 792,745,756
--------------
LIABILITIES
Payables
Investment securities purchased 1,697,972
Fund shares repurchased 648,970
Distribution fee 773,134
Investment advisory fee 492,845
Administration fee 236,981
Trustees' fee 5,290
Accrued expenses 20,759
--------------
Total liabilities 3,875,951
--------------
NET ASSETS $ 788,869,805
==============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest 320,733,356
Undistributed net investment loss (4,411,398)
Accumulated net realized gain 31,119,515
Net unrealized appreciation 441,428,332
--------------
NET ASSETS $ 788,869,805
==============
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $624,985,000) 18,502,259
Net asset value per share $33.78
Offering price per share $33.78/(1-5.75%) $35.84
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $103,762,843) 3,309,979
Net asset value and offering price per share $31.35
CLASS C
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $60,121,962) 1,917,952
Net asset value and offering price per share $31.35
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends $ 929,418
Interest 755,528
-------------
Total investment income 1,684,946
-------------
EXPENSES
Investment advisory fee 2,970,866
Distribution fee, Class A 760,624
Distribution fee, Class B 522,506
Distribution fee, Class C 288,382
Administration 1,531,730
Professional 14,280
Trustees 7,956
-------------
Total expenses 6,096,344
-------------
NET INVESTMENT LOSS (4,411,398)
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 28,756,176
Net realized gain on written options 2,363,339
Net change in unrealized appreciation (depreciation) on
investments (14,541,870)
-------------
NET GAIN ON INVESTMENTS 16,577,645
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 12,166,247
=============
</TABLE>
See Notes to Financial Statements 11
<PAGE>
Phoenix-Engemann Focus Growth Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
6/30/00 Year Ended
(Unaudited) 12/31/99
------------ ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ (4,411,398) $ (7,242,469)
Net realized gain (loss) 31,119,515 86,481,655
Net change in unrealized appreciation (depreciation) (14,541,870) 184,957,338
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS 12,166,247 264,196,524
------------ ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net realized gains, Class A -- (103,359,347)
Net realized gains, Class B -- (18,563,891)
Net realized gains, Class C -- (9,894,149)
In excess of net realized gains, Class A -- (2,793,835)
In excess of net realized gains, Class B -- (501,788)
In excess of net realized gains, Class C -- (267,443)
------------ ------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS -- (135,380,453)
------------ ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (1,839,722 and 2,437,653
shares, respectively) 61,316,497 77,978,236
Net asset value of shares issued from reinvestment of
distributions
(0 and 2,932,699 shares, respectively) -- 95,019,463
Cost of shares repurchased (2,029,684 and 3,126,770
shares, respectively) (67,801,234) (98,805,876)
------------ ------------
Total (6,484,737) 74,191,823
------------ ------------
CLASS B
Proceeds from sales of shares (344,066 and 672,999 shares,
respectively) 10,548,325 19,484,473
Net asset value of shares issued from reinvestment of
distributions
(0 and 575,602 shares, respectively) -- 17,377,421
Cost of shares repurchased (469,109 and 402,631 shares,
respectively) (14,475,653) (11,482,014)
------------ ------------
Total (3,927,328) 25,379,880
------------ ------------
CLASS C
Proceeds from sales of shares (249,747 and 417,135 shares,
respectively) 7,684,020 12,312,851
Net asset value of shares issued from reinvestment of
distributions
(0 and 308,840 shares, respectively) -- 9,323,884
Cost of shares repurchased (162,766 and 251,773 shares,
respectively) (5,025,209) (7,279,393)
------------ ------------
Total 2,658,811 14,357,342
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS (7,753,254) 113,929,045
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS 4,412,993 242,745,116
NET ASSETS
Beginning of period 784,456,812 541,711,696
------------ ------------
END OF PERIOD [INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF
($4,411,398) AND $0, RESPECTIVELY] $788,869,805 $784,456,812
============ ============
</TABLE>
12 See Notes to Financial Statements
<PAGE>
Phoenix-Engemann Focus Growth Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
--------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 --------------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 33.24 $ 26.82 $ 20.43 $ 21.94 $ 19.28 $ 15.40
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) (0.16) (0.31) (0.16) (0.16) (0.14) (0.06)
Net realized and unrealized gain (loss) 0.70 13.48 7.76 3.51 4.47 4.24
-------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS 0.54 13.17 7.60 3.35 4.33 4.18
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- -- -- --
Dividends from net realized gains -- (6.57) (1.21) (4.86) (1.67) (0.30)
In excess of net realized gains -- (0.18) -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS -- (6.75) (1.21) (4.86) (1.67) (0.30)
-------- -------- -------- -------- -------- --------
Change in net asset value 0.54 6.42 6.39 (1.51) 2.66 3.88
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 33.78 $ 33.24 $ 26.82 $ 20.43 $ 21.94 $ 19.28
======== ======== ======== ======== ======== ========
Total return(2) 1.62%(5) 49.74% 37.41% 16.04% 22.49% 27.16%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $624,985 $621,386 $441,146 $383,481 $426,785 $415,416
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.42%(4) 1.54% 1.58% 1.6%(3) 1.6%(3) 1.6%
Net investment income (loss) (0.99)%(4) (1.04)% (0.72)% (0.7)% (0.6)% (0.3)%
Portfolio turnover 21%(5) 56% 119% 70.6% 70.1% 65.9%
</TABLE>
<TABLE>
<C> <S>
(1) Computed using average shares outstanding.
(2) Maximum sales load is not reflected in the total return
calculation.
(3) If the investment adviser had not waived fees and
reimbursed expenses, the ratio of operating expenses to
average net assets would have been 1.60% and 1.60% for the
periods ended December 31, 1997 and 1996, respectively.
(4) Annualized.
(5) Not annualized.
</TABLE>
See Notes to Financial Statements 13
<PAGE>
Phoenix-Engemann Focus Growth Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS B
----------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ----------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 30.97 $ 25.49 $ 19.61 $ 21.40 $ 18.99 $ 15.28
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) (0.27) (0.51) (0.32) (0.34) (0.31) (0.20)
Net realized and unrealized gain (loss) 0.65 12.74 7.41 3.41 4.39 4.21
-------- -------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 0.38 12.23 7.09 3.07 4.08 4.01
-------- -------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- -- -- --
Dividends from net realized gains -- (6.57) (1.21) (4.86) (1.67) (0.30)
In excess of net realized gains -- (0.18) -- -- -- --
-------- -------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS -- (6.75) (1.21) (4.86) (1.67) (0.30)
-------- -------- ------- ------- ------- -------
Change in net asset value 0.38 5.48 5.88 (1.79) 2.41 3.71
-------- -------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 31.35 $ 30.97 $ 25.49 $ 19.61 $ 21.40 $ 18.99
======== ======== ======= ======= ======= =======
Total return(2) 1.23%(5) 48.64% 36.38% 15.13% 21.52% 26.26%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $103,763 $106,372 $65,986 $54,267 $49,444 $34,786
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.17%(4) 2.29% 2.33% 2.4%(3) 2.3%(3) 2.4%
Net investment income (loss) (1.74)%(4) (1.78)% (1.47)% (1.5)% (1.5)% (1.1)%
Portfolio turnover 21%(5) 56% 119% 70.6% 70.1% 65.9%
</TABLE>
<TABLE>
<CAPTION>
CLASS C
---------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ---------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 30.97 $ 25.49 $ 19.61 $ 21.40 $ 18.99 $ 15.28
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) (0.27) (0.51) (0.32) (0.34) (0.31) (0.20)
Net realized and unrealized gain (loss) 0.65 12.74 7.41 3.41 4.39 4.21
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 0.38 12.23 7.09 3.07 4.08 4.01
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- -- -- --
Dividends from net realized gains -- (6.57) (1.21) (4.86) (1.67) (0.30)
In excess of net realized gains -- (0.18) -- -- -- --
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS -- (6.75) (1.21) (4.86) (1.67) (0.30)
------- ------- ------- ------- ------- -------
Change in net asset value 0.38 5.48 5.88 (1.79) 2.41 3.71
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 31.35 $ 30.97 $ 25.49 $ 19.61 $ 21.40 $ 18.99
======= ======= ======= ======= ======= =======
Total return(2) 1.23%(5) 48.64% 36.38% 15.13% 21.52% 26.26%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $60,122 $56,699 $34,580 $29,222 $27,239 $20,497
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.17%(4) 2.29% 2.33% 2.4%(3) 2.3%(3) 2.4%
Net investment income (loss) (1.74)%(4) (1.78)% (1.47)% (1.5)% (1.5)% (1.1)%
Portfolio turnover 21%(5) 56% 119% 70.6% 70.1% 65.9%
</TABLE>
<TABLE>
<C> <S>
(1) Computed using average shares outstanding.
(2) Maximum sales load is not reflected in the total return
calculation.
(3) If the investment adviser had not waived fees and
reimbursed expenses, the ratio of operating expenses to
average net assets would have been 2.40% and 2.40% for the
periods ended December 31, 1997 and 1996, respectively.
(4) Annualized.
(5) Not annualized.
</TABLE>
14 See Notes to Financial Statements
<PAGE>
PHOENIX-ENGEMANN NIFTY-FIFTY FUND
INVESTMENTS AT JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
COMMON STOCKS--95.3%
COMMUNICATIONS EQUIPMENT--7.7%
Lucent Technologies, Inc............... 370,000 $ 21,922,500
Motorola, Inc.......................... 334,000 9,706,875
Tellabs, Inc.(b)....................... 153,000 10,470,937
------------
42,100,312
------------
COMPUTERS (HARDWARE)--4.0%
Dell Computer Corp.(b)................. 159,000 7,840,687
Sun Microsystems, Inc.(b).............. 153,000 13,913,437
------------
21,754,124
------------
COMPUTERS (NETWORKING)--5.9%
Cisco Systems, Inc.(b)................. 506,748 32,210,170
COMPUTERS (PERIPHERALS)--7.2%
EMC Corp.(b)........................... 514,000 39,545,875
COMPUTERS (SOFTWARE & SERVICES)--8.8%
America Online, Inc.(b)................ 185,000 9,758,750
BEA Systems, Inc.(b)................... 384,000 18,984,000
Microsoft Corp.(b)..................... 63,800 5,104,000
Oracle Corp.(b)........................ 75,000 6,304,687
VERITAS Software Corp.(b).............. 52,500 5,933,320
eBay, Inc.(b).......................... 36,000 1,955,250
------------
48,040,007
------------
ELECTRONICS (SEMICONDUCTORS)--13.0%
Intel Corp............................. 176,000 23,529,000
JDS Uniphase Corp.(b).................. 76,000 9,110,500
Maxim Integrated Products, Inc.(b)..... 103,000 6,997,562
Texas Instruments, Inc................. 368,000 25,277,000
Xilinx, Inc.(b)........................ 75,000 6,192,187
------------
71,106,249
------------
ENTERTAINMENT--2.5%
Time Warner, Inc....................... 65,000 4,940,000
Viacom, Inc. Class B(b)................ 53,000 3,613,938
Walt Disney Co. (The).................. 135,000 5,239,688
------------
13,793,626
------------
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
EQUIPMENT (SEMICONDUCTORS)--1.0%
Applied Materials, Inc.(b)............. 59,000 $ 5,346,875
FINANCIAL (DIVERSIFIED)--5.7%
American Express Co.................... 231,000 12,040,875
Citigroup, Inc......................... 225,000 13,556,250
Morgan Stanley Dean Witter & Co........ 65,000 5,411,250
------------
31,008,375
------------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--12.3%
Genentech, Inc.(b)..................... 105,000 18,060,000
Merck & Co., Inc....................... 75,600 5,792,850
Pfizer, Inc............................ 694,600 33,340,800
Pharmacia Corp......................... 192,070 9,927,618
------------
67,121,268
------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--4.5%
Guidant Corp.(b)....................... 167,000 8,266,500
Medtronic, Inc......................... 322,600 16,069,513
------------
24,336,013
------------
INVESTMENT BANKING/BROKERAGE--2.4%
Merrill Lynch & Co., Inc............... 54,000 6,210,000
Schwab (Charles) Corp. (The)........... 210,000 7,061,250
------------
13,271,250
------------
NATURAL GAS--0.5%
Enron Corp............................. 39,000 2,515,500
RAILROADS--3.7%
Kansas City Southern Industries,
Inc.................................... 229,000 20,309,438
RESTAURANTS--1.1%
Starbucks Corp.(b)..................... 155,000 5,919,063
RETAIL (BUILDING SUPPLIES)--2.0%
Home Depot, Inc. (The)................. 223,500 11,161,031
RETAIL (FOOD CHAINS)--2.1%
Safeway, Inc.(b)....................... 248,000 11,191,000
RETAIL (GENERAL MERCHANDISE)--3.3%
Costco Wholesale Corp.(b).............. 200,500 6,616,500
</TABLE>
See Notes to Financial Statements 15
<PAGE>
Phoenix-Engemann Nifty-Fifty Fund
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
RETAIL (GENERAL MERCHANDISE)--CONTINUED
Wal-Mart Stores, Inc................... 195,000 $ 11,236,875
------------
17,853,375
------------
RETAIL (SPECIALTY)--0.9%
Bed Bath & Beyond, Inc.(b)............. 138,050 5,004,313
SERVICES (ADVERTISING/MARKETING)--0.9%
Interpublic Group of Cos., Inc.
(The).................................. 120,000 5,160,000
SERVICES (COMPUTER SYSTEMS)--2.6%
Electronic Data Systems Corp........... 350,000 14,437,500
SERVICES (DATA PROCESSING)--0.1%
Automatic Data Processing, Inc......... 10,000 535,625
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--1.0%
AT&T Wireless Group(b)................. 200,000 5,575,000
TELECOMMUNICATIONS (LONG DISTANCE)--1.1%
WorldCom, Inc.(b)...................... 132,500 6,078,438
TRUCKERS--1.0%
United Parcel Service, Inc. Class B.... 92,000 5,428,000
--------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $303,377,991) 520,802,427
--------------------------------------------------------------------
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
FOREIGN COMMON STOCKS--3.1%
COMMUNICATIONS EQUIPMENT--3.1%
Nokia Oyj ADR (Finland)................ 328,000 $ 16,379,500
Nortel Networks Corp. (Canada)......... 10,000 682,500
------------
17,062,000
------------
--------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $16,609,032) 17,062,000
--------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
TOTAL INVESTMENTS--98.4%
(IDENTIFIED COST $319,987,023) 537,864,427(a)
Cash and receivables, less liabilities--1.6% 8,798,540
------------
NET ASSETS--100.0% $546,662,967
============
</TABLE>
<TABLE>
<S> <C>
(a) Federal Income Tax Information: Net unrealized appreciation
of investment securities is comprised of gross appreciation
of $229,988,960 and gross depreciation of $12,212,402 for
federal income tax purposes. At June 30, 2000, the aggregate
cost of securities for federal income tax purposes was
$320,087,869.
(b) Non-income producing.
</TABLE>
16 See Notes to Financial Statements
<PAGE>
Phoenix-Engemann Nifty Fifty Fund
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $319,987,023) $537,864,427
Cash 10,540,089
Receivables
Fund shares sold 1,215,000
Dividends and interest 147,131
------------
Total assets 549,766,647
------------
LIABILITIES
Payables
Investment securities purchase 1,203,794
Fund shares repurchased 614,042
Distribution fee 726,360
Investment advisory fee 355,400
Administration fee 178,203
Trustees' fee 5,290
Accrued expenses 20,591
------------
Total liabilities 3,103,680
------------
NET ASSETS $546,662,967
============
NET ASSETS CONSIST OF:
Capital paid in on shares of
beneficial interest $262,876,116
Undistributed net investment loss (3,745,120)
Accumulated net realized gain 69,654,567
Net unrealized appreciation 217,877,404
------------
NET ASSETS $546,662,967
============
CLASS A
Shares of beneficial interest
outstanding, $1 par value,
unlimited authorization (Net
Assets $328,566,584) 6,927,903
Net asset value per share $47.43
Offering price per share
$47.43/(1-5.75%) $50.32
CLASS B
Shares of beneficial interest
outstanding, $1 par value,
unlimited authorization (Net
Assets $140,999,555) 3,153,322
Net asset value and offering price
per share $44.71
CLASS C
Shares of beneficial interest
outstanding, $1 par value,
unlimited authorization (Net
Assets $77,096,828) 1,724,341
Net asset value and offering price
per share $44.71
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends $ 757,075
Interest 279,586
Foreign Tax Withheld (9,429)
-----------
Total investment income 1,027,232
-----------
EXPENSES
Investment advisory fee 2,136,019
Distribution fee, Class A 400,491
Distribution fee, Class B 692,205
Distribution fee, Class C 367,100
Administration 1,157,219
Professional 10,287
Trustees 9,031
-----------
Total expenses 4,772,352
-----------
NET INVESTMENT LOSS (3,745,120)
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain on securities 71,916,568
Net change in unrealized
appreciation (depreciation) on
investments (54,309,586)
-----------
NET GAIN ON INVESTMENTS 17,606,982
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $13,861,862
===========
</TABLE>
See Notes to Financial Statements 17
<PAGE>
Phoenix-Engemann Nifty Fifty Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
6/30/00 Year Ended
(Unaudited) 12/31/99
------------ ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ (3,745,120) $ (5,531,589)
Net realized gain (loss) 71,916,568 40,441,424
Net change in unrealized appreciation (depreciation) (54,309,586) 93,107,575
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS 13,861,862 128,017,410
------------ ------------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net realized gains, Class A -- (32,506,365)
Net realized gains, Class B -- (14,737,596)
Net realized gains, Class C -- (7,456,863)
------------ ------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS -- (54,700,824)
------------ ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (646,703 and 1,492,778
shares, respectively) 30,159,804 63,251,908
Net asset value of shares issued from reinvestment of
distributions
(0 and 650,922 shares, respectively) -- 29,512,798
Cost of shares repurchased (678,886 and 1,241,476 shares,
respectively) (31,616,770) (53,099,694)
------------ ------------
Total (1,456,966) 39,665,012
------------ ------------
CLASS B
Proceeds from sales of shares (304,595 and 634,388 shares,
respectively) 13,404,563 25,899,845
Net asset value of shares issued from reinvestment of
distributions
(0 and 300,215 shares, respectively) -- 12,885,223
Cost of shares repurchased (324,650 and 367,722 shares,
respectively) (14,373,480) (15,038,011)
------------ ------------
Total (968,917) 23,747,057
------------ ------------
CLASS C
Proceeds from sales of shares (248,372 and 398,511 shares,
respectively) 10,896,175 16,321,818
Net asset value of shares issued from reinvestment of
distributions
(0 and 154,070 shares, respectively) -- 6,611,132
Cost of shares repurchased (146,607 and 230,854 shares,
respectively) (6,468,428) (9,311,630)
------------ ------------
Total 4,427,747 13,621,320
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS 2,001,864 77,033,389
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS 15,863,726 150,349,975
NET ASSETS
Beginning of period 530,799,241 380,449,266
------------ ------------
END OF PERIOD [INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME
(LOSS) OF ($3,475,120) AND $0, RESPECTIVELY] $546,662,967 $530,799,241
============ ============
</TABLE>
18 See Notes to Financial Statements
<PAGE>
Phoenix-Engemann Nifty Fifty Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
--------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31
6/30/00 --------------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 46.16 $ 38.80 $ 29.21 $ 26.50 $ 22.18 $ 17.30
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) (0.26) (0.41) (0.20) (0.20) (0.12) (0.05)
Net realized and unrealized gain (loss) 1.53 12.92 10.45 5.23 6.00 4.93
-------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS 1.27 12.51 10.25 5.03 5.88 4.88
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- -- -- --
Dividends from net realized gains -- (5.15) (0.66) (2.32) (1.56) --
-------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS -- (5.15) (0.66) (2.32) (1.56) --
-------- -------- -------- -------- -------- --------
Change in net asset value 1.27 7.36 9.59 2.71 4.32 4.88
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 47.43 $ 46.16 $ 38.80 $ 29.21 $ 26.50 $ 22.18
======== ======== ======== ======== ======== ========
Total return(2) 2.75%(5) 32.47% 35.13% 19.23% 26.53% 28.21%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $328,567 $321,299 $235,065 $176,378 $145,469 $122,322
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.49%(4) 1.58% 1.60% 1.6%(3) 1.7%(3) 1.9%
Net investment income (loss) (1.11)%(4) (0.97)% (0.61)% (0.7)% (0.4)% (0.3)%
Portfolio turnover 55%(5) 43% 92% 68.8% 41.9% 26.5%
</TABLE>
<TABLE>
<C> <S>
(1) Computed using average shares outstanding.
(2) Maximum sales load is not reflected in the total return
calculation.
(3) If the investment adviser had not waived fees and
reimbursed expenses, the ratio of operating expenses to
average net assets would have been 1.60% and 1.80% for the
periods ended December 31, 1997 and 1996, respectively.
(4) Annualized.
(5) Not annualized.
</TABLE>
See Notes to Financial Statements 19
<PAGE>
Phoenix-Engemann Nifty Fifty Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS B
----------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31
6/30/00 ----------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 43.68 $ 37.21 $ 28.24 $ 25.88 $ 21.85 $ 17.17
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) (0.41) (0.70) (0.43) (0.42) (0.30) (0.21)
Net realized and unrealized gain (loss) 1.44 12.32 10.06 5.10 5.89 4.89
-------- -------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 1.03 11.62 9.63 4.68 5.59 4.68
-------- -------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- -- -- --
Dividends from net realized gains -- (5.15) (0.66) (2.32) (1.56) --
-------- -------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS -- (5.15) (0.66) (2.32) (1.56) --
-------- -------- ------- ------- ------- -------
Change in net asset value 1.03 6.47 8.97 2.36 4.03 4.68
-------- -------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 44.71 $ 43.68 $ 37.21 $ 28.24 $ 25.88 $ 21.85
======== ======== ======= ======= ======= =======
Total return(2) 2.36%(5) 31.47% 34.14% 18.33% 25.60% 27.26%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $141,000 $138,626 $96,983 $68,051 $47,143 $27,462
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.24%(4) 2.33% 2.35% 2.4%(3) 2.5%(3) 2.6%
Net investment income (loss) (1.86)%(4) (1.72)% (1.35)% (1.4)% (1.2)% (1.0)%
Portfolio turnover 55%(5) 43% 92% 68.8% 41.9% 26.5%
</TABLE>
<TABLE>
<CAPTION>
CLASS C
---------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31
6/30/00 ---------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 43.68 $ 37.21 $ 28.24 $ 25.88 $ 21.85 $ 17.17
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) (0.41) (0.70) (0.43) (0.42) (0.30) (0.21)
Net realized and unrealized gain (loss) 1.44 12.32 10.06 5.10 5.89 4.89
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 1.03 11.62 9.63 4.68 5.59 4.68
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- -- -- --
Dividends from net realized gains -- (5.15) (0.66) (2.32) (1.56) --
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS -- (5.15) (0.66) (2.32) (1.56) --
------- ------- ------- ------- ------- -------
Change in net asset value 1.03 6.47 8.97 2.36 4.03 4.68
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 44.71 $ 43.68 $ 37.21 $ 28.24 $ 25.88 $ 21.85
======= ======= ======= ======= ======= =======
Total return(2) 2.36%(5) 31.47% 34.14% 18.33% 25.60% 27.26%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $77,097 $70,875 $48,401 $39,773 $26,092 $15,105
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.24%(4) 2.33% 2.35% 2.4%(3) 2.5%(3) 2.6%
Net investment income (loss) (1.86)%(4) (1.72)% (1.35)% (1.4)% (1.2)% (1.0)%
Portfolio turnover 55%(5) 43% 92% 68.8% 41.9% 26.5%
</TABLE>
<TABLE>
<C> <S>
(1) Computed using average shares outstanding.
(2) Maximum sales load is not reflected in the total return
calculation.
(3) If the investment adviser had not waived fees and
reimbursed expenses, the ratio of operating expenses to
average net assets would have been 2.40% and 2.50% for the
periods ended December 31, 1997 and 1996, respectively.
(4) Annualized.
(5) Not annualized.
</TABLE>
20 See Notes to Financial Statements
<PAGE>
PHOENIX-ENGEMANN SMALL & MID-CAP GROWTH FUND
INVESTMENTS AT JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
COMMON STOCKS--86.0%
AIR FREIGHT--0.4%
Expeditors International of Washington,
Inc..................................... 30,000 $ 1,425,000
BIOTECHNOLOGY--4.8%
Aviron(b)............................... 80,000 2,470,000
Charles River Laboratories, Inc......... 52,000 1,153,750
Cor Therapeutics, Inc.(b)............... 47,000 4,009,687
Coulter Pharmaceutical, Inc.(b)......... 30,000 615,000
Enzon, Inc.(b).......................... 25,000 1,062,500
IDEC Pharmaceuticals Corp.(b)........... 36,800 4,317,100
Myriad Genetics, Incorporated........... 20,000 2,961,562
Pharmacyclics, Inc.(b).................. 20,000 1,220,000
------------
17,809,599
------------
BROADCASTING (TELEVISION, RADIO & CABLE)--0.2%
Spanish Broadcasting System, Inc. Class
A(b).................................... 30,000 616,875
COMMUNICATIONS EQUIPMENT--1.0%
Audiovox Corp. Class A(b)............... 34,400 758,950
i3 Mobile, Inc.(b)...................... 48,000 882,000
Metawave Communications Corp.(b)........ 75,000 2,001,562
------------
3,642,512
------------
COMPUTERS (HARDWARE)--0.7%
MMC Networks, Inc.(b)................... 50,000 2,671,875
COMPUTERS (SOFTWARE & SERVICES)--22.1%
Agile Software Corp.(b)................. 32,000 2,262,000
Aspsecure.com Corp.(b).................. 120,000 390,000
BEA Systems, Inc.(b).................... 270,000 13,348,125
Bluestone Software, Inc.(b)............. 150,000 3,853,125
Broadbase Software, Inc.(b)............. 30,000 918,750
C-bridge Internet Solutions, Inc.(b).... 100,000 1,737,500
Commerce One, Inc.(b)................... 90,000 4,085,156
Extensity, Inc.(b)...................... 75,000 2,568,750
Interwoven, Inc.(b)..................... 25,000 2,749,609
Keynote Systems, Inc.(b)................ 80,000 5,645,000
LivePerson, Inc.(b)..................... 192,000 1,668,000
Luminant Worldwide Corp.(b)............. 100,000 893,750
MatrixOne, Inc.(b)...................... 23,050 936,406
NYFIX, Inc.(b).......................... 222,000 9,310,125
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
COMPUTERS (SOFTWARE & SERVICES)--CONTINUED
PC-Tel, Inc.(b)......................... 24,000 $ 912,000
Peregrine Systems, Inc.(b).............. 250,000 8,671,875
Precise Software Solutions Ltd.(b)...... 39,000 936,000
Predictive Systems, Inc.(b)............. 75,000 2,695,312
Primus Knowledge Solutions.............. 70,000 3,150,000
PurchasePro.com, Inc.(b)................ 115,000 4,715,000
Sapient Corp.(b)........................ 36,000 3,849,750
Software Technologies Corp.(b).......... 150,000 4,603,125
Ulticom, Inc.(b)........................ 48,000 1,152,750
Websense, Inc.(b)....................... 48,000 1,206,000
------------
82,258,108
------------
CONSUMER FINANCE--2.7%
Metris Cos., Inc........................ 400,000 10,050,000
ELECTRICAL EQUIPMENT--4.3%
Advanced Energy Industries, Inc.(b)..... 160,000 9,430,000
C-COR.net Corp.(b)...................... 28,000 756,000
Flextronics International Ltd.(b)....... 50,000 3,434,375
Manufacturers' Services Ltd.(b)......... 26,000 534,625
Viasystems Group, Inc.(b)............... 111,500 1,804,906
------------
15,959,906
------------
ELECTRONICS (COMPONENT DISTRIBUTORS)--0.2%
Exfo Electro-Optical Engineering,
Inc..................................... 19,500 855,563
ELECTRONICS (INSTRUMENTATION)--3.9%
Aclara Biosciences, Inc.(b)............. 35,000 1,782,812
Caliper Technologies Corp.(b)........... 40,000 1,840,000
Meade Instruments Corp.(b).............. 225,000 5,653,125
Rudolph Technologies, Inc.(b)........... 133,000 5,153,750
------------
14,429,687
------------
ELECTRONICS (SEMICONDUCTORS)--11.6%
ANADIGICS, Inc.(b)...................... 125,000 4,257,813
Applied Micro Circuits Corp.(b)......... 120,000 11,850,000
Micrel, Inc.(b)......................... 152,000 6,602,500
NETsilicon, Inc.(b)..................... 111,500 3,651,625
Quantam Effect Devices, Inc.(b)......... 32,500 1,852,500
Quicklogic Corp.(b)..................... 200,000 4,450,000
Silcon Storage Technology, Inc.(b)...... 40,000 3,532,500
</TABLE>
See Notes to Financial Statements 21
<PAGE>
Phoenix-Engemann Small & Mid-Cap Growth Fund
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
ELECTRONICS (SEMICONDUCTORS)--CONTINUED
Stanford Microdevices, Inc.(b).......... 18,750 $ 814,453
TriQuint Semiconductor, Inc.(b)......... 65,000 6,219,688
------------
43,231,079
------------
ENGINEERING & CONSTRUCTION--0.7%
SBA Communications Corp.(b)............. 50,000 2,596,875
EQUIPMENT (SEMICONDUCTORS)--4.3%
Cymer, Inc.(b).......................... 130,000 6,207,500
Mattson Technology, Inc.(b)............. 23,000 747,500
PRI Automation, Inc.(b)................. 135,000 8,827,734
------------
15,782,734
------------
FINANCIAL (DIVERSIFIED)--1.2%
Federal Agricultural Mortgage Corp.
Class C(b).............................. 113,000 1,645,562
Pinnacle Holdings, Inc.(b).............. 50,000 2,700,000
------------
4,345,562
------------
HEALTH CARE (DRUGS-MAJOR PHARMACEUTICALS)--1.5%
Emisphere Technologies, Inc.(b)......... 14,100 600,792
Inhale Therapeutic Systems, Inc.(b)..... 30,000 3,044,063
Tanox, Inc.(b).......................... 40,000 1,892,500
------------
5,537,355
------------
HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)--1.8%
ArthroCare Corp.(b)..................... 50,000 2,662,500
Aspect Medical Systems, Inc............. 30,000 810,000
MiniMed, Inc. (b)....................... 27,000 3,186,000
------------
6,658,500
------------
HEALTH CARE (SPECIALIZED SERVICES)--0.4%
Omnicare, Inc........................... 150,000 1,359,375
INVESTMENT MANAGEMENT--1.5%
Affiliated Managers Group, Inc.(b)...... 60,000 2,730,000
Gabelli Asset Management, Inc. Class
A(b).................................... 110,000 2,750,000
------------
5,480,000
------------
PUBLISHING--0.5%
Scholastic Corp......................... 33,000 2,017,125
RAILROADS--2.3%
Kansas City Southern Industries, Inc.... 95,000 8,425,313
RESTAURANTS--1.5%
Cheesecake Factory, Inc. (The)(b)....... 150,000 4,125,000
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
RESTAURANTS--CONTINUED
Papa John's International, Inc.(b)...... 65,000 $ 1,592,500
------------
5,717,500
------------
RETAIL (BUILDING SUPPLIES)--0.7%
Fastenal Co............................. 50,000 2,531,250
RETAIL (DISCOUNTERS)--1.6%
99 Cents Only Stores(b)................. 150,000 5,981,250
RETAIL (FOOD CHAINS)--2.4%
Smart & Final, Inc.(b).................. 96,499 741,836
Whole Foods Market, Inc.(b)............. 200,000 8,262,500
------------
9,004,336
------------
RETAIL (SPECIALTY)--2.9%
Cost Plus, Inc.(b)...................... 239,375 6,867,070
Williams-Sonoma, Inc.(b)................ 125,000 4,054,688
------------
10,921,758
------------
RETAIL (SPECIALTY-APPAREL)--0.6%
Children's Place Retail Stores, Inc.
(The)(b)................................ 100,000 2,050,000
SERVICES (COMMERCIAL & CONSUMER)--7.6%
Corporate Executive Board Co.
(The)(b)................................ 90,000 5,388,750
Diamond Technology Partners, Inc.(b).... 24,500 2,156,000
Edison Schools Inc...................... 30,000 695,625
Energy Exploration Technology(b)........ 224,500 7,212,063
Exult, Inc.(b).......................... 78,000 780,000
MIPS Technologies, Inc. Class A(b)...... 100,000 4,250,000
NCO Group, Inc.(b)...................... 106,000 2,451,250
Rent Way, Inc.(b)....................... 50,000 1,478,125
Universal Access, Inc.(b)............... 58,700 1,438,150
Universal Compression Holdings.......... 50,000 1,675,000
Vicinity Corp.(b)....................... 42,500 834,063
------------
28,359,026
------------
SERVICES (DATA PROCESSING)--0.6%
StorageNetworks, Inc.(b)................ 26,000 2,346,500
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--0.9%
Dobson Communications Corp. Class
A(b).................................... 100,000 1,925,000
Teligent, Inc. Class A.................. 65,000 1,535,625
------------
3,460,625
------------
TELECOMMUNICATIONS (LONG DISTANCE)--1.1%
ITXC Corp.(b)........................... 24,000 849,750
Network Plus Corp.(b)................... 125,000 1,773,438
</TABLE>
22 See Notes to Financial Statements
<PAGE>
Phoenix-Engemann Small & Mid-Cap Growth Fund
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
TELECOMMUNICATIONS (LONG DISTANCE)--CONTINUED
Winstar Communications, Inc.(b)......... 42,000 $ 1,422,750
------------
4,045,938
------------
---------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $232,161,653) 319,571,226
---------------------------------------------------------------------
FOREIGN COMMON STOCKS--2.7%
COMMUNICATIONS EQUIPMENT--0.6%
Research in Motion Ltd. (Canada)(b)..... 50,000 2,262,500
INSURANCE (LIFE/HEALTH)--1.2%
London Pacific Group Ltd. ADR (United
Kingdom)................................ 325,000 4,225,000
OFFICE EQUIPMENT & SUPPLIES--0.2%
Trintech Group PLC Sponsored ADR
(Ireland)(b)............................ 40,000 788,125
OIL & GAS (EXPLORATION & PRODUCTION)--0.7%
Encal Energy Ltd. (Canada)(b)........... 430,000 2,728,003
---------------------------------------------------------------------
TOTAL FOREIGN COMMON STOCKS
(IDENTIFIED COST $6,899,737) 10,003,628
---------------------------------------------------------------------
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C> <C>
PREFERRED STOCKS--0.5%
COMMUNICATIONS EQUIPMENT--0.3%
Metro Optix, Inc. Series B Pfd.......... 91,918 $ 909,988
TELECOMMUNICATIONS (CELLULAR/WIRELESS)--0.2%
Micro Photonix Series C Pfd............. 123,510 780,003
---------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(IDENTIFIED COST $1,689,988) 1,689,991
---------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
TOTAL INVESTMENTS--89.2%
(IDENTIFIED COST $240,751,378) 331,264,845(a)
Cash and receivables, less liabilities--10.8% 40,256,359
------------
NET ASSETS--100.0% $371,521,204
============
</TABLE>
<TABLE>
<S> <C>
(a) Federal Income Tax Information: Net unrealized appreciation
of investment securities is comprised of gross appreciation
of $113,288,417 and gross depreciation of $23,470,137 for
federal income tax purposes. At June 30, 2000, the aggregate
cost of securities for federal income tax purposes was
$241,446,565.
(b) Non-income producing.
</TABLE>
See Notes to Financial Statements 23
<PAGE>
Phoenix-Engemann Small & Mid-Cap Growth Fund
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $240,751,378) $ 331,264,845
Cash 41,675,294
Receivables
Investment securities sold 2,879,352
Fund shares sold 3,182,387
Dividends and interest 226,421
--------------
Total assets 379,228,299
--------------
LIABILITIES
Payables
Investment securities purchased 6,634,499
Fund shares repurchased 205,239
Distribution fee 473,017
Investment advisory fee 254,374
Administration fee 117,537
Trustees' fee 5,290
Accrued expenses 17,139
--------------
Total liabilities 7,707,095
--------------
NET ASSETS $ 371,521,204
==============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest 244,904,137
Undistributed net investment loss (2,240,114)
Accumulated net realized gain 38,343,714
Net unrealized appreciation 90,513,467
--------------
NET ASSETS $ 371,521,204
==============
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $202,728,812) 4,389,403
Net asset value per share $46.19
Offering price per share 46.19/(1-5.75%) $49.01
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $101,905,903) 2,272,406
Net asset value and offering price per share $44.84
CLASS C
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $66,886,489) 1,492,492
Net asset value and offering price per share $44.82
</TABLE>
STATEMENT OF OPERATIONS
YEAR ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest $ 812,141
Dividends 45,828
--------------
Total investment income 857,969
--------------
EXPENSES
Investment advisory fee 1,455,220
Distribution fee, Class A 217,687
Distribution fee, Class B 456,665
Distribution fee, Class C 261,872
Administration 706,639
Professional 12,779
Trustees 7,956
--------------
Total expenses 3,118,818
Less expenses borne by investment adviser (20,735)
--------------
Net expenses 3,098,083
--------------
NET INVESTMENT LOSS (2,240,114)
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on securities 43,007,998
Net change in unrealized appreciation (depreciation)
on investments (36,279,645)
--------------
NET GAIN ON INVESTMENTS 6,728,353
--------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 4,488,239
==============
</TABLE>
24 See Notes to Financial Statements
<PAGE>
Phoenix-Engemann Small & Mid-Cap Growth Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
6/30/00 Year Ended
(Unaudited) 12/31/99
------------ ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ (2,240,114) $ (2,227,655)
Net realized gain (loss) 43,007,998 6,348,167
Net change in unrealized appreciation (depreciation) (36,279,645) 103,350,257
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS 4,488,239 107,470,769
------------ ------------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (2,634,632 and 2,162,580
shares, respectively) 125,959,937 58,137,050
Cost of shares repurchased (1,237,002 and 1,421,135
shares, respectively) (59,687,113) (38,629,734)
------------ ------------
Total 66,272,824 19,507,316
------------ ------------
CLASS B
Proceeds from sales of shares (721,993 and 609,129 shares,
respectively) 33,935,985 15,875,386
Cost of shares repurchased (154,537 and 242,043 shares,
respectively) (7,087,158) (5,699,467)
------------ ------------
Total 26,848,827 10,175,919
------------ ------------
CLASS C
Proceeds from sales of shares (720,263 and 406,932 shares,
respectively) 33,814,992 10,621,041
Cost of shares repurchased (95,948 and 174,616 shares,
respectively) (4,346,708) (4,172,562)
------------ ------------
Total 29,468,284 6,448,479
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS 122,589,935 36,131,714
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS 127,078,174 143,602,483
NET ASSETS
Beginning of period 244,443,030 100,840,547
------------ ------------
END OF PERIOD [INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF ($2,240,114) AND $0, RESPECTIVELY] $371,521,204 $244,443,030
============ ============
</TABLE>
See Notes to Financial Statements 25
<PAGE>
Phoenix-Engemann Small & Mid-Cap Growth Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
--------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31
6/30/00 --------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 44.45 $ 24.08 $ 21.09 $ 18.39 $14.90 $12.07
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) (0.25) (0.37) (0.30) (0.31) (0.12) 0.22
Net realized and unrealized gain (loss) 1.99 20.74 3.31 5.07 7.45 2.87
-------- -------- ------- ------- ------ ------
TOTAL FROM INVESTMENT OPERATIONS 1.74 20.37 3.01 4.76 7.33 3.09
-------- -------- ------- ------- ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- -- (0.28) (0.08)
Dividends from net realized gains -- -- -- (2.06) (3.56) (0.18)
In excess of accumulated net realized gains -- -- (0.02) -- -- --
-------- -------- ------- ------- ------ ------
TOTAL DISTRIBUTIONS -- -- (0.02) (2.06) (3.84) (0.26)
-------- -------- ------- ------- ------ ------
Change in net asset value 1.74 20.37 2.99 2.70 3.49 2.83
-------- -------- ------- ------- ------ ------
NET ASSET VALUE, END OF PERIOD $ 46.19 $ 44.45 $ 24.08 $ 21.09 $18.39 $14.90
======== ======== ======= ======= ====== ======
Total return(2) 3.91%(5) 84.59% 14.29% 26.41% 52.37% 25.68%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $202,729 $132,996 $54,187 $27,771 $7,859 $1,742
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(3) 1.61%(4) 1.73% 1.78% 1.80% 1.10% --%
Net investment income (loss) (1.07)%(4) (1.40)% (1.39)% (1.40)% (0.70)% 1.50%
Portfolio turnover 55%(5) 105% 147% 313.5% 297.1% 121.4%
</TABLE>
<TABLE>
<C> <S>
(1) Computed using average shares outstanding.
(2) Maximum sales load is not reflected in the total return
calculation.
(3) If the investment adviser had not waived fees and
reimbursed expenses, the ratio of operating expenses to
average net assets would have been 1.62%, 1.75%, 1.83%,
1.80%, 1.90% and 2.30% for the periods ended June 30,
2000, December 31, 1999, 1998, 1997, 1996 and 1995,
respectively.
(4) Annualized.
(5) Not annualized.
</TABLE>
26 See Notes to Financial Statements
<PAGE>
Phoenix-Engemann Small & Mid-Cap Growth Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS B
------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31
6/30/00 ------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 43.32 $ 23.64 $ 20.87 $ 18.35 $16.44(6)
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) (0.41) (0.55) (0.45) (0.46) (0.32)
Net realized and unrealized gain (loss) 1.93 20.23 3.24 5.04 2.43
-------- ------- ------- ------- ------
TOTAL FROM INVESTMENT OPERATIONS 1.52 19.68 2.79 4.58 2.11
-------- ------- ------- ------- ------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- -- --
Dividends from net realized gains -- -- -- (2.06) (0.20)
In excess of accumulated net realized gains -- -- (0.02) -- --
-------- ------- ------- ------- ------
TOTAL DISTRIBUTIONS -- -- (0.02) (2.06) (0.20)
-------- ------- ------- ------- ------
Change in net asset value 1.52 19.68 2.77 2.52 1.91
-------- ------- ------- ------- ------
NET ASSET VALUE, END OF PERIOD $ 44.84 $ 43.32 $ 23.64 $ 20.87 $18.35
======== ======= ======= ======= ======
Total return(2) 3.53%(5) 83.25% 13.39% 25.49% 12.84%(5)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $101,906 $73,863 $31,631 $17,298 $1,480
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.35%(3)(4) 2.48%(3) 2.53%(3) 2.60%(3) 2.60%(4)
Net investment income (loss) (1.82)%(4) (2.15)% (2.14)% (2.10)% (2.20)%(4)
Portfolio turnover 55%(5) 105% 147% 313.5% 297.1%
</TABLE>
<TABLE>
<CAPTION>
CLASS C
-----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31
6/30/00 -----------------------------------------------
(UNAUDITED) 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 43.29 $ 23.63 $ 20.87 $18.35 $17.99(6)
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(1) (0.41) (0.55) (0.45) (0.47) (0.29)
Net realized and unrealized gain (loss) 1.94 20.21 3.23 5.05 0.85
------- ------- ------- ------ ------
TOTAL FROM INVESTMENT OPERATIONS 1.53 19.66 2.78 4.58 0.56
------- ------- ------- ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- -- --
Dividends from net realized gains -- -- -- (2.06) (0.20)
In excess of accumulated net realized gains -- -- (0.02) -- --
------- ------- ------- ------ ------
TOTAL DISTRIBUTIONS -- -- (0.02) (2.06) (0.20)
------- ------- ------- ------ ------
Change in net asset value 1.53 19.66 2.76 2.52 0.36
------- ------- ------- ------ ------
NET ASSET VALUE, END OF PERIOD $ 44.82 $ 43.29 $ 23.63 $20.87 $18.35
======= ======= ======= ====== ======
Total return(2) 3.53%(5) 83.20% 13.34% 25.49% 3.12%(5)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $66,886 $37,584 $15,023 $8,080 $54
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 2.35%(3)(4) 2.48%(3) 2.53%(3) 2.60%(3) 2.60%(4)
Net investment income (loss) (1.82)%(4) (2.15)% (2.14)% (2.10)% (2.20)%(4)
Portfolio turnover 55%(5) 105% 147% 313.5% 297.1%
</TABLE>
<TABLE>
<C> <S>
(1) Computed using average shares outstanding.
(2) Maximum sales load is not reflected in the total return
calculation.
(3) If the investment adviser had not waived fees and
reimbursed expenses, the ratio of operating expenses to
average net assets would have been 2.37%, 2.50%, 2.58% and
2.60% for the periods ended June 30, 2000, December 31,
1999, 1998 and 1997, respectively.
(4) Annualized.
(5) Not annualized.
(6) The beginning net asset value per share of Class B and
Class C shares equals the net asset value per share of the
Class A shares as of the first day Class B and Class C
shares were sold, September 18, 1996 and October 8, 1996,
respectively.
</TABLE>
See Notes to Financial Statements 27
<PAGE>
PHOENIX-ENGEMANN VALUE 25 FUND
INVESTMENTS AT JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C> <C>
COMMON STOCKS--99.0%
AEROSPACE/DEFENSE--4.2%
Goodrich (B.F) Co. (The)................ 18,500 $ 630,156
AUTO PARTS & EQUIPMENT--15.7%
Cooper Tire & Rubber Co................. 52,900 588,512
Dana Corp............................... 23,300 493,669
Genuine Parts Co........................ 28,300 566,000
Snap-On Tools Inc....................... 25,900 689,587
Visteon Corp.(b)........................ 1,728 20,956
-----------
2,358,724
-----------
AUTOMOBILES--3.8%
Ford Motor Co........................... 13,200 567,600
BUILDING MATERIALS--3.9%
Armstrong Holdings Inc.................. 38,600 591,063
CONSUMER (JEWELRY, NOVELTIES & GIFTS)--3.8%
American Greetings Corp................. 30,000 570,000
CONTAINERS (METAL & GLASS)--4.1%
Crown Cork & Seal Co., Inc.............. 41,700 625,500
ELECTRICAL EQUIPMENT--7.3%
Cooper Industries, Inc.................. 19,500 634,969
Thomas & Betts Corp..................... 24,000 459,000
-----------
1,093,969
-----------
ELECTRONICS (DEFENSE)--3.8%
Raytheon Co. Class B.................... 30,100 579,425
FOODS--4.0%
ConAgra, Inc............................ 31,900 608,094
HARDWARE & TOOLS--4.0%
Stanley Works, The...................... 25,300 600,875
HOUSEWARES--4.1%
Fortune Brands, Inc..................... 26,800 618,075
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C> <C>
MACHINERY (DIVERSIFIED)--4.5%
Milacron, Inc........................... 46,300 $ 671,350
MANUFACTURING (DIVERSIFIED)--3.9%
National Service Industries, Inc........ 29,800 581,100
OIL & GAS (REFINING & MARKETING)--4.3%
Ashland, Inc............................ 18,500 648,656
PAPER & FOREST PRODUCTS--3.5%
Louisiana-Pacific Corp.................. 48,900 531,788
RETAIL (DRUG STORES)--4.4%
Rite Aid Corp........................... 100,000 656,250
SPECIALTY PRINTING--4.2%
Donnelley (R.R.) & Sons Co.............. 28,100 634,006
TEXTILES (APPAREL)--8.6%
Russell Corp............................ 33,600 672,000
V. F. Corp.............................. 26,500 631,031
-----------
1,303,031
-----------
TEXTILES (HOME FURNISHINGS)--3.3%
Springs Industries, Inc. Class A........ 15,600 502,125
TRUCKS & PARTS--3.6%
PACCAR, Inc............................. 13,600 539,750
--------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $19,403,642) 14,911,537
--------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
TOTAL INVESTMENTS--99.0%
(IDENTIFIED COST $19,403,642) 14,911,537(a)
Cash and receivables, less liabilities--1.0% 153,237
-----------
NET ASSETS--100.0% $15,064,774
===========
</TABLE>
<TABLE>
<S> <C>
(a) Federal Income Tax Information: Net unrealized depreciation
of investment securities is comprised of gross appreciation
of $368,297 and gross depreciation of $4,944,503 for federal
income tax purposes. At June 30, 2000, the aggregate cost of
securities for federal income tax purposes was $19,487,743.
(b) Non-income producing.
</TABLE>
28 See Notes to Financial Statements
<PAGE>
Phoenix-Engemann Value 25 Fund
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investment securities at value
(Identified cost $19,403,642) $ 14,911,537
Cash 193,776
Receivables
Dividends and interest 28,119
--------------
Total assets 15,133,432
--------------
LIABILITIES
Payables
Fund shares repurchased 1,447
Distribution fee 26,480
Investment advisory fee 11,306
Administration fee 6,860
Trustees' fee 5,290
Accrued expenses 17,275
--------------
Total liabilities 68,658
--------------
NET ASSETS $ 15,064,774
==============
NET ASSETS CONSIST OF:
Capital paid in on shares of beneficial interest 23,380,551
Undistributed net investment income 73,909
Accumulated net realized loss (3,897,581)
Net unrealized depreciation (4,492,105)
--------------
NET ASSETS $ 15,064,774
==============
CLASS A
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $7,727,888) 1,010,131
Net asset value per share $7.65
Offering price per share $7.65/(1-5.75%) $8.12
CLASS B
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $5,365,677) 707,024
Net asset value and offering price per share $7.59
CLASS C
Shares of beneficial interest outstanding, $1 par value,
unlimited authorization (Net Assets $1,971,209) 259,754
Net asset value and offering price per share $7.59
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends $ 387,492
Interest 3,754
--------------
Total investment income 391,246
--------------
EXPENSES
Investment advisory fee 81,665
Distribution fee, Class A 11,974
Distribution fee, Class B 30,350
Distribution fee, Class C 12,493
Administration 48,764
Trustees 7,957
Professional 7,643
--------------
Total expenses 200,846
Less expenses borne by investment adviser (15,600)
--------------
Net expenses 185,246
--------------
NET INVESTMENT INCOME 206,000
==============
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on securities (3,754,865)
Net change in unrealized appreciation (depreciation) on
investments (151,683)
--------------
NET LOSS ON INVESTMENTS (3,906,548)
==============
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (3,700,548)
==============
</TABLE>
See Notes to Financial Statements 29
<PAGE>
Phoenix-Engemann Value 25 Fund
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
6/30/00 Year Ended
(Unaudited) 12/31/99
----------- -----------
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss) $ 206,000 $ 300,070
Net realized gain (loss) (3,754,865) 3,211,792
Net change in unrealized appreciation (depreciation) (151,683) (5,116,766)
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS (3,700,548) (1,604,904)
----------- -----------
FROM DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, Class A (99,130) (199,489)
Net investment income, Class B (54,157) (63,334)
Net investment income, Class C (20,701) (25,820)
Net realized gains, Class A (5,960) (1,953,603)
Net realized gains, Class B (4,985) (1,144,495)
Net realized gains, Class C (1,634) (477,608)
In excess of net realized gains, Class A -- (71,100)
In excess of net realized gains, Class B -- (41,654)
In excess of net realized gains, Class C -- (17,382)
----------- -----------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS (186,567) (3,994,485)
----------- -----------
FROM SHARE TRANSACTIONS
CLASS A
Proceeds from sales of shares (186,881 and 174,138 shares,
respectively) 1,512,039 2,143,783
Net asset value of shares issued from reinvestment of
distributions
(12,424 and 229,321 shares, respectively) 97,902 2,131,821
Cost of shares repurchased (651,476 and 495,346 shares,
respectively) (5,229,988) (5,870,932)
----------- -----------
Total (3,620,047) (1,595,328)
----------- -----------
CLASS B
Proceeds from sales of shares (92,407 and 107,152 shares,
respectively) 761,208 1,292,314
Net asset value of shares issued from reinvestment of
distributions
(6,541 and 105,576 shares, respectively) 51,309 975,535
Cost of shares repurchased (215,136 and 336,907 shares,
respectively) (1,767,926) (3,840,069)
----------- -----------
Total (955,409) (1,572,220)
----------- -----------
CLASS C
Proceeds from sales of shares (43,352 and 47,266 shares,
respectively) 342,056 586,348
Net asset value of shares issued from reinvestment of
distributions
(2,530 and 49,536 shares, respectively) 19,785 459,616
Cost of shares repurchased (130,119 and 326,376 shares,
respectively) (1,033,562) (3,792,417)
----------- -----------
Total (671,721) (2,746,453)
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS (5,247,177) (5,914,001)
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS (9,134,292) (11,513,390)
NET ASSETS
Beginning of period 24,199,066 35,712,456
----------- -----------
END OF PERIOD [INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $73,909 AND $41,897, RESPECTIVELY] $15,064,774 $24,199,066
=========== ===========
</TABLE>
30 See Notes to Financial Statements
<PAGE>
Phoenix-Engemann Value 25 Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS A
-----------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, INCEPTION
6/30/00 ----------------------------------- 12/17/96 TO
(UNAUDITED) 1999 1998 1997 12/31/96
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.23 $ 11.64 $ 11.56 $ 10.11 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.14 0.17 0.15(1) 0.17(1) --(1)
Net realized and unrealized gain (loss) (1.61) (0.84) 0.66 1.95 0.11
------ ------- ------- ------- ------
TOTAL FROM INVESTMENT OPERATIONS (1.47) (0.67) 0.81 2.12 0.11
------ ------- ------- ------- ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.10) (0.16) (0.14) (0.12) --
Dividends from net realized gains (0.01) (1.52) (0.59) (0.55) --
In excess of net realized gains -- (0.06) -- -- --
------ ------- ------- ------- ------
TOTAL DISTRIBUTIONS (0.11) (1.74) (0.73) (0.67) --
------ ------- ------- ------- ------
Change in net asset value (1.58) (2.41) 0.08 1.45 0.11
------ ------- ------- ------- ------
NET ASSET VALUE, END OF PERIOD $ 7.65 $ 9.23 $ 11.64 $ 11.56 $10.11
====== ======= ======= ======= ======
Total return(2) (16.00)%(5) (5.75)% 7.23% 21.10% 1.10%(5)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $7,728 $13,500 $18,090 $19,518 $482
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses 1.68%(3)(4) 1.75%(3) 1.75%(3) 1.80%(3) 1.70%(4)
Net investment income (loss) 2.58%(4) 1.32% 1.25% 1.40% 1.80%(4)
Portfolio turnover 59%(5) 181% 135% 87.7% --%
</TABLE>
<TABLE>
<C> <S>
(1) Computed using average shares outstanding.
(2) Maximum sales load is not reflected in the total return
calculation.
(3) If the investment adviser had not waived fees and
reimbursed expenses, the ratio of operating expenses to
average net assets would have been 1.85%, 1.84%, 1.86% and
1.80% for the periods ended June 30, 2000, December 31,
1999, 1998 and 1997, respectively.
(4) Annualized.
(5) Not annualized.
</TABLE>
See Notes to Financial Statements 31
<PAGE>
Phoenix-Engemann Value 25 Fund
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
CLASS B
---------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ---------------------------------
(UNAUDITED) 1999 1998 1997
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.17 $11.59 $ 11.53 $10.39(6)
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.08 0.07 0.06(1) 0.08(1)
Net realized and unrealized gain (loss) (1.57) (0.83) 0.65 1.67
------ ------ ------- ------
TOTAL FROM INVESTMENT OPERATIONS (1.49) (0.76) 0.71 1.75
------ ------ ------- ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.08) (0.08) (0.06) (0.06)
Dividends from net realized gains (0.01) (1.52) (0.59) (0.55)
In excess of net realized gains -- (0.06) -- --
------ ------ ------- ------
TOTAL DISTRIBUTIONS (0.09) (1.66) (0.65) (0.61)
------ ------ ------- ------
Change in net asset value (1.58) (2.42) 0.06 1.14
------ ------ ------- ------
NET ASSET VALUE, END OF PERIOD $ 7.59 $ 9.17 $ 11.59 $11.53
====== ====== ======= ======
Total return(2) (16.35)%(5) (6.46)% 6.41% 16.97%(5)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $5,366 $7,546 $10,981 $8,799
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(3) 2.43%(4) 2.50% 2.50% 2.60%(4)
Net investment income (loss) 1.94%(4) 0.56% 0.54% 0.70%(4)
Portfolio turnover 59%(5) 181% 135% 87.7%
</TABLE>
<TABLE>
<CAPTION>
CLASS C
--------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 --------------------------------
(UNAUDITED) 1999 1998 1997
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.16 $11.58 $11.52 $10.39(6)
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.09 0.08 0.06(1) 0.09(1)
Net realized and unrealized gain (loss) (1.57) (0.84) 0.65 1.66
------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS (1.48) (0.76) 0.71 1.75
------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.08) (0.08) (0.06) (0.07)
Dividends from net realized gains (0.01) (1.52) (0.59) (0.55)
In excess of net realized gains -- (0.06) -- --
------ ------ ------ ------
TOTAL DISTRIBUTIONS (0.09) (1.66) (0.65) (0.62)
------ ------ ------ ------
Change in net asset value (1.57) (2.42) 0.06 1.13
------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $ 7.59 $ 9.16 $11.58 $11.52
====== ====== ====== ======
Total return(2) (16.27)%(5) (6.49)% 6.42% 17.01%(5)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) $1,971 $3,153 $6,642 $4,893
RATIO TO AVERAGE NET ASSETS OF:
Operating expenses(3) 2.43%(4) 2.50% 2.50% 2.60%(4)
Net investment income (loss) 1.85%(4) 0.57% 0.52% 0.80%(4)
Portfolio turnover 59%(5) 181% 135% 87.7%
</TABLE>
<TABLE>
<C> <S>
(1) Computed using average shares outstanding.
(2) Maximum sales load is not reflected in the total return
calculation.
(3) If the investment adviser had not waived fees and
reimbursed expenses, the ratio of operating expenses to
average net assets would have been 2.60%, 2.59%, 2.61% and
2.60% for the periods ended June 30, 2000, December 31,
1999, 1998 and 1997, respectively.
(4) Annualized.
(5) Not annualized.
(6) The beginning net asset value per share of Class B and
Class C shares equals the net asset value per share of the
Class A shares as of the first day Class B and Class C
shares were sold, January 9, 1997.
</TABLE>
32 See Notes to Financial Statements
<PAGE>
PHOENIX-ENGEMANN FUNDS
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
The Phoenix-Engemann Funds (the "Trust") is organized as a Massachusetts
business trust and is registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment company. To date, five
Funds are offered for sale: Phoenix-Engemann Balanced Return Fund,
Phoenix-Engemann Focus Growth Fund, Phoenix-Engemann Nifty Fifty Fund, Phoenix-
Engemann Small & Mid-Cap Growth Fund and Phoenix-Engemann Value 25 Fund,
collectively referred to as the "Funds," are series of The Phoenix-Engemann
Funds. Each Fund represents an investment in a separate diversified fund with
its own investment objectives. BALANCED RETURN FUND seeks to maximize a total
investment return consistent with reasonable risk through a balanced approach.
FOCUS GROWTH FUND seeks to achieve long-term capital appreciation. NIFTY FIFTY
FUND seeks to achieve long-term capital appreciation by investing in
approximately 50 different securities. SMALL & MID-CAP GROWTH FUND seeks to
achieve long-term growth of capital by investing primarily in a diversified
portfolio of equity securities of companies with market capitalizations below
$1.5 billion. VALUE 25 FUND seeks to achieve dividend income and long-term
growth of capital by investing in equity securities which the Adviser believes
offer the best potential for current dividend yield and long-term capital
appreciation.
Each Fund offers Class A, Class B and Class C shares. Class M shares have been
closed. Effective April 3, 2000, Class A shares are sold with a front-end sales
charge of up to 5.75%. Prior to that date, the maximum sales charge was 4.75%.
Class B shares are sold with a contingent deferred sales charge which declines
from 5% to zero depending on the period of time the shares are held. Class C
shares are sold with a 1% contingent deferred sales charge if redeemed within
one year of purchase. All classes of shares have identical voting, dividend,
liquidation and other rights and the same terms and conditions, except that each
class bears different distribution expenses and has exclusive voting rights with
respect to its distribution plan. Income and expenses of the Funds are borne pro
rata by the holders of all classes of shares, except that each class bears
distribution expenses unique to that class.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets, liabilities,
revenues and expenses. Actual results could differ from those estimates.
A. SECURITY VALUATION:
Equity securities are valued at the last sale price, or if there had been no
sale that day, at the last bid price. Debt securities are valued on the basis of
broker quotations or valuations provided by a pricing service which utilizes
information with respect to recent sales, market transactions in comparable
securities, quotations from dealers and various relationships between securities
in determining value. Short-term investments having a remaining maturity of
60 days or less are valued at amortized cost which approximates market. All
other securities and assets are valued at their fair value as determined in good
faith by or under the direction of the Trustees.
B. SECURITY TRANSACTIONS AND RELATED INCOME:
Security transactions are recorded on the trade date. Interest income is
recorded on the accrual basis. Dividend income is recorded on the ex-dividend
date or, in the case of certain foreign securities, as soon as the Trust is
notified. Realized gains and losses are determined on the identified cost basis.
The Trust does not amortize premiums but does amortize discounts.
C. INCOME TAXES:
Each Fund is treated as a separate taxable entity. It is the policy of each
Fund to comply with the requirements of the Internal Revenue Code (the "Code")
applicable to regulated investment companies, and to distribute all of its
taxable income to its shareholders. In addition, each Fund intends to distribute
an amount sufficient to avoid imposition of any excise tax under Section 4982 of
the Code. Therefore, no provision for federal income taxes or excise taxes has
been made.
D. DISTRIBUTIONS TO SHAREHOLDERS:
Distributions are recorded by each Fund on the ex-dividend date. Income and
capital gain distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles.
These differences include the treatment of non-taxable dividends, expiring
capital loss carryforwards, foreign currency gain/loss, partnerships, operating
losses and losses deferred due to wash sales and excise tax regulations.
Permanent book and tax basis differences relating to shareholder distributions
will result in reclassifications to paid in capital.
E. FOREIGN CURRENCY TRANSLATION:
Foreign securities and other assets and liabilities are valued using the
foreign currency exchange rate effective at the end of the reporting period.
Cost of investments is translated at the currency exchange rate effective at the
trade date. The gain or loss resulting from a change in currency exchange rates
between the trade and settlement dates of a portfolio transaction is treated as
a gain or loss on foreign currency. Likewise, the gain or loss resulting from a
change in currency exchange rates between the date income is accrued and paid is
treated as a gain or loss on foreign currency. The Trust does not
33
<PAGE>
PHOENIX-ENGEMANN FUNDS
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000 (UNAUDITED) (CONTINUED)
separate that portion of the results of operations arising from changes in the
exchange rates and that portion arising from changes in the market prices of
securities.
F. FORWARD CURRENCY CONTRACTS:
The Small & Mid-Cap Growth Fund and the Value 25 Fund may enter into forward
currency contracts in conjunction with the planned purchase or sale of foreign
denominated securities in order to hedge the U.S. dollar cost or proceeds.
Forward currency contracts involve, to varying degrees, elements of market risk
in excess of the amount recognized in the Statement of Assets and Liabilities.
Risks arise from the possible movements in foreign exchange rates or if the
counterparty does not perform under the contract.
A forward currency contract involves an obligation to purchase or sell a
specific currency at a future date, which may be any number of days from the
date of the contract agreed upon by the parties, at a price set at the time of
the contract. These contracts are traded directly between currency traders and
their customers. The contract is marked-to-market daily and the change in market
value is recorded by each Fund as an unrealized gain (or loss). When the
contract is closed or offset with the same counterparty, the Fund records a
realized gain (or loss) equal to the change in the value of the contract when it
was opened and the value at the time it was closed or offset.
G. FUTURES CONTRACTS:
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. The Small & Mid-Cap Growth Fund and
the Value 25 Fund may enter into financial futures contracts as a hedge against
anticipated changes in the market value of their portfolio securities. Upon
entering into a futures contract, the Fund is required to pledge to the broker
an amount of cash and/or securities equal to the "initial margin" requirements
of the futures exchange on which the contract is traded. Pursuant to the
contract, the Fund agrees to receive from or pay to the broker an amount of cash
equal to the daily fluctuation in value of the contract. Such receipts or
payments are known as daily variation margin and are recorded by the Fund as
unrealized gains and losses. When the contract is closed, the Fund records a
realized gain or loss equal to the difference between the value of the contract
at the time it was opened and the value at the time it was closed. The potential
risk to the Fund is that the change in value of the futures contract may not
correspond to the change in value of the hedged instruments.
H. OPTIONS:
Each Fund may write covered options or purchase options contracts for purpose
of hedging against changes in the market value of the underlying securities or
foreign currencies. Additionally, each Fund may buy and sell options on domestic
and foreign securities indices for hedging purposes.
Each Fund will realize a gain or loss upon the expiration or closing of the
option transaction. Gains and losses on written options are reported separately
in the Statement of Operations. When a written option is exercised, the proceeds
on sales or amounts paid are adjusted by the amount of premium received. Options
written are reported as a liability in the Statement of Assets and Liabilities
and subsequently marked-to-market to reflect the current value of the option.
The risk associated with written options is that the change in value of options
contracts may not correspond to the change in value of the hedged instruments.
In addition, losses may arise from changes in the value of the underlying
instruments, or if a liquid secondary market does not exist from the contracts.
Each Fund may purchase options which are included in the Fund's Schedule of
Investments and subsequently marked-to-market to reflect the current value of
the option. When a purchased option is exercised, the cost of the security is
adjusted by the amount of premium paid. The risk associated with purchased
options is limited to the premium paid.
I. EXPENSES:
Expenses incurred by the Trust with respect to any two or more Funds are
allocated in proportion to the net assets of each Fund, except where allocation
of direct expense to each Fund or an alternative allocation method can be more
fairly made.
J. LOAN AGREEMENTS:
The Funds may invest in direct debt instruments which are invested in amounts
owed by a corporation, governmental, or other borrower to lenders or lending
syndicates. The Funds' investments in loans may be in the form of participations
in loans or assignments of all or a portion of loans from third parties. A loan
is often administered by a bank or other financial institution (the lender) that
acts as agent for all holders. The agent administers the terms of the loan, as
specified in the loan agreement. When investing in a loan participation, the
Funds have the right to receive payments of principal, interest and any fees to
which it is entitled only from the lender selling the loan agreement and only
upon receipt by the lender of payments from the borrower. The Funds generally
have no right to enforce compliance with the terms of the loan agreement with
the borrower. As a result, the Funds may be subject to the credit risk of both
the borrower and lender that is selling the loan agreement. For loans which the
Funds are a participant, the Funds may not sell their participation in the loan
without the lender's prior consent. When the Funds purchase assignments from
lenders it acquires direct rights against the borrower on the loan. Direct
indebtedness of emerging countries
34
<PAGE>
PHOENIX-ENGEMANN FUNDS
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000 (UNAUDITED) (CONTINUED)
involves a risk that the government entities responsible for the repayment of
the debt may be unable, or unwilling to pay the principal and interest when due.
2. INVESTMENT ADVISORY FEE AND RELATED PARTY TRANSACTIONS
As compensation for its services to the Trust, the Adviser, Roger Engemann &
Associates, Inc. ("REA", or the "Adviser"), a wholly owned subsidiary of
Pasadena Capital Corporation, which in turn is a wholly owned subsidiary of
Phoenix Investment Partners, Ltd. a publicly-traded company 60% owned by Phoenix
Home Life Mutual Insurance Company, is entitled to a fee, based upon the
following annual rates as a percentage of the average daily net assets of each
Fund:
<TABLE>
<CAPTION>
First $50 Next $450 Over $500
Million Million Million
--------- --------- ---------
<S> <C> <C> <C>
Balanced Return Fund........... 0.80% 0.70% 0.60%
Focus Growth Fund.............. 0.90% 0.80% 0.70%
Nifty Fifty Fund............... 0.90% 0.80% 0.70%
Small & Mid-Cap Growth Fund.... 1.00% 0.90% 0.80%
Value 25 Fund.................. 0.90% 0.80% 0.70%
</TABLE>
The Adviser furnishes advice and recommendations with respect to the Funds'
securities portfolios, supervises the Funds' investments, provides Fund
accounting and pricing, and provides the Trust's Board of Trustees with periodic
and special reports on investment securities, economic conditions and other
pertinent subjects. The Adviser also performs various administrative and
shareholder services for each Fund under separate administration agreements. All
normal operating expenses of the Funds, except for fees and expenses associated
with investment management services, service fees, distribution fees, Trustees'
fees, audit fees and certain legal fees are paid by the Adviser pursuant to the
administration agreements.
Phoenix Equity Planning Corporation ("PEPCO") an indirect majority-owned
subsidiary of PHL, which serves as the national distributor of the Trust's
shares has advised the Trust that it retained net selling commissions of
$149,404 for Class A shares and deferred sales charges of $334,977 for Class B
shares and $45,352 for Class C shares for the year ended December 31, 1999. In
addition, each Fund pays PEPCO a distribution fee at an annual rate of 0.25% for
Class A shares, 1.00% for Class B shares and 1.00% for Class C shares applied to
the average daily net assets of each Fund. The distributor has advised the Trust
that of the total amount expensed for the year ended December 31, 1999
$2,344,989 was retained by the Distributor, $2,042,044 was paid out to
unaffiliated participants and $55,332 was paid to W.S. Griffith, an indirect
subsidiary of PHL.
As Administrator of the Funds, PEPCO received a fee for bookkeeping,
administration, and pricing services at an annual rate of 0.60% of average daily
net assets up to $50 million, 0.50% of average daily net assets of $50 million
to $500 million, 0.40% of average daily net assets of $500 million through $625
million, and 0.30% of average daily net assets greater than $625 million: a
minimum fee may apply.
PEPCO has voluntarily agreed to waive, when necessary, a portion of its
administration fee so that Other Operating Expenses (operating expenses
excluding management fees and 12b-1 fees) do not exceed the following limits:
<TABLE>
<CAPTION>
1st
$50 Next $450 Next $125 Over $625
Million Million Million Million
-------- --------- --------- ---------
<S> <C> <C> <C> <C>
Balanced Return
Fund................ 1.09% 0.60% 0.40% 0.40%
Focus Growth Fund..... 0.99% 0.50% 0.30% 0.30%
Nifty Fifty Fund...... 0.99% 0.50% 0.30% 0.30%
Small & Mid-Cap Growth
Fund*............... 0.50% 0.40% 0.30% 0.30%
Value 25 Fund*........ 0.50% 0.40% 0.30% 0.30%
</TABLE>
PEPCO serves as the Fund's Transfer Agent with State Street Bank and Trust
Company as sub-transfer agent.
* Prior to March 1, 2000, the expense limits were 0.60%, 0.50%, 0.40% and
0.40%, respectively.
3. PURCHASE AND SALE OF SECURITIES
Purchases and sales of securities during the six months ended June 30, 2000
(excluding U.S. Government and agency securities, short-term securities, futures
contracts and forward currency contracts) aggregated the following:
<TABLE>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
Balanced Return Fund................ $ 23,639,556 $ 50,205,579
Focus Growth Fund................... 155,371,153 167,309,344
Nifty Fifty Fund.................... 291,972,885 287,381,516
Small & Mid Cap Growth Fund......... 243,642,686 142,900,394
Value 25 Fund....................... 10,795,868 16,132,249
</TABLE>
Purchases and sales of U.S. Governments and agency securities during the six
months ended June 30, 2000, aggregated $34,386,094 and $0, respectively, for the
Balanced Return Fund.
35
<PAGE>
PHOENIX-ENGEMANN FUNDS
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000 (UNAUDITED) (CONTINUED)
Written option activity during the six months ended June 30, 2000, for the
Focus Growth Fund aggregated the following:
<TABLE>
<CAPTION>
Number of Amount of
Options Premium
--------- ----------
<S> <C> <C>
Options outstanding at December 31,
1999................................... 2,100 $1,017,416
Options written.......................... 9,000 1,721,478
Option canceled in closing purchase
transactions........................... -- --
Options expired.......................... (4,600) (531,445)
Options exercised........................ (6,500) (2,207,449)
------ ----------
Options outstanding at June 30, 2000..... -- --
====== ==========
</TABLE>
4. CREDIT RISK
In countries with limited or developing markets, investments may present
greater risks than in more developed markets and the prices of such investments
may be volatile. The consequences of political, social or economic changes in
these markets may have disruptive effects on the market prices of these
investments and the income they generate, as well as a fund's ability to
repatriate such amounts.
5. CAPITAL LOSS CARRYOVERS
The following Funds have capital loss carryovers, expiring in 2006, which may
be used to offset future capital gains.
<TABLE>
<S> <C>
Small & Mid-Cap Growth Fund............... $4,320,592
</TABLE>
Under current tax law, capital loss realized after October 31, may be deferred
and treated as occurring on the first day of the following tax year. For the
calendar year ended December 31, 1999, the Balanced Return Fund and the Value 25
Fund elected to defer losses occurring between November 1, 1999 and December 31,
1999 in the amounts of $17,366 and $139,062, respectively.
6. SUBSEQUENT EVENT
Effective July 1, 2000, the Administrative Agreement was changed. PEPCO
receives a financial agent fee equal to the sum of (1) the documented cost of
fund accounting and related services provided by PFPC, Inc. (subagent to PEPCO),
plus (2) the documented cost of the financial agent to provide financial
reporting, tax services and oversight of the subagent's performance. The current
fee schedule of PFPC, Inc. ranges from 0.085% to 0.0125% of the average daily
net asset values of the Fund. Certain minimum fees and fee waivers may apply.
The voluntary expense waiver limitations remain unchanged.
This report is not authorized for distribution to prospective investors in the
Phoenix-Engemann Funds unless preceded or accompanied by an effective Prospectus
which includes information concerning the sales charge, the Fund's record and
other pertinent information.
36
<PAGE>
PHOENIX-ENGEMANN FUNDS
600 North Rosemead Boulevard
Pasadena, California 91107-2133
TRUSTEES
Roger Engemann
Barry E. McKinley
Robert L. Peterson
Richard C. Taylor
Angela Wong
OFFICERS
Roger Engemann, President
Malcolm Axon, Chief Financial Officer
Tina L. Mitchell, Secretary
John S. Tilson, Vice President
Thomas N. Steenburg, General Counsel and
Vice President
INVESTMENT ADVISERS
Roger Engemann & Associates ("REA")
600 North Rosemead Boulevard
Pasadena, California 91107-2133
PRINCIPAL UNDERWRITER
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
CUSTODIAN
Union Bank of California
475 Sansome Street
San Francisco, California 94111
TRANSFER AGENT
Phoenix Equity Planning Corporation
100 Bright Meadow Boulevard
P.O. Box 2200
Enfield, Connecticut 06083-2200
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
160 Federal Street
Boston, Massachusetts 02110
HOW TO CONTACT US
<TABLE>
<S> <C>
The Fund Connection 1-800-243-1574
Customer Service 1-800-243-1574 (option
0)
Investment Strategy Hotline 1-800-243-4361 (option
2)
Marketing Department 1-800-243-4361 (option
3)
Text Telephone 1-800-243-1926
www.phoenixinvestments.com
</TABLE>
<PAGE>
Phoenix Equity Planning Corporation
PO Box 2200
Enfield CT 06083-2200
---------------
| PRSRT STD |
| U.S. Postage |
| PAID |
| Andrew |
| Associates |
---------------
[LOGO] PHOENIX
INVESTMENT PARTNERS
For more information about
Phoenix mutual funds, please call
your financial representative or
contact us at 1-800-243-4361 or
www.phoenixinvestments.com.
PXP 2115A (8/00)